Kinross Gold (KIN2) Q3 2026 Earnings Report

The call was predominantly positive. Kinross delivered Q3 production and costs in line with its updated plan, generated strong cash flow, maintained a strong balance sheet, increased shareholder returns, and advanced multiple growth and mine-life-extension projects. The principal negative items were the two fatalities at Bald Mountain, near-term production challenges at La Coipa and Round Mountain, inflation and labor-market pressures, and uncertainty around Great Bear's eventual capital cost. Management nevertheless maintained its 2026 and 2027 production outlook and described operations and project execution as being on track.

Kinross said it remains firmly on track to deliver updated 2026 production guidance of 1.84 million to 1.86 million ounces, with production expected to be between 3.45 million ounces in the fourth quarter, cost of sales guidance of $1.42 thousand to $1.46 thousand per gram, all in sustaining cost guidance of $1.85 thousand to $1.9 thousand per ounce, and original capital guidance of $1.5 billion plus or minus 5%; for 2027, production is expected in the range of 1.84 million to 1.86 million ounces, while the $1.5 billion guidance range remains subject to inflation and incremental project additions, with inflation expected to be similar to this year’s about a 5% factor, labor inflation around 5% to 6%, and 2027 oil costs about 50% hedged in the low $60 a barrel, or $60 to $65 a barrel; 2028 production is expected to be higher relative to 2027, Curlew and Phase X are on track for first production in 2028, Great Bear remains on track with first production in late 2029, Lobo Marte is targeted for first production in the early 20 thirties, Paracatu remains on track to meet guidance of 600 thousand ounces at a target cost of sales of $1.24 thousand per ounce, and Target remains on track to meet guidance of 505 thousand ounces at a target cost of sales of $1.05 thousand per ounce.