Kinross Gold (K) Q2 2025 earnings summary

Executive summary

• Achieved record free cash flow of $646.6 million in Q2 2025, up 87% year-over-year, driven by robust margins and higher gold prices, with production of 512,574 ounces and strong performances at Paracatu and Bald Mountain.

• Net earnings more than doubled to $530.7 million ($0.43/share), with adjusted net earnings at $541.0 million ($0.44/share).

• Major operations, including Tasiast, Paracatu, and US sites, delivered significant contributions and are on track to meet full-year guidance.

• Development and exploration projects, including Great Bear, Round Mountain Phase X, Curlew, and Lobo-Marte, are advancing on schedule.

• Maintained strong liquidity with $1.1 billion in cash and $2.8 billion in total liquidity as of June 30, 2025.

Financial highlights

• Revenue rose 42% year-over-year to $1,728.5 million, reflecting a 40% increase in average realized gold price to $3,284/oz.

• Operating cash flow increased to $992.4 million from $604.0 million in Q2 2024; attributable free cash flow was $646.6 million, up from $345.9 million.

• Attributable all-in sustaining cost per equivalent ounce sold was $1,493, up from $1,387 in Q2 2024.

• Margins per gold equivalent ounce sold surged 68% year-over-year to $2,204.

• Net debt reduced to approximately $100 million as of June 30, 2025.

Outlook and guidance

• On track to meet 2025 guidance: 2.0 million attributable gold equivalent ounces (+/-5%) at a production cost of $1,120/oz (+/-5%) and all-in sustaining cost of $1,500/oz (+/-5%).

• Total attributable capital expenditures for 2025 forecast at $1,150 million (+/-5%).

• Production in H2 expected to be ~500,000 ounces per quarter; operating costs to rise due to mine sequencing, inflation, and lower grades.

• Targeting a minimum $650 million return to shareholders in 2025, including at least $500 million in share repurchases.

• Strong multi-year production and cash flow outlook, with stable dividends and increased share repurchases planned.