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Kinross Gold Reports 2022 First-Quarter Results; Tasiast Achieves Record Quarterly Production
Company guidance maintained for pro-forma portfolio Tasiast achieves record quarterly production TORONTO, May 10, 2022 (GLOBE NEWSWIRE) -- Kinross Gold
About this update from Kinross Gold Corporation
[{"type":"text","content":" Company guidance maintained for pro-forma portfolio Tasiast achieves record quarterly production TORONTO, May 10, 2022 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the first-quarter ended March 31, 2022. This news release contains forward-looking information about expected future events and financial and operating performance of the Company. Please refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 28 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted. In Q1 2022, Kinross announced its plan to divest all of its Russian assets. As such, the Company’s Russian assets have been excluded from its Q1 2022 results, along with comparative figures, due to the classification of these assets as discontinued as of March 31, 2022. Q1 2022 highlights from continuing operations: Tasiast achieved record production in Q1 2022, with the 24k project progressing well and on schedule. La Coipa poured its first gold bar in February, on schedule and under budget. At the Great Bear project, exploration, study and permitting activities have ramped up since the completion of the acquisition on February 24, 2022, with assay results reaffirming the world-class potential of the deposit. Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on June 16, 2022 to shareholders of record at the close of business on June 2, 2022. Attributable gold equivalent production1 of 409,857 Au eq. oz. produced. Attributable production cost of sales1, 2 of $1,000 per Au eq. oz., consolidated production cost of sales3 of $1,003 per Au eq. oz., and attributable all-in sustaining cost1,2 of $1,245 per Au eq. oz. sold. Margins4 of $872 per Au eq. oz. sold. Adjusted operating cash flow2 of $261.0 million and operating cash flow5 of $105.2 million. Reported net earnings6 of $82.3 million, or $0.07 per share, with adjusted net earnings2, 7 of $70.6 million, or $0.06 per share2. Cash and cash equivalents of $454.2 million, and total liquidity8 of approximately $1.7 billion at March 31, 2022. Pro-forma Company guidance: Kinross maintained its 2022 company-wide guidance for its pro-forma portfolio after excluding its assets from Russia and Ghana ...