Core Viewpoint - Kinross Gold Corporation will release its 2025 fourth-quarter and full-year financial statements on February 18, 2026, and provide full-year 2026 guidance along with an exploration and project update [1] Financial Reporting Schedule - Q1 2026 financial statements will be released on April 29, 2026, with a conference call on April 30, 2026 [4] - Q2 2026 financial statements will be released on July 29, 2026, with a conference call on July 30, 2026 [4] - Q3 2026 financial statements will be released on October 28, 2026, with a conference call on October 29, 2026 [4] Company Overview - Kinross Gold Corporation is a Canadian-based global senior gold mining company with operations in the United States, Brazil, Mauritania, Chile, and Canada [3] - The company focuses on responsible mining, operational excellence, disciplined growth, and maintaining a strong balance sheet [3]

Core Viewpoint - Kinross Gold Corporation is set to release its 2025 fourth-quarter and full-year financial statements and operating results on February 18, 2026, along with guidance for 2026 and updates on mineral reserves and resources [1] Financial Reporting Schedule - The company will hold a conference call and audio webcast on February 19, 2026, at 8:00 a.m. ET to discuss the results [1] - The quarterly reporting schedule for 2026 includes: - Q1 2026: April 29, 2026, with a conference call on April 30, 2026 - Q2 2026: July 29, 2026, with a conference call on July 30, 2026 - Q3 2026: October 28, 2026, with a conference call on October 29, 2026 [4] Company Overview - Kinross Gold Corporation is a Canadian-based global senior gold mining company with operations in the United States, Brazil, Mauritania, Chile, and Canada [3] - The company focuses on responsible mining, operational excellence, disciplined growth, and maintaining a strong balance sheet [3]

Core Insights - Agnico Eagle Mines Limited (AEM) and Kinross Gold Corporation (KGC) are significant players in the gold mining industry, with both companies benefiting from soaring gold prices due to global economic uncertainties and geopolitical tensions [1][2][3] Group 1: Agnico Eagle Mines Limited (AEM) - AEM is focused on growth through key projects such as the Odyssey project, Detour Lake, Hope Bay, Upper Beaver, and San Nicolas, which are expected to enhance production and cash flows [5][6] - The Hope Bay Project has proven and probable mineral reserves of 3.4 million ounces, contributing to future cash flow generation [6] - AEM's third-quarter operating cash flow was approximately $1.8 billion, a 67% increase from the previous year, and free cash flow reached about $1.2 billion, nearly doubling from $620 million [9][10] - AEM has a strong liquidity position with a net cash position of nearly $2.2 billion and returned around $350 million to shareholders in the third quarter [11] - AEM offers a dividend yield of 0.8% with a five-year annualized dividend growth rate of 2.6% and a payout ratio of 23% [12] Group 2: Kinross Gold Corporation (KGC) - KGC has a strong production profile and is advancing several organic growth projects, including Round Mountain Phase X and Bald Mountain Redbird 2, aimed at extending mine life and optimizing costs [13][14] - These projects are expected to contribute significantly to KGC's production, with a combined Internal Rate of Return (IRR) of 55% and a post-tax Net Present Value (NPV) of $4.1 billion [15] - KGC's Tasiast and Paracatu assets are key contributors to cash flow, with Tasiast being the lowest-cost asset in its portfolio [16] - KGC has a robust liquidity position, having reactivated its share buyback program and returned over $750 million to shareholders in 2025 [17] - KGC offers a dividend yield of 0.4% with a payout ratio of 9% [18] Group 3: Comparative Analysis - AEM stock has increased by 131.6% over the past year, while KGC stock has risen by 231.8%, outperforming the Zacks Mining – Gold industry average of 161.4% [19] - AEM trades at a forward earnings multiple of 20.38, representing a 29.6% premium over the industry average, while KGC trades at 14.7, making it more attractively priced [20] - KGC's return on equity (ROE) is 22.3%, higher than AEM's 15.6%, indicating more efficient use of shareholder funds [22] - The Zacks Consensus Estimate for AEM's 2025 sales and EPS implies growth of 38.6% and 87.5%, respectively, while KGC's estimates indicate growth of 34.5% and 157.4% [24][25] - Both companies are well-positioned to benefit from favorable gold prices, but KGC appears to have an edge due to its attractive valuation and higher earnings growth projections [28]

Core Viewpoint - Precious metals like gold and silver are expected to continue outperforming due to rising geopolitical tensions, making the metals and miners sector an attractive investment opportunity [1]. Group 1: Precious Metals Miners Overview - Six large-cap precious metals miners have been identified as potential investment opportunities, each with a net profit margin of at least 15% and a Benzinga Edge Quality Score of at least 90 [2]. Group 2: Hecla Mining Co. - Hecla Mining (NYSE:HL) has a Benzinga Edge Quality Score of 97.64, a market cap of nearly $17 billion, and generates over $1.2 billion in annual sales with a net profit margin of 16.2% [3]. - The stock is trading above its 50-day and 200-day simple moving averages (SMAs), indicating a bullish trend supported by the Moving Average Convergence Divergence (MACD) indicator [5]. Group 3: DRDGold Ltd. - DRDGold (NYSE:DRD) has a Benzinga Edge Quality Score of 98.47 and a market cap of $3 billion, utilizing surface-tailing retreatment strategies for gold recovery, resulting in a high net profit margin of 28.5% [6][7]. - The stock has experienced a 280% gain over the last 12 months and recently made a new all-time high, supported by bullish MACD signals [9]. Group 4: Kinross Gold Corp. - Kinross Gold (NYSE:KGC) has a Benzinga Edge Quality Score of 97.49, a market cap of $40 billion, and reported annual sales exceeding $5 billion, with a net profit margin of 27.3% [10]. - The stock has rallied over 200% in the last year, supported by a strong balance sheet, although caution is advised as the MACD indicators suggest a potential short-term pullback [12]. Group 5: OR Royalties Inc. - OR Royalties (NYSE:OR) has a Benzinga Edge Quality Score of 94.14, a market cap of $7.68 billion, and net margins exceeding 60% [13]. - The stock has gained over 15% in 2026 and is positioned for potential new all-time highs, supported by bullish MACD indicators [15]. Group 6: Southern Copper Corp. - Southern Copper Corp. (NYSE:SCCO) has a Benzinga Edge Quality Score of 92.36, a market cap of $150 billion, and generated over $12 billion in revenue last year with a net margin of 31% [16]. - The stock has increased by 27% in January 2026, with bullish MACD confirmations indicating strong momentum [18]. Group 7: SSR Mining Inc. - SSR Mining (NASDAQ:SSRM) has a Benzinga Edge Quality Score of 92.96 and a market cap of $4.8 billion, with a net profit margin of 15% [19]. - The stock appears undervalued compared to peers, trading at 23 times earnings and 1.2 times book value, and is poised to resume its rally from 2025 [21].

Group 1 - Gold stocks showed strong performance with Gold Fields (GFI.US) rising nearly 6%, AngloGold Ashanti (AU.US) up over 5%, Kinross Gold (KGC.US) and Agnico Eagle Mines (AEM.US) increasing over 4%, and Newmont Corporation (NEM.US) gaining over 2% [1] - Silver stocks also experienced gains, with Silvercorp Metals (SVM.US) up over 5%, Pan American Silver (PAAS.US) rising over 4%, and First Majestic Silver (AG.US) increasing over 2% [1] - Spot gold increased by 1.2%, currently priced at $4,723.65, while spot silver rose over 1%, currently priced at $93.42 [1] Group 2 - Ray Dalio, founder of Bridgewater Associates, warned that President Trump's policies could trigger a "capital war," leading countries and investors to reduce investments in U.S. assets [1] - The escalation of trade tensions and increasing fiscal deficits may undermine confidence in U.S. debt, potentially prompting investors to turn to hard assets like gold [1] - Dalio suggested that gold should be considered an important hedging tool in the current economic climate [1]

Group 1 - Gold stocks showed strong performance with Gold Fields (GFI.US) rising nearly 6%, AngloGold Ashanti (AU.US) up over 5%, Kinross Gold (KGC.US) and Eagle Mining (AEM.US) increasing over 4%, and Newmont Mining (NEM.US) gaining over 2% [1] - Silver stocks also experienced gains, with Silvercorp Metals (SVM.US) up over 5%, Pan American Silver (PAAS.US) rising over 4%, and First Majestic Silver (AG.US) increasing over 2% [1] - Spot gold rose by 1.2%, currently priced at $4,723.65, while spot silver saw an increase of over 1%, currently priced at $93.42 [1] Group 2 - Ray Dalio, founder of Bridgewater Associates, warned that President Trump's policies could lead to a "capital war," as countries and investors may reduce their investments in U.S. assets [1] - The escalation of trade tensions and increasing fiscal deficits may undermine confidence in U.S. debt, potentially prompting investors to turn to hard assets like gold [1] - Dalio suggested that gold should be considered an important hedging tool in the current economic climate [1]

Core Insights - Kinross Gold Corporation (KGC) is advancing three organic growth projects in the U.S. to enhance its portfolio, aiming for mine life extension and cost optimization [1][8] Project Details - The three projects include Round Mountain Phase X and Bald Mountain Redbird 2 in Nevada, and the Kettle River–Curlew project in Washington, expected to significantly boost KGC's U.S. production profile with a combined Internal Rate of Return (IRR) of 55% and a post-tax Net Present Value (NPV) of $4.1 billion [2][8] - Round Mountain Phase X is projected to add 1.4 million gold equivalent ounces (Au eq. oz.) to its life-of-mine production, with promising mineralization discovered [3] - The Kettle River mill will restart to process high-grade mineralization, targeting approximately 100,000 gold ounces (Au oz.) annually for the first five years, with an initial mine life of 11 years starting in 2028 [4] - Bald Mountain Redbird 2 and five satellite pits are expected to contribute 643,000 Au oz. of production, extending the mine life to early 2032 [4] Financial Strategy - Kinross Gold plans to fully self-fund these growth projects from operating cash flows, reflecting a disciplined financial strategy [5] - In 2025, the company repaid $700 million in debt and returned over $750 million to shareholders, ending the year with approximately $1 billion in net cash [5] - With $1.6 billion in available credit as of September 30, 2025, and no debt maturities until 2033, Kinross is well-positioned for growth while enhancing its balance sheet [5] Stock Performance - KGC stock has increased by 226.5% over the past year, outperforming the industry average growth of 153.8% [6]

Company Announcement - Kestrel Gold Inc. has appointed Duncan McBean as a Director, bringing 35 years of experience in mining exploration and management [1] - Mr. McBean's expertise includes orogenic gold deposits, diamondiferous kimberlite exploration, and lithium exploration [1] Stock Options - Mr. McBean has been granted options to purchase 1,000,000 Common Shares at an exercise price of $0.065 per share, expiring on September 15, 2030 [2] Company Overview - Kestrel Gold Inc. is an exploration company based in western Canada, focusing on the Canadian Cordillera [3] - The company holds a 100% interest in the QCM Property, an orogenic gold target in the Manson-Germanson placer district, subject to a 2% NSR royalty with buydown provisions [3] - Kestrel also owns a 100% interest in the KSD Property, another orogenic gold target located in the Yukon portion of the Tintina Gold Belt, subject to a 2.5% NSR royalty with buydown provisions [3] - Kestrel Gold Inc. is listed on the TSX Venture exchange under the symbol KGC [3]

Core Viewpoint - Kinross Gold is advancing construction on three strategic growth projects in the US, aiming to extend mine life and optimize costs, with a projected production of approximately three million ounces of gold equivalent by 2038 [1][2]. Group 1: Project Details - The three projects include Round Mountain Phase X, Bald Mountain Redbird 2 in Nevada, and the Kettle River-Curlew project in Washington [1]. - Production from these projects is expected to commence in 2028, with an average annual output of 400,000 ounces from 2029 to 2031 [2]. - The Round Mountain Phase X project has a post-tax NPV of $1.9 billion and an IRR of 67% at a gold price of $4,300 per ounce [3][4]. Group 2: Financial Projections - The combined internal rate of return (IRR) for the projects is estimated at 55%, with a net present value (NPV) of around $4.1 billion [2]. - The Kettle River project is expected to yield around 100,000 gold ounces annually over the first five years, totaling approximately 940,000 ounces over an initial 11-year mine life [6]. - Bald Mountain's Redbird 2 project forecasts a post-tax NPV of $1 billion and an IRR of 58% at the same gold price [6][7]. Group 3: Cost and Production Efficiency - The all-in sustaining cost (AISC) for the Round Mountain Phase X project is projected at $1,680 per ounce, with a production cost of sales of $1,576 per ounce [4]. - The Kettle River project forecasts a life-of-mine AISC of $1,726 per ounce [6]. - The addition of Redbird 2 and surrounding satellite deposits could produce a combined total of 643,000 ounces, maintaining an annual output of approximately 155,000 ounces [7].

Core Viewpoint - Kodiak Copper has made significant progress in 2025, achieving a maiden mineral resource estimate for its MPD property, resulting in a 205% increase in share price over the past year [3][32]. Company Developments - The company is currently focused on resource expansion for 2026, utilizing data from previous drilling campaigns and planning future exploration [4][12]. - Kodiak Copper reported a total of seven deposits in its resource estimate, with four announced in June and three in December [5]. - The maiden mineral resource estimate (MRE) includes 82.9 million tonnes of Indicated resources grading 0.39% Cu Eq and 356.3 million tonnes of Inferred resources grading 0.32% Cu Eq, totaling 2.408 billion pounds of copper and 1.67 million ounces of gold [8][9]. Resource Potential - The MPD Project features deposits with shallow mineralization and favorable geometry, which are expected to support low strip ratios in future evaluations [7]. - All deposits remain open for expansion, with ongoing exploration aimed at both expanding known zones and discovering new targets [12][14]. - The company has identified approximately 20 targets on the property, indicating strong potential for further discoveries [14]. Market Context - The copper market is experiencing significant demand, driven by electrification and decarbonization trends, with copper prices rising 42% and gold prices increasing 64% in 2025 [22][21]. - Supply constraints are evident, with a projected copper market deficit of 590,000 tons in 2026, highlighting the importance of new copper projects [30][25]. - Recent mine disruptions have underscored the volatility of the copper market, further emphasizing the need for new discoveries [26]. Financial Position - Kodiak Copper has maintained a low share count of 95.1 million shares, resulting in a market capitalization of approximately CAD$91.9 million [19][34]. - The conservative estimates used in the MRE could lead to an increase in resource value as commodity prices rise, with current market prices for gold and copper significantly higher than those used in the estimates [16][17].