Lafleur Minerals Inc. press release
Kinross reports 2025 fourth-quarter and full-year results
CSE - Canadian National Stock Exchange · Gold · Silver · Copper · Zinc · Lead · Molybdenum · Nickel · Rare Earth Elements · Canada
Kinross reports 2025 fourth-quarter and full-year results
Delivered on all key guidance metrics, maintains three-year outlook of 2.0 million Au eq. oz. per year
Record free cash flow of $2.5 billion and returned $1.5 billion to debt and equity holders in 2025
Targeting 40% of free cash flow in return of capital to shareholders in 2026
TORONTO, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the fourth quarter and year ended December 31, 20251.
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 41 and 42 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.
2025 full-year results and 2026 guidance:
2025
guidance
(+/- 5%)Q4 2025
results2025 full-year
results2026
guidance
(+/- 5%)
Gold equivalentproduction1
(ounces)2.0 million483,5822.0 million2.0 million
Production cost of sales2
Attributable production cost of sales1-
$1,120$1,297
$1,289$1,140
$1,135-
$1,360
($ per Au eq. oz.)
Attributable all-in sustaining cost1
($ per Au eq. oz.)$1,500$1,825$1,571$1,730
Capital expenditures3
Attributablecapital expenditures1-
$1,150$368
$362$1,194
$1,175-
$1,500
(million)
Kinross has forecasted stable production guidance of approximately 2.0 million attributable Au eq. oz. (+/- 5%) in 2027 and 2028.
Record Q4 and full-year highlights:
Margins4 of $2,847 per Au eq. oz. sold in Q4 2025, and $2,283 for 2025.
Operating cash flow5 of $1,146.9 million in Q4 2025, and $3,760.5 million in 2025.
Attributable free cash flow1 of $769.4 million in Q4 2025 and $2,473.5 million in 2025.
Reported net earnings6 of $906.5 million in Q4 2025, or $0.75 per share, and $2,390.1 million, or $1.96 per share, in 2025.
Adjusted net earnings7, 8 of $809.3 million, or $0.67 per share in Q4 2025, and $2,243.9 million, or $1.84 per share, in 2025.
In 2025, Kinross returned $752.4 million to shareholders through its share buyback program and dividend. This included repurchasing $600.3 million in shares, and a 17% increase to its dividend during the year. In 2026, Kinross is targeting 40% of free cash flow to return of capital through both share buybacks and dividends.
Kinross’ Board of Directors has approved an additional 14% increase to its quarterly dividend to $0.04 per common share, which would amount to $0.16 per common share on an annualized basis. This represents a total increase of 33% since Q3 2025.
The Company continued to prioritize debt reduction and repaid $700 million in 2025. Kinross had net cash9 of $1,004.1 million, with $1,742.3 million of cash and cash equivalents and total liquidity10 of $3.5 billion as at December 31, 2025.
Operational highlights:
Tasiast was the highest-margin operation in the portfolio.
Paracatu produced over 600,000 gold ounces (“Au oz.”), which is the 8th consecutive year over 500,000 Au oz.
La Coipa had a strong fourth quarter with higher mill throughput and met full-year production guidance.
U.S. Operations had another solid year, with production and costs on plan.
Development project and mineral reserves and resources highlights:
Proceeding to construction at Phase X, Kettle River-Curlew (“Curlew”) and Redbird 2. Read more here.
At Great Bear, surface construction for the Advanced Exploration (“AEX”) program is 80% complete. For the Main Project, detailed engineering is approximately 35% complete, and the final phase of the federal Impact Statement submission is planned for the end of Q1 2026.
At Lobo-Marte, Kinross completed baseline studies and plans to submit its Environmental Impact Assessment (“EIA”) by Q2 2026. Kinross also plans to provide a project update later this year.
Reserves and Resources: Kinross added 1.2 million Au oz. (“Moz.”) to proven and probable mineral reserves, partially offsetting production depletion. Kinross increased measured and indicated resource estimates to 27.5 Moz. and increased inferred resource estimates to 16.6 Moz.
CEO Commentary:
J. Paul Rollinson, CEO, made the following comments in relation to 2025 fourth-quarter and year-end results:
“2025 marked another excellent year for Kinross. We met our guidance once again, delivered robust margins, and generated record free cash flow of $2.5 billion, an 85% increase year-over-year. We returned approximately $1.5 billion to debt and equity holders, and achieved an end-of-year net cash position of $1 billion, further strengthening our balance sheet. These results underscore the consistency of our operating portfolio and our rigorous focus on cost discipline.
“We recently announced that we are proceeding with three U.S.-based projects, Phase X, Curlew and Redbird, which together are expected to contribute over $4 billion of net asset value and extend mine lives. In addition to these U.S. projects, we will have meaningful catalysts in the coming year at both of our world class development projects - Great Bear and Lobo-Marte.
“We are carrying strong momentum into 2026 and are forecasting another strong year of production of approximately 2.0 million gold equivalent ounces. Our focus will be on margins and cash flow as we continue to hold the line on controllable costs while maintaining capital discipline as we execute on our grade enhancement strategy. We are planning to continue with our capital allocation strategy by reinvesting in our business, further strengthening our balance sheet, and returning capital to our shareholders. This includes investing an additional $350 million in our business and are targeting 40% of free cash flow to return of capital through both share buybacks and dividends. This includes increasing our quarterly dividend by 14%, in addition to the 17% increase in Q3 2025.”
Financial results
Summary of financial and operating results
Three months endedYears ended
December 31,December 31,
(in millions of U.S. dollars, except ounces, per share amounts, and per ounce amounts) 2025 2024 2025 2024
Operating Highlights(a)
Total gold equivalent ounces(b)
Produced 489,671 514,355 2,069,910 2,170,791
Sold 487,972 531,729 2,059,017 2,153,212
Attributable gold equivalent ounces(b)
Produced 483,582 501,209 2,012,106 2,128,052
Sold 481,560 517,980 2,000,535 2,111,688
Gold ounces - sold 479,347 522,389 2,026,570 2,100,621
Silver ounces - sold (000's) 659 791 2,830 4,467
Earnings(a)
Metal sales $2,023.0 $1,415.8$7,051.1 $5,148.8
Production cost of sales$632.7 $583.8$2,346.4 $2,197.1
Depreciation, depletion and amortization $268.3 $284.8$1,105.0 $1,147.5
Impairment reversal$(116.1)$-$(116.1)$(74.1)
Operating earnings$1,122.3 $501.1$3,277.6 $1,540.3
Net earnings attributable to common shareholders $906.5 $275.6$2,390.1 $948.8
Net earnings per share attributable to common shareholders (basic) $0.75 $0.22$1.96 $0.77
Net earnings per share attributable to common shareholders (diluted) $0.75 $0.22$1.95 $0.77
Adjusted net earnings(c)$809.3 $240.0$2,243.9 $838.3
Adjusted net earnings per share(c) $0.67 $0.20$1.84 $0.68
Cash Flow(a)
Net cash flow provided from operating activities $1,146.9 $734.5$3,760.5 $2,446.4
Attributable adjusted operating cash flow(c) $1,136.0 $677.0$3,605.2 $2,293.9
Capital expenditures(d)$368.2 $280.7$1,194.2 $1,075.5
Attributable capital expenditures(c) $361.7 $278.8$1,175.2 $1,050.9
Attributable free cash flow(c) $769.4 $434.4$2,473.5 $1,340.2
Per Ounce Metrics(a)
Average realized gold price per ounce(e) $4,144 $2,663$3,423 $2,393
Attributable average realized gold price per ounce(c) $4,144 $2,665$3,426 $2,391
Production cost of sales per equivalent ounce sold(b)(f) $1,297 $1,098$1,140 $1,020
Attributable production cost of sales per equivalent ounce sold(b)(c) $1,289 $1,096$1,135 $1,021
Attributable production cost of sales per ounce sold on a by-product basis(c) $1,235 $1,069$1,096 $988
Attributable all-in sustaining cost per equivalent ounce sold(b)(c) $1,825 $1,510$1,571 $1,388
Attributable all-in sustaining cost per ounce sold on a by-product basis(c) $1,781 $1,490$1,539 $1,365
Attributable all-in cost per equivalent ounce sold(b)(c) $2,343 $1,868$1,989 $1,739
Attributable all-in cost per ounce sold on a by-product basis(c) $2,308 $1,854$1,964 $1,725
(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 fourth quarter and full year 2025 was 76.34:1 and 86.29:1, respectively (fourth quarter and full year 2024 – 84.67:1 and 84.43:1, respectively).
(c)The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 27 to 33 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 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 fourth-quarter and full-year 2025 gold equivalent production:
Production: Kinross produced 483,582 Au eq. oz. in Q4 2025, compared with 501,209 Au eq. oz. in Q4 2024.
Over the full year, Kinross produced 2,012,106 Au eq. oz., compared with full-year 2024 production of 2,128,052 Au eq. oz.
Average realized gold price11: The average realized gold price in Q4 2025 was $4,144 per ounce, compared with $2,663 per ounce in Q4 2024. For full-year 2025, the average realized gold price per ounce was $3,423 compared with $2,393 per ounce for full-year 2024.
Revenue: During the fourth quarter, revenue increased to $2,023.0 million, compared with $1,415.8 million during Q4 2024. Revenue increased to $7,051.1 million for full-year 2025, compared with $5,148.8 million for full-year 2024. The 37% year-over-year increase is primarily due to the increase in the average realized gold price.
Production cost of sales: Production cost of sales per Au eq. oz.2 sold was $1,297 for Q4 2025, compared with $1,098 in Q4 2024. Production cost of sales per Au eq. oz.2 sold was $1,140 for full-year 2025, compared with $1,020 for full-year 2024. The increase is primarily due to higher royalty costs as a result of the higher average realized gold price, and slightly lower production year-over-year.
Attributable production cost of sales per Au eq. oz.1 sold was $1,289 for Q4 2025, compared with $1,096 in Q4 2024. Attributable production cost of sales per Au eq. oz.1 sold was $1,135 for full-year 2025, compared with $1,021 for full-year 2024.
Attributable production cost of sales per Au oz. sold on a by-product basis1 was $1,235 in Q4 2025, compared with $1,069 in Q4 2024, based on attributable gold sales of 473,093 ounces and attributable silver sales of 646,265 ounces.
Attributable production cost of sales per Au oz. sold on a by-product basis1 was $1,096 for full-year 2025, compared with $988 in full-year 2024, based on attributable gold sales of 1,968,741 ounces and attributable silver sales of 2,772,508 ounces.
Margins4: Kinross delivered record margins in both comparable periods. Margins per Au eq. oz. sold increased by 82% to $2,847 for Q4 2025, compared with the Q4 2024 margin of $1,565, outpacing the 56% increase in the average realized gold price. Full-year 2025 margin per Au eq. oz. sold increased by 66% to $2,283, compared with $1,373 for full-year 2024, outpacing the 43% increase in the average realized gold price.
Attributable all-in sustaining cost1: Attributable all-in sustaining cost per Au eq. oz. sold was $1,825 in Q4 2025, compared with $1,510 in Q4 2024. Full-year attributable all-in sustaining cost per Au eq. oz. sold was $1,571, compared with $1,388 for full-year 2024.
In Q4 2025, attributable all-in sustaining cost per Au oz. sold on a by-product basis1 was $1,781, compared with $1,490 in Q4 2024. Attributable all-in sustaining cost per Au oz. sold on a by-product basis1 was $1,539 for full-year 2025, compared with $1,365 for full-year 2024.
Operating cash flow5: Kinross delivered record operating cash flow in both comparable periods. Operating cash flow was $1,146.9 million for Q4 2025, compared with $734.5 million for Q4 2024. Operating cash flow for full-year 2025 was $3,760.5 million, compared with $2,446.4 million for full-year 2024.
Kinross delivered record attributable adjusted operating cash flow in both comparable periods. Attributable adjusted operating cash flow1 for Q4 2025 was $1,136.0 million, compared with $677.0 million for Q4 2024. Attributable adjusted operating cash flow1 for full-year 2025 was $3,605.2 million, compared with $2,293.9 million for full-year 2024.
Attributable free cash flow1: Kinross delivered record attributable free cash flow in both comparable periods. Attributable free cash flow of $769.4 million was generated in Q4 2025, compared with $434.4 million in Q4 2024. Attributable free cash flow of $2,473.5 million was generated in full-year 2025, compared with attributable free cash flow of $1,340.2 million in full-year 2024.
Earnings6: Kinross delivered record earnings in both comparable periods. Reported net earnings were $906.5 million for Q4 2025, or $0.75 per share, compared with reported net earnings of $275.6 million, or $0.22 per share, for Q4 2024. Full year reported net earnings in 2025 were $2,390.1 million, or $1.96 per share, compared with reported net earnings of $948.8 million, or $0.77 per share, for full-year 2024.
Kinross delivered record adjusted net earnings in both comparable periods. Adjusted net earnings7, 8 were $809.3 million, or $0.67 per share, for Q4 2025, compared with $240.0 million, or $0.20 per share, for Q4 2024. Full-year adjusted net earnings7, 8 were $2,243.9 million, or $1.84 per share, compared with $838.3 million, or $0.68 per share, for full-year 2024.
Capital expenditures3: Capital expenditures were $368.2 million for Q4 2025, compared with $280.7 million for Q4 2024. Capital expenditures for full-year 2025 were $1,194.2 million, compared with $1,075.5 million for full-year 2024, which included the ramp-up of development activities at Great Bear, Round Mountain Phase X, and Bald Mountain Redbird 1 and 2.
Attributable capital expenditures1 were $361.7 million for Q4 2025, compared with $278.8 million for Q4 2024. Attributable capital expenditures1 for full-year 2025 were $1,175.2 million, compared with $1,050.9 million for full-year 2024.
Balance sheet
During the quarter, Kinross repaid its outstanding 4.50% Senior Notes, which had an aggregate principal amount of $500 million, ahead of their July 15, 2027 due date. In 2025, Kinross repaid approximately $700 million of its debt, in line with its commitment to balance sheet strength.
Moody’s Investors Service upgraded the senior unsecured rating of Kinross to Baa2 (stable) from Baa3 (positive).
As of December 31, 2025, Kinross had cash and cash equivalents of $1.7 billion, compared with $611.5 million at December 31, 2024, and net cash9 of $1.0 billion.
The Company had additional available credit12 of $1.7 billion as of December 31, 2025, and total liquidity10 of approximately $3.5 billion.
Capital allocation
In 2025, Kinross returned $752.4 million to shareholders through its share buyback program and quarterly dividend. This included repurchasing $600.3 million in shares at an average price of $19.58 (reducing our share count by 2.5%) and a 17% increase to its dividend during the year.
Kinross will continue to maintain its disciplined approach to capital allocation, including strengthening its balance sheet, investing in its business and project pipeline, and returning capital to shareholders. The $350.0 million increase in its 2026 capital expenditures guidance is primarily driven by additional investment in non-sustaining capital to support the Company’s production profile later in this decade, but primarily in the 2030s. In 2026, Kinross is planning to allocate 40% of free cash flow to shareholders through both share buybacks and dividends, assuming recent gold prices are sustained and operations continue to deliver on plan.
Kinross’ Board of Directors has also approved a further 14% increase to the quarterly dividend to $0.04 per common share, which would amount to $0.16 per common share on an annualized basis. Since Q3 2025, Kinross has increased its dividend by 33%. The fourth quarter dividend, having been approved by the Board of Directors, is payable on March 26, 2026, to shareholders of record at the close of business on March 11, 2026.
Operating results
Mine-by-mine summaries for 2025 fourth-quarter and full-year operating results may be found on pages 21 and 25 of this news release. Highlights include the following:
Tasiast delivered on its annual production and cost guidance. Primarily due to planned lower grades, full-year production decreased compared with 2024. Quarter-over-quarter production increased primarily due to higher grades. Cost of sales per ounce sold increased compared with 2024 and quarter-over-quarter primarily due to higher royalties driven by higher gold prices.
During the quarter, the Company successfully finalized a five-year collective labour agreement at Tasiast.
Paracatu performed well in 2025 as full-year production increased and cost of sales per ounce sold decreased compared with 2024 primarily due to the higher production. The higher production was a result of planned higher grades, higher recoveries and the timing of ounces processed through the mill, partially offset by a decrease in throughput.
Production increased quarter-over-quarter due to higher grades, higher recoveries and the timing of ounces processed through the mill, partially offset by lower throughput, consistent with mine plan sequencing. Cost of sales per ounce sold increased quarter-over-quarter due to lower throughput and higher royalties driven by higher gold prices.
La Coipa delivered on its full-year production guidance and had its strongest quarter of the year with increased throughput through the mill. Primarily as a result of planned mine sequencing, full-year production decreased compared with 2024. Quarter-over-quarter production increased primarily due to stronger mill throughput. Full-year cost of sales per ounce sold was higher mainly due to higher royalties, labour and contractor costs. Cost of sales per ounce sold decreased quarter-over-quarter mainly as a result of the increase in production. Kinross continues to progress permitting work for mine life extensions at the operation.
During the quarter, the Company successfully finalized a two-year collective labour agreement at La Coipa.
Annual production at Fort Knox increased compared with 2024 due to a full year of production from higher-grade, higher-recovery ore from Manh Choh, partially offset by a decrease in throughput. Cost of sales per ounce sold increased year-over-year, primarily due to higher royalties and maintenance costs. Quarter-over-quarter, production decreased due to planned mine sequencing, including fewer tonnes of higher-grade Manh Choh ore processed,
and cost of sales per ounce sold increased due to the decrease in production.
At Round Mountain, full-year production decreased compared with 2024 per planned mine sequencing as the site transitioned from Phase W to the start of Phase S ore in Q3 2025, with lower mill grades, and fewer ounces stacked and recovered from the heap leach pads. Full-year cost of sales per ounce sold increased compared with 2024 primarily due to the decrease in ounces sold. Quarter-over-quarter, production decreased due to planned lower grades and reduced stacking on the heap leach pads per mine plan sequencing. Cost of sales per ounce sold increased quarter-over-quarter due to higher cost ounces from the heap leach pads and blending of higher-grade mill ore with lower-grade stockpiles.