Kinross Gold (K) Q4 2024 earnings summary

Executive summary

• Achieved record free cash flow of $1.34 billion in 2024, more than doubling year-over-year, and fully repaid a $1 billion term loan by early 2025.

• Delivered on all key 2024 guidance metrics, with gold equivalent production of 2.13 million ounces and strong operational performance across core assets.

• Declared a quarterly dividend of $0.03 per share and plans to reinstate a share buyback program in 2025.

• Advanced major projects, including Great Bear and Bald Mountain Redbird, with significant resource additions and ongoing exploration.

• Strengthened sustainability and governance, progressing on a 30% emissions intensity reduction target by 2030 and achieving top industry rankings.

Financial highlights

• Revenue rose 21% year-over-year to $5.15 billion in 2024, driven by a higher average realized gold price of $2,393/oz.

• Net earnings attributable to common shareholders were $948.8 million ($0.77/share) in 2024; adjusted net earnings were $838.3 million ($0.68/share).

• Operating cash flow reached $2.45 billion in 2024; attributable free cash flow set a record at $1.34 billion.

• Attributable all-in sustaining cost per gold equivalent ounce sold was $1,388 in 2024; margin per ounce sold was $1,373.

• Cash and cash equivalents stood at $611.5 million at year-end, with total liquidity of $2.3 billion.

Outlook and guidance

• 2025 production guidance is 2.0 million attributable gold equivalent ounces (±5%), with stable production expected through 2027.

• 2025 attributable production cost of sales is forecast at $1,120/oz, and all-in sustaining cost at $1,500/oz, reflecting inflation and sales mix.

• Attributable capital expenditures for 2025 are projected at $1.15 billion, with similar levels expected for 2026 and 2027.

• Exploration and business development spending for 2025 is guided at $200 million, with $175 million allocated to exploration.

• Production in 2025 is expected to be evenly distributed across quarters.