Business
Kinross Gold Reports Strong 2026 First-Quarter Results
Delivered record free cash flow for the 4th consecutive quarter, margins continued to outpace gold price Returned approximately $350 million to shareholders
About this update from Kinross Gold Corporation
[{"type":"text","content":" Delivered record free cash flow for the 4th consecutive quarter, margins continued to outpace gold price Returned approximately $350 million to shareholders to date in 2026, $1 billion since Q1 2025 Significant progress across pipeline of development projects TORONTO, April 29, 2026 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the first quarter ended March 31, 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 24 and 25 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted. 2026 first-quarter highlights: Production1 of 492,563 gold equivalent ounces (Au eq. oz.). Production cost of sales2 of $1,397 per Au eq. oz. sold and attributable production cost of sales1 of $1,380 per Au eq. oz. sold. Attributable all-in sustaining cost1 of $1,732 per Au eq. oz. sold. Operating cash flow3 of $1,139.5 million. Record attributable free cash flow1 of $837.5 million. Margins4 increased by 92% compared with Q1 2025 to a record $3,476 per Au eq. oz. sold, and increased by 22% quarter-over-quarter, outpacing the rise in the average realized gold price in both comparable periods. Reported earnings5 of $843 million, or $0.70 per share, with adjusted net earnings6 of $854.1 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 $2.2 billion, and the Company has total liquidity7 of approximately $3.9 billion at March 31, 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 quarter, the Company repurchased approximately $250 million in shares, and an additional $50 million in April. Including its quarterly dividend, Kinross has returned approximately $350 million in capital to shar...