Kinross reports 2025 first-quarter results Free cash flow more than doubled year-over-year driven by strong operating performance Targeting $650 million in return of capital to shareholders in 2025
Kinross reports 2025 first-quarter results
Free cash flow more than doubled year-over-year driven by strong operating performance
Targeting $650 million in return of capital to shareholders in 2025
TORONTO, May 06, 2025 -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the first
quarter ended March 31, 2025.
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 25 and 26 of this release. All
dollar amounts are expressed in U.S. dollars, unless otherwise noted.
2025 first-quarter highlights:
• Production1 of 512,088 gold equivalent ounces (Au eq. oz.).
• Production cost of sales2 of $1,043 per Au eq. oz. sold and attributable production cost of sales 1 of $1,038 per Au eq. oz. sold.
• Attributable all-in sustaining cost1 of $1,355 per Au eq. oz. sold.
• Operating cash flow 3 of $597.1 million.
• Attributable free cash flow 1 of $370.8 million.
• Margins4 increased by 67% to $1,814 per Au eq. oz. sold, outpacing the rise in the average realized gold price.
• Reported earnings 5 of $368.0 million, or $0.30 per share, with adjusted net earnings 6, 7 of $364.0 million, or $0.30 per share.
• On track to meet annual guidance: On an attributable basis1, Kinross expects to produce 2.0 million Au eq. oz. (+/- 5%) at a production
cost of sales per Au eq. oz. 1 of $1,120 (+/- 5%) and all-in sustaining cost 1 of $1,500 (+/- 5%) per ounce sold for 2025. Total attributable capital
expenditures1 are forecast to be $1,150 million (+/- 5%).
• Balance sheet strength: Kinross has improved its debt metrics, repaying the remaining $200.0 million of its term loan, while strengthening its
balance sheet. Cash and cash equivalents increased to $694.6 million, and the Company has total liquidity 8 of approximately $2.3 billion at
March 31, 2025.
• On March 27, 2025, Moody’s Investors Service (“Moody’s”) announced that it upgraded Kinross’ outlook to positive from stable and affirmed the
Company’s investment grade rating of Baa3.
Return of capital to shareholders:
• Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on June 12, 2025, to shareholders of record at
the close of business on May 29, 2025.
• Kinross has reactivated a share buyback program and re-purchased $60 million in shares to date in 2025. Full-year share repurchases are
targeted to be a minimum of $500 million assuming recent gold prices are sustained and operations continue to deliver on plan.
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1 Unless otherwise stated, production figures in this news release are on an attributable basis. “Attributable” includes Kinross’ 70% share of Manh Choh production, costs, cash flows and capital expenditures.
Financial figures include 100% of Manh Choh results except when denoted as attributable. Attributable figures are non-GAAP financial measures and ratios. Refer to footnote 6.
2 “Production cost of sales per equivalent ounce sold” is defined as production cost of sales, as reported on the interim condensed consolidated statements of operations, divided by total gold equivalent
ounces sold.
3 Operating cash flow figures in this release represent “Net cash flow provided from operating activities,” as reported on the interim condensed consolidated statements of cash flows.
4 “Margins” per equivalent ounce sold is defined as average realized gold price per ounce less production cost of sales per equivalent ounce sold.
5 Earnings, net earnings, and reported net earnings figures in this news release represent “Net earnings attributable to common shareholders,” as reported on the interim condensed consolidated statements of
operations.
6 These figures are non-GAAP financial measures and ratios, as applicable, and are defined and reconciled on pages 16 to 22 of this news release. Non-GAAP financial measures and ratios have no
standardized meaning under International Financial Reporting Standards (“IFRS”) and therefore, may not be comparable to similar measures presented by other issuers.
7 Adjusted net earnings figures in this news release represent “Adjusted net earnings attributable to common shareholders.”
8 “Total liquidity” is defined as the sum of cash and cash equivalents, as reported on the interim condensed consolidated balance sheets, and available credit under the Company’s credit facilities (as calculated
in Section 6 Liquidity and Capital Resources of Kinross’ MD&A for the three months ended March 31, 2025).
Operations:
• Paracatu had a solid quarter driven by strong grades and improved recoveries, delivering high margin production. Kinross implemented
additional gravity circuit infrastructure contributing to the improved recoveries.
• Tasiast performed well during the quarter driven by strong grades and recoveries following a number of optimization initiatives to the mill.
• Kinross has re-started the mill at Tasiast. The Company does not expect the fire to affect Tasiast’s annual guidance.
• Fort Knox increased production and lowered costs quarter-over-quarter, generating significant free cash flow.
Development and exploration projects:
• Kinross’ pipeline of development projects continues to advance.
• Great Bear ’s Advanced Exploration (AEX) program is progressing, with construction and earthworks underway, and detailed engineering near
completion.
• At Round Mountain Phase X , the exploration decline is advancing well, with over 3,900 metres developed to date. Infill drilling continues to
confirm strong grades and widths in the primary target zones.
• At Curlew, drill results continue to demonstrate increased grades and widths that could support high-margin production.
• At Lobo-Marte, the dedicated project team is progressing baseline studies to support permitting.
Sustainability:
• Kinross expects to publish its 2024 Sustainability Report later this month, marking its 17 th edition, providing a comprehensive summary of its
performance over the past year.
CEO commentary:
J. Paul Rollinson, CEO, made the following comments in relation to 2025 first-quarter results:
"We had an excellent start to the year built on our continued strong operational performance and disciplined cost management, and are well
positioned to meet our annual guidance. The Company delivered a 67% increase in margins to $1,814 per ounce sold compared with Q1 2024,
significantly outpacing the 38% increase in the gold price over the same period. As a result, we generated over $370 million of free cash flow, more
than double over Q1 2024.
“Our culture of technical excellence and financial discipline, complemented by our consistent operating performance, continues to drive strong margins
and cash flow, all of which underpin our capital allocation strategy. In addition to our dividend, we’ve reactivated our share buyback program and, given
the current gold environment as well as the strength of our operations, we are aiming to repurchase a minimum of $500 million of shares in 2025. I am
pleased to report that we have repurchased approximately $60 million of shares to date in Q2.
“We continue to advance our pipeline of high-quality development projects and exploration opportunities across our broader portfolio with a focus on
driving value for our shareholders through this decade and beyond. The Great Bear AEX program is progressing, Redbird at Bald Mountain is advancing
on schedule, we continue to deliver strong drill results at Round Mountain Phase X and Curlew, and baseline studies at Lobo-Marte are progressing
well.”
Summary of financial and operating results
Three months ended
March 31,
(in millions of U.S. dollars, except ounces, per share amounts, and per ounce amounts) 2025 2024
Operating Highlights (a)
Total gold equivalent ounces(b)
Produced 529,861 527,399
Sold 524,089 522,400
Attributable gold equivalent ounces(b)
Produced 512,088 527,399
Sold 506,564 522,400
Gold ounces - sold 516,268 503,604
Silver ounces - sold (000's) 701 1,667
Earnings(a)
Metal sales $ 1,497.5 $ 1,081.5
Production cost of sales $ 546.7 $ 512.9
Depreciation, depletion and amortization $ 288.4 $ 270.7
Operating earnings $ 570.4 $ 193.2
Net earnings attributable to common shareholders $ 368.0 $ 107.0
Net earnings per share attributable to common shareholders (basic and diluted) $ 0.30 $ 0.09
Adjusted net earnings attributable to common shareholders(c) $ 364.0 $ 124.9
Adjusted net earnings per share(c) $ 0.30 $ 0.10
Cash Flow(a)
Net cash flow provided from operating activities $ 597.1 $ 374.4
Attributable adjusted operating cash flow(c) $ 676.2 $ 425.7
Capital expenditures(d) $ 207.7 $ 241.9
Attributable capital expenditures(c) $ 204.1 $ 232.1
Attributable free cash flow(c) $ 370.8 $ 145.3
Per Ounce Metrics (a)
Average realized gold price per ounce(e) $ 2,857 $ 2,070
Attributable average realized gold price per ounce(c) $ 2,856 $ 2,070
Production cost of sales per equivalent ounce(b) sold(f) $ 1,043 $ 982
Attributable production cost of sales per equivalent ounce(b) sold(c) $ 1,038 $ 982
Attributable production cost of sales per ounce sold on a by-product basis (c) $ 1,010 $ 941
Attributable all-in sustaining cost per equivalent ounce(b) sold(c) $ 1,355 $ 1,310
Attributable all-in sustaining cost per ounce sold on a by-product basis (c) $ 1,331 $ 1,281
Attributable all-in cost per equivalent ounce(b) sold(c) $ 1,678 $ 1,630
Attributable all-in cost per ounce sold on a by-product basis (c) $ 1,660 $ 1,613
(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 first quarter of 2025 was 89.69:1 (first quarter of 2024 – 88.70:1).
(c) The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 16 to 22 of this news release. Non-
GAAP financial measures and ratios have no standardized meaning under International Financial Reporting Standards (“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 first-quarter gold equivalent production:
Production: Kinross produced 512,088 Au eq. oz. in Q1 2025, compared with 527,399 Au eq. oz. in Q1 2024. Higher production from Fort Knox, with
the commencement of Manh Choh in the second half of 2024, was offset by lower planned production at Round Mountain and Tasiast.
Average realized gold price 9: The average realized gold price in Q1 2025 was $2,857 per ounce, compared with $2,070 per ounce in Q1 2024.
Revenue : During the first quarter, revenue increased to $1,497.5 million, compared with $1,081.5 million during Q1 2024. The 38% year-over-year
increase is due to the increase in average metal prices realized.
Production cost of sales : Production cost of sales per Au eq. oz. sold 2 increased to $1,043 for the quarter, compared with $982 in Q1 2024.
Attributable production cost of sales per Au eq. oz. sold 1 increased to $1,038 for the quarter, compared with $982 in Q1 2024.
Attributable production cost of sales per Au oz. sold on a by-product basis 1 was $1,010 in Q1 2025, compared with $941 in Q1 2024, based on
attributable gold sales of 498,885 ounces and attributable silver sales of 688,694 ounces.
Margins4: Kinross’ margin per Au eq. oz. sold increased by 67% to $1,814 for Q1 2025, compared with the Q1 2024 margin of $1,088, outpacing the
38% increase in average realized gold price.
Attributable all-in sustaining cost1: Attributable all-in sustaining cost per Au eq. oz. sold was $1,355 in Q1 2025, compared with $1,310 in Q1 2024.
In Q1 2025, attributable all-in sustaining cost per Au oz. sold on a by-product basis was $1,331, compared with $1,281 in Q1 2024.
Operating cash flow 3: Operating cash flow was $597.1 million for Q1 2025, compared with $374.4 million for Q1 2024.
Attributable adjusted operating cash flow1 for Q1 2025 was $676.2 million, compared with $425.7 million for Q1 2024.
Attributable free cash flow 1: Attributable free cash flow more than doubled to $370.8 million in Q1 2025, compared with $145.3 million in Q1 2024.
Reported earnings 5: Reported net earnings more than tripled to $368.0 million for Q1 2025, or $0.30 per share, compared with reported net earnings
of $107.0 million, or $0.09 per share, for Q1 2024.
Adjusted net earnings 6, 7 more than doubled to $364.0 million, or $0.30 per share, for Q1 2025, compared with $124.9 million, or $0.10 per share, for
Q1 2024.
Attributable capital expenditures 1: Attributable capital expenditures decreased to $204.1 million for Q1 2025, compared with $232.1 million for Q1
2024. The decrease was primarily due to timing and the Company remains on track to meet its annual capital guidance of $1,150 million (+/- 5%).
____________________
9 “Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold.
Balance sheet
During the quarter, the Company repaid the remaining $200.0 million outstanding balance and fully extinguished the term loan.
After the repayments, Kinross had cash and cash equivalents of $694.6 million as of March 31, 2025, compared with $611.5 million at December 31,
2024, and reduced its net debt to approximately $540 million 10.
The Company had additional available credit11 of $1.65 billion and total liquidity8 of approximately $2.3 billion as of March 31, 2025.
On March 27, 2025, Moody’s announced that it upgraded Kinross’ outlook to positive from stable and affirmed the Company’s investment grade rating
of Baa3. Moody’s noted Kinross’ debt reduction, good scale, low leverage and conservative financial policies as key factors driving the improved
outlook.
Return of capital to shareholders
Kinross is committed to enhancing shareholder value through return of capital programs such as a share buyback and its quarterly dividend, which are
underpinned by the Company’s investment grade balance sheet, strong free cash flow and stable production profile from its global portfolio.
On March 19, 2025, Kinross received approval from the Toronto Stock Exchange to renew its normal course issuer bid (“NCIB”) program. Under the
NCIB program, the Company is authorized to purchase up to 110,350,160 of its common shares (out of the 1,229,635,757 common shares
outstanding as at February 28, 2025) representing up to 10% of the Company’s public float of 1,103,501,601 common shares, during the period
starting on March 24, 2025 and ending on March 23, 2026.
Kinross has reactivated its share buyback program and has re-purchased approximately $60 million of shares since the beginning of April 2025.
Kinross aims to buy back a minimum of $500 million of shares during 2025, assuming recent gold prices are sustained and operations continue to
deliver on plan, and will evaluate the program regularly throughout the year.
The Company believes that Kinross’ shares offer exceptional value, and that the buyback offers an attractive use of excess cash in this gold price
environment. Kinross will continue to strengthen its balance sheet while retaining its capacity to continue investing in its business.
As part of its continuing quarterly dividend program, the Company declared a dividend of $0.03 per common share payable on June 12, 2025, to
shareholders of record as of May 29, 2025.
Operating results
Mine-by-mine summaries for 2025 first-quarter operating results may be found on pages 10 and 14 of this news release. Highlights include the
following:
At Tasiast, production decreased slightly quarter-over-quarter due to lower throughput, partially offset by timing of ounces processed through the mill.
Production was lower year-over-year due to lower grades, consistent with mine plan sequencing, partially offset by an increase in recoveries due to a
number of optimization initiatives to the mill. Cost of sales per ounce sold increased quarter-over-quarter mainly due to lower planned throughput, and
increased year-over-year mainly due to the decrease in production.
Kinross has re-started milling operations at Tasiast following the fire on April 14, 2025. The Company does not expect the fire to affect Tasiast’s
annual guidance.
At Paracatu , production increased quarter-over-quarter due to higher grades and improved recoveries as well as timing of ounces processed through
the mill. Production increased year-over-year primarily due to higher grades and improved recoveries, partially offset by lower throughput. Cost of sales
per ounce sold decreased in both comparable periods mainly due to the increase in ounces produced.
At La Coipa , production decreased quarter-over-quarter mainly due to timing of ounces processed through the mill and planned lower mill throughput,
partially offset by higher-grades from the Puren deposit. Year-over-year production decreased mainly due to the timing of ounces processed through
the mill and a decrease in silver grades, partially offset by an increase in throughput. Cost of sales per ounce sold was lower quarter-over-quarter
mainly due to lower maintenance costs, partially offset by the decrease in production. Year-over-year cost of sales per ounce sold was higher due to
the decrease in ounces produced, higher royalty costs and higher processing costs. Permitting work for mine life extensions continued.
Fort Knox continued its strong performance with higher production quarter-over-quarter mainly due to the contribution from a longer campaign of
processing Manh Choh’s higher-grade, higher-recovery ore, and increased year-over as Manh Choh came online in the second half of 2024. The higher
production in both comparable periods contributed to the decreases in cost of sales per ounce sold.
At Round Mountain , production was lower quarter-over-quarter, as planned, mainly due to lower grades, partially offset by higher mill throughput.
Compared with the previous quarter, cost of sales per ounce sold decreased due to lower reagent, fuel and milling supply costs, partially offset by the
recovery of higher-cost ounces produced from the heap leach pads. Year-over-year production was lower due to a decrease in mill grades and fewer
ounces recovered from the heap leach pads. Compared with Q1 2024, cost of sales per ounce sold increased mainly due to the decrease in
production.
At Bald Mountain , production was in line quarter-over-quarter, and decreased year-over-year due to lower grades. Cost of sales per ounce sold was
lower quarter-over-quarter due to a higher proportion of mining activities related to capital development, and in line with Q1 2024.
____________________
10 Net debt is calculated as long-term debt (current and long-term portion) of $1,235.9 million less cash and cash equivalents of $694.6 million, as reported on the Company’s consolidated balance sheet as at
March 31, 2025.
11 “Available credit” is defined as available credit under the Company’s credit facilities and is calculated in Section 6 Liquidity and Capital Resources of Kinross’ MD&A for the three months ended March 31,
2025.
Development and exploration projects
Great Bear
At Great Bear , Kinross continues to progress its AEX program and overall permitting.
For the AEX program, detailed engineering is near completion and procurement continues to advance in-line with construction schedule requirements.
AEX construction commenced in Q4 2024 and earthworks activities are underway.
For the Main Project, Kinross has initiated detailed engineering on the mill and key site infrastructure. Procurement for major process equipment will
be initiated in late 2025.
The Company continues to work with the Impact Assessment Agency of Canada on advancing its Impact Statement. Consultation continues with
designated Indigenous communities, including discussions to finalize related agreements.
Given Kinross has already drilled out a significant inventory in the Preliminary Economic Assessment providing an initial 12-year mine life,
demonstrated continuation of mineralization beyond that, and the high cost of drilling at depth from surface, Kinross has shifted its focus from drilling
the LP zone to regional exploration work.
Kinross commenced regional exploration drilling in Q1 2025 targeting both near-surface and underground targets delineated by lithostratigraphic
models and geophysical surveys. The program is ongoing with more than 50,000 metres anticipated to be drilled by year-end.
Round Mountain Phase X
Decline development at Round Mountain Phase X is advancing well, with over 3,900 metres developed to date. Extensive infill drilling has been
completed in the upper zone and is now largely focused in the lower zone.
Q1 drilling results from the lower zone continued to intercept strong widths and grades, supporting the thesis of the potential for bulk mining at Phase
X, with average grades of 3-4 grams per tonne. Highlights include:
• DX-0141 – 98m @ 4.2 g/t Au
◦ Including 32m @ 8.6 g/t Au
• DX-0142 – 56m @ 5.1 g/t Au
◦ Including 27m @ 8.2 g/t Au
• DX-0143 – 53m @ 4.1 g/t Au
◦ Including 11m @ 8.9 g/t Au
• DX-0144 – 101m @ 3.8 g/t Au
◦ Including 13m @ 9.1 g/t Au
Engineering work and technical studies are continuing to support project execution at Phase X. Kinross plans to provide a project and resource update
at year-end.
See Appendix A for a Round Mountain Phase X long section.
Curlew Basin exploration
Curlew’s underground drill program is focused both on resource upgrade and near mine extensions at Stealth where results continue to be
encouraging. Underground development was also re-initiated in Q1 to drive the decline deeper and provide access to drill off potential extensions to the
Stealth zone and Roadrunner zone mineralization. Technical studies and detailed engineering are also progressing well.
Assay results received in Q1 continue to highlight zones of mineralization that are wider and higher-grade than the current resource, supporting the
potential for high-margin production and further improving the quality of the project. Highlights include:
• K5-1261 – 25.7m @ 7.8 g/t Au
◦ Including 2.7m @ 16.8 g/t Au
• N.ST-1221 – 10.0m @ 16.4 g/t Au
◦ Including 1.2m @ 82.1 g/t Au
• K2N-1482 – 11.7m @ 10.4 g/t Au
◦ Including 2.9m @ 19.1 g/t Au
See Appendix A for a Curlew cross section.
Bald Mountain Redbird
At Redbird, mining is advancing on schedule. Studies and detailed engineering related to the potential Phase 2 extension of Redbird are progressing
well, including engineering related to the heap leach pad expansion, technical studies and mine plan optimization work.
Lobo-Marte
Kinross is progressing baseline studies to support the Environmental Impact Assessment (EIA) for the Lobo-Marte project. Lobo-Marte continues to
be a potential large, low-cost mine and Kinross is committed to progressing next steps to advance the project.
Sustainability
As part of its commitment to improved well-being in host communities, during the first quarter Kinross and the Municipality of Paracatu in Brazil
completed the second phase of the municipal hospital renovation. The modern, renovated facility now has double the number of beds in the intensive
care unit, in addition to rooms for medical isolation, which will increase the quality of public healthcare for the population of Paracatu and the region.
In Ontario, Kinross formalized its partnership with Lakehead University for research on geology, mining and environment. The five-year agreement will
support a Research Chair on mineral exploration and critical minerals processing research. Specifically, the research focus will include supporting
exploration efforts at Great Bear and include input from Indigenous communities.
Later this month, Kinross plans to publish its 2024 Sustainability Report providing a transparent account of its sustainability performance and outlining
priorities in the year ahead and beyond.
Conference call details
In connection with this news release, Kinross will hold a conference call and audio webcast on Wednesday, May 7, 2025, at 7:45 a.m. EDT to discuss
the results, followed by a question-and-answer session. To access the call, please dial:
Canada & US toll-free – 1 (888) 596-4144; Passcode: 9425112
Outside of Canada & US – 1 (646) 968-2525; Passcode: 9425112
Replay (available up to 14 days after the call):
Canada & US toll-free – 1 (800) 770-2030; Passcode: 9425112
Outside of Canada & US – 1 (609) 800-9909; Passcode: 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.
Virtual Annual Meeting of Shareholders
Kinross’ virtual Annual Meeting of Shareholders will be held on Wednesday, May 7, 2025, at 10:00 a.m. EDT.
The virtual meeting will be accessible online at: https://meetings.400.lumiconnect.com/r/participant/live-meeting/400-211-583-597 . The link to the
virtual meeting will also be accessible at www.kinross.com and will be archived for later use.
Voting and participation instructions for eligible shareholders are provided in the Company’s Notice of Annual Meeting of Shareholders and
Management Information Circular.
This release should be read in conjunction with Kinross’ 2025 first-quarter unaudited Financial Statements and Management’s Discussion and
Analysis report at www.kinross.com. Kinross’ 2025 first-quarter Financial Statements and Management’s Discussion and Analysis have been filed
with Canadian securities regulators (available at www.sedarplus.ca) and furnished with the U.S. Securities and Exchange Commission (available at
www.sec.gov). Kinross shareholders may obtain a copy of the financial statements free of charge upon request to the Company.
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
Victoria Barrington
Senior Director, Corporate Communications
phone: 647-788-4153
Investor Relations Contact
David Shaver
Senior Vice-President, Investor Relations & Communications
phone: 416-365-2854
Review of operations
Three months ended March 31, Gold equivalent ounces
Produced Sold
Production cost of
sales
($millions)
Production cost of
sales/equivalent ounce
sold
2025 2024 2025 2024 2025 2024 2025 2024
Tasiast 137,629 159,199 129,493 151,014 105.0 99.7 811 660
Paracatu 146,639 128,273 146,855 128,110 139.6 135.7 951 1,059
La Coipa 52,315 71,245 55,870 71,125 64.1 52.1 1,147 733
Fort Knox 112,054 53,350 112,110 56,292 131.8 82.5 1,176 1,466
Round Mountain 35,686 68,352 35,960 68,169 57.0 90.6 1,585 1,329
Bald Mountain 45,538 46,980 43,801 47,241 49.2 52.1 1,123 1,103
United States Total 193,278 168,682 191,871 171,702 238.0 225.2 1,240 1,312
Less: Manh Choh non-controlling interest
(30%) (17,773) - (17,525) - (20.7) -
United States Attributable Total 175,505 168,682 174,346 171,702 217.3 225.2 1,246 1,312
Operations Total (a) 529,861 527,399 524,089 522,400 546.7 512.9 1,043 982
Attributable Total (a) 512,088 527,399 506,564 522,400 526.0 512.9 1,038 982
(a) Totals include immaterial sales and related costs from Maricunga for the three months ended March 31, 2024.
Consolidated balance sheets
(unaudited, expressed in millions of U.S. dollars, except share amounts)
As at
March 31, December 31,
2025 2024
Assets
Current assets
Cash and cash equivalents $ 694.6 $ 611.5
Restricted cash 11.9 10.2
Accounts receivable and prepaid assets 247.4 257.3
Inventories 1,271.6 1,243.2
Other current assets 17.5 4.5
2,243.0 2,126.7
Non-current assets
Property, plant and equipment 7,924.4 7,968.6
Long-term investments 66.5 51.9
Other long-term assets 714.7 713.1
Deferred tax assets 5.3 5.3
Total assets $ 10,953.9 $ 10,865.6
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 529.5 $ 543.0
Current income tax payable 193.1 236.7
Current portion of long-term debt - 199.9
Current portion of provisions 59.4 62.5
Other current liabilities 11.3 18.0
793.3 1,060.1
Non-current liabilities
Long-term debt 1,235.9 1,235.5
Provisions 956.3 941.5
Other long-term liabilities 78.6 78.9
Deferred tax liabilities 551.1 549.0
Total liabilities $ 3,615.2 $ 3,865.0
Equity
Common shareholders' equity
Common share capital $ 4,493.6 $ 4,487.3
Contributed surplus 10,631.4 10,643.0
Accumulated deficit (7,850.2) (8,181.3)
Accumulated other comprehensive loss (72.5) (87.4)
Total common shareholders' equity 7,202.3 6,861.6
Non-controlling interests 136.4 139.0
Total equity $ 7,338.7 $ 7,000.6
Total liabilities and equity $ 10,953.9 $ 10,865.6
Common shares
Authorized Unlimited Unlimited
Issued and outstanding 1,230,443,992 1,229,125,606
Consolidated statements of operations
(unaudited, expressed in millions of U.S. dollars, except per share amounts)
Three months ended
March 31, March 31,
2025 2024
Revenue
Metal sales $ 1,497.5 $ 1,081.5
Cost of sales
Production cost of sales 546.7 512.9
Depreciation, depletion and amortization 288.4 270.7
Total cost of sales 835.1 783.6
Gross profit 662.4 297.9
Other operating expense 14.0 27.6
Exploration and business development 42.3 41.7
General and administrative 35.7 35.4
Operating earnings 570.4 193.2
Other (expense) income - net (13.2) 0.1
Finance income 4.2 3.9
Finance expense (35.2) (21.5)
Earnings before tax 526.2 175.7
Income tax expense - net (136.8) (69.1)
Net earnings $ 389.4 $ 106.6
Net earnings (loss) attributable to:
Non-controlling interests $ 21.4 $ (0.4)
Common shareholders $ 368.0 $ 107.0
Earnings per share attributable to common shareholders
Basic $ 0.30 $ 0.09
Diluted $ 0.30 $ 0.09
Consolidated statements of cash flows
(unaudited, expressed in millions of U.S. dollars)
Three months ended
March 31, March 31,
2025 2024
Net inflow (outflow) of cash related to the following activities:
Operating:
Net earnings $ 389.4 $ 106.6
Adjustments to reconcile net earnings to net cash provided from operating activities:
Depreciation, depletion and amortization 288.4 270.7
Share-based compensation expense 4.6 2.5
Finance expense 35.2 21.5
Deferred tax expense 3.5 8.6
Foreign exchange (gains) losses and other (15.0) 15.0
Changes in operating assets and liabilities:
Accounts receivable and other assets 7.1 8.8
Inventories (38.4) 5.9
Accounts payable and accrued liabilities 100.6 13.6
Cash flow provided from operating activities 775.4 453.2
Income taxes paid (178.3) (78.8)
Net cash flow provided from operating activities 597.1 374.4
Investing:
Additions to property, plant and equipment (207.7) (241.9)
Interest paid capitalized to property, plant and equipment (13.5) (34.9)
Net additions to long-term investments and other assets (9.1) (3.1)
Increase in restricted cash - net (1.7) (0.5)
Interest received and other - net 4.2 3.9
Net cash flow used in investing activities (227.8) (276.5)
Financing:
Repayment of debt (200.0) -
Interest paid (24.0) (18.5)
Payment of lease liabilities (1.5) (3.4)
Funding from non-controlling interest - 15.5
Distributions paid to non-controlling interest (24.0) -
Dividends paid to common shareholders (36.9) (36.9)
Other - net - 0.3
Net cash flow used in financing activities (286.4) (43.0)
Effect of exchange rate changes on cash and cash equivalents 0.2 (0.4)
Increase in cash and cash equivalents 83.1 54.5
Cash and cash equivalents, beginning of period 611.5 352.4
Cash and cash equivalents, end of period $ 694.6 $ 406.9
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
Q1
2025 1,812 1,932 - 2.15 - 95% 137,629 129,493 $ 105.0 $ 811 $ 13.7 $ 80.1
Q4
2024 1,824 2,205 - 2.13 - 94% 139,411 144,041 $ 104.4 $ 725 $ 33.7 $ 105.4
Q3
2024 1,748 2,203 - 2.46 - 91% 162,155 158,521 $ 109.0 $ 688 $ 13.5 $ 83.8
Q2
2024 1,985 2,161 - 2.70 - 92% 161,629 156,038 $ 102.3 $ 656 $ 7.0 $ 75.2
Q1
2024 2,044 2,073 - 2.46 - 91% 159,199 151,014 $ 99.7 $ 660 $ 10.1 $ 79.5
Americas
Paracatu
Q1
2025 13,318 12,507 - 0.43 - 83% 146,639 146,855 $ 139.6 $ 951 $ 24.4 $ 24.4
Q4
2024 12,944 13,116 - 0.40 - 80% 123,899 124,690 $ 131.6 $ 1,055 $ 35.1 $ 35.1
Q3
2024 13,127 14,551 - 0.38 - 81% 146,174 145,235 $ 146.1 $ 1,006 $ 41.2 $ 41.2
Q2
2024 14,094 15,053 - 0.35 - 80% 130,228 130,174 $ 135.2 $ 1,039 $ 44.6 $ 44.6
Q1
2024 14,078 15,609 - 0.31 - 79% 128,273 128,110 $ 135.7 $ 1,059 $ 19.6 $ 19.6
La Coipa (f)
Q1
2025 1,265 971 - 2.19 - 80% 52,315 55,870 $ 64.1 $ 1,147 $ 15.6 $ 15.6
Q4
2024 1,385 1,017 - 1.98 - 79% 58,533 57,852 $ 68.2 $ 1,179 $ 26.6 $ 26.6
Q3
2024 786 809 - 2.17 - 80% 50,502 48,594 $ 52.2 $ 1,074 $ 21.3 $ 24.9
Q2
2024 690 882 - 1.97 - 84% 65,851 63,506 $ 58.8 $ 926 $ 10.7 $ 10.7
Q1
2024 1,035 827 - 2.09 - 87% 71,245 71,125 $ 52.1 $ 733 $ 7.2 $ 7.2
Fort Knox
(100%)(g)
Q1
2025 6,530 1,071 4,790 2.77 0.19 91% 112,054 112,110 $ 131.8 $ 1,176 $ 28.2 $ 28.2
Q4
2024 7,692 1,524 6,664 1.51 0.21 82% 104,901 108,512 $ 141.0 $ 1,299 $ 53.3 $ 54.0
Q3
2024 7,612 1,105 5,822 4.03 0.19 91% 149,093 140,121 $ 134.2 $ 958 $ 56.6 $ 70.4
Q2
2024 8,331 2,003 6,385 0.85 0.22 81% 69,914 70,477 $ 94.8 $ 1,345 $ 47.6 $ 89.2
Q1
2024 10,037 1,850 8,778 0.67 0.24 76% 53,350 56,292 $ 82.5 $ 1,466 $ 37.7 $ 78.6
Q1
2025 6,445 982 4,790 2.35 0.19 90% 94,281 94,585 $ 111.1 $ 1,175 $ 24.6 $ 24.6