Kinross reports strong 2026 second-quarter results Disciplined cost management supports robust margins and over $725 million in free cash flow Returned ~40% of free cash flow to shareholders totalling over $600 million year-to-date
Kinross reports strong 2026 second-quarter results
Disciplined cost management supports robust margins and over $725 million in free cash flow
Returned ~40% of free cash flow to shareholders totalling over $600 million year-to-date
Development pipeline on track and compelling Lobo-Marte update
TORONTO, July 29, 2026 -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the second
quarter ended June 30, 2026.
This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We
refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on pages 22 and 23 of this release. All
dollar amounts are expressed in U.S. dollars, unless otherwise noted.
2026 second-quarter highlights:
• Production1 of 492,326 gold equivalent ounces (“Au eq. oz.”).
• Production cost of sales2 of $1,352 per Au eq. oz. sold and attributable production cost of sales 1 of $1,336 per Au eq. oz. sold.
• Attributable all-in sustaining cost1 of $1,821 per Au eq. oz. sold.
• Operating cash flow 3 of $1,145.9 million.
• Attributable free cash flow 1 of $726.8 million.
• Margins4 increased by 42% to $3,131 per Au eq. oz. sold compared with Q2 2025.
• Reported earnings 5 of $844.2 million, or $0.71 per share, with adjusted net earnings 6 of $847.8 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 $2.7 billion and net cash7 increased to $1.9 billion at June 30, 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 half of the year, the Company repurchased $480
million in shares, and an additional $40 million in July. Including its quarterly dividend, Kinross has returned approximately $615 million in
capital to shareholders year-to-date as of July 29, 2026.
• Since April 2025, Kinross returned over $1.1 billion of capital through share repurchases, representing approximately 4% of its shares
outstanding.
• Kinross’ Board of Directors declared a quarterly dividend of $0.04 per common share payable on September 3, 2026, to shareholders of record
at the close of business on August 20, 2026.
Operational highlights:
• Paracatu continued its strong operating performance as the highest producing mine in the portfolio.
• Tasiast delivered higher production quarter-over-quarter and year-over-year.
Development project highlights:
• Kinross announced a Lobo-Marte project economics refresh highlighting its potential to become a long-life, low-cost cornerstone asset. Lobo-
Marte is expected to produce an average of ~350,000 Au oz. per year during steady state operations at a low all-in sustaining cost (“AISC”) of
approximately $1,000 per ounce6 with an attractive Net Present Value (“NPV”)8 of $4.3 billion at a $4,100 per ounce gold price.
• Great Bear ’s Advanced Exploration (“AEX”) construction is approximately 93% complete and the first blast of the exploration decline was
completed on July 27, 2026. Detailed engineering is approximately 50% complete, with permitting and procurement progressing as planned for
the Main Project.
• At Round Mountain Phase X, underground development is advancing slightly ahead of schedule. Engineering and procurement for site and
underground infrastructure is progressing on plan.
• At Kettle River-Curlew (“Curlew”), underground development continued ahead of schedule, while site infrastructure advanced substantially and
mill refurbishment activities commenced.
• At Bald Mountain Redbird, mining is advancing well and the heap leach pad expansion continued ahead of schedule. Engineering and
procurement activities advanced well for mining and processing infrastructure, including progressing basic engineering for the Sulphidization,
Acidification, Recycling and Thickening (“SART”) plant.
Sustainability:
• Consistent with Kinross’ commitment to responsible mining, its 2025 Sustainability Report was published during the second quarter, marking
its 18 th edition. The report provides a comprehensive summary of the Company’s sustainability performance over 2025 and outlines the
Company’s sustainability priorities.
CEO commentary:
J. Paul Rollinson, CEO, made the following comments in relation to 2026 second-quarter results:
“Kinross delivered a strong second quarter, generating over $725 million of free cash flow supported by solid production, disciplined cost management
and strong margins. We returned more than $275 million to shareholders through share repurchases and dividends, and we remain on track to achieve
our commitment of returning 40% of annual free cash flow to shareholders in 2026. Our balance sheet remains in excellent shape and was further
strengthened during the quarter, providing significant flexibility to continue advancing our high-quality development pipeline while returning capital to
shareholders.
“Our project pipeline continues to advance well. We were pleased to announce a Lobo-Marte project update, highlighting its potential to produce
approximately 350,000 gold ounces per year at $1,000 per ounce AISC with robust economics, building on our nearly 30-year history in Chile.
Alongside continued progress at Great Bear and our U.S. projects, Lobo-Marte reinforces the significant value embedded in our project portfolio.
Together, these projects support our delivery of sustainable long-term value through disciplined growth and the execution of our grade enhancement
strategy.
“As we advance our operations and development projects, responsible mining remains at the core of our approach. This quarter, we published our 18th
Sustainability Report, highlighting progress across key priorities including biodiversity conservation, water stewardship and community partnerships.
These efforts support our commitment to creating long-term value for shareholders while making positive contributions for our stakeholders.
“Looking ahead, we are focused on maintaining our operational momentum, holding the line on costs and delivering robust margins and free cash flow.
With a strong balance sheet, attractive return-of-capital framework, and compelling pipeline of development and exploration opportunities, Kinross
remains well positioned to continue responsibly delivering value for our shareholders.”
Summary of financial and operating results
Three months ended Six months ended
June 30, June 30,
(in millions of U.S. dollars, except ounces, per
share amounts, and per ounce amounts) 2026 2025 2026 2025
Operating Highlights (a)
Total gold equivalent ounces(b)
Produced 501,341 530,077 1,002,282 1,059,938
Sold 499,035 526,223 993,163 1,050,312
Attributable gold equivalent ounces(b)
Produced 492,326 512,574 984,889 1,024,662
Sold 490,240 508,300 976,095 1,014,864
Gold ounces - sold 486,507 519,391 968,979 1,035,659
Silver ounces - sold (000's) 771 666 1,445 1,367
Earnings(a)
Metal sales $ 2,238.1 $ 1,728.5 $ 4,645.8 $ 3,226.0
Production cost of sales $ 674.7 $ 568.4 $ 1,365.2 $ 1,115.1
Depreciation, depletion and amortization $ 275.5 $ 262.9 $ 551.2 $ 551.3
Operating earnings $ 1,186.4 $ 774.8 $ 2,524.5 $ 1,345.2
Net earnings attributable to common
shareholders $ 844.2 $ 530.7 $ 1,687.2 $ 898.7
Net earnings per share attributable to common
shareholders (basic and diluted) $ 0.71 $ 0.43 $ 1.41 $ 0.73
Adjusted net earnings(c) $ 847.8 $ 541.0 $ 1,701.9 $ 905.0
Adjusted net earnings per share(c) $ 0.71 $ 0.44 $ 1.42 $ 0.74
Cash Flow(a)
Net cash flow provided from operating activities $ 1,145.9 $ 992.4 $ 2,285.4 $ 1,599.5
Attributable adjusted operating cash flow(c) $ 1,111.9 $ 883.4 $ 2,241.2 $ 1,503.7
Capital expenditures(d) $ 411.0 $ 306.1 $ 694.2 $ 513.8
Attributable capital expenditures(c) $ 406.2 $ 301.8 $ 685.1 $ 505.9
Attributable free cash flow(c) $ 726.8 $ 646.6 $ 1,564.3 $ 1,027.4
Per Ounce Metrics (a)
Average realized gold price per ounce(e) $ 4,483 $ 3,284 $ 4,677 $ 3,071
Attributable average realized gold price per
ounce(c) $ 4,487 $ 3,285 $ 4,679 $ 3,071
Production cost of sales per equivalent ounce
sold(b)(f) $ 1,352 $ 1,080 $ 1,375 $ 1,062
Attributable production cost of sales per
equivalent ounce sold(b)(c) $ 1,336 $ 1,074 $ 1,358 $ 1,056
Attributable production cost of sales per ounce
sold on a by-product basis (c) $ 1,253 $ 1,044 $ 1,275 $ 1,027
Attributable all-in sustaining cost per equivalent
ounce sold(b)(c) $ 1,821 $ 1,493 $ 1,777 $ 1,424
Attributable all-in sustaining cost per ounce sold
on a by-product basis(c) $ 1,751 $ 1,469 $ 1,704 $ 1,400
Attributable all-in cost per equivalent ounce sold
(b)(c) $ 2,404 $ 1,936 $ 2,302 $ 1,808
Attributable all-in cost per ounce sold on a by-
product basis(c) $ 2,348 $ 1,918 $ 2,242 $ 1,789
(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 second quarter and first six months of 2026 was 61.61:1 and 59.53:1, respectively
(second quarter and first six months of 2025 – 97.41:1 and 93.60:1, respectively).
(c) The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 16 to 21 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 second-quarter gold equivalent production:
Production: Kinross produced 492,326 Au eq. oz. in Q2 2026, compared with 512,574 Au eq. oz. in Q2 2025, a decrease of 4%. Higher production
from Tasiast and Paracatu was offset by lower production from Bald Mountain, Round Mountain and Fort Knox.
Average realized gold price 9: The average realized gold price during the quarter was $4,483 per ounce, compared with $3,284 per ounce in Q2
2025, a 37% increase year-over-year.
Revenue : Revenue increased to $2,238.1 million in the second quarter, compared with $1,728.5 million during Q2 2025. The 29% 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 $1,352 in the second quarter, compared with $1,080 in Q2 2025.
Attributable production cost of sales per Au eq. oz. sold 1 increased to $1,336 for the quarter, compared with $1,074 in Q2 2025. The increases were
mainly due to higher fuel costs, higher royalty costs as a result of the higher average realized gold price, as well as higher labour costs.
Attributable production cost of sales per Au oz. sold on a by-product basis 1 was $1,253 in the second quarter of 2026, compared with $1,044 in the
second quarter of 2025, based on attributable gold sales of 477,879 ounces and silver sales of 761,479 ounces.
Margins4: Kinross’ margin per Au eq. oz. sold increased by 42% to $3,131 for the second quarter, compared with the Q2 2025 margin of $2,204.
Attributable all-in sustaining cost1: Attributable all-in sustaining cost per Au eq. oz. sold was $1,821 in Q2 2026, compared with $1,493 in Q2 2025.
Attributable all-in sustaining cost per Au oz. sold on a by-product basis was $1,751 in the second quarter, compared with $1,469 in Q2 2025.
Operating cash flow 3: Operating cash flow increased to $1,145.9 million for Q2 2026, compared with $992.4 million for Q2 2025.
Attributable adjusted operating cash flow1 for Q2 2026 was $1,111.9 million, compared with $883.4 million for Q2 2025.
Attributable free cash flow 1: Attributable free cash flow increased to $726.8 million in Q2 2026, compared with $646.6 million in Q2 2025.
Reported net earnings 5: Reported net earnings increased by 59% to $844.2 million during the quarter, or $0.71 per share, compared with reported
net earnings of $530.7 million, or $0.43 per share, for Q2 2025.
Adjusted net earnings6 increased to $847.8 million, or $0.71 per share, for Q2 2026, compared with $541.0 million, or $0.44 per share, for Q2 2025.
Capital expenditures 10: Capital expenditures increased to $411.0 million for Q2 2026, compared with $306.1 million in Q2 2025, driven by a ramp-up
of development activities at Curlew, Round Mountain Phase X, Bald Mountain Redbird and Great Bear as well as an increase in capital expenditures at
Paracatu mainly due to timing.
Attributable capital expenditures1 were $406.2 million for Q2 2026, compared with $301.8 million for Q2 2025.
Balance sheet
Kinross continued to strengthen its balance sheet in the second quarter, adding approximately $470 million to its cash position after returning over
$275 million in capital to shareholders. As of June 30, 2026, Kinross had cash and cash equivalents of $2.7 billion and net cash 7 of $1.9 billion,
compared with $2.2 billion and $1.4 billion, respectively, at the end of the first quarter.
The Company had additional available credit 11 of $1.7 billion and total liquidity 12 of approximately $4.4 billion as of June 30, 2026, with no debt
maturities until 2033.
Return of capital to shareholders
Kinross continues to advance its 2026 buyback strategy, having repurchased and cancelled approximately $230 million in shares during the quarter,
representing 7.9 million shares. Including its quarterly dividend, Kinross returned over $275 million to shareholders in Q2.
Year-to-date, approximately $520 million in shares have been repurchased in 2026, representing 17.3 million shares. Including its quarterly dividend,
Kinross has returned over $600 million in capital to shareholders to date in 2026. Since April 2025, Kinross has repurchased approximately $1.1 billion
in shares, reducing our share count by approximately 4%, and returned approximately $1.3 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 September 3, 2026, to
shareholders of record on August 20, 2026.
Operating results
Mine-by-mine summaries for 2026 second-quarter operating results may be found on pages 10 and 14 of this news release. Highlights include the
following:
At Tasiast, production increased quarter-over-quarter and year-over-year primarily driven by higher throughput and timing of ounces processed through
the mill. Cost of sales per ounce sold were in-line with the prior quarter, and increased year-over-year primarily due to higher royalties, fuel and labour
costs.
At Paracatu , production was in-line quarter-over-quarter and increased year-over-year as a result of higher mill grades and recoveries, partially offset
by a decrease in tonnes processed. Cost of sales per ounce sold were in-line with the prior quarter, and increased compared with Q2 2025 due to the
strengthening of the Brazilian real and higher royalty costs, as well as planned increased drilling and blasting.
At La Coipa , production increased quarter-over-quarter as a result of higher planned grades and higher throughput. Compared with Q2 2025,
production increased primarily due to higher tonnes processed and gold grades, partially offset by expected gold recoveries. Quarter-over-quarter, cost
of sales per ounce sold decreased due to the increase in production, and was comparable year-over-year.
At Fort Knox , production was in-line quarter-over-quarter and cost of sales per ounce sold decreased due to the timing of ounces processed through
the mill. Production was lower year-over-year primarily due to the timing of ounces processed through the mill, and cost of sales per ounce sold
increased due to higher fuel, power and contractor costs as well as lower-grade, lower-recovery ore tonnes processed through the mill.
Round Mountain is currently in a phase of higher waste mining and lower-grade, lower-volume ore supply as it is stripping Phase S. Higher-grade,
higher recovery ore is expected from Phase S in the second half of the year.
At Bald Mountain , production was in-line with Q1 2026, and decreased year-over-year due to grades and the timing of ounces recovered from the
heap leach pads. Quarter-over-quarter, cost of sales per ounce sold decreased due to the ramp-up of capital development at Redbird in Q2 and higher
ounces placed on the heap leach pads, and increased year-over-year due to the decrease in production and higher reagent and fuel costs.
Development projects
Lobo-Marte
Kinross announced an updated view of the economics for its Lobo-Marte project, based on a refresh of the 2021 feasibility study economics,
reaffirming its potential to become a long-life, low-cost cornerstone asset in the Company’s portfolio. Based on the initial mine plan, Lobo-Marte is
expected to produce an average of ~350,000 Au oz. per year during steady state operations, with a low estimated AISC of approximately $1,000 per
ounce6.
The initial mine plan includes approximately 6.7 Moz. of proven and probable reserves with significant potential for mine life extension through the 2.8
Moz. of Measured and Indicated resource (“M&I”) and 670,000 oz. inferred resource, as well as on the wider prospective land package at Lobo-Marte.
The project has an estimated NPV8 of $4.3 billion, Internal Rate of Return13 of 26% and payback of 2.3 years at a $4,100 per ounce gold price.
The Company continues to advance permitting, engineering and execution planning with the project’s Environmental Impact Assessment currently
progressing through Chile’s permitting process.
Great Bear
At Great Bear , Kinross continues to progress its AEX program alongside permitting, detailed engineering, and procurement activities for the Main
Project.
Following receipt of the AEX permits in April, construction continued on the final earthworks and liner installation for the remaining ponds and the
stockpile pads. Surface construction is now 93% complete, and the first blast of the exploration decline was completed on July 27, 2026. Underground
development at AEX is designed to provide access for infill drilling of the resource and exploration drilling to further delineate extensions of
mineralization.
For the Main Project, detailed engineering is approximately 50% complete. Procurement of major equipment continues to advance, with contracts
awarded for the process plant, power, and paste plant equipment. Requests for Proposals for the camp, administration, and process buildings are
ongoing. Selection of the open pit mining fleet is nearing completion.
Main Project permitting activities are progressing as planned. Federally, Great Bear entered the Information Request phase of the
Impact Assessment process following submission of the third and final phase of its Impact Statement to the Impact Assessment Agency of Canada
(“IAAC”) in March 2026. Kinross is working with IAAC to respond to the third-party comments collected by IAAC during the Information Request
phase.
Provincially, the Ministry of Energy and Mines deemed the final One Project, One Process (“1P1P”) Project Definition complete in early
May, and subsequently issued the Integrated Authorization and Permitting Plan for the Main Project. Kinross has submitted and is awaiting
finalization of the Integrated Plan for Indigenous Consultation and advancing submitted permit applications in accordance with the Integrated
Authorization and Permitting Plan.
We are pleased to report that Great Bear has recently signed a confidential Community Benefits Agreement with the Northwestern Ontario Métis
Community, which is part of the Métis Nation of Ontario. Among other matters, the agreement outlines the key economic terms and includes financial
accommodation, among other benefits, to the community. As previously disclosed, a Memorandum of Understanding was signed with Lac Seul and
Wabauskang First Nations to facilitate the Impact and Benefits Agreement that the parties continue to advance.
Drilling at the Strider Zone continued in Q2, stepping out over 2.7 kilometres from the Viggo Pit and extending the footprint of LP-style, high-grade
mineralization on strike. Currently, the Strider Zone has been delineated to a vertical depth of 150 metres, with the next phase of drilling focused on
testing the extents both along strike and at depth.
Key intercepts from Q2 include:
• REG-26-186: 1.5m @ 15.98 g/t Au
• REG-26-193: 1.1m @ 27.6 g/t Au
• REG-26-191: 1.0m @ 6.03 g/t Au
Round Mountain Phase X
Underground development at Phase X is advancing slightly ahead of schedule, with over 8,400 metres developed to date. Engineering work is
progressing well and site planning for surface and underground infrastructure is well advanced. Procurement of long lead items including mining
equipment is on schedule.
Curlew
At Curlew, construction of the tailings dewatering plant building is complete and installation of mechanical equipment is underway. The mill
refurbishment contractor has onboarded and activities are ramping up. The underground mine development continues to advance ahead of schedule,
including the construction of collars to support raise boring activities commencing in Q3.
Bald Mountain Redbird
At Redbird, mining is ongoing and development activities continued to progress ahead of plan during the quarter. Key milestones included the
completion of heap leach pad earthworks, and the delivery and commissioning of mining equipment. Basic engineering of the SART plant is
approximately 50% complete and the detailed engineering contractor has been selected.
Sustainability
In June, Kinross published its 2025 Sustainability Report , highlighting the Company’s continued focus on responsible mining, environmental
stewardship, strong governance and creating long-term value for stakeholders. The report details Kinross’ progress across key Sustainability priorities,
including advancing climate and water management initiatives, supporting local employment and procurement, and investing in community
partnerships across its operating regions.
In the Sustainability Report, the Company highlighted several biodiversity and nature-related initiatives. In Brazil, Kinross continued its efforts to protect
the Cerrado biome and advance spring protection programs near Paracatu, supporting ecosystem conservation and responsible water stewardship. In
Mauritania, the Company continued to advance the Tasiast Green Project as part of its ongoing commitment to environmental performance and
climate-related initiatives. Across its portfolio, Kinross remains focused on maintaining its strong Sustainability performance, including its focus on
biodiversity conservation, responsible resource management and minimizing environmental impacts.
During the second quarter of 2026, Tasiast provided humanitarian support to communities in the Inchiri region of Mauritania. Kinross also funded a full-
time dentist position in Tonopah, Nevada, to improve access to healthcare services in the community. In governance, the Company published its
refreshed Procurement Policy and continued implementation of its Responsible Use of Artificial Intelligence Policy.
Senior Management update
Kinross is pleased to announce the appointment of Bernard Wessels as Chief Operating Officer (“COO”) to succeed Claude Schimper, who will be
retiring later this year. Mr. Schimper will remain with the Company for a transition period, supporting business continuity as part of a structured
succession plan.
Mr. Wessels is a seasoned mining engineer with over 25 years of operations management experience, and most recently served as Group Head,
Health, Safety and Security at Newmont Corporation. During his time at Newmont, he also held the roles of Managing Director, North America, and
General Manager at the Peñasquito and Ahafo mines. Before joining Newmont in 2017, he held a variety of senior operational positions at companies
such as Sibanye-Stillwater, Harmony Gold and a joint venture between Atlatsa Resources and Anglo American Platinum. He holds a Baccalaureus
Degree in Mining Engineering from the University of Johannesburg as well as Leadership and Project Management certificates from the University of
Witwatersrand and the University of Pretoria.
Mr. Schimper joined Kinross in 2010, and before being appointed COO in July 2022, led the Company’s Russia and West Africa regions. A steadfast
champion of health and safety he led the evolution of Kinross’ operating culture, including the development of the Safety Excellence program and the
launch of Safeground, the Company’s global health and safety program. His drive for continuous improvement helped deliver strong operational
performance across the portfolio, including the successful ramp up of the Tasiast mine, record production achievements and the advancement of key
growth projects that will continue to benefit the Company.
Board update
On July 29, 2026, Kinross appointed Alice Wong to its Board of Directors. Ms. Wong brings more than 35 years of leadership experience in the
nuclear fuel, mining and energy sectors, including senior executive roles at Cameco Corporation. She currently serves on the board of Hecla Mining
Company and chairs its Corporate Governance, Nominating and Sustainability Committee. Ms. Wong holds a Master of Arts in Economics and a
Bachelor of Commerce from the University of Saskatchewan.
Conference call details
In connection with this news release, Kinross will hold a conference call and audio webcast on July 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.
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 June 30, 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 133,311 119,241 132,165 121,745 130.8 102.6 990 843
Paracatu 157,526 149,264 157,011 148,787 173.9 142.6 1,108 958
La Coipa 59,039 54,139 54,749 50,400 76.4 70.4 1,395 1,397
Fort Knox 104,500 115,064 107,591 113,200 177.5 141.3 1,650 1,248
Round Mountain 19,789 38,665 20,118 37,864 67.6 52.1 3,360 1,376
Bald Mountain 27,176 53,704 27,401 54,227 48.5 59.4 1,770 1,095
United States Total 151,465 207,433 155,110 205,291 293.6 252.8 1,893 1,231
Less: Manh Choh non-controlling interest
(30%) (9,015) (17,503) (8,795) (17,923) (19.8) (22.5)
United States Attributable Total 142,450 189,930 146,315 187,368 273.8 230.3 1,871 1,229
Operations Total 501,341 530,077 499,035 526,223 674.7 568.4 1,352 1,080
Attributable Total 492,326 512,574 490,240 508,300 654.9 545.9 1,336 1,074
Six months ended June 30, 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 263,325 256,870 263,844 251,238 261.1 207.6 990 826
Paracatu 318,109 295,903 315,860 295,642 351.6 282.2 1,113 955
La Coipa 113,250 106,454 108,486 106,270 158.4 134.5 1,460 1,266
Fort Knox 206,872 227,118 203,809 225,310 352.3 273.1 1,729 1,212
Round Mountain 45,989 74,351 46,202 73,824 140.0 109.1 3,030 1,478
Bald Mountain 54,737 99,242 54,962 98,028 101.8 108.6 1,852 1,108
United States Total 307,598 400,711 304,973 397,162 594.1 490.8 1,948 1,236
Less: Manh Choh non-controlling interest
(30%) (17,393) (35,276) (17,068) (35,448) (39.7) (43.2)
United States Attributable Total 290,205 365,435 287,905 361,714 554.4 447.6 1,926 1,237
Operations Total 1,002,282 1,059,938 993,163 1,050,312 1,365.2 1,115.1 1,375 1,062
Attributable Total 984,889 1,024,662 976,095 1,014,864 1,325.5 1,071.9 1,358 1,056
Consolidated balance sheets
(unaudited, expressed in millions of U.S. dollars, except share amounts)
As at
June 30, December 31,
2026 2025
Assets
Current assets
Cash and cash equivalents $ 2,656.4 $ 1,742.3
Restricted cash 15.9 13.5
Accounts receivable and prepaid assets 130.1 145.8
Inventories 1,385.0 1,370.3
Other current assets 54.3 16.6
4,241.7 3,288.5
Non-current assets
Property, plant and equipment 8,505.2 8,289.4
Long-term investments 97.6 99.3
Other long-term assets 752.1 708.9
Deferred tax assets - 25.0
Total assets $ 13,596.6 $ 12,411.1
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 783.4 $ 716.4
Current income tax payable 587.5 595.7
Current portion of provisions 68.9 74.2
Other current liabilities 26.8 13.3
1,466.6 1,399.6
Non-current liabilities
Long-term debt 738.8 738.2
Provisions 975.8 976.6
Other long-term liabilities 57.0 64.8
Deferred tax liabilities 583.8 537.8
Total liabilities $ 3,822.0 $ 3,717.0
Equity
Common shareholders' equity
Common share capital $ 4,335.1 $ 4,382.0
Contributed surplus 9,648.9 10,137.6
Accumulated deficit (4,351.6) (5,943.3)
Accumulated other comprehensive income (loss) 20.9 (0.3)
Total common shareholders' equity 9,653.3 8,576.0
Non-controlling interests 121.3 118.1
Total equity $ 9,774.6 $ 8,694.1
Total liabilities and equity $ 13,596.6 $ 12,411.1
Common shares
Authorized Unlimited Unlimited
Issued and outstanding 1,186,240,789 1,199,843,037
Consolidated statements of operations
(unaudited, expressed in millions of U.S. dollars, except per share amounts)
Three months ended Six months ended
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
Revenue
Metal sales $ 2,238.1 $ 1,728.5 $ 4,645.8 $ 3,226.0
Cost of sales
Production cost of sales 674.7 568.4 1,365.2 1,115.1
Depreciation, depletion and amortization 275.5 262.9 551.2 551.3
Total cost of sales 950.2 831.3 1,916.4 1,666.4
Gross profit 1,287.9 897.2 2,729.4 1,559.6
Other operating expense 30.0 31.1 50.3 45.1
Exploration and business development 39.1 61.7 77.3 104.0
General and administrative 32.4 29.6 77.3 65.3
Operating earnings 1,186.4 774.8 2,524.5 1,345.2
Other expense - net (3.9) (19.8) (17.2) (33.0)
Finance income 19.8 7.4 35.2 11.6
Finance expense (20.3) (32.9) (39.3) (68.1)
Earnings before tax 1,182.0 729.5 2,503.2 1,255.7
Income tax expense - net (330.2) (170.9) (795.4) (307.7)
Net earnings $ 851.8 $ 558.6 $ 1,707.8 $ 948.0
Net earnings attributable to:
Non-controlling interests $ 7.6 $ 27.9 $ 20.6 $ 49.3
Common shareholders $ 844.2 $ 530.7 $ 1,687.2 $ 898.7
Earnings per share attributable to common shareholders
Basic $ 0.71 $ 0.43 $ 1.41 $ 0.73
Diluted $ 0.71 $ 0.43 $ 1.41 $ 0.73
Consolidated statements of cash flows
(unaudited, expressed in millions of U.S. dollars)
Three months ended Six months ended
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
Net inflow (outflow) of cash related to the following activities:
Operating:
Net earnings $ 851.8 $ 558.6 $ 1,707.8 $ 948.0
Adjustments to reconcile net earnings to net cash provided from operating activities:
Depreciation, depletion and amortization 275.5 262.9 551.2 551.3
Share-based compensation expense 3.4 3.2 10.0 7.8
Finance expense - net 0.5 25.5 4.1 56.5
Income tax expense - net 330.2 170.9 795.4 307.7
Foreign exchange losses 1.2 5.8 8.7 11.3
Other 10.2 9.2 2.9 (11.8)
Reclamation payments (18.9) (6.9) (29.0) (13.1)
Changes in working capital:
Accounts receivable and other assets 1.8 14.4 8.7 25.8
Inventories (33.7) 8.9 2.1 (29.5)
Accounts payable and accrued liabilities 50.8 49.9 (1.0) 33.8
Cash flow provided from operating activities 1,472.8 1,102.4 3,060.9 1,887.8
Income taxes paid (326.9) (110.0) (775.5) (288.3)
Net cash flow provided from operating activities 1,145.9 992.4 2,285.4 1,599.5
Investing:
Additions to property, plant and equipment (411.0) (306.1) (694.2) (513.8)
Interest paid capitalized to property, plant and equipment - - (7.1) (13.5)
Proceeds from long-term investments and other assets 27.6 - 27.6 -
Additions to long-term investments and other assets (19.2) (14.8) (44.5) (23.9)
Increase in restricted cash (0.6) (0.8) (2.4) (2.5)
Interest received and other 19.4 9.0 34.5 13.2
Net cash flow used in investing activities (383.8) (312.7) (686.1) (540.5)
Financing:
Repayment of debt - - - (200.0)
Interest paid - - (17.2) (24.0)
Payment of lease liabilities (2.0) (1.5) (4.2) (3.0)
Distributions paid to non-controlling interest (9.0) (30.0) (18.0) (54.0)
Dividends paid to common shareholders (47.6) (36.7) (95.5) (73.6)
Payments for employee taxes withheld from restricted share unit releases (0.3) - (55.6) (10.0)
Repurchase and cancellation of shares (230.0) (170.1) (480.1) (170.1)
Taxes paid on repurchase of shares - - (12.1) -
Net cash flow used in financing activities (288.9) (238.3) (682.7) (534.7)
Effect of exchange rate changes on cash and cash equivalents (1.8) 0.5 (2.5) 0.7
Increase in cash and cash equivalents 471.4 441.9 914.1 525.0
Cash and cash equivalents, beginning of period 2,185.0 694.6 1,742.3 611.5
Cash and cash equivalents, end of period $ 2,656.4 $ 1,136.5 $ 2,656.4 $ 1,136.5
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
Q2
2026 3,172 2,208 - 1.82 - 94% 133,311 132,165 $ 130.8 $ 990 $ 46.6 $ 96.3
Q1
2026 3,495 2,092 - 2.30 - 94% 130,014 131,679 $ 130.3 $ 990 $ 10.8 $ 60.0
Q4
2025 3,120 2,252 - 1.87 - 94% 125,625 118,912 $ 119.2 $ 1,002 $ 28.6 $ 80.5
Q3
2025 1,685 2,181 - 1.78 - 94% 120,934 116,251 $ 103.4 $ 889 $ 47.6 $ 102.0
Q2
2025 1,921 1,730 - 2.11 - 95% 119,241 121,745 $ 102.6 $ 843 $ 23.1 $ 89.7
Paracatu
Q2
2026 11,332 13,216 - 0.43 - 84% 157,526 157,011 $ 173.9 $ 1,108 $ 51.4 $ 64.2
Q1
2026 10,272 12,507 - 0.41 - 85% 160,583 158,849 $ 177.7 $ 1,119 $ 22.2 $ 25.8
Q4
2025 10,929 12,395 - 0.45 - 83% 155,048 154,565 $ 165.0 $ 1,068 $ 67.6 $ 67.6
Q3
2025 12,958 13,214 - 0.44 - 82% 150,367 149,903 $ 139.9 $ 933 $ 58.2 $ 58.2
Q2
2025 13,497 14,527 - 0.39 - 82% 149,264 148,787 $ 142.6 $ 958 $ 38.4 $ 38.4