Kinross Gold Corporation (TSX: K, NYSE: KGC) announced its first-quarter results for 2026, highlighting record free cash flow for the fourth consecutive quarter and margins that continued to outpace the gold price. The company has returned approximately $350 million to shareholders so far in 2026, totaling $1 billion since the first quarter of 2025. Significant progress was also reported across its pipeline of development projects.
First-Quarter 2026 Highlights
Production reached 492,563 gold equivalent ounces (Au eq. oz.). The production cost of sales was $1,397 per Au eq. oz. sold, with an attributable production cost of sales of $1,380 per Au eq. oz. sold. The attributable all-in sustaining cost stood at $1,732 per Au eq. oz. sold. Operating cash flow was $1,139.5 million, and record attributable free cash flow reached $837.5 million.
Margins increased by 92% compared with the first quarter of 2025 to a record $3,476 per Au eq. oz. sold, and rose by 22% quarter-over-quarter, outpacing the rise in the average realized gold price in both comparable periods. Reported earnings were $843 million, or $0.70 per share, with adjusted net earnings of $854.1 million, or $0.71 per share.
Annual Guidance and Liquidity
The company is on track to meet its annual guidance. On an attributable basis, Kinross expects to produce 2.0 million Au eq. oz. (+/- 5%) at a production cost of sales per Au eq. oz. sold of $1,360 (+/- 5%) and an all-in sustaining cost of $1,730 (+/- 5%) per ounce sold for 2026. Total attributable capital expenditures are forecast to be $1,500 million (+/- 5%). Cash and cash equivalents increased to $2.2 billion, with total liquidity of approximately $3.9 billion as of 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, with an additional $50 million in April. Including its quarterly dividend, Kinross has returned approximately $350 million in capital to shareholders to date as of April 29, 2026. Between April 2025 and March 31, 2026, Kinross returned over $1 billion of capital to shareholders and reduced its share count by more than 3%. The Board of Directors declared a quarterly dividend of $0.04 per common share, payable on June 4, 2026, to shareholders of record on May 21, 2026.
Operations Performance
Paracatu was the strongest contributor in the portfolio and achieved record recoveries, reflecting the results of a sustained, multi-front optimization program across the processing plant, including further optimization of the gravity gold recovery circuit within the grinding circuit. Tasiast continued to perform well, with higher production supported by higher grades and lower cost of sales per ounce sold compared with the previous quarter.
