Kinross Gold Corp. Q1 FY2025 earnings call

Paul Rollinson noted strong first quarter results, production of 512,000 ounces, and progress on projects like Curlew, Round Mountain, Lobo-Marte, and Great Bear. Sustainability report to be published. Reactivated share buyback. Andrea Freeborough reviewed financial highlights, balance sheet improvement, and return of capital plans. Claude Schimper discussed operations, including Tasiast's performance post-fire restart, Paracatu's strong quarter, and La Coipa and US operations. Will Dunford updated on projects, mine life extensions, and growth projects.

In the first quarter, Kinross Gold produced 512,000 gold equivalent ounces. Tasiast produced 138,000 ounces with a cost of sales of $811 per ounce. Paracatu produced 147,000 ounces at a cost of sales of $951 per ounce. La Coipa produced 52,000 ounces with a cost of sales of $1,147 per ounce. US operations collectively produced 176,000 ounces at a cost of sales of $1,246 per ounce. Tasiast and Paracatu together accounted for more than half of the production.

Kinross remains on track to produce 2 million ounces at a cost of sales of $1,120 per ounce and all-in sustaining cost of $1,500 per ounce. Operating costs are expected to increase due to stripping costs capitalization, inflation, and production distribution. Capital expenditures are on track to meet the guidance of $1.15 billion.

Risks include those in forward-looking information, potential permitting delays, and gold price fluctuations that could impact results.

Q: How long was the repair at Tasiast after the fire?

A: Claude Schimper said the total shutdown time was roughly three weeks, but they took the opportunity to do other work too.

Q: What's the outlook for Paracatu's grades for the rest of the year?

A: Paul Rollinson stated Paracatu's grades are pretty stable at around 0.43 for the rest of the year.

Q: What are the next key deliverables for Great Bear?

A: Geoff Gold said there are provincial and federal permitting components; AAX has current permits, working on remaining provincial permits like water treatment; on federal side, working with IAAC to advance draft Impact statement.

Q: What's the floor gold price for the $500 million share buyback?

A: Andrea Freeborough said they're planning for the $500 million buyback and will update quarterly, with gold prices not needing to be extremely high currently.

Q: What's the Q2 outlook for Tasiast?

A: Claude Schimper said Q2 for Tasiast will be lighter but expects it to meet its annual objectives.

Q: How is the exploration strategy regarding greenfields?

A: Paul Rollinson said exploration budget is roughly 90% brownfields, 10% greenfields, with some JV opportunities on greenfields.

Q: What are the First Nation consultations status for Great Bear?

A: Geoff Gold said negotiations with First Nations are productive, confidential, and expected to continue without negatively impacting the project timeline.

Q: When could Curlew come back online?

A: Paul Rollinson said Curlew could come back online around 2028 if everything goes well.

Q: Is drilling for Great Bear AEX program critical path?

A: Will Dunford said drilling is infill and not a critical path, with permitting and construction being more critical.

Q: How does high gold price affect opportunities at Bald Mountain?

A: Paul Rollinson said higher gold price benefits next laybacks and stockpile optionality at Bald Mountain for higher-margin material.