Financial Data and Key Metrics Changes - In Q3, the company produced 504,000 ounces of gold at a cost of sales of $1,145 per ounce, resulting in record free cash flow of nearly $700 million for the quarter and over $1.7 billion year to date [4][10] - Adjusted earnings were $0.44 per share, with adjusted operating cash flow of $845 million [9] - The company ended the quarter with approximately $1.7 billion in cash and $3.4 billion in total liquidity, increasing by over $600 million from the prior quarter [10][11] Business Line Data and Key Metrics Changes - Paracatu produced 150,000 ounces at a cost of sales of $933 per ounce, remaining on track to meet its guidance [15][16] - Tasiast delivered 121,000 ounces at a cost of sales of $889 per ounce, with production supported by strong mill performance [16] - La Coipa produced 58,000 ounces at a cost of sales of $1,199 per ounce, with improved performance as mining transitioned to higher grade ore [16][17] - U.S. operations collectively produced 175,000 ounces at a cost of sales of $1,469 per ounce, remaining on track to meet full year guidance [18] Market Data and Key Metrics Changes - The average realized gold price was $3,458 per ounce, leading to margins of over $2,300 per ounce [9] - All-in sustaining costs increased due to higher gold prices impacting royalties and sustaining capital expenditures [9] Company Strategy and Development Direction - The company is committed to strengthening its balance sheet through debt repayment and enhancing returns for shareholders, planning to increase capital returns beyond the minimum $650 million for the year [5][12] - The focus remains on operational and financial discipline, delivering strong margins and cash flow to support returns to shareholders [8][32] - The project pipeline is backed by a significant resource base, with ongoing exploration and technical studies to support future production [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full year production targets, with operations on track for the fourth quarter [8] - The company anticipates higher tax payments in the first half of 2026 due to increased gold prices [13] - Management highlighted the importance of maintaining a strong production profile and generating significant free cash flow [32] Other Important Information - The company received a positive credit outlook from S&P during the quarter [10] - Significant capital returns to shareholders have been made, with over $500 million returned to date in 2025 [12] Q&A Session Summary Question: Cost reduction efforts compared to peers - Management confirmed ongoing initiatives to improve productivity and cost management across operations, including contractor partnerships and labor efficiency [34][36] Question: Capital returns and balance sheet position - Management indicated a desire to continue returning capital while also considering reinvestment opportunities, with guidance updates expected in early 2026 [42][46] Question: Tax payable accrual and working capital reversal - Management expects significant tax payments in Q1 2026, with approximately $400 million related to Brazil [48] Question: Permitting timeline at Great Bear - Management clarified that the AEX permits are not on the critical path for the main project timeline, with no expected delays for the main project [50][51] Question: Capital allocation strategy for next year - Management stated that while there is no strict formula for capital allocation, a healthy return of capital is prioritized alongside reinvestment in the business [78][81]

Financial Data and Key Metrics Changes - In Q3, the company produced 504,000 ounces of gold at a cost of sales of $1,145 per ounce, resulting in record free cash flow of nearly $700 million for the quarter and over $1.7 billion year to date [4][10] - Adjusted earnings were $0.44 per share, with adjusted operating cash flow of $845 million [9] - The company ended the quarter with approximately $1.7 billion in cash and $3.4 billion in total liquidity, increasing by over $600 million from the prior quarter [10][12] Business Line Data and Key Metrics Changes - Paracatu produced 150,000 ounces at a cost of sales of $933 per ounce, remaining on track to meet its guidance [15][16] - Tasiast delivered budgeted production of 121,000 ounces at a cost of sales of $889 per ounce, supported by strong mill performance [16] - US operations collectively produced 175,000 ounces at a cost of sales of $1,469 per ounce, with Fort Knox and Bald Mountain contributing significantly [18][19] Market Data and Key Metrics Changes - The average realized gold price was $3,458 per ounce, leading to margins of over $2,300 per ounce [9] - All-in sustaining costs increased due to higher gold prices impacting royalties and sustaining capital expenditures [9][13] Company Strategy and Development Direction - The company is committed to strengthening its balance sheet through debt repayment and enhancing shareholder returns, planning to increase capital returns beyond the minimum $650 million for the year [5][12] - The operational focus includes cost management, productivity improvements, and leveraging a strong resource base for future growth [15][20] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year production targets, with operations on track for the fourth quarter [8][12] - The company anticipates higher tax payments in 2026 due to increased gold prices, impacting cash flow [13][48] Other Important Information - The company received a positive credit outlook from S&P during the quarter, reflecting its strong financial position [10] - Significant progress was made in sustainability initiatives, including local educational infrastructure development [7][8] Q&A Session Summary Question: Cost reduction efforts compared to peers - Management highlighted various global initiatives focusing on contractor relationships, labor productivity, and maintenance efficiencies [34][36] Question: Incremental tons from Redbird pit - The Redbird pit will provide incremental tons and ounces, expanding the heap leach facility [37][39] Question: Capital returns and balance sheet position - Management indicated a desire to maintain a strong balance sheet while returning capital to shareholders, with updates expected in the new year [43][46] Question: Tax payable accrual for Q1 - Significant tax payments are expected in Q1 2026, with approximately $400 million accrued [48][49] Question: Permitting timeline at Great Bear - The AEX permits are not on the critical path for the main project timeline, with no expected delays for the main project [50][51] Question: Capital allocation strategy for next year - Management emphasized a flexible approach to capital allocation, balancing returns to shareholders with reinvestment opportunities [78][81]

Financial Data and Key Metrics Changes - In Q3 2025, the company produced 504,000 ounces of gold at a cost of sales of $1,145 per ounce, resulting in record free cash flow of nearly $700 million for the quarter and over $1.7 billion year to date [11][18] - Adjusted earnings were $0.44 per share, with adjusted operating cash flow of $845 million [17] - The company ended the quarter with approximately $1.7 billion in cash and $3.4 billion in total liquidity, improving by over $600 million from the prior quarter [18] Business Line Data and Key Metrics Changes - At Paracatu, production was 150,000 ounces at a cost of sales of $933 per ounce, remaining on track to meet guidance [24] - Tasiast delivered budgeted production of 121,000 ounces at a cost of sales of $889 per ounce, with strong mill performance [25] - Le Coipa produced 58,000 ounces at a cost of sales of $1,199 per ounce, with expectations for stronger production in the final quarter [26] - US operations collectively delivered 175,000 ounces at a cost of sales of $1,469 per ounce, on track to meet full year guidance [28] Market Data and Key Metrics Changes - The average realized gold price was $3,458 per ounce, delivering margins of over $2,300 per ounce [17] - All-in sustaining costs increased due to higher gold prices impacting royalties and sustaining capital expenditures [17] Company Strategy and Development Direction - The company is committed to strengthening its balance sheet through debt repayment and enhancing shareholder returns, planning to increase capital returns beyond the minimum $650 million for the year [12][21] - The operational focus includes rigorous financial discipline, strong margins, and cash flow to support returns for shareholders [16] - The company is advancing several projects, including Curlew, Great Bear, and Lobo Marte, to enhance production profiles in the long term [31][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full year production targets, with operations on track for the fourth quarter [16] - The company anticipates higher tax payments in 2026 due to increased gold prices, impacting cash flow [22] - Management highlighted the importance of maintaining a strong production profile and generating significant free cash flow [43] Other Important Information - The company received a positive credit outlook from S&P during the quarter, reflecting its financial strength [18] - The company has returned over $500 million to shareholders in 2025, marking strong progress against its capital return commitment [21] Q&A Session Summary Question: Cost reduction efforts compared to peers - Management confirmed ongoing initiatives globally to improve productivity and cost management, including contractor partnerships and labor efficiency training [46][47] Question: Capital returns and balance sheet position - Management indicated a focus on returning capital while also considering reinvestment opportunities, with guidance updates expected in the new year [51][54] Question: Tax payable accrual and working capital reversal - Management expects significant tax payments in Q1 2026, with approximately $400 million in total tax payments accrued for that quarter [55] Question: Permitting timeline at Great Bear - Management clarified that the AEX permits are not on the critical path for the main project timeline, with no expected delays for the main project [56][57] Question: Capital allocation strategy for next year - Management stated that while there is no specific formula for capital allocation, there is a strong preference for share buybacks, with a focus on maintaining a healthy return of capital [78][81]

Kinross Gold Corporation (NYSE: KGC; TSX: K) Delivering Value. Third Quarter 2025 Results November 5th, 2025 Third Quarter 2025 Kinross Gold Corporation (NYSE: KGC; TSX: K) Where we say "we", "us", "our", the "Company", or "Kinross" in this presentation, 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 presentation has been prepared under the supervision of Mr. Nicos Pfeiffer wh ...

Core Insights - Kinross Gold reported quarterly earnings of $0.44 per share, exceeding the Zacks Consensus Estimate of $0.39 per share, and showing a significant increase from $0.24 per share a year ago, resulting in an earnings surprise of +12.82% [1] - The company achieved revenues of $1.8 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 17.76% and up from $1.43 billion year-over-year [2] - Kinross Gold shares have appreciated approximately 152.4% year-to-date, significantly outperforming the S&P 500's gain of 16.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.32 on revenues of $1.48 billion, while for the current fiscal year, the estimate is $1.57 on revenues of $6.53 billion [7] - The estimate revisions trend for Kinross Gold was favorable prior to the earnings release, leading to a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Mining - Gold industry is currently ranked in the top 7% of over 250 Zacks industries, suggesting a strong outlook for stocks within this sector [8] - Another company in the same industry, Barrick Mining, is expected to report quarterly earnings of $0.57 per share, reflecting a year-over-year increase of +83.9%, with revenues anticipated to be $4.22 billion, up 25.4% from the previous year [9][10]

Market Overview - U.S. equities faced a significant downturn on November 4, 2025, with all three major indexes closing in the red, particularly the tech-heavy Nasdaq Composite, which led the declines [1][2] - The S&P 500 fell 1.2% to 6,771 points, while the Dow Jones Industrial Average decreased by 0.5% or approximately 238 points to 47,085, and the Nasdaq Composite dropped 2% to 23,348 [2] - The Cboe Volatility Index (VIX) surged 10% to 18.9, indicating increased investor apprehension amid concerns over valuations and a potential market correction [2] Economic Data and Events - The ongoing U.S. government shutdown is delaying key economic data releases, increasing focus on private sector data [3] - The ADP employment report is anticipated, which may provide insights into hiring trends following a dip in September [3] - The ISM Manufacturing PMI declined to 48.7 in October from 49.1 in September, marking the eighth consecutive month of contraction [4] Corporate Developments - Palantir Technologies (PLTR) saw a significant decline of 7.9% despite surpassing analysts' forecasts for sales and profit, raising concerns over high valuations [5] - Nvidia (NVDA) fell 4%, and Microsoft (MSFT) dipped 1%, reflecting growing concerns about the sustainability of the AI rally [5] - Uber Technologies (UBER) slumped 6.3% despite reporting better-than-expected financial results [5] - Yum! Brands (YUM) rose 6.1% after announcing strong quarterly results and considering selling its Pizza Hut unit [5] - Kinross Gold Corporation (KGC) reported robust third-quarter results, including record free cash flow and an increase in share buyback target and dividend [6] Earnings Announcements - Advanced Micro Devices, Inc. (AMD) is expected to report a 27.63% year-over-year increase in earnings per share [10] - Arista Networks, Inc. (ANET) is forecasted to see a 14.04% increase in earnings per share [10] - Axon Enterprise, Inc. (AXON) plunged 20% in after-hours trading following a Q3 earnings miss [10] - Digital Turbine (APPS) surged 22% in after-hours trading after reporting its FY 2026 Q2 earnings [10]

Core Insights - Kinross Gold Corporation reported record free cash flow of approximately $700 million for Q3 2025, contributing to a net cash position of $485 million [1][5][25] - The company increased its share buyback target by 20% to $600 million and raised its quarterly dividend by 17% to $0.14 per share, aiming to return approximately $750 million to shareholders in 2025 [1][6][30] - Kinross is on track to meet its annual production guidance for 2025, with a focus on enhancing long-term value through various development and exploration projects [1][7][49] Financial Highlights - For Q3 2025, Kinross produced 503,862 gold equivalent ounces, a decrease from 564,106 ounces in Q3 2024, primarily due to lower production from Tasiast and Fort Knox [9][15] - Revenue for Q3 2025 increased by 26% to $1,802.1 million compared to $1,432.0 million in Q3 2024, driven by a higher average realized gold price of $3,460 per ounce [16][20] - Reported net earnings rose by 65% to $584.9 million, or $0.48 per share, compared to $355.3 million, or $0.29 per share, in Q3 2024 [20][21] Operating Performance - The production cost of sales per gold equivalent ounce sold was $1,150 in Q3 2025, up from $976 in Q3 2024, influenced by higher royalties due to increased gold prices [17][19] - Attributable free cash flow reached a record $686.7 million, a 66% increase from $414.6 million in Q3 2024 [20] - Operating cash flow for Q3 2025 was $1,024.1 million, compared to $733.5 million in Q3 2024 [19] Development and Exploration Projects - Kinross is advancing its growth pipeline, with significant progress in projects such as Great Bear, Round Mountain Phase X, and Bald Mountain Redbird [7][37][44] - The company plans to provide updates on the economics and resource estimates for Phase X, Redbird, and Curlew in Q1 2026 [7][43][47] - Ongoing baseline studies at Lobo-Marte are aimed at supporting the Environmental Impact Assessment for the project, which is viewed as a potential large, low-cost mine [48] Sustainability Initiatives - Kinross is committed to sustainability, with initiatives including educational infrastructure development in Mauritania and achieving top-level AA classification for tailings facilities in Brazil [8][52][53] - The company received ISO 50001 certification for energy management systems at La Coipa, reflecting its commitment to responsible mining practices [55] Balance Sheet and Liquidity - As of September 30, 2025, Kinross had cash and cash equivalents of $1,721.7 million, significantly up from $1,136.5 million at the end of Q2 2025 [25][63] - The company has total liquidity of approximately $3.4 billion, including available credit of $1.6 billion [25] Shareholder Returns - Kinross has returned approximately $515 million in capital to shareholders in 2025, including share buybacks and dividends [29][30] - The company repurchased approximately $405 million in shares to date in 2025, with plans to increase the buyback target [29] Credit Rating Update - S&P upgraded Kinross' outlook from stable to positive, affirming its investment-grade rating of BBB-, citing strong cash flow and solid operating performance as key factors [26]

Core Points - Kinross Gold Corporation has announced a 17% increase in its longstanding dividend, now amounting to $0.14 per share on an annualized basis [1] - The quarterly dividend of $0.035 per common share is set to be payable on December 10, 2025, to shareholders of record as of November 26, 2025 [2] - The dividend qualifies as an "eligible dividend" for Canadian income tax purposes, with non-resident investors subject to Canadian non-resident withholding taxes [2] Company Overview - Kinross Gold Corporation is a Canadian-based global senior gold mining company with operations and projects 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]

Core Points - Kinross Gold Corporation will redeem all outstanding 4.50% Senior Notes due July 15, 2027, totaling $500 million, on December 4, 2025 [1][2] - After the redemption, Kinross will have $750 million in Senior Notes outstanding, with the next maturity date on July 15, 2033, for $500 million [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 [4] - The company focuses on delivering value through responsible mining, operational excellence, disciplined growth, and maintaining a strong balance sheet [4]

Group 1 - Spot gold prices returned to the $4,000 mark, increasing by over 2% during the day [1] - Several U.S. gold stocks experienced a rebound, with Newmont Corporation (NEM.US) rising over 2.8%, Agnico Eagle Mines (AEM.US) increasing by over 3%, and Kinross Gold (KGC.US) and Barrick Gold (B.US) both gaining over 2% [1]