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Kinross Gold (K) investor relations material
Kinross Gold Investor Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Operational and financial performance
Forecasts annual gold production of approximately 2 million ounces from 2025 to 2027, with six mines in stable jurisdictions and a robust reserve base of 22Moz and 26Moz in measured and indicated resources.
Maintains rigorous cost and capital discipline, with 2025 guidance for production cost of sales at $1,120/oz and all-in sustaining cost at $1,500/oz.
Delivered record free cash flow of $687 million in Q3 2025, supported by strong performances at Paracatu and Tasiast.
Achieved a net cash position in Q3 2025, with $1.7 billion in cash and $3.4 billion in total liquidity, and reduced net debt by $1.3 billion in 2025.
Plans to return approximately $1.5 billion to lenders and shareholders in 2025, including $170 million in dividends and $600 million in share buybacks.
Asset portfolio and growth pipeline
Operates a diversified portfolio with top-tier mines in the US, Brazil, Mauritania, and Chile, and world-class development projects such as Great Bear and Lobo-Marte.
Great Bear project in Ontario targets average annual production of 518koz over the first 8 years at $812/oz AISC, with a 12-year mine life and strong expansion potential.
Advancing multiple growth projects, including Redbird at Bald Mountain, Phase X at Round Mountain, and Curlew in Washington, with key milestones set for 2025-2027.
Significant resource optionality with 21.9Moz in reserves, 25.9Moz in measured and indicated, and 13.2Moz inferred, supporting future production extensions.
Exploration spend in 2024 reached $166 million, focusing on brownfield and greenfield targets to drive reserve additions and future production.
Capital markets and shareholder returns
Maintains a strong capital markets presence with a $28.5 billion market cap, high liquidity, and 2.6% total return of capital yield.
Outperformed peers in share price and net asset value per share growth over the past two years, with a 346% total shareholder return.
Trades at attractive valuation multiples, with a P/NAV range of 0.8-1.0x and 2025 EV/EBITDA of 6.7x.
Disciplined capital allocation strategy prioritizes reinvestment, financial strength, and sustainable returns to shareholders.
Executive compensation is closely aligned with performance, with 80% of CEO pay at risk and strong support from shareholders.
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