Kinross reports strong 2024 third-quarter results

Core Viewpoint - Kinross Gold Corporation reported strong financial and operational results for Q3 2024, highlighting significant margin growth, record free cash flow, and a continued focus on debt repayment and operational efficiency [1][2][3]. Financial Highlights - Production of 564,106 gold equivalent ounces (Au eq. oz.) in Q3 2024, a 4% decrease from 585,449 Au eq. oz. in Q3 2023 [7]. - Revenue increased to $1,432.0 million, up from $1,102.4 million in Q3 2023 [7]. - Reported net earnings of $355.3 million, or $0.29 per share, compared to $109.7 million, or $0.09 per share, in Q3 2023 [7][8]. - Attributable free cash flow reached a record $414.6 million, tripling from $137.7 million in Q3 2023 [7][8]. - Operating cash flow was $733.5 million, compared to $406.8 million in Q3 2023 [7][8]. Cost and Margin Analysis - Production cost of sales per Au eq. oz. sold was $976, up from $911 in Q3 2023 [7][8]. - Margins increased by 47% to $1,501 per Au eq. oz. sold, compared to $1,018 in Q3 2023 [7][8]. - Attributable all-in sustaining cost per Au eq. oz. sold was $1,350, compared to $1,296 in Q3 2023 [7][8]. Operational Performance - Tasiast continued to perform well with higher mill throughput rates, while Fort Knox saw increased cash flow due to production from Manh Choh [3][10]. - Paracatu's production increased due to higher grades, while Round Mountain's production decreased due to fewer ounces recovered from heap leach pads [11][10]. - The heap leach pad expansion at Round Mountain Phase S was completed on schedule and under budget [3]. Development Projects and Exploration - The Preliminary Economic Assessment (PEA) for the Great Bear project indicates potential production of over 500,000 ounces per year at an all-in sustaining cost of approximately $800 per ounce [4][12]. - Exploration drilling at Round Mountain Phase X and Curlew Basin showed strong grades and widths, supporting the potential for higher-margin mining [12][12]. Balance Sheet Strength - Kinross repaid $350 million on its term loan in Q3 2024 and an additional $100 million post-quarter, totaling $650 million repaid in 2024 [8]. - Cash and cash equivalents increased to $472.8 million as of September 30, 2024, compared to $352.4 million at the end of 2023 [8][20]. - The company has total liquidity of approximately $2.1 billion, including available credit of $1.65 billion [8]. Dividend Declaration - The Board of Directors declared a quarterly dividend of $0.03 per common share, payable on December 12, 2024, to shareholders of record as of November 28, 2024 [9].