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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.

Investors in Kinross Gold Corporation (KGC - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the August 21, 2026 $19.00 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Kinross Gold share, but what is the fundamental picture for the company? Currently, Kinross Gold is a Zacks Rank #5 (Strong Buy) in the Transportation - Services Industry that ranks in the Top 38% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their estimates for the current quarter, while one has revised his estimate downward. The net effect has taken our Zacks Consensus Estimate for the current quarter to move from seven cents per share to six cents per share in the same time period.

Given the way analysts feel about Kinross Gold right now, this huge implied volatility could mean there’s a trade developing. Often times, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

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Gold mining stocks have cooled off hard over the past month after a spectacular multi-year run, and one of the loudest signals of that reversal is showing up in a niche corner of the ETF market. Direxion Daily Gold Miners Index Bear 2X Shares (NYSEARCA:DUST), a leveraged inverse fund built to profit when gold miners fall, is up about 28% over the trailing month and up roughly 5% in the most recent session as miners extended their slide.

Now, to be clear: DUST is a short-term trading tool, not a buy-and-hold investment. The fund targets negative two times the daily performance of the NYSE Arca Gold Miners Index, so when gold miners fall on a given day, DUST is designed to rise about twice as much that day. The word “daily” matters. Because the leverage resets every session, returns compound in ways that erode value in choppy or trending-up markets. The proof is right in the numbers. Even after this month’s pop, DUST is down about 73% over the past year and down about 96% over the past five years. That is what path-dependent decay looks like.

What the DUST Pop Is Actually Telling You Because DUST moves inversely to the gold miners index, a rising DUST equals a falling miner complex. Over the past month, the benchmark VanEck Gold Miners ETF (NYSEARCA:GDX), which tracks the same index DUST inversely follows, is down about 13%. Junior miners have moved in step. So the selloff is broad, not isolated to one or two names.

The move in the metal itself has been much milder. Spot gold and the largest physical gold ETFs are down about 6% over the past month. Miners typically trade as a high-beta play on the gold price, and that is exactly what happened here: a modest pullback in bullion translated into a roughly double-sized pullback in the miner stocks, and then DUST’s daily 2x inverse structure doubled that again on the way up.

The Macro Backdrop A few threads have contributed. Real yields, the true opportunity cost of holding a non-yielding asset like gold, have firmed. The 10-year TIPS real yield sat around 2.32% on July 15, up modestly from earlier in the month. The nominal 10-year Treasury yield is at 4.58%, near the top of its 12-month range, thanks in part to hawkish statements by Fed Chair Kevin Warsh. These macro shifts have had a real impact even though the underlying businesses are still doing quite well.

Take Newmont (NYSE:NEM | NEM Price Prediction), the largest gold producer in the world and the bellwether name in the index. The stock is down about 10% over the past month and off about 3% in the most recent session. That is a real pullback, but perspective helps: Newmont is still up about 68% over the past year. Analysts remain constructive, with an average price target near $136. The stock trades at a trailing P/E of 12 and a forward P/E of 10, which is not a stretched multiple after a big run.

The biggest monthly casualty of the group is Agnico Eagle Mines (NYSE:AEM), a Canada-based producer with operations across Canada, Finland, and Australia. Shares are down about 17% over the past month and down about 16% year to date. Even so, the longer view is still positive: Agnico is up roughly 21% over the past year and up about 161% over the past five years. Fundamentals held up in the last reported quarter, with quarterly earnings growth of 109% year over year and a market cap around $72 billion. The sell-side average price target sits at roughly $234, well above the current quote.

Similarly, Kinross Gold (NYSE:KGC), a mid-cap producer with operations in the Americas and West Africa, is down about 13% over the trailing month. That is a rough stretch, but the longer story remains striking. Kinross is up about 54% over the past year and up about 318% over the past five years, which is the kind of run that leaves crowded, well-loved positions vulnerable to fast unwinds. Valuation is still modest, with a trailing P/E of 10 and a forward P/E of 8. Beta is the highest of the group at 1.4, which is consistent with the amplified downside during this cool-off.

Reading the Signal, Without Overreading It The story of DUST’s recent pop is really the story of a very hot trade cooling off. Gold miners had run quite well into this year, and a modest pullback in the metal, combined with firmer real yields and a hawkish Fed backdrop, was enough to shake loose some profits. The move has been broad across large-cap and junior miners, which argues this is sector rotation and profit-taking, not a company-specific story.

For DUST specifically, I want to highlight again that a 28% one-month gain looks impressive in isolation, but it sits inside a 73% one-year drawdown and a 96% five-year drawdown. That is the math of daily-reset leverage in a sector that generally trended higher over that stretch. The fund is a tactical hedge or a very short-term directional bet, and its long-term chart is the clearest disclosure it has.

What to watch from here: whether gold stabilizes at current levels, whether real yields keep drifting higher, and whether the miner benchmarks find footing after this reset. If they do, the same daily-reset mechanic that powered DUST’s recent surge will start to work against it, quickly.

Contact [email protected] for any questions or corrections.

Of all the bearish indicators in technical analysis, there is perhaps none more ominous than the death cross.

For beaten-down stocks, the trend confirmation pattern pops up when the short-term 50-day moving average crosses beneath the long-term 200-day moving average, suggesting more downside price action may be ahead.

And while sharp pullbacks and corrections can often indicate a looming price bottom, potential reversal, and trigger a buying opportunity, the death cross—in many instances—can signal that bearish momentum is strengthening.

Get Hertz Global alerts:

That is likely the case for Hertz Global Holdings NASDAQ: HTZ and Kinross Gold NYSE: KGC, as sentiment, ratings, and fundamentals support what the death cross has already suggested. For investors on the hunt for value buys, consider leaving these two stocks off your watchlist.

Hertz: Dilution, Depreciation, and a Slashed Profit OutlookHertz Global Today

HTZ

Hertz Global

$2.12 -0.06 (-2.53%)

As of 09:59 AM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$1.93▼

$8.35Price Target$4.75

Hertz has been here before, and not long ago.

The previous instance of a death cross pattern on Hertz’s one-year chart was on Nov. 28.

That was followed by a 26% loss before the stock bottomed and rallied through its year-to-date high on April 20.

But a multitude of factors—many of which have remained in place since the prior death cross—came to a head in Q2. Hertz lowered its guidance to a range of $50 million to $80 million as weaker used-car values increased depreciation pressure across its rental fleet. At the same time, investor sentiment has deteriorated further as the company raised capital through a $350 million debt package and a related $100 million borrowed-share offering, which involved more than 37 million borrowed shares and raised concerns about leverage and dilution.

Those factors culminated in a 41% single-day loss on June 24. Then, in early July, a second death cross displayed on Hertz’s one-year chart.

The stock recently hit a fresh 52-week low after losing nearly 60% in the past month alone, and around 70% over the past year. Since its five-year high in November 2021, HTZ has plummeted more than 94%.

Hertz has missed on earnings 10 out of the last 13 quarters. In Q1, the company reported a 92% year-over-year reduction in operating cash flow growth, while earnings per share (EPS) growth slipped more than 130% from the prior quarter.

On June 30, Morgan Stanley lowered its price target on Hertz from $5 to $3.50. The stock carries a consensus Reduce rating, short interest now exceeds 17% of the float, and HTZ now sports a beta of 2.2, suggesting its recent bout of volatility is not yet in the rearview mirror.

As Gold Tumbles, So Too Does KinrossKinross Gold Today

KGC

Kinross Gold

$23.96 -0.24 (-0.98%)

As of 09:59 AM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$15.10▼

$39.11Dividend Yield0.67%

P/E Ratio10.15

Price Target$37.81

Since the start of 2024, Kinross Gold has mirrored the record-setting gains in the precious metals market.

That years-long rally was good to gold stocks in general, but it was particularly beneficial to Kinross, which operates six active gold mines located in Brazil, Mauritania, and the United States.

The stock has gained more than 550% from January 2024 to Jan. 28, 2026, when it hit its all-time high (ATH).

But Q2 told a different tale. After gold prices experienced their worst quarterly performance in 13 years, Kinross lost favor among commodities traders.

Since its ATH, the stock is down more than 39%, and on the last day of June, a death cross emerged on KGC’s one-year chart:

Since Kinross’s performance is closely tied to the spot price of gold, the stock sold off alongside the precious metal as investors locked in profits following a multi-year run-up. Gold is now mired in a bear market as a rebound in the U.S. dollar, and rising inflation has led to speculation about interest rate hikes that, if they materialize, will continue to incentivize investors to rotate out of the metal and into yield-generating securities.

Kinross beat earnings in 13 of the last 14 quarters, and in 2025, the Toronto-based mining company reported record revenue, net income, and free cash flow. But the company’s forward production guidance is mostly flat at around 2 million ounces per year through 2027.

At the same time, CapEx has grown more than 56% from $764 million in 2022 to nearly $1.2 billion last year. Despite a Moderate Buy rating, short interest is currently 26% higher than it was the month prior, while institutional selling has increased for four out of the past five quarters.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Key Takeaways NEM's expansion through projects and strong free cash flow support shareholder returns.Kinross is advancing growth projects while reducing debt and boosting liquidity.Both NEM and KGC have outpaced the industry with rising earnings estimates. Newmont Corporation (NEM - Free Report) and Kinross Gold Corporation (KGC - Free Report) are two prominent players in the gold mining space with global operations and diversified portfolios. Although gold prices have seen a sharp correction from the record highs reached in January 2026, they remain at supportive levels. Against this backdrop, comparing these two major industry players is particularly relevant for investors seeking exposure to the precious metals sector.

A combination of geopolitical tensions, a weaker U.S. dollar, tariff-related uncertainty and concerns about the Federal Reserve’s independence had propelled bullion to an all-time high of nearly $5,600 per ounce in late January. Since then, gold has retreated significantly due to inflation concerns triggered by a surge in crude oil prices amid Middle East tensions, with prices falling to $4,500 per ounce around the end of May.

The decline has continued this month, with prices recently falling near $4,000 per ounce, marking their lowest level in nearly eight months. The latest weakness reflects growing expectations of interest rate hikes and a stronger U.S. dollar, even as inflation fears eased following an interim agreement between the United States and Iran. Meanwhile, in its most recent policy meeting, the Federal Reserve left interest rates unchanged, but signaled a potential rate increase before the year's end. Even after the steep correction, gold prices remain roughly 21% higher than a year ago.

Let’s dive deep and closely compare the fundamentals of these two mining giants to determine which one is a better investment now.

The Case for NewmontNewmont continues to invest in growth projects in a calculated manner. The company is pursuing several projects, including the Cadia Panel Caves and Tanami Expansion 2 in Australia. These projects should expand Newmont’s production capacity and extend mine life, driving revenues and profits.

In October 2025, NEM achieved a significant milestone at Ahafo North. It achieved commercial production at the project, which followed the first gold pour in September 2025. Ahafo North is expected to produce between 275,000 and 325,000 ounces of gold annually over an estimated mine life of 13 years. Output is expected to be 315,000 ounces this year, with a ramp-up to full capacity.

NEM recently received key regulatory approvals from the Province of British Columbia for its Red Chris Block Cave Project, marking a major milestone in the planned transformation of the Red Chris Mine from an open-pit operation to a large-scale block-cave mine. The approvals move the project closer to a final investment decision, which Newmont expects to make later this year.

Newmont has also divested non-core businesses as it shifts its strategic focus to Tier 1 assets.   The company generated $3.6 billion from its portfolio optimization actions in 2025. These funds will support Newmont’s capital allocation strategy, which focuses on reinforcing its balance sheet and delivering returns to its shareholders.

Newmont has a strong liquidity position and generates substantial cash flows, which allow it to fund its growth projects, meet short-term debt obligations and drive shareholder value. At the end of the first quarter of 2026, Newmont had robust liquidity of roughly $12.8 billion, including cash and cash equivalents of around $8.8 billion. Its free cash flow surged 161% year over year to a record $3.1 billion in the first quarter, led by an increase in net cash from operating activities. Net cash from operating activities amounted to $3.8 billion in the first quarter, up from $2 billion in the year-ago quarter.

NEM has distributed $3.4 billion to its shareholders through dividends and share repurchases in 2025. It has returned $2.7 billion to its shareholders since Feb. 19, 2026. Newmont has executed buybacks of $6 billion under the earlier authorized share repurchase programs, including $2.4 billion since the fourth-quarter 2025 earnings call. Its board has approved an additional $6 billion repurchase program. NEM offers a dividend yield of 1.1% at the current stock price. Its payout ratio is 12%.

Newmont also remains committed to deleveraging, reducing debt by roughly $3.4 billion in 2025. It reduced debt by an additional $42 million in the first quarter, resulting in a strong net cash position of $3.2 billion.

NEM, however, saw lower gold production for the first quarter, partly linked to its strategic divestment of non-core assets. NEM reported a roughly 16% year-over-year and 10% sequential decline in attributable gold production to 1.3 million ounces. Newmont expects second-quarter 2026 production to be below the first-quarter level.

 The company anticipates gold production at about 5.26 million ounces for 2026, indicating a year-over-year decline from 5.89 million ounces in 2025. NEM expects lower production from Penasquito and Cadia in 2026 due to the site transitions. It also sees lower-than-expected production from Nevada Gold Mines and Pueblo Viejo. These will be partly offset by contributions from the newly commissioned Ahafo North mine.

The Case for KinrossKinross has a strong production profile and boasts a promising pipeline of exploration and development projects. Its key development projects and exploration programs remain on track. These projects are expected to boost production and cash flow, and deliver significant value. The successful execution of these projects will position the company for a new wave of low-cost, long-life production.

KGC is progressing with the construction of three organic growth projects to expand its U.S. portfolio. This is aimed at extending mine life and cost optimization. The projects are Round Mountain Phase X and Bald Mountain Redbird 2 in Nevada, and the Kettle River–Curlew project in Washington. Together, the projects are expected to contribute significantly to Kinross’ U.S. production profile. They are expected to contribute 3 million ounces of life-of-mine production to KGC’s portfolio, adding grades and mine lives.

KGC has strong liquidity of $3.9 billion and generates substantial cash flows, which allows it to finance its development projects, pay down debt and drive shareholder value. Kinross reactivated its share buyback program in April 2025. It completed a $600 million share repurchase program as of Dec. 31, 2025. The Toronto Stock Exchange, in March, accepted the notice to renew its normal course issuer bid program. KGC repurchased shares worth roughly $250 million in the first quarter and $300 million this year through April 29.

KGC generated a record free cash flow of roughly $2.5 billion last year. It returned $752.4 million to its shareholders through dividends and buybacks in 2025. The company also logged attributable free cash flow of $837.5 million in the first quarter, marking the fourth straight quarter of record free cash flow. It ended the quarter with about $1.4 billion in net cash.

In 2025, the company repaid $700 million of debt. With $1.7 billion in available credit (as of March 31, 2026) and no debt maturities until 2033, Kinross is well-positioned to support growth while strengthening its balance sheet and delivering shareholder value.

KGC’s board has approved a 14% increase to its quarterly dividend, amounting to 16 cents per share on an annualized basis. Kinross is targeting to return 40% of its free cash flow through share buybacks and dividends in 2026. KGC offers a dividend yield of 0.7% at the current stock price. It has a payout ratio of 7% with a five-year annualized dividend growth rate of roughly 2.4%.

Despite these positives, KGC remains exposed to headwinds from higher production costs. Its attributable production cost of sales per gold equivalent ounce was $1,380 in the first quarter, up 33% from the prior-year quarter’s levels. The rise was partly due to higher royalty costs stemming from increased gold prices. It saw first-quarter attributable all-in-sustaining costs (AISC) — a critical cost metric for miners — of $1,732 per ounce, marking a 28% increase from the year-ago quarter.

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.

Price Performance and Valuation of NEM & KGCNEM stock has rallied 68% in the past year, while KGC stock has gained 61.7% compared with the Zacks Mining – Gold industry’s increase of 41.5%.

Image Source: Zacks Investment Research

NEM is currently trading at a forward 12-month earnings multiple of 9.24. This represents a modest 1.8% premium when stacked up with the industry average of 9.08X.

Image Source: Zacks Investment Research

Kinross is trading at a discount to Newmont. The KGC stock is currently trading at a forward 12-month earnings multiple of 8.27, below its industry average.

Image Source: Zacks Investment Research

How Do Zacks Consensus Estimates Compare for NEM & KGC?The Zacks Consensus Estimate for NEM’s 2026 sales and EPS implies a year-over-year rise of 20.2% and 43.8%, respectively. The EPS estimates for 2026 have been trending higher over the past 60 days.

Image Source: Zacks Investment Research

The consensus estimate for KGC’s 2026 sales and EPS implies year-over-year growth of 33.2% and 58.2%, respectively. The EPS estimates for 2026 have been trending northward over the past 60 days.

Image Source: Zacks Investment Research

NEM or KGC: Which Stock is a Better Pick Now?NEM and KGC currently carry a Zacks Rank #3 (Hold) each, so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Both Newmont and Kinross are demonstrating strong financial performance and commitment to shareholder returns, supported by firm gold prices. Both have a strong pipeline of development projects and solid financial health. The companies are also seeing favorable estimate revisions. Kinross appears to have an edge over Newmont due to its more attractive valuation and higher growth projections. Investors seeking exposure to the gold space might consider KGC as the more favorable option at this time.

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Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +24% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Kinross Gold (KGC - Free Report) Based in Ontario, Canada, Kinross Gold Corporation is involved in the exploration and operation of gold mines. It ranks among the top 10 gold mining companies in the world, with a 2025 production of around 2.07 million gold equivalent ounces. The company's operations are primarily located in the Americas (roughly 76% of 2025 production). It holds major assets in Canada and the United States. It is mainly involved in the exploration and operation of gold mines. Kinross also produces and sells silver.

KGC is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. KGC has a Growth Style Score of A, forecasting year-over-year earnings growth of 58.2% for the current fiscal year.

For fiscal 2026, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.14 to $2.91 per share. KGC boasts an average earnings surprise of +18.1%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, KGC should be on investors' short list.

KGC's Q1 profit surgesd on soaring gold prices, with earnings and revenue topping estimates despite weaker output and rising costs.

Kinross Gold delivered solid Q1 2026 results, generating ~$838 million in free cash flow and strengthening its net cash position to ~$1.4 billion. Recent project approvals and higher gold prices have improved the miner's long-term production outlook, while the medium-term profile is smoothed ahead of the transition to Great Bear's ramp-up in 2030. Despite rising costs in Q1 2026, Kinross reported record $3,000/oz+ AISC margins, reiterated full-year guidance, and is relatively insulated from rising fuel prices.

KGC slipped below its 50-day SMA as gold prices weakened, but strong cash flow, project growth and a solid balance sheet support the stock.

KGC's $3.9B liquidity and record free cash flow boost growth projects, debt reduction and shareholder returns amid favorable gold prices.

KGC posts profit surge on higher gold prices, but rising costs raise questions about margins.

Kinross Gold (KGC) reported earnings 30 days ago. What's next for the stock?

Wondering how to pick strong, market-beating stocks for your investment portfolio? Look no further than the Zacks Style Scores.