Disciplined cost management supports robust margins and over
Returned ~40% of free cash flow to shareholders totalling over
Development pipeline on track and compelling Lobo-Marte update
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 22 and 23 of this release. All dollar amounts are expressed in
2026 second-quarter highlights:
- Production1 of 492,326 gold equivalent ounces (“Au eq. oz.”).
- Production cost of sales2 of
$1,352 per Au eq. oz. sold and attributable production cost of sales1 of$1,336 per Au eq. oz. sold. - Attributable all-in sustaining cost1 of
$1,821 per Au eq. oz. sold. - Operating cash flow3 of
$1,145.9 million . - Attributable free cash flow1 of
$726.8 million . - Margins4 increased by 42% to
$3,131 per Au eq. oz. sold compared with Q2 2025. - Reported earnings5 of
$844.2 million , or$0.71 per share, with adjusted net earnings6 of$847.8 million , or$0.71 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. sold1 of
$1,360 (+/- 5%) and all-in sustaining cost1 of$1,730 (+/- 5%) per ounce sold for 2026. Total attributable capital expenditures1 are forecast to be$1,500 million (+/- 5%). - Cash and cash equivalents increased to
$2.7 billion and net cash7 increased to$1.9 billion atJune 30, 2026 .
Return of capital to shareholders:
- Kinross is on track to return 40% of its free cash flow to shareholders in 2026. During the first half of the year, the Company repurchased
$480 million in shares, and an additional$40 million in July. Including its quarterly dividend, Kinross has returned approximately$615 million in capital to shareholders year-to-date as ofJuly 29, 2026 . - Since
April 2025 , Kinross returned over$1.1 billion of capital through share repurchases, representing approximately 4% of its shares outstanding. - Kinross’ Board of Directors declared a quarterly dividend of
$0.04 per common share payable onSeptember 3, 2026 , to shareholders of record at the close of business onAugust 20, 2026 .
Operational highlights:
- Paracatu continued its strong operating performance as the highest producing mine in the portfolio.
- Tasiast delivered higher production quarter-over-quarter and year-over-year.
Development project highlights:
- Kinross announced a Lobo-Marte project economics refresh highlighting its potential to become a long-life, low-cost cornerstone asset. Lobo-Marte is expected to produce an average of ~350,000 Au oz. per year during steady state operations at a low all-in sustaining cost (“AISC”) of approximately
$1,000 per ounce6 with an attractive Net Present Value (“NPV”)8 of$4.3 billion at a$4,100 per ounce gold price. - Great Bear’s Advanced Exploration (“AEX”) construction is approximately 93% complete and the first blast of the exploration decline was completed on
July 27, 2026 . Detailed engineering is approximately 50% complete, with permitting and procurement progressing as planned for theMain Project . - At Round Mountain Phase X, underground development is advancing slightly ahead of schedule. Engineering and procurement for site and underground infrastructure is progressing on plan.
- At Kettle River-Curlew (“Curlew”), underground development continued ahead of schedule, while site infrastructure advanced substantially and mill refurbishment activities commenced.
- At
Bald Mountain Redbird, mining is advancing well and the heap leach pad expansion continued ahead of schedule. Engineering and procurement activities advanced well for mining and processing infrastructure, including progressing basic engineering for the Sulphidization, Acidification, Recycling and Thickening (“SART”) plant.
Sustainability:
- Consistent with Kinross’ commitment to responsible mining, its 2025 Sustainability Report was published during the second quarter, marking its 18th edition. The report provides a comprehensive summary of the Company’s sustainability performance over 2025 and outlines the Company’s sustainability priorities.
CEO commentary:
“Kinross delivered a strong second quarter, generating over
“Our project pipeline continues to advance well. We were pleased to announce a Lobo-Marte project update, highlighting its potential to produce approximately 350,000 gold ounces per year at
“As we advance our operations and development projects, responsible mining remains at the core of our approach. This quarter, we published our 18th Sustainability Report, highlighting progress across key priorities including biodiversity conservation, water stewardship and community partnerships. These efforts support our commitment to creating long-term value for shareholders while making positive contributions for our stakeholders.
“Looking ahead, we are focused on maintaining our operational momentum, holding the line on costs and delivering robust margins and free cash flow. With a strong balance sheet, attractive return-of-capital framework, and compelling pipeline of development and exploration opportunities, Kinross remains well positioned to continue responsibly delivering value for our shareholders.”
| Summary of financial and operating results | ||||||||||
| Three months ended | Six months ended | |||||||||
| (in millions of | 2026 | 2025 | 2026 | 2025 | ||||||
| Operating Highlights(a) | ||||||||||
| Total gold equivalent ounces(b) | ||||||||||
| Produced | 501,341 | 530,077 | 1,002,282 | 1,059,938 | ||||||
| Sold | 499,035 | 526,223 | 993,163 | 1,050,312 | ||||||
| Attributable gold equivalent ounces(b) | ||||||||||
| Produced | 492,326 | 512,574 | 984,889 | 1,024,662 | ||||||
| Sold | 490,240 | 508,300 | 976,095 | 1,014,864 | ||||||
| Gold ounces - sold | 486,507 | 519,391 | 968,979 | 1,035,659 | ||||||
| Silver ounces - sold (000's) | 771 | 666 | 1,445 | 1,367 | ||||||
| Earnings(a) | ||||||||||
| Metal sales | $ | 2,238.1 | $ | 1,728.5 | $ | 4,645.8 | $ | 3,226.0 | ||
| Production cost of sales | $ | 674.7 | $ | 568.4 | $ | 1,365.2 | $ | 1,115.1 | ||
| Depreciation, depletion and amortization | $ | 275.5 | $ | 262.9 | $ | 551.2 | $ | 551.3 | ||
| Operating earnings | $ | 1,186.4 | $ | 774.8 | $ | 2,524.5 | $ | 1,345.2 | ||
| Net earnings attributable to common shareholders | $ | 844.2 | $ | 530.7 | $ | 1,687.2 | $ | 898.7 | ||
| Net earnings per share attributable to common shareholders (basic and diluted) | $ | 0.71 | $ | 0.43 | $ | 1.41 | $ | 0.73 | ||
| Adjusted net earnings(c) | $ | 847.8 | $ | 541.0 | $ | 1,701.9 | $ | 905.0 | ||
| Adjusted net earnings per share(c) | $ | 0.71 | $ | 0.44 | $ | 1.42 | $ | 0.74 | ||
| Cash Flow(a) | ||||||||||
| Net cash flow provided from operating activities | $ | 1,145.9 | $ | 992.4 | $ | 2,285.4 | $ | 1,599.5 | ||
| Attributable adjusted operating cash flow(c) | $ | 1,111.9 | $ | 883.4 | $ | 2,241.2 | $ | 1,503.7 | ||
| Capital expenditures(d) | $ | 411.0 | $ | 306.1 | $ | 694.2 | $ | 513.8 | ||
| Attributable capital expenditures(c) | $ | 406.2 | $ | 301.8 | $ | 685.1 | $ | 505.9 | ||
| Attributable free cash flow(c) | $ | 726.8 | $ | 646.6 | $ | 1,564.3 | $ | 1,027.4 | ||
| Per Ounce Metrics(a) | ||||||||||
| Average realized gold price per ounce(e) | $ | 4,483 | $ | 3,284 | $ | 4,677 | $ | 3,071 | ||
| Attributable average realized gold price per ounce(c) | $ | 4,487 | $ | 3,285 | $ | 4,679 | $ | 3,071 | ||
| Production cost of sales per equivalent ounce sold(b)(f) | $ | 1,352 | $ | 1,080 | $ | 1,375 | $ | 1,062 | ||
| Attributable production cost of sales per equivalent ounce sold(b)(c) | $ | 1,336 | $ | 1,074 | $ | 1,358 | $ | 1,056 | ||
| Attributable production cost of sales per ounce sold on a by-product basis(c) | $ | 1,253 | $ | 1,044 | $ | 1,275 | $ | 1,027 | ||
| Attributable all-in sustaining cost per equivalent ounce sold(b)(c) | $ | 1,821 | $ | 1,493 | $ | 1,777 | $ | 1,424 | ||
| Attributable all-in sustaining cost per ounce sold on a by-product basis(c) | $ | 1,751 | $ | 1,469 | $ | 1,704 | $ | 1,400 | ||
| Attributable all-in cost per equivalent ounce sold(b)(c) | $ | 2,404 | $ | 1,936 | $ | 2,302 | $ | 1,808 | ||
| Attributable all-in cost per ounce sold on a by-product basis(c) | $ | 2,348 | $ | 1,918 | $ | 2,242 | $ | 1,789 | ||
| (a) | All measures and ratios include 100% of the results from |
| (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 2026 was 61.61:1 and 59.53:1, respectively (second quarter and first six months of 2025 – 97.41:1 and 93.60:1, 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 “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 492,326 Au eq. oz. in Q2 2026, compared with 512,574 Au eq. oz. in Q2 2025, a decrease of 4%. Higher production from Tasiast and Paracatu was offset by lower production from
Average realized gold price9: The average realized gold price during the quarter was
Revenue: Revenue increased to
Production cost of sales: Production cost of sales per Au eq. oz. sold2 increased to
Attributable production cost of sales per Au oz. sold on a by-product basis1 was
Margins4: Kinross’ margin per Au eq. oz. sold increased by 42% to
Attributable all-in sustaining cost1: Attributable all-in sustaining cost per Au eq. oz. sold was
Attributable all-in sustaining cost per Au oz. sold on a by-product basis was
Operating cash flow3: Operating cash flow increased to
Attributable adjusted operating cash flow1 for Q2 2026 was
Attributable free cash flow1: Attributable free cash flow increased to
Reported net earnings5: Reported net earnings increased by 59% to
Adjusted net earnings6 increased to
Capital expenditures10: Capital expenditures increased to
Attributable capital expenditures1 were
Balance sheet
Kinross continued to strengthen its balance sheet in the second quarter, adding approximately
The Company had additional available credit11 of
Return of capital to shareholders
Kinross continues to advance its 2026 buyback strategy, having repurchased and cancelled approximately
Year-to-date, approximately
As part of its quarterly dividend program, the Company also declared a dividend of
Operating results
Mine-by-mine summaries for 2026 second-quarter operating results may be found on pages 10 and 14 of this news release. Highlights include the following:
At Tasiast, production increased quarter-over-quarter and year-over-year primarily driven by higher throughput and timing of ounces processed through the mill. Cost of sales per ounce sold were in-line with the prior quarter, and increased year-over-year primarily due to higher royalties, fuel and labour costs.
At Paracatu, production was in-line quarter-over-quarter and increased year-over-year as a result of higher mill grades and recoveries, partially offset by a decrease in tonnes processed. Cost of sales per ounce sold were in-line with the prior quarter, and increased compared with Q2 2025 due to the strengthening of the Brazilian real and higher royalty costs, as well as planned increased drilling and blasting.
At La Coipa, production increased quarter-over-quarter as a result of higher planned grades and higher throughput. Compared with Q2 2025, production increased primarily due to higher tonnes processed and gold grades, partially offset by expected gold recoveries. Quarter-over-quarter, cost of sales per ounce sold decreased due to the increase in production, and was comparable year-over-year.
At Fort Knox, production was in-line quarter-over-quarter and cost of sales per ounce sold decreased due to the timing of ounces processed through the mill. Production was lower year-over-year primarily due to the timing of ounces processed through the mill, and cost of sales per ounce sold increased due to higher fuel, power and contractor costs as well as lower-grade, lower-recovery ore tonnes processed through the mill.
At
Development projects
Lobo-Marte
Kinross announced an updated view of the economics for its Lobo-Marte project, based on a refresh of the 2021 feasibility study economics, reaffirming its potential to become a long-life, low-cost cornerstone asset in the Company’s portfolio. Based on the initial mine plan, Lobo-Marte is expected to produce an average of ~350,000 Au oz. per year during steady state operations, with a low estimated AISC of approximately
The initial mine plan includes approximately 6.7 Moz. of proven and probable reserves with significant potential for mine life extension through the 2.8 Moz. of Measured and Indicated resource (“M&I”) and 670,000 oz. inferred resource, as well as on the wider prospective land package at Lobo-Marte.
The project has an estimated NPV8 of
The Company continues to advance permitting, engineering and execution planning with the project’s Environmental Impact Assessment currently progressing through Chile’s permitting process.
Great Bear
At?Great Bear, Kinross continues to progress its AEX program alongside permitting, detailed engineering, and procurement activities for the
Following receipt of the AEX permits in April, construction continued on the final earthworks and liner installation for the remaining ponds and the stockpile pads. Surface construction is now 93% complete, and the first blast of the exploration decline was completed on
For the
Provincially, the Ministry of Energy and Mines deemed the final One Project, One Process (“1P1P”) Project Definition complete in early May, and subsequently issued the Integrated Authorization and Permitting Plan for the
We are pleased to report that Great Bear has recently signed a confidential Community Benefits Agreement with the Northwestern Ontario Métis Community, which is part of the Métis Nation of
Drilling at the
Key intercepts from Q2 include:
- REG-26-186: 1.5m @ 15.98 g/t Au
- REG-26-193: 1.1m @ 27.6 g/t Au
- REG-26-191: 1.0m @ 6.03 g/t Au
Round Mountain Phase X
Underground development at Phase X is advancing slightly ahead of schedule, with over 8,400 metres developed to date. Engineering work is progressing well and site planning for surface and underground infrastructure is well advanced. Procurement of long lead items including mining equipment is on schedule.
Curlew
At Curlew, construction of the tailings dewatering plant building is complete and installation of mechanical equipment is underway. The mill refurbishment contractor has onboarded and activities are ramping up. The underground mine development continues to advance ahead of schedule, including the construction of collars to support raise boring activities commencing in Q3.
Bald Mountain Redbird
At Redbird, mining is ongoing and development activities continued to progress ahead of plan during the quarter. Key milestones included the completion of heap leach pad earthworks, and the delivery and commissioning of mining equipment. Basic engineering of the SART plant is approximately 50% complete and the detailed engineering contractor has been selected.
Sustainability
In June, Kinross published its 2025 Sustainability Report, highlighting the Company’s continued focus on responsible mining, environmental stewardship, strong governance and creating long-term value for stakeholders. The report details Kinross’ progress across key Sustainability priorities, including advancing climate and water management initiatives, supporting local employment and procurement, and investing in community partnerships across its operating regions.
In the Sustainability Report, the Company highlighted several biodiversity and nature-related initiatives. In
During the second quarter of 2026, Tasiast provided humanitarian support to communities in the Inchiri region of
Senior Management update
Kinross is pleased to announce the appointment of
Board update
On
Conference call details
In connection with this news release, Kinross will hold a conference call and audio webcast on
Outside of
Replay (available up to 14 days after the call):
Outside of
You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The audio webcast will be archived on www.kinross.com.
About
Kinross is a Canadian-based global senior gold mining company with operations and projects in
Media Contact
Director, Corporate Communications
phone: 416-365-3034
Samantha.Sheffield@Kinross.com
Investor Relations Contact
Executive Vice-President, Investor Relations
phone: 416-365-2854
InvestorRelations@Kinross.com
Review of operations
| Three months ended | Gold equivalent ounces | ||||||||||||||||
| Produced | Sold | Production cost of sales ($millions) | Production cost of sales/equivalent ounce sold | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Tasiast | 133,311 | 119,241 | 132,165 | 121,745 | 130.8 | 102.6 | 990 | 843 | |||||||||
| Paracatu | 157,526 | 149,264 | 157,011 | 148,787 | 173.9 | 142.6 | 1,108 | 958 | |||||||||
| La Coipa | 59,039 | 54,139 | 54,749 | 50,400 | 76.4 | 70.4 | 1,395 | 1,397 | |||||||||
| Fort Knox | 104,500 | 115,064 | 107,591 | 113,200 | 177.5 | 141.3 | 1,650 | 1,248 | |||||||||
| 19,789 | 38,665 | 20,118 | 37,864 | 67.6 | 52.1 | 3,360 | 1,376 | ||||||||||
| 27,176 | 53,704 | 27,401 | 54,227 | 48.5 | 59.4 | 1,770 | 1,095 | ||||||||||
| United States Total | 151,465 | 207,433 | 155,110 | 205,291 | 293.6 | 252.8 | 1,893 | 1,231 | |||||||||
| Less: | (9,015 | ) | (17,503 | ) | (8,795 | ) | (17,923 | ) | (19.8 | ) | (22.5 | ) | |||||
| United States Attributable Total | 142,450 | 189,930 | 146,315 | 187,368 | 273.8 | 230.3 | 1,871 | 1,229 | |||||||||
| Operations Total | 501,341 | 530,077 | 499,035 | 526,223 | 674.7 | 568.4 | 1,352 | 1,080 | |||||||||
| Attributable Total | 492,326 | 512,574 | 490,240 | 508,300 | 654.9 | 545.9 | 1,336 | 1,074 | |||||||||
| Six months ended | Gold equivalent ounces | ||||||||||||||||
| Produced | Sold | Production cost of sales ($millions) | Production cost of sales/equivalent ounce sold | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Tasiast | 263,325 | 256,870 | 263,844 | 251,238 | 261.1 | 207.6 | 990 | 826 | |||||||||
| Paracatu | 318,109 | 295,903 | 315,860 | 295,642 | 351.6 | 282.2 | 1,113 | 955 | |||||||||
| La Coipa | 113,250 | 106,454 | 108,486 | 106,270 | 158.4 | 134.5 | 1,460 | 1,266 | |||||||||
| Fort Knox | 206,872 | 227,118 | 203,809 | 225,310 | 352.3 | 273.1 | 1,729 | 1,212 | |||||||||
| 45,989 | 74,351 | 46,202 | 73,824 | 140.0 | 109.1 | 3,030 | 1,478 | ||||||||||
| 54,737 | 99,242 | 54,962 | 98,028 | 101.8 | 108.6 | 1,852 | 1,108 | ||||||||||
| United States Total | 307,598 | 400,711 | 304,973 | 397,162 | 594.1 | 490.8 | 1,948 | 1,236 | |||||||||
| Less: | (17,393 | ) | (35,276 | ) | (17,068 | ) | (35,448 | ) | (39.7 | ) | (43.2 | ) | |||||
| United States Attributable Total | 290,205 | 365,435 | 287,905 | 361,714 | 554.4 | 447.6 | 1,926 | 1,237 | |||||||||
| Operations Total | 1,002,282 | 1,059,938 | 993,163 | 1,050,312 | 1,365.2 | 1,115.1 | 1,375 | 1,062 | |||||||||
| Attributable Total | 984,889 | 1,024,662 | 976,095 | 1,014,864 | 1,325.5 | 1,071.9 | 1,358 | 1,056 | |||||||||
Consolidated balance sheets
| (unaudited, expressed in millions of | ||||||||||
| As at | ||||||||||
| 2026 | 2025 | |||||||||
| Assets | ||||||||||
| Current assets | ||||||||||
| Cash and cash equivalents | $ | 2,656.4 | $ | 1,742.3 | ||||||
| Restricted cash | 15.9 | 13.5 | ||||||||
| Accounts receivable and prepaid assets | 130.1 | 145.8 | ||||||||
| Inventories | 1,385.0 | 1,370.3 | ||||||||
| Other current assets | 54.3 | 16.6 | ||||||||
| 4,241.7 | 3,288.5 | |||||||||
| Non-current assets | ||||||||||
| Property, plant and equipment | 8,505.2 | 8,289.4 | ||||||||
| Long-term investments | 97.6 | 99.3 | ||||||||
| Other long-term assets | 752.1 | 708.9 | ||||||||
| Deferred tax assets | - | 25.0 | ||||||||
| Total assets | $ | 13,596.6 | $ | 12,411.1 | ||||||
| Liabilities | ||||||||||
| Current liabilities | ||||||||||
| Accounts payable and accrued liabilities | $ | 783.4 | $ | 716.4 | ||||||
| Current income tax payable | 587.5 | 595.7 | ||||||||
| Current portion of provisions | 68.9 | 74.2 | ||||||||
| Other current liabilities | 26.8 | 13.3 | ||||||||
| 1,466.6 | 1,399.6 | |||||||||
| Non-current liabilities | ||||||||||
| Long-term debt | 738.8 | 738.2 | ||||||||
| Provisions | 975.8 | 976.6 | ||||||||
| Other long-term liabilities | 57.0 | 64.8 | ||||||||
| Deferred tax liabilities | 583.8 | 537.8 | ||||||||
| Total liabilities | $ | 3,822.0 | $ | 3,717.0 | ||||||
| Equity | ||||||||||
| Common shareholders' equity | ||||||||||
| Common share capital | $ | 4,335.1 | $ | 4,382.0 | ||||||
| Contributed surplus | 9,648.9 | 10,137.6 | ||||||||
| Accumulated deficit | (4,351.6 | ) | (5,943.3 | ) | ||||||
| Accumulated other comprehensive income (loss) | 20.9 | (0.3 | ) | |||||||
| Total common shareholders' equity | 9,653.3 | 8,576.0 | ||||||||
| Non-controlling interests | 121.3 | 118.1 | ||||||||
| Total equity | $ | 9,774.6 | $ | 8,694.1 | ||||||
| Total liabilities and equity | $ | 13,596.6 | $ | 12,411.1 | ||||||
| Common shares | ||||||||||
| Authorized | Unlimited | Unlimited | ||||||||
| Issued and outstanding | 1,186,240,789 | 1,199,843,037 | ||||||||
Consolidated statements of operations
| (unaudited, expressed in millions of | |||||||||||||||||
| Three months ended | Six months ended | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| Revenue | |||||||||||||||||
| Metal sales | $ | 2,238.1 | $ | 1,728.5 | $ | 4,645.8 | $ | 3,226.0 | |||||||||
| Cost of sales | |||||||||||||||||
| Production cost of sales | 674.7 | 568.4 | 1,365.2 | 1,115.1 | |||||||||||||
| Depreciation, depletion and amortization | 275.5 | 262.9 | 551.2 | 551.3 | |||||||||||||
| Total cost of sales | 950.2 | 831.3 | 1,916.4 | 1,666.4 | |||||||||||||
| Gross profit | 1,287.9 | 897.2 | 2,729.4 | 1,559.6 | |||||||||||||
| Other operating expense | 30.0 | 31.1 | 50.3 | 45.1 | |||||||||||||
| Exploration and business development | 39.1 | 61.7 | 77.3 | 104.0 | |||||||||||||
| General and administrative | 32.4 | 29.6 | 77.3 | 65.3 | |||||||||||||
| Operating earnings | 1,186.4 | 774.8 | 2,524.5 | 1,345.2 | |||||||||||||
| Other expense - net | (3.9 | ) | (19.8 | ) | (17.2 | ) | (33.0 | ) | |||||||||
| Finance income | 19.8 | 7.4 | 35.2 | 11.6 | |||||||||||||
| Finance expense | (20.3 | ) | (32.9 | ) | (39.3 | ) | (68.1 | ) | |||||||||
| Earnings before tax | 1,182.0 | 729.5 | 2,503.2 | 1,255.7 | |||||||||||||
| Income tax expense - net | (330.2 | ) | (170.9 | ) | (795.4 | ) | (307.7 | ) | |||||||||
| Net earnings | $ | 851.8 | $ | 558.6 | $ | 1,707.8 | $ | 948.0 | |||||||||
| Net earnings attributable to: | |||||||||||||||||
| Non-controlling interests | $ | 7.6 | $ | 27.9 | $ | 20.6 | $ | 49.3 | |||||||||
| Common shareholders | $ | 844.2 | $ | 530.7 | $ | 1,687.2 | $ | 898.7 | |||||||||
| Earnings per share attributable to common shareholders | |||||||||||||||||
| Basic | $ | 0.71 | $ | 0.43 | $ | 1.41 | $ | 0.73 | |||||||||
| Diluted | $ | 0.71 | $ | 0.43 | $ | 1.41 | $ | 0.73 | |||||||||
Consolidated statements of cash flows
| (unaudited, expressed in millions of | |||||||||||||||||
| Three months ended | Six months ended | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| Net inflow (outflow) of cash related to the following activities: | |||||||||||||||||
| Operating: | |||||||||||||||||
| Net earnings | $ | 851.8 | $ | 558.6 | $ | 1,707.8 | $ | 948.0 | |||||||||
| Adjustments to reconcile net earnings to net cash provided from operating activities: | |||||||||||||||||
| Depreciation, depletion and amortization | 275.5 | 262.9 | 551.2 | 551.3 | |||||||||||||
| Share-based compensation expense | 3.4 | 3.2 | 10.0 | 7.8 | |||||||||||||
| Finance expense - net | 0.5 | 25.5 | 4.1 | 56.5 | |||||||||||||
| Income tax expense - net | 330.2 | 170.9 | 795.4 | 307.7 | |||||||||||||
| Foreign exchange losses | 1.2 | 5.8 | 8.7 | 11.3 | |||||||||||||
| Other | 10.2 | 9.2 | 2.9 | (11.8 | ) | ||||||||||||
| Reclamation payments | (18.9 | ) | (6.9 | ) | (29.0 | ) | (13.1 | ) | |||||||||
| Changes in working capital: | |||||||||||||||||
| Accounts receivable and other assets | 1.8 | 14.4 | 8.7 | 25.8 | |||||||||||||
| Inventories | (33.7 | ) | 8.9 | 2.1 | (29.5 | ) | |||||||||||
| Accounts payable and accrued liabilities | 50.8 | 49.9 | (1.0 | ) | 33.8 | ||||||||||||
| Cash flow provided from operating activities | 1,472.8 | 1,102.4 | 3,060.9 | 1,887.8 | |||||||||||||
| Income taxes paid | (326.9 | ) | (110.0 | ) | (775.5 | ) | (288.3 | ) | |||||||||
| Net cash flow provided from operating activities | 1,145.9 | 992.4 | 2,285.4 | 1,599.5 | |||||||||||||
| Investing: | |||||||||||||||||
| Additions to property, plant and equipment | (411.0 | ) | (306.1 | ) | (694.2 | ) | (513.8 | ) | |||||||||
| Interest paid capitalized to property, plant and equipment | - | - | (7.1 | ) | (13.5 | ) | |||||||||||
| Proceeds from long-term investments and other assets | 27.6 | - | 27.6 | - | |||||||||||||
| Additions to long-term investments and other assets | (19.2 | ) | (14.8 | ) | (44.5 | ) | (23.9 | ) | |||||||||
| Increase in restricted cash | (0.6 | ) | (0.8 | ) | (2.4 | ) | (2.5 | ) | |||||||||
| Interest received and other | 19.4 | 9.0 | 34.5 | 13.2 | |||||||||||||
| Net cash flow used in investing activities | (383.8 | ) | (312.7 | ) | (686.1 | ) | (540.5 | ) | |||||||||
| Financing: | |||||||||||||||||
| Repayment of debt | - | - | - | (200.0 | ) | ||||||||||||
| Interest paid | - | - | (17.2 | ) | (24.0 | ) | |||||||||||
| Payment of lease liabilities | (2.0 | ) | (1.5 | ) | (4.2 | ) | (3.0 | ) | |||||||||
| Distributions paid to non-controlling interest | (9.0 | ) | (30.0 | ) | (18.0 | ) | (54.0 | ) | |||||||||
| Dividends paid to common shareholders | (47.6 | ) | (36.7 | ) | (95.5 | ) | (73.6 | ) | |||||||||
| Payments for employee taxes withheld from restricted share unit releases | (0.3 | ) | - | (55.6 | ) | (10.0 | ) | ||||||||||
| Repurchase and cancellation of shares | (230.0 | ) | (170.1 | ) | (480.1 | ) | (170.1 | ) | |||||||||
| Taxes paid on repurchase of shares | - | - | (12.1 | ) | - | ||||||||||||
| Net cash flow used in financing activities | (288.9 | ) | (238.3 | ) | (682.7 | ) | (534.7 | ) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (1.8 | ) | 0.5 | (2.5 | ) | 0.7 | |||||||||||
| Increase in cash and cash equivalents | 471.4 | 441.9 | 914.1 | 525.0 | |||||||||||||
| Cash and cash equivalents, beginning of period | 2,185.0 | 694.6 | 1,742.3 | 611.5 | |||||||||||||
| Cash and cash equivalents, end of period | $ | 2,656.4 | $ | 1,136.5 | $ | 2,656.4 | $ | 1,136.5 | |||||||||
| Operating Summary | |||||||||||||||||||
| Mine | Period | Tonnes Ore Mined | Ore Processed (Milled) | Ore Processed (Heap Leach) | Grade (Heap Leach) | Recovery (a)(b) | Gold Eq Production(c) | Gold Eq Sales(c) | Production cost of sales | Production cost of sales/oz(d) | Cap Ex - sustaining(e) | Total Cap Ex (e) | |||||||
| ('000 tonnes) | ('000 tonnes) | ('000 tonnes) | (g/t) | (g/t) | (%) | (ounces) | (ounces) | ($ millions) | ($/ounce) | ($ millions) | ($ millions) | ||||||||
| Tasiast | Q2 2026 | 3,172 | 2,208 | - | 1.82 | - | 94% | 133,311 | 132,165 | $ | 130.8 | $ | 990 | $ | 46.6 | $ | 96.3 | ||
| Q1 2026 | 3,495 | 2,092 | - | 2.30 | - | 94% | 130,014 | 131,679 | $ | 130.3 | $ | 990 | $ | 10.8 | $ | 60.0 | |||
| Q4 2025 | 3,120 | 2,252 | - | 1.87 | - | 94% | 125,625 | 118,912 | $ | 119.2 | $ | 1,002 | $ | 28.6 | $ | 80.5 | |||
| Q3 2025 | 1,685 | 2,181 | - | 1.78 | - | 94% | 120,934 | 116,251 | $ | 103.4 | $ | 889 | $ | 47.6 | $ | 102.0 | |||
| Q2 2025 | 1,921 | 1,730 | - | 2.11 | - | 95% | 119,241 | 121,745 | $ | 102.6 | $ | 843 | $ | 23.1 | $ | 89.7 | |||
| Paracatu | Q2 2026 | 11,332 | 13,216 | - | 0.43 | - | 84% | 157,526 | 157,011 | $ | 173.9 | $ | 1,108 | $ | 51.4 | $ | 64.2 | ||
| Q1 2026 | 10,272 | 12,507 | - | 0.41 | - | 85% | 160,583 | 158,849 | $ | 177.7 | $ | 1,119 | $ | 22.2 | $ | 25.8 | |||
| Q4 2025 | 10,929 | 12,395 | - | 0.45 | - | 83% | 155,048 | 154,565 | $ | 165.0 | $ | 1,068 | $ | 67.6 | $ | 67.6 | |||
| Q3 2025 | 12,958 | 13,214 | - | 0.44 | - | 82% | 150,367 | 149,903 | $ | 139.9 | $ | 933 | $ | 58.2 | $ | 58.2 | |||
| Q2 2025 | 13,497 | 14,527 | - | 0.39 | - | 82% | 149,264 | 148,787 | $ | 142.6 | $ | 958 | $ | 38.4 | $ | 38.4 | |||
| La Coipa(f) | Q2 2026 | 988 | 1,151 | - | 2.07 | - | 60% | 59,039 | 54,749 | $ | 76.4 | $ | 1,395 | $ | 17.9 | $ | 22.8 | ||
| Q1 2026 | 580 | 972 | - | 1.64 | - | 74% | 54,211 | 53,737 | $ | 82.0 | $ | 1,526 | $ | 19.9 | $ | 21.7 | |||
| Q4 2025 | 1,219 | 1,203 | - | 2.42 | - | 74% | 67,319 | 71,419 | $ | 80.7 | $ | 1,130 | $ | 31.7 | $ | 31.7 | |||
| Q3 2025 | 1,006 | 932 | - | 2.36 | - | 76% | 57,997 | 57,544 | $ | 69.0 | $ | 1,199 | $ | 18.5 | $ | 18.5 | |||
| Q2 2025 | 580 | 911 | - | 1.77 | - | 78% | 54,139 | 50,400 | $ | 70.4 | $ | 1,397 | $ | 25.0 | $ | 25.0 | |||
| Fort Knox (100%)(g) | Q2 2026 | 5,681 | 1,866 | 3,965 | 1.51 | 0.27 | 82% | 104,500 | 107,591 | $ | 177.5 | $ | 1,650 | $ | 37.3 | $ | 40.0 | ||
| Q1 2026 | 9,523 | 1,154 | 7,314 | 1.45 | 0.28 | 86% | 102,372 | 96,218 | $ | 174.8 | $ | 1,817 | $ | 24.1 | $ | 24.1 | |||
| Q4 2025 | 11,056 | 1,645 | 8,805 | 1.02 | 0.23 | 88% | 71,523 | 74,294 | $ | 125.8 | $ | 1,693 | $ | 38.0 | $ | 38.0 | |||
| Q3 2025 | 8,140 | 1,511 | 6,538 | 1.86 | 0.23 | 90% | 112,181 | 117,500 | $ | 159.7 | $ | 1,359 | $ | 45.0 | $ | 45.0 | |||
| Q2 2025 | 7,639 | 1,636 | 5,529 | 1.72 | 0.23 | 88% | 115,064 | 113,200 | $ | 141.3 | $ | 1,248 | $ | 43.0 | $ | 43.0 | |||
| Fort Knox (attributable)(g) | Q2 2026 | 5,610 | 1,796 | 3,965 | 1.37 | 0.27 | 82% | 95,485 | 98,796 | $ | 157.7 | $ | 1,596 | $ | 32.5 | $ | 35.2 | ||
| Q1 2026 | 9,463 | 1,103 | 7,314 | 1.31 | 0.28 | 85% | 93,994 | 87,945 | $ | 154.9 | $ | 1,761 | $ | 19.8 | $ | 19.8 | |||
| Q4 2025 | 11,001 | 1,597 | 8,805 | 0.93 | 0.23 | 87% | 65,434 | 67,882 | $ | 113.6 | $ | 1,673 | $ | 31.5 | $ | 31.5 | |||
| Q3 2025 | 8,056 | 1,425 | 6,538 | 1.55 | 0.23 | 89% | 95,742 | 100,878 | $ | 138.4 | $ | 1,372 | $ | 40.4 | $ | 40.4 | |||
| Q2 2025 | 7,535 | 1,567 | 5,529 | 1.47 | 0.23 | 87% | 97,561 | 95,277 | $ | 118.8 | $ | 1,247 | $ | 38.7 | $ | 38.7 | |||
| Q2 2026 | 2,389 | 951 | 878 | 0.39 | 0.29 | 44% | 19,789 | 20,118 | $ | 67.6 | $ | 3,360 | $ | 6.9 | $ | 49.1 | |||
| Q1 2026 | 790 | 953 | 513 | 0.37 | 0.21 | 52% | 26,200 | 26,084 | $ | 72.4 | $ | 2,776 | $ | 4.9 | $ | 53.9 | |||
| Q4 2025 | 737 | 966 | 1,110 | 0.49 | 0.29 | 67% | 31,754 | 31,641 | $ | 86.6 | $ | 2,737 | $ | 8.6 | $ | 41.5 | |||
| Q3 2025 | 1,659 | 914 | 1,113 | 0.66 | 0.32 | 72% | 37,297 | 37,274 | $ | 78.1 | $ | 2,095 | $ | 4.5 | $ | 33.0 | |||
| Q2 2025 | 2,881 | 856 | 1,682 | 0.72 | 0.30 | 80% | 38,665 | 37,864 | $ | 52.1 | $ | 1,376 | $ | 5.7 | $ | 32.8 | |||
| Q2 2026 | 6,046 | - | 6,046 | - | 0.30 | nm | 27,176 | 27,401 | $ | 48.5 | $ | 1,770 | $ | 4.0 | $ | 54.0 | |||
| Q1 2026 | 3,985 | - | 3,985 | - | 0.30 | nm | 27,561 | 27,561 | $ | 53.3 | $ | 1,934 | $ | 6.9 | $ | 39.7 | |||
| Q4 2025 | 3,165 | - | 3,165 | - | 0.30 | nm | 38,402 | 37,141 | $ | 55.4 | $ | 1,492 | $ | 13.1 | $ | 51.6 | |||
| Q3 2025 | 2,182 | - | 2,182 | - | 0.31 | nm | 41,525 | 42,261 | $ | 48.5 | $ | 1,148 | $ | 5.3 | $ | 27.9 | |||
| Q2 2025 | 1,578 | - | 1,578 | - | 1.07 | nm | 53,704 | 54,227 | $ | 59.4 | $ | 1,095 | $ | 12.7 | $ | 40.4 | |||
| (a) | Due to the nature of heap leach operations, recovery rates at |
| (b) | "nm" means not meaningful. |
| (c) | Gold equivalent ounces include silver ounces produced and sold converted to a gold equivalent based on the ratio of the average spot market prices for the commodities for each period. The ratios for the quarters presented are as follows: Q2 2026: 61.61:1; Q1 2026: 57.79:1; Q4 2025: 76.34:1; Q3 2025: 87.73:1; Q2 2025: 97.41:1. |
| (d) | “Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold. |
| (e) | "Total Cap Ex" is “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows. "Cap Ex - sustaining" is a non-GAAP financial measure. The definition and reconciliation of this non-GAAP financial measure is included on page [•] of this news release. |
| (f) | La Coipa silver grade and recovery were as follows: Q2 2026: 44.14 g/t, 33%; Q1 2026: 35.03 g/t, 46%; Q4 2025: 33.21 g/t, 41%; Q3 2025: 41.34 g/t, 49%; Q2 2025: 28.89 g/t, 50%. |
| (g) | The Fort Knox segment is composed of Fort Knox and |
Reconciliation of non-GAAP financial measures and ratios
The Company has included certain non-GAAP financial measures and ratios in this document. These financial measures and ratios are not defined under IFRS and should not be considered in isolation. The Company believes that these financial measures and ratios, together with financial measures and ratios determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures and ratios is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures and ratios are not necessarily standard and therefore may not be comparable to other issuers.
Adjusted Net Earnings and Adjusted Net Earnings per Share
Adjusted net earnings and adjusted net earnings per share are non-GAAP financial measures and ratios which determine the performance of the Company, excluding certain impacts which the Company believes are not reflective of the Company’s underlying performance for the reporting period, such as the impact of foreign exchange gains and losses, reassessment of prior year taxes and/or taxes otherwise not related to the current period, impairment charges (reversals), gains and losses and other one-time costs related to acquisitions, dispositions and other transactions, and non-hedge derivative gains and losses. Although some of the items are recurring, the Company believes that they are not reflective of the underlying operating performance of its current business and are not necessarily indicative of future operating results. Management believes that these measures and ratios, which are used internally to assess performance and in planning and forecasting future operating results, provide investors with the ability to better evaluate underlying performance, particularly since the excluded items are typically not included in public guidance. However, adjusted net earnings and adjusted net earnings per share measures and ratios are not necessarily indicative of net earnings and earnings per share measures and ratios as determined under IFRS.
The following table provides a reconciliation of net earnings to adjusted net earnings for the periods presented:
| (expressed in millions of | Three months ended | Six months ended | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net earnings attributable to common shareholders - as reported | $ | 844.2 | $ | 530.7 | $ | 1,687.2 | $ | 898.7 | |||||||
| Adjusting items: | |||||||||||||||
| Foreign exchange (gains) losses | (1.8 | ) | 11.1 | 4.2 | 18.8 | ||||||||||
| Foreign exchange gains on translation of tax basis and foreign exchange on deferred income taxes within income tax expense | (5.6 | ) | (15.1 | ) | (10.1 | ) | (21.0 | ) | |||||||
| Taxes in respect of prior periods | 2.9 | 3.3 | 5.1 | (4.6 | ) | ||||||||||
| Costs in connection with conveyor belt repairs | 9.0 | - | 20.1 | - | |||||||||||
| Tasiast mill fire related costs | - | 13.0 | - | 13.0 | |||||||||||
| Other | 1.4 | 1.7 | (0.2 | ) | 3.4 | ||||||||||
| Tax effects of the above adjustments | (2.3 | ) | (3.7 | ) | (4.4 | ) | (3.3 | ) | |||||||
| 3.6 | 10.3 | 14.7 | 6.3 | ||||||||||||
| Adjusted net earnings | $ | 847.8 | $ | 541.0 | $ | 1,701.9 | $ | 905.0 | |||||||
| Weighted average number of common shares outstanding - Basic | 1,191.6 | 1,225.7 | 1,195.5 | 1,228.1 | |||||||||||
| Adjusted net earnings per share | $ | 0.71 | $ | 0.44 | $ | 1.42 | $ | 0.74 | |||||||
| Basic earnings per share attributable to common shareholders - as reported | $ | 0.71 | $ | 0.43 | $ | 1.41 | $ | 0.73 | |||||||
Attributable Free Cash Flow
Attributable free cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities less attributable capital expenditures and non-controlling interest included in net cash flows provided from operating activities. The Company believes that this measure, which is used internally to evaluate the Company’s underlying cash generation performance and the ability to repay creditors and return cash to shareholders, provides investors with the ability to better evaluate the Company’s underlying performance. However, this measure is not necessarily indicative of operating earnings or net cash flow provided from operating activities as determined under IFRS.
The following table provides a reconciliation of attributable free cash flow for the periods presented:
| (expressed in millions of | Three months ended | Six months ended | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net cash flow provided from operating activities - as reported | $ | 1,145.9 | $ | 992.4 | $ | 2,285.4 | $ | 1,599.5 | |||||||
| Adjusting items: | |||||||||||||||
| Attributable(a) capital expenditures | (406.2 | ) | (301.8 | ) | (685.1 | ) | (505.9 | ) | |||||||
| Non-controlling interest(b) cash flow from operating activities | (12.9 | ) | (44.0 | ) | (36.0 | ) | (66.2 | ) | |||||||
| Attributable(a) free cash flow | $ | 726.8 | $ | 646.6 | $ | 1,564.3 | $ | 1,027.4 | |||||||
See pages 21 and 22 for details of the footnotes referenced within the table above.
Attributable Adjusted Operating Cash Flow
Attributable adjusted operating cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities excluding changes in working capital, certain impacts which the Company believes are not reflective of the Company’s regular operating cash flow, and net cash flows provided from operating activities, net of working capital changes, relating to non-controlling interests. Working capital is excluded given that numerous factors can result in it being volatile. The Company uses attributable adjusted operating cash flow internally as a measure of the underlying operating cash flow performance and future operating cash flow-generating capability of the Company. However, the attributable adjusted operating cash flow measure is not necessarily indicative of net cash flow provided from operating activities as determined under IFRS.
The following table provides a reconciliation of attributable adjusted operating cash flow for the periods presented:
| (expressed in millions of | Three months ended | Six months ended | |||||||||||||
| 2026 | 2025(m) | 2026 | 2025(m) | ||||||||||||
| Net cash flow provided from operating activities - as reported | $ | 1,145.9 | $ | 992.4 | $ | 2,285.4 | $ | 1,599.5 | |||||||
| Adjusting items: | |||||||||||||||
| Working capital changes: | |||||||||||||||
| Accounts receivable and other assets | (1.8 | ) | (14.4 | ) | (8.7 | ) | (25.8 | ) | |||||||
| Inventories | 33.7 | (8.9 | ) | (2.1 | ) | 29.5 | |||||||||
| Accounts payable and accrued liabilities | (50.8 | ) | (49.9 | ) | 1.0 | (33.8 | ) | ||||||||
| 1,127.0 | 919.2 | 2,275.6 | 1,569.4 | ||||||||||||
| Non-controlling interest(b) cash flow from operating activities, net of working capital changes | (15.1 | ) | (35.8 | ) | (34.4 | ) | (65.7 | ) | |||||||
| Attributable(a) adjusted operating cash flow | $ | 1,111.9 | $ | 883.4 | $ | 2,241.2 | $ | 1,503.7 | |||||||
See pages 21 and 22 for details of the footnotes referenced within the table above.
Attributable Average Realized Gold Price per Ounce
Attributable average realized gold price per ounce is a non-GAAP ratio which calculates the average price realized from gold sales attributable to the Company. The Company believes that this measure provides a more accurate measure with which to compare the Company's gold sales performance to market gold prices. The following table provides a reconciliation of attributable average realized gold price per ounce for the periods presented:
| (expressed in millions of | Three months ended | Six months ended | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Metal sales - as reported | $ | 2,238.1 | $ | 1,728.5 | $ | 4,645.8 | $ | 3,226.0 | |||||||
| Less: silver revenue(c) | (57.0 | ) | (22.6 | ) | (113.7 | ) | (45.1 | ) | |||||||
| Less: non-controlling interest(b) gold revenue | (36.8 | ) | (58.0 | ) | (75.7 | ) | (108.1 | ) | |||||||
| Attributable(a) gold revenue | $ | 2,144.3 | $ | 1,647.9 | $ | 4,456.4 | $ | 3,072.8 | |||||||
| Gold ounces sold | 486,507 | 519,391 | 968,979 | 1,035,659 | |||||||||||
| Less: non-controlling interest(b) gold ounces sold | (8,628 | ) | (17,764 | ) | (16,641 | ) | (35,147 | ) | |||||||
| Attributable(a) gold ounces sold | 477,879 | 501,627 | 952,338 | 1,000,512 | |||||||||||
| Attributable(a) average realized gold price per ounce | $ | 4,487 | $ | 3,285 | $ | 4,679 | $ | 3,071 | |||||||
| Average realized gold price per ounce(d) | $ | 4,483 | $ | 3,284 | $ | 4,677 | $ | 3,071 | |||||||
See pages 21 and 22 for details of the footnotes referenced within the table above.
Attributable Production Cost of Sales per Equivalent Ounce Sold
Production cost of sales per equivalent ounce sold is defined as production cost of sales, as reported on the consolidated statement of operations, divided by the total number of gold equivalent ounces sold. This measure converts the Company’s non-gold production into gold equivalent ounces and credits it to total production.
Attributable production cost of sales per equivalent ounce sold is a non-GAAP ratio and is defined as attributable production cost of sales divided by the attributable number of gold equivalent ounces sold. This measure converts the Company’s attributable non-gold production into gold equivalent ounces and credits it to total attributable production. Management uses this measure to monitor and evaluate the performance of its operating properties that are attributable to its shareholders.
The following table provides a reconciliation of production cost of sales and attributable production cost of sales per equivalent ounce sold for the periods presented:
| (expressed in millions of | Three months ended | Six months ended | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Production cost of sales - as reported | $ | 674.7 | $ | 568.4 | $ | 1,365.2 | $ | 1,115.1 | |||||||
| Less: non-controlling interest(b) production cost of sales | (19.8 | ) | (22.5 | ) | (39.7 | ) | (43.2 | ) | |||||||
| Attributable(a) production cost of sales | $ | 654.9 | $ | 545.9 | $ | 1,325.5 | $ | 1,071.9 | |||||||
| Gold equivalent ounces sold | 499,035 | 526,223 | 993,163 | 1,050,312 | |||||||||||
| Less: non-controlling interest(b) gold equivalent ounces sold | (8,795 | ) | (17,923 | ) | (17,068 | ) | (35,448 | ) | |||||||
| Attributable(a) gold equivalent ounces sold | 490,240 | 508,300 | 976,095 | 1,014,864 | |||||||||||
| Attributable(a) production cost of sales per equivalent ounce sold | $ | 1,336 | $ | 1,074 | $ | 1,358 | $ | 1,056 | |||||||
| Production cost of sales per equivalent ounce sold(e) | $ | 1,352 | $ | 1,080 | $ | 1,375 | $ | 1,062 | |||||||
See pages 21 and 22 for details of the footnotes referenced within the table above.
Attributable Production Cost of Sales per Ounce Sold on a By-Product Basis
Attributable production cost of sales per ounce sold on a by-product basis is a non-GAAP ratio which calculates the Company’s non-gold production as a credit against its per ounce production costs, rather than converting its non-gold production into gold equivalent ounces and crediting it to total production, as is the case in co-product accounting. Management believes that this ratio provides investors with the ability to better evaluate Kinross’ production cost of sales per ounce on a comparable basis with other major gold producers who routinely calculate their cost of sales per ounce using by-product accounting rather than co-product accounting.
The following table provides a reconciliation of attributable production cost of sales per ounce sold on a by-product basis for the periods presented:
| (expressed in millions of | Three months ended | Six months ended | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Production cost of sales - as reported | $ | 674.7 | $ | 568.4 | $ | 1,365.2 | $ | 1,115.1 | |||||||
| Less: non-controlling interest(b) production cost of sales | (19.8 | ) | (22.5 | ) | (39.7 | ) | (43.2 | ) | |||||||
| Less: attributable(a) impact of silver by-product(n) | (56.2 | ) | (22.0 | ) | (111.7 | ) | (44.1 | ) | |||||||
| Attributable(a) production cost of sales on a by-product basis | $ | 598.7 | $ | 523.9 | $ | 1,213.8 | $ | 1,027.8 | |||||||
| Gold ounces sold | 486,507 | 519,391 | 968,979 | 1,035,659 | |||||||||||
| Less: non-controlling interest(b) gold ounces sold | (8,628 | ) | (17,764 | ) | (16,641 | ) | (35,147 | ) | |||||||
| Attributable(a) gold ounces sold | 477,879 | 501,627 | 952,338 | 1,000,512 | |||||||||||
| Attributable(a) production cost of sales per ounce sold on a by-product basis | $ | 1,253 | $ | 1,044 | $ | 1,275 | $ | 1,027 | |||||||
| Production cost of sales per equivalent ounce sold(e) | $ | 1,352 | $ | 1,080 | $ | 1,375 | $ | 1,062 | |||||||
See pages 21 and 22 for details of the footnotes referenced within the table above.
Attributable All-In Sustaining Cost and All-In Cost per Ounce Sold on a By-Product Basis
Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are non-GAAP financial measures and ratios, as applicable, calculated based on guidance published by the
All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. The value of silver sold is deducted from the total production cost of sales as it is considered residual production, i.e. a by-product. Sustaining operating costs represent expenditures incurred at current operations that are considered necessary to maintain current production. Sustaining capital represents capital expenditures at existing operations comprising mine development costs, including capitalized development, and ongoing replacement of mine equipment and other capital facilities, and does not include capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.
All-in cost is comprised of all-in sustaining cost as well as operating expenditures incurred at locations with no current operation, or costs related to other non-sustaining activities, and capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.
Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are calculated by adjusting production cost of sales, as reported on the consolidated statements of operations, as follows:
| (expressed in millions of | Three months ended | Six months ended | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Production cost of sales - as reported | $ | 674.7 | $ | 568.4 | $ | 1,365.2 | $ | 1,115.1 | |||||||
| Less: non-controlling interest(b) production cost of sales | (19.8 | ) | (22.5 | ) | (39.7 | ) | (43.2 | ) | |||||||
| Less: attributable(a) impact of silver by-product(n) | (56.2 | ) | (22.0 | ) | (111.7 | ) | (44.1 | ) | |||||||
| Attributable(a) production cost of sales on a by-product basis | $ | 598.7 | $ | 523.9 | $ | 1,213.8 | $ | 1,027.8 | |||||||
| Adjusting items on an attributable(a) basis: | |||||||||||||||
| General and administrative(f) | 32.4 | 29.6 | 77.3 | 65.3 | |||||||||||
| Other operating expense - sustaining(g) | 4.8 | 0.9 | 5.0 | 1.1 | |||||||||||
| Reclamation and remediation - sustaining(h) | 23.5 | 22.4 | 46.6 | 44.7 | |||||||||||
| Exploration and business development - sustaining(i) | 15.7 | 15.3 | 31.8 | 27.8 | |||||||||||
| Additions to property, plant and equipment - sustaining(j) | 159.7 | 143.7 | 244.3 | 231.9 | |||||||||||
| Lease payments - sustaining(k) | 1.8 | 1.3 | 3.8 | 2.6 | |||||||||||
| All-in Sustaining Cost on a by-product basis - attributable(a) | $ | 836.6 | $ | 737.1 | $ | 1,622.6 | $ | 1,401.2 | |||||||
| Adjusting items on an attributable(a) basis: | |||||||||||||||
| Other operating expense - non-sustaining(g) | 13.9 | 19.1 | 22.4 | 35.3 | |||||||||||
| Reclamation and remediation - non-sustaining(h) | 1.8 | 2.3 | 3.9 | 4.6 | |||||||||||
| Exploration and business development - non-sustaining(i) | 23.2 | 45.5 | 44.9 | 74.9 | |||||||||||
| Additions to property, plant and equipment - non-sustaining(j) | 246.5 | 158.1 | 440.8 | 274.0 | |||||||||||
| Lease payments - non-sustaining(k) | 0.2 | 0.2 | 0.4 | 0.4 | |||||||||||
| All-in Cost on a by-product basis - attributable(a) | $ | 1,122.2 | $ | 962.3 | $ | 2,135.0 | $ | 1,790.4 | |||||||
| Gold ounces sold | 486,507 | 519,391 | 968,979 | 1,035,659 | |||||||||||
| Less: non-controlling interest(b) gold ounces sold | (8,628 | ) | (17,764 | ) | (16,641 | ) | (35,147 | ) | |||||||
| Attributable(a) gold ounces sold | 477,879 | 501,627 | 952,338 | 1,000,512 | |||||||||||
| Attributable(a) all-in sustaining cost per ounce sold on a by-product basis | $ | 1,751 | $ | 1,469 | $ | 1,704 | $ | 1,400 | |||||||
| Attributable(a) all-in cost per ounce sold on a by-product basis | $ | 2,348 | $ | 1,918 | $ | 2,242 | $ | 1,789 | |||||||
| Production cost of sales per equivalent ounce sold(e) | $ | 1,352 | $ | 1,080 | $ | 1,375 | $ | 1,062 | |||||||
See pages 21 and 22 for details of the footnotes referenced within the table above.
Attributable All-In Sustaining Cost and All-In Cost per Equivalent Ounce Sold
The Company also assesses its attributable all-in sustaining cost and all-in cost on a gold equivalent ounce basis. Under these non-GAAP financial measures and ratios, the Company’s production of silver is converted into gold equivalent ounces and credited to total production.
Attributable all-in sustaining cost and all-in cost per equivalent ounce sold are calculated by adjusting production cost of sales, as reported on the consolidated statements of operations, as follows:
| (expressed in millions of | Three months ended | Six months ended | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Production cost of sales - as reported | $ | 674.7 | $ | 568.4 | $ | 1,365.2 | $ | 1,115.1 | |||||||
| Less: non-controlling interest(b) production cost of sales | (19.8 | ) | (22.5 | ) | (39.7 | ) | (43.2 | ) | |||||||
| Attributable(a) production cost of sales | $ | 654.9 | $ | 545.9 | $ | 1,325.5 | $ | 1,071.9 | |||||||
| Adjusting items on an attributable(a) basis: | |||||||||||||||
| General and administrative(f) | 32.4 | 29.6 | 77.3 | 65.3 | |||||||||||
| Other operating expense - sustaining(g) | 4.8 | 0.9 | 5.0 | 1.1 | |||||||||||
| Reclamation and remediation - sustaining(h) | 23.5 | 22.4 | 46.6 | 44.7 | |||||||||||
| Exploration and business development - sustaining(i) | 15.7 | 15.3 | 31.8 | 27.8 | |||||||||||
| Additions to property, plant and equipment - sustaining(j) | 159.7 | 143.7 | 244.3 | 231.9 | |||||||||||
| Lease payments - sustaining(k) | 1.8 | 1.3 | 3.8 | 2.6 | |||||||||||
| All-in Sustaining Cost - attributable(a) | $ | 892.8 | $ | 759.1 | $ | 1,734.3 | $ | 1,445.3 | |||||||
| Adjusting items on an attributable(a) basis: | |||||||||||||||
| Other operating expense - non-sustaining(g) | 13.9 | 19.1 | 22.4 | 35.3 | |||||||||||
| Reclamation and remediation - non-sustaining(h) | 1.8 | 2.3 | 3.9 | 4.6 | |||||||||||
| Exploration and business development - non-sustaining(i) | 23.2 | 45.5 | 44.9 | 74.9 | |||||||||||
| Additions to property, plant and equipment - non-sustaining(j) | 246.5 | 158.1 | 440.8 | 274.0 | |||||||||||
| Lease payments - non-sustaining(k) | 0.2 | 0.2 | 0.4 | 0.4 | |||||||||||
| All-in Cost - attributable(a) | $ | 1,178.4 | $ | 984.3 | $ | 2,246.7 | $ | 1,834.5 | |||||||
| Gold equivalent ounces sold | 499,035 | 526,223 | 993,163 | 1,050,312 | |||||||||||
| Less: non-controlling interest(b) gold equivalent ounces sold | (8,795 | ) | (17,923 | ) | (17,068 | ) | (35,448 | ) | |||||||
| Attributable(a) gold equivalent ounces sold | 490,240 | 508,300 | 976,095 | 1,014,864 | |||||||||||
| Attributable(a) all-in sustaining cost per equivalent ounce sold | $ | 1,821 | $ | 1,493 | $ | 1,777 | $ | 1,424 | |||||||
| Attributable(a) all-in cost per equivalent ounce sold | $ | 2,404 | $ | 1,936 | $ | 2,302 | $ | 1,808 | |||||||
| Production cost of sales per equivalent ounce sold(e) | $ | 1,352 | $ | 1,080 | $ | 1,375 | $ | 1,062 | |||||||
See pages 21 and 22 for details of the footnotes referenced within the table above.
Capital Expenditures and Attributable Capital Expenditures
Capital expenditures are classified as either sustaining capital expenditures or non-sustaining capital expenditures, depending on the nature of the expenditure. Sustaining capital expenditures typically represent capital expenditures at existing operations including capitalized exploration costs and capitalized development unless related to major projects, ongoing replacement of mine equipment and other capital facilities and other capital expenditures and is calculated as total additions to property, plant and equipment (as reported on the consolidated statements of cash flows), less non-sustaining capital expenditures. Non-sustaining capital expenditures represent capital expenditures for major projects, including major capital development projects at existing operations that are expected to materially benefit the operation, as well as enhancement capital for significant infrastructure improvements at existing operations. Management believes the distinction between sustaining capital expenditures and non-sustaining expenditures is a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of attributable all-in sustaining costs per ounce and attributable all-in costs per ounce. The categorization of sustaining capital expenditures and non-sustaining capital expenditures is consistent with the definitions under the WGC all-in cost standard. Sustaining capital expenditures and non-sustaining capital expenditures are not defined under IFRS, however, the sum of these two measures total to additions to property, plant and equipment as disclosed under IFRS on the consolidated statements of cash flows.
Additions to property, plant and equipment per the consolidated statements of cash flows includes 100% of capital expenditures for
The following table provides a reconciliation of the classification of capital expenditures for the periods presented:
| (expressed in millions of | |||||||||||||||||||||
| Three months ended | Tasiast ( | Paracatu ( | La Coipa ( | Fort Knox(l) ( | Round Mountain ( | Bald Mountain ( | Total | Other(o) | Total | ||||||||||||
| Sustaining capital expenditures | $ | 46.6 | $ | 51.4 | $ | 17.9 | $ | 37.3 | $ | 6.9 | $ | 4.0 | $ | 48.2 | $ | 0.4 | $ | 164.5 | |||
| Non-sustaining capital expenditures | 49.7 | 12.8 | 4.9 | 2.7 | 42.2 | 50.0 | 94.9 | 84.2 | 246.5 | ||||||||||||
| Additions to property, plant and equipment - per cash flow | $ | 96.3 | $ | 64.2 | $ | 22.8 | $ | 40.0 | $ | 49.1 | $ | 54.0 | $ | 143.1 | $ | 84.6 | $ | 411.0 | |||
| Less: Non-controlling interest(b) | - | - | - | (4.8 | ) | - | - | (4.8 | ) | - | (4.8 | ) | |||||||||
| Attributable(a) capital expenditures | $ | 96.3 | $ | 64.2 | $ | 22.8 | $ | 35.2 | $ | 49.1 | $ | 54.0 | $ | 138.3 | $ | 84.6 | $ | 406.2 | |||
| Three months ended | |||||||||||||||||||||
| Sustaining capital expenditures | $ | 23.1 | $ | 38.4 | $ | 25.0 | $ | 43.0 | $ | 5.7 | $ | 12.7 | $ | 61.4 | $ | 0.1 | $ | 148.0 | |||
| Non-sustaining capital expenditures | 66.6 | - | - | - | 27.1 | 27.7 | 54.8 | 36.7 | 158.1 | ||||||||||||
| Additions to property, plant and equipment - per cash flow | $ | 89.7 | $ | 38.4 | $ | 25.0 | $ | 43.0 | $ | 32.8 | $ | 40.4 | $ | 116.2 | $ | 36.8 | $ | 306.1 | |||
| Less: Non-controlling interest(b) | - | - | - | (4.3 | ) | - | - | (4.3 | ) | - | (4.3 | ) | |||||||||
| Attributable(a) capital expenditures | $ | 89.7 | $ | 38.4 | $ | 25.0 | $ | 38.7 | $ | 32.8 | $ | 40.4 | $ | 111.9 | $ | 36.8 | $ | 301.8 | |||
| (expressed in millions of | |||||||||||||||||||||
| Six months ended | Tasiast ( | Paracatu ( | La Coipa ( | Fort Knox(l) ( | Round Mountain ( | Bald Mountain ( | Total | Other(o) | Total | ||||||||||||
| Sustaining capital expenditures | $ | 57.4 | $ | 73.6 | $ | 37.8 | $ | 61.4 | $ | 11.8 | $ | 10.9 | $ | 84.1 | $ | 0.5 | $ | 253.4 | |||
| Non-sustaining capital expenditures | 98.9 | 16.4 | 6.7 | 2.7 | 91.2 | 82.8 | 176.7 | 142.1 | 440.8 | ||||||||||||
| Additions to property, plant and equipment - per cash flow | $ | 156.3 | $ | 90.0 | $ | 44.5 | $ | 64.1 | $ | 103.0 | $ | 93.7 | $ | 260.8 | $ | 142.6 | $ | 694.2 | |||
| Less: Non-controlling interest(b) | - | - | - | (9.1 | ) | - | - | (9.1 | ) | - | (9.1 | ) | |||||||||
| Attributable(a) capital expenditures | $ | 156.3 | $ | 90.0 | $ | 44.5 | $ | 55.0 | $ | 103.0 | $ | 93.7 | $ | 251.7 | $ | 142.6 | $ | 685.1 | |||
| Six months ended | |||||||||||||||||||||
| Sustaining capital expenditures | $ | 36.8 | $ | 62.8 | $ | 40.6 | $ | 71.2 | $ | 8.5 | $ | 19.6 | $ | 99.3 | $ | 0.3 | $ | 239.8 | |||
| Non-sustaining capital expenditures | 133.0 | - | - | - | 53.9 | 38.6 | 92.5 | 48.5 | 274.0 | ||||||||||||
| Additions to property, plant and equipment - per cash flow | $ | 169.8 | $ | 62.8 | $ | 40.6 | $ | 71.2 | $ | 62.4 | $ | 58.2 | $ | 191.8 | $ | 48.8 | $ | 513.8 | |||
| Less: Non-controlling interest(b) | - | - | - | (7.9 | ) | - | - | (7.9 | ) | - | (7.9 | ) | |||||||||
| Attributable(a) capital expenditures | $ | 169.8 | $ | 62.8 | $ | 40.6 | $ | 63.3 | $ | 62.4 | $ | 58.2 | $ | 183.9 | $ | 48.8 | $ | 505.9 | |||
See pages 21 and 22 for details of the footnotes referenced within the tables above.
Endnotes
| (a) | “Attributable” measures and ratios include Kinross’ share of |
| (b) | “Non-controlling interest” represents the non-controlling interest portion in |
| (c) | “Silver revenue” represents the portion of metal sales realized from the production of secondary or by-product metal (i.e. silver), which is produced as a by-product of the process used to produce gold and effectively reduces the cost of gold production. |
| (d) | “Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold. |
| (e) | “Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold. |
| (f) | “General and administrative” expenses are as reported on the consolidated statements of operations, excluding certain impacts which the Company believes are not reflective of the Company’s underlying performance for the reporting period. General and administrative expenses are considered sustaining costs as they are required to be absorbed on a continuing basis for the effective operation and governance of the Company. |
| (g) | “Other operating expense – sustaining” is calculated as “Other operating expense” as reported on the consolidated statements of operations, less the non-controlling interest portion in |
| (h) | “Reclamation and remediation – sustaining” is calculated as current period accretion related to reclamation and remediation obligations plus current period amortization of the corresponding reclamation and remediation assets, less the non-controlling interest portion in |
| (i) | “Exploration and business development – sustaining” is calculated as “Exploration and business development” expenses as reported on the consolidated statements of operations, less the non-controlling interest portion in |
| (j) | “Additions to property, plant and equipment – sustaining” and “non-sustaining” are as presented on pages 20 and 21 of this news release and include Kinross’ share of Manh Choh’s (70%) sustaining and non-sustaining capital expenditures. |
| (k) | “Lease payments – sustaining” represents the majority of lease payments as reported on the consolidated statements of cash flows and is made up of the principal and financing components of such cash payments, less the non-controlling interest portion in |
| (l) | The Fort Knox segment is composed of Fort Knox and |
| (m) | Attributable adjusted operating cash flow for the three and six months ended |
| (n) | “Impact of silver by-product” represents the costs allocated to the production of secondary or by-product metal (i.e. silver), which is produced as a by-product of the process used to produce gold. |
| (o) | Other includes corporate and other non-operating assets (including Great Bear, Curlew and Lobo-Marte). |
Cautionary statement on forward-looking information
All statements, other than statements of historical fact, contained or incorporated by reference in this news release including, but not limited to, any information as to the future financial or operating performance of Kinross, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, including the provisions of the Securities Act (
Key Sensitivities
Approximately 70%-80% of the Company's costs are denominated in
A 10% change in foreign currency exchange rates would be expected to result in an approximate
Specific to the Brazilian real, a 10% change in the exchange rate would be expected to result in an approximate
Specific to the Chilean peso, a 10% change in the exchange rate would be expected to result in an approximate
A
A
Other information
Where we say "we", "us", "our", the "Company", or "Kinross" in this news release, we mean
The technical information about the Company’s mineral properties contained in this news release has been prepared under the supervision of Mr.
Source:
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1 Unless otherwise stated, production figures in this news release are on an attributable basis. “Attributable” includes Kinross’ 70% share of
2 “Production cost of sales per equivalent ounce sold” is defined as production cost of sales, as reported on the interim condensed consolidated statements of operations, divided by total gold equivalent ounces sold.
3 Operating cash flow figures in this release represent “Net cash flow provided from operating activities,” as reported on the interim condensed consolidated statements of cash flows.
4 “Margins” per equivalent ounce sold is defined as average realized gold price per ounce less production cost of sales per equivalent ounce sold.
5 Earnings, net earnings, and reported net earnings figures in this news release represent “Net earnings attributable to common shareholders,” as reported on the interim condensed consolidated statements of operations.
6 These figures are non-GAAP financial measures and ratios, as applicable, and are defined and reconciled 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. All-in sustaining cost per ounce sold on a by-product basis is equivalent to attributable all-in sustaining cost per ounce sold on a by-product basis for Lobo-Marte.
7 Net cash is calculated as cash and cash equivalents of
8 The NPV was calculated from the after-tax cash flow generated by the project, based on a discount rate of 5% and a valuation date of
9 “Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold.
10 “Capital expenditures” is “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows.
11 “Available credit” is defined as available credit under the Company’s credit facilities and is calculated in Section 6 Liquidity and Capital Resources of Kinross’ MD&A for the three and six months ended
12 “Total liquidity” is defined as the sum of cash and cash equivalents, as reported on the interim condensed consolidated balance sheets, and available credit under the Company’s credit facilities (as calculated in Section 6 Liquidity and Capital Resources of Kinross’ MD&A for the three and six months ended
13 The economic analysis of the projects were carried out using a discounted cash flow approach on an after-tax basis, based on long-term gold prices of
14 Refers to all of the currencies in the countries where the Company has mining operations, fluctuating simultaneously by 10% in the same direction, either appreciating or depreciating, taking into consideration the impact of hedging and the weighting of each currency within our consolidated cost structure.
