Kinross reports strong 2025 third-quarter results
Rhea-AI Summary
Kinross (TSX:K, NYSE:KGC) reported strong Q3 results on November 4, 2025, driven by record free cash flow and margin expansion. Key metrics: Q3 revenue $1.802B, attributable free cash flow $686.7M (record), net cash $485M and margins $2,310/Au eq. oz. Production was 503,862 Au eq. oz. with attributable AISC of $1,622/Au eq. oz. The company increased its 2025 share buyback target to $600M, approved a 17% dividend hike to $0.14 annualized, and announced early redemption of $500M senior notes due 2027. Guidance for 2025 was reaffirmed and development projects (Phase X, Curlew, Great Bear, Redbird, Lobo-Marte) progressed.
Positive
- Attributable free cash flow $686.7M in Q3 (record)
- Net cash position approximately $485M at Sept 30, 2025
- Revenue $1.802B in Q3 2025 (26% YoY increase)
- Margins increased 54% to $2,310 per Au eq. oz. sold
- Buyback target increased 20% to $600M for 2025
- Dividend raised 17% to $0.14 per share annually
Negative
- Attributable production down to 503,862 Au eq. oz. from 564,106 (Q3 2024)
- Attributable AISC rose to $1,622/Au eq. oz. from $1,350 (Q3 2024)
- Production cost of sales per Au eq. oz. increased to $1,150 from $976
- Higher royalties noted as a driver of increased unit costs
News Market Reaction 7 Alerts
On the day this news was published, KGC declined 3.97%, reflecting a moderate negative market reaction. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $1.21B from the company's valuation, bringing the market cap to $29.33B at that time.
Data tracked by StockTitan Argus on the day of publication.
Record free cash flow of approximately
Increased 2025 share buyback target by
On track to meet annual guidance
TORONTO, Nov. 04, 2025 (GLOBE NEWSWIRE) -- 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 sales1 of$1,145 per Au eq. oz. sold. - Attributable all-in sustaining cost1 of
$1,622 per Au eq. oz. sold. - Operating cash flow3 of
$1,024.1 million . - Attributable free cash flow1 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 earnings5 of
$584.9 million , or$0.48 per share, with adjusted net earnings6 of$529.6 million , or$0.44 per share. - Balance sheet strength: Kinross has achieved a net cash7 position of
$485 million , with approximately$1.7 billion in cash and cash equivalents and total liquidity8 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 by20% 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$0.03 5 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
“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
“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 | ||
| (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 price9: The average realized gold price in Q3 2025 was
Revenue: During the third quarter, revenue increased to
Production cost of sales: Production cost of sales per Au eq. oz. sold2 was
Attributable production cost of sales per Au oz. sold on a by-product basis1 was
Margins4: Kinross’ margin per Au eq. oz. sold increased by
Attributable all-in sustaining cost1: Attributable all-in sustaining cost per Au eq. oz. sold was
In Q3 2025, attributable all-in sustaining cost per Au oz. sold on a by-product basis was
Operating cash flow3: Operating cash flow increased to
Attributable adjusted operating cash flow1 for Q3 2025 increased to
Attributable free cash flow1: Attributable free cash flow increased by
Reported net earnings5: Reported net earnings increased by
Adjusted net earnings6 increased by
Capital expenditures10: Capital expenditures were
Attributable capital expenditures1 were
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
Since the closing of the transaction in 2022, overall Kinross has realized
Balance sheet
As of September 30, 2025, Kinross had cash and cash equivalents of
The Company had additional available credit11 of
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
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
Kinross has increased its target for share buybacks by
Kinross’ Board of Directors has also approved a
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. (+/-
The Company is in line with its attributable production cost of sales1 guidance range of
Kinross’ annual production is expected to remain stable at 2.0 million attributable Au eq. oz. (+/-
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
Samantha.Sheffield@Kinross.com
Investor Relations Contact
David Shaver
Senior Vice-President, Investor Relations & Communications
phone: 416-365-2854
InvestorRelations@Kinross.com
| Review of operations | ||||||||||||||||||
| Three months ended September 30, | Gold equivalent ounces | |||||||||||||||||
| Produced | Sold | Production cost of sales ($millions) | Production cost of sales/equivalent ounce sold | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Tasiast | 120,934 | 162,155 | 116,251 | 158,521 | 103.4 | 109.0 | 889 | 688 | ||||||||||
| Paracatu | 150,367 | 146,174 | 149,903 | 145,235 | 139.9 | 146.1 | 933 | 1,006 | ||||||||||
| La Coipa | 57,997 | 50,502 | 57,544 | 48,594 | 69.0 | 52.2 | 1,199 | 1,074 | ||||||||||
| Fort Knox | 112,181 | 149,093 | 117,500 | 140,121 | 159.7 | 134.2 | 1,359 | 958 | ||||||||||
| Round Mountain | 37,297 | 42,279 | 37,274 | 41,436 | 78.1 | 63.8 | 2,095 | 1,540 | ||||||||||
| Bald Mountain | 41,525 | 43,496 | 42,261 | 44,410 | 48.5 | 58.9 | 1,148 | 1,326 | ||||||||||
| United States Total | 191,003 | 234,868 | 197,035 | 225,967 | 286.3 | 256.9 | 1,453 | 1,137 | ||||||||||
| Less: Manh Choh non-controlling interest ( | (16,439 | ) | (29,593 | ) | (16,622 | ) | (27,775 | ) | (21.3 | ) | (24.9 | ) | ||||||
| United States Attributable Total | 174,564 | 205,275 | 180,413 | 198,192 | 265.0 | 232.0 | 1,469 | 1,171 | ||||||||||
| Operations Total(a) | 520,301 | 593,699 | 520,733 | 578,323 | 598.6 | 564.3 | 1,150 | 976 | ||||||||||
| Attributable Total(a) | 503,862 | 564,106 | 504,111 | 550,548 | 577.3 | 539.4 | 1,145 | 980 | ||||||||||
| Nine months ended September 30, | Gold equivalent ounces | |||||||||||||||||
| Produced | Sold | Production cost of sales ($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 ( | (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 | ||||||||||
| 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 | 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 | ||
| Q1 2025 | 1,812 | 1,932 | - | 2.15 | - | 95 | % | 137,629 | 129,493 | $ | 105.0 | $ | 811 | $ | 13.7 | $ | 80.1 | ||
| Q4 2024 | 1,824 | 2,205 | - | 2.13 | - | 94 | % | 139,411 | 144,041 | $ | 104.4 | $ | 725 | $ | 33.7 | $ | 105.4 | ||
| Q3 2024 | 1,748 | 2,203 | - | 2.46 | - | 91 | % | 162,155 | 158,521 | $ | 109.0 | $ | 688 | $ | 13.5 | $ | 83.8 | ||
| Americas | Paracatu | 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 | ||
| Q1 2025 | 13,318 | 12,507 | - | 0.43 | - | 83 | % | 146,639 | 146,855 | $ | 139.6 | $ | 951 | $ | 24.4 | $ | 24.4 | ||
| Q4 2024 | 12,944 | 13,116 | - | 0.40 | - | 80 | % | 123,899 | 124,690 | $ | 131.6 | $ | 1,055 | $ | 35.1 | $ | 35.1 | ||
| Q3 2024 | 13,127 | 14,551 | - | 0.38 | - | 81 | % | 146,174 | 145,235 | $ | 146.1 | $ | 1,006 | $ | 41.2 | $ | 41.2 | ||
| La Coipa(f) | Q3 2025 | 1,006 | 932 | - | 2.36 | - | 76 | % | 57,997 | 57,544 | $ | 69.0 | $ | 1,199 | $ | 18.5 | $ | 18.5 | |
| Q2 2025 | 580 | 911 | - | 1.77 | - | 78 | % | 54,139 | 50,400 | $ | 70.4 | $ | 1,397 | $ | 25.0 | $ | 25.0 | ||
| Q1 2025 | 1,265 | 971 | - | 2.19 | - | 80 | % | 52,315 | 55,870 | $ | 64.1 | $ | 1,147 | $ | 15.6 | $ | 15.6 | ||
| Q4 2024 | 1,385 | 1,017 | - | 1.98 | - | 79 | % | 58,533 | 57,852 | $ | 68.2 | $ | 1,179 | $ | 26.6 | $ | 26.6 | ||
| Q3 2024 | 786 | 809 | - | 2.17 | - | 80 | % | 50,502 | 48,594 | $ | 52.2 | $ | 1,074 | $ | 21.3 | $ | 24.9 | ||
| Fort Knox ( | Q3 2025 | 8,140 | 1,511 | 6,538 | 1.86 | 0.23 | 90 | % | 112,181 | 117,500 | $ | 159.7 | $ | 1,359 | $ | 45.0 | $ | 45.0 | |
| Q2 2025 | 7,639 | 1,636 | 5,529 | 1.72 | 0.23 | 88 | % | 115,064 | 113,200 | $ | 141.3 | $ | 1,248 | $ | 43.0 | $ | 43.0 | ||
| Q1 2025 | 6,530 | 1,071 | 4,790 | 2.77 | 0.19 | 91 | % | 112,054 | 112,110 | $ | 131.8 | $ | 1,176 | $ | 28.2 | $ | 28.2 | ||
| Q4 2024 | 7,692 | 1,524 | 6,664 | 1.51 | 0.21 | 82 | % | 104,901 | 108,512 | $ | 141.0 | $ | 1,299 | $ | 53.3 | $ | 54.0 | ||
| Q3 2024 | 7,612 | 1,105 | 5,822 | 4.03 | 0.19 | 91 | % | 149,093 | 140,121 | $ | 134.2 | $ | 958 | $ | 56.6 | $ | 70.4 | ||
| Fort Knox (attributable)(g) | Q3 2025 | 8,056 | 1,425 | 6,538 | 1.55 | 0.23 | 89 | % | 95,742 | 100,878 | $ | 138.4 | $ | 1,372 | $ | 40.4 | $ | 40.4 | |
| Q2 2025 | 7,535 | 1,567 | 5,529 | 1.47 | 0.23 | 87 | % | 97,561 | 95,277 | $ | 118.8 | $ | 1,247 | $ | 38.7 | $ | 38.7 | ||
| Q1 2025 | 6,445 | 982 | 4,790 | 2.35 | 0.19 | 90 | % | 94,281 | 94,585 | $ | 111.1 | $ | 1,175 | $ | 24.6 | $ | 24.6 | ||
| Q4 2024 | 7,619 | 1,483 | 6,664 | 1.28 | 0.21 | 81 | % | 91,755 | 94,763 | $ | 125.1 | $ | 1,320 | $ | 51.1 | $ | 52.1 | ||
| Q3 2024 | 7,509 | 991 | 5,822 | 3.44 | 0.19 | 91 | % | 119,500 | 112,346 | $ | 109.3 | $ | 973 | $ | 55.4 | $ | 67.2 | ||
| Round Mountain | Q3 2025 | 1,659 | 914 | 1,113 | 0.66 | 0.32 | 72 | % | 37,297 | 37,274 | $ | 78.1 | $ | 2,095 | $ | 4.5 | $ | 33.0 | |
| Q2 2025 | 2,881 | 856 | 1,682 | 0.72 | 0.30 | 80 | % | 38,665 | 37,864 | $ | 52.1 | $ | 1,376 | $ | 5.7 | $ | 32.8 | ||
| Q1 2025 | 1,927 | 856 | 2,163 | 0.66 | 0.27 | 77 | % | 35,686 | 35,960 | $ | 57.0 | $ | 1,585 | $ | 2.8 | $ | 29.6 | ||
| Q4 2024 | 3,111 | 768 | 1,736 | 1.05 | 0.22 | 82 | % | 42,969 | 45,342 | $ | 80.0 | $ | 1,764 | $ | 4.4 | $ | 33.9 | ||
| Q3 2024 | 2,958 | 790 | 1,032 | 0.74 | 0.29 | 80 | % | 42,279 | 41,436 | $ | 63.8 | $ | 1,540 | $ | 5.2 | $ | 35.9 | ||
| Bald Mountain | Q3 2025 | 2,182 | - | 2,182 | - | 0.31 | nm | 41,525 | 42,261 | $ | 48.5 | $ | 1,148 | $ | 5.3 | $ | 27.9 | ||
| Q2 2025 | 1,578 | - | 1,578 | - | 1.07 | nm | 53,704 | 54,227 | $ | 59.4 | $ | 1,095 | $ | 12.7 | $ | 40.4 | |||
| Q1 2025 | 5,803 | - | 5,803 | - | 0.35 | nm | 45,538 | 43,801 | $ | 49.2 | $ | 1,123 | $ | 6.9 | $ | 17.8 | |||
| Q4 2024 | 7,622 | - | 7,622 | - | 0.46 | nm | 44,642 | 51,291 | $ | 58.7 | $ | 1,144 | $ | 4.6 | $ | 6.4 | |||
| Q3 2024 | 6,384 | - | 6,384 | - | 0.53 | nm | 43,496 | 44,410 | $ | 58.9 | $ | 1,326 | $ | 5.0 | $ | 6.1 | |||
| (a) | Due to the nature of heap leach operations, recovery rates at Bald Mountain cannot be accurately measured on a quarterly basis. Recovery rates at Fort Knox and Round Mountain represent mill recovery only. | |
| (b) | "nm" means not meaningful. | |
| (c) | Gold equivalent ounces include silver ounces produced and sold converted to a gold equivalent based on the ratio of the average spot market prices for the commodities for each period. The ratios for the quarters presented are as follows: Q3 2025: 87.73:1; Q2 2025: 97.41:1; Q1 2025: 89.69:1; Q4 2024: 84.67:1; Q3 2024: 84.06:1. | |
| (d) | “Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold. | |
| (e) | "Total Cap Ex" is as reported as “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows. "Cap Ex - sustaining" is a non-GAAP financial measure. The definition and reconciliation of this non-GAAP financial measure is included on pages 20 to 21 of this news release. | |
| (f) | La Coipa silver grade and recovery were as follows: Q3 2025: 41.34 g/t, | |
| (g) | The Fort Knox segment is composed of Fort Knox and Manh Choh. Manh Choh tonnes of ore processed and grade were as follows: Q3 2025: 286,496 tonnes, 7.05 g/t; Q2 2025: 231,451 tonnes, 7.39 g/t; Q1 2025: 294,238 tonnes, 7.39 g/t; Q4 2024: 138,937 tonnes, 9.58 g/t; Q3 2024: 379,786 tonnes, 9.13 g/t. The attributable results for Fort Knox include | |
Reconciliation of non-GAAP financial measures and ratios
The Company has included certain non-GAAP financial measures and ratios in this document. These financial measures and ratios are not defined under IFRS and should not be considered in isolation. The Company believes that these financial measures and ratios, together with financial measures and ratios determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures and ratios is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures and ratios are not necessarily standard and therefore may not be comparable to other issuers.
Adjusted Net Earnings and Adjusted Net Earnings per Share
Adjusted net earnings and adjusted net earnings per share are non-GAAP financial measures and ratios which determine the performance of the Company, excluding certain impacts which the Company believes are not reflective of the Company’s underlying performance for the reporting period, such as the impact of foreign exchange gains and losses, reassessment of prior year taxes and/or taxes otherwise not related to the current period, impairment charges (reversals), gains and losses and other one-time costs related to acquisitions, dispositions and other transactions, and non-hedge derivative gains and losses. Although some of the items are recurring, the Company believes that they are not reflective of the underlying operating performance of its current business and are not necessarily indicative of future operating results. Management believes that these measures and ratios, which are used internally to assess performance and in planning and forecasting future operating results, provide investors with the ability to better evaluate underlying performance, particularly since the excluded items are typically not included in public guidance. However, adjusted net earnings and adjusted net earnings per share measures and ratios are not necessarily indicative of net earnings and earnings per share measures and ratios as determined under IFRS.
The following table provides a reconciliation of net earnings to adjusted net earnings for the periods presented:
| (expressed in millions of U.S. dollars, except per share amounts) | Three months ended | Nine months ended | |||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net earnings attributable to common shareholders - as reported | $ | 584.9 | $ | 355.3 | $ | 1,483.6 | $ | 673.2 | |||||||
| Adjusting items: | |||||||||||||||
| Foreign exchange losses (gains) | 9.8 | 4.8 | 28.6 | (5.1 | ) | ||||||||||
| Foreign exchange (gains) losses on translation of tax basis and foreign exchange on deferred income taxes within income tax expense | (15.6 | ) | 7.7 | (36.6 | ) | 32.0 | |||||||||
| Taxes in respect of prior periods | 3.3 | (0.2 | ) | (1.3 | ) | (22.9 | ) | ||||||||
| Impairment reversal | - | (74.1 | ) | - | (74.1 | ) | |||||||||
| Gain on sale of Asante holdings(a) | (53.0 | ) | - | (53.0 | ) | - | |||||||||
| Tasiast mill fire related costs | - | - | 13.0 | - | |||||||||||
| Insurance recoveries | - | - | - | (22.9 | ) | ||||||||||
| Other(b) | 0.9 | 0.8 | 4.3 | 16.2 | |||||||||||
| Tax effects of the above adjustments | (0.7 | ) | 4.4 | (4.0 | ) | 1.9 | |||||||||
| (55.3 | ) | (56.6 | ) | (49.0 | ) | (74.9 | ) | ||||||||
| Adjusted net earnings | $ | 529.6 | $ | 298.7 | $ | 1,434.6 | $ | 598.3 | |||||||
| Weighted average number of common shares outstanding - Basic | 1,215.3 | 1,229.0 | 1,223.8 | 1,228.8 | |||||||||||
| Adjusted net earnings per share | $ | 0.44 | $ | 0.24 | $ | 1.17 | $ | 0.49 | |||||||
| Basic earnings per share attributable to common shareholders - as reported | $ | 0.48 | $ | 0.29 | $ | 1.21 | $ | 0.55 | |||||||
| (a) | The gain on sale of Asante holdings includes interest income of | |
| (b) | Other includes various impacts, such as settlement provisions, one-time costs and credits at sites, restructuring costs, adjustments related to prior years as well as gains and losses on assets and hedges, which the Company believes are not reflective of the Company’s underlying performance for the reporting period. | |
Attributable Free Cash Flow
Attributable free cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities less attributable capital expenditures and non-controlling interest included in net cash flows provided from operating activities. The Company believes that this measure, which is used internally to evaluate the Company’s underlying cash generation performance and the ability to repay creditors and return cash to shareholders, provides investors with the ability to better evaluate the Company’s underlying performance. However, this measure is not necessarily indicative of operating earnings or net cash flow provided from operating activities as determined under IFRS.
The following table provides a reconciliation of attributable free cash flow for the periods presented:
| (expressed in millions of U.S. dollars) | Three months ended | Nine months ended | |||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net cash flow provided from operating activities - as reported | $ | 1,024.1 | $ | 733.5 | $ | 2,613.6 | $ | 1,711.9 | |||||||
| Adjusting items: | |||||||||||||||
| Attributable(a) capital expenditures | (307.6 | ) | (275.5 | ) | (813.5 | ) | (772.1 | ) | |||||||
| Non-controlling interest(b) cash flow from operating activities | (29.8 | ) | (43.4 | ) | (96.0 | ) | (34.0 | ) | |||||||
| Attributable(a) free cash flow | $ | 686.7 | $ | 414.6 | $ | 1,704.1 | $ | 905.8 | |||||||
See pages 21 and 22 for details of the footnotes referenced within the table above.
Attributable Adjusted Operating Cash Flow
Attributable adjusted operating cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities excluding changes in working capital, certain impacts which the Company believes are not reflective of the Company’s regular operating cash flow, and net cash flows provided from operating activities, net of working capital changes, relating to non-controlling interests. Working capital can be volatile due to numerous factors, including the timing of tax payments. The Company uses attributable adjusted operating cash flow internally as a measure of the underlying operating cash flow performance and future operating cash flow-generating capability of the Company. However, the attributable adjusted operating cash flow measure is not necessarily indicative of net cash flow provided from operating activities as determined under IFRS.
The following table provides a reconciliation of attributable adjusted operating cash flow for the periods presented:
| (expressed in millions of U.S. dollars) | Three months ended | Nine months ended | |||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net cash flow provided from operating activities - as reported | $ | 1,024.1 | $ | 733.5 | $ | 2,613.6 | $ | 1,711.9 | |||||||
| Adjusting items: | |||||||||||||||
| Insurance proceeds received in respect of prior years | - | - | - | (22.9 | ) | ||||||||||
| Working capital changes: | |||||||||||||||
| 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, including income taxes paid | (209.8 | ) | (108.2 | ) | (228.5 | ) | (137.3 | ) | |||||||
| 882.2 | 667.7 | 2,468.2 | 1,570.7 | ||||||||||||
| Non-controlling interest(b) cash flow from operating activities, net of working capital changes | (37.0 | ) | (42.7 | ) | (102.9 | ) | (41.7 | ) | |||||||
| Attributable(a) adjusted operating cash flow | $ | 845.2 | $ | 625.0 | $ | 2,365.3 | $ | 1,529.0 | |||||||
See pages 21 and 22 for details of the footnotes referenced within the table above.
Attributable Average Realized Gold Price per Ounce
Attributable average realized gold price per ounce is a non-GAAP ratio which calculates the average price realized from gold sales attributable to the Company. The Company believes that this measure provides a more accurate measure with which to compare the Company's gold sales performance to market gold prices. The following table provides a reconciliation of attributable average realized gold price per ounce for the periods presented:
| (expressed in millions of U.S. dollars, except ounces and average realized gold price per ounce) | Three months ended | Nine months ended | |||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Metal sales - as reported | $ | 1,802.1 | $ | 1,432.0 | $ | 5,028.1 | $ | 3,733.0 | |||||||
| Less: silver revenue(c) | (32.3 | ) | (21.5 | ) | (77.4 | ) | (97.3 | ) | |||||||
| Less: non-controlling interest(b)gold revenue | (57.8 | ) | (67.5 | ) | (165.9 | ) | (67.5 | ) | |||||||
| Attributable(a)gold revenue | $ | 1,712.0 | $ | 1,343.0 | $ | 4,784.8 | $ | 3,568.2 | |||||||
| Gold ounces sold | 511,564 | 569,506 | 1,547,223 | 1,578,232 | |||||||||||
| Less: non-controlling interest(b)gold ounces sold | (16,428 | ) | (27,676 | ) | (51,575 | ) | (27,676 | ) | |||||||
| Attributable(a)gold ounces sold | 495,136 | 541,830 | 1,495,648 | 1,550,556 | |||||||||||
| Attributable(a)average realized gold price per ounce | $ | 3,458 | $ | 2,479 | $ | 3,199 | $ | 2,301 | |||||||
| Average realized gold price per ounce(d) | $ | 3,460 | $ | 2,477 | $ | 3,200 | $ | 2,304 | |||||||
See pages 21 and 22 for details of the footnotes referenced within the table above.
Attributable Production Cost of Sales per Equivalent Ounce Sold
Production cost of sales per equivalent ounce sold is defined as production cost of sales, as reported on the interim condensed consolidated statement of operations, divided by the total number of gold equivalent ounces sold. This measure converts the Company’s non-gold production into gold equivalent ounces and credits it to total production.
Attributable production cost of sales per equivalent ounce sold is a non-GAAP ratio and is defined as attributable production cost of sales divided by the attributable number of gold equivalent ounces sold. This measure converts the Company’s attributable non-gold production into gold equivalent ounces and credits it to total attributable production. Management uses this measure to monitor and evaluate the performance of its operating properties that are attributable to its shareholders.
The following table provides a reconciliation of production cost of sales and attributable production cost of sales per equivalent ounce sold for the periods presented:
| (expressed in millions of U.S. dollars, except ounces and production cost of sales per equivalent ounce) | Three months ended | Nine months ended | |||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Production cost of sales - as reported | $ | 598.6 | $ | 564.3 | $ | 1,713.7 | $ | 1,613.3 | |||||||
| Less: non-controlling interest(b) production cost of sales | (21.3 | ) | (24.9 | ) | (64.5 | ) | (24.9 | ) | |||||||
| Attributable(a) production cost of sales | $ | 577.3 | $ | 539.4 | $ | 1,649.2 | $ | 1,588.4 | |||||||
| Gold equivalent ounces sold | 520,733 | 578,323 | 1,571,045 | 1,621,483 | |||||||||||
| Less: non-controlling interest(b) gold equivalent ounces sold | (16,622 | ) | (27,775 | ) | (52,070 | ) | (27,775 | ) | |||||||
| Attributable(a) gold equivalent ounces sold | 504,111 | 550,548 | 1,518,975 | 1,593,708 | |||||||||||
| Attributable(a) production cost of sales per equivalent ounce sold | $ | 1,145 | $ | 980 | $ | 1,086 | $ | 997 | |||||||
| Production cost of sales per equivalent ounce sold(e) | $ | 1,150 | $ | 976 | $ | 1,091 | $ | 995 | |||||||
See pages 21 and 22 for details of the footnotes referenced within the table above.
Attributable Production Cost of Sales per Ounce Sold on a By-Product Basis
Attributable production cost of sales per ounce sold on a by-product basis is a non-GAAP ratio which calculates the Company’s non-gold production as a credit against its per ounce production costs, rather than converting its non-gold production into gold equivalent ounces and crediting it to total production, as is the case in co-product accounting. Management believes that this ratio provides investors with the ability to better evaluate Kinross’ production cost of sales per ounce on a comparable basis with other major gold producers who routinely calculate their cost of sales per ounce using by-product accounting rather than co-product accounting.
The following table provides a reconciliation of attributable production cost of sales per ounce sold on a by-product basis for the periods presented:
| (expressed in millions of U.S. dollars, except ounces and production cost of sales per ounce) | Three months ended | Nine months ended | |||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Production cost of sales - as reported | $ | 598.6 | $ | 564.3 | $ | 1,713.7 | $ | 1,613.3 | |||||||
| Less: non-controlling interest(b) production cost of sales | (21.3 | ) | (24.9 | ) | (64.5 | ) | (24.9 | ) | |||||||
| Less: attributable(a) silver revenue(c) | (31.7 | ) | (21.4 | ) | (75.8 | ) | (97.2 | ) | |||||||
| Attributable(a) production cost of sales net of silver by-product revenue | $ | 545.6 | $ | 518.0 | $ | 1,573.4 | $ | 1,491.2 | |||||||
| Gold ounces sold | 511,564 | 569,506 | 1,547,223 | 1,578,232 | |||||||||||
| Less: non-controlling interest(b) gold ounces sold | (16,428 | ) | (27,676 | ) | (51,575 | ) | (27,676 | ) | |||||||
| Attributable(a) gold ounces sold | 495,136 | 541,830 | 1,495,648 | 1,550,556 | |||||||||||
| Attributable(a) production cost of sales per ounce sold on a by-product basis | $ | 1,102 | $ | 956 | $ | 1,052 | $ | 962 | |||||||
| Production cost of sales per equivalent ounce sold(e) | $ | 1,150 | $ | 976 | $ | 1,091 | $ | 995 | |||||||
See pages 21 and 22 for details of the footnotes referenced within the table above.
Attributable All-In Sustaining Cost and All-In Cost per Ounce Sold on a By-Product Basis
Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are non-GAAP financial measures and ratios, as applicable, calculated based on guidance published by the World Gold Council (“WGC”). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies including Kinross. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost and all-in cost metrics is voluntary and not necessarily standard, and therefore, these measures and ratios presented by the Company may not be comparable to similar measures and ratios presented by other issuers. The Company believes that the all-in sustaining cost and all-in cost measures complement existing measures and ratios reported by Kinross.
All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. The value of silver sold is deducted from the total production cost of sales as it is considered residual production, i.e. a by-product. Sustaining operating costs represent expenditures incurred at current operations that are considered necessary to maintain current production. Sustaining capital represents capital expenditures at existing operations comprising mine development costs, including capitalized development, and ongoing replacement of mine equipment and other capital facilities, and does not include capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.
All-in cost is comprised of all-in sustaining cost as well as operating expenditures incurred at locations with no current operation, or costs related to other non-sustaining activities, and capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.
Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are calculated by adjusting production cost of sales, as reported on the interim condensed consolidated statements of operations, as follows:
| (expressed in millions of U.S. dollars, except ounces and costs per ounce) | Three months ended | Nine months ended | |||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Production cost of sales - as reported | $ | 598.6 | $ | 564.3 | $ | 1,713.7 | $ | 1,613.3 | |||||||
| Less: non-controlling interest(b)production cost of sales | (21.3 | ) | (24.9 | ) | (64.5 | ) | (24.9 | ) | |||||||
| Less: attributable(a)silver revenue(c) | (31.7 | ) | (21.4 | ) | (75.8 | ) | (97.2 | ) | |||||||
| Attributable(a)production cost of sales net of silver by-product revenue | $ | 545.6 | $ | 518.0 | $ | 1,573.4 | $ | 1,491.2 | |||||||
| Adjusting items on an attributable(a)basis: | |||||||||||||||
| General and administrative(f) | 31.2 | 27.2 | 96.5 | 90.3 | |||||||||||
| Other operating expense - sustaining(g) | 0.4 | 2.5 | 1.5 | 4.9 | |||||||||||
| Reclamation and remediation - sustaining(h) | 21.7 | 18.4 | 66.4 | 56.1 | |||||||||||
| Exploration and business development - sustaining(i) | 10.7 | 10.6 | 38.5 | 32.4 | |||||||||||
| Additions to property, plant and equipment - sustaining(j) | 174.7 | 141.8 | 406.6 | 367.6 | |||||||||||
| Lease payments - sustaining(k) | 1.8 | 3.2 | 4.4 | 9.9 | |||||||||||
| All-in Sustaining Cost on a by-product basis - attributable(a) | $ | 786.1 | $ | 721.7 | $ | 2,187.3 | $ | 2,052.4 | |||||||
| Adjusting items on an attributable(a)basis: | |||||||||||||||
| Other operating expense - non-sustaining(g) | 24.2 | 12.9 | 59.5 | 32.8 | |||||||||||
| Reclamation and remediation - non-sustaining(h) | 2.3 | 1.7 | 6.9 | 5.1 | |||||||||||
| Exploration and business development - non-sustaining(i) | 38.9 | 38.3 | 113.8 | 113.0 | |||||||||||
| Additions to property, plant and equipment - non-sustaining(j) | 132.9 | 133.7 | 406.9 | 404.5 | |||||||||||
| Lease payments - non-sustaining(k) | 0.2 | 0.1 | 0.6 | 0.2 | |||||||||||
| All-in Cost on a by-product basis - attributable(a) | $ | 984.6 | $ | 908.4 | $ | 2,775.0 | $ | 2,608.0 | |||||||
| Gold ounces sold | 511,564 | 569,506 | 1,547,223 | 1,578,232 | |||||||||||
| Less: non-controlling interest(b)gold ounces sold | (16,428 | ) | (27,676 | ) | (51,575 | ) | (27,676 | ) | |||||||
| Attributable(a)gold ounces sold | 495,136 | 541,830 | 1,495,648 | 1,550,556 | |||||||||||
| Attributable(a)all-in sustaining cost per ounce sold on a by-product basis | $ | 1,588 | $ | 1,332 | $ | 1,462 | $ | 1,324 | |||||||
| Attributable(a)all-in cost per ounce sold on a by-product basis | $ | 1,989 | $ | 1,677 | $ | 1,855 | $ | 1,682 | |||||||
| Production cost of sales per equivalent ounce sold(e) | $ | 1,150 | $ | 976 | $ | 1,091 | $ | 995 | |||||||
See pages 21 and 22 for details of the footnotes referenced within the table above.
Attributable All-In Sustaining Cost and All-In Cost per Equivalent Ounce Sold
The Company also assesses its attributable all-in sustaining cost and all-in cost on a gold equivalent ounce basis. Under these non-GAAP financial measures and ratios, the Company’s production of silver is converted into gold equivalent ounces and credited to total production.
Attributable all-in sustaining cost and all-in cost per equivalent ounce sold are calculated by adjusting production cost of sales, as reported on the interim condensed consolidated statements of operations, as follows:
| (expressed in millions of U.S. dollars, except ounces and costs per ounce) | Three months ended | Nine months ended | |||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Production cost of sales - as reported | $ | 598.6 | $ | 564.3 | $ | 1,713.7 | $ | 1,613.3 | |||||||
| Less: non-controlling interest(b) production cost of sales | (21.3 | ) | (24.9 | ) | (64.5 | ) | (24.9 | ) | |||||||
| Attributable(a) production cost of sales | $ | 577.3 | $ | 539.4 | $ | 1,649.2 | $ | 1,588.4 | |||||||
| Adjusting items on an attributable(a)basis: | |||||||||||||||
| General and administrative(f) | 31.2 | 27.2 | 96.5 | 90.3 | |||||||||||
| Other operating expense - sustaining(g) | 0.4 | 2.5 | 1.5 | 4.9 | |||||||||||
| Reclamation and remediation - sustaining(h) | 21.7 | 18.4 | 66.4 | 56.1 | |||||||||||
| Exploration and business development - sustaining(i) | 10.7 | 10.6 | 38.5 | 32.4 | |||||||||||
| Additions to property, plant and equipment - sustaining(j) | 174.7 | 141.8 | 406.6 | 367.6 | |||||||||||
| Lease payments - sustaining(k) | 1.8 | 3.2 | 4.4 | 9.9 | |||||||||||
| All-in Sustaining Cost - attributable(a) | $ | 817.8 | $ | 743.1 | $ | 2,263.1 | $ | 2,149.6 | |||||||
| Adjusting items on an attributable(a)basis: | |||||||||||||||
| Other operating expense - non-sustaining(g) | 24.2 | 12.9 | 59.5 | 32.8 | |||||||||||
| Reclamation and remediation - non-sustaining(h) | 2.3 | 1.7 | 6.9 | 5.1 | |||||||||||
| Exploration and business development - non-sustaining(i) | 38.9 | 38.3 | 113.8 | 113.0 | |||||||||||
| Additions to property, plant and equipment - non-sustaining(j) | 132.9 | 133.7 | 406.9 | 404.5 | |||||||||||
| Lease payments - non-sustaining(k) | 0.2 | 0.1 | 0.6 | 0.2 | |||||||||||
| All-in Cost - attributable(a) | $ | 1,016.3 | $ | 929.8 | $ | 2,850.8 | $ | 2,705.2 | |||||||
| Gold equivalent ounces sold | 520,733 | 578,323 | 1,571,045 | 1,621,483 | |||||||||||
| Less: non-controlling interest(b)gold equivalent ounces sold | (16,622 | ) | (27,775 | ) | (52,070 | ) | (27,775 | ) | |||||||
| Attributable(a) gold equivalent ounces sold | 504,111 | 550,548 | 1,518,975 | 1,593,708 | |||||||||||
| Attributable(a) all-in sustaining cost per equivalent ounce sold | $ | 1,622 | $ | 1,350 | $ | 1,490 | $ | 1,349 | |||||||
| Attributable(a) all-in cost per equivalent ounce sold | $ | 2,016 | $ | 1,689 | $ | 1,877 | $ | 1,697 | |||||||
| Production cost of sales per equivalent ounce sold(e) | $ | 1,150 | $ | 976 | $ | 1,091 | $ | 995 | |||||||
See pages 21 and 22 for details of the footnotes referenced within the table above.
Capital Expenditures and Attributable Capital Expenditures
Capital expenditures are classified as either sustaining capital expenditures or non-sustaining capital expenditures, depending on the nature of the expenditure. Sustaining capital expenditures typically represent capital expenditures at existing operations including capitalized exploration costs and capitalized development unless related to major projects, ongoing replacement of mine equipment and other capital facilities and other capital expenditures and is calculated as total additions to property, plant and equipment (as reported on the interim condensed consolidated statements of cash flows), less non-sustaining capital expenditures. Non-sustaining capital expenditures represent capital expenditures for major projects, including major capital development projects at existing operations that are expected to materially benefit the operation, as well as enhancement capital for significant infrastructure improvements at existing operations. Management believes the distinction between sustaining capital expenditures and non-sustaining expenditures is a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of attributable all-in sustaining costs per ounce and attributable all-in costs per ounce. The categorization of sustaining capital expenditures and non-sustaining capital expenditures is consistent with the definitions under the WGC all-in cost standard. Sustaining capital expenditures and non-sustaining capital expenditures are not defined under IFRS, however, the sum of these two measures total to additions to property, plant and equipment as disclosed under IFRS on the interim condensed consolidated statements of cash flows.
Additions to property, plant and equipment per the interim condensed consolidated statements of cash flows includes
The following table provides a reconciliation of the classification of capital expenditures for the periods presented:
| (expressed in millions of U.S. dollars) | ||||||||||||||||||||||||
| Three months ended September 30, 2025 | Tasiast (Mauritania) | Paracatu (Brazil) | La Coipa (Chile) | Fort Knox(l) (USA) | Round Mountain (USA) | Bald Mountain (USA) | Total USA | Other | Total | |||||||||||||||
| Sustaining capital expenditures | $ | 47.6 | $ | 58.2 | $ | 18.5 | $ | 45.0 | $ | 4.5 | $ | 5.3 | $ | 54.8 | $ | 0.2 | $ | 179.3 | ||||||
| Non-sustaining capital expenditures | 54.4 | - | - | - | 28.5 | 22.6 | 51.1 | 27.4 | 132.9 | |||||||||||||||
| Additions to property, plant and equipment - per cash flow | $ | 102.0 | $ | 58.2 | $ | 18.5 | $ | 45.0 | $ | 33.0 | $ | 27.9 | $ | 105.9 | $ | 27.6 | $ | 312.2 | ||||||
| Less: Non-controlling interest(b) | $ | - | $ | - | $ | - | $ | (4.6 | ) | $ | - | $ | - | $ | (4.6 | ) | $ | - | $ | (4.6 | ) | |||
| Attributable(a)capital expenditures | $ | 102.0 | $ | 58.2 | $ | 18.5 | $ | 40.4 | $ | 33.0 | $ | 27.9 | $ | 101.3 | $ | 27.6 | $ | 307.6 | ||||||
| Three months ended September 30, 2024 | ||||||||||||||||||||||||
| Sustaining capital expenditures | $ | 13.5 | $ | 41.2 | $ | 21.3 | $ | 56.6 | $ | 5.2 | $ | 5.0 | $ | 66.8 | $ | 0.2 | $ | 143.0 | ||||||
| Non-sustaining capital expenditures | 70.3 | - | 3.6 | 13.8 | 30.7 | 1.1 | 45.6 | 16.2 | 135.7 | |||||||||||||||
| Additions to property, plant and equipment - per cash flow | $ | 83.8 | $ | 41.2 | $ | 24.9 | $ | 70.4 | $ | 35.9 | $ | 6.1 | $ | 112.4 | $ | 16.4 | $ | 278.7 | ||||||
| Less: Non-controlling interest(b) | $ | - | $ | - | $ | - | $ | (3.2 | ) | $ | - | $ | - | $ | (3.2 | ) | $ | - | $ | (3.2 | ) | |||
| Attributable(a)capital expenditures | $ | 83.8 | $ | 41.2 | $ | 24.9 | $ | 67.2 | $ | 35.9 | $ | 6.1 | $ | 109.2 | $ | 16.4 | $ | 275.5 | ||||||
| (expressed in millions of U.S. dollars) | ||||||||||||||||||||||||
| Nine months ended September 30, 2025 | Tasiast (Mauritania) | Paracatu (Brazil) | La Coipa (Chile) | Fort Knox(l) (USA) | Round Mountain (USA) | Bald Mountain (USA) | Total USA | Other | Total | |||||||||||||||
| Sustaining capital expenditures | $ | 84.4 | $ | 121.0 | $ | 59.1 | $ | 116.2 | $ | 13.0 | $ | 24.9 | $ | 154.1 | $ | 0.5 | $ | 419.1 | ||||||
| Non-sustaining capital expenditures | 187.4 | - | - | - | 82.4 | 61.2 | 143.6 | 75.9 | 406.9 | |||||||||||||||
| Additions to property, plant and equipment - per cash flow | $ | 271.8 | $ | 121.0 | $ | 59.1 | $ | 116.2 | $ | 95.4 | $ | 86.1 | $ | 297.7 | $ | 76.4 | $ | 826.0 | ||||||
| Less: Non-controlling interest(b) | $ | - | $ | - | $ | - | $ | (12.5 | ) | $ | - | $ | - | $ | (12.5 | ) | $ | - | $ | (12.5 | ) | |||
| Attributable(a)capital expenditures | $ | 271.8 | $ | 121.0 | $ | 59.1 | $ | 103.7 | $ | 95.4 | $ | 86.1 | $ | 285.2 | $ | 76.4 | $ | 813.5 | ||||||
| Nine months ended September 30, 2024 | ||||||||||||||||||||||||
| Sustaining capital expenditures | $ | 30.6 | $ | 105.4 | $ | 39.2 | $ | 141.9 | $ | 11.0 | $ | 41.8 | $ | 194.7 | $ | (1.0 | ) | $ | 368.9 | |||||
| Non-sustaining capital expenditures | 207.9 | - | 3.6 | 96.3 | 81.4 | 1.3 | 179.0 | 35.4 | 425.9 | |||||||||||||||
| Additions to property, plant and equipment - per cash flow | $ | 238.5 | $ | 105.4 | $ | 42.8 | $ | 238.2 | $ | 92.4 | $ | 43.1 | $ | 373.7 | $ | 34.4 | $ | 794.8 | ||||||
| Less: Non-controlling interest(b) | $ | - | $ | - | $ | - | $ | (22.7 | ) | $ | - | $ | - | $ | (22.7 | ) | $ | - | $ | (22.7 | ) | |||
| Attributable(a)capital expenditures | $ | 238.5 | $ | 105.4 | $ | 42.8 | $ | 215.5 | $ | 92.4 | $ | 43.1 | $ | 351.0 | $ | 34.4 | $ | 772.1 | ||||||
See pages 21 and 22 for details of the footnotes referenced within the tables above.
| (a) | “Attributable” measures and ratios include Kinross’ share of Manh Choh ( | |
| (b) | “Non-controlling interest” represents the non-controlling interest portion in Manh Choh ( | |
| (c) | “Silver revenue” represents the portion of metal sales realized from the production of secondary or by-product metal (i.e. silver), which is produced as a by-product of the process used to produce gold and effectively reduces the cost of gold production. | |
| (d) | “Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold. | |
| (e) | “Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold. | |
| (f) | “General and administrative” expenses are as reported on the interim condensed consolidated statements of operations, excluding certain impacts which the Company believes are not reflective of the Company’s underlying performance for the reporting period. General and administrative expenses are considered sustaining costs as they are required to be absorbed on a continuing basis for the effective operation and governance of the Company. | |
| (g) | “Other operating expense – sustaining” is calculated as “Other operating expense” as reported on the interim condensed consolidated statements of operations, less the non-controlling interest portion in Manh Choh ( | |
| (h) | “Reclamation and remediation – sustaining” is calculated as current period accretion related to reclamation and remediation obligations plus current period amortization of the corresponding reclamation and remediation assets, less the non-controlling interest portion in Manh Choh ( | |
| (i) | “Exploration and business development – sustaining” is calculated as “Exploration and business development” expenses as reported on the interim condensed consolidated statements of operations, less the non-controlling interest portion in Manh Choh ( | |
| (j) | “Additions to property, plant and equipment – sustaining” and “non-sustaining” are as presented on pages 20 and 21 of this news release and include Kinross’ share of Manh Choh’s ( | |
| (k) | “Lease payments – sustaining” represents the majority of lease payments as reported on the interim condensed consolidated statements of cash flows and is made up of the principal and financing components of such cash payments, less the non-controlling interest portion in Manh Choh ( | |
| (l) | The Fort Knox segment is composed of Fort Knox and Manh Choh for all periods presented. | |
Appendix A
Figure 1: Extensive infill drilling has established strong coverage across both the upper and lower target zones, and extension drilling continues to indicate continuation of mineralization down dip outside of the original exploration target.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/22d4811f-d826-4570-a32b-95263f8c004d
Cautionary statement on forward-looking information
All statements, other than statements of historical fact, contained or incorporated by reference in this news release including, but not limited to, any information as to the future financial or operating performance of Kinross, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the provisions for “safe harbor” under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements contained in this news release, include, but are not limited to, those under the headings (or headings that include) “2025 third-quarter highlights”, “Return of Capital to shareholders”, “Operations highlights”, “Development and exploration projects”, “CEO commentary” and “Company Guidance”, as well as statements with respect to our guidance for production, cost guidance, including production costs of sales, all-in sustaining cost of sales, and capital expenditures; anticipated returns of capital to shareholders, including the declaration, payment and sustainability of the Company’s dividends; the size, scope and execution of the proposed share buybacks and the anticipated timing thereof, including the Company’s statement targeting share buybacks for 2025 of at least
Key Sensitivities
Approximately
A
Specific to the Brazilian real, a
Specific to the Chilean peso, a
A
A
Other information
Where we say "we", "us", "our", the "Company", or "Kinross" in this news release, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable.
The technical information about the Company’s mineral properties contained in this news release has been prepared under the supervision of Mr. Nicos Pfeiffer, an officer of the Company who is a “qualified person” within the meaning of National Instrument 43-101.
Source: Kinross Gold Corporation
____________________________________
1 Unless otherwise stated, production figures in this news release are on an attributable basis. “Attributable” includes Kinross’
2 “Production cost of sales per equivalent ounce sold” is defined as production cost of sales, as reported on the interim condensed consolidated statements of operations, divided by total gold equivalent ounces sold.
3 Operating cash flow figures in this release represent “Net cash flow provided from operating activities,” as reported on the interim condensed consolidated statements of cash flows.
4 “Margins” per equivalent ounce sold is defined as average realized gold price per ounce less production cost of sales per equivalent ounce sold.
5 Earnings, net earnings, and reported net earnings figures in this news release represent “Net earnings attributable to common shareholders,” as reported on the interim condensed consolidated statements of operations.
6 These figures are non-GAAP financial measures and ratios, as applicable, and are defined and reconciled on pages 16 to 22 of this news release. Non-GAAP financial measures and ratios have no standardized meaning under International Financial Reporting Standards (“IFRS”) and therefore, may not be comparable to similar measures presented by other issuers.
7 Net cash is calculated as cash and cash equivalents of
8 “Total liquidity” is defined as the sum of cash and cash equivalents, as reported on the interim condensed consolidated balance sheets, and available credit under the Company’s credit facilities (as calculated in Section 6 Liquidity and Capital Resources of Kinross’ MD&A for the three and nine months ended September 30, 2025).
9 “Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold.
10 “Capital expenditures” is “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows.
11 “Available credit” is defined as available credit under the Company’s credit facilities and is calculated in Section 6 Liquidity and Capital Resources of Kinross’ MD&A for the three and nine months ended September 30, 2025.
12 Refers to all of the currencies in the countries where the Company has mining operations, fluctuating simultaneously by
For more information,
please see Kinross’ 2025 Q3
Financial Statements and MD&A
at www.kinross.com
FAQ
What did Kinross (KGC) report for Q3 2025 revenue and free cash flow?
How much cash and liquidity did Kinross (KGC) have at September 30, 2025?
What changes did Kinross (KGC) make to its return of capital program in November 2025?
Did Kinross (KGC) change its 2025 guidance after Q3 results?
What material balance sheet action did Kinross (KGC) announce on November 4, 2025?
How did Kinross (KGC) performance by mine contribute to Q3 2025 results?
What exploration and development progress did Kinross (KGC) report in Q3 2025?
