Kinross(US:KGC) Globenewswire·2025-11-04 22:00Core 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]