Core Insights - Kinross Gold Corporation reported strong financial results for Q4 and full-year 2025, achieving record free cash flow of $2.5 billion, an 85% increase year-over-year, and a net cash position of $1 billion [4][8][21]. Financial Performance - Q4 2025 revenue reached $2,023 million, up from $1,416 million in Q4 2024, while full-year revenue increased to $7,051 million from $5,149 million, marking a 37% year-over-year growth [11]. - Reported net earnings for Q4 2025 were $906.5 million, or $0.75 per share, compared to $275.6 million, or $0.22 per share, in Q4 2024. Full-year net earnings were $2,390.1 million, or $1.96 per share, compared to $948.8 million, or $0.77 per share, in 2024 [21][22]. - Attributable free cash flow for Q4 2025 was $769.4 million, up from $434.4 million in Q4 2024, and for the full year, it was $2,473.5 million compared to $1,340.2 million in 2024 [20]. Production and Costs - Kinross produced 483,582 gold equivalent ounces in Q4 2025, down from 501,209 ounces in Q4 2024, and 2,012,106 ounces for the full year, compared to 2,128,052 ounces in 2024 [9][10]. - The average realized gold price in Q4 2025 was $4,144 per ounce, significantly higher than $2,663 per ounce in Q4 2024. For the full year, the average price was $3,423 compared to $2,393 in 2024 [10][11]. - Production cost of sales per gold equivalent ounce sold was $1,297 in Q4 2025, up from $1,098 in Q4 2024, and $1,140 for the full year, compared to $1,020 in 2024 [12][13]. Capital Expenditures and Shareholder Returns - Capital expenditures for Q4 2025 were $368.2 million, compared to $280.7 million in Q4 2024, and for the full year, they were $1,194.2 million, up from $1,075.5 million in 2024 [23][24]. - The company returned $752.4 million to shareholders in 2025 through share buybacks and dividends, including a 17% increase in dividends during the year [27][29]. Future Guidance - Kinross expects to maintain stable production guidance of approximately 2.0 million attributable gold equivalent ounces for 2026, 2027, and 2028 [50][51]. - The attributable production cost of sales is projected to be $1,360 per ounce for 2026, reflecting an increase due to higher gold prices and inflationary impacts [52][53]. Development Projects - The company is advancing three U.S.-based projects—Phase X, Curlew, and Redbird—which are expected to contribute over $4 billion in net asset value and extend mine lives [5][38]. - At Great Bear, surface construction for the Advanced Exploration program is 80% complete, with detailed engineering for the Main Project approximately 35% complete [42][46]. Sustainability and Community Engagement - Kinross made significant progress in sustainability initiatives, achieving a 1.5% reduction in greenhouse gas emissions through various projects [65]. - The company has been recognized for its community engagement efforts, including social investment programs in various regions [66].