Company Reports

Kinross' second-quarter adjusted net income of USD 848 million—EPS of USD 0.71—is up 57% from a year ago but similar to the previous quarter. The stronger gold price more than offset lower volumes and increased unit costs from last year. Its USD 0.04 cents per share quarterly dividend is up 33%.

The gold price continues to fall. At around USD 4,200 per ounce now, it is down 13% since we last updated our assumed prices. ETF outflows have accelerated, consistent with their tendency to be procyclical and the marginal buyers or sellers. Solid central bank buying partially offsets this.

Kinross Gold is a senior gold miner with production split roughly 75% in the Americas and 25% in West Africa. Its Paracatu mine in Brazil and Tasiast mine in Mauritania accounted for about 55% of the roughly 2 million gold equivalent ounces it sold in 2025. The company’s average all-in sustaining cost (including byproduct credits) of roughly USD 1,540 per ounce in 2025 places Kinross within the second quartile of the gold cost curve, at around the 45th percentile. Kinross had about a decade of gold reserves at the end of 2025.

Booming gold prices drove a strong first quarter for Kinross, more than offsetting reduced volume and increased unit costs. Adjusted net income of USD 850 million, or USD 0.71 per share, was 135% higher than a year ago, and the USD 0.04 per share quarterly dividend was up 33%.

After reaching another historical high around USD 5,400 per ounce in January, gold belied its safe haven status by falling 20% in response to the Iran war, before recovering to around USD 4,800 now. The fall was driven by ETF outflows: ETFs tend to be procyclical and the marginal buyers or sellers.

Kinross Gold is a senior gold miner with production split roughly 75% in the Americas and 25% in West Africa. Its Paracatu mine in Brazil and Tasiast mine in Mauritania accounted for about 55% of the roughly 2 million gold equivalent ounces it sold in 2025. The company’s average all-in sustaining cost (including byproduct credits) of roughly USD 1,540 per ounce in 2025 places Kinross within the second quartile of the gold cost curve, at around the 45th percentile. Kinross had about a decade of gold reserves at the end of 2025.

Kinross's fourth-quarter adjusted net income of USD 810 million or USD 0.67 per share more than tripled on the same quarter in 2024. The stronger gold price more than offset rising unit cash costs and lower volumes. The same factors meant 2025 adjusted EPS nearly tripled, to USD 1.84, on a year ago.

Kinross Gold is a senior gold miner with production split roughly 75% in the Americas and 25% in West Africa. Its Paracatu mine in Brazil and Tasiast mine in Mauritania accounted for about 55% of the roughly 2 million gold equivalent ounces it sold in 2025. The company’s average all-in sustaining cost (including byproduct credits) of roughly USD 1,540 per ounce in 2025 places Kinross within the second quartile of the gold cost curve, at around the 45th percentile. Kinross had about a decade of gold reserves at the end of 2025.

After a brief pullback in October, the gold price resumed its relentless rise and is now trading at yet another historical high of around USD 4,600 per ounce. Concerns over the Fed's independence add to strong ETF and central bank purchases and ongoing US fiscal deficits as major tailwinds.

Kinross Gold is a senior gold miner with production split roughly 70% in the Americas and 30% in West Africa. Its Paracatu mine in Brazil and Tasiast mine in Mauritania accounted for about 55% of the roughly 2.1 million gold equivalent ounces sold by Kinross in 2024. Both mines are also in the bottom half of the gold cost curve, but we don’t consider them moatworthy due to remaining mine lives of about a decade. They are more than offset by Kinross’ remaining higher-cost mines. The company’s average all-in sustaining cost (including byproduct credits) of roughly USD 1,370 per ounce in 2024 places Kinross within the second quartile of the gold cost curve, at around the 45th percentile. Kinross had about a decade of gold reserves at the end of 2024.

Kinross' 2025 third-quarter adjusted net profit after tax of USD 530 million, or USD 44 cents per share, is up about 80% on the prior corresponding period but similar to the previous quarter. Stronger gold prices more than offset lower volumes and increased unit cash costs.

Kinross Gold is a senior gold miner with production split roughly 70% in the Americas and 30% in West Africa. Its Paracatu mine in Brazil and Tasiast mine in Mauritania accounted for about 55% of the roughly 2.1 million gold equivalent ounces sold by Kinross in 2024. Both mines are also in the bottom half of the gold cost curve, but we don’t consider them moatworthy due to remaining mine lives of about a decade. They are more than offset by Kinross’ remaining higher-cost mines. The company’s average all-in sustaining cost (including byproduct credits) of roughly USD 1,370 per ounce in 2024 places Kinross within the second quartile of the gold cost curve, at around the 45th percentile. Kinross had about a decade of gold reserves at the end of 2024.

The gold bull market continues. Now around USD 3,850 per ounce, gold is up 47% so far in 2025 and near historical highs. Safe-haven buying is a major driver, led by strong ETF and central bank purchases, with ongoing US fiscal deficits, a weaker US dollar, and lower real interest rates assisting.

Kinross Gold is a senior gold miner with production split roughly 70% in the Americas and 30% in West Africa. Its Paracatu mine in Brazil and Tasiast mine in Mauritania accounted for about 55% of the roughly 2.1 million gold equivalent ounces sold by Kinross in 2024. Both mines are also in the bottom half of the gold cost curve, but we don’t consider them moatworthy due to remaining mine lives of about a decade. They are more than offset by Kinross’ remaining higher-cost mines. The company’s average all-in sustaining cost (including byproduct credits) of roughly USD 1,370 per ounce in 2024 places Kinross within the second quartile of the gold cost curve, at around the 45th percentile. Kinross had about a decade of gold reserves at the end of 2024.

Gold prices 40% higher than the prior corresponding period, or PCP, and steady volumes drove a very strong June-quarter result for Kinross Gold, more than offsetting rising costs. Adjusted net profit after tax of USD 540 million, or USD 0.44 per share, is triple the PCP and higher than consensus.

The gold price has been on a tear in 2025, rising 27% to USD 3,330 per ounce, close to historical highs. Safe-haven buying is likely the main driver, with investors concerned about tariffs and geopolitical uncertainty, as well as the US fiscal deficit.

Kinross Gold is a senior gold miner with production split roughly 70% in the Americas and 30% in West Africa. Its Paracatu mine in Brazil and Tasiast mine in Mauritania accounted for about 55% of the roughly 2.1 million gold equivalent ounces sold by Kinross in 2024. Both mines are also in the bottom half of the gold cost curve, but we don’t consider them moatworthy due to remaining mine lives of about a decade. They are more than offset by Kinross’ remaining higher-cost mines. The company’s average all-in sustaining cost (including byproduct credits) of roughly USD 1,370 per ounce in 2024 places Kinross within the second quartile of the gold cost curve, at around the 45th percentile. Kinross had about a decade of gold reserves at the end of 2024.

Demand from China has been the main driver of rising commodity prices in the past two decades. More recently, gold is close to historical highs on safe-haven demand. However, driven by weak China steel end-user demand and slower global growth, most other commodity prices have fallen.

Kinross's 2025 first-quarter adjusted net profit after tax of USD 360 million, or USD 0.30 per share, is triple the same quarter last year—38% higher realized gold prices more than offset 3% lower attributable gold equivalent ounce, or GEO, volumes and increased unit cash costs.

Kinross Gold is a senior gold miner with production split roughly 70% in the Americas and 30% in West Africa. Its Paracatu mine in Brazil and Tasiast mine in Mauritania accounted for about 55% of the roughly 2.1 million gold equivalent ounces sold by Kinross in 2024. Both mines are also in the bottom half of the gold cost curve, but we don’t consider them moatworthy due to remaining mine lives of about a decade. They are more than offset by Kinross’ remaining higher-cost mines. The company’s average all-in sustaining cost (including byproduct credits) of roughly USD 1,370 per ounce in 2024 places Kinross within the second quartile of the gold cost curve, at around the 45th percentile. Kinross had about a decade of gold reserves at the end of 2024.