Kinross reports strong 2026 first-quarter results Delivered record free cash flow for the 4th consecutive quarter, margins continued to outpace gold price Returned approximately $350 million to shareholders to date in 2026, $1 billion since Q1 2025
Kinross reports strong 2026 first-quarter results
Delivered record free cash flow for the 4th consecutive quarter, margins continued to outpace gold price
Returned approximately $350 million to shareholders to date in 2026, $1 billion since Q1 2025
Significant progress across pipeline of development projects
TORONTO, April 29, 2026 -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the first
quarter ended March 31, 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 24 and 25 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.
2026 first-quarter highlights:
• Production1 of 492,563 gold equivalent ounces (Au eq. oz.).
• Production cost of sales2 of $1,397 per Au eq. oz. sold and attributable production cost of sales 1 of $1,380 per Au eq. oz. sold.
• Attributable all-in sustaining cost1 of $1,732 per Au eq. oz. sold.
• Operating cash flow 3 of $1,139.5 million.
• Record attributable free cash flow 1 of $837.5 million.
• Margins4 increased by 92% compared with Q1 2025 to a record $3,476 per Au eq. oz. sold, and increased by 22% quarter-over-quarter,
outpacing the rise in the average realized gold price in both comparable periods.
• Reported earnings 5 of $843 million, or $0.70 per share, with adjusted net earnings 6 of $854.1 million, or $0.71 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. sold 1 of $1,360 (+/- 5%) and all-in sustaining cost 1 of $1,730 (+/- 5%) per ounce sold for 2026. Total attributable
capital expenditures1 are forecast to be $1,500 million (+/- 5%).
• Cash and cash equivalents increased to $2.2 billion, and the Company has total liquidity 7 of approximately $3.9 billion at March 31, 2026.
Return of capital to shareholders:
• Kinross is on track to return 40% of its free cash flow to shareholders in 2026. During the first quarter, the Company repurchased
approximately $250 million in shares, and an additional $50 million in April.
• Including its quarterly dividend, Kinross has returned approximately $350 million in capital to shareholders to date as of April 29, 2026.
• Between April 2025 and March 31, 2026, Kinross returned over $1 billion of capital to shareholders and reduced its share count by more than
3%.
• Kinross’ Board of Directors declared a quarterly dividend of $0.04 per common share payable on June 4, 2026, to shareholders of record at the
close of business on May 21, 2026.
Operations:
• Paracatu was the strongest contributor in the portfolio and achieved record recoveries reflecting the results of a sustained, multi-front
optimization program across the processing plant including further optimisation of the gravity gold recovery circuit within the grinding circuit.
• Tasiast continued to perform well, with higher production supported by higher grades and lower cost of sales per ounce sold compared with the
previous quarter.
Development projects:
• Great Bear ’s Advanced Exploration (“AEX”) program is well advanced with surface construction approximately 90% complete and all permits
received. At the Main Project, detailed engineering is 45% complete, and the third and final phase of the Impact Statement was submitted
during the quarter, as planned.
• Lobo-Marte’s Environmental Impact Assessment was submitted in April 2026 and is under review by the regulators, formally initiating the
permitting process.
• Round Mountain Phase X underground development is progressing well and is slightly ahead of schedule. The project received its final permit,
marking the completion of all major operational permitting.
• At Kettle River-Curlew (“Curlew”), early works were completed, underground development is ahead of schedule, and key site infrastructure
continues to advance.
• At Bald Mountain Redbird, project execution continued to advance. Mining is ongoing, the vertical carbon-in-column plant is nearing
completion, earthworks for the heap leach pad extension are well ahead of schedule, and procurement and engineering for the SART plant are
progressing on plan.
Sustainability:
• Consistent with Kinross’ commitment to responsible mining, its 2025 Sustainability Report is expected to be published during the second
quarter, marking its 18 th edition. The report will provide a comprehensive summary of Company performance over the past year and outline
Sustainability priorities.
CEO commentary:
J. Paul Rollinson, CEO, made the following comments in relation to 2026 first-quarter results:
“Kinross delivered another excellent quarter. We generated record free cash flow of approximately $840 million, representing our fourth consecutive
quarterly record. Strong operational performance and disciplined cost management drove record margins that continue to outpace the rise in the gold
price, which highlights our ability to continue to hold the line on costs.
“We have returned approximately $350 million to shareholders to date in 2026 through dividends and share repurchases, reinforcing our commitment to
disciplined capital allocation and delivering meaningful returns. Over the past 12 months, we have returned over $1 billion to shareholders, and through
our share buyback program, have reduced our outstanding float by over 3%.
“In the current situation of global uncertainty, we continue to benefit from an attractive relative cost position, supported by our longstanding approach to
mitigate cost pressures. This includes the hedging of fuel and currency exposures as well as the continued execution of our grade enhancement
strategy. Both are proving effective in the current environment of elevated oil prices and differentiate Kinross.
“In Q1, our pipeline of high-quality development projects advanced on plan. At Great Bear, we continued to make strong progress across both
Advanced Exploration and the Main Project. Engineering and procurement are advancing as planned, and new exploration results further reinforce the
scale and long-term potential of the deposit.
“At Lobo-Marte, the submission of the Environmental Impact Assessment in April marked an important milestone, formally initiating the permitting
process for this long-life, large-scale growth project. Our new U.S. projects – Round Mountain Phase X, Curlew and Redbird – made steady progress
and remain firmly on track. Also, we are continuing our studies on our significant resource inventory as we target additional potential mine life
extensions across our portfolio.”
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) 2026 2025
Operating Highlights (a)
Total gold equivalent ounces(b)
Produced 500,941 529,861
Sold 494,128 524,089
Attributable gold equivalent ounces(b)
Produced 492,563 512,088
Sold 485,855 506,564
Gold ounces - sold 482,472 516,268
Silver ounces - sold (000's) 674 701
Earnings(a)
Metal sales $ 2,407.7 $ 1,497.5
Production cost of sales $ 690.5 $ 546.7
Depreciation, depletion and amortization $ 275.7 $ 288.4
Operating earnings $ 1,338.1 $ 570.4
Net earnings attributable to common shareholders $ 843.0 $ 368.0
Net earnings per share attributable to common shareholders (basic and diluted) $ 0.70 $ 0.30
Adjusted net earnings(c) $ 854.1 $ 364.0
Adjusted net earnings per share(c) $ 0.71 $ 0.30
Cash Flow(a)
Net cash flow provided from operating activities $ 1,139.5 $ 607.1
Attributable adjusted operating cash flow(c) $ 1,129.3 $ 620.3
Capital expenditures(d) $ 283.2 $ 207.7
Attributable capital expenditures(c) $ 278.9 $ 204.1
Attributable free cash flow(c) $ 837.5 $ 380.8
Per Ounce Metrics (a)
Average realized gold price per ounce(e) $ 4,873 $ 2,857
Attributable average realized gold price per ounce(c) $ 4,873 $ 2,856
Production cost of sales per equivalent ounce sold(b)(f) $ 1,397 $ 1,043
Attributable production cost of sales per equivalent ounce sold(b)(c) $ 1,380 $ 1,038
Attributable production cost of sales per ounce sold on a by-product basis (c) $ 1,296 $ 1,010
Attributable all-in sustaining cost per equivalent ounce sold(b)(c) $ 1,732 $ 1,355
Attributable all-in sustaining cost per ounce sold on a by-product basis (c) $ 1,657 $ 1,331
Attributable all-in cost per equivalent ounce sold(b)(c) $ 2,199 $ 1,678
Attributable all-in cost per ounce sold on a by-product basis (c) $ 2,135 $ 1,660
(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 2026 was 57.79:1 (first quarter of 2025 – 89.69:1).
(c) The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 17 to 23 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 first-quarter gold equivalent production:
Production: Kinross produced 492,563 Au eq. oz. in Q1 2026, compared with 512,088 Au eq. oz. in Q1 2025, a decrease of 4%, as planned. Higher
production from Paracatu was offset by lower production from Bald Mountain, Fort Knox, Round Mountain, and Tasiast.
Average realized gold price 8: During the quarter, the average realized gold price was $4,873 per ounce, compared with $2,857 per ounce in Q1
2025.
Revenue : Revenue increased to $2,407.7 million in Q1 2026, compared with $1,497.5 million during Q1 2025. The 61% year-over-year increase was
due to the increase in the average realized gold price.
Production cost of sales : Production cost of sales per Au eq. oz. sold 2 increased to $1,397 for the quarter, compared with $1,043 in Q1 2025.
Attributable production cost of sales per Au eq. oz. sold 1 increased to $1,380 for the quarter, compared with $1,038 in Q1 2025. The increase is
primarily due to higher royalty costs as a result of the higher average realized gold price, and timing of inventory movements.
Attributable production cost of sales per Au oz. sold on a by-product basis 1 was $1,296 in Q1 2026, compared with $1,010 in Q1 2025, based on
attributable gold sales of 474,459 ounces and silver sales of 658,544 ounces.
Margins4: Kinross’ margin per Au eq. oz. sold increased by 92% to a record $3,476 for the first quarter, compared with the Q1 2025 margin of $1,814,
outpacing the rise in average realized gold price by over 20% year-over-year.
Attributable all-in sustaining cost1: Attributable all-in sustaining cost per Au eq. oz. sold was $1,732 in Q1 2026, compared with $1,355 in Q1 2025.
In the first quarter, attributable all-in sustaining cost per Au oz. sold on a by-product basis was $1,657, compared with $1,331 in Q1 2025.
Operating cash flow 3: Operating cash flow was $1,139.5 million for Q1 2026, compared with $607.1 million for Q1 2025.
Attributable adjusted operating cash flow1 for Q1 2026 was $1,129.3 million, compared with $620.3 million for Q1 2025.
Attributable free cash flow 1: Attributable free cash flow more than doubled to $837.5 million in the quarter, compared with $380.8 million in Q1 2025.
Reported net earnings 5: Reported net earnings more than doubled to $843.0 million for Q1 2026, or $0.70 per share, compared with reported net
earnings of $368.0 million, or $0.30 per share, for Q1 2025.
Adjusted net earnings6 more than doubled to $854.1 million, or $0.71 per share, for Q1 2026, compared with $364.0 million, or $0.30 per share, for Q1
2025.
Reported net earnings and adjusted net earnings in Q1 2026 included $91 million of withholding tax expense, of which $65 million relates to taxes
payable in future quarters as a result of the repatriation of strong cash flow generation largely in Mauritania.
Capital expenditures 9: Capital expenditures increased to $283.2 million for Q1 2026, compared with $207.7 in Q1 2025, driven by the ramp-up of
development activities at Great Bear, Curlew, Round Mountain Phase X, and Bald Mountain Redbird Phases 1 and 2. These increases were partially
offset by lower spending on capital development due to planned mine sequencing at Tasiast.
Attributable capital expenditures1 were $278.9 million for Q1 2026, compared with $204.1 million for Q1 2025.
Balance sheet
Kinross added approximately $440 million in cash to the balance sheet after returning capital to shareholders and funding its capital expenditures. As
of March 31, 2026, Kinross had cash and cash equivalents of $2.2 billion, compared with $1.7 billion at December 31, 2025.
The Company had additional available credit10 of $1.7 billion and total liquidity 7 of approximately $3.9 billion as of March 31, 2026.
Return of capital to shareholders
Kinross’ 2026 buyback strategy is on track. The Company plans to allocate 40% of free cash flow to shareholders through both share buybacks and
dividends, assuming no significant changes to gold prices or Kinross’ operations.
Kinross repurchased approximately $250 million in shares during the quarter, and approximately $300 million year-to-date (representing 9.2 million
shares). Including its quarterly dividend, Kinross has returned approximately $350 million in capital to shareholders to date in 2026. Since April 2025,
Kinross has repurchased approximately $900 million in shares, reducing our share count by more than 3%, and returned approximately $1 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 June 4, 2026, to shareholders
of record as of May 21, 2026.
Outlook
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 of this news release.
Kinross remains on track to deliver its 2026 annual guidance for production, cost of sales per ounce, all-in sustaining cost and capital expenditures.
Kinross also remains on track to achieve its Effective Tax Rate (ETR) guidance with a lower expected ETR from Q2 2026 to Q4 2026, and on track to
meet its full-year taxes paid guidance. Due in part to Kinross’ ongoing hedging programs, cost impacts of rising crude oil prices beginning in March
2026 have been minimal and are not expected to affect the Company’s ability to achieve its full-year cost guidance.
To better reflect global market conditions and the potential impacts of elevated oil prices, Kinross is providing more detail on its oil price sensitivity 11
for its full-year guidance in the table below.
Impact on cost of sales per
ounce per $10 per barrel
change in oil price
Summary
Impact on full-year guidance of a
$100 per barrel oil price from
April 1 forward
2026 oil sensitivity12 $3/oz. Direct impacts of crude oil on refined
fuel products
2026 sensitivity related to refining,
distribution and taxes $7/oz. Includes refining, distribution and
taxes
Total fuel cost sensitivity $10/oz. $20/oz.
(~1% of AISC13)
Potential additional secondary cost
sensitivity + ~$4/oz.
Considers potential secondary
impacts related to freight and other
consumables
+ ~$10/oz.
(~0.5% of AISC13)
Operating results
Mine-by-mine summaries for 2026 first-quarter operating results may be found on pages 11 and 15 of this news release. Highlights include the
following:
At Tasiast, quarter-over-quarter production increased, driven by strong grades, and cost of sales per ounce sold decreased. Year-over-year, production
was lower primarily due to the timing of ounces processed through the mill, partially offset by higher grades due to planned mine sequencing.
Compared with Q1 2025, cost of sales per ounce sold increased primarily due to higher royalties as a result of higher gold prices.
At Paracatu , production increased quarter-over-quarter with record recoveries as a result of a multi-front optimization program across the processing
plant, and increased year-over-year due to the improved recoveries as well as the timing of ounces processed through the mill. Cost of sales per ounce
sold increased slightly quarter-over-quarter due to higher royalty costs, and increased year-over-year as a result of higher royalty and drilling contractor
costs, and strengthening of the Brazilian real.
At La Coipa , production decreased quarter-over-quarter mainly due to lower tonnes processed as a result of a planned mill maintenance shutdown in
March and lower grades due to planned mine sequencing. Year-over-year, production increased primarily due to the timing of ounces processed
through the mill, partially offset by the decrease in grades, and cost of sales per ounce sold was higher due to increased labour and reagent costs,
strengthening of the Chilean peso, and higher royalties.
At Fort Knox , production was higher quarter-over-quarter, with increased cost of sales per ounce sold due to the timing of ounces processed through
the mill and heap leach pads. Year-over-year, production decreased primarily due to lower mill grades and recoveries, partially offset by the timing of
ounces processed through the mill. Compared with Q1 2025, cost of sales per ounce sold increased primarily due to processing more tonnes at lower
grade through the mill as well as timing of ounces recovered.
At Round Mountain , production decreased quarter-over-quarter and year-over-year primarily due to lower-grade, lower-recovery stockpile feed as
mining transitions from Phase W to Phase S. Higher-grade, higher-recovery ore from Phase S is expected in the second half of the year. Cost of sales
per ounce sold increased in both comparable periods due to the lower production.
At Bald Mountain , production decreased quarter-over-quarter due to the timing of ounces recovered from heap leach pads, and decreased year-over-
year due to fewer tonnes placed on the heap leach pads and lower grades. Cost of sales per ounce sold increased quarter-over-quarter due to fewer
ounces produced, and increased year-over-year as a result of the lower production and higher royalties.
Development projects
Great Bear
At Great Bear , Kinross continues to progress its AEX program alongside permitting, detailed engineering and procurement of major equipment for the
Main Project.
For AEX, construction of the water treatment plant, including mechanical, piping, and electrical work, was substantially complete, with
surface construction approximately 90% complete. In April 2026, the Company received its remaining AEX permits from the Ontario Ministry of
Environment, Conservation and Parks. Remaining surface work includes ponds and pads construction, which must be completed before first blast of
the underground decline. Underground development at AEX is expected to provide access for infill drilling of the resource and exploration drilling to
further delineate extensions of mineralization.
Regarding the Main Project, detailed engineering is advanced and is approximately 45% complete. Procurement of major equipment continues. Open
pit and underground mobile equipment Request for Proposal (“RFP”) evaluations are ongoing. RFPs for paste plant equipment, building, and tank
packages have been issued.
Main Project permitting continues to advance. Federally, Great Bear submitted the third and final phase of its Impact Statement to the Impact
Assessment Agency of Canada in March 2026 as planned. Relevant submissions have also been submitted to Fisheries and Oceans Canada.
Provincially, Great Bear continues to work with the Ontario authorities to advance provincial permitting under the One Project, One Process (“1P1P”)
permitting process. The next 1P1P steps are approval of the Project Definition and issuance of an Integrated Authorization and Permitting Plan.
In relation to Lac Seul and Wabauskang First Nations, on whose traditional territory the Great Bear Project resides, we are pleased to report that
negotiations on the Impact and Benefits Agreement continue to advance based on a recently signed and confidential Memorandum of Understanding
that captures the key economic compensatory and procurement elements.
Recent drilling in the new Strider zone has returned mineralized intercepts on trend with the main LP zone, over 2.4 kilometres away from the existing
resource. Drilling is ongoing to further test and delineate the structure along strike and at depth.
Highlights include:
• 2.1m @ 215.4 g/t Au
• 1.0m @ 12.4 g/t Au
• 2.7m @ 17.0 g/t Au
Great Bear Plan View:
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dd58fa8b-ba33-4c3c-82d7-
c5786facd287
Lobo-Marte
Lobo-Marte’s Environmental Impact Assessment was submitted in April 2026 and is under review by the regulators, formally initiating the permitting
process and marking a milestone for this growth project.
Lobo-Marte is expected to support long-life, large-scale production with the potential to produce approximately 4.7 million gold equivalent ounces over
a 16-year mine life14. The project is designed to leverage Kinross’ existing operating experience and infrastructure in Chile.
The Company looks forward to providing a project update in the second half of the year.
Round Mountain Phase X
Underground development at Round Mountain Phase X is progressing well and is slightly ahead of schedule, with over 7,200 metres developed to
date. Engineering work is progressing well, site planning for surface and underground infrastructure are well advanced. During the quarter, Kinross
marked the completion of all major operational permitting for the Phase X project. Procurement of long lead items including mining equipment is
progressing as planned.
Curlew
At Curlew, Kinross progressed key site infrastructure as well as detailed engineering and procurement for the mill refurbishment. The Company has
selected a contractor for the mill refurbishment, with mobilization activities beginning. Underground mine development also advanced in Q1 2026 ahead
of schedule to de-risk the path to first production in 2028.
Exploration continued to demonstrate the potential for additional high-grade mineralization with successful drilling at North Stealth and Roadrunner. At
North Stealth, recent drilling intersected strong grades and widths, confirming continuity and supporting the extension of mineralization to the east and
west. At Roadrunner, drilling continues to return high-grade intercepts, reinforcing the prospectivity of the target area.
Highlights include:
• N. Stealth - 12.5m @ 7.0 g/t Au
• N. Stealth - 4.5m @ 8.5 g/t Au
• RR - 2.4m @ 9.2 g/t Au
Curlew Cross Section:
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a407cab2-ac71-4075-a17c-
68c6984a7785
Bald Mountain Redbird
At Redbird, Kinross continued to advance project execution across several key areas. Mining is ongoing, the construction of processing infrastructure
is progressing well, and earthworks for the heap leach pad extension are ahead of schedule, supported by favourable winter conditions. Significant
progress was made on the ordering and initial receipt of major mining equipment, and the design and engineering for the SART plant progressed on
plan.
Sustainability
Kinross advanced its research partnership with Lakehead University with a five-year funding commitment to support the Northern Ontario Heritage Fund
Industrial Research Chair in Mineral Exploration, established with grant funding from the Northern Ontario Heritage Fund Corporation. In addition to
supporting exploration efforts at Great Bear, the partnership is expected to play an important role in training and developing the future workforce
through graduate students and field assistants, helping build the skilled talent base in the region and create opportunities for local communities.
In Chile, Kinross advanced its commitment to community well-being by partnering with public and private stakeholders to finance the development of a
new angiography unit at the Copiapó Regional Hospital. The investment addresses a critical healthcare gap in the Atacama region, which previously
lacked access to advanced cardiovascular diagnostic and treatment capabilities, and is expected to improve timely care and health outcomes for
thousands of residents.
Kinross plans to publish its 2025 Sustainability Report in the second quarter, 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 April 30, 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.
Annual Meeting of Shareholders
Kinross’ Annual Meeting of Shareholders will be held on Thursday, April 30, 2026, at 10:00 a.m. EDT.
The meeting will be accessible online at: https://meetings.lumiconnect.com/400-541-772-335. The link to the 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’ 2026 first-quarter unaudited Financial Statements and Management’s Discussion and
Analysis report at www.kinross.com. Kinross’ 2026 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
Samantha Sheffield
Director, Corporate Communications
phone: 416-365-3034
Investor Relations Contact
David Shaver
Executive 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
2026 2025 2026 2025 2026 2025 2026 2025
Tasiast 130,014 137,629 131,679 129,493 130.3 105.0 990 811
Paracatu 160,583 146,639 158,849 146,855 177.7 139.6 1,119 951
La Coipa 54,211 52,315 53,737 55,870 82.0 64.1 1,526 1,147
Fort Knox 102,372 112,054 96,218 112,110 174.8 131.8 1,817 1,176
Round Mountain 26,200 35,686 26,084 35,960 72.4 57.0 2,776 1,585
Bald Mountain 27,561 45,538 27,561 43,801 53.3 49.2 1,934 1,123
United States Total 156,133 193,278 149,863 191,871 300.5 238.0 2,005 1,240
Less: Manh Choh non-controlling interest (30%) (8,378) (17,773) (8,273) (17,525) (19.9) (20.7)
United States Attributable Total 147,755 175,505 141,590 174,346 280.6 217.3 1,982 1,246
Operations Total 500,941 529,861 494,128 524,089 690.5 546.7 1,397 1,043
Attributable Total 492,563 512,088 485,855 506,564 670.6 526.0 1,380 1,038
Consolidated balance sheets
(expressed in millions of U.S. dollars, except share amounts)
As at
March 31, December 31,
2026 2025
Assets
Current assets
Cash and cash equivalents $ 2,185.0 $ 1,742.3
Restricted cash 15.3 13.5
Accounts receivable and prepaid assets 129.0 145.8
Inventories 1,315.2 1,370.3
Other current assets 30.5 16.6
3,675.0 3,288.5
Non-current assets
Property, plant and equipment 8,310.0 8,289.4
Long-term investments 115.7 99.3
Other long-term assets 769.6 708.9
Deferred tax assets 13.5 25.0
Total assets $ 12,883.8 $ 12,411.1
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 665.2 $ 716.4
Current income tax payable 543.1 595.7
Current portion of provisions 75.2 74.2
Other current liabilities 9.5 13.3
1,293.0 1,399.6
Non-current liabilities
Long-term debt 738.5 738.2
Provisions 977.7 976.6
Other long-term liabilities 51.5 64.8
Deferred tax liabilities 602.2 537.8
Total liabilities $ 3,662.9 $ 3,717.0
Equity
Common shareholders' equity
Common share capital $ 4,363.8 $ 4,382.0
Contributed surplus 9,851.3 10,137.6
Accumulated deficit (5,148.2) (5,943.3)
Accumulated other comprehensive income (loss) 31.4 (0.3)
Total common shareholders' equity 9,098.3 8,576.0
Non-controlling interests 122.6 118.1
Total equity $ 9,220.9 $ 8,694.1
Total liabilities and equity $ 12,883.8 $ 12,411.1
Common shares
Authorized Unlimited Unlimited
Issued and outstanding 1,194,109,463 1,199,843,037
Consolidated statements of operations
(expressed in millions of U.S. dollars, except per share amounts)
Three months ended
March 31, March 31,
2026 2025
Revenue
Metal sales $ 2,407.7 $ 1,497.5
Cost of sales
Production cost of sales 690.5 546.7
Depreciation, depletion and amortization 275.7 288.4
Total cost of sales 966.2 835.1
Gross profit 1,441.5 662.4
Other operating expense 20.3 14.0
Exploration and business development 38.2 42.3
General and administrative 44.9 35.7
Operating earnings 1,338.1 570.4
Other expense - net (13.3) (13.2)
Finance income 15.4 4.2
Finance expense (19.0) (35.2)
Earnings before tax 1,321.2 526.2
Income tax expense (465.2) (136.8)
Net earnings $ 856.0 $ 389.4
Net earnings attributable to:
Non-controlling interests $ 13.0 $ 21.4
Common shareholders $ 843.0 $ 368.0
Earnings per share attributable to common shareholders
Basic $ 0.70 $ 0.30
Diluted $ 0.70 $ 0.30
Consolidated statements of cash flows
(expressed in millions of U.S. dollars)
Three months ended
March 31, March 31,
2026 2025
Net inflow (outflow) of cash related to the following activities:
Operating:
Net earnings $ 856.0 $ 389.4
Adjustments to reconcile net earnings to net cash provided from operating activities:
Depreciation, depletion and amortization 275.7 288.4
Share-based compensation expense 6.6 4.6
Finance expense - net 3.6 31.0
Income tax expense 465.2 136.8
Foreign exchange losses 7.5 5.5
Other (7.3) (21.0)
Reclamation payments, net of reclamation (recovery) expense (10.1) (6.2)
Changes in working capital:
Accounts receivable and other assets 6.9 11.4
Inventories 35.8 (38.4)
Accounts payable and accrued liabilities (51.8) (16.1)
Cash flow provided from operating activities 1,588.1 785.4
Income taxes paid (448.6) (178.3)
Net cash flow provided from operating activities 1,139.5 607.1
Investing:
Additions to property, plant and equipment (283.2) (207.7)
Interest paid capitalized to property, plant and equipment (7.1) (13.5)
Additions to long-term investments and other assets (25.3) (9.1)
Increase in restricted cash - net (1.8) (1.7)
Interest received and other - net 15.1 4.2
Net cash flow used in investing activities (302.3) (227.8)
Financing:
Repayment of debt - (200.0)
Interest paid (17.2) (24.0)
Payment of lease liabilities (2.2) (1.5)
Distributions paid to non-controlling interest (9.0) (24.0)
Dividends paid to common shareholders (47.9) (36.9)
Payments for employee taxes withheld from restricted share unit releases (55.3) (10.0)
Repurchase and cancellation of shares (250.1) -
Taxes paid on repurchase of shares (12.1) -
Net cash flow used in financing activities (393.8) (296.4)