Kinross Gold Corp

Latest Results (30.08.2026):

Kinross Gold Corporation — second quarter 2026 results: the company delivered a strong quarter with attributable production of 492,326 Au eq. oz., revenue of $2,238.1 million, operating cash flow of $1,145.9 million and attributable free cash flow of $726.8 million. Reported net earnings were $844.2 million ($0.71/share) and adjusted net earnings were $847.8 million ($0.71/share). Margins improved 42% year‑over‑year to $3,131 per Au eq. oz. sold. Kinross ended the quarter with cash and cash equivalents of $2.7 billion (net cash ~$1.9 billion), remains on track to meet 2026 guidance and continued significant return of capital and project development activity (notably a refreshed Lobo‑Marte economic update).

Production & prices

Attributable production in Q2 2026 was 492,326 Au eq. oz. (down 4% vs. Q2 2025 on an attributable basis). The average realized gold price was $4,483/oz, up ~37% year‑over‑year, driving higher revenue and margins.

Revenue & earnings

Metal sales were $2,238.1 million in Q2 2026. Reported net earnings attributable to common shareholders were $844.2 million ($0.71 per share); adjusted net earnings were $847.8 million ($0.71 per share).

Cash flow & balance sheet

Net cash flow from operating activities was $1,145.9 million in the quarter; attributable free cash flow was $726.8 million. Cash and cash equivalents rose to $2.656 billion and net cash to ~$1.9 billion at June 30, 2026. Total liquidity was about $4.4 billion with no debt maturities until 2033.

Costs, AISC & margins

Production cost of sales was $1,352 per Au eq. oz. sold (attributable $1,336). Attributable all‑in sustaining cost (AISC) was $1,821/eq. oz. ($1,751/oz on a by‑product basis). Margin per Au eq. oz. sold widened to $3,131 (42% increase vs. Q2 2025).

Return of capital

Kinross remains on track to return ~40% of free cash flow to shareholders in 2026. Year‑to‑date the company repurchased ~$480 million in shares in H1 (plus $40 million in July) and, including the quarterly dividend, has returned approximately $615 million of capital to shareholders as of July 29, 2026. The Board declared a $0.04/share quarterly dividend payable Sept. 3, 2026.

Development pipeline — Lobo‑Marte update

Kinross refreshed Lobo‑Marte economics: expected steady‑state production ~350,000 Au oz./year at an estimated AISC of ~$1,000/oz; NPV $4.3 billion (5% discount, $4,100/oz gold), IRR 26% and ~2.3 year payback. Permitting (EIA) and execution planning are advancing in Chile.

Other project progress

Great Bear AEX construction ~93% complete and first blast of the exploration decline occurred July 27, 2026; Main Project detailed engineering ~50% complete. Round Mountain Phase X, Curlew (Kettle River‑Curlew) and Bald Mountain Redbird development work are progressing ahead of or on schedule.

2026 guidance & capital spending

On an attributable basis Kinross expects full‑year 2026 production of ~2.0 million Au eq. oz. (±5%), production cost of sales ~$1,360/oz (±5%) and AISC ~$1,730/oz (±5%). Total attributable capital expenditures are forecast at ~$1,500 million (±5%).

Sustainability & management

Kinross published its 2025 Sustainability Report during Q2 (18th edition) and highlighted biodiversity, water stewardship and community initiatives. Senior appointments: Bernard Wessels named COO (succession to Claude Schimper) and Alice Wong added to the Board.