Kinross generates new record quarterly free cash flow of $837m
Canadian gold miner Kinross Gold Corporation has declared a dividend of $0.04 for the first quarter of the year after posting a strong production and financial performance.
The group produced 492 563 gold-equivalent ounces in the quarter, generating a record attributable free cash flow of $837-million.
Kinross’ margins increased by 92% compared with the first quarter of last year to a record $3 476/oz sold. The company’s margins also increased by 22% quarter-on-quarter, outpacing the rise in the average realised gold price in both comparable periods.
Earnings and adjusted net earnings amounted to $843-million and $854-million, respectively, which equates to $0.70 and $0.71 apiece, respectively.
As of March 31, Kinross has cash and cash equivalents of $2.2-billion on hand, with total liquidity of just under $4-billion.
CEO Paul Rollinson says the record free cash flow generation in the reporting quarter represented a fourth consecutive quarterly record, with strong operational performance and disciplined cost management having driven record margins that continue to outpace the rise in the gold price.
“In the current situation of global uncertainty, we continue to benefit from an attractive relative cost position, supported by our longstanding approach to mitigate cost pressures.
“This includes the hedging of fuel and currency exposures as well as the continued execution of our grade enhancement strategy. Both are proving effective in the current environment of elevated oil prices and differentiate Kinross,” Rollinson states.
Kinross has operations and projects in the US, Brazil, Mauritania, Chile and Canada, with its Paracatu mine, in Brazil, having delivered the strongest contribution to first quarter production.
The group remains on track to meet its full-year guidance of two-million gold-equivalent ounces.
The company expects to return 40% of its free cash flow to shareholders this year. Kinross repurchased about $250-million in shares in the first quarter and an additional $50-million in April.
Including its quarterly dividend, Kinross has returned $350-million in capital to shareholders in the year-to-date. Between April 2025 and March 2026, Kinross returned more than $1-billion of capital to shareholders and reduced its share count by more than 3%.
Kinross continues to advance exploration at its Great Bear’s project, while underground development is progressing ahead of schedule at the Round Mountain Phase X project. The company has submitted an environmental impact assessment on the Lobo-Marte’s project and progressed with development and expansion at the Kettle River-Curlew and Bald Mountain Redbird projects, respectively.
