证券研究报告|行业点评报告 [Table_Date] 2026 年 2 月 27 日 [Table_Title] Kinross 2025Q4 黄金产量环比减少 5.9%至 15.23 吨，归属于普通股股东的净利润环比增长 55.0%至 9.065 亿美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 2025Q4，Kinross 黄金产量为 48.97 万盎司（15.23 吨），同比 减少 4.8%，环比减少 5.9%。 2025 年，Kinross 黄金产量为 206.99 万盎司（64.38 吨），同 比减少 4.6%。 2025Q4，Kinross 黄金销量为 48.80 万盎司（15.18 吨），同比 减少 8.2%，环比减少 6.3%。 2025 年，Kinross 黄金销量为 205.90 万盎司（64.04 吨），同 比减少 4.4%。 2025Q4 的平均实现金价为 4144 美元/盎司，同比上涨 55.6%， 环比上涨 19.8%。 2025 年的平均实现金价为 3423 美元/盎司，同比上涨 43.0%。 2025Q4 ...

Key Takeaways KGC ended 2025 with $3.5B in liquidity, and nearly $1B in net cash.Kinross posted record Q4 free cash flow of $769.4M, up roughly 77% year over year on higher gold prices.KGC's robust balance sheet supports growth projects to lift production and long-term value.Kinross Gold Corporation (KGC) ended fourth-quarter 2025 with strong liquidity of $3.5 billion, including cash and cash equivalents of $1.7 billion. Its liquidity increased from $3.4 billion in the prior quarter. KGC also delivered reco ...

Highlights Kinross' Fall 2025 soil geochemical survey of 5.4 square kilometers has returned positive results and successfully identified an additional 2 kilometers ("km") strike length of anomalous gold in soil, extending the gold in soil anomaly at PWC to approximately 6 km long.Results of gold and other pathfinder elements in the soil geochemical survey, along with 2025 drilling, indicate potential for a Carlin-type system at depth, adjacent to the Gold Acres stock, at Riley Gold's PWC Project.Kinross' e ...

Market Analysis by covering: Gold Spot US Dollar, Kinross Gold Corp, Wheaton Precious Metals Corp, Gold Futures. Read 's Market Analysis on Investing.com ...

By year-end, the company had $1.7 billion in cash, about $3.5 billion of total liquidity, and net cash of about $1 billion, with no near-term maturities. Freeborough said the remaining debt maturities are $500 million due in 2033 and $250 million due in 2041.Freeborough said 2025 cash flow supported $700 million of debt repayments and a higher cash balance. She said Kinross repaid the remaining $200 million term loan used to fund the Great Bear acquisition in the first quarter and redeemed $500 million of 2 ...

Key Takeaways B expands production through projects like Goldrush, Fourmile and the Lumwana Super Pit.KGC advances Round Mountain Phase X, Bald Mountain Redbird 2 and Kettle River-Curlew projects.B and KGC maintain solid liquidity and pursue development plans supported by strong gold prices.Barrick Mining Corporation (B) and Kinross Gold Corporation (KGC) are two prominent players in the gold mining space with global operations. While gold prices have fallen from their January 2026 highs, they remain favora ...

Financial Data and Key Metrics Changes - In 2025, the company produced just over 2 million ounces of gold, achieving a 66% increase in margins compared to a 43% increase in gold prices, resulting in record free cash flow generation of $769 million in Q4 and $2.5 billion for the full year [4][5] - Cost of sales for Q4 was $1,289 per ounce, with all-in sustaining costs at $1,825 per ounce, higher than the previous quarter due to increased gold prices and lower planned production [12] - Full-year cost of sales was $1,135 per ounce, and all-in sustaining costs were $1,571 per ounce, in line with guidance despite higher royalties [13] Business Line Data and Key Metrics Changes - Tasiast and Paracatu mines accounted for approximately 1.1 million ounces of production in 2025, with Paracatu exceeding 600,000 ounces and Tasiast being the highest margin operation [5][22] - La Coipa met full-year production guidance with a strong performance in Q4, producing 67,000 ounces [24] - U.S. assets collectively produced 676,000 ounces at a cost of sales of $1,426 per ounce, in line with guidance [24] Market Data and Key Metrics Changes - The company expects production to remain around 2 million ounces through the end of the decade, supported by higher-grade mining at Tasiast and U.S. projects [9] - Cost inflation is anticipated, primarily due to higher royalties and inflation, with guidance for 2026 set at $1,360 per ounce for cost of sales and $1,730 per ounce for all-in sustaining costs [17] Company Strategy and Development Direction - The company is proceeding with construction of three high-quality organic growth projects to extend mine life and enhance long-term costs [7] - A disciplined capital allocation strategy will be maintained, focusing on reinvesting in operations while returning approximately 40% of free cash flow to shareholders through dividends and share repurchases [19] - The company aims to strengthen its balance sheet while investing in operations to maintain a reliable, low-risk business [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook, highlighting strong operational performance and cash flow generation [47] - The company is committed to responsible mining and sustainability, with plans to publish an annual sustainability report [10][11] - Future capital allocation will focus on maintaining a strong balance sheet while investing in growth opportunities [19] Other Important Information - The company received a credit rating upgrade from Moody's, improving from Baa3 to Baa2 [15] - Significant progress was made in sustainability initiatives, including a 1.5% reduction in greenhouse gas emissions [11] Q&A Session Summary Question: On Great Bear, the One Project One Process designation - Management confirmed that the designation represents an important milestone and will facilitate the provincial permitting process, with targeted first gold production in late 2029 [51][53] Question: 2026 cost guidance breakdown - The increase in all-in sustaining costs is primarily due to inflation and higher royalties, with a 10% overall increase expected [56] Question: Capital allocation and cash returns - The company plans to return capital primarily through buybacks, with a focus on maintaining a strong balance sheet while reinvesting in the business [61][63] Question: Updates on Great Bear and Lobo-Marte - Management clarified that updates will focus on milestones for Great Bear, including permitting and construction progress, while Lobo-Marte will have a specific project update on economics [86] Question: Labor contract renewals - Ongoing negotiations for the Paracatu contract are in progress, with other sites having completed their agreements [80]

Financial Data and Key Metrics Changes - In 2025, the company produced just over 2 million ounces of gold, achieving a 66% increase in margins compared to a 43% increase in gold prices, resulting in record free cash flow generation of $769 million in Q4 and $2.5 billion for the full year [4][5] - The cost of sales for Q4 was $1,289 per ounce, with all-in sustaining costs at $1,825 per ounce, which were higher than the previous quarter due to increased gold prices and lower planned production [12] - Full-year cost of sales was $1,135 per ounce, and all-in sustaining costs were $1,571 per ounce, in line with guidance despite higher royalties [13] Business Line Data and Key Metrics Changes - Tasiast and Paracatu mines together accounted for approximately 1.1 million ounces of production, with Paracatu exceeding 600,000 ounces and Tasiast being the highest margin operation [5][21] - La Coipa met full-year production guidance with a total of 232,000 ounces, while U.S. assets collectively produced 676,000 ounces at a cost of sales of $1,426 per ounce [24][25] Market Data and Key Metrics Changes - The company expects production to remain around 2 million ounces through the end of the decade, supported by higher-grade mining at Tasiast and new U.S. projects [9] - Cost guidance for 2026 is set at $1,360 per ounce for cost of sales and $1,730 per ounce for all-in sustaining costs, reflecting a 10% increase compared to 2025 due to higher royalties and inflation [16] Company Strategy and Development Direction - The company is proceeding with construction of three high-quality organic growth projects to extend mine life and enhance long-term costs [7] - A disciplined capital allocation strategy will be maintained, focusing on reinvesting in operations while returning approximately 40% of free cash flow to shareholders through dividends and share repurchases [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook, emphasizing strong operational performance and cash flow generation, alongside a commitment to responsible mining and sustainability [46] - The company anticipates higher costs due to inflation and royalties but aims to maintain cost discipline [10] Other Important Information - The company ended the year with approximately $1 billion in net cash and received a credit rating upgrade from Moody's to Baa2 [14][15] - Sustainability initiatives included a 1.5% reduction in greenhouse gas emissions and support for health clinics in Mauritania [11] Q&A Session Summary Question: On Great Bear, the One Project One Process designation - Management confirmed that the designation streamlines the provincial permitting process and enhances relationships with the provincial government, facilitating project advancement [50][51] Question: 2026 cost guidance breakdown - The increase in all-in sustaining costs is primarily due to inflation and higher royalties, with a smaller portion attributed to mine plan sequencing [54] Question: Capital allocation and cash returns - The company prefers buybacks over special dividends for capital returns, aiming to reduce share count and improve per-share metrics [59][60] Question: Updates on Great Bear and Lobo-Marte - Management clarified that updates will focus on ongoing permitting and milestones rather than a new technical study [84] Question: Labor contract renewals - Ongoing negotiations for the Paracatu contract are in progress, with inflation impacts varying by country [82]

Kinross Gold (NYSE:KGC) Q4 2025 Earnings call February 19, 2026 08:00 AM ET Speaker7Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to Kinross Gold fourth quarter and year-end 2025 results conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply pr ...

Achieved 2025 production and cost guidance, with margins expanding 66%—significantly outperforming the 43% increase in gold prices. Record free cash flow of $2.5 billion for the full year was driven by strong performance at anchor assets Tasiast and Paracatu, which provided over half of total production. Management attributed the margin expansion to a rigorous focus on cost control and operational excellence, which served as a hedge against industry-wide inflationary pressures. Strategic positioning ...