Kinross reports strong 2025 second-quarter results

Core Insights - Kinross Gold Corporation reported record free cash flow of over $600 million for Q2 2025, driven by robust margins and operational performance [1][4][8] - The company is on track to return $650 million in capital to shareholders by 2025, including $500 million in share repurchases [1][22][21] - Development projects are progressing as planned, with a focus on extending mine life and driving margin growth [6][29][41] Financial Highlights - The company produced 512,574 gold equivalent ounces in Q2 2025, a decrease from 535,338 ounces in Q2 2024 [13][51] - 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 42% year-over-year revenue increase to $1,728.5 million [14][51] - Operating cash flow rose to $992.4 million in Q2 2025, up from $604.0 million in Q2 2024 [17][51] - Reported net earnings more than doubled to $530.7 million, or $0.43 per share, compared to $210.9 million, or $0.17 per share, in Q2 2024 [18][51] Operational Performance - Margins increased by 68% to $2,204 per gold equivalent ounce sold in Q2 2025, significantly outpacing the rise in average realized gold price [16][51] - Attributable all-in sustaining cost per gold equivalent ounce sold was $1,493 in Q2 2025, compared to $1,387 in Q2 2024 [16][51] - The company repurchased approximately $225 million in shares to date in 2025, with a quarterly dividend of $0.03 per common share declared [5][21][22] Development and Exploration Projects - The Great Bear Advanced Exploration program is progressing, with construction activities underway and initial development of the exploration decline on target for December 2025 [29][30] - At Round Mountain Phase X, over 4,500 meters of decline development has been completed, with strong drilling results indicating continued mineralization [33][34] - Drilling at Curlew continues to intersect high grades, with over 800 meters of underground declines developed year-to-date [36][37] Sustainability Efforts - Kinross released its 2024 Sustainability Report, emphasizing water management and efficiency, with a recycling rate of 75% [41][42] - The company is committed to maintaining compliance with the Responsible Gold Mining Principles, focusing on water quality and conservation [41][44]