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Kinross Gold Reports 2024 First-Quarter Results; Robust Margins Driving Strong Free Cash Flow
Strong start to the year with robust margins driving strong free cash flow Development projects on track Well positioned to meet annual guidance TORONTO, May
About this update from Kinross Gold Corporation
[{"type":"text","content":" Strong start to the year with robust margins driving strong free cash flow Development projects on track Well positioned to meet annual guidance TORONTO, May 07, 2024 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the first quarter ended March 31, 2024. 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 27 and 28 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted. 2024 first-quarter highlights: Production of 527,399 gold equivalent ounces (Au eq. oz.), a 13% year-over-year increase. Production cost of sales1, 2 of $982 per Au eq. oz. sold and all-in sustaining cost2, 3 of $1,310 per Au eq. oz. sold, both of which are in line with Q1 2023. Margins4 increased by 20% to $1,088 per Au eq. oz. sold, outpacing the rise in the average realized gold price. Operating cash flow5 of $374.4 million and adjusted operating cash flow3 of $424.9 million. Attributable6 free cash flow3 of $145.3 million. Reported net earnings7 of $107.0 million, or $0.09 per share, with adjusted net earnings3, 8 of $124.9 million, or $0.10 per share3. Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on June 13, 2024, to shareholders of record at the close of business on May 30, 2024. On track to meet annual guidance: On an attributable basis6, Kinross expects to produce 2.1 million Au eq. oz. (+/- 5%) at a production cost of sales per Au eq. oz.1 of $1,020 (+/- 5%) and all-in sustaining cost3 of $1,360 (+/- 5%) per ounce sold for 2024. Total attributable6 capital expenditures3 are forecast to be approximately $1,050 million (+/- 5%). Balance sheet strength: Kinross has improved its debt metrics and continues to maintain its investment grade credit ratings. As of March 31, 2024, Kinross had cash and cash equivalents of $406.9 million, for total liquidity9 of approximately $2 billion. Operations: Kinross’ three largest producing mines – Tasiast, Paracatu and La Coipa – delivered 68% of total production, with production cost of sales of $821 per Au eq. oz. sold1 and margins4 of $1...