TSX- and NYSE-listed Kinross Gold Corporation delivered a "strong" second-quarter performance, CEO J Paul Rollins reports, adding that the company generated more than $725-million of free cash flow supported by solid production, disciplined cost management and strong margins.

"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," he comments.

Kinross added about $470-million to its cash position, taking its cash and cash equivalents to $2.7-billion and its net cash to $1.9-billion as at June 30, compared with cash and cash equivalents of $2.2-billion and net cash of $1.4-billion as at March 31.

The company had additional available credit of $1.7-billion and total liquidity of about $4.4-billion as at June 30, with no debt maturities until 2033.

Kinross, which owns operations and projects in the US, Brazil, Mauritania, Chile and Canada, produced 492 326 gold-equivalent ounces (GEOs) in the quarter ended June 30, compared with the 512 574 GEOs produced in the second quarter of 2025, as higher production from Tasiast, in Mauritania, and Paracatu, in Brazil, was offset by lower production from Bald Mountain, Round Mountain and Fort Knox, in the US.

The average realised gold price during the quarter was $4 483/oz – a 37% year-on-year increase, which resulted in a 29% year-on-year increase in Kinross's revenue to $2.24-billion for the quarter.

Net earnings increased by 59% year-on-year to $844.2-million, or $0.71 a share, while adjusted net earnings increased to $847.8-million, or $0.71 a share, compared with the $541-million, or $0.44 a share, reported for the second quarter of 2025.

Kinross declared a dividend of $0.04 a share for the quarter under review.

Meanwhile, Rollins points out that the company's project pipeline continues to advance well.

"We are pleased to announce a Lobo-Marte project update, highlighting its potential to produce about 350 000 oz/y of gold at $1 000/oz all-in sustaining cost, with robust economics, building on our nearly 30-year history in Chile.

"Alongside continued progress at Great Bear and our US 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," he says.

An updated view of the economics for the Lobo-Marte project, in Chile, based on a refresh of the 2021 feasibility study economics, has reaffirmed the project's potential to become a long-life, low-cost cornerstone asset in the company’s portfolio. 

The initial mine plan includes about 6.7-million ounces of proven and probable reserves with significant potential for mine life extension through the 2.8-million ounces of measured and indicated resource and 670 000 oz of inferred resource, as well as on the wider prospective land package at Lobo-Marte.

The project has an estimated net present value of $4.3-billion, an internal rate of return of 26% and a payback of 2.3 years at a $4 100/oz gold price.

Kinross says it continues to advance permitting, engineering and execution planning, with the project’s environmental-impact assessment currently progressing through Chile’s permitting process.

“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,” says Rollins.

APPOINTMENTS
Kinross has, meanwhile, appointed Bernard Wessels to succeed Claude Schimper as COO when he retires later this year. Schimper will remain with Kinross for a transition period, supporting business continuity as part of a structured succession plan.

Wessels is a seasoned mining engineer with over 25 years of operations management experience, most recently serving as group head, health, safety and security at Newmont Corporation. During his time at Newmont, he also held the roles of MD North America and GM 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, which is now Valterra 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 the Witwatersrand and the University of Pretoria.

Further, Alice Wong has been appointed to the Kinross board. She has 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.

Wong holds a Master of Arts in Economics and a Bachelor of Commerce from the University of Saskatchewan.