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 at Tasiast and Paracatu.

• Declared a quarterly dividend of $0.03 per share and plans to reinstate a share buyback program in 2025, pending cash flow and gold price stability.

• Advanced major projects, including Great Bear (PEA released, early works underway), Bald Mountain Redbird (mining approved, 1 million oz converted to reserves), and increased high-grade resources at key sites.

• Strengthened sustainability and governance, achieving top industry rankings and progressing on emissions reduction targets.

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.

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

• Attributable all-in sustaining cost per Au eq. oz. sold was $1,388 in 2024; production cost of sales per Au eq. oz. was $1,021.

• 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).

• Ended 2024 with $611.5 million in cash and $2.3 billion in total liquidity.

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, both up from 2024.

• Attributable capital expenditures for 2025 are projected at $1.15 billion, with major spending on Tasiast, Great Bear, and Bald Mountain.

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

• Effective tax rate for 2025 is expected to be 32–37% on adjusted net earnings.