Kinross reports strong 2026 second-quarter results
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 -- 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 ended Six months ended June 30, June 30,
(in millions of U.S. dollars, except ounces, per 2026 2025 2026 2025 share amounts, and per ounce amounts)
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 | $ | 262.9 | $ | 551.3 | ||||
| $ | 275.5 | $ | 551.2 | |||||
| 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) | $ | 541.0 | $ | 905.0 | ||||
| $ | 847.8 | $ | 1,701.9 | |||||
| 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 byproduct 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 Au
- REG-26-193: 1.1m @ 27.6 g/t Au
- REG-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 fulltime 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 Production cost of Produced Sold Production cost of sales sales/equivalent ounce ($millions)
sold
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| Tasiast | 133,311 | 119,241 | 132,165 | 121,745 | 130.8 | 102.6 | 990 | 843 |
| Paracatu | 157,526 | 149,264 | 157,011 | 148,787 | 173.9 | 142.6 | 1,108 | 958 |
| La Coipa | 59,039 | 54,139 54,749 | 50,400 | 76.4 | 70.4 | 1,395 | 1,397 | |
| Fort Knox | 104,500 | 115,064 | 107,591 | 113,200 | 177.5 | 141.3 | 1,650 | 1,248 |
| Round Mountain | 19,789 | 38,665 20,118 | 37,864 | 67.6 | 52.1 | 3,360 | 1,376 | |
| Bald Mountain | 27,176 | 53,704 27,401 | 54,227 | 48.5 | 59.4 | 1,770 | 1,095 | |
| United States Total | 151,465 | 207,433 | 155,110 | 205,291 | 293.6 | 252.8 | 1,893 | 1,231 |
Less: Manh Choh non-controlling interest (9,015) (17,503) (8,795) (17,923) (19.8) (22.5)
(30%)
| United States Attributable Total | 142,450 | 189,930 | 146,315 | 187,368 | 273.8 | 230.3 | 1,871 | 1,229 |
| Operations Total | 501,341 | 530,077 | 499,035 | 526,223 | 674.7 | 568.4 | 1,352 | 1,080 |
| Attributable Total | 492,326 | 512,574 | 490,240 | 508,300 | 654.9 | 545.9 | 1,336 | 1,074 |
Six months ended June 30, Gold equivalent ounces Production cost of Produced Sold Production cost of sales sales/equivalent ounce ($millions)
sold
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| Tasiast | 263,325 | 256,870 | 263,844 | 251,238 | 261.1 | 207.6 | 990 | 826 |
| Paracatu | 318,109 | 295,903 | 315,860 | 295,642 | 351.6 | 282.2 | 1,113 | 955 |
| La Coipa | 113,250 | 106,454 | 108,486 | 106,270 | 158.4 | 134.5 | 1,460 | 1,266 |
| Fort Knox | 206,872 | 227,118 | 203,809 | 225,310 | 352.3 | 273.1 | 1,729 | 1,212 |
| Round Mountain | 45,989 | 74,351 46,202 | 73,824 | 140.0 | 109.1 | 3,030 | 1,478 | |
| Bald Mountain | 54,737 | 99,242 54,962 | 98,028 | 101.8 | 108.6 | 1,852 | 1,108 | |
| United States Total | 307,598 | 400,711 | 304,973 | 397,162 | 594.1 | 490.8 | 1,948 | 1,236 |
Less: Manh Choh non-controlling interest (17,393) (35,276) (17,068) (35,448) (39.7) (43.2)
(30%)
| United States Attributable Total | 290,205 365,435 287,905 | 361,714 554.4 | 447.6 | 1,926 | 1,237 |
| Operations Total | 1,002,2821,059,938 993,1631,050,312 | 1,365.2 | 1,115.1 | 1,375 | 1,062 |
| Attributable Total | 984,8891,024,662 976,0951,014,864 | 1,325.5 | 1,071.9 | 1,358 | 1,056 |
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 8,289.4
8,505.2
| 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 948.0 $ 851.8 $ 558.6 $ 1,707.8 $ 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 3,060.91,887.8 | ||
| Income taxes paid | (326.9) | (110.0) | (775.5) | (288.3) |
| Net cash flow provided from operating activities | 1,145.9 | 992.4 2,285.41,599.5 |
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 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mine | Period | Tonnes Ore Mined | Ore 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 sales | Production 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 Africa | Tasiast | Q2 2026 | 3,172 | 2,208 | - | 1.82 | - | 94% | 133,311 | 132,165 | $ 130.8 | $ 990 | $ 46.6 | $ 96.3 |
| Q1 2026 Q4 2025 Q3 2025 Q2 2025 | 3,495 3,120 1,685 1,921 | 2,092 2,252 2,181 1,730 | - - - - | 2.30 1.87 1.78 2.11 | - - - - | 94% 94% 94% 95% | 130,014 125,625 120,934 119,241 | 131,679 118,912 116,251 121,745 | $ 130.3 $ 119.2 $ 103.4 $ 102.6 | $ 990 $ 1,002 $ 889 $ 843 | $ 10.8 $ 28.6 $ 47.6 $ 23.1 | $ 60.0 $ 80.5 $ 102.0 $ 89.7 | ||
| Paracatu | Q2 2026 | 11,332 | 13,216 | - | 0.43 | - | 84% | 157,526 | 157,011 | $ 173.9 | $ 1,108 | $ 51.4 | $ 64.2 | |
| Q1 2026 Q4 2025 Q3 2025 Q2 2025 | 10,272 10,929 12,958 13,497 | 12,507 12,395 13,214 14,527 | - - - - | 0.41 0.45 0.44 0.39 | - - - - | 85% 83% 82% 82% | 160,583 155,048 150,367 149,264 | 158,849 154,565 149,903 148,787 | $ 177.7 $ 165.0 $ 139.9 $ 142.6 | $ 1,119 $ 1,068 $ 933 $ 958 | $ 22.2 $ 67.6 $ 58.2 $ 38.4 | $ 25.8 $ 67.6 $ 58.2 $ 38.4 |
Q2 988 1,151 - 2.07 - 60% 59,039 54,749 $ 76.4 $ 1,395 $ 17.9 $ 22.8 2026
| Q1 2026 Q4 2025 Q3 2025 Q2 2025 | 580 1,219 1,006 580 | 972 1,203 932 911 | - - - - | 1.64 2.42 2.36 1.77 | - - - - | 74% 74% 76% 78% | 54,211 67,319 57,997 54,139 | 53,737 71,419 57,544 50,400 | $ 82.0 $ 80.7 $ 69.0 $ 70.4 | $ 1,526 $ 1,130 $ 1,199 $ 1,397 | $ 19.9 $ 31.7 $ 18.5 $ 25.0 | $ 21.7 $ 31.7 $ 18.5 $ 25.0 | |
| Fort Knox (100%)(g) | Q2 2026 | 5,681 | 1,866 | 3,965 | 1.51 | 0.27 | 82% | 104,500 | 107,591 | $ 177.5 | $ 1,650 | $ 37.3 | $ 40.0 |
| Q1 2026 Q4 2025 Q3 2025 Q2 2025 | 9,523 11,056 8,140 7,639 | 1,154 1,645 1,511 1,636 | 7,314 8,805 6,538 5,529 | 1.45 1.02 1.86 1.72 | 0.28 0.23 0.23 0.23 | 86% 88% 90% 88% | 102,372 71,523 112,181 115,064 | 96,218 74,294 117,500 113,200 | $ 174.8 $ 125.8 $ 159.7 $ 141.3 | $ 1,817 $ 1,693 $ 1,359 $ 1,248 | $ 24.1 $ 38.0 $ 45.0 $ 43.0 | $ 24.1 $ 38.0 $ 45.0 $ 43.0 | |
| Fort Knox (attributable) (g) | Q2 2026 | 5,610 | 1,796 | 3,965 | 1.37 | 0.27 | 82% | 95,485 | 98,796 | $ 157.7 | $ 1,596 | $ 32.5 | $ 35.2 |
| Q1 2026 Q4 2025 Q3 2025 Q2 2025 | 9,463 11,001 8,056 7,535 | 1,103 1,597 1,425 1,567 | 7,314 8,805 6,538 5,529 | 1.31 0.93 1.55 1.47 | 0.28 0.23 0.23 0.23 | 85% 87% 89% 87% | 93,994 65,434 95,742 97,561 | 87,945 67,882 100,878 95,277 | $ 154.9 $ 113.6 $ 138.4 $ 118.8 | $ 1,761 $ 1,673 $ 1,372 $ 1,247 | $ 19.8 $ 31.5 $ 40.4 $ 38.7 | $ 19.8 $ 31.5 $ 40.4 $ 38.7 | |
| Round Mountain | Q2 2026 | 2,389 | 951 | 878 | 0.39 | 0.29 | 44% | 19,789 | 20,118 | $ 67.6 | $ 3,360 | $ 6.9 | $ 49.1 |
| Q1 2026 Q4 2025 Q3 2025 Q2 2025 | 790 737 1,659 2,881 | 953 966 914 856 | 513 1,110 1,113 1,682 | 0.37 0.49 0.66 0.72 | 0.21 0.29 0.32 0.30 | 52% 67% 72% 80% | 26,200 31,754 37,297 38,665 | 26,084 31,641 37,274 37,864 | $ 72.4 $ 86.6 $ 78.1 $ 52.1 | $ 2,776 $ 2,737 $ 2,095 $ 1,376 | $ 4.9 $ 8.6 $ 4.5 $ 5.7 | $ 53.9 $ 41.5 $ 33.0 $ 32.8 | |
| Bald Mountain | Q2 2026 | 6,046 | - | 6,046 | - | 0.30 | nm | 27,176 | 27,401 | $ 48.5 | $ 1,770 | $ 4.0 | $ 54.0 |
| Q1 2026 Q4 2025 Q3 2025 Q2 2025 | 3,985 3,165 2,182 1,578 | - - - - | 3,985 3,165 2,182 1,578 | - - - - | 0.30 0.30 0.31 1.07 | nm nm nm nm | 27,561 38,402 41,525 53,704 | 27,561 37,141 42,261 54,227 | $ 53.3 $ 55.4 $ 48.5 $ 59.4 | $ 1,934 $ 1,492 $ 1,148 $ 1,095 | $ 6.9 $ 13.1 $ 5.3 $ 12.7 | $ 39.7 $ 51.6 $ 27.9 $ 40.4 |
Americas
(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:
Three months ended Six months ended June 30, June 30,
(expressed in millions of U.S. dollars, except per share amounts)
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 | |||
| 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 |
6.3
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:
Three months ended Six months ended
(expressed in millions of U.S. dollars)
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:
Three months ended Six months ended
(expressed in millions of U.S. dollars) 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 883.4 $ $ 1,111.9 $ 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:
Three months ended Six months ended
(expressed in millions of U.S. dollars, except ounces and average
June 30, June 30,
realized gold price per ounce)
| 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) | |
| $ | 2,144.3 $ | 4,456.4 $ | 3,072.8 |
Attributable(a) gold revenue 1,647.9 $
Gold ounces sold 486,507 519,391 968,979 1,035,659 Less: non-controlling interest(b) gold ounces sold (17,764)
(8,628) (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 3,285 $ $ 4,487 $ 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 | Three months ended | Six months ended | ||||
|---|---|---|---|---|---|---|
| cost of sales per equivalent ounce) | 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:
Three months ended Six months ended
(expressed in millions of U.S. dollars, except ounces and production
| cost of sales per ounce) | 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) |
| 477,879 | 952,338 | 1,000,512 |
Attributable(a) gold ounces sold 501,627 Attributable(a) production cost of sales per ounce sold on a byproduct basis $ 1,253 $ 1,044 $ 1,275 $ 1,027 Production cost of sales per equivalent ounce sold(e) 1,080 $ $ 1,352 $ 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 | Three months ended | Six months ended | ||||
|---|---|---|---|---|---|---|
| ounce) | 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 |