KINROSS GOLD (KGC) Company Report

Analyst Coverage

Research analysts who have asked questions during KINROSS GOLD earnings calls.

Anita Soni

CIBC Capital Markets

6 questions for KGC

Also covers: AEM, BTG, CCJ +8 more

Tanya Jakusconek

Scotiabank

6 questions for KGC

Also covers: AEM, AU, BVN +11 more

Carey MacRury

Canaccord Genuity Group Inc.

4 questions for KGC

Also covers: AAUCF, AGI, ARMN +3 more

Fahad Tariq

Jefferies Financial Group

3 questions for KGC

Also covers: AEM, ERO, FNV +6 more

Joshua Wolfson

RBC Capital Markets

3 questions for KGC

Also covers: AEM, AU, FNV +7 more

Daniel Major

UBS

2 questions for KGC

Also covers: AA, AEM, FCX +5 more

Lawson Winder

Bank of America

2 questions for KGC

Also covers: AA, AEM, CCJ +21 more

Michael Parkin

National Bank Financial

2 questions for KGC

Also covers: AEM, AGI, CDE +6 more

Ralph Profiti

8 Capital

2 questions for KGC

Also covers: AEM, BTG, CCJ +6 more

Latest news

Recent press releases and 8-K filings for KGC.

Nova Minerals Reports Q4 2025 Progress with US$43.4M DoW Funding and Project Advancements

KGC

New Projects/Investments

Guidance Update

Nova Minerals Limited secured US$43.4 million (A$65.5 million) in non-dilutive funding from the U.S. Department of War, fully funding the establishment of a domestic antimony supply chain at its Estelle Project for the quarter ended December 31, 2025.
The company made significant progress toward becoming a fully integrated U.S. antimony producer, including equipment procurement and advancing permitting for a refinery, with first production targeted for late 2026/27.
Gold asset advancement continued at the Estelle Project, with the 2025 drilling program completed and results expected to support an increase in Measured and Indicated Mineral Resources.
Nova Minerals reported a strong corporate and funding position, with access to over A$106 million at quarter end, including A$59.2 million in cash, and no debt.
In December 2025, the company completed a Nasdaq capital raise of approximately US$20 million gross proceeds and undertook a 5-for-1 forward split of its Nasdaq-listed ADSs in October 2025.

8 days ago

Press Release

Kinross Gold Advances Three U.S. Growth Projects to Construction

KGC

New Projects/Investments

Guidance Update

Kinross Gold is advancing three new growth projects in the U.S. (Round Mountain Phase X, Curlew, and Bald Mountain Redbird II) to construction, with contributions expected to start in 2028.
These projects are anticipated to deliver up to 400,000 ounces per year, helping to maintain the company's 2 million-ounce production profile through the end of the decade.
The projects demonstrate strong economics, with a combined Net Present Value (NPV) of $4.1 billion and an Internal Rate of Return (IRR) of 55% at $4,300 gold, and an average all-in sustaining cost (AISC) of $1,650 per ounce.
The development of these projects will be funded by cash flow from existing operations.

Jan 15, 2026, 2:00 PM

Transcript

Kinross Gold Advances Three U.S. Projects to Construction

KGC

New Projects/Investments

Guidance Update

Kinross Gold (KGC) is progressing three new U.S. growth projects (Round Mountain Phase X, Curlew, and Bald Mountain Redbird II) to construction, with expected contributions starting in 2028.
These projects are anticipated to deliver up to 400,000 ounces per year, helping maintain a 2 million-ounce production profile through the end of the decade.
The projects boast robust economics, including a combined NPV of $4.1 billion and IRR of 55% at $4,300 gold, and an average all-in sustaining cost (AISC) of $1,650 per ounce.
Funding for these developments will be sourced from cash flow from existing operations.

Jan 15, 2026, 2:00 PM

Transcript

Kinross Gold Progresses Three U.S. Growth Projects to Construction

KGC

New Projects/Investments

Guidance Update

Kinross Gold is advancing three new U.S. growth projects (Round Mountain Phase X, Curlew, and Bald Mountain Redbird 2) to construction, with expected contributions starting in 2028.
These projects are anticipated to deliver up to 400,000 ounces per year, helping to maintain the company's 2 million-ounce production profile through the end of the decade.
The combined projects demonstrate robust economics, featuring an average All-In Sustaining Cost (AISC) of $1,650 per ounce, a combined Net Present Value (NPV) of $4.1 billion, and an Internal Rate of Return (IRR) of 55% at $4,300 gold.
Phase X at Round Mountain is a low-cost underground operation with an initial capital of $400 million and expected average annual production of approximately 140,000 ounces.
Curlew is a high-grade underground project with an initial capital of $485 million and expected production of up to 100,000 ounces per year. The company intends to fund these developments using cash flow from existing operations.

Jan 15, 2026, 2:00 PM

Transcript

Kinross Gold proceeds with construction of three U.S. growth projects

KGC

New Projects/Investments

Share Buyback

Guidance Update

Kinross Gold Corporation is proceeding with the construction of three U.S. organic growth projects: Round Mountain Phase X, Bald Mountain Redbird 2, and Kettle River-Curlew (Curlew).
These projects are expected to contribute 3 million gold equivalent ounces between 2028 and 2038, with a combined Internal Rate of Return (IRR) of 55% and a combined incremental post-tax Net Present Value (NPV) of $4.1 billion at a gold price of $4,300.
Kinross intends to self-fund these projects from operating cash flows, with forecasted capital expenditures of approximately $425 million in 2026 for their development, contributing to a total global portfolio capital expenditure forecast of $1.5 billion (+/- 5%) in 2026.
As of December 31, 2025, the company completed its 2025 share repurchase program, achieving its increased target of $600 million in shares and reducing its share count by 2.5%.

Jan 15, 2026, 11:53 AM

6-K

Kinross Gold Corporation receives Moody's rating upgrade and redeems Senior Notes

KGC

Debt Issuance

Moody's Investors Service upgraded Kinross Gold Corporation's senior unsecured rating to Baa2 from Baa3, changing the outlook to stable from positive, citing the company's scale, production profile, low financial leverage, and conservative financial policies.
Kinross completed the early redemption of $500 million in 4.50% Senior Notes, which were originally due on July 15, 2027.
The company has repaid approximately $700 million of debt in 2025 and a total of $1.5 billion over fiscal years 2024 and 2025.
Following the redemption, Kinross has $750 million in aggregate principal amount of Senior Notes outstanding, with the next maturity scheduled for July 15, 2033, for $500 million, and reported a net cash position of approximately $500 million as of September 30, 2025.

Dec 4, 2025, 10:00 PM

6-K

Kinross Gold Reports Strong Q3 2025 Results and Enhanced Capital Returns

KGC

Earnings

Dividends

Share Buyback

Kinross Gold Corporation reported strong Q3 2025 results, including record attributable free cash flow of $686.7 million and achieving a net cash position of $485 million as of September 30, 2025.
The company enhanced its return of capital program, increasing its 2025 share buyback target by 20% to $600 million and its quarterly dividend by 17% to $0.035 per common share, amounting to $0.14 per share on an annualized basis.
Kinross is on track to meet its 2025 annual guidance and announced the early redemption of $500 million in Senior Notes due 2027, further strengthening its balance sheet.

Nov 5, 2025, 2:48 PM

6-K

KGC Reports Strong Q3 2025 Results, Record Free Cash Flow, and Increased Capital Returns

KGC

Earnings

Share Buyback

Dividends

KGC reported strong Q3 2025 results, with gold production of 504,000 ounces at a cost of sales of $1,145 per ounce, generating record free cash flow of $687 million.
The company's financial position significantly improved, achieving a net cash position of almost $500 million by the end of Q3 2025, supported by $1.7 billion in cash and $3.4 billion in total liquidity.
KGC is increasing its capital return for 2025 to more than $750 million for shareholders through a 17% dividend increase and $600 million in share repurchases, alongside a planned $500 million senior note redemption prior to year-end.
The company reaffirmed its full-year production guidance to be slightly above the midpoint, with operating costs and all-in sustaining costs expected to meet guidance, though ASIC is anticipated to be in the upper range.

Nov 5, 2025, 1:00 PM

Transcript

Kinross Gold Reports Strong Q3 2025 Results with Record Free Cash Flow and Increased Capital Returns

KGC

Earnings

Share Buyback

Dividends

Kinross Gold reported strong Q3 2025 results, with production of 504,000 ounces at a cost of sales of $1,145 per ounce, generating operating margins of over $2,300 per ounce.
The company achieved a record free cash flow of $687 million in Q3 2025, contributing to over $1.7 billion year-to-date. Adjusted earnings were $0.44 per share.
Kinross Gold's balance sheet strengthened, ending Q3 with approximately $1.7 billion in cash and a net cash position of almost $500 million. S&P updated its credit outlook from stable to positive.
The company plans to redeem a $500 million 2027 senior note before year-end, which is expected to result in $35 million in interest savings over 2026 and 2027.
Kinross Gold is increasing its return of capital to shareholders, with a 17% dividend increase and an additional $100 million in share repurchases for a total of $600 million this year, bringing total shareholder returns to more than $750 million in 2025. Including debt repayment, total capital returned in 2025 will be almost $1.5 billion.

Nov 5, 2025, 1:00 PM

Transcript

Kinross Gold reports strong Q3 2025 results and increased capital returns

KGC

Earnings

Share Buyback

New Projects/Investments

Kinross Gold delivered strong Q3 2025 results, with 504,000 ounces of gold production at a cost of sales of $1,145 per ounce, and generated $687 million in attributable free cash flow.
The company reported a robust balance sheet with approximately $1.7 billion in cash and a net cash position of almost $500 million at the end of Q3 2025.
Kinross is increasing its return of capital, planning to return more than $750 million to shareholders in 2025, including a 17% dividend increase and $600 million in share repurchases.
Additionally, the company will redeem a $500 million 2027 senior note prior to year-end, bringing total capital returned in 2025 (shareholders + debt repayment) to almost $1.5 billion.
Key projects such as Great Bear are on track for first production in 2029, while project decisions for Round Mountain Phase X and Curlew are anticipated in 2026.