Kinross reports strong 2026 first-quarter results

2026-04-29

CSE - Canadian National Stock Exchange · Gold · Silver · Arsenic · Antimony · Mercury · Selenium · Molybdenum · Gypsum · Zeolite · Canada · Corporate Finance

Delivered record free cash flow for the 4thconsecutive quarter, margins continued to outpace gold price Returned approximately $350 million to shareholders to date in 2026, $1 billion since Q1 2025 Significant progress across pipeline of development projects

TORONTO, April 29, 2026 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the first quarter ended March 31, 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 24 and 25 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

2026 first-quarter highlights:

Production1of 492,563 gold equivalent ounces (Au eq. oz.). Production cost of sales2of $1,397 per Au eq. oz. sold and attributable production cost of sales1of $1,380 per Au eq. oz. sold. Attributable all-in sustaining cost1of $1,732 per Au eq. oz. sold. Operating cash flow3of $1,139.5 million. Recordattributable freecash flow1of $837.5 million. Margins4increased by 92% compared with Q1 2025 to a record $3,476 per Au eq. oz. sold, and increased by 22% quarter-over-quarter, outpacing the rise in the average realized gold price in both comparable periods. Reported earnings5of $843 million, or $0.70 per share, with adjusted net earnings6of $854.1 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. sold1of $1,360 (+/- 5%) and all-in sustaining cost1of $1,730 (+/- 5%) per ounce sold for 2026. Total attributable capital expenditures1are forecast to be $1,500 million (+/- 5%). Cash and cash equivalentsincreased to $2.2 billion, and the Company has total liquidity7of approximately $3.9 billion at March 31, 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 quarter, the Company repurchasedapproximately $250 million in shares, and an additional $50 million in April. Including its quarterly dividend, Kinross has returnedapproximately $350 million in capital to shareholders to date as of April 29, 2026. Between April 2025 and March 31, 2026, Kinross returned over $1 billion of capital to shareholders and reduced its share count by more than 3%. Kinross’ Board of Directors declared a quarterly dividendof $0.04 per common share payable on June 4, 2026, to shareholders of record at the close of business on May 21, 2026.

Operations:

Paracatu was the strongest contributor in the portfolio and achieved record recoveries reflecting the results of a sustained, multi-front optimization program across the processing plant including further optimisation of the gravity gold recovery circuit within the grinding circuit. Tasiast continued to perform well, with higher production supported by higher grades and lower cost of sales per ounce sold compared with the previous quarter.

Development projects:

Great Bear’s Advanced Exploration (“AEX”) program is well advanced with surface construction approximately 90% complete and all permits received. At the Main Project, detailed engineering is 45% complete, and the third and final phase of the Impact Statement was submitted during the quarter, as planned. Lobo-Marte’s Environmental Impact Assessment was submitted in April 2026 and is under review by the regulators, formally initiating the permitting process. Round Mountain Phase Xunderground development is progressing well and is slightly ahead of schedule. The project received its final permit, marking the completion of all major operational permitting. At Kettle River-Curlew (“Curlew”), early works were completed, underground development is ahead of schedule, and key site infrastructure continues to advance. At Bald MountainRedbird, project execution continued to advance. Mining is ongoing, the vertical carbon-in-column plant is nearing completion, earthworks for the heap leach pad extension are well ahead of schedule, and procurement and engineering for the SART plant are progressing on plan.

Sustainability:

Consistent with Kinross’ commitment to responsible mining, its 2025 Sustainability Report is expected to be published during the second quarter, marking its 18thedition. The report will provide a comprehensive summary of Company performance over the past year and outline Sustainability priorities.

CEO commentary: J. Paul Rollinson, CEO, made the following comments in relation to 2026 first-quarter results:

“Kinross delivered another excellent quarter. We generated record free cash flow of approximately $840 million, representing our fourth consecutive quarterly record. Strong operational performance and disciplined cost management drove record margins that continue to outpace the rise in the gold price, which highlights our ability to continue to hold the line on costs.

“We have returned approximately $350 million to shareholders to date in 2026 through dividends and share repurchases, reinforcing our commitment to disciplined capital allocation and delivering meaningful returns. Over the past 12 months, we have returned over $1 billion to shareholders, and through our share buyback program, have reduced our outstanding float by over 3%.

“In the current situation of global uncertainty, we continue to benefit from an attractive relative cost position, supported by our longstanding approach to mitigate cost pressures. This includes the hedging of fuel and currency exposures as well as the continued execution of our grade enhancement strategy. Both are proving effective in the current environment of elevated oil prices and differentiate Kinross.

“In Q1, our pipeline of high-quality development projects advanced on plan. At Great Bear, we continued to make strong progress across both Advanced Exploration and the Main Project. Engineering and procurement are advancing as planned, and new exploration results further reinforce the scale and long-term potential of the deposit.

“At Lobo-Marte, the submission of the Environmental Impact Assessment in April marked an important milestone, formally initiating the permitting process for this long-life, large-scale growth project. Our new U.S. projects – Round Mountain Phase X, Curlew and Redbird – made steady progress and remain firmly on track. Also, we are continuing our studies on our significant resource inventory as we target additional potential mine life extensions across our portfolio.”

Summary of financial and operating results

| | | Three months ended | | | | | | | March 31, | | | | | (in millions of U.S. dollars, except ounces, per share amounts, and per ounce amounts) | 2026 | 2025 | | | | | Operating Highlights(a) | | | | | | | Total gold equivalent ounces(b) | | | | | | | Produced | | 500,941 | | 529,861 | | | Sold | | 494,128 | | 524,089 | | | Attributable gold equivalent ounces(b) | | | | | | | Produced | | 492,563 | | 512,088 | | | Sold | | 485,855 | | 506,564 | | | Gold ounces - sold | | 482,472 | | 516,268 | | | Silver ounces - sold (000's) | | 674 | | 701 | | | | | | | | | | Earnings(a) | | | | | | | Metal sales | $ | 2,407.7 | $ | 1,497.5 | | | Production cost of sales | $ | 690.5 | $ | 546.7 | | | Depreciation, depletion and amortization | $ | 275.7 | $ | 288.4 | | | Operating earnings | $ | 1,338.1 | $ | 570.4 | | | Net earnings attributable to common shareholders | $ | 843.0 | $ | 368.0 | | | Net earnings per share attributable to common shareholders (basic and diluted) | $ | 0.70 | $ | 0.30 | | | Adjusted net earnings(c) | $ | 854.1 | $ | 364.0 | | | Adjusted net earnings per share(c) | $ | 0.71 | $ | 0.30 | | | | | | | | | | Cash Flow(a) | | | | | | | Net cash flow provided from operating activities | $ | 1,139.5 | $ | 607.1 | | | Attributable adjusted operating cash flow(c) | $ | 1,129.3 | $ | 620.3 | | | Capital expenditures(d) | $ | 283.2 | $ | 207.7 | | | Attributable capital expenditures(c) | $ | 278.9 | $ | 204.1 | | | Attributable free cash flow(c) | $ | 837.5 | $ | 380.8 | | | | | | | | | | Per Ounce Metrics(a) | | | | | | | Average realized gold price per ounce(e) | $ | 4,873 | $ | 2,857 | | | Attributable average realized gold price per ounce(c) | $ | 4,873 | $ | 2,856 | | | Production cost of sales per equivalent ounce sold(b)(f) | $ | 1,397 | $ | 1,043 | | | Attributable production cost of sales per equivalent ounce sold(b)(c) | $ | 1,380 | $ | 1,038 | | | Attributable production cost of sales per ounce sold on a by-product basis(c) | $ | 1,296 | $ | 1,010 | | | Attributable all-in sustaining cost per equivalent ounce sold(b)(c) | $ | 1,732 | $ | 1,355 | | | Attributable all-in sustaining cost per ounce sold on a by-product basis(c) | $ | 1,657 | $ | 1,331 | | | Attributable all-in cost per equivalent ounce sold(b)(c) | $ | 2,199 | $ | 1,678 | | | Attributable all-in cost per ounce sold on a by-product basis(c) | $ | 2,135 | $ | 1,660 | |

| (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 first quarter of 2026 was 57.79:1 (first quarter of 2025 – 89.69:1). | | (c) | The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 17 to 23 of this news release. Non-GAAP financial measures and ratios have no standardized meaning under 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 first-quarter gold equivalent production:

Production: Kinross produced 492,563 Au eq. oz. in Q1 2026, compared with 512,088 Au eq. oz. in Q1 2025, a decrease of 4%, as planned. Higher production from Paracatu was offset by lower production from Bald Mountain, Fort Knox, Round Mountain, and Tasiast.

Average realized gold price8: During the quarter, the average realized gold price was $4,873 per ounce, compared with $2,857 per ounce in Q1 2025.

Revenue: Revenue increased to $2,407.7 million in Q1 2026, compared with $1,497.5 million during Q1 2025. The 61% 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. sold2increased to $1,397 for the quarter, compared with $1,043 in Q1 2025. Attributable production cost of sales per Au eq. oz. sold1increased to $1,380 for the quarter, compared with $1,038 in Q1 2025. The increase is primarily due to higher royalty costs as a result of the higher average realized gold price, and timing of inventory movements.

Attributable production cost of sales per Au oz. sold on a by-product basis1was $1,296 in Q1 2026, compared with $1,010 in Q1 2025, based on attributable gold sales of 474,459 ounces and silver sales of 658,544 ounces.

Margins4: Kinross’ margin per Au eq. oz. sold increased by 92% to a record $3,476 for the first quarter, compared with the Q1 2025 margin of $1,814, outpacing the rise in average realized gold price by over 20% year-over-year.

Attributable all-in sustaining cost1: Attributable all-in sustaining cost per Au eq. oz. sold was $1,732 in Q1 2026, compared with $1,355 in Q1 2025.

In the first quarter, attributable all-in sustaining cost per Au oz. sold on a by-product basis was $1,657, compared with $1,331 in Q1 2025.

Operating cash flow3: Operating cash flow was $1,139.5 million for Q1 2026, compared with $607.1 million for Q1 2025.

Attributable adjusted operating cash flow1for Q1 2026 was $1,129.3 million, compared with $620.3 million for Q1 2025.

Attributable free cash flow1: Attributable free cash flow more than doubled to $837.5 million in the quarter, compared with $380.8 million in Q1 2025.

Reported net earnings5: Reported net earnings more than doubled to $843.0 million for Q1 2026, or $0.70 per share, compared with reported net earnings of $368.0 million, or $0.30 per share, for Q1 2025.

Adjusted net earnings6more than doubled to $854.1 million, or $0.71 per share, for Q1 2026, compared with $364.0 million, or $0.30 per share, for Q1 2025.

Reported net earnings and adjusted net earnings in Q1 2026 included $91 million of withholding tax expense, of which $65 million relates to taxes payable in future quarters as a result of the repatriation of strong cash flow generation largely in Mauritania.

Capital expenditures9: Capital expenditures increased to $283.2 million for Q1 2026, compared with $207.7 in Q1 2025, driven by the ramp-up of development activities at Great Bear, Curlew, Round Mountain Phase X, and Bald Mountain Redbird Phases 1 and 2. These increases were partially offset by lower spending on capital development due to planned mine sequencing at Tasiast.

Attributable capital expenditures1were $278.9 million for Q1 2026, compared with $204.1 million for Q1 2025.

Balance sheet

Kinross added approximately $440 million in cash to the balance sheet after returning capital to shareholders and funding its capital expenditures. As of March 31, 2026, Kinross had cash and cash equivalents of $2.2 billion, compared with $1.7 billion at December 31, 2025.

The Company had additional available credit10of $1.7 billion and total liquidity7of approximately $3.9 billion as of March 31, 2026.

Return of capital to shareholders

Kinross’ 2026 buyback strategy is on track. The Company plans to allocate 40% of free cash flow to shareholders through both share buybacks and dividends, assuming no significant changes to gold prices or Kinross’ operations.

Kinross repurchased approximately $250 million in shares during the quarter, and approximately $300 million year-to-date (representing 9.2 million shares). Including its quarterly dividend, Kinross has returned approximately $350 million in capital to shareholders to date in 2026. Since April 2025, Kinross has repurchased approximately $900 million in shares, reducing our share count by more than 3%, and returned approximately $1 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 June 4, 2026, to shareholders of record as of May 21, 2026.

Outlook The following section of the news release represents forward-looking information and users are cautioned that actual results may vary. We refer to the risks and assumptions contained in the Cautionary Statement on Forward-Looking Information on pages 24 and 25 of this news release.

Kinross remains on track to deliver its 2026 annual guidance for production, cost of sales per ounce, all-in sustaining cost and capital expenditures. Kinross also remains on track to achieve its Effective Tax Rate (ETR) guidance with a lower expected ETR from Q2 2026 to Q4 2026, and on track to meet its full-year taxes paid guidance. Due in part to Kinross’ ongoing hedging programs, cost impacts of rising crude oil prices beginning in March 2026 have been minimal and are not expected to affect the Company’s ability to achieve its full-year cost guidance.

To better reflect global market conditions and the potential impacts of elevated oil prices, Kinross is providing more detail on its oil price sensitivity11for its full-year guidance in the table below.

Operating results

Mine-by-mine summaries for 2026 first-quarter operating results may be found on pages 11 and 15 of this news release. Highlights include the following:

AtTasiast, quarter-over-quarter production increased, driven by strong grades, and cost of sales per ounce sold decreased. Year-over-year, production was lower primarily due to the timing of ounces processed through the mill, partially offset by higher grades due to planned mine sequencing. Compared with Q1 2025, cost of sales per ounce sold increased primarily due to higher royalties as a result of higher gold prices.

At Paracatu, production increased quarter-over-quarter with record recoveries as a result of a multi-front optimization program across the processing plant, and increased year-over-year due to the improved recoveries as well as the timing of ounces processed through the mill. Cost of sales per ounce sold increased slightly quarter-over-quarter due to higher royalty costs, and increased year-over-year as a result of higher royalty and drilling contractor costs, and strengthening of the Brazilian real.

At La Coipa, production decreased quarter-over-quarter mainly due to lower tonnes processed as a result of a planned mill maintenance shutdown in March and lower grades due to planned mine sequencing. Year-over-year, production increased primarily due to the timing of ounces processed through the mill, partially offset by the decrease in grades, and cost of sales per ounce sold was higher due to increased labour and reagent costs, strengthening of the Chilean peso, and higher royalties.

AtFort Knox, production was higher quarter-over-quarter, with increased cost of sales per ounce sold due to the timing of ounces processed through the mill and heap leach pads. Year-over-year, production decreased primarily due to lower mill grades and recoveries, partially offset by the timing of ounces processed through the mill. Compared with Q1 2025, cost of sales per ounce sold increased primarily due to processing more tonnes at lower grade through the mill as well as timing of ounces recovered.

At Round Mountain, production decreased quarter-over-quarter and year-over-year primarily due to lower-grade, lower-recovery stockpile feed as mining transitions from Phase W to Phase S. Higher-grade, higher-recovery ore from Phase S is expected in the second half of the year. Cost of sales per ounce sold increased in both comparable periods due to the lower production.

At Bald Mountain, production decreased quarter-over-quarter due to the timing of ounces recovered from heap leach pads, and decreased year-over-year due to fewer tonnes placed on the heap leach pads and lower grades. Cost of sales per ounce sold increased quarter-over-quarter due to fewer ounces produced, and increased year-over-year as a result of the lower production and higher royalties.

Development projects

Great Bear

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

For AEX, construction of the water treatment plant, including mechanical, piping, and electrical work, was substantially complete, with surface construction approximately 90% complete. In April 2026, the Company received its remaining AEX permits from the Ontario Ministry of Environment, Conservation and Parks. Remaining surface work includes ponds and pads construction, which must be completed before first blast of the underground decline. Underground development at AEX is expected to provide access for infill drilling of the resource and exploration drilling to further delineate extensions of mineralization.

Earlier from Headwater Gold Inc.

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