Kinross reports strong 2025 third-quarter results Record free cash flow of approximately $700 million and achieved net cash position Increased 2025 share buyback target by 20% to $600 million and dividend by 17% On track to meet annual guidance
Kinross reports strong 2025 third-quarter results
Record free cash flow of approximately $700 million and achieved net cash position
Increased 2025 share buyback target by 20% to $600 million and dividend by 17%
On track to meet annual guidance
TORONTO, Nov. 04, 2025 -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the third
quarter ended September 30, 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 24 and 25 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.
2025 third-quarter highlights:
• Production1 of 503,862 gold equivalent ounces (Au eq. oz.).
• Production cost of sales2 of $1,150 per Au eq. oz. sold and attributable production cost of sales 1 of $1,145 per Au eq. oz. sold.
• Attributable all-in sustaining cost1 of $1,622 per Au eq. oz. sold.
• Operating cash flow 3 of $1,024.1 million.
• Attributable free cash flow 1 record of $686.7 million.
• Margins4 increased by 54% to $2,310 per Au eq. oz. sold compared with Q3 2024, outpacing the rise in the average realized gold price.
• Reported earnings 5 of $584.9 million, or $0.48 per share, with adjusted net earnings 6 of $529.6 million, or $0.44 per share.
• Balance sheet strength: Kinross has achieved a net cash 7 position of $485 million, with approximately $1.7 billion in cash and cash
equivalents and total liquidity 8 of approximately $3.4 billion at September 30, 2025.
• Debt repayment: Kinross announced today the early redemption of its $500 million in Senior Notes due in 2027.
• Guidance reaffirmed: Kinross remains on track to meet its 2025 annual guidance for production, cost of sales per ounce, all-in sustaining
cost and attributable capital expenditures, including the impacts of higher royalties due to strong gold prices.
Return of capital to shareholders:
• Since reactivating its share buyback program in April 2025, the Company has repurchased approximately $405 million in shares as of
November 4, 2025. Further, the Company has increased its target by 20% and now aims to repurchase $600 million in shares in 2025.
• Including its quarterly dividend, Kinross has returned approximately $515 million in capital to shareholders as of November 4, 2025.
• Kinross’ Board of Directors has also approved a 17% increase to the quarterly dividend to $0.035 per common share, which would amount to
$0.14 per common share on an annualized basis. The third quarter dividend, having been approved by the Board of Directors, is payable on
December 10, 2025, to shareholders of record at the close of business on November 26, 2025.
Operations highlights:
• Paracatu delivered another solid quarter driven by higher grades and strong recoveries, and was, once again, the highest producing mine in the
portfolio.
• Tasiast continued to perform well driven by strong mill performance and high recoveries.
• At La Coipa , production increased and costs decreased quarter-over-quarter as mining transitioned into higher-grade ore from Phase 7.
Development and exploration projects:
• Great Bear ’s Advanced Exploration (“AEX”) program continues to progress, with key infrastructure – including the camp and natural gas
pipeline – now complete and commissioned. For the Main Project, detailed engineering is advancing well, initial procurement is underway, and
phased Impact Statement submissions are on track.
• Round Mountain Phase X development is progressing well, with over 5,200 metres developed to date. Extensive underground drilling has been
completed in both the upper and lower mineralized zones, with results continuing to show strong widths and grades. Technical studies and
detailed engineering are also progressing well to support a production decision.
• Mining at Bald Mountain Redbird is advancing on schedule. Studies, detailed engineering and exploration related to the potential Phase 2
extension are all progressing well.
• At Curlew, results from infill drilling are showing high grades and good mining widths, supporting the resource estimate. Kinross completed the
initial development of the exploration decline at Roadrunner and further extension of the North Stealth development, enabling access for high-
grade target drilling.
• At Lobo-Marte, the dedicated project team continues to progress baseline studies to support permitting.
CEO commentary:
J. Paul Rollinson, CEO, made the following comments in relation to 2025 third-quarter results:
“Kinross delivered another excellent quarter, underscoring the strength of our operating portfolio, which together with disciplined cost management,
produced robust margins and record free cash flow of approximately $700 million. With free cash flow exceeding $1.7 billion in the first three quarters of
the year, and the further strengthening of our balance sheet to a net cash position, we are well positioned to continue generating strong returns for our
shareholders.
“We are also pleased to announce enhancements to our return of capital program as a result of our robust financial position and strong free cash flow,
and are now aiming to return approximately $750 million through both share buybacks and dividends. We have increased our share buybacks by 20%
and are now aiming to repurchase $600 million in shares this year, with approximately $405 million repurchased to date in 2025. We are also
increasing our longstanding quarterly dividend by 17% to $0.14 per share annually.
“Looking ahead, we’re excited by the progress across our growth pipeline. This includes strong drill results at Phase X and Curlew, continued progress
at Great Bear, study and engineering advancement at Redbird Phase 2, and ongoing baseline studies at Lobo-Marte. These projects reflect our
strategy to extend mine life, contain costs and enhance long-term value across our portfolio. We look forward to providing more details about Phase X,
Redbird and Curlew, including economics, in Q1 2026.
“Our commitment to sustainability continues to drive meaningful impact in our host communities – including advancing education in Mauritania, award-
winning reclamation work in Nevada, and ISO energy management system certification in Chile. In Brazil, our tailings facilities received the top-level AA
classification for management and monitoring, reflecting the site’s strong safety practices. These initiatives reflect our dedication to responsible mining
and the creation of opportunities in our communities.”
Summary of financial and operating results
Three months ended Nine months ended
September 30, September 30,
(in millions of U.S. dollars, except ounces, per share
amounts, and per ounce amounts) 2025 2024 2025 2024
Operating Highlights (a)
Total gold equivalent ounces(b)
Produced 520,301 593,699 1,580,239 1,656,436
Sold 520,733 578,323 1,571,045 1,621,483
Attributable gold equivalent ounces(b)
Produced 503,862 564,106 1,528,524 1,626,843
Sold 504,111 550,548 1,518,975 1,593,708
Gold ounces - sold 511,564 569,506 1,547,223 1,578,232
Silver ounces - sold (000's) 804 741 2,171 3,676
Earnings(a)
Metal sales $ 1,802.1 $ 1,432.0 $ 5,028.1 $ 3,733.0
Production cost of sales $ 598.6 $ 564.3 $ 1,713.7 $ 1,613.3
Depreciation, depletion and amortization $ 285.4 $ 296.2 $ 836.7 $ 862.7
Impairment reversal $ - $ (74.1) $ - $ (74.1)
Operating earnings $ 810.1 $ 547.7 $ 2,155.3 $ 1,039.2
Net earnings attributable to common shareholders $ 584.9 $ 355.3 $ 1,483.6 $ 673.2
Net earnings per share attributable to common
shareholders (basic and diluted) $ 0.48 $ 0.29 $ 1.21 $ 0.55
Adjusted net earnings(c) $ 529.6 $ 298.7 $ 1,434.6 $ 598.3
Adjusted net earnings per share(c) $ 0.44 $ 0.24 $ 1.17 $ 0.49
Cash Flow(a)
Net cash flow provided from operating activities $ 1,024.1 $ 733.5 $ 2,613.6 $ 1,711.9
Attributable adjusted operating cash flow(c) $ 845.2 $ 625.0 $ 2,365.3 $ 1,529.0
Capital expenditures(d) $ 312.2 $ 278.7 $ 826.0 $ 794.8
Attributable capital expenditures(c) $ 307.6 $ 275.5 $ 813.5 $ 772.1
Attributable free cash flow(c) $ 686.7 $ 414.6 $ 1,704.1 $ 905.8
Per Ounce Metrics (a)
Average realized gold price per ounce(e) $ 3,460 $ 2,477 $ 3,200 $ 2,304
Attributable average realized gold price per ounce(c) $ 3,458 $ 2,479 $ 3,199 $ 2,301
Production cost of sales per equivalent ounce sold(b)(f) $ 1,150 $ 976 $ 1,091 $ 995
Attributable production cost of sales per equivalent ounce
sold(b)(c) $ 1,145 $ 980 $ 1,086 $ 997
Attributable production cost of sales per ounce sold on a by
-product basis(c) $ 1,102 $ 956 $ 1,052 $ 962
Attributable all-in sustaining cost per equivalent ounce sold
(b)(c) $ 1,622 $ 1,350 $ 1,490 $ 1,349
Attributable all-in sustaining cost per ounce sold on a by-
product basis(c) $ 1,588 $ 1,332 $ 1,462 $ 1,324
Attributable all-in cost per equivalent ounce sold(b)(c) $ 2,016 $ 1,689 $ 1,877 $ 1,697
Attributable all-in cost per ounce sold on a by-product basis
(c) $ 1,989 $ 1,677 $ 1,855 $ 1,682
(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 2025 was 87.73:1 and 91.33:1, respectively
(third quarter and first nine months of 2024 – 84.06:1 and 84.34:1, respectively).
(c) The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages [x] to [x] 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 as reported as “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 503,862 Au eq. oz. in Q3 2025, compared with 564,106 Au eq. oz. in Q3 2024. The year-over-year decrease was due to
lower production from Tasiast and Fort Knox, as planned.
Average realized gold price 9: The average realized gold price in Q3 2025 was $3,460 per ounce, compared with $2,477 per ounce in Q3 2024.
Revenue : During the third quarter, revenue increased to $1,802.1 million, compared with $1,432.0 million during Q3 2024. The 26% year-over-year
increase is due to the increase in the average realized gold price.
Production cost of sales : Production cost of sales per Au eq. oz. sold 2 was $1,150 for the quarter, compared with $976 in Q3 2024. Attributable
production cost of sales per Au eq. oz. sold 1 was $1,145 for the quarter, compared with $980 in Q3 2024, impacted by higher royalties as a result of
recent gold prices.
Attributable production cost of sales per Au oz. sold on a by-product basis 1 was $1,102 in Q3 2025, compared with $956 in Q3 2024, based on
attributable gold sales of 495,136 ounces and attributable silver sales of 787,523 ounces.
Margins4: Kinross’ margin per Au eq. oz. sold increased by 54% to $2,310 for Q3 2025, compared with the Q3 2024 margin of $1,501, outpacing the
40% increase in average realized gold price.
Attributable all-in sustaining cost 1: Attributable all-in sustaining cost per Au eq. oz. sold was $1,622 in Q3 2025, compared with $1,350 in Q3 2024,
primarily due to higher cost of sales.
In Q3 2025, attributable all-in sustaining cost per Au oz. sold on a by-product basis was $1,588, compared with $1,332 in Q3 2024.
Operating cash flow 3: Operating cash flow increased to $1,024.1 million for Q3 2025, compared with $733.5 million for Q3 2024.
Attributable adjusted operating cash flow1 for Q3 2025 increased to $845.2 million, compared with $625.0 million for Q3 2024.
Attributable free cash flow 1: Attributable free cash flow increased by 66% to $686.7 million in Q3 2025, compared with $414.6 million in Q3 2024.
Reported net earnings 5: Reported net earnings increased by 65% to $584.9 million for Q3 2025, or $0.48 per share, compared with reported net
earnings of $355.3 million, or $0.29 per share, for Q3 2024.
Adjusted net earnings6 increased by 77% to $529.6 million, or $0.44 per share, for Q3 2025, compared with $298.7, or $0.24 per share, for Q3 2024.
Capital expenditures 10: Capital expenditures were $312.2 million for Q3 2025, compared with $278.7 in Q3 2024.
Attributable capital expenditures1 were $307.6 million for Q3 2025, compared with $275.5 million for Q3 2024. The increase was primarily a result of the
ramp-up of development activities at Bald Mountain Redbird Phase 1, Great Bear and the Fennec satellite pit at Tasiast, partially offset by lower
spending on capital development due to planned mine sequencing at Fort Knox and Manh Choh.
Realized increased consideration from Chirano divestiture
Related to the 2022 sale of the Chirano mine to Asante Gold Corporation (“Asante”), Kinross received cash payments from Asante and proceeds from
the sale of securities that totaled $232 million in cash since the beginning of Q3 2025. Of this amount, approximately $136 million was received during
Q3 2025 and $96 million was received subsequent to Q3 2025.
Since the closing of the transaction in 2022, overall Kinross has realized $314 million in cash proceeds compared with the original sale price of $225
million.
Balance sheet
As of September 30, 2025, Kinross had cash and cash equivalents of $1,721.7 million, compared with $1,136.5 million at June 30, 2025, and net cash 7
of approximately $485 million.
The Company had additional available credit11 of $1.6 billion and total liquidity 8 of approximately $3.4 billion as of September 30, 2025.
During the quarter, S&P announced that it upgraded Kinross’ outlook from stable to positive and affirmed the Company’s investment-grade rating of
BBB-. S&P noted Kinross’ strong cash flow, solid operating performance and debt reduction as key factors driving the improved outlook.
Kinross announced today the early redemption of the outstanding 4.50% Senior Notes due July 15, 2027, which have an aggregate principal amount of
$500 million, on December 4, 2025. After the Notes are redeemed, Kinross will have $750 million aggregate principal amount of Senior Notes
outstanding, with the next Senior Notes maturity date on July 15, 2033, for $500 million in aggregate principal amount.
Return of capital to shareholders
Kinross is pleased to enhance its return of capital program as a result of its robust financial position and strong free cash flow and is now targeting
approximately $750 million in shareholder returns in 2025 through both share buybacks and dividends.
Kinross has increased its target for share buybacks by 20% to $600 million in 2025. During the quarter, Kinross repurchased approximately $165
million in shares, and approximately $405 million to date in 2025 (representing 23.3 million shares). Including its quarterly dividend, Kinross has
returned approximately $515 million in capital to shareholders to date in 2025.
Kinross’ Board of Directors has also approved a 17% increase to the quarterly dividend to $0.035 per common share, which would amount to $0.14 per
common share on an annualized basis. The third quarter dividend, having been approved by the Board of Directors, is payable on December 10, 2025,
to shareholders of record at the close of business on November 26, 2025.
Operating results
Mine-by-mine summaries for 2025 third-quarter operating results may be found on pages 10 and 14 of this news release. Highlights include the
following:
At Tasiast, production was in line with the previous quarter, with higher throughput offset by planned grades. Year-over-year production decreased due
to planned grades, partially offset by higher recoveries following mill optimizations. Cost of sales per ounce sold increased quarter-over-quarter due to
higher royalties and strong throughput at lower grades. Lower production resulted in higher costs year-over-year.
At Paracatu , production was in line with the previous quarter, with strong mining rates and recoveries at higher grades offsetting lower planned
throughput. Production was higher year-over-year due to higher grades, partially offset by a planned decrease in throughput due to mine sequencing,
which moved into harder, higher-grade ore this year, and the timing of ounces processed through the mill. Cost of sales per ounce sold decreased
quarter-over-quarter and year-over-year due to higher grades.
La Coipa delivered higher quarter-over-quarter production as planned as mining transitioned to higher-grade ore from Phase 7, and higher production
year-over-year as a result of stronger throughput and higher grades. Quarter-over-quarter cost of sales per ounce sold improved as a result of higher
production from higher grades, and increased year-over-year due to higher royalties, labour and maintenance supply costs, partially offset by higher
production. In the fourth quarter, production is expected to be stronger as mining continues through higher-grade ore from Phase 7. Permitting work for
mine life extensions continues.
At Fort Knox, production remained in line with the previous quarter, and decreased year-over-year primarily due to planned lower grades. Cost of sales
per ounce sold increased quarter-over-quarter primarily due to a lower proportion of capital development tonnes mined at Phase 10. Year-over-year
costs increased, as expected, primarily due to the lower proportion of capital development tonnes mined at Phase 10, higher labour and maintenance
supply costs, partially offset by lower contractor costs.
At Round Mountain , production was in line quarter-over-quarter, and decreased year-over-year per planned mine sequencing as the site transitions
from Phase W to Phase S with lower mill grades and fewer ounces recovered from the heap leach pads. Costs of sales per ounce sold increased
quarter-over-quarter primarily due to a lower proportion of Phase S mining characterized as capital development as it shifts into operating waste. Higher
unit costs year-over-year were primarily due to the shift from capital to operating waste, and the decrease in ounces produced.
At Bald Mountain , production decreased quarter-over-quarter due to planned grades, partially offset by an increase in tonnes of ore stacked. Year-over
-year production was lower due to the timing of ounces recovered from the heap leach pads. Cost of sales per ounce sold was higher quarter-over-
quarter, as expected, due to fewer ounces produced, and lower year-over-year as mining activities were largely focused on capital development.
Development and exploration projects
Great Bear
At Great Bear , Kinross continues to progress its Advanced Exploration (“AEX”) program alongside permitting and detailed engineering for the Main
Project.
For AEX, the natural gas pipeline is complete and has been commissioned, and the camp is now operational. Earthwork activities are well advanced,
including the initial development of the portal boxcut, and the water treatment plant building is enclosed, with equipment installation currently in
progress. The Company is currently working with the Ontario Ministry of Environment, Conservation and Parks as it consults with First Nations to
finalize the two remaining AEX water permits and, in the interim, permitted activities continue as planned. AEX is focused on providing access for infill
drilling of the underground resource and exploration drilling to further delineate extensions of mineralization at depth. AEX is not on the critical path for
first production at Great Bear.
For the Main Project, which is expected to remain on schedule, Kinross continues to progress detailed engineering for the mill, tailings management
facility, and other site infrastructure. Initial procurement activities for major process and water treatment equipment are in progress, with contract
awards planned to start before year-end. Manufacturing of selected long-lead items is anticipated to commence in 2026.
The first of three phased submissions for the Project’s Impact Statement was submitted on schedule in September. The second submission remains
on track for mid-December 2025, with the final phase targeted to be filed at the end of Q1 2026. Work has commenced on initial Main Project Federal
and Provincial permits, with permitting technical documents submitted to Fisheries and Oceans Canada during the quarter.
Kinross also advanced its regional exploration program with three diamond drill rigs testing geophysical and lithological targets during the quarter,
looking for new, near-surface mineralization.
Round Mountain Phase X
Decline development at Round Mountain Phase X is advancing well, with over 5,200 metres developed to date. Extensive infill drilling has been
completed in both the upper and lower mineralized zones. Third quarter drilling focused on further infill of the lower zone, with results continuing to
intersect strong widths and grades, proving out the exploration thesis of a bulk tonnage underground mining target.
Lower zone highlights include:
• DX-0152 – 53m @ 4.5 g/t
◦ Including 8m @ 8.6 g/t
• DX-0161 – 123m @ 3.5 g/t
◦ Including 12m @ 13.7 g/t
• DX-0176 – 74m @ 6.5 g/t
◦ Including 8m @ 11.4 g/t
• DX-0184 – 21m @ 3.9 g/t
◦ Including 2m @ 9.3 g/t
• DX-0190 – 56m @ 5.8 g/t
◦ Including 20m @ 13.7 g/t
Engineering work and technical studies are also advancing well to support a production decision at Phase X. The extent of infill drilling is now sufficient
to support an initial underground resource estimate, and Kinross plans to provide the initial resource estimate, a project update, and an economics
update for Phase X in Q1 2026.
See Appendix A for a Round Mountain Phase X long 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. Exploration drilling and
technical studies targeting satellite pit opportunities on the large Bald Mountain property are progressing well and showing positive results with
potential to augment the production profile from Redbird 2. Kinross plans to provide a project and economics update in Q1 2026.
Curlew Basin exploration
Drilling at Curlew in Q3 was primarily focused on infill drilling with results showing high-grade mineralization and good mining widths, supporting the
resource estimate. Received assay highlights include (true width):
◦ EVP-1248 – 2.1m @ 22.3 g/t
◦ K5-1516 – 6.8m @ 8.2 g/t
◦ K5-1518 – 5.7m @ 8.4 g/t
Kinross also completed the initial development of the Roadrunner decline and further extension of the North Stealth development in Q3, providing
access for drilling of the high grade exploration target at Roadrunner and for drilling of potential extensions to the high grade mineralization at North
Stealth. Exploration drilling in Q4 2025 and in 2026 will focus on expanding mineralization and resource potential in both of these areas.
Technical studies and detailed engineering are also progressing well at Curlew.
Kinross plans to provide a project and economics update for Curlew in Q1 2026.
Lobo-Marte
Kinross is progressing baseline studies to support the Environmental Impact Assessment 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.
Company Guidance
The following section of the news release represents forward-looking information and users are cautioned that actual results may vary. We refer to the
risks and assumptions contained in the Cautionary Statement on Forward-Looking Information on pages 24 and 25.
The Company expects to be slightly above the midpoint of its 2025 production guidance range of 2.0 million Au eq. oz. (+/- 5%), with fourth quarter
production expected to be slightly lower than 500,000 Au eq. oz.
The Company is in line with its attributable production cost of sales 1 guidance range of $1,120 per Au eq. oz. (+/-5%). The Company is tracking
towards the higher end of its attributable all-in sustaining cost 1 guidance range of $1,500 per Au eq. oz. (+/-5%), including the impacts of higher
royalties at current gold prices as well as a higher proportion of sustaining capital expenditures. Attributable capital expenditures 1 remain on track to
meet guidance of $1,150 million (+/-5%) with higher spending planned for Q4.
Kinross’ annual production is expected to remain stable at 2.0 million attributable Au eq. oz. (+/- 5%) in 2026 and 2027.
Sustainability
In the third quarter, Kinross continued to advance Sustainability initiatives. In Mauritania, local educational infrastructure was strengthened with the
completion of new school facilities, including 17 fully-equipped classrooms, in the Inchiri region and the distribution of school kits and uniforms to
support children.
In Brazil, Paracatu’s tailings facilities recently received the top-level AA classification from the Engineer of Record, under Brazil’s National Mining
Agency’s recently introduced categories for dam management and monitoring. This is a strong endorsement of the site’s safety practices, reflecting
industry-leading standards in monitoring, maintenance, and risk control.
In Nevada, Bald Mountain’s strong safety culture was recognized at the Nevada Mining Association’s annual convention, receiving awards in several
categories. Bald Mountain also earned the Nevada Excellence in Mine Reclamation Award , Excellence in Earthwork category, the fifth award for
reclamation that the site has received. Reclamation works included recontouring approximately 131 acres across two rock disposal areas and a haul
road, followed by the addition of topsoil and seeding.
In Chile, La Coipa received the ISO 50001 certification for its energy management systems after the completion of a two-stage audit that confirmed
compliance. ISO 50001 is an internationally recognized voluntary standard that gives organizations a structured framework to manage energy and
integrates energy efficiency into management practices.
Board update
The Board of Directors has appointed Candace MacGibbon as a Director. Ms. MacGibbon has over 25 years of experience in the mining sector and
capital markets. Most recently, she served as CEO and Director of TSX-listed INV Metals Inc. and served as CFO prior to that. She also previously
held roles in finance and equity research. She has a BA in Economics from Western University, a Diploma in Accounting from Wilfrid Laurier
University, and is a Chartered Professional Accountant, Chartered Accountant. She also holds an ICD.D from the Institute of Corporate Directors, and a
Cybersecurity Certificate from Cornell University.
Conference call details
In connection with this news release, Kinross will hold a conference call and audio webcast on Wednesday, November 5, 2025, at 8:00 a.m. ET 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.
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
Director, Corporate Communications
phone: 416-365-3034
Investor Relations Contact
David Shaver
Senior Vice-President, Investor Relations & Communications
phone: 416-365-2854
Review of operations
Three months ended September
30, 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 120,934 162,155 116,251 158,521 103.4 109.0 889 688
Paracatu 150,367 146,174 149,903 145,235 139.9 146.1 933 1,006
La Coipa 57,997 50,502 57,544 48,594 69.0 52.2 1,199 1,074
Fort Knox 112,181 149,093 117,500 140,121 159.7 134.2 1,359 958
Round Mountain 37,297 42,279 37,274 41,436 78.1 63.8 2,095 1,540
Bald Mountain 41,525 43,496 42,261 44,410 48.5 58.9 1,148 1,326
United States Total 191,003 234,868 197,035 225,967 286.3 256.9 1,453 1,137
Less: Manh Choh non-controlling
interest (30%) (16,439) (29,593) (16,622) (27,775) (21.3) (24.9)
United States Attributable Total 174,564 205,275 180,413 198,192 265.0 232.0 1,469 1,171
Operations Total (a) 520,301 593,699 520,733 578,323 598.6 564.3 1,150 976
Attributable Total (a) 503,862 564,106 504,111 550,548 577.3 539.4 1,145 980
Nine months ended September 30, 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 377,804 482,983 367,489 465,573 311.0 311.0 846 668
Paracatu 446,270 404,675 445,545 403,519 422.1 417.0 947 1,033
La Coipa 164,451 187,598 163,814 183,225 203.5 163.1 1,242 890
Fort Knox 339,299 272,357 342,810 266,890 432.8 311.5 1,263 1,167
Round Mountain 111,648 172,418 111,098 169,654 187.2 248.3 1,685 1,464
Bald Mountain 140,767 136,405 140,289 131,469 157.1 161.6 1,120 1,229
United States Total 591,714 581,180 594,197 568,013 777.1 721.4 1,308 1,270
Less: Manh Choh non-controlling
interest (30%) (51,715) (29,593) (52,070) (27,775) (64.5) (24.9)
United States Attributable Total 539,999 551,587 542,127 540,238 712.6 696.5 1,314 1,289
Operations Total (a) 1,580,239 1,656,436 1,571,045 1,621,483 1,713.7 1,613.3 1,091 995
Attributable Total (a) 1,528,524 1,626,843 1,518,975 1,593,708 1,649.2 1,588.4 1,086 997
(a) Totals include immaterial sales and related costs from Maricunga for the three and nine months ended September 30, 2024.
Consolidated balance sheets
(unaudited, expressed in millions of U.S. dollars, except share amounts)
As at
September 30, December 31,
2025 2024
Assets
Current assets
Cash and cash equivalents $ 1,721.7 $ 611.5
Restricted cash 14.2 10.2
Accounts receivable and prepaid assets 154.0 257.3
Inventories 1,381.2 1,243.2
Other current assets 142.7 4.5
3,413.8 2,126.7
Non-current assets
Property, plant and equipment 8,047.3 7,968.6
Long-term investments 71.1 51.9
Other long-term assets 597.8 713.1
Deferred tax assets - 5.3
Total assets $ 12,130.0 $ 10,865.6
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 700.4 $ 543.0
Current income tax payable 442.1 236.7
Current portion of long-term debt - 199.9
Current portion of provisions 51.0 62.5
Other current liabilities 12.8 18.0
1,206.3 1,060.1
Non-current liabilities
Long-term debt 1,236.9 1,235.5
Provisions 977.2 941.5
Other long-term liabilities 55.6 78.9
Deferred tax liabilities 571.1 549.0
Total liabilities $ 4,047.1 $ 3,865.0
Equity
Common shareholders' equity
Common share capital $ 4,419.0 $ 4,487.3
Contributed surplus 10,369.6 10,643.0
Accumulated deficit (6,807.7) (8,181.3)
Accumulated other comprehensive loss (24.0) (87.4)
Total common shareholders' equity 7,956.9 6,861.6
Non-controlling interests 126.0 139.0
Total equity $ 8,082.9 $ 7,000.6
Total liabilities and equity $ 12,130.0 $ 10,865.6
Common shares
Authorized Unlimited Unlimited
Issued and outstanding 1,209,993,934 1,229,125,606
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,
2025 2024 2025 2024
Revenue
Metal sales $ 1,802.1 $ 1,432.0 $ 5,028.1 $ 3,733.0
Cost of sales
Production cost of sales 598.6 564.3 1,713.7 1,613.3
Depreciation, depletion and amortization 285.4 296.2 836.7 862.7
Impairment reversal - (74.1) - (74.1)
Total cost of sales 884.0 786.4 2,550.4 2,401.9
Gross profit 918.1 645.6 2,477.7 1,331.1
Other operating expense 26.1 21.1 71.2 50.6
Exploration and business development 50.7 49.6 154.7 147.0
General and administrative 31.2 27.2 96.5 94.3
Operating earnings 810.1 547.7 2,155.3 1,039.2
Other income (expense) - net 16.8 (6.0) (16.2) (0.2)
Finance income 45.2 6.3 56.8 14.7
Finance expense (30.7) (23.5) (98.8) (66.8)
Earnings before tax 841.4 524.5 2,097.1 986.9
Income tax expense - net (232.3) (134.2) (540.0) (281.1)
Net earnings $ 609.1 $ 390.3 $ 1,557.1 $ 705.8
Net earnings attributable to:
Non-controlling interests $ 24.2 $ 35.0 $ 73.5 $ 32.6
Common shareholders $ 584.9 $ 355.3 $ 1,483.6 $ 673.2
Earnings per share attributable to common
shareholders
Basic $ 0.48 $ 0.29 $ 1.21 $ 0.55
Diluted $ 0.48 $ 0.29 $ 1.21 $ 0.55
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,
2025 2024 2025 2024
Net inflow (outflow) of cash related to the following
activities:
Operating:
Net earnings $ 609.1 $ 390.3 $ 1,557.1 $ 705.8
Adjustments to reconcile net earnings to net cash
provided from operating activities:
Depreciation, depletion and amortization 285.4 296.2 836.7 862.7
Impairment reversal - (74.1) - (74.1)
Share-based compensation expense 3.4 1.3 11.2 6.6
Finance expense 30.7 23.5 98.8 66.8
Deferred tax expense 32.9 21.6 35.4 9.0
Gain on sale of Asante Gold Corporation holdings (63.0) - (63.0) -
Foreign exchange (gains) losses and other (16.3) 8.9 (8.0) 16.8
Changes in operating assets and liabilities:
Accounts receivable and other assets (48.0) (30.9) (33.7) (15.9)
Inventories (19.9) (11.5) (49.4) (3.1)
Accounts payable, accrued liabilities and other 267.1 127.4 574.1 288.0
Cash flow provided from operating activities 1,081.4 752.7 2,959.2 1,862.6
Income taxes paid (57.3) (19.2) (345.6) (150.7)
Net cash flow provided from operating activities 1,024.1 733.5 2,613.6 1,711.9
Investing:
Additions to property, plant and equipment (312.2) (278.7) (826.0) (794.8)
Interest paid capitalized to property, plant and
equipment (4.5) (33.0) (18.0) (84.9)
Proceeds from long-term investments and other
assets 94.3 - 94.3 4.8
Additions to long-term investments and other assets (12.5) (11.4) (36.4) (35.0)
Increase in restricted cash - net (1.5) (1.3) (4.0) (1.0)
Interest received and other - net 11.1 6.0 24.3 13.7
Net cash flow of continuing operations used in
investing activities (225.3) (318.4) (765.8) (897.2)
Net cash flow of discontinued operations provided
from investing activities 53.4 - 53.4 -
Financing:
Repayment of debt - (350.0) (200.0) (550.0)
Interest paid (31.0) (17.1) (55.0) (35.6)
Payment of lease liabilities (2.0) (3.3) (5.0) (10.1)
Funding from non-controlling interest - 4.1 - 31.3
Distributions paid to non-controlling interest (33.0) (19.5) (87.0) (19.5)
Dividends paid to common shareholders (36.4) (36.9) (110.0) (110.6)
Repurchase and cancellation of shares (165.1) - (335.2) -
Other - net - 0.1 - 0.4
Net cash flow used in financing activities (267.5) (422.6) (792.2) (694.1)
Effect of exchange rate changes on cash and cash
equivalents 0.5 0.3 1.2 (0.2)
Increase (decrease) in cash and cash equivalents 585.2 (7.2) 1,110.2 120.4
Cash and cash equivalents, beginning of period 1,136.5 480.0 611.5 352.4
Cash and cash equivalents, end of period $ 1,721.7 $ 472.8 $ 1,721.7 $ 472.8