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].

Kinross Gold First Quarter 2026 U.S. Projects Update Conference Call Summary Company Overview - **Company**: Kinross Gold - **Focus**: Update on U.S. projects including Round Mountain Phase X, Kettle River Curlew, and Bald Mountain Redbird II Core Industry Insights - **Gold Mining Industry**: The company is focusing on low-cost structures and high-grade mining opportunities to enhance production and offset inflationary pressures Key Points and Arguments Project Updates - **Investment in Growth Projects**: Kinross Gold is advancing three new growth projects in the U.S. to construction, driven by positive exploration results and robust project studies [4][5] - **Production Goals**: The projects are expected to maintain a production profile of 2 million ounces through the end of the decade, with potential to deliver up to 400,000 ounces per year [6][10] - **Phase X at Round Mountain**: - Expected average annual production of approximately 140,000 ounces, extending operations through 2038 [9][21] - Initial capital investment of $400 million with an AISC of $1,680 per ounce, NPV of $1.9 billion, and IRR of 67% at $4,300 gold [13][10] - **Curlew Project**: - Expected average production of 100,000 ounces per year for the first five years, with a total expected production of approximately 940,000 ounces over an initial 11-year mine life [32][30] - Initial capital costs estimated at $485 million, with a projected NPV of $1.2 billion and IRR of 44% at $4,300 gold [30][29] Economic Metrics - **All-in Sustaining Costs (AISC)**: Average AISC for the projects is $1,650 per ounce, with strong margins and quick paybacks of less than two years [10] - **Net Present Value (NPV) and Internal Rate of Return (IRR)**: Combined NPV of $4.1 billion and IRR of 55% at $4,300 gold, resilient at lower gold prices [10] Strategic Advantages - **Resource Base**: The company has a substantial resource base that provides excellent optionality at current gold prices, with significant exploration potential to extend production beyond current estimates [6][25] - **Transition to Underground Mining**: The transition to underground mining at Round Mountain is expected to maximize value by focusing on higher-grade ore, resulting in a significant increase in the overall resource grade [22][23] Operational Execution - **Funding Development**: Development will be funded through cash flow from existing operations, with a focus on consistent operational execution and strong financial performance [7][8] - **Workforce Management**: The company is using contractors for initial development to de-risk the ramp-up and is concurrently building an internal workforce to ensure smooth transitions [44][46] Permitting and Regulatory Considerations - **Permitting Status**: Most permits are in place, with minor actions expected to be completed without issues. The company is confident in its permitting strategy for both Round Mountain and Curlew [42][43] Exploration Potential - **Future Growth**: Ongoing exploration at both Phase X and Curlew shows potential for resource extensions, which could enhance production profiles and mine life beyond current estimates [26][31] Additional Important Insights - **Historical Context**: The Kettle River Mill has a history of producing 2.8 million ounces and is positioned for a restart, leveraging existing infrastructure [28] - **Technical Expertise**: The company has a strong technical team with extensive underground mining experience, which is crucial for the successful execution of the projects [50][59] This summary encapsulates the key points discussed during the conference call, highlighting Kinross Gold's strategic initiatives, project updates, economic metrics, and operational strategies in the gold mining industry.

Market Overview - U.S. stock markets have started 2026 positively, with all three major stock indexes trading in positive territory, supported by strong domestic economic fundamentals, solid fourth-quarter 2025 earnings projections, and the Fed's accommodative monetary policies [1] Investment Recommendations - Investing in growth stocks is recommended to strengthen portfolios in January, focusing on stocks with aggressive earnings or revenue growth [2] Selected Growth Stocks - Five growth stocks highlighted are Micron Technology Inc. (MU), MongoDB Inc. (MDB), Samsara Inc. (IOT), Ciena Corp. (CIEN), and Kinross Gold Corp. (KGC), all rated Zacks Rank 1 (Strong Buy) with a Growth Score of A [3] Micron Technology Inc. (MU) - Micron is a leader in the AI infrastructure boom, driven by strong demand for high-bandwidth memory (HBM) solutions, with record sales in the data center market [6] - The growing adoption of AI servers is reshaping the DRAM market, increasing demand for high-capacity DIMMs and low-power server DRAM, which Micron is capitalizing on [7] - Micron's expected revenue and earnings growth rates are 89.3% and over 100%, respectively, for the current year, with a 64.2% improvement in the Zacks Consensus Estimate for earnings over the last 30 days [9] MongoDB Inc. (MDB) - MongoDB has expanded its Atlas platform into analytics, targeting agile development and modern workloads, benefiting from the generative AI trend [10] - The company has seen continued platform adoption across enterprises, with a focus on larger enterprises supporting deal sizes and sales efficiency [11] - MongoDB's expected revenue and earnings growth rates are 17.5% and 17%, respectively, for the next year, with a 29.6% improvement in the Zacks Consensus Estimate for earnings over the last 60 days [13] Samsara Inc. (IOT) - Samsara connects physical operations data to its connected operations cloud, developing sensor systems that utilize wireless sensors and cloud-based analytics [14] - The expected revenue and earnings growth rates for Samsara are 19.8% and 12.9%, respectively, for the next year, with a 1.8% improvement in the Zacks Consensus Estimate for earnings over the last 60 days [15] Ciena Corp. (CIEN) - Ciena reported a 20% year-over-year top-line gain and 69.5% EPS growth, driven by AI-led demand from cloud and service provider customers [16] - The company expects fiscal 2026 revenue of $5.7-$6.1 billion, nearly 24% growth at the midpoint, up from a prior estimate of 17% [17] - Ciena's expected revenue and earnings growth rates are 24.2% and over 100%, respectively, for the current year, with a 19.7% improvement in the Zacks Consensus Estimate for earnings over the last 30 days [19] Kinross Gold Corp. (KGC) - Kinross Gold has a strong production profile and a promising pipeline of exploration and development projects expected to boost production and cash flow [20] - The company is focusing on organic growth through its Tasiast mine, with expansions expected to increase throughput and production [21] - Kinross Gold's expected revenue and earnings growth rates are 11% and 35.2%, respectively, for the current year, with a 12.9% improvement in the Zacks Consensus Estimate for earnings over the last 60 days [22]

Core Insights - Kinross Gold Corporation's (KGC) shares have increased by 212.3% over the past year, significantly outperforming the Zacks Mining – Gold industry's growth of 155.6% and the S&P 500's rise of 19.7% [1][2] - The surge in KGC's stock price is attributed to solid earnings performance driven by higher realized gold prices and strong operating margins, alongside a favorable macroeconomic environment [2][7] Stock Performance - KGC's stock has been trading above the 200-day simple moving average (SMA) since March 6, 2024, indicating a bullish trend [5] - The stock is also trading above its 50-day SMA, which is higher than the 200-day moving average, further supporting the bullish outlook [5] Financial Performance - KGC reported record free cash flow of approximately $686.7 million for the third quarter of 2025, a 66% year-over-year increase, driven by strong gold prices and operational performance [13] - The company ended the third quarter of 2025 with robust liquidity of around $3.4 billion, including cash and cash equivalents of approximately $1.7 billion [13] Development Projects - KGC has a strong production profile with key development projects such as Great Bear in Ontario and Round Mountain Phase X in Nevada, which are expected to enhance production and cash flow [10][11] - Tasiast and Paracatu, KGC's two largest assets, are key contributors to cash flow generation, with Tasiast achieving record annual production and cash flow in 2024 [12] Shareholder Returns - KGC reactivated its share buyback program in April 2025, repurchasing shares worth approximately $405 million as of November 4, 2025, and plans to return around $750 million through dividends and repurchases for the full year [15] - The company has increased its quarterly dividend by 17% to 3.5 cents per common share, indicating a commitment to returning value to shareholders [15][16] Market Outlook - Analysts have raised earnings estimates for KGC over the past 60 days, with the Zacks Consensus Estimate for 2025 earnings pegged at $1.68, reflecting a year-over-year growth of 147.1% [20] - KGC is currently trading at a forward price/earnings ratio of 14.64X, which is a discount compared to the industry average of 15.38X, indicating potential value for investors [23] Investment Thesis - KGC is positioned as a compelling investment opportunity due to its strong fundamentals, expanding production pipeline, and robust financial health, making it a prudent choice for investors seeking to capitalize on favorable market conditions [24]

Project Highlights - Three US-based organic growth projects are expected to add a cumulative Net Present Value (NPV) of $41 billion at a gold price of $4,300/oz[13] - The combined Internal Rate of Return (IRR) for these projects is projected to be 55% at a gold price of $4,300/oz[13] - The projects are expected to have a quick payback period[13] - The average incremental All-In Sustaining Cost (AISC) for these projects is estimated to be approximately $1,650/oz[13] - The projects are expected to contribute nearly 3 million ounces of gold equivalent production over their Life of Mine (LOM)[13] Round Mountain - Phase X - Phase X is projected to have an NPV of $1881 million and an IRR of 67% at a gold price of $4,300/oz[22] - The project is expected to produce 14 million ounces of gold equivalent over its LOM[22] - The average grade is expected to be 30 g/t[22] Curlew - Curlew is projected to have an NPV of $1171 million and an IRR of 44% at a gold price of $4,300/oz[61] - The project is expected to produce 09 million ounces of gold equivalent over its LOM[61] - The average grade is expected to be 58 g/t[61] Bald Mountain - Redbird 2 - Redbird 2 is projected to have an NPV of $969 million and an IRR of 58% at a gold price of $4,300/oz[99] - The project is expected to produce 064 million ounces of gold equivalent over its LOM[99] - The average grade is expected to be 05 g/t[99]

Core Viewpoint - Kinross Gold Corporation is advancing the construction of three organic growth projects, which are expected to significantly enhance production, extend mine life, and improve long-term cost efficiency within its U.S. portfolio, contributing a total of 3 million ounces of life-of-mine production [1][7]. Group 1: Project Overview - The three projects include Round Mountain Phase X, Bald Mountain Redbird 2, and Kettle River-Curlew, all of which are anticipated to extend mine life and enhance production capabilities [1][7]. - The projects are expected to maintain a production profile of 2 million gold equivalent ounces per year, with specific contributions of 400,000 ounces per year from 2029 to 2031 and a total of 3 million ounces from 2028 to 2038 [5][7]. Group 2: Financial Highlights - The combined internal rate of return (IRR) for the projects is projected at 55%, with a cumulative post-tax net present value (NPV) exceeding $4.1 billion at a gold price of $4,300 per ounce [5][7]. - Capital expenditures for the projects are forecasted at approximately $425 million in 2026, with total attributable capital expenditures for the global portfolio expected to be around $1.5 billion [5][63]. Group 3: Round Mountain Phase X Details - The Phase X project is expected to produce approximately 1.4 million gold equivalent ounces over an initial 11-year mine life, extending production at Round Mountain until 2038, with an average annual production of about 140,000 ounces from 2029 to 2037 [13][15]. - The project will have an all-in sustaining cost (AISC) of $1,680 per gold equivalent ounce, which is expected to lower the cost profile at Round Mountain [13][15]. Group 4: Kettle River-Curlew Highlights - The Curlew project is projected to produce approximately 940,000 ounces over an initial 11-year mine life, averaging about 100,000 ounces per year for the first five years [34][39]. - The average mining grade is expected to be 5.8 g/t, with an AISC of $1,726 per ounce over the life of the mine [34][39]. Group 5: Bald Mountain Redbird 2 Highlights - The Redbird 2 project is expected to yield approximately 640,000 ounces, with first production anticipated in 2028 and an average production of about 155,000 ounces per year from 2028 to 2031 [49][51]. - The project will have an AISC of $1,466 per ounce, benefiting from existing infrastructure and economies of scale [51][53]. Group 6: Exploration and Upside Potential - There is significant potential for resource extensions and further exploration at all three projects, with existing intercepts indicating higher grades and improved mineability [29][45]. - The company is focused on leveraging its existing infrastructure and historical production capabilities to maximize the potential of these projects [33][39].

Industry Overview - Gold and gold mining stocks are expected to continue strong performance due to structural shifts in global markets, with central banks and institutional investors increasing their positions [2][4] - The rally is characterized by shallow corrections, with aggressive buying limiting downside risks and allowing for quick reassertion of the uptrend [3] Gold Mining Stocks - Gold mining stocks provide leverage to gold prices, with fixed costs allowing incremental gains in gold prices to significantly boost miners' cash flow and earnings [5] - Leading miners have prioritized balance sheet discipline, focusing on capital returns, debt reduction, and operational efficiency, which reduces downside risk while preserving upside potential [6][8] Specific Companies - Kinross Gold (KGC) is projected to grow earnings at an annual rate of 36.5% over the next three to five years, trading at a forward earnings multiple of 14.5x, with a PEG ratio below 1 indicating undervaluation [9][10] - Agnico Eagle Mines (AEM) is expected to grow earnings at 33.6% annually, with a forward earnings multiple of 20.2x, supported by a strong portfolio of low-cost mines [11] - Royal Gold (RGLD) operates on a royalty and streaming model, offering lower operating risk and higher margins, with a forward earnings multiple of 23.4x and projected earnings growth of 30.9% [12][13] Investment Outlook - Kinross, Agnico Eagle, and Royal Gold are well-positioned for investors seeking exposure to gold, combining strong earnings growth, reasonable valuations, and favorable Zacks Ranks [14]