Kinross reports strong 2025 second-quarter results

Core Viewpoint - Kinross Gold Corporation reported strong financial results for Q2 2025, achieving record free cash flow of approximately $650 million, driven by robust margins and operational performance, while also advancing development projects and returning capital to shareholders [1][4][18]. Return of Capital to Shareholders - The company has reactivated its share buyback program, repurchasing approximately $225 million in shares of a planned $500 million for the year, and has returned about $300 million in capital to shareholders year-to-date [5][22][23]. - Kinross is on track to return a minimum of $650 million to shareholders for the full year, including a minimum of $500 million in share repurchases [23]. Operations Highlights - Kinross produced 512,574 gold equivalent ounces in Q2 2025, a decrease from 535,338 ounces in Q2 2024, with production costs of $1,080 per ounce sold [8][13]. - The average realized gold price increased to $3,284 per ounce in Q2 2025, compared to $2,342 per ounce in Q2 2024, contributing to a revenue increase of 42% year-over-year to $1,728.5 million [14][18]. - Operating cash flow rose to $992.4 million, and attributable free cash flow increased by 87% to $646.6 million compared to Q2 2024 [17][18]. Development and Exploration Projects - The company is advancing several high-quality development and exploration projects, including the Great Bear AEX program and Round Mountain Phase X, with significant progress in drilling and engineering studies [6][30][34]. - At Round Mountain Phase X, over 4,500 meters of decline development has been completed, with strong drilling results indicating continued mineralization [34][35]. Financial and Operating Results - Reported net earnings for Q2 2025 were $530.7 million, or $0.43 per share, more than doubling from $210.9 million, or $0.17 per share, in Q2 2024 [18][19]. - Attributable all-in sustaining cost per gold equivalent ounce sold was $1,493 in Q2 2025, compared to $1,387 in Q2 2024 [17]. - As of June 30, 2025, Kinross had cash and cash equivalents of $1,136.5 million, significantly up from $694.6 million at the end of Q1 2025 [21].