Business
Kinross reports 2025 first-quarter results
Free cash flow more than doubled year-over-year driven by strong operating performance Targetin...
About this update from Kinross Gold Corporation
[{"type":"text","content":"Kinross reports 2025 first-quarter results\n\n\n\n Free cash flow more than doubled year-over-year driven by strong operating performance\n \n Targeting $650 million in return of capital to shareholders in 2025\n \n\n 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.\n \n\n 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.\n \n\n\n\n 2025 first-quarter highlights:\n \n\n\n\n\n Production\n \n\n\n 1\n \n\n of 512,088 gold equivalent ounces (Au eq. oz.).\n \n\n\n Production cost of sales\n \n\n 2\n \n of $1,043 per Au eq. oz. sold and\n \n attributable production cost of sales\n \n\n 1\n \n of $1,038 per Au eq. oz. sold.\n \n\n\n Attributable all-in sustaining cost\n \n\n 1\n \n of $1,355 per Au eq. oz. sold.\n \n\n\n Operating cash flow\n \n\n 3\n \n of $597.1 million.\n \n\n\n Attributable free\n \n\n cash flow\n \n\n 1\n \n of $370.8 million.\n \n\n\n Margins\n \n\n 4\n \n increased by 67% to $1,814 per Au eq. oz. sold, outpacing the rise in the average realized gold price.\n \n\n\n Reported earnings\n \n\n 5\n \n of $368.0 million, or $0.30 per share, with\n \n adjusted net earnings\n \n\n 6\n \n\n ,\n \n\n 7\n \n of $364.0 million, or $0.30 per share.\n \n\n\n On track to meet annual guidance:\n \n On an attributable basis\n \n 1\n \n , Kinross expects to produce 2.0 million Au eq. oz. (+/- 5%) at a production cost of sales per Au eq. oz.\n \n 1\n \n of $1,120 (+/- 5%) and all-in sustaining cost\n \n 1\n \n of $1,500 (+/- 5%) per ounce sold for 2025. Total attributable capital expenditures\n \n 1\n \n are forecast to be $1,150 million (+/- 5%).\n \n\n\n Balance sheet strength:\n \n Kinross has improved its debt metrics, repaying the remaining $200.0 million of its term loan, while strengthening its balance sheet.\n \n Cash and cash equivalents\n \n increased to $694.6 million, and the Company has\n \n total liquidity\n \n\n 8\n \n of approximately $2.3 bil...