Kinross Gold Corporation, a leading global gold mining company, has released its financial and operational results for the fourth quarter and full year ended December 31, 2025. The company reported strong performance across key metrics, including record free cash flow and significant returns to shareholders, while outlining a stable production outlook for the coming years.
2025 Full-Year and 2026 Guidance Highlights
In 2025, Kinross delivered on all key guidance metrics, with attributable gold equivalent production reaching approximately 2.0 million ounces, consistent with its targets. The company maintained a three-year outlook projecting stable production of around 2.0 million attributable gold equivalent ounces per year through 2028, with a margin of error of +/- 5%.
Financial performance was robust, with attributable production cost of sales at $1,297 per gold equivalent ounce for the full year and attributable all-in sustaining cost at $1,571 per gold equivalent ounce. Capital expenditures for 2025 totaled $1.194 billion, aligning with guidance. For 2026, Kinross has set guidance for production cost of sales between $1,140 and $1,360 per gold equivalent ounce and all-in sustaining cost between $1,500 and $1,825 per gold equivalent ounce, with capital expenditures projected to range from $1.175 billion to $1.5 billion.
Record Financial Achievements in 2025
Kinross achieved record free cash flow of $2.4735 billion in 2025, with $769.4 million generated in the fourth quarter alone. This strong cash flow enabled the company to return $1.5 billion to debt and equity holders throughout the year. Specifically, Kinross returned $752.4 million to shareholders via its share buyback program and dividends, including $600.3 million in share repurchases and a 17% increase in its dividend.
Reported net earnings for 2025 were $2.3901 billion, or $1.96 per share, while adjusted net earnings reached $2.2439 billion, or $1.84 per share. Operating cash flow stood at $3.7605 billion for the year, with margins of $2,283 per gold equivalent ounce sold. The company ended 2025 with net cash of $1.0041 billion, total liquidity of $3.5 billion, and cash and cash equivalents of $1.7423 billion.
Shareholder Returns and Dividend Increases
Looking ahead to 2026, Kinross is targeting to return 40% of its free cash flow to shareholders through a combination of share buybacks and dividends. The Board of Directors has approved an additional 14% increase in the quarterly dividend to $0.04 per common share, amounting to $0.16 per common share on an annualized basis. This represents a total increase of 33% since the third quarter of 2025, underscoring the company's commitment to rewarding investors.
Operational and Development Highlights
Operationally, Kinross saw strong performance across its key assets. The Tasiast mine was the highest-margin operation in the portfolio, while Paracatu produced over 600,000 gold ounces for the eighth consecutive year. La Coipa met full-year production guidance with higher mill throughput in the fourth quarter, and U.S. operations delivered solid results with production and costs on plan.
In terms of development projects, Kinross is proceeding with construction at Phase X, Kettle River-Curlew, and Redbird 2. At the Great Bear project, surface construction for the Advanced Exploration program is 80% complete, with detailed engineering for the Main Project approximately 35% done. The company plans to submit the final phase of the federal Impact Statement by the end of the first quarter of 2026.
At Lobo-Marte, baseline studies have been completed, and Kinross intends to submit its Environmental Impact Assessment by the second quarter of 2026, with a project update expected later this year. Additionally, the company added 1.2 million ounces to proven and probable mineral reserves, partially offsetting production depletion, and increased measured and indicated resource estimates to 27.5 million ounces, with inferred resources rising to 16.6 million ounces.
Forward-Looking Information and Cautionary Notes
This news release contains forward-looking information regarding expected future events and the financial and operating performance of Kinross. The company advises that such statements are based on current expectations and involve risks and uncertainties, as detailed in its Cautionary Statement on Forward-Looking Information. All dollar amounts are expressed in U.S. dollars unless otherwise noted.
Overall, Kinross Gold's 2025 results demonstrate a year of significant financial strength and operational excellence, positioning the company for continued growth and shareholder value in 2026 and beyond.
