Kinross reports 2026 third-quarter results On track for updated guidance Grade enhancement projects advancing well, first gold poured at Redbird Return of capital increased to 50%, repurchased 5% of shares since April 2025
TORONTO, Oct. 28, 2026 -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the third quarter ended September 30, 2026.
This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary
Statement on Forward-Looking Information located on pages 22 and 24 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.
2026 third-quarter highlights:
- Production1 of 424,693 gold equivalent ounces ("Au eq. oz.").
- Production cost of sales2 of $1,502 per Au eq. oz. sold and attributable production cost of sales1 of $1,485 per Au eq. oz. sold.
- Attributable all-in sustaining cost1 of $1,947 per Au eq. oz. sold.
- Operating cash flow3 of $714.4 million and attributable adjusted operating cash flow1 of $830.9 million.
- Attributable free cash flow1 of $281.3 million and attributable adjusted free cash flow1 of $391.4 million.
- Margins4 increased by 19% to $2,747 per Au eq. oz. sold compared with Q3 2025.
- Reported earnings5 of $583.2 million, or $0.49 per share, with adjusted net earnings6 of $591.3 million, or $0.50 per share.
- Cash and cash equivalents of $2.6 billion and net cash7 of $1.9 billion at September 30, 2026.
Return of capital to shareholders:
- Reflecting its strong cash flow and balance sheet strength, Kinross increased its 2026 return of capital commitment from 40% to 50% of free cash flow. During the first three quarters of 2026, the Company repurchased $710 million in shares, and an additional $100 million to date in October. Including its quarterly dividend, Kinross has returned over $950 million in capital to shareholders year-to-date as of October 28, 2026.
- Since April 2025, Kinross returned over $1.4 billion of capital through share repurchases, representing approximately 5% of its shares outstanding.
- Kinross’ Board of Directors declared a quarterly dividend of $0.04 per common share payable on December 3, 2026, to shareholders of record at the close of business on November 19, 2026.
Operational highlights:
- At La Coipa, mining and milling activities have stabilized as weather has improved and operational improvement initiatives have progressed.
- At Round Mountain, operations have made progress towards stability, with higher mill grades from Phase S and improved recoveries contributing to higher production quarter-over-quarter.
- Kinross' broader portfolio performed well, led by Paracatu and Tasiast that together accounted for more than half of the Q3 production while remaining the two lowest-cost operations.
Development project highlights:
- At Great Bear, underground development for Advanced Exploration ("AEX") continued to advance, with the North and South declines reaching over 500 metres combined as of late-October. AEX surface construction is substantially complete, with supporting infrastructure now in place. Detailed engineering for the Main Project progressed to over 55% complete.
- At Round Mountain Phase X, underground development is advancing well and is approximately 8% ahead of plan, with more than 9,600 metres completed to date. Positive infill drilling results were received in the early stoping horizons, while infrastructure development and operational-readiness activities are progressing well to support planned first production in 2028.
- At Kettle River-Curlew (“Curlew”), underground development continued ahead of schedule, and construction of the tailings dewatering plant and mill refurbishment progressed substantially. Exploration drilling also extended the prospective mineralized zones in the North Stealth, Roadrunner and K5 areas.
- First gold was poured from Bald Mountain Redbird 1 in early October, while Redbird 2 continues to progress well with initial leach pad construction activities nearing completion, and detailed engineering and procurement for the Sulphidization, Acidification, Recycling and Thickening (“SART”) plant well underway.
- At Lobo-Marte, permitting continues to progress, detailed engineering has commenced and first production remains targeted for the early 2030s.
CEO commentary:
J. Paul Rollinson, CEO, made the following comments in relation to 2026 third-quarter results:
“Kinross' portfolio demonstrated its resilience in Q3. Our largest operations, Paracatu and Tasiast, continued to make significant contributions and we maintained disciplined cost management. We remain on track for our updated guidance, supported by operational improvements at Round Mountain and La Coipa. We are focused on maintaining this momentum and driving continuous improvement across our operations.
"We continue to make strong progress across our development pipeline. At Great Bear, AEX underground development is well underway and AEX surface construction is substantially complete. Round Mountain Phase X and Curlew are advancing well, and first gold was poured at Redbird in early October. At Lobo-Marte, permitting continues to progress and detailed engineering has commenced. These projects underpin our grade enhancement strategy and, together with the opportunities across our significant resource inventory, contribute to our long-term production profile.
"Our strong financial position and ability to generate significant free cash flow provide us with flexibility to advance these opportunities while continuing to return robust capital to shareholders. During the quarter, we increased our 2026 return of capital target to 50% of full-year free cash flow and have returned over $950 million to shareholders year-to-date. Since April 2025, we have repurchased approximately 5% of our shares outstanding.
"Looking ahead, we remain focused on optimizing our cash flow across the business and allocating capital in a disciplined manner to advance our project pipeline, deliver operational excellence and maximize shareholder value."
Summary of financial and operating results
Three months ended Nine months ended (in millions of U.S. dollars, except ounces, per share amounts, and per ounce September 30, September 30, amounts) 2026 2025 2026 2025
Operating Highlights(a)
Total gold equivalent ounces(b)
Produced 432,368 520,301 1,434,650 1,580,239 Sold 417,657 520,733 1,410,820 1,571,045 Attributable gold equivalent ounces(b)
Produced 424,693 503,862 1,409,582 1,528,524 Sold 504,111 1,518,975
410,245 1,386,340
Gold ounces - sold 412,363 511,564 1,381,342 1,547,223 Silver ounces - sold (000's) 361 804 1,806 2,171
Earnings(a)
| Metal sales | $ | 1,774.7 $ | 1,802.1 $ | 6,420.5 $ | 5,028.1 |
| Production cost of sales | $ | 627.2 $ | 598.6 $ | 1,992.4 $ | 1,713.7 |
| Depreciation, depletion and amortization | $ | 217.1 $ | 285.4 $ | 768.3 $ | 836.7 |
| Operating earnings | $ | 821.0 $ | 810.1 $ | 3,345.5 $ | 2,155.3 |
| Net earnings attributable to common shareholders | $ | 583.2 $ | 584.9 $ | 2,270.4 $ | 1,483.6 |
| Net earnings per share attributable to common shareholders (basic) | $ | 0.49 $ | 0.48 $ | 1.91 $ | 1.21 |
| Net earnings per share attributable to common shareholders (diluted) | $ | 0.49 $ | 0.48 $ | 1.90 $ | 1.21 |
| Adjusted net earnings(c) | $ | 591.3 $ | 529.6 $ | 2,293.2 $ | 1,434.6 |
| Adjusted net earnings per share(c) | $ | 0.50 $ | 0.44 $ | 1.92 $ | 1.17 |
Cash Flow(a)
| Net cash flow provided from operating activities | $ | 714.4 $ | 1,024.1 $ | 2,999.8 $ | 2,623.6 |
| Attributable adjusted operating cash flow(c) | $ | 830.9 $ | 965.5 $ | 3,072.1 $ | 2,469.2 |
| Capital expenditures(d) | $ | 439.6 $ | 312.2 $ | 1,133.8 $ | 826.0 |
| Attributable capital expenditures(c) | $ | 439.5 $ | 307.6 $ | 1,124.6 $ | 813.5 |
| Attributable free cash flow(c) | $ | 281.3 $ | 686.7 $ | 1,845.6 $ | 1,714.1 |
| Attributable adjusted free cash flow(c) | $ | 391.4 $ | 657.9 $ | 1,947.5 $ | 1,655.7 |
Per Ounce Metrics(a)
| Average realized gold price per ounce(e) | $ | 4,249 $ | 3,460 $ | 4,549 $ | 3,200 |
| Attributable average realized gold price per ounce(c) | $ | 4,248 $ | 3,458 $ | 4,551 $ | 3,199 |
| Production cost of sales per equivalent ounce sold(b)(f) | $ | 1,502 $ | 1,150 $ | 1,412 $ | 1,091 |
| Attributable production cost of sales per equivalent ounce sold(b)(c) | $ | 1,485 $ | 1,145 $ | 1,396 $ | 1,086 |
| Attributable production cost of sales per ounce sold on a by-product basis(c) | $ | 1,449 $ | 1,102 $ | 1,327 $ | 1,052 |
| Attributable all-in sustaining cost per equivalent ounce sold(b)(c) | $ | 1,947 $ | 1,622 $ | 1,827 $ | 1,490 |
| Attributable all-in sustaining cost per ounce sold on a by-product basis(c) | $ | 1,917 $ | 1,588 $ | 1,767 $ | 1,462 |
| Attributable all-in cost per equivalent ounce sold(b)(c) | $ | 2,862 $ | 2,016 $ | 2,468 $ | 1,877 |
| Attributable all-in cost per ounce sold on a by-product basis(c) | $ | 1,989 | $ | 1,855 | |
| $ | 2,844 | $ | 2,421 |
(a) All measures and ratios include 100% of the results from Manh Choh, except measures and ratios denoted as “attributable.” “Attributable” measures and ratios include Kinross’ 70% share of Manh Choh production, sales, cash flow, capital expenditures and costs, as applicable.
(b) “Gold equivalent ounces” include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for each period. The ratio for the third quarter and first nine months of 2026 was 68.10:1 and 62.05:1, respectively (third quarter and first nine months of 2025 – 87.73:1 and 91.33:1, respectively).
(c) The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 15 to 21 of this news release. Non-GAAP financial measures and ratios have no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers.
(d) “Capital expenditures” is “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows.
(e) “Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold.
(f) “Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.
The following operating and financial results are based on third-quarter gold equivalent production:
Production: Kinross produced 424,693 Au eq. oz. in Q3 2026, compared with 503,862 Au eq. oz. in Q3 2025. The decrease is a result of planned lower production from Fort Knox and Bald Mountain as well as a reduction in production at La Coipa and Round Mountain, while Tasiast and Paracatu remained stable.
Average realized gold price8: The average realized gold price in the third quarter was $4,249 per ounce, compared with $3,460 per ounce in Q3 2025, a 23% increase year-over-year.
Revenue: Revenue was $1,774.7 million in Q3 2026, compared with $1,802.1 million during Q3 2025. The 2% decrease year-over-year was due to the decrease in production and ounces sold.
Production cost of sales: Production cost of sales per Au eq. oz. sold2 increased to $1,502 in Q3 2026, compared with $1,150 in Q3 2025. Attributable production cost of sales per Au eq. oz. sold1 increased to $1,485 for Q3 2026, compared with $1,145 in Q3 2025, primarily due to higher energy, contractor and reagent costs, lower production and an increase in royalty costs as a result of the higher gold prices.
Attributable production cost of sales per Au oz. sold on a by-product basis1 was $1,449 in the third quarter of 2026, compared with $1,102 in the third quarter of 2025, based on attributable gold sales of 405,030 ounces and silver sales of 355,178 ounces.
Margins4: Kinross' margin per Au eq. oz. sold increased by 19% to $2,747 in Q3 2026, compared with the Q3 2025 margin of $2,310.
Attributable all-in sustaining cost1: Attributable all-in sustaining cost per Au eq. oz. sold was $1,947 in Q3 2026, compared with $1,622 in Q3 2025.
Attributable all-in sustaining cost per Au oz. sold on a by-product basis was $1,917 in the third quarter, compared with $1,588 in Q3 2025.
Operating cash flow3: Operating cash flow was $714.4 million in the third quarter, compared with $1,024.1 million for Q3 2025.
Attributable adjusted operating cash flow1 in Q3 2026 was $830.9 million, compared with $965.5 million for Q3 2025.
Attributable free cash flow1: Attributable free cash flow was $281.3 million in the quarter, compared with $686.7 million in Q3 2025. Excluding working capital, attributable adjusted free cash flow was $391.4 million in the quarter, compared with $657.9 million in Q3 2025. Both metrics were impacted by timing of sales and higher capital expenditure spending in Q3 2026.
Reported net earnings5: Reported net earnings were $583.2 million during the quarter, or $0.49 per share, in line with reported net earnings of $584.9 million, or $0.48 per share, for Q3 2025.
Adjusted net earnings6 increased to $591.3 million, or $0.50 per share, for Q3 2026, compared with $529.6 million, or $0.44 per share, for Q3 2025.
Capital expenditures9: Capital expenditures increased to $439.6 million in the third quarter, compared with $312.2 million in Q3 2025, driven by a ramp-up of development activities at Curlew, Bald Mountain Redbird, Great Bear and Round Mountain Phase X, partially offset by a decrease in spending at Manh Choh.
Attributable capital expenditures1 were $439.5 million for Q3 2026, compared with $307.6 million for Q3 2025.
Balance sheet
As of September 30, 2026, Kinross had cash and cash equivalents of $2.6 billion and net cash7 of $1.9 billion, comparable with the second quarter of 2026.
The Company had additional available credit10 of $1.7 billion and total liquidity11 of approximately $4.4 billion as of September 30, 2026, with no debt maturities until 2033. In August, S&P Global Ratings upgraded Kinross' long-term issuer credit rating and issue-level rating on the Company's unsecured debt to 'BBB' from 'BBB-', with a stable outlook.
Return of capital to shareholders
Kinross continues to advance its 2026 buyback strategy, having repurchased approximately $230 million in shares during the quarter, representing 8.6 million shares. Including its quarterly dividend, Kinross returned over $275 million to shareholders in Q3.
Year-to-date, approximately $810 million in shares have been repurchased, representing 28.5 million shares. Including its quarterly dividend, Kinross returned over $950 million in capital to shareholders to date in 2026 and 46% of free cash flow over the first nine months of 2026.
Since April 2025, Kinross has repurchased approximately $1.4 billion in shares, representing approximately 5% of its shares outstanding, and returned a total of approximately $1.7 billion in capital to shareholders.
As part of its quarterly dividend program, the Company also declared a dividend of $0.04 per common share payable on December 3, 2026, to shareholders of record on November 19, 2026.
Operating results
Mine-by-mine summaries for 2026 third-quarter operating results may be found on pages 9 and 13 of this news release. Unless otherwise noted, commentary in this section is relative to the previous quarter.
Tasiast delivered another solid quarter, with strong mining and processing performance supporting production in line with the mine plan. Higher throughput helped offset the impact of anticipated lower grades and recoveries. Cost of sales per ounce sold reflected the planned production profile for the quarter and was impacted by higher fuel and maintenance supply costs.
Paracatu performed in line with expectations during the quarter, supported by strong mining and processing performance. Higher ore tonnes mined helped offset the impact of planned lower grades and recoveries associated with mine sequencing. Cost of sales per ounce sold reflected the planned production profile and was affected by higher energy costs.
La Coipa's performance was impacted by unprecedented winter weather that disrupted mining and milling activities during the quarter. Improved weather conditions resulted in higher mining rates, improved throughput and the ability to resume ore blending towards the end of Q3. Actions to enhance plant performance and recovery also delivered positive results, positioning the operation for improved performance going forward. Cost of sales per ounce sold was affected by lower production during the quarter.
Fort Knox’s production reflected mill maintenance activities and planned lower grades during the quarter, partially offset by improved mill recoveries. Cost of sales per ounce sold was impacted by lower production and higher reagent and blasting supply costs.
Round Mountain delivered improved production during the quarter, supported by higher mill grades and recoveries, and increased tonnes placed on the heap leach pads. The operation continues to advance initiatives to improve recovery and mining rates, including targeted mill circuit enhancements and increased selective mining. Cost of sales per ounce sold benefited from higher production during the quarter and stockpiling of ore for future use, offset by higher fuel and maintenance costs.
Bald Mountain production benefited from increased tonnes placed on the heap leach pads and the timing of ounces recovered. The operation continued to ramp-up ore delivery from Redbird and achieved an important milestone with the first gold pour from this deposit in early October. Cost of sales per ounce sold continued to improve as a result of higher production.
Development projects
Great Bear
At Great Bear, Kinross continues to progress its AEX program alongside permitting, detailed engineering, and procurement activities for the Main Project.
AEX surface construction is now substantially complete and all infrastructure required to support the underground development is in place. The North and South underground declines continue to progress, with a combined total of over 500 metres of development completed to date.
For the Main Project, detailed engineering has progressed to over 55% complete to date. Manufacturing activities are underway on several long-lead equipment packages, including the mill motors, transformers, and power plant generators. Contracts for the camp complex and the administration building have been awarded. Construction readiness planning is underway.
The Main Project permitting process is well advanced. The Impact Assessment Agency of Canada (“IAAC”) issued its first round of formal information requests at the end of July, and Kinross' responses were formally provided to IAAC.
Provincially, the integrated One Project, One Process is progressing well and Kinross' permit applications continue to advance in accordance with the permitting plan to maintain Kinross' overall project permitting timeline. Responses have been provided to the technical comments received from the Ministry of the Environment, Conservation and Parks to date, and the provincial technical review is expected to be complete by the end of the year.
Kinross continued to advance negotiations of the Impact Benefits Agreement ("Agreement") with Wabauskang and Lac Seul First Nations. Following the previously signed Memorandum of Understanding that captures the key economic compensatory and procurement elements, the parties are currently progressing the non-financial aspects of the Agreement.
At Great Bear, drilling in Q3 has focused primarily on near-mine targets, where multiple infill holes have confirmed the down-dip extensions of mineralization at Viggo for an additional 150 metres. This drilling reaffirms the exploration belief that these high-grade chutes remain open at depth below the known resource.
Round Mountain Phase X
At Round Mountain Phase X, underground development continues to advance ahead of schedule, with over 9,600 metres developed to date, approximately 8% ahead of plan. Infill drilling also progressed for the early stoping horizons, indicating higher ounces than expected driven by improved continuity of mineralization on the back of tighter drill spacing. In addition, extensional drilling approximately 300 metres down dip of the current resource intersected 11.7 g/t over 27.5 metres, highlighting the potential for mineralization to continue at depth.
Engineering, procurement and early works for surface and underground infrastructure are progressing well. Operational-readiness activities are also ramping up to support a smooth transition to operations and the planned start of production in 2028.
Curlew
At Curlew, construction of the Tailings Dewatering Plant ("TDP") and the mill refurbishment progressed substantially. At the TDP, exterior works on tanks and the thickener are largely complete while interior structural steel and mechanical equipment installation is progressing. At the mill, removal of equipment that will not be reutilized continues and the installation of new carbon-in-leach tanks has commenced. At the mine, construction of a new administrative and dry facility is nearing completion and underground development continues to advance ahead of schedule, with over 3,600 metres of horizontal development completed as of September 30, raise collars completed, and raise-boring activities advancing.
Bald Mountain Redbird
First gold was poured from Redbird 1 in early October, while Redbird 2 construction continued to advance on plan, with pre-stripping well underway and earthworks and lining activities for the first phase of the Bald Heap Leach Pad expansion nearing completion. Procurement and engineering activities for the SART plant also progressed substantially, with detailed engineering approximately 30% complete. The Redbird 2 satellite pits are now fully permitted.
Lobo-Marte
At Lobo-Marte, permitting continues to progress well following the acceptance of the project’s Environmental Impact Assessment for review by Chile’s Environmental Assessment Service in the second quarter. Detailed engineering has commenced and execution planning continues to advance, with first production targeted in the early 2030s.
Sustainability
Health and Safety: In September 2026, two unrelated safety incidents occurred at Bald Mountain. As a result, one business partner employee suffered fatal injuries on site, and another was seriously injured. The second business partner employee later passed away in hospital. Kinross extends its deepest condolences to their families, friends and colleagues. Following these incidents, Kinross held company-wide Safety Stand Downs to reinforce safety practices and controls.
Alaska: At Fort Knox, Trout Unlimited and Kinross, together with other partners and supporters, launched the Cripple Creek Restoration Project, the second project under the Alaska Abandoned Mine Restoration Initiative, building on the first restoration project at Resurrection Creek near Anchorage in 2022. The initiative focuses on restoring waterways and fish habitat impacted by historic mining.
The Manh Choh Community Foundation completed its second grant cycle for initiatives across five local communities. Kinross has also supported recovery efforts following the Tok wildfire, including emergency assistance for families whose homes were rendered uninhabitable.
Mauritania: At Tasiast, new community infrastructure in Benichab, including a modern communal market and meat processing facility, was handed over in August. The infrastructure was delivered through the Tasiast Fund to support sustainable development in the mine's impact area. Tasiast also made further contributions to community health capacity through its long-term partnership with the Ministry of Health and Project C.U.R.E.
Chile: Kinross Chile received the Award for Commitment to Territories and Education from the Mining Foundation of Chile, recognizing the Company's contributions over three decades in support of education, training and opportunities for communities in the Atacama region.
Sustainability ratings: Kinross received a leading score of 70 from the S&P CSA assessment, currently ranking in the 97th percentile, up one point from its 2025 assessment. This assessment represents a comprehensive view of the company’s governance, management, and performance in sustainability.
Conference call details
In connection with this news release, Kinross will hold a conference call and audio webcast on October 29, 2026, at 8:00 a.m. EDT to discuss the results, followed by a question-and-answer session. To access the call, please dial:
Canada & US toll-free – (888) 596-4144; Conference ID: 9425112 Outside of Canada & US – +1 (646) 968-2525; Conference ID: 9425112
Replay (available up to 14 days after the call):
Canada & US toll-free – +1 (800) 770-2030; Conference ID: 9425112 # Outside of Canada & US – +1 (609) 800-9909; Conference ID: 9425112 #
You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The audio webcast will be archived on www.kinross.com.
About Kinross Gold Corporation
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).
Media Contact
Samantha Sheffield Senior Director, Corporate Communications phone: 416-365-3034 [email protected]
Investor Relations Contact
David Shaver Executive Vice-President, Investor Relations & Communications phone: 416-365-2854 [email protected]
Review of operations
Three months ended September 30, Gold equivalent ounces Production cost of Production cost of sales sales/equivalent
| Produced | Sold | ($millions) | ounce sold | |||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| Tasiast | 120,232 | 120,934 | 110,735 | 116,251 | 118.7 | 103.4 | 1,072 | 889 |
| Paracatu | 146,428 | 150,367 | 142,714 | 149,903 | 171.6 | 139.9 | 1,202 | 933 |
| La Coipa | 29,203 | 57,997 | 31,046 | 57,544 | 68.1 | 69.0 | 2,194 | 1,199 |
| Fort Knox | 80,118 | 112,181 | 80,025 | 117,500 | 158.5 | 159.7 | 1,981 | 1,359 |
| Round Mountain | 27,068 | 37,297 | 25,969 | 37,274 | 66.4 | 78.1 | 2,557 | 2,095 |
| Bald Mountain | 41,525 | 42,261 | 48.5 | 1,148 | ||||
| 29,319 | 27,168 | 43.9 | 1,616 | |||||
| United States Total | 136,505 | 191,003 | 133,162 | 197,035 | 268.8 | 286.3 | 2,019 | 1,453 |
| Less: Manh Choh non-controlling interest (30%) | (7,675) | (16,439) | (7,412) | (16,622) | (17.8) | (21.3) | ||
| United States Attributable Total | 128,830 | 174,564 | 125,750 | 180,413 | 251.0 | 265.0 | 1,996 | 1,469 |
| Operations Total | 432,368 | 520,301 | 417,657 | 520,733 | 627.2 | 598.6 | 1,502 | 1,150 |
| Attributable Total | 424,693 | 503,862 | 410,245 | 504,111 | 609.4 | 577.3 | 1,485 | 1,145 |
Nine months ended September 30, Gold equivalent ounces Production cost of Production cost of sales sales/equivalent
| Produced | Sold | ($millions) | ounce sold | |||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| Tasiast | 383,557 | 377,804 | 374,579 | 367,489 | 379.8 | 311.0 | 1,014 | 846 |
| Paracatu | 464,537 | 446,270 | 458,574 | 445,545 | 523.2 | 422.1 | 1,141 | 947 |
| La Coipa | 142,453 | 164,451 | 139,532 | 163,814 | 226.5 | 203.5 | 1,623 | 1,242 |
| Fort Knox | 286,990 | 339,299 | 283,834 | 342,810 | 510.8 | 432.8 | 1,800 | 1,263 |
| Round Mountain | 73,057 | 111,648 | 72,171 | 111,098 | 206.4 | 187.2 | 2,860 | 1,685 |
| Bald Mountain | 84,056 | 140,767 | 82,130 | 140,289 | 145.7 | 157.1 | 1,774 | 1,120 |
| United States Total | 444,103 | 591,714 | 438,135 | 594,197 | 862.9 | 777.1 | 1,969 | 1,308 |
| Less: Manh Choh non-controlling interest (30%) | (25,068) | (51,715) | (24,480) | (52,070) | (57.5) | (64.5) | ||
| United States Attributable Total | 419,035 | 539,999 | 413,655 | 542,127 | 805.4 | 712.6 | 1,947 | 1,314 |
| Operations Total | 1,434,6501,580,239 1,410,8201,571,045 | 1,992.4 | 1,713.7 | 1,412 | 1,091 |
1,934.9 1,396 1,086 Attributable Total 1,409,582 1,528,524 1,386,340 1,518,975 1,649.2
Consolidated balance sheets
(unaudited, expressed in millions of U.S. dollars, except share amounts) As at September 30, December 31, 2026 2025
Assets
Current assets
| Cash and cash equivalents | $ 2,638.4 $ | 1,742.3 |
| Restricted cash | 16.9 | 13.5 |
| Accounts receivable and prepaid assets | 148.2 | 145.8 |
| Inventories | 1,486.4 | 1,370.3 |
| Other current assets | 74.4 | 16.6 |
4,364.3 3,288.5 Non-current assets
| Property, plant and equipment | 8,630.5 | 8,289.4 |
| Long-term investments | 91.4 | 99.3 |
| Other long-term assets | 852.2 | 708.9 |
| Deferred tax assets | 5.1 | 25.0 |
| Total assets | $ 13,943.5 $ | 12,411.1 |
Liabilities
Current liabilities
| Accounts payable and accrued liabilities | $ 733.5 $ | 716.4 |
| Current income tax payable | 691.9 | 595.7 |
| Current portion of provisions | 77.5 | 74.2 |
| Other current liabilities | 16.5 | 13.3 |
1,519.4 1,399.6 Non-current liabilities
| Long-term debt | 739.2 | 738.2 |
| Provisions | 959.5 | 976.6 |
| Other long-term liabilities | 57.6 | 64.8 |
| Deferred tax liabilities | 569.2 | 537.8 |
| Total liabilities | $ 3,844.9 $ | 3,717.0 |
Equity
Common shareholders' equity
| Common share capital | $ | 4,306.7 $ | 4,382.0 |
| Contributed surplus | 9,456.8 | 10,137.6 | |
| Accumulated deficit | (3,815.7) | (5,943.3) | |
| Accumulated other comprehensive income (loss) | 23.4 | (0.3) | |
| Total common shareholders' equity | 9,971.2 | 8,576.0 | |
| Non-controlling interests | 127.4 | 118.1 | |
| Total equity | $ | 10,098.6 $ | 8,694.1 |
| Total liabilities and equity | $ | 13,943.5 $ | 12,411.1 |
Common shares
| Authorized | Unlimited | Unlimited |
|---|---|---|
| Issued | 1,178,450,917 | 1,199,843,037 |
| Outstanding | 1,178,038,135 | 1,199,843,037 |
Consolidated statements of operations
(unaudited, expressed in millions of U.S. dollars, except per share amounts) Three months ended Nine months ended September 30, September 30, September 30, September 30, 2026 2025 2026 2025
Revenue
Metal sales $ 1,774.7 $ 1,802.1 $ 6,420.5 $ 5,028.1
Cost of sales
| Production cost of sales | 627.2 | 598.6 | 1,992.4 | 1,713.7 |
| Depreciation, depletion and amortization | 217.1 | 285.4 | 768.3 | 836.7 |
| Total cost of sales | 844.3 | 884.0 | 2,760.7 | 2,550.4 |
| Gross profit | 930.4 | 918.1 | 3,659.8 | 2,477.7 |
| Other operating expense | 32.7 | 26.1 | 83.0 | 71.2 |
| Exploration and business development | 50.7 | 154.7 |
43.0 120.3
| General and administrative | 33.7 | 31.2 | 111.0 | 96.5 |
| Operating earnings | 821.0 | 810.1 | 3,345.5 | 2,155.3 |
| Other (expense) income - net | (9.0) | 16.8 | (26.2) | (16.2) |
| Finance income | 25.5 | 45.2 | 60.7 | 56.8 |
| Finance expense | (19.2) | (30.7) | (58.5) | (98.8) |
| Earnings before tax | 818.3 | 841.4 | 3,321.5 | 2,097.1 |
| Income tax expense - net | (228.9) | (232.3) | (1,024.3) | (540.0) |
| Net earnings | $ 589.4 $ | 609.1 $ | 2,297.2 $ | 1,557.1 |
Net earnings attributable to:
Non-controlling interests 6.2 24.2 26.8 73.5 Common shareholders $ 583.2 $ 584.9 $ 2,270.4 $ 1,483.6
Earnings per share attributable to common shareholders
Basic $ 0.49 $ 0.48 $ 1.91 $ 1.21 Diluted $ 0.49 $ 0.48 $ 1.90 $ 1.21
Consolidated statements of cash flows
(unaudited, expressed in millions of U.S. dollars) Three months ended Nine months ended September 30, September 30, September 30, September 30, 2026 2025 2026 2025
Net inflow (outflow) of cash related to the following activities:
Operating:
Net earnings $ 589.4 $ 609.1 $ 2,297.2 $ 1,557.1 Adjustments to reconcile net earnings to net cash provided from operating activities:
| Depreciation, depletion and amortization | 217.1 | 285.4 | 768.3 | 836.7 |
| Share-based compensation expense | 3.9 | 3.4 | 13.9 | 11.2 |
| Finance expense - net | (6.3) | 17.3 | (2.2) | 73.8 |
| Income tax expense - net | 228.9 | 232.3 | 1,024.3 | 540.0 |
| Gain on sale of Asante Gold Corporation holdings | – | (63.0) | – | (63.0) |
| Foreign exchange (gains) losses | (2.5) | 5.5 | 6.2 | 16.8 |
| Reclamation payments | (20.4) | (8.8) | (49.4) | (21.9) |
| Other | (16.3) | (21.9) | (13.4) | (33.7) |
Changes in working capital:
| Accounts receivable and other assets | (34.1) | (34.5) | (25.4) | (8.7) |
| Inventories | (55.0) | (19.9) | (52.9) | (49.4) |
| Accounts payable and accrued liabilities | (39.2) | 76.5 | (40.2) | 110.3 |
| Cash flow provided from operating activities | 865.5 | 1,081.4 | 3,926.4 | 2,969.2 |
| Income taxes paid | (151.1) | (57.3) | (926.6) | (345.6) |
| Net cash flow provided from operating activities | 714.4 | 1,024.1 | 2,999.8 | 2,623.6 |
Investing:
| Additions to property, plant and equipment | (439.6) | (312.2) | (1,133.8) | (826.0) |
| Interest paid capitalized to property, plant and equipment | (14.7) | (4.5) | (21.8) | (18.0) |
| Proceeds from long-term investments and other assets | 47.7 | 94.3 | 75.3 | 94.3 |
| Additions to long-term investments and other assets | (84.8) | (12.5) | (129.3) | (36.4) |
| Increase in restricted cash | (1.0) | (1.5) | (3.4) | (4.0) |
| Interest received and other | 25.7 | 11.1 | 60.2 | 24.3 |
| Net cash flow used in investing activities | (466.7) | (225.3) | (1,152.8) | (765.8) |
Net cash flow of discontinued operations provided from investing
activities – 53.4 – 53.4
Financing:
Repayment of debt – – – (200.0) Interest paid (31.0) (55.0)
(9.5) (26.7)
| Payment of lease liabilities | (2.1) | (2.0) | (6.3) | (5.0) |
| Distributions paid to non-controlling interest | – | (33.0) | (18.0) | (87.0) |
| Dividends paid to common shareholders | (47.3) | (36.4) | (142.8) | (110.0) |
Payments for employee taxes withheld from restricted share unit releases (0.1) – (55.7) (10.0) Repurchase and cancellation of shares (165.1) (335.2)
(210.1) (690.2)
| Taxes paid on repurchase of shares | – | – | (12.1) | – |
| Net cash flow used in financing activities | (269.1) | (267.5) | (951.8) | (802.2) |
| Effect of exchange rate changes on cash and cash equivalents | 3.4 | 0.5 | 0.9 | 1.2 |
| (Decrease) increase in cash and cash equivalents | (18.0) | 585.2 | 896.1 | 1,110.2 |
| Cash and cash equivalents, beginning of period | 2,656.4 | 1,136.5 | 1,742.3 | 611.5 |
| Cash and cash equivalents, end of period | $ 2,638.4 $ | 1,721.7 $ | 2,638.4 $ | 1,721.7 |
Operating Summary
| Mine | Period | Tonnes Ore Mined | Ore Processed (Milled) | Ore Processed (Heap Leach) | Grade (Mill) | Grade (Heap Leach) | Recovery (a)(b) | Gold Eq Production (c) | Gold Eq Sales(c) | Production cost of sales | Production cost of sales/oz(d) | Cap Ex - sustaining (e) | Total Cap Ex (e) | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ('000 tonnes) | ('000 tonnes) | ('000 tonnes) | (g/t) | (g/t) | (%) | (ounces) | (ounces) | ($ millions) | ($/ounce) | ($ millions) | ($ millions) | |||
| West Africa | Tasiast | Q3 2026 | 3,694 | 2,316 | – | 1.72 | – | 92% | 120,232 | 110,735 | $ 118.7 | $ 1,072 | $ 16.9 | $ 89.1 |
| Q2 2026 Q1 2026 Q4 2025 Q3 2025 | 3,172 3,495 3,120 1,685 | 2,208 2,092 2,252 2,181 | – – – – | 1.82 2.30 1.87 1.78 | – – – – | 94% 94% 94% 94% | 133,311 130,014 125,625 120,934 | 132,165 131,679 118,912 116,251 | $ 130.8 $ 130.3 $ 119.2 $ 103.4 | $ 990 $ 990 $ 1,002 $ 889 | $ 46.6 $ 10.8 $ 28.6 $ 47.6 | $ 96.3 $ 60.0 $ 80.5 $ 102.0 | ||
| Paracatu | Q3 2026 | 14,502 | 13,363 | – | 0.40 | – | 83% | 146,428 | 142,714 | $ 171.6 | $ 1,202 | $ 57.6 | $ 74.1 | |
| Q2 2026 Q1 2026 Q4 2025 Q3 2025 | 11,332 10,272 10,929 12,958 | 13,216 12,507 12,395 13,214 | – – – – | 0.43 0.41 0.45 0.44 | – – – – | 84% 85% 83% 82% | 157,526 160,583 155,048 150,367 | 157,011 158,849 154,565 149,903 | $ 173.9 $ 177.7 $ 165.0 $ 139.9 | $ 1,108 $ 1,119 $ 1,068 $ 933 | $ 51.4 $ 22.2 $ 67.6 $ 58.2 | $ 64.2 $ 25.8 $ 67.6 $ 58.2 | ||
| La Coipa(f) | Q3 2026 | 1,114 | 691 | – | 1.95 | – | 62% | 29,203 | 31,046 | $ 68.1 | $ 2,194 | $ 7.0 | $ 15.3 | |
| Q2 2026 Q1 2026 Q4 2025 Q3 2025 | 988 580 1,219 1,006 | 1,151 972 1,203 932 | – – – – | 2.07 1.64 2.42 2.36 | – – – – | 60% 74% 74% 76% | 59,039 54,211 67,319 57,997 | 54,749 53,737 71,419 57,544 | $ 76.4 $ 82.0 $ 80.7 $ 69.0 | $ 1,395 $ 1,526 $ 1,130 $ 1,199 | $ 17.9 $ 19.9 $ 31.7 $ 18.5 | $ 22.8 $ 21.7 $ 31.7 $ 18.5 | ||
| Fort Knox (100%)(g) | Q3 2026 | 6,285 | 1,414 | 5,465 | 1.22 | 0.22 | 84% | 80,118 | 80,025 | $ 158.5 | $ 1,981 | $ 21.0 | $ 26.0 | |
| Q2 2026 Q1 2026 Q4 2025 Q3 2025 | 5,681 9,523 11,056 8,140 | 1,866 1,154 1,645 1,511 | 3,965 7,314 8,805 6,538 | 1.51 1.45 1.02 1.86 | 0.27 0.28 0.23 0.23 | 82% 86% 88% 90% | 104,500 102,372 71,523 112,181 | 107,591 96,218 74,294 117,500 | $ 177.5 $ 174.8 $ 125.8 $ 159.7 | $ 1,650 $ 1,817 $ 1,693 $ 1,359 | $ 37.3 $ 24.1 $ 38.0 $ 45.0 | $ 40.0 $ 24.1 $ 38.0 $ 45.0 | ||
| Fort Knox (attributable) (g) | Q3 2026 | 6,202 | 1,358 | 5,465 | 1.07 | 0.22 | 84% | 72,443 | 72,613 | $ 140.7 | $ 1,938 | $ 20.9 | $ 25.9 | |
| Q2 2026 Q1 2026 Q4 2025 Q3 2025 | 5,610 9,463 11,001 8,056 | 1,796 1,103 1,597 1,425 | 3,965 7,314 8,805 6,538 | 1.37 1.31 0.93 1.55 | 0.27 0.28 0.23 0.23 | 82% 85% 87% 89% | 95,485 93,994 65,434 95,742 | 98,796 87,945 67,882 100,878 | $ 157.7 $ 154.9 $ 113.6 $ 138.4 | $ 1,596 $ 1,761 $ 1,673 $ 1,372 | $ 32.5 $ 19.8 $ 31.5 $ 40.4 | $ 35.2 $ 19.8 $ 31.5 $ 40.4 | ||
| Round Mountain | Q3 2026 | 2,541 | 884 | 3,772 | 0.73 | 0.19 | 60% | 27,068 | 25,969 | $ 66.4 | $ 2,557 | $ 10.7 | $ 44.0 | |
| Q2 2026 Q1 2026 Q4 2025 Q3 2025 | 2,389 790 737 1,659 | 951 953 966 914 | 878 513 1,110 1,113 | 0.39 0.37 0.49 0.66 | 0.29 0.21 0.29 0.32 | 44% 52% 67% 72% | 19,789 26,200 31,754 37,297 | 20,118 26,084 31,641 37,274 | $ 67.6 $ 72.4 $ 86.6 $ 78.1 | $ 3,360 $ 2,776 $ 2,737 $ 2,095 | $ 6.9 $ 4.9 $ 8.6 $ 4.5 | $ 49.1 $ 53.9 $ 41.5 $ 33.0 | ||
| Q3 2026 | 6,347 | – | 6,347 | – | 0.29 | nm | 29,319 | 27,168 | $ 43.9 | $ 1,616 | $ 5.6 | $ 77.5 |
Q2 6,046 – 6,046 – 0.30 nm 27,176 27,401 $ 48.5 $ 1,770 $ 4.0 $ 54.0 2026 Bald Q1 3,985 – 3,985 – 0.30 nm 27,561 27,561 $ 53.3 $ 1,934 $ 6.9 $ 39.7 Mountain 2026 Q4 3,165 – 3,165 – 0.30 nm 38,402 37,141 $ 55.4 $ 1,492 $ 13.1 $ 51.6 2025 Q3 2,182 – 2,182 – 0.31 nm 41,525 42,261 $ 48.5 $ 1,148 $ 5.3 $ 27.9 2025
(a) Due to the nature of heap leach operations, recovery rates at Bald Mountain cannot be accurately measured on a quarterly basis. Recovery rates at Fort Knox and Round Mountain represent mill recovery only.
(b) "nm" means not meaningful.
(c) Gold equivalent ounces include silver ounces produced and sold converted to a gold equivalent based on the ratio of the average spot market prices for the commodities for each period. The ratios for the quarters presented are as follows: Q3 2026: 68.10:1; Q2 2026: 61.61:1; Q1 2026: 57.79:1; Q4 2025: 76.34:1; Q3 2025: 87.73:1.
(d) “Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.
(e) "Total Cap Ex" is “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows. "Cap Ex - sustaining" is a non-GAAP financial measure. The definition and reconciliation of this non-GAAP financial measure is included on pages 21 to 21 of this news release.
(f) La Coipa silver grade and recovery were as follows: Q3 2026: 29.34 g/t, 39%; Q2 2026: 44.14 g/t, 33%; Q1 2026: 35.03 g/t, 39%; Q4 2025: 33.21 g/t, 41%; Q3 2025: 41.34 g/t, 49%.
(g) The Fort Knox segment is composed of Fort Knox and Manh Choh. Manh Choh tonnes of ore processed and grade were as follows: Q3 2026: 184,810 tonnes, 4.99 g/t; Q2 2026: 229,965 tonnes, 4.98 g/t; Q1 2026: 170,077 tonnes, 4.51 g/t; Q4 2025: 158,016 tonnes, 4.08 g/t; Q3 2025: 286,496 tonnes, 7.05 g/t. The attributable results for Fort Knox include 100% of Fort Knox and 70% of Manh Choh.
Reconciliation of non-GAAP financial measures and ratios
The Company has included certain non-GAAP financial measures and ratios in this document. These financial measures and ratios are not defined under IFRS and should not be considered in isolation. The Company believes that these financial measures and ratios, together with financial measures and ratios determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures and ratios is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures and ratios are not necessarily standard and therefore may not be comparable to other issuers.
Adjusted Net Earnings and Adjusted Net Earnings per Share
Adjusted net earnings and adjusted net earnings per share are non-GAAP financial measures and ratios which determine the performance of the Company, excluding certain impacts which the Company believes are not reflective of the Company’s underlying performance for the reporting period, such as the impact of foreign exchange gains and losses, reassessment of prior year taxes and/or taxes otherwise not related to the current period, impairment charges (reversals), gains and losses and other one-time costs related to acquisitions, dispositions and other transactions, and non-hedge derivative gains and losses. Although some of the items are recurring, the Company believes that they are not reflective of the underlying operating performance of its current business and are not necessarily indicative of future operating results. Management believes that these measures and ratios, which are used internally to assess performance and in planning and forecasting future operating results, provide investors with the ability to better evaluate underlying performance, particularly since the excluded items are typically not included in public guidance. However, adjusted net earnings and adjusted net earnings per share measures and ratios are not necessarily indicative of net earnings and earnings per share measures and ratios as determined under IFRS.
The following table provides a reconciliation of net earnings to adjusted net earnings for the periods presented:
Three months ended Nine months ended
| (expressed in millions of U.S. dollars, except per share amounts) | September 30, | September 30, | |
|---|---|---|---|
| 2026 2025 | 2026 | 2025 | |
| Net earnings attributable to common shareholders - as reported | $ 583.2 $ | 584.9 $ 2,270.4 $ | 1,483.6 |
Adjusting items:
Foreign exchange losses 1.5 9.8 5.7 28.6 Foreign exchange gains on translation of tax basis and foreign
| exchange on deferred income taxes within income tax expense | (3.4) | (15.6) | (13.5) | (36.6) |
| Taxes in respect of prior periods | 3.9 | 3.3 | 9.0 | (1.3) |
| Costs in connection with conveyor belt repairs | 4.9 | – | 25.0 | – |
| Gain on sale of Asante holdings(a) | – | (53.0) | – | (53.0) |
| Tasiast mill fire related costs | – | – | – | 13.0 |
| Other | 3.1 | 0.9 | 2.9 | 4.3 |
| Tax effects of the above adjustments | (1.9) | (0.7) | (6.3) | (4.0) |
| 8.1 | (55.3) | 22.8 | (49.0) | |
| Adjusted net earnings | $ 591.3 $ | 529.6 $ | 2,293.2 $ | 1,434.6 |
| Weighted average number of common shares outstanding - Basic | 1,183.9 | 1,215.3 | 1,191.6 | 1,223.8 |
| $ 0.50 $ | 0.44 $ | 1.92 $ | 1.17 |
Adjusted net earnings per share Basic earnings per share attributable to common shareholders - as reported $ 0.49 $ 0.48 $ 1.91 $ 1.21
(a) The gain on sale of Asante holdings includes interest income of $21.8 million related to periods prior to 2025.
Attributable Free Cash Flow and Attributable Adjusted Free Cash Flow
Attributable free cash flow and attributable adjusted free cash flow are non-GAAP financial measures. Attributable free cash flow is defined as net cash flow provided from operating activities less attributable capital expenditures and non-controlling interest included in net cash flows provided from operating activities. Attributable adjusted free cash flow is defined as attributable free cash flow, excluding attributable changes in working capital given that numerous factors can result in it being volatile. The Company believes that these measures, which are used internally to evaluate the Company’s underlying cash generation performance and the ability to repay creditors and return cash to shareholders, provide investors with the ability to better evaluate the Company’s underlying performance. However, these measures are not necessarily indicative of operating earnings or net cash flow provided from operating activities as determined under IFRS.
The following table provides a reconciliation of attributable free cash flow and attributable adjusted free cash flow for the periods presented:
Three months ended Nine months ended
September 30, September 30,
(expressed in millions of U.S. dollars)
2026 2025 2026 2025
Net cash flow provided from operating activities - as reported $ 714.4 $ 1,024.1 $ 2,999.8 $ 2,623.6 Adjusting items:
| Attributable(a)capital expenditures | (439.5) | (307.6) | (1,124.6) | (813.5) |
| Non-controlling interest(b)cash flow used in (from) operating activities | 6.4 | (29.8) | (29.6) | (96.0) |
| Attributable(a)free cash flow | 281.3 | 686.7 | 1,845.6 | 1,714.1 |
Adjusting items:
Attributable(a) working capital changes:
| Accounts receivable and other assets | 25.5 | 27.1 | 11.0 | (0.5) |
| Inventories | 45.6 | 19.1 | 44.1 | 49.8 |
| Accounts payable and accrued liabilities | 39.0 | (75.0) | 46.8 | (107.7) |
| Attributable(a)adjusted free cash flow | 391.4 | 657.9 | 1,947.5 | 1,655.7 |
See pages 22 and 22 for details of the footnotes referenced within the table above.
Attributable Adjusted Operating Cash Flow
Attributable adjusted operating cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities excluding changes in working capital, certain impacts which the Company believes are not reflective of the Company’s regular operating cash flow, and net cash flows provided from operating activities, net of working capital changes, relating to non-controlling interests. Working capital is excluded given that numerous factors can result in it being volatile. The Company uses attributable adjusted operating cash flow internally as a measure of the underlying operating cash flow performance and future operating cash flow-generating capability of the Company. However, the attributable adjusted operating cash flow measure is not necessarily indicative of net cash flow provided from operating activities as determined under IFRS.
The following table provides a reconciliation of attributable adjusted operating cash flow for the periods presented:
Three months ended Nine months ended
(expressed in millions of U.S. dollars) September 30, September 30, 2026 2025(m) 2026 2025(m)
Net cash flow provided from operating activities - as reported 2,623.6 $ 714.4 $ 1,024.1 $ 2,999.8 $ Adjusting items:
Working capital changes:
| Accounts receivable and other assets | 34.1 | 34.5 | 25.4 | 8.7 |
| Inventories | 55.0 | 19.9 | 52.9 | 49.4 |
| Accounts payable and accrued liabilities | 39.2 | (76.5) | 40.2 | (110.3) |
| 842.7 | 1,002.0 | 3,118.3 | 2,571.4 |
Non-controlling interest(b) cash flow from operating activities, net of working capital changes (11.8) (36.5) (46.2) (102.2) Attributable(a) adjusted operating cash flow $ 830.9 $ 965.5 $ 3,072.1 $ 2,469.2
See pages 22 and 22 for details of the footnotes referenced within the table above.
Attributable Average Realized Gold Price per Ounce
Attributable average realized gold price per ounce is a non-GAAP ratio which calculates the average price realized from gold sales attributable to the Company. The Company believes that this measure provides a more accurate measure with which to compare the Company's gold sales performance to market gold prices. The following table provides a reconciliation of attributable average realized gold price per ounce for the periods presented:
Three months ended Nine months ended
(in millions of U.S. dollars, except ounces and average realized gold
September 30, September 30,
price per ounce)
| 2026 | 2025 | 2026 | 2025 | ||
| Metal sales - as reported | $ | 1,774.7 $ | 1,802.1 $ | 6,420.5 $ | 5,028.1 |
| Less: silver revenue(c) | (22.7) | (32.3) | (136.4) | (77.4) | |
| Less: non-controlling interest(b)gold revenue | (31.3) | (57.8) | (107.0) | (165.9) | |
| Attributable(a)gold revenue | $ | 1,720.7 $ | 1,712.0 $ | 6,177.1 $ | 4,784.8 |
| Gold ounces sold | 412,363 | 511,564 | 1,381,342 | 1,547,223 | |
| (7,333) | (16,428) | (23,974) | (51,575) |
Less: non-controlling interest(b) gold ounces sold Attributable(a) gold ounces sold 405,030 495,136 1,357,368 1,495,648 Attributable(a) average realized gold price per ounce $ 4,248 $ 3,458 $ 4,551 $ 3,199 Average realized gold price per ounce(d)
$ 4,249 $ 3,460 $ 4,549 $ 3,200
See pages 22 and 22 for details of the footnotes referenced within the table above.
Attributable Production Cost of Sales per Equivalent Ounce Sold
Production cost of sales per equivalent ounce sold is defined as production cost of sales, as reported on the consolidated statement of operations, divided by the total number of gold equivalent ounces sold. This measure converts the Company’s non-gold production into gold equivalent ounces and credits it to total production.
Attributable production cost of sales per equivalent ounce sold is a non-GAAP ratio and is defined as attributable production cost of sales divided by the attributable number of gold equivalent ounces sold. This measure converts the Company’s attributable non-gold production into gold equivalent ounces and credits it to total attributable production. Management uses this measure to monitor and evaluate the performance of its operating properties that are attributable to its shareholders.
The following table provides a reconciliation of production cost of sales and attributable production cost of sales per equivalent ounce sold for the periods presented:
| (expressed in millions of U.S. dollars, except ounces and production | Three months ended | Nine months ended | |||
|---|---|---|---|---|---|
| cost of sales per equivalent ounce) | September 30, | September 30, | |||
| 2026 | 2025 | 2026 | 2025 | ||
| Production cost of sales - as reported | $ | 627.2 $ | 598.6 $ | 1,992.4 $ | 1,713.7 |
| Less: non-controlling interest(b)production cost of sales | (17.8) | (21.3) | (57.5) | (64.5) | |
| Attributable(a)production cost of sales | $ | 609.4 $ | 577.3 $ | 1,934.9 $ | 1,649.2 |
| Gold equivalent ounces sold | 417,657 | 520,733 | 1,410,820 | 1,571,045 | |
| Less: non-controlling interest(b)gold equivalent ounces sold | (7,412) | (16,622) | (24,480) | (52,070) | |
| Attributable(a)gold equivalent ounces sold | 410,245 | 504,111 | 1,386,340 | 1,518,975 | |
| Attributable(a)production cost of sales per equivalent ounce sold | $ | 1,485 $ | 1,145 $ | 1,396 $ | 1,086 |
| Production cost of sales per equivalent ounce sold(e) | $ | 1,502 $ | 1,150 $ | 1,412 $ | 1,091 |
See pages 22 and 22 for details of the footnotes referenced within the table above.
Attributable Production Cost of Sales per Ounce Sold on a By-Product Basis
Attributable production cost of sales per ounce sold on a by-product basis is a non-GAAP ratio which calculates the Company’s non-gold production as a credit against its per ounce production costs, rather than converting its non-gold production into gold equivalent ounces and crediting it to total production, as is the case in co-product accounting. Management believes that this ratio provides investors with the ability to better evaluate Kinross’ production cost of sales per ounce on a comparable basis with other major gold producers who routinely calculate their cost of sales per ounce using by-product accounting rather than co-product accounting.
The following table provides a reconciliation of attributable production cost of sales per ounce sold on a by-product basis for the periods presented:
Three months ended Nine months ended
(expressed in millions of U.S. dollars, except ounces and production
| cost of sales per ounce) | September 30, | September 30, | ||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Production cost of sales - as reported | $ 627.2 $ | 598.6 $ | 1,992.4 $ | 1,713.7 |
| Less: non-controlling interest(b)production cost of sales | (17.8) | (21.3) | (57.5) | (64.5) |
| Less: attributable(a)impact of silver by-product(n) | (22.4) | (31.7) | (134.1) | (75.8) |
| Attributable(a)production cost of sales on a by-product basis | $ 587.0 $ | 545.6 $ | 1,800.8 $ | 1,573.4 |
| Gold ounces sold | 412,363 | 511,564 | 1,381,342 | 1,547,223 |
| Less: non-controlling interest(b)gold ounces sold | (7,333) | (16,428) | (23,974) | (51,575) |
| Attributable(a)gold ounces sold | 405,030 | 495,136 | 1,357,368 | 1,495,648 |
Attributable(a) production cost of sales per ounce sold on a by-product basis $ 1,449 $ 1,102 $ 1,327 $ 1,052 Production cost of sales per equivalent ounce sold(e) $ 1,502 $ 1,150 $ 1,412 $ 1,091
See pages 22 and 22 for details of the footnotes referenced within the table above.
Attributable All-In Sustaining Cost and All-In Cost per Ounce Sold on a By-Product Basis
Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are non-GAAP financial measures and ratios, as applicable, calculated based on guidance published by the World Gold Council (“WGC”). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies including Kinross. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost and all-in cost metrics is voluntary and not necessarily standard, and therefore, these measures and ratios presented by the Company may not be comparable to similar measures and ratios presented by other issuers. The Company believes that the all-in sustaining cost and all-in cost measures complement existing measures and ratios reported by Kinross.
All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. The value of silver sold is deducted from the total production cost of sales as it is considered residual production, i.e. a by-product. Sustaining operating costs represent expenditures incurred at current operations that are considered necessary to maintain current production. Sustaining capital represents capital expenditures at existing operations comprising mine development costs, including capitalized development, and ongoing replacement of mine equipment and other capital facilities, and does not include capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.
All-in cost is comprised of all-in sustaining cost as well as operating expenditures incurred at locations with no current operation, or costs related to other non-sustaining activities, and capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.
Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are calculated by adjusting production cost of sales, as reported on the interim condensed consolidated statements of operations, as follows:
Three months ended Nine months ended
(in millions of U.S. dollars, except ounces and costs per ounce) September 30, September 30, 2026 2025 2026 2025
| Production cost of sales - as reported | $ | 627.2 $ | 598.6 $ | 1,992.4 $ | 1,713.7 |
| Less: non-controlling interest(b)production cost of sales | (17.8) | (21.3) | (57.5) | (64.5) | |
| Less: attributable(a)impact of silver by-product(n) | (22.4) | (31.7) | (134.1) | (75.8) | |
| Attributable(a)production cost of sales on a by-product basis | $ | 587.0 $ | 545.6 $ | 1,800.8 $ | 1,573.4 |
Adjusting items on an attributable(a) basis:
| General and administrative(f) | 33.7 | 31.2 | 111.0 | 96.5 |
| Other operating expense - sustaining(g) | 1.2 | 0.4 | 6.2 | 1.5 |
| Reclamation and remediation - sustaining(h) | 21.7 | 21.7 | 68.3 | 66.4 |
| Exploration and business development - sustaining(i) | 12.1 | 10.7 | 43.9 | 38.5 |
| Additions to property, plant and equipment - sustaining(j) | 118.8 | 174.7 | 363.1 | 406.6 |
| 1.8 | 1.8 | 5.6 | 4.4 |
Lease payments - sustaining(k)
All-in Sustaining Cost on a by-product basis - attributable(a) $ 776.3 $ 786.1 $ 2,398.9 $ 2,187.3 Adjusting items on an attributable(a) basis:
| Other operating expense - non-sustaining(g) | 22.4 | 24.2 | 44.8 | 59.5 |
| Reclamation and remediation - non-sustaining(h) | 2.0 | 2.3 | 5.9 | 6.9 |
| Exploration and business development - non-sustaining(i) | 30.1 | 38.9 | 75.0 | 113.8 |
| Additions to property, plant and equipment - non-sustaining(j) | 320.7 | 132.9 | 761.5 | 406.9 |
| Lease payments - non-sustaining(k) | 0.3 | 0.2 | 0.7 | 0.6 |
| All-in Cost on a by-product basis - attributable(a) | $ 1,151.8 $ | 984.6 $ | 3,286.8 $ | 2,775.0 |
| Gold ounces sold | 412,363 | 511,564 | 1,381,342 | 1,547,223 |
| Less: non-controlling interest(b)gold ounces sold | (7,333) | (16,428) | (23,974) | (51,575) |
| Attributable(a)gold ounces sold | 405,030 | 495,136 | 1,357,368 | 1,495,648 |
Attributable(a) all-in sustaining cost per ounce sold on a by-product
| basis | $ | 1,917 $ | 1,588 $ | 1,767 $ | 1,462 |
| Attributable(a)all-in cost per ounce sold on a by-product basis | $ | 2,844 $ | 1,989 $ | 2,421 $ | 1,855 |
| Production cost of sales per equivalent ounce sold(e) | $ | 1,502 $ | 1,150 $ | 1,412 $ | 1,091 |
See pages 22 and 22 for details of the footnotes referenced within the table above.
Attributable All-In Sustaining Cost and All-In Cost per Equivalent Ounce Sold
The Company also assesses its attributable all-in sustaining cost and all-in cost on a gold equivalent ounce basis. Under these non-GAAP financial measures and ratios, the Company’s production of silver is converted into gold equivalent ounces and credited to total production.
Attributable all-in sustaining cost and all-in cost per equivalent ounce sold are calculated by adjusting production cost of sales, as reported on the interim condensed consolidated statements of operations, as follows:
Three months ended Nine months ended September 30, September 30,
(in millions of U.S. dollars, except ounces and cost per equivalent 2026 2025 2026 2025 ounce)
| Production cost of sales - as reported | $ | 627.2 $ | 598.6 $ | 1,992.4 $ | 1,713.7 |
| Less: non-controlling interest(b)production cost of sales | (17.8) | (21.3) | (57.5) | (64.5) | |
| $ | 609.4 $ | 577.3 $ | 1,934.9 $ | 1,649.2 |
Attributable(a) production cost of sales Adjusting items on an attributable(a) basis:
| General and administrative(f) | 33.7 | 31.2 | 111.0 | 96.5 |
| Other operating expense - sustaining(g) | 1.2 | 0.4 | 6.2 | 1.5 |
| Reclamation and remediation - sustaining(h) | 21.7 | 21.7 | 68.3 | 66.4 |
| Exploration and business development - sustaining(i) | 12.1 | 10.7 | 43.9 | 38.5 |
| Additions to property, plant and equipment - sustaining(j) | 118.8 | 174.7 | 363.1 | 406.6 |
| Lease payments - sustaining(k) | 1.8 | 1.8 | 5.6 | 4.4 |
| All-in Sustaining Cost - attributable(a) | $ 798.7 $ | 817.8 $ | 2,533.0 $ | 2,263.1 |
Adjusting items on an attributable(a) basis:
| Other operating expense - non-sustaining(g) | 22.4 | 24.2 | 44.8 | 59.5 | |
| Reclamation and remediation - non-sustaining(h) | 2.0 | 2.3 | 5.9 | 6.9 | |
| Exploration and business development - non-sustaining(i) | 30.1 | 38.9 | 75.0 | 113.8 | |
| Additions to property, plant and equipment - non-sustaining(j) | 320.7 | 132.9 | 761.5 | 406.9 | |
| Lease payments - non-sustaining(k) | 0.3 | 0.2 | 0.7 | 0.6 | |
| All-in Cost - attributable(a) | $ | 1,174.2 $ | 1,016.3 $ | 3,420.9 $ | 2,850.8 |
| Gold equivalent ounces sold | 417,657 | 520,733 | 1,410,820 | 1,571,045 | |
| Less: non-controlling interest(b)gold equivalent ounces sold | (7,412) | (16,622) | (24,480) | (52,070) | |
| Attributable(a)gold equivalent ounces sold | 410,245 | 504,111 | 1,386,340 | 1,518,975 | |
| Attributable(a)all-in sustaining cost per equivalent ounce sold | $ | 1,947 $ | 1,622 $ | 1,827 $ | 1,490 |
| Attributable(a)all-in cost per equivalent ounce sold | $ | 2,862 $ | 2,016 $ | 2,468 $ | 1,877 |
| Production cost of sales per equivalent ounce sold(e) | $ | 1,502 $ | 1,150 $ | 1,412 $ | 1,091 |