有色金属：海外季报：Kinross 2025Q3 黄金产销量分别环比增加 1.5%/2.4%至 16.18/15.67 吨，归属于普通股股东的净利润环比增长 10.2%至 5.849 亿美元

Investment Rating - The industry rating is "Recommended" [6] Core Insights - In Q3 2025, Kinross reported a gold production of 520,301 ounces (16.18 tons), a year-on-year decrease of 12.4% but a quarter-on-quarter increase of 1.5% [2] - The average realized gold price in Q3 2025 was $3,460 per ounce, reflecting a year-on-year increase of 39.7% and a quarter-on-quarter increase of 5.3% [2] - The net profit attributable to common shareholders for Q3 2025 was $584.9 million, a year-on-year increase of 64.6% and a quarter-on-quarter increase of 10.2% [4] Production and Sales Performance - Gold sales in Q3 2025 were 520,733 ounces (15.67 tons), down 10.0% year-on-year but up 2.4% quarter-on-quarter [2] - The unit production cost for sold gold in Q3 2025 was $1,150 per ounce, a year-on-year increase of 17.8% and a quarter-on-quarter increase of 6.5% [3] - The all-in sustaining cost per equivalent ounce sold was $1,622, up 20.1% year-on-year and 8.6% quarter-on-quarter [3] Financial Performance - Q3 2025 sales revenue reached $1.8021 billion, a year-on-year increase of 25.8% and a quarter-on-quarter increase of 4.3% [4] - Operating profit for Q3 2025 was $810.1 million, reflecting a year-on-year increase of 47.9% and a quarter-on-quarter increase of 4.6% [4] - The net cash flow from operating activities in Q3 2025 was $1.0241 billion, a year-on-year increase [5] Development Projects - The Great Bear project is advancing with ongoing exploration and permitting activities, with significant progress in infrastructure development [9][10] - The Round Mountain project is also progressing well, with extensive drilling confirming high-grade mineralization [11] - The Bald Mountain Redbird project is on track, with studies and engineering design for potential expansion making good progress [12][13] Company Guidance - Kinross expects gold equivalent production in 2025 to be slightly above 2 million ounces, with Q4 production anticipated to be slightly below 500,000 ounces [17] - The company projects attributable capital expenditures to reach $1.15 billion, with an increase in Q4 spending planned [17]