Core Insights - Kinross Gold Corporation (KGC) reported a significant increase in operating margin in Q3, attributed to rising gold prices, effective cost management, and strong production performance [1][7] - The margin per gold equivalent ounce sold increased to $2,310, reflecting a 54% year-over-year growth, which outpaced the 40% rise in average realized gold price to $3,460 per ounce [1][7] Financial Performance - KGC generated record free cash flow of approximately $686.7 million in Q3, a 66% increase year-over-year, driven by strong gold prices and operational performance [2][7] - For the first nine months of 2025, free cash flow reached around $1.7 billion, with the Paracatu and Tasiast mines contributing significantly to this performance [2] Future Outlook - The company expects to maintain strong margin performance in Q4 due to ongoing cost-control measures and sustained strength in gold prices [3][7] - KGC is prioritizing margin improvement to enhance cash flow, which is anticipated to support shareholder returns [3] Industry Comparison - Agnico Eagle Mines Limited (AEM) also reported record operating margins in Q3, with a 62% year-over-year increase, benefiting from higher realized gold prices [4] - Newmont Corporation (NEM) achieved a reduction in all-in sustaining costs (AISC) to $1,566 per ounce, a 2% decrease from the previous quarter, indicating a commitment to cost discipline and productivity improvements [5] Stock Performance - KGC's shares have increased by 111.3% over the past six months, outperforming the Zacks Mining – Gold industry, which rose by 74% [6] - The Zacks Consensus Estimate for KGC's earnings in 2025 and 2026 indicates a year-over-year rise of 147.1% and 35.2%, respectively, with EPS estimates trending higher [8] Valuation Metrics - KGC is currently trading at a forward 12-month earnings multiple of 14.49, which is a 1.2% discount to the industry average of 14.66 [9] - The company holds a Value Score of B, indicating a favorable valuation relative to its peers [9]

Core Viewpoint - Kinross Gold (KGC) is positioned to continue its earnings-beat streak, having recently surpassed earnings estimates in its last two reports with an average surprise of 23.08% [1] Earnings Performance - For the most recent quarter, Kinross Gold reported earnings of $0.44 per share, exceeding the expected $0.39 per share, resulting in a surprise of 12.82% [2] - In the previous quarter, the company also beat expectations, reporting $0.44 per share against a consensus estimate of $0.33 per share, which was a surprise of 33.33% [2] Earnings Estimates and Predictions - Recent estimates for Kinross Gold have been revised upward, with a positive Earnings ESP (Expected Surprise Prediction) indicating a strong potential for another earnings beat [5] - The current Earnings ESP for Kinross Gold is +4.00%, reflecting increased analyst optimism regarding its near-term earnings potential [8] Zacks Rank and Predictive Power - Kinross Gold holds a Zacks Rank of 1 (Strong Buy), which, when combined with its positive Earnings ESP, suggests a high likelihood of another earnings beat [8] - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have historically produced positive surprises nearly 70% of the time [6]

Core Insights - Major U.S. stock market indices closed positively on January 9, 2026, following December jobs data, with unemployment rate decreasing to 4.4% but job additions missing expectations [1] Group 1: Market Trends - Investors are shifting towards dividend-growth stocks due to a preference for quality and visibility amid economic uncertainty, as these stocks signal robust cash flows [2][9] - Stocks with a strong history of year-over-year dividend growth are seen as better investments for capital appreciation compared to simple dividend-paying stocks [3][6] Group 2: Characteristics of Dividend Growth Stocks - Dividend growth stocks belong to mature companies, providing a hedge against market volatility and economic uncertainty while offering downside protection through consistent payout increases [4] - These stocks typically exhibit superior fundamentals, including sustainable business models, profitability, rising cash flows, good liquidity, and strong balance sheets [5] Group 3: Selected Dividend Growth Stocks - Woodward Inc. (WWD): Expected revenue growth of 11.2% for fiscal 2026, long-term earnings growth rate of 15.20%, and annual dividend yield of 0.35% [10][11] - Cardinal Health (CAH): Projected revenue growth of 16.2% for fiscal 2026, long-term earnings growth rate of 13.90%, and annual dividend yield of 1.02% [12] - Fox Corp. (FOX): Anticipated revenue growth of 3.6% for fiscal 2027, long-term earnings growth rate of 10.10%, and annual dividend yield of 0.84% [13] - Kinross Gold (KGC): Expected revenue growth of 11% for fiscal 2026, long-term earnings growth rate of 36.5%, and annual dividend yield of 0.45% [14] - Donaldson (DCI): Projected revenue growth of 3.5% for fiscal 2026, long-term earnings growth rate of 10%, and annual dividend yield of 1.26% [15]

Core Viewpoint - Kinross Gold Corporation will provide an update on its Round Mountain Phase X, Kettle River-Curlew, and Bald Mountain Redbird 2 projects on January 15, 2026, followed by a virtual presentation and Q&A session [1]. Group 1: Presentation Details - The virtual presentation will take place at 9:00 a.m. EST on January 15, 2026 [1]. - A webcast link for the presentation is provided, along with toll-free numbers for Canada and the US, and an international number for participants outside these regions [2]. - A replay of the presentation will be available for 30 days after the call, with specific links and access details provided [2]. Group 2: 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 delivering value through responsible mining, operational excellence, disciplined growth, and maintaining a strong balance sheet [3]. - Kinross is listed on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC) [3].

Group 1: Market Performance - The U.S. stock market saw all three major indices rise, with the Dow Jones Industrial Average reaching a new historical high, approaching the 50,000 mark, closing at 49,462.08 points, up 0.99% [3] - The Philadelphia Semiconductor Index increased by 2.75%, setting a new historical high, with notable gains in chip stocks such as Microchip Technology up over 11%, Micron Technology up over 10%, and NXP Semiconductors up over 9% [5][6] Group 2: Federal Reserve Insights - Federal Reserve Governor Milan stated that the Fed should lower interest rates by more than 100 basis points this year, as economic data trends may support further rate cuts [5] - Milan noted that core inflation has returned to around the Fed's 2% target, and he expects strong economic growth in the U.S. this year [5] Group 3: Commodity Prices - Silver prices surged again, with COMEX silver futures breaking the $80 per ounce mark, reflecting a rise of approximately 6% [8] - Gold prices also saw a slight increase, with COMEX gold futures surpassing $4,500 per ounce, up over 1% [8]

Investment Strategy Overview - The investment approach emphasizes Richard Driehaus' "buy high and sell higher" theory, which aims to capture stocks with strong momentum for further upside potential [1] - Stocks like Kinross Gold Corporation (KGC) and Willdan Group, Inc. (WLDN) have shown significant upward trends, with share prices increasing by 203.8% and 172.2% respectively last year [2] Driehaus Strategy Details - Driehaus prefers investing in stocks that are increasing in price rather than those in decline, focusing on momentum indicators such as the 50-day moving average [3] - The strategy incorporates a positive relative strength indicator, suggesting that stocks trading above their 50-day moving average are in an uptrend [4] Screening Parameters - The strategy utilizes specific screening parameters, including a Zacks Rank of 1 (Strong Buy) and a Momentum Score of A or B, to identify stocks with the best upside potential [6] - Key metrics include last 5-year average EPS growth rates above 2%, trailing 12-month EPS growth greater than 0, and a positive percentage change in the 50-day moving average [8] Company Insights - **Kinross Gold Corporation (KGC)**: Engaged in gold exploration and development across multiple countries, expected to benefit from rising gold prices and strong cash flows, with a trailing four-quarter earnings surprise of 17.4% on average [10] - **Willdan Group, Inc. (WLDN)**: Provides professional and consulting services, leveraging AI-focused infrastructure acquisitions to enhance profits, with a trailing four-quarter earnings surprise of 58.1% on average [11]

Core Insights - West Point Gold Corp. experienced a transformative year in 2025, with significant exploration results and plans for 2026 that aim to enhance shareholder value [4][5]. 2025 Highlights - The company drilled over 9,000 meters in 2025 and plans to expand this to 15,000 meters in 2026 with the addition of a second drill rig [5][6]. - A new high-grade zone was discovered at the northeast (NE) Tyro, and the exploration target for the Tyro Main Zone was updated to between 19.5 to 31.2 million tonnes grading 2.0 to 3.0 g/t gold [8]. - The acquisition of the Baxter Spring project added to the company's Nevada portfolio, strengthening its position in the region [14]. - The company raised gross proceeds of C$13 million from financings, warrant, and option exercises in 2025 [5]. Key Drill Results - Significant drill results from the Gold Chain project include: - GC25-81: 36.6 m of 7.35 g/t gold, including 25.9 m of 9.95 g/t gold [9]. - GC25-84: 24.4 m of 5.92 g/t gold, including 12.2 m of 10.51 g/t gold [10]. - GC25-83: 16.8 m of 8.30 g/t gold, including 6.1 m of 17.61 g/t gold [10]. - Initial metallurgical testing indicated gold recoveries of up to 86% [12]. 2026 Outlook - The company plans to continue aggressive exploration at the Gold Chain project, focusing on completing the 15,000 m drill program and delivering a maiden resource estimate for the Tyro Main Zone [20]. - A 5,000 m drill program is planned for the Baxter Spring project to validate and expand known high-grade zones [23]. - Efforts to permit a maiden drill program at the Jefferson Canyon project are underway, with potential drilling in 2026 [24]. Corporate Developments - In 2025, the company closed an C$8 million financing and saw C$5 million in warrants and options exercised [17]. - Key management changes included the appointment of Derek Macpherson as President and CEO and the addition of experienced directors and advisors [18][19].

Group 1 - The majority of precious metal miners experienced an increase in stock prices on January 5, with Kinross Gold rising by 1.22%, AngloGold by 3.1%, and Newmont Mining by 1.8% [2]

Group 1 - U.S. gold mining stocks showed strong pre-market performance, with Barrick Gold and Newmont Mining rising over 2% [1] - Kinross Gold increased nearly 2%, while AngloGold Ashanti rose by 1.7% [1]

Core Viewpoint - The gold sector in the US stock market experienced a collective rise in pre-market trading, driven by increased demand for safe-haven assets following the arrest of Venezuelan President Maduro, which led to a surge in gold prices, reaching $4,434 per ounce [1]. Group 1: Stock Performance - New Gold saw a pre-market increase of 5.37% [2] - Coeur Mining rose by 3.42% [2] - Pan American Silver increased by 2.98% [2] - Barrick Mining experienced a rise of 2.56% [2] - Harmony Gold gained 2.20% [2] - Newmont Mining increased by 2.15% [2] - B2Gold rose by 2.00% [2] - Kinross Gold saw an increase of 1.98% [2] - AngloGold Ashanti rose by 1.86% [2] - Gold Fields increased by 1.56% [2]