Core Viewpoint - Gold mining stocks in the U.S. experienced a significant decline in pre-market trading, reflecting a broader downturn in the gold market as spot gold prices fell sharply [1] Group 1: Company Performance - Coeur Mining (CDE.US) saw a drop of over 7% in pre-market trading [1] - Kinross Gold (KGC.US) and Harmony Gold (HMY.US) both declined by more than 5% [1] - Gold Fields (GFI.US) experienced a decrease of over 3% [1] Group 2: Market Conditions - Spot gold prices fell nearly 3%, dropping below $4,100 to currently stand at $4,053 [1]

Group 1 - Kinross Gold (KGC.US) experienced a decline of 4.6% [1] - Gold Fields (GFI.US) saw a drop of 3.8% [1] - Harmony Gold (HMY.US) fell by 4.2% [1]

Core Viewpoint - Kinross Gold Corporation (KGC) is generally rated a "Buy" by the market, which aligns with the company's third quarter 2025 results released recently [1] Company Summary - Kinross Gold Corporation is listed on the NYSE and has received a favorable market rating, indicating positive investor sentiment [1] - The company’s third quarter 2025 results reflect its strong performance, supporting the "Buy" rating [1] Analyst Background - The analyst covering Kinross Gold holds a Master's degree in Business Economics and possesses extensive managerial and economic knowledge, with a solid quantitative foundation [1] - The analyst's expertise spans various sectors and stock types, providing a comprehensive investment strategy suitable for different investor profiles, including dividend investors and those seeking value or growth opportunities [1]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2][3] - The news team covers key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] - Proactive specializes in medium and small-cap markets while also keeping the community updated on blue-chip companies, commodities, and broader investment stories [2][3] Group 2 - The team delivers news and insights across various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] - Proactive adopts technology to enhance workflows and improve content production [4][5] - All content published by Proactive is edited and authored by humans, ensuring adherence to best practices in content production and search engine optimization [5]

Core Insights - Kinross Gold Corporation (KGC) reported a profit of $584.9 million or 48 cents per share in Q3 2025, an increase from $355.3 million or 29 cents per share in the same quarter last year [1] - Adjusted earnings were 44 cents per share, up from 24 cents in the prior-year quarter, beating the Zacks Consensus Estimate of 39 cents [1] Revenue Performance - Revenues rose approximately 25.8% year over year to $1,802.1 million in Q3, surpassing the Zacks Consensus Estimate of $1,530.4 million, driven by higher average realized gold prices [2] Operational Performance - KGC produced 503,862 gold equivalent ounces in the reported quarter, down 10.7% year over year, with consolidated production at 520,301 ounces, exceeding the estimate of 476,618 ounces [3] - Average realized gold prices were $3,460 per ounce, up 39.7% from the previous year, also beating the estimate of $3,230 per ounce [3] Cost Analysis - The production cost of sales per gold equivalent ounce was $1,145, up 16.8% year over year, but below the estimate of $1,182 [4] - All-in-sustaining cost per gold equivalent ounce sold rose nearly 20.2% year over year to $1,622, above the estimate of $1,515 [4] - Margin per gold equivalent ounce sold was $2,310 in the quarter, an increase from $1,501 in the prior-year quarter [4] Financial Position - Cash and cash equivalents were $1,721.7 million at the end of the quarter, up around 264% year over year [5] - Long-term debt remained flat year over year at $1,236.9 million [5] Future Outlook - KGC expects to produce slightly above the midpoint of 2 million gold equivalent ounces (+/- 5%) with a production cost of sales per gold equivalent ounce of $1,120 (+/- 5%) and an all-in sustaining cost of $1,500 (+/- 5%) per ounce sold [6] - Fourth-quarter production is anticipated to be slightly lower than 500,000 Au eq. oz., with annual production projected to remain stable at 2 million attributable Au eq. oz. (+/- 5%) in 2026 and 2027 [7] Stock Performance - Kinross' shares have surged 130.3% in the past year, compared to an 83.1% rise in the industry [8]

Financial Data and Key Metrics Changes - In Q3, the company produced 504,000 ounces of gold at a cost of sales of $1,145 per ounce, resulting in record free cash flow of nearly $700 million for the quarter and over $1.7 billion year to date [4][10] - Adjusted earnings were $0.44 per share, with adjusted operating cash flow of $845 million [9] - The company ended the quarter with approximately $1.7 billion in cash and $3.4 billion in total liquidity, increasing by over $600 million from the prior quarter [10][11] Business Line Data and Key Metrics Changes - Paracatu produced 150,000 ounces at a cost of sales of $933 per ounce, remaining on track to meet its guidance [15][16] - Tasiast delivered 121,000 ounces at a cost of sales of $889 per ounce, with production supported by strong mill performance [16] - La Coipa produced 58,000 ounces at a cost of sales of $1,199 per ounce, with improved performance as mining transitioned to higher grade ore [16][17] - U.S. operations collectively produced 175,000 ounces at a cost of sales of $1,469 per ounce, remaining on track to meet full year guidance [18] Market Data and Key Metrics Changes - The average realized gold price was $3,458 per ounce, leading to margins of over $2,300 per ounce [9] - All-in sustaining costs increased due to higher gold prices impacting royalties and sustaining capital expenditures [9] Company Strategy and Development Direction - The company is committed to strengthening its balance sheet through debt repayment and enhancing returns for shareholders, planning to increase capital returns beyond the minimum $650 million for the year [5][12] - The focus remains on operational and financial discipline, delivering strong margins and cash flow to support returns to shareholders [8][32] - The project pipeline is backed by a significant resource base, with ongoing exploration and technical studies to support future production [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full year production targets, with operations on track for the fourth quarter [8] - The company anticipates higher tax payments in the first half of 2026 due to increased gold prices [13] - Management highlighted the importance of maintaining a strong production profile and generating significant free cash flow [32] Other Important Information - The company received a positive credit outlook from S&P during the quarter [10] - Significant capital returns to shareholders have been made, with over $500 million returned to date in 2025 [12] Q&A Session Summary Question: Cost reduction efforts compared to peers - Management confirmed ongoing initiatives to improve productivity and cost management across operations, including contractor partnerships and labor efficiency [34][36] Question: Capital returns and balance sheet position - Management indicated a desire to continue returning capital while also considering reinvestment opportunities, with guidance updates expected in early 2026 [42][46] Question: Tax payable accrual and working capital reversal - Management expects significant tax payments in Q1 2026, with approximately $400 million related to Brazil [48] Question: Permitting timeline at Great Bear - Management clarified that the AEX permits are not on the critical path for the main project timeline, with no expected delays for the main project [50][51] Question: Capital allocation strategy for next year - Management stated that while there is no strict formula for capital allocation, a healthy return of capital is prioritized alongside reinvestment in the business [78][81]

Financial Data and Key Metrics Changes - In Q3, the company produced 504,000 ounces of gold at a cost of sales of $1,145 per ounce, resulting in record free cash flow of nearly $700 million for the quarter and over $1.7 billion year to date [4][10] - Adjusted earnings were $0.44 per share, with adjusted operating cash flow of $845 million [9] - The company ended the quarter with approximately $1.7 billion in cash and $3.4 billion in total liquidity, increasing by over $600 million from the prior quarter [10][12] Business Line Data and Key Metrics Changes - Paracatu produced 150,000 ounces at a cost of sales of $933 per ounce, remaining on track to meet its guidance [15][16] - Tasiast delivered budgeted production of 121,000 ounces at a cost of sales of $889 per ounce, supported by strong mill performance [16] - US operations collectively produced 175,000 ounces at a cost of sales of $1,469 per ounce, with Fort Knox and Bald Mountain contributing significantly [18][19] Market Data and Key Metrics Changes - The average realized gold price was $3,458 per ounce, leading to margins of over $2,300 per ounce [9] - All-in sustaining costs increased due to higher gold prices impacting royalties and sustaining capital expenditures [9][13] Company Strategy and Development Direction - The company is committed to strengthening its balance sheet through debt repayment and enhancing shareholder returns, planning to increase capital returns beyond the minimum $650 million for the year [5][12] - The operational focus includes cost management, productivity improvements, and leveraging a strong resource base for future growth [15][20] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year production targets, with operations on track for the fourth quarter [8][12] - The company anticipates higher tax payments in 2026 due to increased gold prices, impacting cash flow [13][48] Other Important Information - The company received a positive credit outlook from S&P during the quarter, reflecting its strong financial position [10] - Significant progress was made in sustainability initiatives, including local educational infrastructure development [7][8] Q&A Session Summary Question: Cost reduction efforts compared to peers - Management highlighted various global initiatives focusing on contractor relationships, labor productivity, and maintenance efficiencies [34][36] Question: Incremental tons from Redbird pit - The Redbird pit will provide incremental tons and ounces, expanding the heap leach facility [37][39] Question: Capital returns and balance sheet position - Management indicated a desire to maintain a strong balance sheet while returning capital to shareholders, with updates expected in the new year [43][46] Question: Tax payable accrual for Q1 - Significant tax payments are expected in Q1 2026, with approximately $400 million accrued [48][49] Question: Permitting timeline at Great Bear - The AEX permits are not on the critical path for the main project timeline, with no expected delays for the main project [50][51] Question: Capital allocation strategy for next year - Management emphasized a flexible approach to capital allocation, balancing returns to shareholders with reinvestment opportunities [78][81]

Financial Data and Key Metrics Changes - In Q3 2025, the company produced 504,000 ounces of gold at a cost of sales of $1,145 per ounce, resulting in record free cash flow of nearly $700 million for the quarter and over $1.7 billion year to date [11][18] - Adjusted earnings were $0.44 per share, with adjusted operating cash flow of $845 million [17] - The company ended the quarter with approximately $1.7 billion in cash and $3.4 billion in total liquidity, improving by over $600 million from the prior quarter [18] Business Line Data and Key Metrics Changes - At Paracatu, production was 150,000 ounces at a cost of sales of $933 per ounce, remaining on track to meet guidance [24] - Tasiast delivered budgeted production of 121,000 ounces at a cost of sales of $889 per ounce, with strong mill performance [25] - Le Coipa produced 58,000 ounces at a cost of sales of $1,199 per ounce, with expectations for stronger production in the final quarter [26] - US operations collectively delivered 175,000 ounces at a cost of sales of $1,469 per ounce, on track to meet full year guidance [28] Market Data and Key Metrics Changes - The average realized gold price was $3,458 per ounce, delivering margins of over $2,300 per ounce [17] - All-in sustaining costs increased due to higher gold prices impacting royalties and sustaining capital expenditures [17] Company Strategy and Development Direction - The company is committed to strengthening its balance sheet through debt repayment and enhancing shareholder returns, planning to increase capital returns beyond the minimum $650 million for the year [12][21] - The operational focus includes rigorous financial discipline, strong margins, and cash flow to support returns for shareholders [16] - The company is advancing several projects, including Curlew, Great Bear, and Lobo Marte, to enhance production profiles in the long term [31][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full year production targets, with operations on track for the fourth quarter [16] - The company anticipates higher tax payments in 2026 due to increased gold prices, impacting cash flow [22] - Management highlighted the importance of maintaining a strong production profile and generating significant free cash flow [43] Other Important Information - The company received a positive credit outlook from S&P during the quarter, reflecting its financial strength [18] - The company has returned over $500 million to shareholders in 2025, marking strong progress against its capital return commitment [21] Q&A Session Summary Question: Cost reduction efforts compared to peers - Management confirmed ongoing initiatives globally to improve productivity and cost management, including contractor partnerships and labor efficiency training [46][47] Question: Capital returns and balance sheet position - Management indicated a focus on returning capital while also considering reinvestment opportunities, with guidance updates expected in the new year [51][54] Question: Tax payable accrual and working capital reversal - Management expects significant tax payments in Q1 2026, with approximately $400 million in total tax payments accrued for that quarter [55] Question: Permitting timeline at Great Bear - Management clarified that the AEX permits are not on the critical path for the main project timeline, with no expected delays for the main project [56][57] Question: Capital allocation strategy for next year - Management stated that while there is no specific formula for capital allocation, there is a strong preference for share buybacks, with a focus on maintaining a healthy return of capital [78][81]

Kinross Gold Corporation (NYSE: KGC; TSX: K) Delivering Value. Third Quarter 2025 Results November 5th, 2025 Third Quarter 2025 Kinross Gold Corporation (NYSE: KGC; TSX: K) Where we say "we", "us", "our", the "Company", or "Kinross" in this presentation, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable. The technical information about the Company's mineral properties contained in presentation has been prepared under the supervision of Mr. Nicos Pfeiffer wh ...

Core Insights - Kinross Gold reported quarterly earnings of $0.44 per share, exceeding the Zacks Consensus Estimate of $0.39 per share, and showing a significant increase from $0.24 per share a year ago, resulting in an earnings surprise of +12.82% [1] - The company achieved revenues of $1.8 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 17.76% and up from $1.43 billion year-over-year [2] - Kinross Gold shares have appreciated approximately 152.4% year-to-date, significantly outperforming the S&P 500's gain of 16.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.32 on revenues of $1.48 billion, while for the current fiscal year, the estimate is $1.57 on revenues of $6.53 billion [7] - The estimate revisions trend for Kinross Gold was favorable prior to the earnings release, leading to a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Mining - Gold industry is currently ranked in the top 7% of over 250 Zacks industries, suggesting a strong outlook for stocks within this sector [8] - Another company in the same industry, Barrick Mining, is expected to report quarterly earnings of $0.57 per share, reflecting a year-over-year increase of +83.9%, with revenues anticipated to be $4.22 billion, up 25.4% from the previous year [9][10]