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Kinross Gold Reports 2025 First-Quarter Results; Free Cash Flow More Than Doubled Year-Over-Year Driven by Strong Operating Performance
Free cash flow more than doubled year-over-year driven by strong operating performance Targeting $650 million in return of capital to shareholders in 2025
About this update from Kinross Gold Corporation
[{"type":"text","content":" Free cash flow more than doubled year-over-year driven by strong operating performance Targeting $650 million in return of capital to shareholders in 2025 TORONTO, May 06, 2025 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the first quarter ended March 31, 2025.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 25 and 26 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted. 2025 first-quarter highlights: Production1 of 512,088 gold equivalent ounces (Au eq. oz.). Production cost of sales2 of $1,043 per Au eq. oz. sold and attributable production cost of sales1 of $1,038 per Au eq. oz. sold. Attributable all-in sustaining cost1 of $1,355 per Au eq. oz. sold. Operating cash flow3 of $597.1 million. Attributable free cash flow1 of $370.8 million. Margins4 increased by 67% to $1,814 per Au eq. oz. sold, outpacing the rise in the average realized gold price. Reported earnings5 of $368.0 million, or $0.30 per share, with adjusted net earnings6, 7 of $364.0 million, or $0.30 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.1 of $1,120 (+/- 5%) and all-in sustaining cost1 of $1,500 (+/- 5%) per ounce sold for 2025. Total attributable capital expenditures1 are forecast to be $1,150 million (+/- 5%). Balance sheet strength: Kinross has improved its debt metrics, repaying the remaining $200.0 million of its term loan, while strengthening its balance sheet. Cash and cash equivalents increased to $694.6 million, and the Company has total liquidity8 of approximately $2.3 billion at March 31, 2025. On March 27, 2025, Moody’s Investors Service (“Moody’s”) announced that it upgraded Kinross’ outlook to positive from stable and affirmed the Company’s investment grade rating of Baa3. Return of capital to shareholders: Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on June 12, 2025, to shareholders of record at the close of business on May 29, 2025...