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- **Record Cash Flow**: Q3 free cash flow $687M, YTD $1.7B (vs. $1.1B 2024).
- **Shareholder Returns**: 2025 returns $750M+ (50%+ increase), including $100M+ buyback acceleration.
- **Debt Reduction**: $500M senior note redemption, reducing interest expense by $35M+.
- **Production Growth**: 2.0M oz/yr target on track, with 2025 production ~2.0M oz.
- **Tax Headwind**: 2026 Q1 tax payments ~$400M, driven by 2025 gold price.

**【CEO Opening Remarks】**
- Q3 2025: 504,000 oz produced at $1,145/oz, with record free cash flow of $687M (YOY +50%).
- YTD free cash flow: $1.7B, driven by $3,458/oz realized gold price and cost control.
- 2025 return of capital: $750M ($650M+ increase vs. prior guidance), including $100M+ share buyback acceleration.
- 2025 debt repayment: $500M senior note redemption, reducing interest expense by $35M+.
- 2025 production guidance: 2.0M oz (midpoint), with Q4 expected to meet 500,000 oz run rate.

**【CFO Financial Commentary】**
- Q3 GAAP EPS: $0.44; Non-GAAP EPS: $1.08 (vs. $0.95 consensus).
- YTD cash: $1.7B; Net cash position: $500M+ (vs. $0M at end-2024).
- 2026 tax outlook: $400M+ Q1 payments (Brazil, US), driven by 2025 gold price.
- 2025 capex: $1.15B guidance maintained; 2026 capex to be disclosed in Feb 2026 guidance.

**【Operational Highlights】**
- **Paracatu**: 150,000 oz (Q3) at $933/oz, on track for 600,000 oz/yr.
- **Tasiast**: 121,000 oz (Q3) at $889/oz, Fennec satellite on track for 500,000 oz/yr.
- **Le Coq**: 58,000 oz (Q3) at $1,199/oz, transitioning to higher-grade ore.
- **US Complex**: 175,000 oz (Q3) at $1,469/oz, on track for 685,000 oz/yr.
- **Bald Mountain**: Redbird 2 heap leach expansion underway, Phase 10 underground development advancing.
- **Round Mountain**: Phase S production ramping, Phase X infill drilling confirming resource expansion.

**【Project Pipeline】**
- **Curlew**: 100,000 oz/yr potential by late 2020s, AEX drilling progressing.
- **Round Mountain Phase X**: 100,000 oz/yr potential, resource estimate due Q1 2026.
- **Great Bear**: Main project on track for 2029 first production, AEX permits delayed but non-critical.
- **Lobo Marte**: 13M oz resource base, long-term optionality for 2030s.

**【Q&A Highlights】**
- **Cost Management**: Contractor partnerships, labor efficiency, maintenance optimization.
- **Tax Impact**: 2026 Q1 tax payments ~$400M, driven by 2025 gold price.
- **Capital Allocation**: 2025: $750M returns ($650M+ increase), 2026+ to balance debt repayment & buybacks.
- **Project Timing**: Curlew, Phase X, Great Bear all on track; no material delays expected.


Kinross Gold Corporation (KGC) Q3 2025 Earnings Call Transcript

- **Record Q2 Performance**: 513k oz production, $647M free cash flow, and $2,200/oz margins highlight strong operational execution.
- **Sustainability and Growth**: $225M in share buybacks completed, with $650M+ capital return target on track.
- **Project Momentum**: Curlew and Phase X exploration success positions for high-margin production in the late 2020s.
- **Cost Discipline**: Second-half cost increase expected, but full-year guidance maintained with disciplined capital allocation.

**【CEO Summary Section】**
- Q2 2025 production of 513,000 ounces at a cost of sales of $1,074/oz, with record operating margins of $2,200/oz and free cash flow of $647M.
- Full-year guidance reaffirmed: 2M oz production at $1,120/oz cost of sales and $1.15B capital expenditures.
- U.S. operations (Fort Knox, Manh Choh, Round Mountain) delivered strong Q2 contributions, with Bald Mountain transitioning to Redbird Phase 1.
- Sustainability initiatives include water efficiency improvements at La Coipa and Fish Creek reclamation.

**【CFO Financial Commentary】**
- Adjusted EPS of $0.44, operating cash flow of $844M, and free cash flow of $647M (excluding working capital changes).
- Balance sheet strengthened to $1.1B cash and $2.8B liquidity, with net debt reduced to $100M.
- Share buybacks of $225M completed YTD, targeting $650M in total capital returns.
- Second-half cost increase driven by mine sequencing, inflation, and higher production denominator.

**【Operational Updates】**
- **Paracatu**: Steady production (149k oz) and cost control ($958/oz), on track for 585k oz annual guidance.
- **Tasiast**: Budgeted production (119k oz) achieved, with Fennec pre-stripping underway.
- **La Coipa**: Q2 challenges with groundwater inflows, but second-half improvement expected.
- **U.S. Operations**: Nevada sites (Bald Mountain, Round Mountain) outperformed, offsetting Fort Knox's planned decline.

**【Project and Exploration Highlights】**
- **Curlew**: High-grade intersections (14g/t at Stealth, 12g/t at K5) and underground development advancing.
- **Phase X**: Exploration decline extended to 4,500m, with 3g/t grades in extension holes.
- **Great Bear**: AEX camp nearing completion, with underground exploration decline expected to start by year-end.
- **Lobo-Marte**: Permitting and baseline studies progressing for 1.3g/t heap-leach project.

**【Q&A Highlights】**
- **Bald Mountain**: Q2 strength from LBM pit; second-half production expected to decline as Redbird Phase 1 ramps up.
- **U.S. Operations**: Second-half production slightly lower due to Fort Knox sequencing, but Nevada sites remain strong.
- **Debt Repayment**: $500M 2027 notes targeted for repayment, with excess cash allocated to buybacks post-Q3.
- **Exploration Focus**: Curlew and Phase X showing high-grade potential for 2028+ production contributions.

Kinross Gold Corporation (KGC) Q2 2025 Earnings Call Transcript

- **Record Q1 Production**: 512,000 oz, up 15% YoY, driven by Tasiast (138,000 oz) and Paracatu (147,000 oz) outperformance.
- **Enhanced Capital Returns**: $500M share buyback + $0.03 dividend, total RoC up 300% YoY.
- **Growth Pipeline**: Curlew restart (2028), Round Mountain Phase X bulk deposit, and Great Bear federal review late 2025.
- **Financial Strength**: $695M cash, 0.2x net debt/EBITDA, targeting net cash by year-end.
- **Operational Excellence**: Tasiast fire recovery in 3 weeks, Paracatu new gravity circuit boosts recoveries.


**【CEO Summary Section】**
- Q1 2025 production of 512,000 ounces exceeded expectations, driven by strong performance at Tasiast and Paracatu. Both mines are on track to meet full-year guidance.
- Capital returns enhanced with a $0.03/share dividend and reactivated share buyback program targeting $500 million in repurchases, up 300% YoY.
- Long-term growth pipeline includes Curlew (potential restart by 2028), Round Mountain Phase X (bulk 3-4g/t deposit), and Great Bear (federal review expected to begin late 2025).
- Sustainability report highlights 17th annual progress, reinforcing leadership in responsible mining.

**【CFO Financial Commentary】**
- Q1 2025: 
  - Gold sales of 506,000 oz at $1,038 COGS and $1,355 AISC, below annual guidance due to higher production and lower energy/maintenance costs.
  - Adjusted EBITDA of $676 million, free cash flow of $371 million (excluding W/C changes).
  - Repaid $200 million term loan, ending Q1 with $695 million cash and $540 million net debt (0.2x net debt/EBITDA).
- 2025 Guidance: 
  - 2.0 million oz production at $1,120 COGS and $1,500 AISC.
  - CapEx $1.15 billion, with higher spending in H2 for mine life extensions.
  - Free cash flow expected to grow, targeting net cash position by year-end.

**【Operations Update】**
- **Tasiast**: 
  - Q1 production 138,000 oz at $811 COGS, restarted after 3-week fire outage with minimal impact. High-grade stockpiles to offset lower-grade processing in H2.
  - Full-year guidance of 500,000 oz remains intact.
- **Paracatu**: 
  - Q1 production 147,000 oz at $951 COGS, benefiting from strong grades and new gravity circuit. Full-year guidance of 585,000 oz at $1,025 COGS.
- **US Complex**: 
  - Fort Knox (94,000 oz) and Round Mountain (36,000 oz) performed as planned. Round Mountain Phase S stripping progressing on schedule.

**【Projects & Exploration】**
- **Curlew**: 
  - Drilling highlights 10m @ 16g/t and 26m @ 8g/t. Technical studies advancing for potential restart using Kettle River mill.
- **Round Mountain Phase X**: 
  - 3,900m of underground development completed. Q1 infill drilling confirms 3-4g/t bulk deposit, targeting 2025 resource update.
- **Great Bear**: 
  - AEX surface works 60% complete, with underground decline start expected late 2025. Federal review process anticipated late 2025.
- **Lobo-Marte**: 
  - EIA baseline studies progressing, with potential for 300,000 oz/year production post-2030.

**【Q&A Highlights】**
- **Tasiast Recovery**: 
  - 3-week outage due to fire, but rapid restart with spare parts on hand. High-grade stockpiles to mitigate H2 production impact.
- **Paracatu Grades**: 
  - Q1 grade 0.43g/t expected to remain stable for 2025, with minor fluctuations by quarter.
- **Great Bear Permitting**: 
  - Federal review process expected to begin late 2025. Provinces and feds signaling support for resource extraction streamlining.
- **Share Buyback Floor**: 
  - No specific gold price threshold; buyback program will execute at current price levels, with updates quarterly.


Kinross Gold Corporation (KGC) Q1 2025 Earnings Call Transcript

- **Record Cash Flow**: $1.34 billion free cash flow in 2024, doubling YoY, driven by 37% margin expansion.
- **Project Momentum**: Great Bear PEA confirms 500,000 oz/yr at $800/oz; Redbird Phase 1 to start in 2025.
- **Cost Control**: 2025 cost guidance $1,120/oz, up 10%, due to lower Tasiast production and inflation.
- **Capital Return**: Share buyback planned for H2 2025 if gold price holds; debt fully repaid.
- **Sustainability Leadership**: Top 10% in corporate governance survey; 30% emissions reduction on track.


**【CEO Summary Section】**
- Delivered 501,000 ounces in Q4 2024, achieving full-year production of 2.13 million ounces, in line with guidance.
- Generated record free cash flow of $1.34 billion for the year, up 100% YoY, driven by strong operating margins (37% increase vs. 23% gold price rise).
- Key assets: Tasiast (622,000 oz, lowest cost at $681/oz) and Paracatu (529,000 oz) accounted for 58% of production.
- Project highlights: Great Bear PEA shows 500,000 oz/yr at $800/oz ASIC; Redbird Phase 1 at Bald Mountain (270,000 oz) to start in 2025.
- 2025 guidance: 2 million oz production, stable through 2027, with $1.15 billion CapEx.
- Capital allocation: Debt fully repaid; share buyback planned for H2 2025 if gold price holds.

**【CFO Financial Commentary】**
- Q4 2024: Cost of sales $1,096/oz, ASIC $1,510/oz; full-year margins $1,372/oz, up 22% YoY.
- 2025 cost guidance: $1,120/oz (10% increase vs. 2024), driven by lower Tasiast contribution and inflation.
- 2024 cash flow: $2.1 billion operating cash flow, $1.34 billion free cash flow.
- Balance sheet: $612 million cash, $2.3 billion liquidity; net debt/EBITDA 0.3x.
- Tax payments: $800 million in Q1 2025, primarily for Mauritania and Brazil.

**【Operations Update】**
- Tasiast: 2025 production 500,000 oz at $860/oz; transitioning to lower grades.
- Paracatu: 585,000 oz in 2025, cost $1,025/oz.
- U.S. ops: 731,000 oz in 2024, cost $1,313/oz; Round Mountain Phase X drilling progressing.

**【Projects & Exploration】**
- Great Bear: Advanced exploration begins 2025; PEA shows 500,000 oz/yr at $800/oz.
- Redbird Phase 1: 270,000 oz to start in 2025, $120M CapEx.
- Curlew: 125,000 oz high-grade resource addition; drilling to expand in 2025.
- Phase X: Initial resource expected in 2025; 3-4 g/t potential.

**【Sustainability & Governance】**
- 15 energy efficiency projects completed, on track for 30% emissions intensity reduction by 2030.
- Catherine McLeod-Seltzer retiring as Board Chair; Kelly Osborne to succeed.
- Top 10% in Globe and Mail Corporate Governance Survey.


Kinross Gold Corporation (KGC) Q4 2024 Earnings Call Transcript

Kinross Gold Corporation (KGC) Q2 2024 Earnings Call Transcript

Kinross Gold Corporation (KGC) Q1 2024 Earnings Call Transcript

Kinross Gold Corporation (KGC) Q4 2023 Earnings Call Transcript

- **Q3 Production Beat**: 585,000 oz (vs. 571,000 oz prior quarter), on track for 2.1M oz full-year.
- **Cost Efficiency**: Year-to-date AISC $931/oz, below $970/oz guidance midpoint.
- **ESG Milestone**: 34MW solar plant 90% complete at Tasiast, reducing 500,000+ tons of CO2.
- **Phase S Approval**: 750,000 oz potential from 2025-2030, with 215,000 oz/yr avg 2024-2028.
- **Great Bear Growth**: 260g/t intercept at Hinge Zone, underground resource expected +500,000 oz in Feb 2024 update.
- **Free Cashflow Strength**: $400M+ 9M period, debt deleveraging to 1.1x net debt/EBITDA.

**【CEO Summary Section】**
- Q3 production of 585,000 ounces, tracking on pace for full-year guidance of 2.1 million ounces.
- Tasiast delivered record Q3 production (171,000 oz) with AISC of $666/oz, Paracatu produced 172,000 oz at $845/oz, and La Coipa generated strong cashflow at $629/oz.
- US operations saw sequential production increases across Fort Knox, Round Mountain, and Bald Mountain.
- ESG initiatives include completion of a 34MW solar plant at Tasiast, reducing emissions by 500,000+ tons over its life.
- 2023 free cashflow of $400M+ (9M period), with $1.2B operating cashflow year-to-date.

**【CFO Financial Commentary】**
- Q3 GAAP net income: $420M; Non-GAAP EPS: $0.12 (vs. $0.10 prior quarter).
- Cost of sales: $911/oz (Q3), year-to-date $931/oz, below midpoint of $970/oz guidance.
- Free cashflow: $123M (Q3), $400M+ (9M period).
- Debt reduction: $50M Q3, total net debt to EBITDA ratio: 1.1x.
- 2023 CapEx guidance: ~$1B, with $272M spent in Q3.

**【COO Operational Update】**
- Tasiast: Solar plant 90% complete, Q3 throughput 24,000t/d (vs. 22,000t/d H2 2022).
- La Coipa: Q3 production 66,000 oz, lowest cost mine at $629/oz.
- Fort Knox: Q3 production 72,000 oz, Manh Choh project 90% complete.
- Round Mountain: Phase S approved, 750,000 oz potential from 2025-2030.
- Great Bear: 260g/t intercept at Hinge Zone, directional drilling adds 500,000+ oz underground resource.

**【Project Updates】**
- Round Mountain Phase S: 140M/yr CapEx 2024, 60M/yr 2025; 215,000 oz/yr avg 2024-2028.
- Great Bear: AEX decline 90% design complete, PEA expected H2 2024.
- Curlew: 14m @16.5g/t intercept, resource update in Feb 2024.

**【Q&A Highlights】**
- Phase S strip ratio reduced 2.3x → 2.1x, CapEx down 33% vs prior plan.
- Great Bear underground resource expected to increase 500,000+ oz in Feb 2024 update.
- Curlew resource targeting 1M oz+ by year-end 2024.
- Free cashflow from Round Mountain W2 will fully fund Phase S pre-strip.
- 2024 CapEx guidance remains ~$1B, with no incremental spend beyond prior guidance.

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