Kinross Gold Corporation
- Open
- 31.38
- Day high
- 31.38
- Day low
- 30.62
- Prev close
- 30.26
- Volume
- 1.0M
- Mkt cap
- $36.4B
- P/E (TTM)
- 11.7
- EPS (TTM)
- $2.62
- P/B
- 3.8
- P/S
- 4.3
- Yield
- 0.50%
- Per share
- $0.15
Kinross Gold Corporation (KGC) is a Basic Materials company listed on NYSE. The stock is up 38% over the past year. Drillr has 1 published research article covering KGC.
Kinross Gold Corporation (KGC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KGC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $0.66 | $0.71 | +7.6% | $2.2B | -1.5% |
| Apr 30, 2026 | $0.68 | $0.71 | +4.4% | $2.4B | -1.1% |
| Feb 18, 2026 | $0.55 | $0.67 | +21.8% | $2.1B | -0.2% |
| Nov 4, 2025 | $0.39 | $0.44 | +12.8% | $1.8B | -13.0% |
| Jul 30, 2025 | $0.33 | $0.44 | +33.3% | $1.7B | +0.8% |
| Feb 12, 2025 | $0.23 | $0.20 | -13.0% | $1.4B | -2.6% |
| Jul 31, 2024 | $0.14 | $0.14 | +0.0% | $1.2B | +0.3% |
| Feb 14, 2024 | $0.09 | $0.11 | +22.2% | $1.1B | +9.5% |
| Aug 2, 2023 | $0.08 | $0.14 | +75.0% | $1.1B | +4.5% |
| Feb 15, 2023 | $0.07 | $0.09 | +28.6% | $1.1B | +3.5% |
| Jul 27, 2022 | $0.08 | $0.03 | -62.5% | $822M | -19.2% |
| Feb 16, 2022 | $0.06 | $0.08 | +33.3% | $880M | -5.1% |
Kinross Gold Corporation company profile
Overview
Kinross Gold Corporation (NYSE:KGC) is a Canadian multinational gold mining company founded in 1993 and headquartered in Toronto, Canada. The company has evolved from its early beginnings to become one of the world's leading gold producers, operating mines across multiple continents including North America, South America, and West Africa. Following strategic portfolio reshaping in recent years, Kinross has divested its Russian operations and now focuses approximately 70% of its production in the Americas, with the remainder in West Africa. The company maintains a diversified portfolio of operating mines and development projects, producing over 2 million ounces of gold annually while also generating silver as a byproduct of its operations.
Business
Kinross Gold Corporation operates in the gold mining industry, which involves the extraction, processing, and sale of gold from ore deposits around the world. Gold mining is a capital-intensive industry that requires significant upfront investment in exploration, mine development, and processing infrastructure. The industry is characterized by long development timelines, regulatory complexity, and exposure to commodity price volatility. The company's core business involves several integrated stages of gold production. Exploration activities identify and evaluate potential gold deposits through geological surveys, drilling programs, and resource estimation. Mine development includes the construction of extraction infrastructure, processing facilities, and supporting infrastructure. Extraction and processing involves removing gold-bearing ore from the ground through either open-pit or underground mining methods, then processing the ore through crushing, grinding, and chemical processes to separate gold from other materials. Finally, refining and sales converts the processed gold into marketable products sold to refiners, bullion dealers, and other customers. Kinross operates through several key mining assets that represent distinct business segments: 1. Tasiast (Mauritania) - The company's lowest-cost operation producing approximately 622,000 ounces annually, representing roughly 30% of total production. This open-pit mine benefits from a recent expansion to 24,000 tonnes per day processing capacity. 2. Paracatu (Brazil) - A large-scale open-pit operation producing around 529,000 ounces annually, accounting for approximately 25% of production. This mine processes lower-grade ore but benefits from economies of scale. 3. US Operations - Comprising multiple assets including Fort Knox and Manh Choh in Alaska, Bald Mountain and Round Mountain in Nevada, collectively producing about 731,000 ounces annually or roughly 35% of total production. 4. La Coipa (Chile) - A smaller operation producing approximately 246,000 ounces annually, representing about 10% of production. This asset was recently restarted after a period of care and maintenance. The company also maintains significant development projects including the Great Bear project in Ontario, Canada, which represents a major future growth opportunity with potential for 500,000 ounces of annual production once developed.
Revenue model
Kinross generates revenue primarily through the direct sale of gold at prevailing market prices, with silver sales providing additional revenue as a byproduct. The company's customers include gold refiners, bullion dealers, and other participants in the global gold market. Revenue is directly tied to both production volumes and gold prices, creating exposure to commodity price volatility. The business model is characterized by high fixed costs and significant capital requirements. Once a mine is operational, the marginal cost of producing additional ounces is relatively low, meaning higher gold prices translate directly to improved margins. Conversely, lower gold prices can quickly erode profitability, particularly for higher-cost operations. Several factors influence the company's profitability and margins. Gold price movements represent the primary external driver, with higher prices expanding margins across all operations while lower prices compress them. Production costs are influenced by energy prices (particularly diesel fuel and electricity), labor costs, consumables like cyanide and lime, and equipment maintenance. Currency fluctuations impact operations in different countries, with a stronger US dollar generally increasing costs for non-US operations. Regulatory changes in mining jurisdictions can affect taxation, environmental compliance costs, and operational requirements. Operational efficiency factors also significantly impact margins. Higher mill throughput and recovery rates improve unit economics, while equipment downtime and processing issues increase costs per ounce. The company's recent focus on energy efficiency projects and renewable energy adoption helps reduce long-term cost pressures. Resource grade represents another critical factor, as higher-grade ore requires less processing per ounce of gold produced, reducing unit costs. The company's diversified geographic footprint provides some natural hedging against country-specific risks but also exposes it to different regulatory, currency, and operational environments. Recent strategic moves to concentrate operations in more stable jurisdictions like North America have aimed to reduce geopolitical risk while potentially accepting higher operating costs in exchange for greater operational certainty.
Competitive moat
Kinross Gold Corporation operates in the highly competitive gold mining industry where economic moats are generally limited due to the commodity nature of gold and the capital-intensive, asset-heavy business model. However, the company does possess several competitive advantages that provide some defensive characteristics. The company's geographic diversification across stable mining jurisdictions represents a meaningful advantage. With operations concentrated in North America (US and Canada) and select international locations like Mauritania and Brazil, Kinross has positioned itself in regions with relatively predictable regulatory environments and established mining infrastructure. This geographic footprint provides operational stability compared to miners heavily exposed to higher-risk jurisdictions. Scale advantages emerge from Kinross's position as a significant gold producer with over 2 million ounces of annual production. This scale provides negotiating power with suppliers, access to capital markets, and the ability to spread fixed costs across a large production base. The company's technical expertise in mine development and operations, particularly in complex projects like the upcoming Great Bear development, represents accumulated knowledge that creates barriers for smaller competitors. The company's asset quality varies significantly across its portfolio. Tasiast stands out as a particularly strong asset with industry-leading cost performance at approximately $680 per ounce, providing competitive advantages during periods of lower gold prices. However, some assets like Round Mountain operate at higher costs, making them more vulnerable to margin compression. Competitive threats come from several directions. Other major gold producers like Barrick Gold, Newmont, and AngloGold Ashanti compete for the same high-quality development projects and acquisition targets. The industry faces potential disruption from new extraction technologies, though these typically require years or decades to implement at scale. More immediate competitive pressures come from the need to continuously replace depleting reserves through exploration success or acquisitions, creating ongoing capital requirements. The company's moat strength is moderate but fragile. While geographic diversification and operational scale provide some competitive advantages, the commodity nature of gold and the capital-intensive business model limit sustainable competitive advantages. Success largely depends on operational execution, capital allocation discipline, and the ability to develop new projects that can replace depleting reserves over time.
Risks & safety
Kinross demonstrates a strong financial position with improving balance sheet metrics and substantial cash generation capability, though commodity price exposure creates inherent volatility. Liquidity and Debt Position: • Cash and short-term investments: $695 million as of Q1 2025 • Total liquidity exceeding $2.1 billion including credit facilities • Successfully repaid $1 billion term loan in 2024, significantly reducing debt burden • Current debt-to-equity ratio of 0.17, down from over 0.30 in prior periods • Strong current ratio of 2.83, indicating solid short-term liquidity Cash Generation and Sustainability: • Record free cash flow of over $1.3 billion in 2024 • Consistent positive operating cash flow across commodity cycles • Q1 2025 free cash flow of $389 million demonstrates continued strong generation • Minimal capital expenditure requirements for sustaining current operations Valuation Metrics: • Price-to-earnings ratio of 10.5, reasonable for a cyclical commodity company • EV/EBITDA of 4.8, suggesting modest valuation relative to cash generation • Price-to-book ratio of 2.15, reflecting asset-heavy business model • Trading below historical averages during previous gold price cycles Other Considerations: • Production guidance maintained at 2 million ounces through 2027, providing revenue visibility • Geographic concentration in stable jurisdictions reduces operational risk • Exposure to gold price volatility remains primary risk factor • Reactivated $500 million share buyback program demonstrates capital allocation confidence
Recent development
Over the past several years, Kinross has executed a significant strategic transformation focused on geographic consolidation, operational excellence, and capital discipline. The company divested its Russian operations and Chirano mine in Ghana, concentrating approximately 70% of production in the Americas to reduce geopolitical risk and improve operational predictability. Major operational developments include the successful completion of the Tasiast 24K expansion project, which increased processing capacity to 24,000 tonnes per day and established Tasiast as the company's lowest-cost operation at around $680 per ounce. The restart of La Coipa operations in Chile added approximately 246,000 ounces of annual production, though the ramp-up experienced some initial challenges that have since been resolved. The Great Bear project in Ontario represents the company's most significant growth initiative. Following extensive exploration that added over 1 million ounces to underground resources, Kinross has advanced the project through preliminary economic assessment and is progressing toward construction. The project targets 500,000 ounces of annual production at approximately $800 per ounce all-in sustaining costs, with initial capital requirements around $1.2 billion. Early works construction has commenced, with full development pending final permitting expected in late 2025. Underground expansion initiatives at existing operations provide additional growth optionality. Round Mountain Phase X underground development is progressing, with potential production beginning in late 2026. The company is also exploring the Curlew project near Round Mountain, which has shown promising high-grade drilling results and could contribute approximately 100,000 ounces annually. Sustainability and operational efficiency have become central themes, with the company implementing over 15 energy efficiency projects and achieving 23% renewable energy consumption. The installation of a solar power plant at Tasiast exemplifies this focus, reducing both costs and environmental impact. The company targets a 30% reduction in emissions intensity by 2030 while maintaining production levels. Capital allocation strategy has evolved toward greater shareholder returns following debt reduction. After fully repaying the $1 billion term loan in 2024, the company reactivated a $500 million share buyback program and is considering additional capital return mechanisms based on sustained gold price levels and cash generation performance.
KGC company profile · for informational purposes only — not investment advice.
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