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 ...

Key Takeaways AAUC topped 2025 output guidance with 379,081 ounces, driven by higher grades and mine expansions.CGAU advanced Mount Milligan permits to 2035 and targets mine life extension to 2045.AAUC agreed to a C$5.5B all-cash acquisition by Zijin Gold, expected to close in April 2026.Allied Gold Corporation (AAUC) and Centerra Gold Inc. (CGAU) are emerging gold producers operating in the Zacks Mining - Gold industry. As rivals, both companies are engaged in the extraction and operation of gold mines whi ...

Key Takeaways BTG's Q4 adjusted EPS of 11 cents missed estimates despite rising from 1 cent a year ago.B2Gold's revenues surged 110.9% to $1.54B in 2025 on higher gold prices and 62.9% production growth.BTG guides 2026 output of 820-970K oz, down from the 2025 actual due to lower Otjikoto and Fekola production.B2Gold Corp. (BTG) reported adjusted earnings per share (EPS) of 11 cents for fourth-quarter 2025, missing the Zacks Consensus Estimate of 20 cents. The bottom line marked a significant improvement fr ...

Core Insights - Royal Gold, Inc. (RGLD) reported adjusted earnings per share of $1.92 in Q4 2025, missing the Zacks Consensus Estimate of $2.68, but showing an 18% year-over-year increase [1] - The company generated record revenues of $375 million in Q4, representing an 85% increase year-over-year [2] - RGLD's adjusted EBITDA margin was 82% in Q4, slightly down from 84% in the prior year [3] Financial Performance - RGLD's total revenues for 2025 reached $1.03 billion, up 43.2% year-over-year, driven by higher metal prices and contributions from various streams and assets [6] - Stream revenues for 2025 were $686.5 million, a 42% increase from 2024, while royalty revenues rose to $344 million from $236 million in the previous year [7] - The company's net cash from operating activities in Q4 was $242 million, up from $141 million in the same quarter last year, ending the year with cash and cash equivalents of $234 million [4][9] Cost and Margin Analysis - The cost of sales in Q4 was $50.8 million, a significant increase of 109.1% year-over-year, while general and administrative expenses surged 97.8% to $17.6 million [3] - Adjusted EBITDA for Q4 was $307 million, an 81.3% increase year-over-year, reflecting strong operational performance despite rising costs [3] Stock Performance - Over the past year, RGLD shares have increased by 84.3%, although this is lower than the industry's growth of 134.2% [8]

Core Viewpoint - Kinross Gold reported quarterly earnings of $0.67 per share, exceeding the Zacks Consensus Estimate of $0.55 per share, and showing significant growth from $0.20 per share a year ago, representing an earnings surprise of +21.51% [1] Financial Performance - The company achieved revenues of $2.02 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 7.93%, and up from $1.42 billion year-over-year [2] - Over the last four quarters, Kinross Gold has consistently surpassed consensus EPS estimates and revenue estimates [2] Stock Performance - Kinross Gold shares have increased approximately 19.2% since the beginning of the year, contrasting with the S&P 500's zero return [3] Future Outlook - The company's earnings outlook will be crucial for assessing future stock performance, with current consensus EPS estimates at $0.65 for the coming quarter and $2.58 for the current fiscal year [7] - The Zacks Rank for Kinross Gold is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Mining - Gold industry is currently ranked in the top 19% of over 250 Zacks industries, suggesting a favorable environment for stocks within this sector [8]

Core Viewpoint - Kinross Gold Corporation (KGC) is expected to report strong fourth-quarter 2025 results, driven by higher gold prices and robust production, despite facing cost pressures [1]. Financial Performance - The Zacks Consensus Estimate for KGC's fourth-quarter earnings is 55 cents per share, reflecting a 175% year-over-year increase. Revenue estimates stand at $1.87 billion, indicating a 32.4% rise year-over-year [2]. - KGC has outperformed the Zacks Consensus Estimate for earnings in three of the last four quarters, with an average earnings surprise of 17.4% [3][4]. Market Conditions - Gold prices have significantly increased, with a nearly 13% rise in the fourth quarter and approximately 65% increase in 2025, supporting KGC's performance [9]. - The average realized gold price per ounce for KGC in the fourth quarter is estimated at $4,080, a 53.2% increase from the previous year [9]. Production and Costs - KGC's production profile is strong, with key assets Tasiast and Paracatu contributing significantly to cash flow and production [10]. - However, the company is facing headwinds from rising production costs, with a 17% year-over-year increase in production cost of sales per ounce to $1,145 in the third quarter [11]. Stock Performance - KGC's shares have surged 205.2% over the past year, outperforming the Zacks Mining – Gold industry and the S&P 500 [12]. - The company is currently trading at a forward 12-month earnings multiple of 13.39, which is a 4.2% discount to the peer group average [15]. Investment Outlook - KGC has a promising pipeline of exploration and development projects, which are expected to enhance production and cash flow [18]. - The company maintains a strong liquidity position and generates substantial cash flows, allowing it to finance development projects and reduce debt [19]. - Despite the positives, high production costs may pressure KGC's margins, suggesting a cautious approach for investors [20][21].

Core Insights - Newmont Corporation (NEM) shares have increased by 72.9% over the past six months, driven by record gold prices and strong earnings performance [1][7] - NEM's stock performance has underperformed the Zacks Mining – Gold industry's 74.6% rise but has outperformed the S&P 500's increase of 9.4% [2] Stock Performance - NEM's stock has been trading above its 200-day simple moving average (SMA) since April 9, 2025, indicating a long-term uptrend [5] - The 50-day SMA is higher than the 200-day SMA, following a golden crossover on April 16, 2025, suggesting a bullish trend [5] Growth Projects and Asset Streamlining - Newmont is investing in growth projects such as the Ahafo North expansion in Ghana and the Cadia Panel Caves and Tanami Expansion 2 in Australia, aimed at expanding production capacity and extending mine life [9] - The company achieved commercial production at Ahafo North in October 2025, with expected annual production between 275,000 and 325,000 ounces of gold over an estimated mine life of 13 years [10] - Newmont completed its non-core divestiture program in April 2025, selling operations in Ghana and Canada for approximately $470 million [11] - The company anticipates generating $3 billion in after-tax cash proceeds from its 2025 divestiture program to support its capital allocation strategy [12] Financial Health - Newmont reported a strong liquidity position of $9.6 billion, including cash and cash equivalents of around $5.6 billion, at the end of Q3 2025 [13] - Free cash flow more than doubled year over year to a record $1.6 billion, with net cash from operating activities increasing by 40% to $2.3 billion [13] - Over the past two years, Newmont has distributed more than $5.7 billion to shareholders through dividends and share repurchases [14] Gold Price Dynamics - Gold prices have seen a record-setting rally, driven by global trade tensions and central bank accumulation of gold reserves [16] - Although gold prices have pulled back from their peak, they remain elevated, currently around $5,000 per ounce, supported by geopolitical tensions and macroeconomic uncertainty [18] Production Outlook - Newmont experienced a 15% year-over-year decline in gold production for Q3 2025, reaching 1.42 million ounces, marking the third consecutive quarter of production decline [20] - The company expects gold production for 2025 to be around 5.9 million ounces, with Q4 production anticipated to be in line with Q3 [21] Earnings Estimates - Newmont's earnings estimates for 2025 have increased, with the Zacks Consensus Estimate currently at $6.36, indicating year-over-year growth of 82.8% [22] Valuation - Newmont is trading at a forward price/earnings ratio of 15.15X, which is a 7.5% premium to the industry's average of 14.09X [25] Investment Strategy - Newmont is positioned for growth with strong performance from its Tier 1 assets and a robust project portfolio, although weaker production due to divestments may impact performance [26]

Core Insights - Agnico Eagle Mines (AEM) reported quarterly earnings of $2.69 per share, exceeding the Zacks Consensus Estimate of $2.56 per share, and showing a significant increase from $1.26 per share a year ago, resulting in an earnings surprise of +4.91% [1] - The company achieved revenues of $3.56 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 9.98%, and up from $2.22 billion year-over-year [2] - Agnico has consistently outperformed consensus EPS estimates over the last four quarters, indicating strong operational performance [2] Earnings Outlook - The sustainability of Agnico's stock price movement will largely depend on management's commentary during the earnings call and future earnings expectations [3] - Current consensus EPS estimate for the upcoming quarter is $3.31 on revenues of $3.8 billion, and for the current fiscal year, it is $13.00 on revenues of $15.23 billion [7] Industry Context - The Mining - Gold industry, to which Agnico belongs, is currently ranked in the top 13% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] Competitor Insights - Newmont Corporation (NEM), another player in the gold and copper mining sector, is expected to report quarterly earnings of $1.81 per share, reflecting a year-over-year increase of +29.3% [9] - Newmont's revenues are projected to be $5.76 billion, representing a 2% increase from the previous year [10]

Core Viewpoint - Kinross Gold (KGC) is positioned well to potentially beat earnings estimates in its upcoming quarterly report, supported by a strong history of exceeding expectations [1]. Earnings Performance - Kinross Gold has a solid track record of surpassing earnings estimates, with an average surprise of 23.08% over the last two quarters [2]. - In the last reported quarter, the company achieved earnings of $0.44 per share, exceeding the Zacks Consensus Estimate of $0.39 per share by 12.82%. In the previous quarter, it also outperformed expectations, reporting $0.44 per share against an estimate of $0.33 per share, resulting in a surprise of 33.33% [3]. Earnings Estimates - Recent favorable changes in earnings estimates for Kinross Gold indicate a positive outlook, with a Zacks Earnings ESP (Expected Surprise Prediction) currently at +4.71%, suggesting analysts are optimistic about the company's near-term earnings potential [6][9]. - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) indicates a high likelihood of another earnings beat, with historical data showing that such combinations lead to positive surprises nearly 70% of the time [7][9]. Earnings ESP Metric - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions, which may provide more accurate predictions [8]. - A negative Earnings ESP can reduce predictive power but does not necessarily indicate an earnings miss [10].

Core Viewpoint - Investors interested in mining and gold stocks should consider Iamgold (IAG) as a potentially undervalued option compared to Triple Flag Precious Metals (TFPM) [1] Valuation Metrics - IAG has a Zacks Rank of 2 (Buy), indicating stronger earnings estimate revision activity compared to TFPM, which has a Zacks Rank of 3 (Hold) [3] - IAG's forward P/E ratio is 10.38, significantly lower than TFPM's forward P/E of 27.86, suggesting IAG may be undervalued [5] - IAG has a PEG ratio of 0.26, while TFPM's PEG ratio is 1.00, indicating IAG's expected earnings growth is more favorable [5] - IAG's P/B ratio is 3.61, compared to TFPM's P/B of 3.89, further supporting IAG's valuation attractiveness [6] Value Grades - Based on various valuation metrics, IAG holds a Value grade of B, while TFPM has a Value grade of D, indicating IAG is currently the superior option for value investors [6][7]