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Kinross Gold
Kinross Gold (K) investor relations material
Kinross Gold Status Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status Update summary15 Jan, 2026
Strategic Project Advancement and Portfolio Update
Construction proceeding for Round Mountain Phase X, Curlew, and Bald Mountain Redbird 2, targeting up to 3 million ounces of gold production and extending mine lives into the 2030s.
Projects leverage existing infrastructure, enabling efficient capital deployment, rapid restarts, and robust project economics.
Combined, these projects deliver a 55% IRR, $4.1B post-tax NPV at $4,300/oz gold, and average AISC of ~$1,650/oz, with quick paybacks under two years.
Funding is fully sourced from operational cash flow, with 2026 project capex at $425M and total global capex at $1.5B.
Significant exploration and extension potential remains across all three assets, with recent drilling confirming high-grade resource growth.
Project-Specific Highlights and Economics
Round Mountain Phase X: 1.4M oz production, $1.9B NPV, 67% IRR, $400M capex, AISC $1,680/oz, mine life to 2038, leveraging three underground accesses.
Curlew: 940,000 oz production over 11 years, $1.2B NPV, 44% IRR, $485M capex, high-grade (5.8g/t) UG operation, AISC $1,726/oz, leveraging Kettle River mill.
Bald Mountain Redbird 2: 643,000 oz production, $1.0B NPV, 58% IRR, $490M capex, AISC $1,466/oz, open pit and satellite pits, mine life to 2032.
Combined, the three projects add nearly 3Moz of production, with average annual output supporting a 2 million-ounce profile through the decade.
All projects demonstrate attractive economics, low costs, and are designed to offset inflationary pressures organically.
Capital Allocation, Funding, and Financial Discipline
Capital allocation prioritizes high-return projects, maintaining financial strength, and returning capital to shareholders via dividends and buybacks.
Net cash position, three investment grade credit ratings, and $1.6B in available credit support ongoing development.
Share repurchase program completed in 2025, reducing share count by 2.5%.
2025 saw $700M debt repaid and $750M returned to shareholders, with net cash of $1B at year-end.
No debt maturities before 2033, supporting long-term financial flexibility.
2026 capex vs. shareholder return strategy?
US portfolio long-term resource base strategy?
Timeline for converting exploration upside to reserves?
Phase X conversion: Rationale for value maximization
Mitigation of underground workforce ramp-up risk
Future production extension beyond current mine plans
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Next Kinross Gold earnings date
Q4 202519 Feb, 2026
Kinross Gold
Next Kinross Gold earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Kinross Gold Corporation is a Canadian-based gold mining company with mines and projects in Canada, the United States, Brazil, Chile, Russia, Ghana and Mauritania. Kinross' focus is on delivering value based on the core principles of operational excellence, balance sheet strength, disciplined growth and responsible mining. The company aims at creating sustainable value for Kinross' stakeholders from responsible mining. Furthermore, Kinross Gold serves customers worldwide.
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