Kinross reports strong 2025 second-quarter results
Press Release
Robust margins drive record free cash flow of over $600 million
On track for $650 million in return of capital to shareholders in 2025
Development projects advancing on plan
TORONTO, July 30, 2025 Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the second quarter ended June 30, 2025.
This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on pages 25 and 26 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.
2025 second-quarter highlights:
- Production1 of 512,574 gold equivalent ounces (Au eq. oz.).
- Production cost of sales2 of $1,080 per Au eq. oz. sold and attributable production cost of sales1 of $1,074 per Au eq. oz. sold.
- Attributable all-in sustaining cost1 of $1,493 per Au eq. oz. sold.
- Operating cash flow3 of $992.4 million.
- Attributable free cash flow1 record of $646.6 million.
- Margins4 increased by 68% to $2,204 per Au eq. oz. sold compared with Q2 2024, significantly outpacing the rise in the average realized gold price.
- Reported earnings5 of $530.7 million, or $0.43 per share, with adjusted net earnings6 of $541.0 million, or $0.44 per share.
- On track to meet annual guidance: On an attributable basis1, Kinross expects to produce 2.0 million Au eq. oz. (+/- 5%) at a production cost of sales per Au eq. oz.1 of $1,120 (+/- 5%) and all-in sustaining cost1 of $1,500 (+/- 5%) per ounce sold. Total attributable capital expenditures1 are forecast to be $1,150 million (+/- 5%).
- Cash and cash equivalents of $1,136.5 million, and total liquidity7 of approximately $2.8 billion at June 30, 2025, as both increased significantly quarter-over-quarter.
Return of capital to shareholders:
- Since reactivating its share buyback program in April 2025, the Company has re-purchased approximately $225 million in shares to date of the $500 million minimum planned for 2025.
- Including its quarterly dividend, Kinross has returned approximately $300 million in capital to shareholders year-to-date.
- Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on September 4, 2025, to shareholders of record at the close of business on August 21, 2025.
Operations highlights:
- Paracatu continued its strong performance and was the highest producing mine in the portfolio.
- The Tasiast mill is performing well and on track to meet full-year guidance. Mining at the Fennec satellite deposit has commenced.
- Bald Mountain had a strong quarter, with higher production and lower cost of sales per ounce sold both quarter-over-quarter and year-over-year.
Development and exploration projects:
- Great Bear’s Advanced Exploration (AEX) program is progressing on schedule, with construction of surface facilities well underway. For the Main Project, detailed engineering for key infrastructure is advancing well and initial procurement activities have commenced.
- At Round Mountain Phase X, the exploration decline has advanced, with over 4,500 metres developed to date. Underground drilling has progressed well, with results showing strong widths and grades in both the upper and lower exploration targets, and indicating continuation of mineralization down dip outside the original exploration target. Technical studies and detailed engineering are also progressing well.
- At Curlew, drilling continues to intersect high grades and strong widths that could support high-margin production. Extension of the underground declines to target additional high-grade zones is also progressing with over 800 metres developed year-to-date.
- At Lobo-Marte, the dedicated project team continues to progress baseline studies to support permitting.
CEO commentary:
J. Paul Rollinson, CEO, made the following comments in relation to 2025 second-quarter results:
“Our portfolio of mines continued to perform well during the quarter contributing to a strong first half of the year and positioning us well to achieve our full-year guidance. The Company delivered a 21% increase in margins of $2,204 compared with Q1 2025, outpacing the 15% increase in the gold price over the same period. We also delivered record free cash flow of approximately $650 million, which increased by 74% compared with the previous quarter.
“Since reactivating our share buyback program earlier this year, we have repurchased $225 million in shares of the $500 million planned for the year, while maintaining our quarterly dividend and significantly strengthening our investment-grade balance sheet.
“We are excited about our pipeline of high-quality development and exploration projects, all of which progressed well during the quarter. We have strong optionality in our substantial resource base and are focused on drilling, technical studies and permitting to advance longer-dated projects into our production profile to extend mine life, with a focus on driving margin growth.
“We are also pleased to have released our 2024 Sustainability Report during the quarter, which provides a transparent and comprehensive account of our reporting in this important area. We continue to be focused on sustainability across all aspects of our business, from operations and growth projects, to exploration and strategic priorities.”
Summary of financial and operating results
| Three months ended | Six months ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
| (in millions of U.S. dollars, except ounces, per share amounts, and per ounce amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Operating Highlights(a) | |||||||||||||
| Total gold equivalent ounces(b) | |||||||||||||
| Produced | 530,077 | 535,338 | 1,059,938 | 1,062,737 | |||||||||
| Sold | 526,223 | 520,760 | 1,050,312 | 1,043,160 | |||||||||
| Attributable gold equivalent ounces(b) | |||||||||||||
| Produced | 512,574 | 535,338 | 1,024,662 | 1,062,737 | |||||||||
| Sold | 508,300 | 520,760 | 1,014,864 | 1,043,160 | |||||||||
| Gold ounces – sold | 519,391 | 505,122 | 1,035,659 | 1,008,726 | |||||||||
| Silver ounces – sold (000’s) | 666 | 1,268 | 1,367 | 2,935 | |||||||||
| Earnings(a) | |||||||||||||
| Metal sales | $ | 1,728.5 | $ | 1,219.5 | $ | 3,226.0 | $ | 2,301.0 | |||||
| Production cost of sales | $ | 568.4 | $ | 536.1 | $ | 1,115.1 | $ | 1,049.0 | |||||
| Depreciation, depletion and amortization | $ | 262.9 | $ | 295.8 | $ | 551.3 | $ | 566.5 | |||||
| Operating earnings | $ | 774.8 | $ | 298.3 | $ | 1,345.2 | $ | 491.5 | |||||
| Net earnings attributable to common shareholders | $ | 530.7 | $ | 210.9 | $ | 898.7 | $ | 317.9 | |||||
| Net earnings per share attributable to common shareholders (basic and diluted) | $ | 0.43 | $ | 0.17 | $ | 0.73 | $ | 0.26 | |||||
| Adjusted net earnings(c) | $ | 541.0 | $ | 174.7 | $ | 905.0 | $ | 299.6 | |||||
| Adjusted net earnings per share(c) | $ | 0.44 | $ | 0.14 | $ | 0.74 | $ | 0.24 | |||||
| Cash Flow(a) | |||||||||||||
| Net cash flow provided from operating activities | $ | 992.4 | $ | 604.0 | $ | 1,589.5 | $ | 978.4 | |||||
| Attributable adjusted operating cash flow(c) | $ | 843.9 | $ | 478.3 | $ | 1,520.1 | $ | 904.0 | |||||
| Capital expenditures(d) | $ | 306.1 | $ | 274.2 | $ | 513.8 | $ | 516.1 | |||||
| Attributable capital expenditures(c) | $ | 301.8 | $ | 264.5 | $ | 505.9 | $ | 496.6 | |||||
| Attributable free cash flow(c) | $ | 646.6 | $ | 345.9 | $ | 1,017.4 | $ | 491.2 | |||||
| Per Ounce Metrics(a) | |||||||||||||
| Average realized gold price per ounce(e) | $ | 3,284 | $ | 2,342 | $ | 3,071 | $ | 2,206 | |||||
| Attributable average realized gold price per ounce(c) | $ | 3,285 | $ | 2,342 | $ | 3,071 | $ | 2,206 | |||||
| Production cost of sales per equivalent ounce sold(b)(f) | $ | 1,080 | $ | 1,029 | $ | 1,062 | $ | 1,006 | |||||
| Attributable production cost of sales per equivalent ounce sold(b)(c) | $ | 1,074 | $ | 1,029 | $ | 1,056 | $ | 1,006 | |||||
| Attributable production cost of sales per ounce sold on a by-product basis(c) | $ | 1,044 | $ | 989 | $ | 1,027 | $ | 965 | |||||
| Attributable all-in sustaining cost per equivalent ounce sold(b)(c) | $ | 1,493 | $ | 1,387 | $ | 1,424 | $ | 1,348 | |||||
| Attributable all-in sustaining cost per ounce sold on a by-product basis(c) | $ | 1,469 | $ | 1,357 | $ | 1,400 | $ | 1,319 | |||||
| Attributable all-in cost per equivalent ounce sold(b)(c) | $ | 1,936 | $ | 1,774 | $ | 1,808 | $ | 1,702 | |||||
| Attributable all-in cost per ounce sold on a by-product basis(c) | $ | 1,918 | $ | 1,756 | $ | 1,789 | $ | 1,685 | |||||
| (a) | All measures and ratios include 100% of the results from Manh Choh, except measures and ratios denoted as “attributable.” “Attributable” measures and ratios include Kinross’ 70% share of Manh Choh production, sales, cash flow, capital expenditures and costs, as applicable. | |
| (b) | “Gold equivalent ounces” include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for each period. The ratio for the second quarter and first six months of 2025 was 97.41:1 and 93.60:1, respectively (second quarter and first six months of 2024 – 81.06:1 and 84.51:1, respectively). | |
| (c) | The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 16 to 21 of this news release. Non-GAAP financial measures and ratios have no standardized meaning under International Financial Reporting Standards (“IFRS”) and therefore, may not be comparable to similar measures presented by other issuers. | |
| (d) | “Capital expenditures” is as reported as “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows. | |
| (e) | “Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold. | |
| (f) | “Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold. | |
The following operating and financial results are based on second-quarter gold equivalent production:
Production: Kinross produced 512,574 Au eq. oz. in Q2 2025, compared with 535,338 Au eq. oz. in Q2 2024. Higher production from Fort Knox, with the commencement of higher-grade, higher-recovery ore feed from Manh Choh in the second half of 2024, and higher production from Paracatu, was offset by lower production from Tasiast and Round Mountain, as planned.
Average realized gold price8: The average realized gold price in Q2 2025 was $3,284 per ounce, compared with $2,342 per ounce in Q2 2024.
Revenue: During the second quarter, revenue increased to $1,728.5 million, compared with $1,219.5 million during Q2 2024. The 42% year-over-year increase is due to the increase in the average realized gold price.
Production cost of sales: Production cost of sales per Au eq. oz. sold2 was $1,080 for the quarter, compared with $1,029 in Q2 2024. Attributable production cost of sales per Au eq. oz. sold1 was $1,074 for the quarter, compared with $1,029 in Q2 2024.
Attributable production cost of sales per Au oz. sold on a by-product basis1 was $1,044 in Q2 2025, compared with $989 in Q2 2024, based on attributable gold sales of 501,628 ounces and attributable silver sales of 650,026 ounces.
Margins4: Kinross’ margin per Au eq. oz. sold increased by 68% to $2,204 for Q2 2025, compared with the Q2 2024 margin of $1,313, outpacing the 40% increase in average realized gold price.
Attributable all-in sustaining cost1: Attributable all-in sustaining cost per Au eq. oz. sold was $1,493 in Q2 2025, compared with $1,387 in Q2 2024.
In Q2 2025, attributable all-in sustaining cost per Au oz. sold on a by-product basis was $1,469, compared with $1,357 in Q2 2024.
Operating cash flow3: Operating cash flow increased to $992.4 million for Q2 2025, compared with $604.0 million for Q2 2024.
Attributable adjusted operating cash flow1 for Q2 2025 increased to $843.9 million, compared with $478.3 million for Q2 2024.
Attributable free cash flow1: Attributable free cash flow increased by 87% to $646.6 million in Q2 2025, compared with $345.9 million in Q2 2024.
Reported earnings5: Reported net earnings more than doubled to $530.7 million for Q2 2025, or $0.43 per share, compared with reported net earnings of $210.9 million, or $0.17 per share, for Q2 2024.
Adjusted net earnings6 more than tripled to $541.0 million, or $0.44 per share, for Q2 2025, compared with $174.7, or $0.14 per share, for Q2 2024.
Attributable capital expenditures1: Attributable capital expenditures increased to $301.8 million for Q2 2025, compared with $264.5 million for Q2 2024. The increase was driven by the ramp-up of development activities at Great Bear, Bald Mountain Redbird Phase 1 and La Coipa Phase 7, partially offset by lower spending on capital development due to mine sequencing at Fort Knox and Manh Choh.
Balance sheet
As of June 30, 2025, Kinross had cash and cash equivalents of $1,136.5 million, compared with $694.6 million at March 31, 2025, and net debt9 of approximately $100 million.
The Company had additional available credit10 of $1.6 billion and total liquidity7 of approximately $2.8 billion as of June 30, 2025.
Return of capital to shareholders
Reflecting the Company’s financial strength, Kinross reactivated its share buyback program in April 2025, while continuing its quarterly dividend program.
Kinross repurchased approximately $170 million in shares during the quarter, and approximately $225 million to date (representing 15.2 million shares). Including its quarterly dividend, Kinross has returned approximately $300 million in capital to shareholders to date in 2025.
Kinross continues to target returning a minimum of $650 million to shareholders for the full year, including a minimum of $500 million in share repurchases.
As part of its continuing quarterly dividend program, the Company declared a dividend of $0.03 per common share payable on September 4, 2025, to shareholders of record as of August 21, 2025.
IBF4
