Track market-moving stories before they get noisy

Cantor Fitzgerald Investment Advisors L.P. bought a new stake in shares of Kinross Gold Corporation (NYSE:KGC – Free Report) (TSE:K) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 101,550 shares of the mining company’s stock, valued at approximately $2,445,000.

Several other hedge funds have also recently made changes to their positions in the business. Caitlin John LLC raised its holdings in shares of Kinross Gold by 42.1% during the second quarter. Caitlin John LLC now owns 1,350 shares of the mining company’s stock valued at $32,000 after acquiring an additional 400 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. boosted its holdings in Kinross Gold by 0.4% in the second quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. now owns 141,100 shares of the mining company’s stock valued at $3,329,000 after acquiring an additional 500 shares in the last quarter. Geneos Wealth Management Inc. increased its position in Kinross Gold by 80.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,355 shares of the mining company’s stock valued at $41,000 after purchasing an additional 605 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in Kinross Gold by 6.8% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 10,137 shares of the mining company’s stock valued at $309,000 after purchasing an additional 645 shares during the period. Finally, Baron Wealth Management LLC increased its position in Kinross Gold by 3.1% during the 2nd quarter. Baron Wealth Management LLC now owns 21,941 shares of the mining company’s stock valued at $518,000 after purchasing an additional 653 shares during the period. 63.69% of the stock is owned by hedge funds and other institutional investors.

Kinross Gold Price Performance Shares of NYSE:KGC opened at $23.79 on Thursday. Kinross Gold Corporation has a 1-year low of $21.90 and a 1-year high of $39.11. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.89 and a quick ratio of 1.95. The business has a fifty day moving average price of $27.37 and a 200-day moving average price of $27.52. The company has a market capitalization of $28.11 billion, a PE ratio of 9.01, a PEG ratio of 0.78 and a beta of 0.82.

Kinross Gold (NYSE:KGC – Get Free Report) (TSE:K) last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.05. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.24 billion. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%. Kinross Gold’s quarterly revenue was up 29.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.44 EPS. As a group, equities analysts expect that Kinross Gold Corporation will post 2.41 EPS for the current fiscal year. Kinross Gold Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were issued a $0.04 dividend. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $0.16 annualized dividend and a yield of 0.7%. Kinross Gold’s payout ratio is 6.06%.

Analyst Upgrades and Downgrades Several research analysts have commented on the stock. Canadian Imperial Bank of Commerce restated an “outperform” rating and issued a $34.00 price objective on shares of Kinross Gold in a report on Friday, October 16th. UBS Group reduced their price target on shares of Kinross Gold from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, October 8th. Scotia decreased their price target on shares of Kinross Gold from $41.00 to $39.00 and set a “sector outperform” rating for the company in a research note on Thursday, September 24th. Canaccord Genuity Group lowered their price objective on shares of Kinross Gold from $52.00 to $47.00 and set a “buy” rating for the company in a report on Thursday, September 24th. Finally, TD Securities lowered their price objective on shares of Kinross Gold from $40.00 to $35.00 and set a “buy” rating for the company in a report on Thursday, September 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.11.

Check Out Our Latest Report on KGC

About Kinross Gold (Free Report)

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. Founded in 1993, the company explores for, develops and operates gold mines, with silver produced as a byproduct at some operations.

Kinross’s producing assets have included mines in the United States, Brazil, Chile and Mauritania. Its operations have included Fort Knox in Alaska, Round Mountain and Bald Mountain in Nevada, Paracatu in Brazil, La Coipa in Chile and Tasiast in Mauritania. The company also pursues exploration and development projects intended to support future production.

Kinross sells the gold it produces to customers in international bullion markets and manages activities spanning mine development, extraction, processing and reclamation.

See Also Five stocks we like better than Kinross Gold GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall? Intercepting Growth: Karman Secures $218M Lockheed Martin Deal Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs Chip Stocks Have Pulled Back—Here’s How 3 Semiconductor ETFs Stack Up for Investors

Receive News & Ratings for Kinross Gold Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kinross Gold and related companies with MarketBeat.com's FREE daily email newsletter.

NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Kinross Gold Corporation (“Kinross” or the “Company”) (NYSE: KGC).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Kinross and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On September 23, 2026, Kinross issued a press release “provid[ing] an operational, guidance and return of capital update.”  Specifically, Kinross advised that “[t]he Company now expects full-year 2026 and 2027 attributable production to be 2% to 3% below the low end of the previously disclosed guidance, with approximately 1.84 to 1.86 million gold equivalent ounces (‘Au eq. oz.’) expected per year.  The change to the Company’s 2026 guidance is concentrated at two smaller assets, La Coipa and Round Mountain, and is the result of extreme weather and operational challenges.” 

On this news, Kinross’s stock price fell $3.20 per share, or 11.59%, to close at $24.42 per share on September 24, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.  

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

Farther Finance Advisors LLC bought a new position in shares of Kinross Gold Corporation (NYSE: KGC) (TSE: K) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 21,235 shares of the mining company's stock, valued at approximately $511,000. Several other hedge

Alpha Metallurgical Resources (NYSE:AMR – Get Free Report) and Kinross Gold (NYSE:KGC – Get Free Report) are both materials companies, but which is the better investment? We will compare the two businesses based on the strength of their dividends, risk, valuation, analyst recommendations, earnings, institutional ownership and profitability.

Risk and Volatility Alpha Metallurgical Resources has a beta of 0.85, suggesting that its stock price is 15% less volatile than the S&P 500. Comparatively, Kinross Gold has a beta of 0.82, suggesting that its stock price is 18% less volatile than the S&P 500.

Profitability This table compares Alpha Metallurgical Resources and Kinross Gold’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Alpha Metallurgical Resources -2.23% -2.99% -2.01% Kinross Gold 37.52% 34.00% 23.84% Analyst Ratings This is a summary of current ratings and recommmendations for Alpha Metallurgical Resources and Kinross Gold, as provided by MarketBeat.com. Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Alpha Metallurgical Resources 2 5 0 0 1.71 Kinross Gold 0 2 13 1 2.94 Alpha Metallurgical Resources presently has a consensus price target of $179.75, suggesting a potential upside of 3.06%. Kinross Gold has a consensus price target of $38.89, suggesting a potential upside of 75.11%. Given Kinross Gold’s stronger consensus rating and higher possible upside, analysts plainly believe Kinross Gold is more favorable than Alpha Metallurgical Resources.

Insider and Institutional Ownership 84.3% of Alpha Metallurgical Resources shares are held by institutional investors. Comparatively, 63.7% of Kinross Gold shares are held by institutional investors. 18.2% of Alpha Metallurgical Resources shares are held by insiders. Comparatively, 1.0% of Kinross Gold shares are held by insiders. Strong institutional ownership is an indication that endowments, large money managers and hedge funds believe a company will outperform the market over the long term.

Earnings and Valuation This table compares Alpha Metallurgical Resources and Kinross Gold”s gross revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Alpha Metallurgical Resources $2.13 billion 1.04 -$61.69 million ($3.58) -48.72 Kinross Gold $7.05 billion 3.73 $2.39 billion $2.64 8.41 Kinross Gold has higher revenue and earnings than Alpha Metallurgical Resources. Alpha Metallurgical Resources is trading at a lower price-to-earnings ratio than Kinross Gold, indicating that it is currently the more affordable of the two stocks.

Summary Kinross Gold beats Alpha Metallurgical Resources on 11 of the 14 factors compared between the two stocks.

(Get Free Report)

Alpha Metallurgical Resources, Inc., a mining company, produces, processes, and sells met and thermal coal in Virginia and West Virginia. The company offers metallurgical coal products. It operates twenty-two active mines and nine coal preparation and load-out facilities. The company was formerly known as Contura Energy, Inc. and changed its name to Alpha Metallurgical Resources, Inc. in February 2021. Alpha Metallurgical Resources, Inc. was incorporated in 2016 and is headquartered in Bristol, Tennessee.

About Kinross Gold (Get Free Report)

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. The company operates the Fort Knox mine and the Manh Choh project in Alaska, as well as the Round Mountain and the Bald Mountain mines in Nevada, the United States; the Paracatu mine in Brazil; the La Coipa and the Lobo-Marte project in Chile; the Tasiast mine in Mauritania; and the Great Bear project in Canada. It is also involved in the extraction and processing of gold-containing ores; reclamation of gold mining properties; and production and sale of silver. Kinross Gold Corporation was founded in 1993 and is headquartered in Toronto, Canada.

Receive News & Ratings for Alpha Metallurgical Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alpha Metallurgical Resources and related companies with MarketBeat.com's FREE daily email newsletter.

, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Kinross Gold Corporation ("Kinross" or the "Company") (NYSE: KGC). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Kinross and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On September 23, 2026, Kinross issued a press release "provid[ing] an operational, guidance and return of capital update."  Specifically, Kinross advised that "[t]he Company now expects full-year 2026 and 2027 attributable production to be 2% to 3% below the low end of the previously disclosed guidance, with approximately 1.84 to 1.86 million gold equivalent ounces ('Au eq. oz.') expected per year.  The change to the Company's 2026 guidance is concentrated at two smaller assets, La Coipa and Round Mountain, and is the result of extreme weather and operational challenges." 

On this news, Kinross's stock price fell $3.20 per share, or 11.59%, to close at $24.42 per share on September 24, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes. 

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

SOURCE Pomerantz LLP

 | Source: Kinross Gold Corporation

TORONTO, Oct. 06, 2026 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K; NYSE: KGC) (the “Company”) will release its financial statements and operating results for the third quarter of 2026 on Wednesday, October 28, 2026, after market close. On Thursday, October 29, 2026, at 8:00 a.m. EDT Kinross will hold a conference call and audio webcast to discuss the results, followed by a question-and-answer session. The call-in numbers are as follows:

Canada & US toll-free – (888) 596-4144; Conference ID: 9425112
Outside of Canada & US – +1 (646) 968-2525; Conference ID: 9425112

Replay (available up to 14 days after the call):

Canada & US toll-free – +1 (800) 770-2030; Conference ID: 9425112 #
Outside of Canada & US – +1 (609) 800-9909; Conference ID: 9425112 #

You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The audio webcast will be archived on www.kinross.com.

About Kinross Gold Corporation

Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).

Media Contact
Samantha Sheffield
Senior Director, Corporate Communications
phone: 416-365-3034
[email protected]

Investor Relations Contact
David Shaver                                 
Executive Vice-President, Investor Relations & Communications                
phone: 416-365-2854                        
[email protected]

Source: Kinross Gold Corporation

Schall, Brown & Schwartz LLP (“SBS”), a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Kinross Gold Corporation (“Kinross” or “the Company”) (NYSE: KGC) for violations of the securities laws.

INVESTIGATION DETAILS: The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Kinross issues a press release on September 23, 2026, to provide “an operational, guidance and return of capital update." According to the Company, it “now expects full-year 2026 and 2027 attributable production to be 2% to 3% below the low end of the previously disclosed guidance, with approximately 1.84 to 1.86 million gold equivalent ounces ('Au eq. oz.') expected per year. The change to the Company's 2026 guidance is concentrated at two smaller assets, La Coipa and Round Mountain, and is the result of extreme weather and operational challenges." Based on this news, shares of Kinross fell almost 11.6% on the next day.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall or David Schwartz of Schall, Brown & Schwartz LLP, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

WHY SBS? Schall, Brown & Schwartz LLP represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. Bringing together the extensive experience and diverse skillsets of founding partners Brian Schall, Andrew Brown, and David Schwartz, SBS is dedicated to aggressively advocating for every investor.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261004237795/en/

, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Kinross Gold Corporation ("Kinross" or the "Company") (NYSE: KGC).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Kinross and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On September 23, 2026, Kinross issued a press release "provid[ing] an operational, guidance and return of capital update."  Specifically, Kinross advised that "[t]he Company now expects full-year 2026 and 2027 attributable production to be 2% to 3% below the low end of the previously disclosed guidance, with approximately 1.84 to 1.86 million gold equivalent ounces ('Au eq. oz.') expected per year.  The change to the Company's 2026 guidance is concentrated at two smaller assets, La Coipa and Round Mountain, and is the result of extreme weather and operational challenges." 

On this news, Kinross's stock price fell $3.20 per share, or 11.59%, to close at $24.42 per share on September 24, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes. 

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

SOURCE Pomerantz LLP

Gold and Bitcoin Are Rebounding—2 ETFs Give Investors a Different Kind of ExposureKinross Gold NYSE: KGC outlined changes to its production and cost outlook, an increased shareholder-return framework and progress at its Great Bear development project during a discussion with CIBC World Markets analyst Anita Soni.

The company representative said Kinross produces about 2 million ounces of gold annually from six operations and has approximately 20 million ounces of proven and probable reserves, plus another 40 million ounces of measured and indicated resources. Kinross began the year with $1 billion in net cash and said it remains on track to reach roughly $2 billion in net cash by year-end.

Get Kinross Gold alerts:

Buyer Beware: These 2 Stocks Charts Just Displayed a Death CrossKinross said its three non-U.S. mines—Tasiast in Mauritania, Paracatu and La Coipa in Chile—account for about two-thirds of production and carry all-in sustaining costs of roughly $1,500 per ounce. The company also highlighted its Great Bear project in Ontario and Lobo-Marte project in Chile as major future development assets.

Production guidance adjusted after operational challenges The company said it reduced its outlook after issues emerged in August at two smaller operations, Round Mountain in Nevada and La Coipa in Chile. The representative characterized the effect as approximately 2% to 3% outside Kinross’ guidance range, or roughly 40,000 to 60,000 ounces, and described the issues as temporary.

Gold Is Testing Its 200-Day SMA—These 3 Mining Stocks Are the PlayAt Round Mountain, Kinross is working through a transition from an open pit to the Phase X underground operation. The company said it has completed about 9.5 kilometers of underground development and is preparing work scopes and training underground personnel.

However, the company has encountered lower-than-expected recoveries and grade performance in Phase S, a southern layback intended to bridge production toward Phase X. While grade is visible in mined rock, it has not fully reported to the mill, the representative said. Kinross has moved from larger shovels to smaller equipment to support more selective mining and reduce dilution.

“That’s preserving gold,” the representative said, adding that the lower mining rate should be viewed as a production deferral rather than a loss.

At La Coipa, unusually heavy snowfall affected mining activity and the company’s ability to keep the mill supplied. Kinross also encountered higher copper grades than anticipated as mining moved from oxide material into sulfide zones. The company said it has seen intervals with 5%, 6% and 7% copper, which have affected gold recoveries because its current processing system is not designed for that material.

Kinross said it has been advancing a prefeasibility study for flotation processing and plans to stockpile the copper-bearing material while conducting further work. The company also sees potential for additional mineralization beneath its oxide pits in the broader Maricunga district.

Higher capital returns tied to balance-sheet strength In response to Soni’s question about capital allocation, the company said it raised its overall shareholder-return framework to 40% to 50%. The representative said Kinross prefers to increase shareholder distributions from a position of financial strength and confidence in cash flow.

Kinross had planned to revisit capital returns later in the year, around its upcoming third-quarter reporting period. However, management chose to announce the changes earlier alongside the guidance update in an effort to provide “timely transparency,” according to the representative.

The company pointed to its investment-grade balance sheet, buyback and dividend program, free-cash-flow generation and trading liquidity as supporting elements of its investment case.

Great Bear permitting and construction timeline Kinross said Great Bear remains on track under a parallel permitting strategy. The Advanced Exploration decline is being advanced through Ontario permitting processes, while the main project permit—needed to construct a mill—is proceeding through a federal review led by the Impact Assessment Agency of Canada.

The company said surface infrastructure, including the camp, water treatment plant and power connection, is progressing, while the underground decline has reached about 300 meters. Kinross said it has obtained the permits needed for its current underground work.

Addressing media discussion around water treatment, the representative said a concern involving perpetual water treatment was determined by the federal regulator to be based on a misunderstanding of geochemistry and was removed from the assessment process. Kinross said its two local First Nations are supportive and that it has signed a memorandum of understanding related to an impact-benefit agreement.

The company expects early works permits for mill construction in spring 2027, assuming regulatory approval, which would support a targeted 2029 first gold pour.

Looking beyond Great Bear, Kinross said Lobo-Marte could enter production in the early 2030s. The company described the Chilean project as having an expected initial 15-year mine life, annual production of approximately 350,000 ounces and all-in sustaining costs near $1,000 per ounce.

Kinross also identified continued operational improvement at Paracatu and Tasiast, the Round Mountain underground transition, and exploration in Chile and at Great Bear as areas of potential upside.

About Kinross Gold (NYSE:KGC)Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. The company explores for, develops, and operates gold mines, with silver produced as a byproduct at certain properties. Its activities include mineral exploration, mine development, ore processing, and the sale of refined gold and other metals.

Kinross has historically operated mines across the Americas and West Africa. Its portfolio has included the Fort Knox, Round Mountain, and Bald Mountain mines in the United States; Paracatu in Brazil; Tasiast in Mauritania; and La Coipa in Chile.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Kinross Gold Right Now?Before you consider Kinross Gold, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Kinross Gold wasn't on the list.

While Kinross Gold currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

AI spending is reshaping the market, and the opportunity extends far beyond the biggest chipmakers. Discover 10 stocks set to benefit from powerful trends in AI infrastructure, cloud computing, energy, capital returns, and consumer growth this fall.

Get This Free Report

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Image: Bigstock

Read MoreHide Full Article

Key Takeaways Kinross Gold's AISC rose 22% year over year to $1,821 per ounce in the second quarter.KGC expects 2026 AISC of $1,730 per ounce, up from $1,571 in 2025 amid cost inflation.Higher fuel, royalty and labor costs are raising unit costs and could limit future margin expansion. Kinross Gold Corporation (KGC - Free Report) beat earnings estimates in the second quarter of 2026 on stronger gold prices, but it remains mired in headwinds from higher production costs.  Its attributable production cost of sales was $1,336 per gold equivalent ounce in the second quarter, up from $1,074 a year ago, while the first-half figure rose to $1,358 from $1,056 in the prior-year period. The increase reflected higher fuel, royalty and labor costs.

KGC's second-quarter attributable all-in-sustaining costs (AISC) — a critical cost metric for miners — were $1,821 per ounce, up 22% from the year-ago quarter. While a 37% rise in average realized gold prices led to a surge in second-quarter earnings, the rise in unit costs underscores a spike in inflation.

Higher expected costs in 2026 signal margin compression risks. Kinross expects AISC to be $1,730 per ounce (+/-5%) for 2026, indicating a year-over-year increase from $1,571 per ounce in 2025, partly due to inflationary impacts. AISC is expected to be adversely impacted by cost inflation from elevated crude oil prices. The higher cost base reduces operating leverage and makes future margin expansion more dependent on realized gold prices and execution of productivity and grade-enhancement initiatives.

Among its peers, Barrick Mining Corporation’s (B - Free Report) total cash costs per ounce of gold and AISC increased around 15% and 11% year over year, respectively, in the second quarter. Both also rose sequentially. AISC of $1,866 increased from the year-ago quarter due to higher total cash costs per ounce.

For 2026, Barrick projects AISC in the range of $1,760-$1,950 per ounce, indicating a significant year-over-year increase at the midpoint compared with $1,637 in 2025.  Barrick forecasts cash costs per ounce to be $1,330-$1,470, up from $1,199 in 2025.

Agnico Eagle Mines Limited (AEM - Free Report) is also exposed to higher production costs. Its AISC was $1,459 per ounce in the second quarter, marking a roughly 14% year-over-year rise, impacted by higher total cash costs and an uptick in sustaining capital expenditures. AEM’s total cash costs per ounce for gold were $1,054, 14% higher than $925 a year ago.

For 2026, Agnico Eagle forecasts total cash costs per ounce in the range of $1,020 to $1,120 and AISC per ounce between $1,400 and $1,550, suggesting a year-over-year increase at the midpoint of the respective ranges.

The Zacks Rundown for KGCKinross Gold’s shares have declined 2.9% in the past year against the Mining – Gold industry’s rise of 21.8%.

Image Source: Zacks Investment Research

From a valuation standpoint, KGC is currently trading at a forward 12-month earnings multiple of 9.77, a 24.7% discount to the industry average of 12.98X. It carries a Value Score of A.

Image Source: Zacks Investment Research

Published in basic-materials gold

Kinross Gold shares gapped down more than 10% in midday trading on September 24, 2026 after the Company cut its 2026-2027 production outlook. SueWallSt notifies investors of a pending investigation into potential securities law violations.

, /PRNewswire/ -- Kinross Gold Corporation (NYSE: KGC) fell sharply when the market opened on September 24, 2026, and by midday had fallen to a more than 10% decline. If you lost money on Kinross Gold, you are encouraged to click here to submit your KGC losses. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (888) SueWallSt.

The repricing followed the Company's September 23, 2026 operational update. Kinross stated that 2026-2027 attributable production would be approximately 1.84 to 1.86 million gold equivalent ounces annually -- 2% to 3% below the low end of prior guidance, and, as reported by Mining.com, roughly 8% below the previous guidance midpoint. Reported 2026 all-in sustaining cost guidance was approximately $1,850 to $1,900 per ounce.

The Company partially blamed "lower mining rates and lower than expected grades and recoveries" at Round Mountain Phase S. Management had previously indicated that "[h]igher grade, higher recovery ore is expected from Phase S in the second half of the year."

Shareholders who lost money on Kinross Gold may have their KGC losses reviewed at no cost, or contact Joseph E. Levi, Esq. at [email protected] or (888) SueWallSt.

WHY SUEWALLST: SueWallSt is powered by Levi & Korsinsky LLP. Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

Frequently Asked Questions About the KGC Investigation

Q: How much did KGC stock drop?A: Shares traded down more than 10% by midday on September 24, 2026, after the Company disclosed that 2026-2027 gold production would come in below prior guidance. Investors who purchased shares and suffered losses may be eligible to seek recovery.

Q: Which statements are being investigated as potentially misleading?A: The investigation concerns whether Kinross Gold made materially false or misleading statements regarding its 2026-2027 production outlook and operating conditions at La Coipa and Round Mountain. When the Company disclosed the reduced production guidance and higher expected costs, the stock price declined sharply.

Q: When did Kinross Gold allegedly mislead investors?A: The investigation concerns statements made before the September 23, 2026 operational update that allegedly caused investors to purchase securities at inflated prices.

Q: What do KGC investors need to do right now?A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible to participate in the investigation.

Q: What documents do I need to participate?A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices.

Q: What if I already sold my KGC shares -- can I still recover losses?A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought KGC and sold at a loss may still participate in the investigation.

Q: What does it cost me to participate?A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in any resulting action, these matters are generally handled on a contingency basis, with any attorneys' fees and expenses subject to court approval.

Q: What if I live outside the United States?A: U.S. securities fraud investigations generally cover purchases on U.S. exchanges regardless of the investor's country of residence.

CONTACT:\
Levi & Korsinsky, LLP\
Joseph E. Levi, Esq.\
33 Whitehall Street, 27th Floor\
New York, NY 10004\
[email protected]\
Tel: (888) SueWallSt\
Fax: (212) 363-7171

Attorney Advertising. Prior results do not guarantee similar outcomes.

SOURCE SueWallSt.com

Kinross Gold Corporation (NYSE:KGC) shares are trading lower Thursday afternoon as cuts to its gold production guidance for 2026 and 2027, a Scotiabank price target reduction and broader precious metals sector weakness overshadowed management’s decision to increase shareholder cash returns.

Kinross Gold stock is among today’s weakest performers. What’s weighing on KGC shares? Analyst Target Revision and Payout ExpansionThe selling pressure follows a research note published Thursday morning by Scotiabank analyst Tanya Jakusconek, who lowered her price target on the senior gold producer from $41 to $39 while maintaining a Sector Outperform rating. The target adjustment reflects model revisions following Kinross’s operational and capital return update released Wednesday.

While management adjusted near-term mine site production pacing and cost assumptions across select operating units, the enterprise attempted to cushion the outlook by raising its 2026 shareholder return target to 50% of attributable free cash flow, up from its previous 40% commitment.

Scotiabank noted that while Kinross’s long-term asset quality and cash generation remain robust, near-term cost inflation and operational pacing adjustments temper immediate valuation upside.

Production Forecast Cuts at La Coipa and Round MountainThe primary catalyst for the broader market pressure was Kinross revising its full-year 2026 and 2027 attributable production downward to roughly 1.84 million to 1.86 million gold equivalent ounces per year.

This represents an approximate 8% reduction from the midpoint of its previous guidance range of 1.9 million to 2.1 million ounces. Consequently, the company raised its 2026 all-in sustaining costs estimate to between $1,850 and $1,900 per ounce sold, up significantly from its prior target of $1,730 per ounce.

Management attributed these downward revisions to acute operational challenges concentrated at two key production sites. At La Coipa in Chile, unprecedented winter weather severely disrupted mining and milling operations throughout the third quarter, while unexpected metallurgical issues involving higher copper grades in sulphide ore further depressed gold recovery rates.

Meanwhile, at Round Mountain in Nevada, lower mining rates, grades and recoveries at the Phase S pit deferred the processing of higher-grade ore into future periods. Although Kinross emphasized that its tier-one assets like Paracatu and Tasiast continue to perform within expectations, the reduced production targets and elevated cost outlook ultimately dictated market sentiment.

KGC Shares Slide Thursday AfternoonKGC Price Action: Kinross Gold shares were down 12.53% at $24.16 at the time of publication on Thursday, according to Benzinga Pro data.

Read Next

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

KGC cuts its 2026-2027 production outlook after setbacks at La Coipa and Round Mountain, while raising its 2026 capital return target to 50% of the free cash flow.

Kinross Gold is reiterated as a Strong Buy, supported by robust free cash flow, a healthy balance sheet, and a deep project pipeline. KGC's Q2 performance was strong, with $726.8M free cash flow and continued progress on major growth projects, despite rising AISC to $1,821/oz. The company's valuation remains conservative, trading near intrinsic value even as gold's macro tailwinds and project milestones offer significant upside potential.

BTU to Commence Initial Drill Program on Hubcap Project Adjacent to RPX in Wawa

VANCOUVER, BC / ACCESS Newswire / September 14, 2026 / BTU METALS CORP. ("BTU" or the "Company") (TSX:V:BTU) is pleased to announce highlights of Kinross Gold Corporation's ("Kinross")(K-TSX) 2026 Phase 1 drilling on BTU's optioned Dixie Halo properties in Red Lake. Furthermore, Kinross has indicated it will restart drilling operations this year.

To meet the requirements of the Kinross option agreement allowing it to earn a 70% interest in the BTU Dixie Halo project, Kinross has completed historic drill core relogging, airborne geophysics, outcrop mapping and a 2025 diamond drilling program comprised of 8,204.7 meters. A 6000-8000 metre diamond drill program was originally planned for 2026. (Click here to see BTU PR February 12, 2026) Kinross expects to recommence drilling operations later in the year to complete its 2026 program.

Highlights of Kinross Phase 1, 2026 Drill Program at BTU's Optioned Dixie Halo, Red Lake, ON

Completed eight drill holes comprising a total of 4,528.5 metresGold mineralization was encountered in every hole that ranged from < 1g/t Au up to as high as 6 g/t AuDrilling focused on the eastern part of the BTU Dixie Halo property referred to as the TNT areaDrilling encountered copper mineralization in addition to the gold mineralization with values from trace to as high as 0.530% copper and 8.22 g/t silver over a drilled interval of 16 metres that included individual high copper values of 8.41% copper and 116 g/t silver over 0.4 metres and 3.9% copper and 71.8 g/t silver in hole BTU-26-15 which also intersected a 24.55m drilled interval grading 0.626% copper and 12.61 g/t silver.Kinross to Complete Phase 2 Drilling

Kinross has indicated it will begin Phase 2 of the 2026 drill program later in the year once equipment and technical personnel are availablePhase 2 targets are currently being developed as remaining assay data from the drilling completed to date becomes available. Drill targets to be tested in the next program are expected to focus on the Dixie Halo TNT area where Kinross continues to find significant broad intervals of copper-silver mineralizationPaul Wood, CEO, commented: "We're pleased to see Kinross continue to find gold mineralization in their drilling as they continue to evaluate the TNT area of the Dixie Halo project. Additionally, the intersections of copper mineralization of several types is encouraging and requires additional drill testing to search for additional areas of disseminated to massive and stringer chalcopyrite."

BTU Announces Drill Program on the Hubcap and Centennial areas, Wawa, ON

BTU has sourced a drill contractor for an approximately 1,200 metre program and expects to mobilize and commence drilling operations in SeptemberThe property covers numerous surface gold occurrences and shear zones that exhibit strong carbonate sericite alteration that host quartz carbonate zonesThe area has been sporadically explored since early in the 1900's but is now consolidated by BTUPaul Wood, CEO, commented: "The Hubcap/Centennial areas have been consolidated into a single package for the first time ever. BTU has been able to map, prospect and analyze this expanded, more comprehensive land package and is now in a position to carry out its initial drill testing of the regional and specific targets our geological team has developed."

Qualified Person

Bruce Durham, P. Geo., VP Exploration of the Company is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information in this press release.

Note that as of August 31, 2026, in the USA, BTU will no longer be listed as BTUMF-OTC. BTU will still be traded on the Pink Sheets.

About BTU

BTU Metals Corp. is a junior mining exploration company. BTU's primary assets are the Dixie Halo Project located in Red Lake, Ontario (optioned to Kinross) immediately adjacent to the Kinross Great Bear Project and its gold and critical minerals properties in the active Wawa gold district. The Company has assembled a significant land package called Dixie East, East of the Great Bear Project and the Company's Dixie Halo project. The Company continues to look to acquire high-quality exploration projects to add to its portfolio for the benefit of its stakeholders. The Company has no debt and minimal property obligations.

ON BEHALF OF THE BOARD
"Paul Wood"
Paul Wood, CEO, Director
[email protected]
BTU Metals Corp.
Telephone: 1-604-683-3995

Cautionary Statement

Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company is forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the Company.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: risks relating to the global economic climate; dilution; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. The Company has also assumed that no significant events occur outside of the normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

SOURCE: BTU Metals Corp.

Jupiter Topco LLC purchased a new stake in Kinross Gold Corporation (NYSE:KGC – Free Report) (TSE:K) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 76,332 shares of the mining company’s stock, valued at approximately $1,807,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. U S Global Investors Inc. lifted its position in Kinross Gold by 95.4% in the first quarter. U S Global Investors Inc. now owns 195,363 shares of the mining company’s stock valued at $5,962,000 after acquiring an additional 95,363 shares during the last quarter. SteelPeak Wealth LLC purchased a new position in shares of Kinross Gold during the first quarter worth about $2,263,000. TD Asset Management Inc grew its holdings in shares of Kinross Gold by 4.7% during the fourth quarter. TD Asset Management Inc now owns 5,879,190 shares of the mining company’s stock worth $165,814,000 after purchasing an additional 261,861 shares during the last quarter. Man Group plc lifted its holdings in shares of Kinross Gold by 7.6% in the 4th quarter. Man Group plc now owns 12,526,669 shares of the mining company’s stock valued at $352,751,000 after purchasing an additional 882,373 shares during the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of Kinross Gold in the 2nd quarter valued at about $217,800,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Analyst Ratings Changes A number of research firms recently issued reports on KGC. Scotiabank dropped their price target on Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating on the stock in a research note on Tuesday, July 14th. Zacks Research cut Kinross Gold from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Weiss Ratings cut Kinross Gold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 28th. UBS Group decreased their price objective on Kinross Gold from $38.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Finally, Jefferies Financial Group lowered their target price on shares of Kinross Gold from $41.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.43.

Read Our Latest Stock Analysis on Kinross Gold Kinross Gold Stock Up 4.5% Kinross Gold stock opened at $31.63 on Friday. Kinross Gold Corporation has a twelve month low of $21.49 and a twelve month high of $39.11. The stock has a 50 day moving average of $26.25 and a two-hundred day moving average of $29.00. The company has a current ratio of 2.89, a quick ratio of 1.95 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $37.47 billion, a price-to-earnings ratio of 11.98, a PEG ratio of 0.82 and a beta of 0.84.

Kinross Gold (NYSE:KGC – Get Free Report) (TSE:K) last released its earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%.The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the previous year, the company posted $0.44 earnings per share. The company’s revenue for the quarter was up 29.5% compared to the same quarter last year. As a group, research analysts expect that Kinross Gold Corporation will post 2.61 earnings per share for the current year.

Kinross Gold Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 20th were given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Thursday, August 20th. Kinross Gold’s dividend payout ratio (DPR) is 6.06%.

Kinross Gold Company Profile (Free Report)

Kinross Gold Corporation (NYSE: KGC) is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company’s activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.

Featured Stories Five stocks we like better than Kinross Gold The Path to $230 Billion: Broadcom Outlines the Next Phase of Its AI Growth Story NVIDIA’s Hugging Face Deal Raises a Bigger Question About Its AI Moat Now Dropping the Dough: Yum! Brands Strategically Trims the Fat These 3 Stock Charts Just Flashed the Dreaded Death Cross Pattern Want to see what other hedge funds are holding KGC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kinross Gold Corporation (NYSE:KGC – Free Report) (TSE:K).

Receive News & Ratings for Kinross Gold Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kinross Gold and related companies with MarketBeat.com's FREE daily email newsletter.

BlackRock Inc. purchased a new stake in shares of Kinross Gold Corporation (NYSE:KGC – Free Report) (TSE:K) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 3,526,243 shares of the mining company’s stock, valued at approximately $83,290,000. BlackRock Inc. owned about 0.30% of Kinross Gold as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Boston Partners lifted its position in Kinross Gold by 1.6% during the 3rd quarter. Boston Partners now owns 45,120,345 shares of the mining company’s stock valued at $1,133,463,000 after acquiring an additional 707,498 shares during the period. FIL Ltd increased its holdings in shares of Kinross Gold by 4.8% in the 4th quarter. FIL Ltd now owns 29,146,959 shares of the mining company’s stock worth $820,969,000 after purchasing an additional 1,326,833 shares in the last quarter. Renaissance Technologies LLC raised its position in Kinross Gold by 2.3% in the 1st quarter. Renaissance Technologies LLC now owns 25,546,413 shares of the mining company’s stock worth $779,677,000 after buying an additional 571,100 shares during the last quarter. Norges Bank purchased a new stake in Kinross Gold during the 4th quarter valued at $518,656,000. Finally, Man Group plc lifted its holdings in Kinross Gold by 47.8% in the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after acquiring an additional 5,411,491 shares during the period. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Kinross Gold Trading Up 0.1% NYSE KGC opened at $31.30 on Monday. The company has a market capitalization of $37.13 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 0.84 and a beta of 0.78. The company’s 50-day simple moving average is $25.78 and its two-hundred day simple moving average is $29.09. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.95 and a current ratio of 2.89. Kinross Gold Corporation has a one year low of $20.19 and a one year high of $39.11.

Kinross Gold (NYSE:KGC – Get Free Report) (TSE:K) last posted its earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.05. The company had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.24 billion. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%.Kinross Gold’s revenue was up 29.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.44 earnings per share. Equities analysts forecast that Kinross Gold Corporation will post 2.61 EPS for the current fiscal year. Kinross Gold Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.5%. The ex-dividend date is Thursday, August 20th. Kinross Gold’s dividend payout ratio (DPR) is 6.06%.

Analyst Upgrades and Downgrades A number of brokerages have recently issued reports on KGC. Wall Street Zen downgraded shares of Kinross Gold from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Freedom Capital upgraded shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 18th. Zacks Research cut Kinross Gold from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. UBS Group lowered their price target on shares of Kinross Gold from $38.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Finally, Royal Bank Of Canada cut their price objective on shares of Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Kinross Gold presently has an average rating of “Moderate Buy” and a consensus price target of $38.43.

Get Our Latest Stock Report on Kinross Gold

About Kinross Gold (Free Report)

Kinross Gold Corporation (NYSE: KGC) is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company’s activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.

See Also Five stocks we like better than Kinross Gold Strike a Balance Between Growth and Stability With These 3 Names Ready to Rally Rubrik’s AI Security Bet Could Power the Next Leg Higher Apple’s Foldable iPhone Could Be a Catalyst, But Not a Cure-All Snowflake Is Up Nearly 50% in 2026—What Are Short Sellers Betting Against? Want to see what other hedge funds are holding KGC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kinross Gold Corporation (NYSE:KGC – Free Report) (TSE:K).

Receive News & Ratings for Kinross Gold Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kinross Gold and related companies with MarketBeat.com's FREE daily email newsletter.

Kinross is a BUY for its margin expansion, not production growth, as new projects will halve extraction costs versus current U.S. operations. Great Bear and Lobo-Marte are set to deliver 850,000 oz/year at $800–$1,000/oz, sustaining 2M oz output into the 2030s at much lower costs. KGC trades at an 11% discount to its average multiple, with an 11% FCF yield and aggressive buybacks, making cash flow the key valuation metric.

Gold prices rose on news of a weaker U.S. dollar today. Kinross, which mines and sells gold, is following the price of its principal product.

Vancouver, British Columbia--(Newsfile Corp. - August 12, 2026) - Riley Gold Corp. (TSXV: RLYG) (OTCQB: RLYGF) ("Riley Gold" or the "Company") is pleased to announce that the 2026 drilling campaign is underway at the Company's Pipeline West/Clipper Gold Project ("PWC") operated by Kinross Gold U.S.A., Inc. ("Kinross"), a wholly-owned subsidiary of Kinross Gold Corporation (TSX: K) (NYSE: KGC).

"We are happy to have the 2026 drilling underway at PWC. As highlighted in our July 14, 2026 news release, the Kinross technical team along with Riley Gold's Paul Dobak, have defined high-priority drill targets along and on trend with the highest-grade gold-in-soils anomaly known area on the property. These are exciting targets, based on iterative geological, geophysical and data interpretation to date, in areas that have never been drill tested within our 27.2 square kilometer land package. Our PWC project is within the Cortez District, which has a significant history of gold production and current reserves. PWC adjoins Nevada Gold Mines LLC ("NGM"), a joint venture between Barrick Gold Corp. and Newmont Corporation, that has current production within their Cortez/Pipeline complex. Our primary target remains a large, disseminated gold deposit peripheral to the Gold Acres stock (see Figure 1), a geologic setting similar to NGM's Pipeline gold deposit," commented Todd Hilditch, CEO of Riley Gold.

2026 Kinross Drill Targets Overview

Kinross has developed a comprehensive geologic model to compare PWC with several greater-than-five-million-ounce gold discoveries in the Cortez District.

Key Cortez District elements at PWC include 1) a NW trending metallogenic belt, 2) NW stepping, symmetrical, on echelon structures, 3) district deposits are within and straddle the "Cortez Window" into the lower plate rocks, 4) deposits occur symmetrically around Mesozoic Stocks and, 5) Goldrush/Fourmile deposits discovered in soil anomalies through the upper plate.

Additional framework drill holes will be north and south of Kinross' initial 2025 drill holes, PW25-02 and PW25-03, and west of PW24-01 (see Figure 1 below). The planned drilling will test targets to the south along some of the highest-grade surface gold-in-soil anomalies, which coincide with an interpreted major structure identified through recent seismic work, previous geophysics, and geologic mapping. Downhole geochemistry from 2024 and 2025 drilling has helped refine the team's understanding of the system and its similarities to regional gold deposits.

2026 Drill Target Map

Figure 1 – 2026 Drill Target Areas

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10015/309289_bcd223fc54c33846_002full.jpg

Kinross Agreement Overview

Riley Gold entered into an exploration and venture option agreement (the "Agreement") with Kinross on March 13, 2024. The Agreement grants Kinross the right to earn up to a 75% interest in Riley Gold's PWC by spending a minimum of US$20 million (see news release dated March 14, 2024, for details). PWC is in Lander County, Nevada and consists of approximately 27.8 km² in the heart of the significant gold producing Cortez District (Battle Mountain – Eureka Trend). Kinross is funding and operating PWC and has a strategic 9.9% (on a partially diluted basis) equity interest in the Company acquired through a private placement.

About PWC:

PWC constitutes a very prospective exploration property for Carlin-type, disseminated and replacement gold deposits. PWC consists of a land package totaling approximately 27.2 km² of unpatented mining claims and patented fee lands adjoining NGM. PWC is situated along the Cortez Structural Zone of the exceptionally productive Cortez Trend within the Battle Mountain - Eureka Trend in north central Nevada (Figure 2). The Cortez and Pipeline complexes (adjoining Riley Gold's PWC boundary) are top producers within Nevada, a State that consistently produced between 4-5 million ounces of gold a year.

Figure 2: PWC Location (project boundary approximate)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10015/309289_bcd223fc54c33846_003full.jpg

Qualified Person

Matthew Dumula, P. Eng. is an independent contractor and a 'qualified person', as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

The Company also announces that, pursuant to its stock option plan and subject to regulatory acceptance, it has granted an aggregate total of 2,240,000 incentive stock options to certain directors, officers, and consultants of the Company, subject to certain vesting provisions. These options will be exercisable at a price of $0.55 per common share and will expire on August 11, 2031.

About Riley Gold Corp.

Riley Gold is an exploration and development company focused in Nevada, USA, with the Pipeline West/Clipper Gold Project located in the Battle Mountain Eureka Trend (within the Cortez District). Riley Gold's founders and leadership team have a proven track record of maximizing shareholder value during each phase of the mining life cycle: exploration, development, and production.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary statement regarding forward-looking information.

This press release contains statements which constitute "forward-looking information" under applicable Canadian securities laws, including statements regarding plans, intentions, beliefs and current expectations of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking information. Although Riley Gold believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Riley Gold can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties and the Company's future business activities may differ materially from those in the forward-looking information as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions and the ability to obtain the requisite approvals of the TSX Venture Exchange when necessary. Investors are cautioned that any such forward-looking information is not a guarantee of future business activities and involves risks and uncertainties. Additional information on these and other factors that could affect Riley Gold operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca). There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/309289

Source: Riley Gold Corp.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

On August 05, 2026, Kinross Gold Corp (KGC) shares rose 8.9% to a current price of $25.70, moving within a 52-week range of $16.98 to $39.11. This significant d

Key Takeaways Kinross' adjusted Q2 earnings rose 61.4% to 71 cents per share, beating estimates by 7.6%.Higher realized gold prices drove 29.5% revenue growth, offsetting a 4% production decline.Kinross remains on track for 2026 guidance and plans to return 40% of free cash flow to shareholders. Kinross Gold Corporation (KGC - Free Report) reported adjusted earnings of 71 cents per share for the second quarter of 2026, up 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%.

Revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%. Higher realized gold prices supported the sales increase and helped offset lower attributable gold-equivalent production.

Operational PerformanceKinross produced 492,326 attributable gold-equivalent ounces in the reported quarter, down 4% from 512,574 ounces in the prior-year period. Consolidated production totaled 501,341 gold-equivalent. The attributable production figure was below our estimate of 497,365. 

The average realized gold price was $4,483 per ounce, up 36.5% from $3,284 per ounce in the second quarter of 2025. The improvement in gold pricing was the primary driver of the company’s year-over-year revenue growth. The figure was lower than our estimate of $4,598 per ounce. 

Production cost of sales per gold-equivalent ounce sold increased 25.2% year over year to $1,352. The rise resulted mainly from higher fuel expenses, increased royalties associated with stronger gold prices and elevated labor costs. This was above our estimate of $1,291.

Attributable all-in sustaining cost per gold-equivalent ounce sold rose 22% to $1,821 from $1,493. This was above our estimate of $1,625. Despite higher costs, margin per gold-equivalent ounce sold increased 42.1% to $3,131 from $2,204, reflecting the benefit of significantly higher realized gold prices.

FinancialsCash and cash equivalents were $2.7billion at the end of the second quarter. Kinross added around $470 million to its cash position during the quarter after returning more than $275 million to shareholders.

Long-term debt was $738.8 million as of June 30, 2026. Capital expenditures increased to $411 million from $306.1 million a year ago due to higher development spending across several growth projects.

OutlookKinross remains on track to meet its 2026 annual guidance. The company expects attributable production of 2 million gold-equivalent ounces (+/- 5%).

Production cost of sales is projected at $1,360 per gold-equivalent ounce sold (+/- 5%). Attributable all-in sustaining cost is forecast at $1,730 per ounce sold (+/- 5%).

Total attributable capital expenditures are expected to be $1.5 billion (+/- 5%). The spending plan supports the advancement of Great Bear, Round Mountain Phase X, Curlew, Bald Mountain Redbird and other development initiatives.

The company also remains on track to return 40% of its 2026 free cash flow to shareholders. Kinross repurchased $480 million of shares during the first half and an additional $40 million in July. Including dividends, it had returned approximately $615 million to shareholders year to date as of July 29, 2026.

KGC’s Price PerformanceKinross’ shares have surged 33.8% in the past year compared with a 31.3% rise in the industry. 

Image Source: Zacks Investment Research

KGC’s Zacks Rank & Key PicksKGC currently carries a Zacks Rank #5 (Strong Sell).

Some better-ranked stocks in the basic materials space are Neo Performance Materials Inc. (NOPMF - Free Report) , Kronos Worldwide, Inc. (KRO - Free Report) and Avient Corporation (AVNT - Free Report) .

Neo Performance is slated to report second-quarter 2026 results on Aug. 11. The Zacks Consensus Estimate for earnings is pegged at $1.48 per share. NOPMF sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here. 

Kronos is scheduled to report second-quarter 2026 results on Aug. 5. The Zacks Consensus Estimate for KRO’s second-quarter loss per share is pegged at 33 cents, indicating 65.63% year-over-year growth. KRO also flaunts a Zacks Rank #2 (Buy) at present.

Avient is slated to report second-quarter 2026 results on Aug. 6. The consensus estimate for AVNT’s earnings per share is pegged at $3.08. AVNT presently carries a Zacks Rank #2.

Kinross Gold (KGC - Free Report) came out with quarterly earnings of $0.71 per share, beating the Zacks Consensus Estimate of $0.66 per share. This compares to earnings of $0.44 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +7.58%. A quarter ago, it was expected that this gold mining company would post earnings of $0.68 per share when it actually produced earnings of $0.71, delivering a surprise of +4.41%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Kinross Gold, which belongs to the Zacks Mining - Gold industry, posted revenues of $2.24 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.98%. This compares to year-ago revenues of $1.73 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Kinross Gold shares have lost about 16.5% since the beginning of the year versus the S&P 500's gain of 8.5%.

What's Next for Kinross Gold?While Kinross Gold has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Kinross Gold was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.68 on $2.32 billion in revenues for the coming quarter and $2.65 on $9.21 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Gold is currently in the bottom 6% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Barrick Mining (B - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10.

This gold and copper mining company is expected to post quarterly earnings of $0.81 per share in its upcoming report, which represents a year-over-year change of +72.3%. The consensus EPS estimate for the quarter has been revised 10.2% lower over the last 30 days to the current level.

Barrick Mining's revenues are expected to be $4.49 billion, up 21.9% from the year-ago quarter.

Disciplined cost management supports robust margins and over $725 million in free cash flow
Returned ~40% of free cash flow to shareholders totalling over $600 million year-to-date
Development pipeline on track and compelling Lobo-Marte update

TORONTO, July 29, 2026 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the second quarter ended June 30, 2026.
This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on pages 22 and 23 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

2026 second-quarter highlights:

Production1 of 492,326 gold equivalent ounces (“Au eq. oz.”).Production cost of sales2 of $1,352 per Au eq. oz. sold and attributable production cost of sales1 of $1,336 per Au eq. oz. sold.Attributable all-in sustaining cost1 of $1,821 per Au eq. oz. sold.Operating cash flow3 of $1,145.9 million.Attributable free cash flow1 of $726.8 million.Margins4 increased by 42% to $3,131 per Au eq. oz. sold compared with Q2 2025.Reported earnings5 of $844.2 million, or $0.71 per share, with adjusted net earnings6 of $847.8 million, or $0.71 per share.On track to meet annual guidance: On an attributable basis1, Kinross expects to produce 2.0 million Au eq. oz. (+/- 5%) at a production cost of sales per Au eq. oz. sold1 of $1,360 (+/- 5%) and all-in sustaining cost1 of $1,730 (+/- 5%) per ounce sold for 2026. Total attributable capital expenditures1 are forecast to be $1,500 million (+/- 5%).Cash and cash equivalents increased to $2.7 billion and net cash7 increased to $1.9 billion at June 30, 2026.
Return of capital to shareholders:

Kinross is on track to return 40% of its free cash flow to shareholders in 2026. During the first half of the year, the Company repurchased $480 million in shares, and an additional $40 million in July. Including its quarterly dividend, Kinross has returned approximately $615 million in capital to shareholders year-to-date as of July 29, 2026.Since April 2025, Kinross returned over $1.1 billion of capital through share repurchases, representing approximately 4% of its shares outstanding.Kinross’ Board of Directors declared a quarterly dividend of $0.04 per common share payable on September 3, 2026, to shareholders of record at the close of business on August 20, 2026.
Operational highlights:

Paracatu continued its strong operating performance as the highest producing mine in the portfolio.Tasiast delivered higher production quarter-over-quarter and year-over-year. Development project highlights:

Kinross announced a Lobo-Marte project economics refresh highlighting its potential to become a long-life, low-cost cornerstone asset. Lobo-Marte is expected to produce an average of ~350,000 Au oz. per year during steady state operations at a low all-in sustaining cost (“AISC”) of approximately $1,000 per ounce6 with an attractive Net Present Value (“NPV”)8 of $4.3 billion at a $4,100 per ounce gold price.Great Bear’s Advanced Exploration (“AEX”) construction is approximately 93% complete and the first blast of the exploration decline was completed on July 27, 2026. Detailed engineering is approximately 50% complete, with permitting and procurement progressing as planned for the Main Project.At Round Mountain Phase X, underground development is advancing slightly ahead of schedule. Engineering and procurement for site and underground infrastructure is progressing on plan.At Kettle River-Curlew (“Curlew”), underground development continued ahead of schedule, while site infrastructure advanced substantially and mill refurbishment activities commenced.At Bald Mountain Redbird, mining is advancing well and the heap leach pad expansion continued ahead of schedule. Engineering and procurement activities advanced well for mining and processing infrastructure, including progressing basic engineering for the Sulphidization, Acidification, Recycling and Thickening (“SART”) plant.
Sustainability:

Consistent with Kinross’ commitment to responsible mining, its 2025 Sustainability Report was published during the second quarter, marking its 18th edition. The report provides a comprehensive summary of the Company’s sustainability performance over 2025 and outlines the Company’s sustainability priorities.
CEO commentary:
J. Paul Rollinson, CEO, made the following comments in relation to 2026 second-quarter results:

“Kinross delivered a strong second quarter, generating over $725 million of free cash flow supported by solid production, disciplined cost management and strong margins. We returned more than $275 million to shareholders through share repurchases and dividends, and we remain on track to achieve our commitment of returning 40% of annual free cash flow to shareholders in 2026. Our balance sheet remains in excellent shape and was further strengthened during the quarter, providing significant flexibility to continue advancing our high-quality development pipeline while returning capital to shareholders.

“Our project pipeline continues to advance well. We were pleased to announce a Lobo-Marte project update, highlighting its potential to produce approximately 350,000 gold ounces per year at $1,000 per ounce AISC with robust economics, building on our nearly 30-year history in Chile. Alongside continued progress at Great Bear and our U.S. projects, Lobo-Marte reinforces the significant value embedded in our project portfolio. Together, these projects support our delivery of sustainable long-term value through disciplined growth and the execution of our grade enhancement strategy.

“As we advance our operations and development projects, responsible mining remains at the core of our approach. This quarter, we published our 18th Sustainability Report, highlighting progress across key priorities including biodiversity conservation, water stewardship and community partnerships. These efforts support our commitment to creating long-term value for shareholders while making positive contributions for our stakeholders.

“Looking ahead, we are focused on maintaining our operational momentum, holding the line on costs and delivering robust margins and free cash flow. With a strong balance sheet, attractive return-of-capital framework, and compelling pipeline of development and exploration opportunities, Kinross remains well positioned to continue responsibly delivering value for our shareholders.”

 Summary of financial and operating results   Three months endedSix months ended   June 30,June 30, (in millions of U.S. dollars, except ounces, per share amounts, and per ounce amounts) 2026 2025 2026 2025 Operating Highlights(a)     Total gold equivalent ounces(b)     Produced 501,341 530,077 1,002,282 1,059,938 Sold 499,035 526,223 993,163 1,050,312 Attributable gold equivalent ounces(b)     Produced 492,326 512,574 984,889 1,024,662 Sold 490,240 508,300 976,095 1,014,864 Gold ounces - sold 486,507 519,391 968,979 1,035,659 Silver ounces - sold (000's) 771 666 1,445 1,367        Earnings(a)     Metal sales$2,238.1$1,728.5$4,645.8$3,226.0 Production cost of sales$674.7$568.4$1,365.2$1,115.1 Depreciation, depletion and amortization$275.5$262.9$551.2$551.3 Operating earnings$1,186.4$774.8$2,524.5$1,345.2 Net earnings attributable to common shareholders$844.2$530.7$1,687.2$898.7 Net earnings per share attributable to common shareholders (basic and diluted)$0.71$0.43$1.41$0.73 Adjusted net earnings(c)$847.8$541.0$1,701.9$905.0 Adjusted net earnings per share(c)$0.71$0.44$1.42$0.74        Cash Flow(a)     Net cash flow provided from operating activities$1,145.9$992.4$2,285.4$1,599.5 Attributable adjusted operating cash flow(c)$1,111.9$883.4$2,241.2$1,503.7 Capital expenditures(d)$411.0$306.1$694.2$513.8 Attributable capital expenditures(c)$406.2$301.8$685.1$505.9 Attributable free cash flow(c)$726.8$646.6$1,564.3$1,027.4        Per Ounce Metrics(a)     Average realized gold price per ounce(e)$4,483$3,284$4,677$3,071 Attributable average realized gold price per ounce(c)$4,487$3,285$4,679$3,071 Production cost of sales per equivalent ounce sold(b)(f)$1,352$1,080$1,375$1,062 Attributable production cost of sales per equivalent ounce sold(b)(c)$1,336$1,074$1,358$1,056 Attributable production cost of sales per ounce sold on a by-product basis(c)$1,253$1,044$1,275$1,027 Attributable all-in sustaining cost per equivalent ounce sold(b)(c)$1,821$1,493$1,777$1,424 Attributable all-in sustaining cost per ounce sold on a by-product basis(c)$1,751$1,469$1,704$1,400 Attributable all-in cost per equivalent ounce sold(b)(c)$2,404$1,936$2,302$1,808 Attributable all-in cost per ounce sold on a by-product basis(c)$ 2,348$1,918$ 2,242$1,789 (a)All measures and ratios include 100% of the results from Manh Choh, except measures and ratios denoted as “attributable.” “Attributable” measures and ratios include Kinross’ 70% share of Manh Choh production, sales, cash flow, capital expenditures and costs, as applicable.(b)“Gold equivalent ounces” include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for each period. The ratio for the second quarter and first six months of 2026 was 61.61:1 and 59.53:1, respectively (second quarter and first six months of 2025 – 97.41:1 and 93.60:1, respectively).(c)The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 16 to 21 of this news release. Non-GAAP financial measures and ratios have no standardized meaning under International Financial Reporting Standards (“IFRS”) and therefore, may not be comparable to similar measures presented by other issuers.(d)“Capital expenditures” is “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows.(e)“Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold.(f)“Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.   The following operating and financial results are based on second-quarter gold equivalent production:

Production: Kinross produced 492,326 Au eq. oz. in Q2 2026, compared with 512,574 Au eq. oz. in Q2 2025, a decrease of 4%. Higher production from Tasiast and Paracatu was offset by lower production from Bald Mountain, Round Mountain and Fort Knox.

Average realized gold price9: The average realized gold price during the quarter was $4,483 per ounce, compared with $3,284 per ounce in Q2 2025, a 37% increase year-over-year.

Revenue: Revenue increased to $2,238.1 million in the second quarter, compared with $1,728.5 million during Q2 2025. The 29% year-over-year increase was due to the increase in the average realized gold price.

Production cost of sales: Production cost of sales per Au eq. oz. sold2 increased to $1,352 in the second quarter, compared with $1,080 in Q2 2025. Attributable production cost of sales per Au eq. oz. sold1 increased to $1,336 for the quarter, compared with $1,074 in Q2 2025. The increases were mainly due to higher fuel costs, higher royalty costs as a result of the higher average realized gold price, as well as higher labour costs.

Attributable production cost of sales per Au oz. sold on a by-product basis1 was $1,253 in the second quarter of 2026, compared with $1,044 in the second quarter of 2025, based on attributable gold sales of 477,879 ounces and silver sales of 761,479 ounces.

Margins4: Kinross’ margin per Au eq. oz. sold increased by 42% to $3,131 for the second quarter, compared with the Q2 2025 margin of $2,204.

Attributable all-in sustaining cost1: Attributable all-in sustaining cost per Au eq. oz. sold was $1,821 in Q2 2026, compared with $1,493 in Q2 2025.

Attributable all-in sustaining cost per Au oz. sold on a by-product basis was $1,751 in the second quarter, compared with $1,469 in Q2 2025.

Operating cash flow3: Operating cash flow increased to $1,145.9 million for Q2 2026, compared with $992.4 million for Q2 2025.

Attributable adjusted operating cash flow1 for Q2 2026 was $1,111.9 million, compared with $883.4 million for Q2 2025.

Attributable free cash flow1: Attributable free cash flow increased to $726.8 million in Q2 2026, compared with $646.6 million in Q2 2025.

Reported net earnings5: Reported net earnings increased by 59% to $844.2 million during the quarter, or $0.71 per share, compared with reported net earnings of $530.7 million, or $0.43 per share, for Q2 2025.

Adjusted net earnings6 increased to $847.8 million, or $0.71 per share, for Q2 2026, compared with $541.0 million, or $0.44 per share, for Q2 2025.

Capital expenditures10: Capital expenditures increased to $411.0 million for Q2 2026, compared with $306.1 million in Q2 2025, driven by a ramp-up of development activities at Curlew, Round Mountain Phase X, Bald Mountain Redbird and Great Bear as well as an increase in capital expenditures at Paracatu mainly due to timing.

Attributable capital expenditures1 were $406.2 million for Q2 2026, compared with $301.8 million for Q2 2025.

Balance sheet

Kinross continued to strengthen its balance sheet in the second quarter, adding approximately $470 million to its cash position after returning over $275 million in capital to shareholders. As of June 30, 2026, Kinross had cash and cash equivalents of $2.7 billion and net cash7 of $1.9 billion, compared with $2.2 billion and $1.4 billion, respectively, at the end of the first quarter.

The Company had additional available credit11 of $1.7 billion and total liquidity12 of approximately $4.4 billion as of June 30, 2026, with no debt maturities until 2033.

Return of capital to shareholders

Kinross continues to advance its 2026 buyback strategy, having repurchased and cancelled approximately $230 million in shares during the quarter, representing 7.9 million shares. Including its quarterly dividend, Kinross returned over $275 million to shareholders in Q2.

Year-to-date, approximately $520 million in shares have been repurchased in 2026, representing 17.3 million shares. Including its quarterly dividend, Kinross has returned over $600 million in capital to shareholders to date in 2026. Since April 2025, Kinross has repurchased approximately $1.1 billion in shares, reducing our share count by approximately 4%, and returned approximately $1.3 billion in capital to shareholders.

As part of its quarterly dividend program, the Company also declared a dividend of $0.04 per common share payable on September 3, 2026, to shareholders of record on August 20, 2026.

Operating results

Mine-by-mine summaries for 2026 second-quarter operating results may be found on pages 10 and 14 of this news release. Highlights include the following:

At Tasiast, production increased quarter-over-quarter and year-over-year primarily driven by higher throughput and timing of ounces processed through the mill. Cost of sales per ounce sold were in-line with the prior quarter, and increased year-over-year primarily due to higher royalties, fuel and labour costs.

At Paracatu, production was in-line quarter-over-quarter and increased year-over-year as a result of higher mill grades and recoveries, partially offset by a decrease in tonnes processed. Cost of sales per ounce sold were in-line with the prior quarter, and increased compared with Q2 2025 due to the strengthening of the Brazilian real and higher royalty costs, as well as planned increased drilling and blasting.

At La Coipa, production increased quarter-over-quarter as a result of higher planned grades and higher throughput. Compared with Q2 2025, production increased primarily due to higher tonnes processed and gold grades, partially offset by expected gold recoveries. Quarter-over-quarter, cost of sales per ounce sold decreased due to the increase in production, and was comparable year-over-year.

At Fort Knox, production was in-line quarter-over-quarter and cost of sales per ounce sold decreased due to the timing of ounces processed through the mill. Production was lower year-over-year primarily due to the timing of ounces processed through the mill, and cost of sales per ounce sold increased due to higher fuel, power and contractor costs as well as lower-grade, lower-recovery ore tonnes processed through the mill.

Round Mountain is currently in a phase of higher waste mining and lower-grade, lower-volume ore supply as it is stripping Phase S. Higher-grade, higher recovery ore is expected from Phase S in the second half of the year.

At Bald Mountain, production was in-line with Q1 2026, and decreased year-over-year due to grades and the timing of ounces recovered from the heap leach pads. Quarter-over-quarter, cost of sales per ounce sold decreased due to the ramp-up of capital development at Redbird in Q2 and higher ounces placed on the heap leach pads, and increased year-over-year due to the decrease in production and higher reagent and fuel costs.

Development projects

Lobo-Marte

Kinross announced an updated view of the economics for its Lobo-Marte project, based on a refresh of the 2021 feasibility study economics, reaffirming its potential to become a long-life, low-cost cornerstone asset in the Company’s portfolio. Based on the initial mine plan, Lobo-Marte is expected to produce an average of ~350,000 Au oz. per year during steady state operations, with a low estimated AISC of approximately $1,000 per ounce6.

The initial mine plan includes approximately 6.7 Moz. of proven and probable reserves with significant potential for mine life extension through the 2.8 Moz. of Measured and Indicated resource (“M&I”) and 670,000 oz. inferred resource, as well as on the wider prospective land package at Lobo-Marte.

The project has an estimated NPV8 of $4.3 billion, Internal Rate of Return13 of 26% and payback of 2.3 years at a $4,100 per ounce gold price.

The Company continues to advance permitting, engineering and execution planning with the project’s Environmental Impact Assessment currently progressing through Chile’s permitting process.

Great Bear  

At Great Bear, Kinross continues to progress its AEX program alongside permitting, detailed engineering, and procurement activities for the Main Project.  

Following receipt of the AEX permits in April, construction continued on the final earthworks and liner installation for the remaining ponds and the stockpile pads. Surface construction is now 93% complete, and the first blast of the exploration decline was completed on July 27, 2026. Underground development at AEX is designed to provide access for infill drilling of the resource and exploration drilling to further delineate extensions of mineralization.  

For the Main Project, detailed engineering is approximately 50% complete. Procurement of major equipment continues to advance, with contracts awarded for the process plant, power, and paste plant equipment. Requests for Proposals for the camp, administration, and process buildings are ongoing. Selection of the open pit mining fleet is nearing completion.  

Main Project permitting activities are progressing as planned. Federally, Great Bear entered the Information Request phase of the Impact Assessment process following submission of the third and final phase of its Impact Statement to the Impact Assessment Agency of Canada (“IAAC”) in March 2026. Kinross is working with IAAC to respond to the third-party comments collected by IAAC during the Information Request phase. 

Provincially, the Ministry of Energy and Mines deemed the final One Project, One Process (“1P1P”) Project Definition complete in early May, and subsequently issued the Integrated Authorization and Permitting Plan for the Main Project. Kinross has submitted and is awaiting finalization of the Integrated Plan for Indigenous Consultation and advancing submitted permit applications in accordance with the Integrated Authorization and Permitting Plan. 

We are pleased to report that Great Bear has recently signed a confidential Community Benefits Agreement with the Northwestern Ontario Métis Community, which is part of the Métis Nation of Ontario. Among other matters, the agreement outlines the key economic terms and includes financial accommodation, among other benefits, to the community. As previously disclosed, a Memorandum of Understanding was signed with Lac Seul and Wabauskang First Nations to facilitate the Impact and Benefits Agreement that the parties continue to advance.

Drilling at the Strider Zone continued in Q2, stepping out over 2.7 kilometres from the Viggo Pit and extending the footprint of LP-style, high-grade mineralization on strike. Currently, the Strider Zone has been delineated to a vertical depth of 150 metres, with the next phase of drilling focused on testing the extents both along strike and at depth.

Key intercepts from Q2 include:

REG-26-186: 1.5m @ 15.98 g/t AuREG-26-193: 1.1m @ 27.6 g/t AuREG-26-191: 1.0m @ 6.03 g/t Au
Round Mountain Phase X

Underground development at Phase X is advancing slightly ahead of schedule, with over 8,400 metres developed to date. Engineering work is progressing well and site planning for surface and underground infrastructure is well advanced. Procurement of long lead items including mining equipment is on schedule.

Curlew

At Curlew, construction of the tailings dewatering plant building is complete and installation of mechanical equipment is underway. The mill refurbishment contractor has onboarded and activities are ramping up. The underground mine development continues to advance ahead of schedule, including the construction of collars to support raise boring activities commencing in Q3.

Bald Mountain Redbird

At Redbird, mining is ongoing and development activities continued to progress ahead of plan during the quarter. Key milestones included the completion of heap leach pad earthworks, and the delivery and commissioning of mining equipment. Basic engineering of the SART plant is approximately 50% complete and the detailed engineering contractor has been selected.

Sustainability

In June, Kinross published its 2025 Sustainability Report, highlighting the Company’s continued focus on responsible mining, environmental stewardship, strong governance and creating long-term value for stakeholders. The report details Kinross’ progress across key Sustainability priorities, including advancing climate and water management initiatives, supporting local employment and procurement, and investing in community partnerships across its operating regions.

In the Sustainability Report, the Company highlighted several biodiversity and nature-related initiatives. In Brazil, Kinross continued its efforts to protect the Cerrado biome and advance spring protection programs near Paracatu, supporting ecosystem conservation and responsible water stewardship. In Mauritania, the Company continued to advance the Tasiast Green Project as part of its ongoing commitment to environmental performance and climate-related initiatives. Across its portfolio, Kinross remains focused on maintaining its strong Sustainability performance, including its focus on biodiversity conservation, responsible resource management and minimizing environmental impacts.

During the second quarter of 2026, Tasiast provided humanitarian support to communities in the Inchiri region of Mauritania. Kinross also funded a full-time dentist position in Tonopah, Nevada, to improve access to healthcare services in the community. In governance, the Company published its refreshed Procurement Policy and continued implementation of its Responsible Use of Artificial Intelligence Policy.

Senior Management update

Kinross is pleased to announce the appointment of Bernard Wessels as Chief Operating Officer (“COO”) to succeed Claude Schimper, who will be retiring later this year. Mr. Schimper will remain with the Company for a transition period, supporting business continuity as part of a structured succession plan.

Mr. Wessels is a seasoned mining engineer with over 25 years of operations management experience, and most recently served as Group Head, Health, Safety and Security at Newmont Corporation. During his time at Newmont, he also held the roles of Managing Director, North America, and General Manager at the Peñasquito and Ahafo mines. Before joining Newmont in 2017, he held a variety of senior operational positions at companies such as Sibanye-Stillwater, Harmony Gold and a joint venture between Atlatsa Resources and Anglo American Platinum. He holds a Baccalaureus Degree in Mining Engineering from the University of Johannesburg as well as Leadership and Project Management certificates from the University of Witwatersrand and the University of Pretoria.

Mr. Schimper joined Kinross in 2010, and before being appointed COO in July 2022, led the Company’s Russia and West Africa regions. A steadfast champion of health and safety he led the evolution of Kinross’ operating culture, including the development of the Safety Excellence program and the launch of Safeground, the Company’s global health and safety program. His drive for continuous improvement helped deliver strong operational performance across the portfolio, including the successful ramp up of the Tasiast mine, record production achievements and the advancement of key growth projects that will continue to benefit the Company.

Board update

On July 29, 2026, Kinross appointed Alice Wong to its Board of Directors. Ms. Wong brings more than 35 years of leadership experience in the nuclear fuel, mining and energy sectors, including senior executive roles at Cameco Corporation. She currently serves on the board of Hecla Mining Company and chairs its Corporate Governance, Nominating and Sustainability Committee. Ms. Wong holds a Master of Arts in Economics and a Bachelor of Commerce from the University of Saskatchewan.

Conference call details

In connection with this news release, Kinross will hold a conference call and audio webcast on July 30, 2026, at 8:00 a.m. EDT to discuss the results, followed by a question-and-answer session. To access the call, please dial:

Canada & US toll-free – (888) 596-4144; Conference ID: 9425112
Outside of Canada & US – +1 (646) 968-2525; Conference ID: 9425112

Replay (available up to 14 days after the call):

Canada & US toll-free – +1 (800) 770-2030; Conference ID: 9425112 #
Outside of Canada & US – +1 (609) 800-9909; Conference ID: 9425112 #

You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The audio webcast will be archived on www.kinross.com.

About Kinross Gold Corporation

Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).

Media Contact
Samantha Sheffield
Director, Corporate Communications
phone: 416-365-3034
[email protected]

Investor Relations Contact
David Shaver                                 
Executive Vice-President, Investor Relations & Communications                
phone: 416-365-2854                        
[email protected]

Review of operations

            Three months ended June 30,Gold equivalent ounces
      Produced Sold Production cost of sales
($millions) Production cost of
sales/equivalent ounce sold  2026
2025
 2026
2025
 2026
2025
 20262025            Tasiast133,311 119,241  132,165 121,745  130.8 102.6  990843Paracatu157,526 149,264  157,011 148,787  173.9 142.6  1,108958La Coipa59,039 54,139  54,749 50,400  76.4 70.4  1,3951,397            Fort Knox104,500 115,064  107,591 113,200  177.5 141.3  1,6501,248Round Mountain19,789 38,665  20,118 37,864  67.6 52.1  3,3601,376Bald Mountain27,176 53,704  27,401 54,227  48.5 59.4  1,7701,095United States Total151,465 207,433  155,110 205,291  293.6 252.8  1,8931,231Less: Manh Choh non-controlling interest (30%)(9,015)(17,503) (8,795)(17,923) (19.8)(22.5)   United States Attributable Total142,450 189,930  146,315 187,368  273.8 230.3  1,8711,229            Operations Total501,341 530,077  499,035 526,223  674.7 568.4  1,3521,080            Attributable Total492,326 512,574  490,240 508,300  654.9 545.9  1,3361,074                                     Six months ended June 30,Gold equivalent ounces
      Produced Sold Production cost of sales
($millions) Production cost of
sales/equivalent ounce sold  2026
2025
 2026
2025
 2026
2025
 20262025            Tasiast263,325 256,870  263,844 251,238  261.1 207.6  990826Paracatu318,109 295,903  315,860 295,642  351.6 282.2  1,113955La Coipa113,250 106,454  108,486 106,270  158.4 134.5  1,4601,266            Fort Knox206,872 227,118  203,809 225,310  352.3 273.1  1,7291,212Round Mountain45,989 74,351  46,202 73,824  140.0 109.1  3,0301,478Bald Mountain54,737 99,242  54,962 98,028  101.8 108.6  1,8521,108United States Total307,598 400,711  304,973 397,162  594.1 490.8  1,9481,236Less: Manh Choh non-controlling interest (30%)(17,393)(35,276) (17,068)(35,448) (39.7)(43.2)   United States Attributable Total290,205 365,435  287,905 361,714  554.4 447.6  1,9261,237            Operations Total1,002,282 1,059,938  993,163 1,050,312  1,365.2 1,115.1  1,3751,062            Attributable Total984,889 1,024,662  976,095 1,014,864  1,325.5 1,071.9  1,3581,056           
Consolidated balance sheets

        (unaudited, expressed in millions of U.S. dollars, except share amounts)               As at    June 30, December 31,     2026   2025          Assets      Current assets      Cash and cash equivalents $2,656.4  $1,742.3   Restricted cash  15.9   13.5   Accounts receivable and prepaid assets  130.1   145.8   Inventories  1,385.0   1,370.3   Other current assets  54.3   16.6      4,241.7   3,288.5   Non-current assets      Property, plant and equipment  8,505.2   8,289.4   Long-term investments  97.6   99.3   Other long-term assets  752.1   708.9   Deferred tax assets  -   25.0   Total assets $13,596.6  $12,411.1          Liabilities      Current liabilities      Accounts payable and accrued liabilities $783.4  $716.4   Current income tax payable  587.5   595.7   Current portion of provisions  68.9   74.2   Other current liabilities  26.8   13.3      1,466.6   1,399.6      Non-current liabilities         Long-term debt  738.8   738.2      Provisions  975.8   976.6      Other long-term liabilities  57.0   64.8      Deferred tax liabilities  583.8   537.8   Total liabilities $3,822.0  $3,717.0          Equity         Common shareholders' equity      Common share capital $4,335.1  $4,382.0   Contributed surplus  9,648.9   10,137.6   Accumulated deficit  (4,351.6)  (5,943.3)  Accumulated other comprehensive income (loss)  20.9   (0.3)  Total common shareholders' equity  9,653.3   8,576.0      Non-controlling interests  121.3   118.1   Total equity $9,774.6  $8,694.1   Total liabilities and equity $13,596.6  $12,411.1          Common shares       Authorized Unlimited Unlimited  Issued and outstanding  1,186,240,789   1,199,843,037         
Consolidated statements of operations

           (unaudited, expressed in millions of U.S. dollars, except per share amounts)         Three months ended Six months ended   June 30, June 30, June 30, June 30,    2026   2025   2026   2025   Revenue         Metal sales$ 2,238.1  $1,728.5  $ 4,645.8  $3,226.0             Cost of sales         Production cost of sales 674.7   568.4   1,365.2   1,115.1   Depreciation, depletion and amortization 275.5   262.9   551.2   551.3   Total cost of sales 950.2   831.3   1,916.4   1,666.4   Gross profit 1,287.9   897.2   2,729.4   1,559.6   Other operating expense 30.0   31.1   50.3   45.1   Exploration and business development 39.1   61.7   77.3   104.0   General and administrative 32.4   29.6   77.3   65.3   Operating earnings 1,186.4   774.8   2,524.5   1,345.2   Other expense - net (3.9)  (19.8)  (17.2)  (33.0)  Finance income 19.8   7.4   35.2   11.6   Finance expense (20.3)  (32.9)  (39.3)  (68.1)  Earnings before tax 1,182.0   729.5   2,503.2   1,255.7   Income tax expense - net (330.2)  (170.9)  (795.4)  (307.7)  Net earnings $ 851.8  $558.6  $ 1,707.8  $948.0   Net earnings attributable to:         Non-controlling interests$ 7.6  $27.9  $ 20.6  $49.3   Common shareholders$ 844.2  $530.7  $ 1,687.2  $898.7   Earnings per share attributable to common shareholders         Basic$ 0.71  $0.43  $ 1.41  $0.73   Diluted$ 0.71  $0.43  $ 1.41  $0.73  
Consolidated statements of cash flows

(unaudited, expressed in millions of U.S. dollars)           Three months ended Six months ended   June 30, June 30, June 30, June 30,    2026   2025   2026   2025  Net inflow (outflow) of cash related to the following activities:         Operating:         Net earnings $851.8  $558.6  $1,707.8  $948.0  Adjustments to reconcile net earnings to net cash provided from operating activities:         Depreciation, depletion and amortization  275.5   262.9   551.2   551.3  Share-based compensation expense  3.4   3.2   10.0   7.8  Finance expense - net  0.5   25.5   4.1   56.5  Income tax expense - net  330.2   170.9   795.4   307.7  Foreign exchange losses  1.2   5.8   8.7   11.3  Other  10.2   9.2   2.9   (11.8) Reclamation payments  (18.9)  (6.9)  (29.0)  (13.1) Changes in working capital:         Accounts receivable and other assets  1.8   14.4   8.7   25.8  Inventories  (33.7)  8.9   2.1   (29.5) Accounts payable and accrued liabilities  50.8   49.9   (1.0)  33.8  Cash flow provided from operating activities  1,472.8   1,102.4   3,060.9   1,887.8  Income taxes paid  (326.9)  (110.0)  (775.5)  (288.3) Net cash flow provided from operating activities  1,145.9   992.4   2,285.4   1,599.5  Investing:         Additions to property, plant and equipment  (411.0)  (306.1)  (694.2)  (513.8) Interest paid capitalized to property, plant and equipment  -   -   (7.1)  (13.5) Proceeds from long-term investments and other assets  27.6   -   27.6   -  Additions to long-term investments and other assets  (19.2)  (14.8)  (44.5)  (23.9) Increase in restricted cash  (0.6)  (0.8)  (2.4)  (2.5) Interest received and other  19.4   9.0   34.5   13.2  Net cash flow used in investing activities  (383.8)  (312.7)  (686.1)  (540.5) Financing:         Repayment of debt  -   -   -   (200.0) Interest paid  -   -   (17.2)  (24.0) Payment of lease liabilities  (2.0)  (1.5)  (4.2)  (3.0) Distributions paid to non-controlling interest  (9.0)  (30.0)  (18.0)  (54.0) Dividends paid to common shareholders  (47.6)  (36.7)  (95.5)  (73.6) Payments for employee taxes withheld from restricted share unit releases  (0.3)  -   (55.6)  (10.0) Repurchase and cancellation of shares  (230.0)  (170.1)  (480.1)  (170.1) Taxes paid on repurchase of shares  -   -   (12.1)  -  Net cash flow used in financing activities  (288.9)  (238.3)  (682.7)  (534.7) Effect of exchange rate changes on cash and cash equivalents  (1.8)  0.5   (2.5)  0.7  Increase in cash and cash equivalents  471.4   441.9   914.1   525.0  Cash and cash equivalents, beginning of period  2,185.0   694.6   1,742.3   611.5  Cash and cash equivalents, end of period $2,656.4  $1,136.5  $2,656.4  $1,136.5             Operating Summary
 MinePeriodTonnes Ore MinedOre Processed (Milled)Ore
Processed (Heap Leach)Grade (Mill)Grade (Heap Leach)Recovery (a)(b)Gold Eq Production(c)Gold Eq Sales(c)Production cost of salesProduction
cost of sales/oz(d)Cap Ex - sustaining(e)Total Cap
Ex (e)   ('000 tonnes)('000 tonnes)('000 tonnes)(g/t)(g/t)(%)(ounces)(ounces)($ millions)($/ounce)($ millions)($ millions)West AfricaTasiastQ2 20263,1722,208-1.82-94%
133,311132,165$ 130.8$ 990$ 46.6$ 96.3Q1 20263,4952,092-2.30-94%
130,014131,679$130.3$990$10.8$60.0Q4 20253,1202,252-1.87-94%
125,625118,912$119.2$1,002$28.6$80.5Q3 20251,6852,181-1.78-94%
120,934116,251$103.4$889$47.6$102.0Q2 20251,9211,730-2.11-95%
119,241121,745$102.6$843$23.1$89.7AmericasParacatuQ2 202611,33213,216-0.43-84%
157,526157,011$ 173.9$ 1,108$ 51.4$ 64.2Q1 202610,27212,507-0.41-85%
160,583158,849$177.7$1,119$22.2$25.8Q4 202510,92912,395-0.45-83%
155,048154,565$165.0$1,068$67.6$67.6Q3 202512,95813,214-0.44-82%
150,367149,903$139.9$933$58.2$58.2Q2 202513,49714,527-0.39-82%
149,264148,787$142.6$958$38.4$38.4La Coipa(f)Q2 20269881,151-2.07-60%
59,03954,749$ 76.4$ 1,395$ 17.9$ 22.8Q1 2026580972-1.64-74%
54,21153,737$82.0$1,526$19.9$21.7Q4 20251,2191,203-2.42-74%
67,31971,419$80.7$1,130$31.7$31.7Q3 20251,006932-2.36-76%
57,99757,544$69.0$1,199$18.5$18.5Q2 2025580911-1.77-78%
54,13950,400$70.4$1,397$25.0$25.0Fort Knox (100%)(g)Q2 20265,6811,8663,9651.510.2782%
104,500107,591$ 177.5$ 1,650$ 37.3$ 40.0Q1 20269,5231,1547,3141.450.2886%
102,37296,218$174.8$1,817$24.1$24.1Q4 202511,0561,6458,8051.020.2388%
71,52374,294$125.8$1,693$38.0$38.0Q3 20258,1401,5116,5381.860.2390%
112,181117,500$159.7$1,359$45.0$45.0Q2 20257,6391,6365,5291.720.2388%
115,064113,200$141.3$1,248$43.0$43.0Fort Knox (attributable)(g)Q2 20265,6101,7963,9651.370.2782%
95,48598,796$ 157.7$ 1,596$ 32.5$ 35.2Q1 20269,4631,1037,3141.310.2885%
93,99487,945$154.9$1,761$19.8$19.8Q4 202511,0011,5978,8050.930.2387%
65,43467,882$113.6$1,673$31.5$31.5Q3 20258,0561,4256,5381.550.2389%
95,742100,878$138.4$1,372$40.4$40.4Q2 20257,5351,5675,5291.470.2387%
97,56195,277$118.8$1,247$38.7$38.7Round MountainQ2 20262,3899518780.390.2944%
19,78920,118$ 67.6$ 3,360$ 6.9$ 49.1Q1 20267909535130.370.2152%
26,20026,084$72.4$2,776$4.9$53.9Q4 20257379661,1100.490.2967%
31,75431,641$86.6$2,737$8.6$41.5Q3 20251,6599141,1130.660.3272%
37,29737,274$78.1$2,095$4.5$33.0Q2 20252,8818561,6820.720.3080%
38,66537,864$52.1$1,376$5.7$32.8Bald MountainQ2 20266,046-6,046-0.30nm27,17627,401$ 48.5$ 1,770$ 4.0$ 54.0Q1 20263,985-3,985-0.30nm27,56127,561$53.3$1,934$6.9$39.7Q4 20253,165-3,165-0.30nm38,40237,141$55.4$1,492$13.1$51.6Q3 20252,182-2,182-0.31nm41,52542,261$48.5$1,148$5.3$27.9Q2 20251,578-1,578-1.07nm53,70454,227$59.4$1,095$12.7$40.4 (a)Due to the nature of heap leach operations, recovery rates at Bald Mountain cannot be accurately measured on a quarterly basis. Recovery rates at Fort Knox and Round Mountain represent mill recovery only.(b)"nm" means not meaningful.(c)Gold equivalent ounces include silver ounces produced and sold converted to a gold equivalent based on the ratio of the average spot market prices for the commodities for each period. The ratios for the quarters presented are as follows: Q2 2026: 61.61:1; Q1 2026: 57.79:1; Q4 2025: 76.34:1; Q3 2025: 87.73:1; Q2 2025: 97.41:1.(d)“Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.(e)"Total Cap Ex" is “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows. "Cap Ex - sustaining" is a non-GAAP financial measure. The definition and reconciliation of this non-GAAP financial measure is included on page [•] of this news release.(f)La Coipa silver grade and recovery were as follows: Q2 2026: 44.14 g/t, 33%; Q1 2026: 35.03 g/t, 46%; Q4 2025: 33.21 g/t, 41%; Q3 2025: 41.34 g/t, 49%; Q2 2025: 28.89 g/t, 50%.(g)The Fort Knox segment is composed of Fort Knox and Manh Choh. Manh Choh tonnes of ore processed and grade were as follows: Q2 2026: 229,965 tonnes, 4.98 g/t; Q1 2026: 170,077 tonnes, 4.51 g/t; Q4 2025: 158,016 tonnes, 4.08 g/t; Q3 2025: 286,496 tonnes, 7.05 g/t; Q2 2025: 231,451 tonnes, 7.39 g/t. The attributable results for Fort Knox include 100% of Fort Knox and 70% of Manh Choh.   Reconciliation of non-GAAP financial measures and ratios 

The Company has included certain non-GAAP financial measures and ratios in this document. These financial measures and ratios are not defined under IFRS and should not be considered in isolation. The Company believes that these financial measures and ratios, together with financial measures and ratios determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures and ratios is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures and ratios are not necessarily standard and therefore may not be comparable to other issuers.

Adjusted Net Earnings and Adjusted Net Earnings per Share

Adjusted net earnings and adjusted net earnings per share are non-GAAP financial measures and ratios which determine the performance of the Company, excluding certain impacts which the Company believes are not reflective of the Company’s underlying performance for the reporting period, such as the impact of foreign exchange gains and losses, reassessment of prior year taxes and/or taxes otherwise not related to the current period, impairment charges (reversals), gains and losses and other one-time costs related to acquisitions, dispositions and other transactions, and non-hedge derivative gains and losses. Although some of the items are recurring, the Company believes that they are not reflective of the underlying operating performance of its current business and are not necessarily indicative of future operating results. Management believes that these measures and ratios, which are used internally to assess performance and in planning and forecasting future operating results, provide investors with the ability to better evaluate underlying performance, particularly since the excluded items are typically not included in public guidance. However, adjusted net earnings and adjusted net earnings per share measures and ratios are not necessarily indicative of net earnings and earnings per share measures and ratios as determined under IFRS.

The following table provides a reconciliation of net earnings to adjusted net earnings for the periods presented:

                (expressed in millions of U.S. dollars, except per share amounts)Three months ended Six months ended June 30, June 30,    2026  2025   2026  2025          Net earnings attributable to common shareholders - as reported$844.2 $530.7  $1,687.2 $898.7  Adjusting items:       Foreign exchange (gains) losses (1.8) 11.1   4.2  18.8   Foreign exchange gains on translation of tax basis and foreign exchange on deferred income taxes within income tax expense (5.6) (15.1)  (10.1) (21.0)  Taxes in respect of prior periods 2.9  3.3   5.1  (4.6)  Costs in connection with conveyor belt repairs 9.0  -   20.1  -   Tasiast mill fire related costs -  13.0   -  13.0   Other 1.4  1.7   (0.2) 3.4   Tax effects of the above adjustments (2.3) (3.7)  (4.4) (3.3)    3.6  10.3   14.7  6.3  Adjusted net earnings$847.8 $541.0  $1,701.9 $905.0  Weighted average number of common shares outstanding - Basic 1,191.6  1,225.7   1,195.5  1,228.1  Adjusted net earnings per share$0.71 $0.44  $1.42 $0.74  Basic earnings per share attributable to common shareholders - as reported$0.71 $0.43  $1.41 $0.73             Attributable Free Cash Flow

Attributable free cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities less attributable capital expenditures and non-controlling interest included in net cash flows provided from operating activities. The Company believes that this measure, which is used internally to evaluate the Company’s underlying cash generation performance and the ability to repay creditors and return cash to shareholders, provides investors with the ability to better evaluate the Company’s underlying performance. However, this measure is not necessarily indicative of operating earnings or net cash flow provided from operating activities as determined under IFRS.

The following table provides a reconciliation of attributable free cash flow for the periods presented:

          (expressed in millions of U.S. dollars)Three months ended Six months ended June 30, June 30,    2026  2025   2026  2025          Net cash flow provided from operating activities - as reported$1,145.9 $992.4  $2,285.4 $1,599.5  Adjusting items:       Attributable(a) capital expenditures (406.2) (301.8)  (685.1) (505.9) Non-controlling interest(b) cash flow from operating activities (12.9) (44.0)  (36.0) (66.2) Attributable(a) free cash flow$726.8 $646.6  $1,564.3 $1,027.4                   See pages 21 and 22 for details of the footnotes referenced within the table above.

Attributable Adjusted Operating Cash Flow 

Attributable adjusted operating cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities excluding changes in working capital, certain impacts which the Company believes are not reflective of the Company’s regular operating cash flow, and net cash flows provided from operating activities, net of working capital changes, relating to non-controlling interests. Working capital is excluded given that numerous factors can result in it being volatile. The Company uses attributable adjusted operating cash flow internally as a measure of the underlying operating cash flow performance and future operating cash flow-generating capability of the Company. However, the attributable adjusted operating cash flow measure is not necessarily indicative of net cash flow provided from operating activities as determined under IFRS.

The following table provides a reconciliation of attributable adjusted operating cash flow for the periods presented:

                (expressed in millions of U.S. dollars)Three months ended Six months ended June 30, June 30,    2026 2025(m)  2026 2025(m)         Net cash flow provided from operating activities - as reported$1,145.9 $992.4  $2,285.4 $1,599.5          Adjusting items:       Working capital changes:       Accounts receivable and other assets (1.8) (14.4)  (8.7) (25.8)  Inventories 33.7  (8.9)  (2.1) 29.5   Accounts payable and accrued liabilities (50.8) (49.9)  1.0  (33.8)    1,127.0  919.2   2,275.6  1,569.4  Non-controlling interest(b) cash flow from operating activities, net of working capital changes (15.1) (35.8)  (34.4) (65.7) Attributable(a) adjusted operating cash flow$1,111.9 $883.4  $2,241.2 $1,503.7                   See pages 21 and 22 for details of the footnotes referenced within the table above.

Attributable Average Realized Gold Price per Ounce

Attributable average realized gold price per ounce is a non-GAAP ratio which calculates the average price realized from gold sales attributable to the Company. The Company believes that this measure provides a more accurate measure with which to compare the Company's gold sales performance to market gold prices. The following table provides a reconciliation of attributable average realized gold price per ounce for the periods presented:

                (expressed in millions of U.S. dollars, except ounces and average realized gold price per ounce)Three months ended Six months ended June 30, June 30,    2026  2025   2026  2025          Metal sales - as reported $2,238.1 $1,728.5  $4,645.8 $3,226.0  Less: silver revenue(c) (57.0) (22.6)  (113.7) (45.1) Less: non-controlling interest(b) gold revenue (36.8) (58.0)  (75.7) (108.1) Attributable(a) gold revenue$2,144.3 $1,647.9  $4,456.4 $3,072.8          Gold ounces sold  486,507  519,391   968,979  1,035,659  Less: non-controlling interest(b) gold ounces sold (8,628) (17,764)  (16,641) (35,147) Attributable(a) gold ounces sold 477,879  501,627   952,338  1,000,512  Attributable(a) average realized gold price per ounce$4,487 $3,285  $4,679 $3,071  Average realized gold price per ounce(d)$4,483 $3,284  $4,677 $3,071          
See pages 21 and 22 for details of the footnotes referenced within the table above. 

Attributable Production Cost of Sales per Equivalent Ounce Sold

Production cost of sales per equivalent ounce sold is defined as production cost of sales, as reported on the consolidated statement of operations, divided by the total number of gold equivalent ounces sold. This measure converts the Company’s non-gold production into gold equivalent ounces and credits it to total production.

Attributable production cost of sales per equivalent ounce sold is a non-GAAP ratio and is defined as attributable production cost of sales divided by the attributable number of gold equivalent ounces sold. This measure converts the Company’s attributable non-gold production into gold equivalent ounces and credits it to total attributable production. Management uses this measure to monitor and evaluate the performance of its operating properties that are attributable to its shareholders.

The following table provides a reconciliation of production cost of sales and attributable production cost of sales per equivalent ounce sold for the periods presented:

           (expressed in millions of U.S. dollars, except ounces and production cost of sales per equivalent ounce)Three months ended Six months ended June 30, June 30,    2026  2025   2026  2025          Production cost of sales - as reported $674.7 $568.4  $1,365.2 $1,115.1  Less: non-controlling interest(b) production cost of sales (19.8) (22.5)  (39.7) (43.2) Attributable(a) production cost of sales$654.9 $545.9  $1,325.5 $1,071.9          Gold equivalent ounces sold  499,035  526,223   993,163  1,050,312  Less: non-controlling interest(b) gold equivalent ounces sold (8,795) (17,923)  (17,068) (35,448) Attributable(a) gold equivalent ounces sold 490,240  508,300   976,095  1,014,864  Attributable(a) production cost of sales per equivalent ounce sold$1,336 $1,074  $1,358 $1,056  Production cost of sales per equivalent ounce sold(e)$1,352 $1,080  $1,375 $1,062                   See pages 21 and 22 for details of the footnotes referenced within the table above. 

Attributable Production Cost of Sales per Ounce Sold on a By-Product Basis

Attributable production cost of sales per ounce sold on a by-product basis is a non-GAAP ratio which calculates the Company’s non-gold production as a credit against its per ounce production costs, rather than converting its non-gold production into gold equivalent ounces and crediting it to total production, as is the case in co-product accounting. Management believes that this ratio provides investors with the ability to better evaluate Kinross’ production cost of sales per ounce on a comparable basis with other major gold producers who routinely calculate their cost of sales per ounce using by-product accounting rather than co-product accounting.

The following table provides a reconciliation of attributable production cost of sales per ounce sold on a by-product basis for the periods presented:

                (expressed in millions of U.S. dollars, except ounces and production cost of sales per ounce)Three months ended Six months ended June 30, June 30,    2026  2025   2026  2025          Production cost of sales - as reported $ 674.7 $568.4  $ 1,365.2 $1,115.1  Less: non-controlling interest(b) production cost of sales (19.8) (22.5)  (39.7) (43.2) Less: attributable(a) impact of silver by-product(n) (56.2) (22.0)  (111.7) (44.1) Attributable(a) production cost of sales on a by-product basis$ 598.7 $523.9  $ 1,213.8 $1,027.8          Gold ounces sold  486,507  519,391   968,979  1,035,659  Less: non-controlling interest(b) gold ounces sold (8,628) (17,764)  (16,641) (35,147) Attributable(a) gold ounces sold 477,879  501,627   952,338  1,000,512  Attributable(a) production cost of sales per ounce sold on a by-product basis$ 1,253 $1,044  $ 1,275 $1,027  Production cost of sales per equivalent ounce sold(e)$ 1,352 $1,080  $ 1,375 $1,062                   See pages 21 and 22 for details of the footnotes referenced within the table above.

Attributable All-In Sustaining Cost and All-In Cost per Ounce Sold on a By-Product Basis

Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are non-GAAP financial measures and ratios, as applicable, calculated based on guidance published by the World Gold Council (“WGC”). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies including Kinross. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost and all-in cost metrics is voluntary and not necessarily standard, and therefore, these measures and ratios presented by the Company may not be comparable to similar measures and ratios presented by other issuers. The Company believes that the all-in sustaining cost and all-in cost measures complement existing measures and ratios reported by Kinross.

All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. The value of silver sold is deducted from the total production cost of sales as it is considered residual production, i.e. a by-product. Sustaining operating costs represent expenditures incurred at current operations that are considered necessary to maintain current production. Sustaining capital represents capital expenditures at existing operations comprising mine development costs, including capitalized development, and ongoing replacement of mine equipment and other capital facilities, and does not include capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.

All-in cost is comprised of all-in sustaining cost as well as operating expenditures incurred at locations with no current operation, or costs related to other non-sustaining activities, and capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.

Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are calculated by adjusting production cost of sales, as reported on the consolidated statements of operations, as follows:

                (expressed in millions of U.S. dollars, except ounces and costs per ounce)Three months ended Six months ended June 30, June 30,    2026  2025   2026  2025          Production cost of sales - as reported$674.7 $568.4  $1,365.2 $1,115.1  Less: non-controlling interest(b) production cost of sales (19.8) (22.5)  (39.7) (43.2) Less: attributable(a) impact of silver by-product(n) (56.2) (22.0)  (111.7) (44.1) Attributable(a) production cost of sales on a by-product basis$598.7 $523.9  $1,213.8 $1,027.8  Adjusting items on an attributable(a) basis:       General and administrative(f) 32.4  29.6   77.3  65.3   Other operating expense - sustaining(g) 4.8  0.9   5.0  1.1   Reclamation and remediation - sustaining(h) 23.5  22.4   46.6  44.7   Exploration and business development - sustaining(i) 15.7  15.3   31.8  27.8   Additions to property, plant and equipment - sustaining(j) 159.7  143.7   244.3  231.9   Lease payments - sustaining(k) 1.8  1.3   3.8  2.6  All-in Sustaining Cost on a by-product basis - attributable(a)$836.6 $737.1  $1,622.6 $1,401.2  Adjusting items on an attributable(a) basis:       Other operating expense - non-sustaining(g) 13.9  19.1   22.4  35.3   Reclamation and remediation - non-sustaining(h) 1.8  2.3   3.9  4.6   Exploration and business development - non-sustaining(i) 23.2  45.5   44.9  74.9   Additions to property, plant and equipment - non-sustaining(j) 246.5  158.1   440.8  274.0   Lease payments - non-sustaining(k) 0.2  0.2   0.4  0.4  All-in Cost on a by-product basis - attributable(a)$1,122.2 $962.3  $2,135.0 $1,790.4  Gold ounces sold
 486,507  519,391   968,979  1,035,659  Less: non-controlling interest(b) gold ounces sold (8,628) (17,764)  (16,641) (35,147) Attributable(a) gold ounces sold 477,879  501,627   952,338  1,000,512  Attributable(a) all-in sustaining cost per ounce sold on a by-product basis$1,751 $1,469  $1,704 $1,400  Attributable(a) all-in cost per ounce sold on a by-product basis$2,348 $1,918  $2,242 $1,789  Production cost of sales per equivalent ounce sold(e)$1,352 $1,080  $1,375 $1,062                   See pages 21 and 22 for details of the footnotes referenced within the table above. 

Attributable All-In Sustaining Cost and All-In Cost per Equivalent Ounce Sold

The Company also assesses its attributable all-in sustaining cost and all-in cost on a gold equivalent ounce basis. Under these non-GAAP financial measures and ratios, the Company’s production of silver is converted into gold equivalent ounces and credited to total production.

Attributable all-in sustaining cost and all-in cost per equivalent ounce sold are calculated by adjusting production cost of sales, as reported on the consolidated statements of operations, as follows:

        (expressed in millions of U.S. dollars, except ounces and costs per ounce)Three months ended Six months ended June 30, June 30,    2026  2025   2026  2025          Production cost of sales - as reported$674.7 $568.4  $1,365.2 $1,115.1  Less: non-controlling interest(b) production cost of sales (19.8) (22.5)  (39.7) (43.2) Attributable(a) production cost of sales$654.9 $545.9  $1,325.5 $1,071.9  Adjusting items on an attributable(a) basis:       General and administrative(f) 32.4  29.6   77.3  65.3   Other operating expense - sustaining(g) 4.8  0.9   5.0  1.1   Reclamation and remediation - sustaining(h) 23.5  22.4   46.6  44.7   Exploration and business development - sustaining(i) 15.7  15.3   31.8  27.8   Additions to property, plant and equipment - sustaining(j) 159.7  143.7   244.3  231.9   Lease payments - sustaining(k) 1.8  1.3   3.8  2.6  All-in Sustaining Cost - attributable(a)$892.8 $759.1  $1,734.3 $1,445.3  Adjusting items on an attributable(a) basis:       Other operating expense - non-sustaining(g) 13.9  19.1   22.4  35.3   Reclamation and remediation - non-sustaining(h) 1.8  2.3   3.9  4.6   Exploration and business development - non-sustaining(i) 23.2  45.5   44.9  74.9   Additions to property, plant and equipment - non-sustaining(j) 246.5  158.1   440.8  274.0   Lease payments - non-sustaining(k) 0.2  0.2   0.4  0.4  All-in Cost - attributable(a)$1,178.4 $984.3  $2,246.7 $1,834.5  Gold equivalent ounces sold 499,035  526,223   993,163  1,050,312  Less: non-controlling interest(b) gold equivalent ounces sold (8,795) (17,923)  (17,068) (35,448) Attributable(a) gold equivalent ounces sold 490,240  508,300   976,095  1,014,864  Attributable(a) all-in sustaining cost per equivalent ounce sold$1,821 $1,493  $1,777 $1,424  Attributable(a) all-in cost per equivalent ounce sold$2,404 $1,936  $2,302 $1,808  Production cost of sales per equivalent ounce sold(e)$1,352 $1,080  $1,375 $1,062                   See pages 21 and 22 for details of the footnotes referenced within the table above. 

Capital Expenditures and Attributable Capital Expenditures

Capital expenditures are classified as either sustaining capital expenditures or non-sustaining capital expenditures, depending on the nature of the expenditure. Sustaining capital expenditures typically represent capital expenditures at existing operations including capitalized exploration costs and capitalized development unless related to major projects, ongoing replacement of mine equipment and other capital facilities and other capital expenditures and is calculated as total additions to property, plant and equipment (as reported on the consolidated statements of cash flows), less non-sustaining capital expenditures. Non-sustaining capital expenditures represent capital expenditures for major projects, including major capital development projects at existing operations that are expected to materially benefit the operation, as well as enhancement capital for significant infrastructure improvements at existing operations. Management believes the distinction between sustaining capital expenditures and non-sustaining expenditures is a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of attributable all-in sustaining costs per ounce and attributable all-in costs per ounce. The categorization of sustaining capital expenditures and non-sustaining capital expenditures is consistent with the definitions under the WGC all-in cost standard. Sustaining capital expenditures and non-sustaining capital expenditures are not defined under IFRS, however, the sum of these two measures total to additions to property, plant and equipment as disclosed under IFRS on the consolidated statements of cash flows.

Additions to property, plant and equipment per the consolidated statements of cash flows includes 100% of capital expenditures for Manh Choh. Attributable capital expenditures is a non-GAAP financial measure and includes Kinross' 70% share of capital expenditures for Manh Choh. Management believes this to be a useful indicator of Kinross’ cash resources utilized for capital expenditures.

The following table provides a reconciliation of the classification of capital expenditures for the periods presented:

          (expressed in millions of U.S. dollars)         Three months ended June 30, 2026Tasiast
(Mauritania)Paracatu
(Brazil)La Coipa
(Chile)Fort Knox(l)
(USA)Round
Mountain
(USA)Bald
Mountain
(USA)Total
USAOther(o)TotalSustaining capital expenditures$ 46.6$ 51.4$ 17.9$ 37.3 $ 6.9$ 4.0$ 48.2 $ 0.4$ 164.5 Non-sustaining capital expenditures 49.7 12.8 4.9 2.7  42.2 50.0 94.9  84.2 246.5 Additions to property, plant and equipment - per cash flow$ 96.3$ 64.2$ 22.8$ 40.0 $ 49.1$ 54.0$ 143.1 $ 84.6$ 411.0 Less: Non-controlling interest(b) - - - (4.8) - - (4.8) - (4.8)Attributable(a) capital expenditures$ 96.3$ 64.2$ 22.8$ 35.2 $ 49.1$ 54.0$ 138.3 $ 84.6$ 406.2           Three months ended June 30, 2025         Sustaining capital expenditures$23.1$38.4$25.0$43.0 $5.7$12.7$61.4 $0.1$148.0 Non-sustaining capital expenditures 66.6 - - -  27.1 27.7 54.8  36.7 158.1 Additions to property, plant and equipment - per cash flow$89.7$38.4$25.0$43.0 $32.8$40.4$116.2 $36.8$306.1 Less: Non-controlling interest(b) - - - (4.3) - - (4.3) - (4.3)Attributable(a) capital expenditures$89.7$38.4$25.0$38.7 $32.8$40.4$111.9 $36.8$301.8           (expressed in millions of U.S. dollars)         Six months ended June 30, 2026Tasiast
(Mauritania)Paracatu
(Brazil)La Coipa
(Chile)Fort Knox(l)
(USA)Round
Mountain
(USA)Bald
Mountain
(USA)Total
USAOther(o)TotalSustaining capital expenditures$57.4$73.6$37.8$61.4 $11.8$10.9$84.1 $0.5$253.4 Non-sustaining capital expenditures 98.9 16.4 6.7 2.7  91.2 82.8 176.7  142.1 440.8 Additions to property, plant and equipment - per cash flow$156.3$90.0$44.5$64.1 $103.0$93.7$260.8 $142.6$694.2 Less: Non-controlling interest(b) - - - (9.1) - - (9.1) - (9.1)Attributable(a) capital expenditures$156.3$90.0$44.5$55.0 $103.0$93.7$251.7 $142.6$685.1           Six months ended June 30, 2025         Sustaining capital expenditures$36.8$62.8$40.6$71.2 $8.5$19.6$99.3 $0.3$239.8 Non-sustaining capital expenditures 133.0 - - -  53.9 38.6 92.5  48.5 274.0 Additions to property, plant and equipment - per cash flow$169.8$62.8$40.6$71.2 $62.4$58.2$191.8 $48.8$513.8 Less: Non-controlling interest(b) - - - (7.9) - - (7.9) - (7.9)Attributable(a) capital expenditures$169.8$62.8$40.6$63.3 $62.4$58.2$183.9 $48.8$505.9  See pages 21 and 22 for details of the footnotes referenced within the tables above.

Endnotes

(a)“Attributable” measures and ratios include Kinross’ share of Manh Choh (70%) sales, costs, cash flows and capital expenditures.(b)“Non-controlling interest” represents the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company’s interest is less than 100% for cash flow from operating activities, costs, sales and capital expenditures, as appropriate.(c)“Silver revenue” represents the portion of metal sales realized from the production of secondary or by-product metal (i.e. silver), which is produced as a by-product of the process used to produce gold and effectively reduces the cost of gold production.(d)“Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold.(e)“Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.(f)“General and administrative” expenses are as reported on the consolidated statements of operations, excluding certain impacts which the Company believes are not reflective of the Company’s underlying performance for the reporting period. General and administrative expenses are considered sustaining costs as they are required to be absorbed on a continuing basis for the effective operation and governance of the Company.(g)“Other operating expense – sustaining” is calculated as “Other operating expense” as reported on the consolidated statements of operations, less the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company’s interest is less than 100% and other operating and reclamation and remediation expenses related to non-sustaining activities as well as other items not reflective of the underlying operating performance of the Company. Other operating expenses are classified as either sustaining or non-sustaining based on the type and location of the expenditure incurred. The majority of other operating expenses that are incurred at existing operations are considered costs necessary to sustain operations, and are therefore, classified as sustaining. Other operating expenses incurred at locations where there is no current operation or related to other non-sustaining activities are classified as non-sustaining.(h)“Reclamation and remediation – sustaining” is calculated as current period accretion related to reclamation and remediation obligations plus current period amortization of the corresponding reclamation and remediation assets, less the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company’s interest is less than 100%, and is intended to reflect the periodic cost of reclamation and remediation for currently operating mines. Reclamation and remediation costs for development projects or closed mines are excluded from this amount and classified as non-sustaining.(i)“Exploration and business development – sustaining” is calculated as “Exploration and business development” expenses as reported on the consolidated statements of operations, less the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company’s interest is less than 100% and non-sustaining exploration and business development expenses. Exploration expenses are classified as either sustaining or non-sustaining based on a determination of the type and location of the exploration expenditure. Exploration expenditures within the footprint of operating mines are considered costs required to sustain current operations and are therefore included in sustaining costs. Exploration expenditures focused on new ore bodies near existing mines (i.e. brownfield), new exploration projects (i.e. greenfield) or for other generative exploration activity not linked to existing mining operations are classified as non-sustaining. Business development expenses are classified as either sustaining or non-sustaining based on a determination of the type of expense and requirement for general or growth-related operations.(j)“Additions to property, plant and equipment – sustaining” and “non-sustaining” are as presented on pages 20 and 21 of this news release and include Kinross’ share of Manh Choh’s (70%) sustaining and non-sustaining capital expenditures.(k)“Lease payments – sustaining” represents the majority of lease payments as reported on the consolidated statements of cash flows and is made up of the principal and financing components of such cash payments, less the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company’s interest is less than 100%, and non-sustaining lease payments. Lease payments for development projects or closed mines are classified as non-sustaining.(l)The Fort Knox segment is composed of Fort Knox and Manh Choh for all periods presented.(m)Attributable adjusted operating cash flow for the three and six months ended June 30, 2025 has been presented in accordance with the current period’s presentation.(n)“Impact of silver by-product” represents the costs allocated to the production of secondary or by-product metal (i.e. silver), which is produced as a by-product of the process used to produce gold.(o)Other includes corporate and other non-operating assets (including Great Bear, Curlew and Lobo-Marte).   Cautionary statement on forward-looking information 

All statements, other than statements of historical fact, contained or incorporated by reference in this news release including, but not limited to, any information as to the future financial or operating performance of Kinross, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the provisions for “safe harbor” under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements contained in this news release, include, but are not limited to, those under the headings (or headings that include) “2026 second-quarter highlights”, “Return of capital to shareholders”, “CEO commentary”, and “Development projects”, as well as statements with respect to our guidance for production, cost guidance, including production costs of sales, all-in sustaining cost of sales, and capital expenditures; anticipated returns of capital to shareholders, including the declaration, payment, increase and sustainability of the Company’s dividends; the size, scope and execution of the proposed share buybacks and the anticipated timing thereof, including the Company’s statement targeting share buybacks and dividends for 2026 of 40% of free cash flow; identification of additional resources and reserves or the conversion of resources to reserves; the Company’s liquidity; the Company’s debt levels; the schedules budgets, and forecast economics for the Company’s development projects; budgets for and future plans for exploration, development and operation at the Company’s operations and projects, including the Great Bear and Lobo-Marte projects; planned timing for the submission of permits; potential mine life extensions at the Company’s operations; the Company’s balance sheet and liquidity outlook, as well as references to other possible events including, the future price of gold and silver, costs of production, operating costs; price inflation; capital expenditures, costs and timing of the development of projects and new deposits, estimates and the realization of such estimates (such as mineral or gold reserves and resources or mine life), success of exploration, development and mining, currency fluctuations, capital requirements, project studies, government regulation, permit applications, environmental risks and proceedings, and resolution of pending litigation. The words “advance”, “believe”, “continue”, “deliver”, “estimates” “expects”, “focus”, “forecast”, “guidance”, “looking ahead”, “next steps”, “on plan”, “on track”, “opportunities”, “plan”, “potential”, “priority”, “progress”, “target”, “upside”, or variations of or similar such words and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result and similar such expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Kinross as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates, models and assumptions of Kinross referenced, contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2025, and the Annual Information Form dated March 26, 2026 as well as: (1) there being no significant disruptions affecting the operations of the Company, whether due to extreme weather events and other or related natural disasters, labour disruptions (including but not limited to strikes or workforce reductions), supply disruptions, power disruptions, damage to equipment, pit wall slides or otherwise; (2) permitting, development, operations and production from the Company’s operations and development projects being consistent with Kinross’ current expectations including, without limitation: the maintenance of existing permits and approvals and the timely receipt of all permits and authorizations necessary for construction and operations; water and power supply and continued operation of the tailings reprocessing facility at Paracatu; permitting of the Great Bear project (including the consultation process with Indigenous groups), permitting and development of the Lobo-Marte project; in each case in a manner consistent with the Company’s expectations; and the successful completion of exploration consistent with the Company’s expectations at the Company’s projects; (3) political regulatory and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, restrictions or penalties imposed, or actions taken, by any government, including but not limited to amendments to the mining laws and tailings facility regulations in Brazil, potential amendments to water laws and/or other water use restrictions and regulatory actions in Chile, dam safety regulations, potential amendments to minerals and mining laws and energy levies laws, new regulations relating to work permits, potential amendments to customs and mining laws (including but not limited to amendments to the VAT) and the potential application of the tax code in Mauritania, potential amendments to and enforcement of tax laws in Mauritania (including, but not limited to, the interpretation, implementation, application and enforcement of any such laws and amendments thereto), substantial changes to the federal and/or provincial regulatory and permitting regimes in Canada, third party legal challenges to existing permits, and the impact of any trade tariffs being consistent with Kinross’ current expectations; (4) the completion of studies and the results of those studies being consistent with Kinross’ current expectations; (5) the exchange rate between the Canadian dollar, Brazilian real, Chilean peso, Mauritanian ouguiya and the U.S. dollar being approximately consistent with current levels; (6) certain price assumptions for gold and silver which includes, as it relates to share repurchases, assumptions that prices for gold and silver remain approximately consistent with current levels; (7) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with the Company’s expectations; (8) attributable production and cost of sales forecasts for the Company meeting expectations; (9) the accuracy of the current mineral reserve and mineral resource estimates of the Company and Kinross’ analysis thereof being consistent with expectations (including but not limited to ore tonnage and ore grade estimates), future mineral resource and mineral reserve estimates being consistent with preliminary work undertaken by the Company, mine plans for the Company’s current and future mining operations, and the Company’s internal models; (10) labour and materials costs increasing on a basis consistent with Kinross’ current expectations; (11) the terms and conditions of the legal and fiscal stability agreements for Tasiast being interpreted and applied in a manner consistent with their intent and Kinross’ expectations and without material amendment or formal dispute (including without limitation the application of tax, customs and duties exemptions and royalties); (12) asset impairment potential; (13) the regulatory and legislative regime regarding mining, electricity production and transmission (including rules related to power tariffs) in Brazil being consistent with Kinross’ current expectations; (14) access to capital markets, including but not limited to maintaining our current credit ratings consistent with the Company’s current expectations; (15) potential direct or indirect operational impacts resulting from infectious diseases or pandemics; (16) changes in national and local government legislation or other government actions, including Ontario environmental regulations and the Canadian federal impact assessment regime; (17) litigation, regulatory proceedings and audits, and the potential ramifications thereof, being concluded in a manner consistent with the Company’s expectations (including without limitation litigation in Chile relating to the wetlands remediation plan or other environmental obligations arising therefrom); (18) the Company’s financial results, cash flows and future prospects being consistent with Company expectations in amounts sufficient to permit sustained dividend payments; (19) the impacts of potential geotechnical instability being consistent with the Company’s expectations; and (20) the impacts of groundwater inflows at the La Coipa pit being consistent with the Company’s expectations. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: the inaccuracy of any of the foregoing assumptions; fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such as fuel and electricity); price inflation of goods and services; changes in the discount rates applied to calculate the present value of net future cash flows based on country-specific real weighted average cost of capital; changes in the market valuations of peer group gold producers and the Company, and the resulting impact on market price to net asset value multiples; changes in various market variables, such as interest rates, foreign exchange rates, gold or silver prices and lease rates, or global fuel prices, that could impact the mark-to-market value of outstanding derivative instruments and ongoing payments/receipts under any financial obligations; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); changes in national and local government legislation, taxation (including but not limited to income tax, advance income tax, stamp tax, withholding tax, capital tax, tariffs, value-added or sales tax, capital outflow tax, capital gains tax, windfall or windfall profits tax, production royalties, excise tax, customs/import or export taxes/duties, asset taxes, asset transfer tax, property use or other real estate tax, together with any related fine, penalty, surcharge, or interest imposed in connection with such taxes), controls, tariffs, policies and regulations; the security of personnel and assets; political or economic developments in Canada, the United States, Chile, Brazil, Mauritania or other countries in which Kinross does business or may carry on business; business opportunities that may be presented to, or pursued by, us; our ability to successfully integrate acquisitions and complete divestitures; operating or technical difficulties in connection with mining, development or refining activities; employee relations; litigation or other claims against, or regulatory investigations and/or any enforcement actions, administrative orders or sanctions in respect of the Company (and/or its directors, officers, or employees) including, but not limited to, securities class action litigation in Canada and/or the United States, environmental litigation or regulatory proceedings or any investigations, enforcement actions and/or sanctions under any applicable anti-corruption, international sanctions and/or anti-money laundering laws and regulations in Canada, the United States or any other applicable jurisdiction; the speculative nature of gold exploration and development including, but not limited to, the risks of obtaining and maintaining necessary licenses and permits; diminishing quantities or grades of reserves; adverse changes in our credit ratings; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, Kinross’ actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Kinross, including but not limited to resulting in an impairment charge on goodwill and/or assets. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-looking statements made in this news release are qualified by this cautionary statement and those made in our other filings with the securities regulators of Canada and the United States including, but not limited to, the cautionary statements made in the “Risk Analysis” section of our MD&A for the year ended December 31, 2025, and the “Risk Factors” set forth in the Company’s Annual Information Form dated March 26, 2026. These factors are not intended to represent a complete list of the factors that could affect Kinross. Kinross disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Key Sensitivities

Approximately 70%-80% of the Company's costs are denominated in U.S. dollars.

A 10% change in foreign currency exchange rates would be expected to result in an approximate $30 impact on attributable production cost of sales per equivalent ounce sold1,14.

Specific to the Brazilian real, a 10% change in the exchange rate would be expected to result in an approximate $50 impact on Brazilian attributable production cost of sales per equivalent ounce sold1.

Specific to the Chilean peso, a 10% change in the exchange rate would be expected to result in an approximate $50 impact on Chilean attributable production cost of sales per equivalent ounce sold1.

A $10 per barrel change in the price of oil would be expected to result in an approximate $10 impact on attributable production cost of sales per equivalent ounce sold1.

A $100 change in the price of gold would be expected to result in an approximate $5 impact on attributable production cost of sales per equivalent ounce sold1 as a result of a change in royalties.

Other information

Where we say "we", "us", "our", the "Company", or "Kinross" in this news release, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable.

The technical information about the Company’s mineral properties contained in this news release has been prepared under the supervision of Mr. Nicos Pfeiffer, an officer of the Company who is a “qualified person” within the meaning of National Instrument 43-101.

Source: Kinross Gold Corporation

______________________________________
1 Unless otherwise stated, production figures in this news release are on an attributable basis. “Attributable” includes Kinross’ 70% share of Manh Choh production, costs, cash flows and capital expenditures. Financial figures include 100% of Manh Choh results except when denoted as attributable. Attributable figures are non-GAAP financial measures and ratios. Refer to footnote 6.
2 “Production cost of sales per equivalent ounce sold” is defined as production cost of sales, as reported on the interim condensed consolidated statements of operations, divided by total gold equivalent ounces sold.
3 Operating cash flow figures in this release represent “Net cash flow provided from operating activities,” as reported on the interim condensed consolidated statements of cash flows.
4 “Margins” per equivalent ounce sold is defined as average realized gold price per ounce less production cost of sales per equivalent ounce sold.
5 Earnings, net earnings, and reported net earnings figures in this news release represent “Net earnings attributable to common shareholders,” as reported on the interim condensed consolidated statements of operations.   
6 These figures are non-GAAP financial measures and ratios, as applicable, and are defined and reconciled on pages 16 to 21 of this news release. Non-GAAP financial measures and ratios have no standardized meaning under International Financial Reporting Standards (“IFRS”) and therefore, may not be comparable to similar measures presented by other issuers. All-in sustaining cost per ounce sold on a by-product basis is equivalent to attributable all-in sustaining cost per ounce sold on a by-product basis for Lobo-Marte.
7 Net cash is calculated as cash and cash equivalents of $2,656.4 million less long-term debt of $738.8 million as reported on the Company’s interim condensed consolidated balance sheet as at June 30, 2026.
8 The NPV was calculated from the after-tax cash flow generated by the project, based on a discount rate of 5% and a valuation date of January 1, 2028.
9 “Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold.
10 “Capital expenditures” is “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows.
11 “Available credit” is defined as available credit under the Company’s credit facilities and is calculated in Section 6 Liquidity and Capital Resources of Kinross’ MD&A for the three and six months ended June 30, 2026.
12 “Total liquidity” is defined as the sum of cash and cash equivalents, as reported on the interim condensed consolidated balance sheets, and available credit under the Company’s credit facilities (as calculated in Section 6 Liquidity and Capital Resources of Kinross’ MD&A for the three and six months ended June 30, 2026).
13 The economic analysis of the projects were carried out using a discounted cash flow approach on an after-tax basis, based on long-term gold prices of $4,100/oz. and $3,500/oz. in USD. The IRR on total investment that is presented in the economic analysis was calculated assuming 100% equity financing.
14 Refers to all of the currencies in the countries where the Company has mining operations, fluctuating simultaneously by 10% in the same direction, either appreciating or depreciating, taking into consideration the impact of hedging and the weighting of each currency within our consolidated cost structure.

Kinross Gold (KGC - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 29. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis gold mining company is expected to post quarterly earnings of $0.67 per share in its upcoming report, which represents a year-over-year change of +52.3%.

Revenues are expected to be $2.28 billion, up 32.1% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 7.82% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Kinross Gold?For Kinross Gold, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -4.74%.

On the other hand, the stock currently carries a Zacks Rank of #5.

So, this combination makes it difficult to conclusively predict that Kinross Gold will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Kinross Gold would post earnings of $0.68 per share when it actually produced earnings of $0.71, delivering a surprise of +4.41%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Kinross Gold doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.