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Kinross Gold Corp. (TSE:K)
TSX:K
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Kinross Gold (K) AI Stock Analysis

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TSE:K

Kinross Gold

(TSX:K)

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Outperform 73 (OpenAI - 4o)
Rating:73Outperform
Price Target:
C$37.00
▲(12.46% Upside)
Kinross Gold's strong financial performance and positive earnings call are the most significant factors driving the score. The company's robust cash flow and strategic shareholder returns highlight its financial health. Technical indicators suggest mixed momentum, and the valuation is moderate, reflecting a balanced risk-reward profile.
Positive Factors
Strong Cash Flow Generation
Kinross Gold's ability to generate substantial free cash flow ensures it can fund operations, invest in growth opportunities, and return capital to shareholders, supporting long-term financial stability and strategic flexibility.
Robust Balance Sheet
A strong balance sheet with high liquidity and low net debt enhances Kinross Gold's ability to withstand economic fluctuations and invest in strategic initiatives, ensuring long-term operational resilience.
Positive Exploration and Project Updates
Ongoing exploration success and project advancements at key sites like Curlew and Phase X indicate potential for future production growth, strengthening Kinross Gold's competitive position and resource base.
Negative Factors
Higher Operating Costs
Rising operating costs due to mine sequencing and inflation could pressure margins and profitability, challenging Kinross Gold's cost management and potentially impacting long-term financial performance.
Challenges at La Coipa
Operational issues at La Coipa, such as unexpected groundwater inflows, may lead to increased costs and operational disruptions, affecting Kinross Gold's ability to maintain consistent production levels.
Fluctuating Net Income
Inconsistent net income and moderate return on equity suggest potential volatility in profitability, which could hinder Kinross Gold's ability to deliver stable returns to shareholders over the long term.

Kinross Gold (K) vs. iShares MSCI Canada ETF (EWC)

Kinross Gold Business Overview & Revenue Model

Company DescriptionKinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, the Russian Federation, Brazil, Chile, Ghana, and Mauritania. It is also involved in the extraction and processing of gold-containing ores; reclamation of gold mining properties; and production and sale of silver. Kinross Gold Corporation was founded in 1993 and is headquartered in Toronto, Canada.
How the Company Makes MoneyKinross Gold generates revenue primarily through the sale of gold and silver, which are its core products. The company mines these precious metals from its various operations and then sells them in the global market. Revenue is driven by the volume of metals produced, the prevailing market price of gold and silver, and operational efficiency. Additionally, Kinross may engage in hedging strategies to manage price volatility and secure future cash flows. The company also benefits from partnerships in mining operations and joint ventures, which can enhance production capabilities and reduce operational risks. Factors such as geopolitical stability in mining regions, operational costs, and market demand for gold and silver significantly influence Kinross’s earnings.

Kinross Gold Earnings Call Summary

Earnings Call Date:Nov 04, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Feb 18, 2026
Earnings Call Sentiment Positive
Kinross Gold's earnings call reflected strong financial performance with record free cash flow and significant returns to shareholders. The company maintains a robust balance sheet and has made progress in sustainability initiatives. However, some challenges related to higher costs and operational issues at La Coipa were noted. Overall, the positive aspects of the call significantly outweigh the negatives.
Q2-2025 Updates
Positive Updates
Record Free Cash Flow
Kinross Gold delivered record free cash flow of almost $650 million in Q2, with a first half total of just over $1 billion.
Strong Production and Cost Management
Production in Q2 was 513,000 ounces at a cost of sales of $1,074 per ounce, contributing to record operating margins.
Significant Return of Capital to Shareholders
Kinross repurchased and canceled approximately $225 million in shares and returned almost $300 million to shareholders, on track for a minimum target of $650 million for the year.
Strong Balance Sheet
Ended Q2 with over $1.1 billion in cash and approximately $2.8 billion of total liquidity, and improved net debt position to approximately $100 million, expecting to be at net cash in Q3.
Progress in Sustainability Initiatives
Progress made in various water management initiatives, including enhanced water efficiency at La Coipa and thriving fish populations at reclaimed Fish Creek in Alaska.
Positive Exploration and Project Updates
Positive exploration updates at Curlew and Phase X projects, with strong potential for future contribution to production.
Negative Updates
Higher Costs in Second Half Expected
Operating costs are expected to increase in the second half due to planned mine sequencing, expected inflation, and lower grades at some operations.
Challenges at La Coipa
Higher-than-anticipated groundwater inflows into the pits resulted in higher costs in Q2, though adjustments have been made and improvement is expected in the second half.
Company Guidance
During the Kinross Gold Second Quarter 2025 Results Conference Call, the company reported a strong second quarter and first half, positioning itself well to achieve its full-year guidance. Kinross produced 513,000 gold equivalent ounces at a cost of sales of $1,074 per ounce, with an average realized gold price of $3,285 per ounce, resulting in record operating margins of over $2,200 per ounce. Record free cash flow for the quarter was nearly $650 million, contributing to over $1 billion for the first half. The company maintained a robust financial position with a cash balance exceeding $1.1 billion and total liquidity around $2.8 billion, while net debt was reduced to approximately $100 million. Kinross plans to continue share repurchases and maintain a quarterly dividend, with $300 million returned to shareholders so far. The company remains on track to meet its annual production guidance of 2 million ounces at a cost of sales of $1,120 per ounce, with capital expenditures expected to total $1.15 billion. The call also highlighted ongoing projects and exploration efforts, particularly at Paracatu, Tasiast, and La Coipa, and addressed challenges such as higher operating costs anticipated in the second half due to mine sequencing and inflation.

Kinross Gold Financial Statement Overview

Summary
Kinross Gold demonstrates strong financial health with growing revenues and efficient cash flow management. While profitability metrics are improving, historical fluctuations in net income and moderate ROE indicate areas for vigilance. The company's solid balance sheet and cash flow positions it well for future growth, albeit with some profitability stability concerns.
Income Statement
78
Positive
Kinross Gold shows strong revenue growth with a 8.06% increase in TTM over the previous year. Gross profit and net profit margins have also improved, demonstrating enhanced operational efficiency. The EBIT and EBITDA margins are robust, indicating effective cost management. However, the net income fluctuated significantly in past years, posing risks to consistent profitability.
Balance Sheet
72
Positive
The balance sheet is solid with a favorable debt-to-equity ratio of 0.17 in TTM, reflecting manageable leverage. The equity ratio of 65.75% underscores a strong equity base. However, the return on equity is moderate, suggesting room for improvement in generating returns from equity.
Cash Flow
83
Very Positive
Kinross Gold's cash flow statement is impressive, with a substantial 24.89% growth in free cash flow in TTM, indicating efficient cash management. The operating cash flow to net income ratio is healthy, ensuring liquidity to support operations. The free cash flow to net income ratio further highlights the company's ability to convert profits into cash.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue6.07B5.15B4.24B3.46B3.73B4.21B
Gross Profit3.04B1.88B1.16B515.40M1.02B2.30B
EBITDA3.48B2.60B1.76B945.40M854.61M2.73B
Net Income1.53B948.80M416.30M-605.20M221.20M1.34B
Balance Sheet
Total Assets11.49B10.86B10.49B10.39B10.41B10.93B
Cash, Cash Equivalents and Short-Term Investments1.15B621.33M360.35M428.01M542.17M1.22B
Total Debt1.24B1.45B2.25B2.64B1.68B2.00B
Total Liabilities3.78B3.86B4.34B4.51B3.77B4.27B
Stockholders Equity7.57B6.86B6.05B5.82B6.57B6.60B
Cash Flow
Free Cash Flow1.29B1.28B507.00M242.20M313.50M993.60M
Operating Cash Flow2.07B2.45B1.61B1.05B1.14B1.96B
Investing Cash Flow-828.90M-1.18B-1.01B-1.60B-1.19B-1.25B
Financing Cash Flow-1.02B-1.01B-549.00M437.50M-623.20M-67.70M

Kinross Gold Technical Analysis

Technical Analysis Sentiment
Positive
Last Price32.90
Price Trends
50DMA
32.54
Positive
100DMA
27.58
Positive
200DMA
22.80
Positive
Market Momentum
MACD
-0.07
Positive
RSI
48.21
Neutral
STOCH
53.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:K, the sentiment is Positive. The current price of 32.9 is below the 20-day moving average (MA) of 34.25, above the 50-day MA of 32.54, and above the 200-day MA of 22.80, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 48.21 is Neutral, neither overbought nor oversold. The STOCH value of 53.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:K.

Kinross Gold Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
79
Outperform
$79.24B20.9111.41%1.58%20.13%90.22%
78
Outperform
$23.00B26.7152.25%3.11%63.08%177.42%
73
Outperform
$40.10B18.9522.05%0.52%38.34%218.80%
69
Neutral
C$14.16B43.398.03%3.03%78.26%
66
Neutral
$18.47B24.7814.27%0.32%34.64%115.75%
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
54
Neutral
$7.90B-12.34%2.35%15.08%-204.35%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:K
Kinross Gold
32.90
19.13
138.93%
TSE:ABX
Barrick Mining
46.45
20.92
81.91%
TSE:BTO
B2Gold
5.97
1.58
36.02%
TSE:AGI
Alamos Gold
43.94
16.14
58.06%
TSE:LUG
Lundin Gold
96.46
64.84
205.04%
TSE:EDV
Endeavour Mining
55.75
26.44
90.21%

Kinross Gold Corporate Events

Financial Disclosures
Kinross Gold to Release Q3 2025 Results
Neutral
Oct 2, 2025

Kinross Gold Corporation announced it will release its third-quarter 2025 financial statements and operating results on November 4, 2025. The company will hold a conference call and webcast on November 5 to discuss these results, which could provide insights into its operational performance and strategic direction.

The most recent analyst rating on (TSE:K) stock is a Hold with a C$27.00 price target. To see the full list of analyst forecasts on Kinross Gold stock, see the TSE:K Stock Forecast page.

Kinross Gold Divests Stake in Asante Gold
Sep 26, 2025

On September 22, 2025, Kinross Gold Corporation sold 36,927,650 common shares of Asante Gold Corporation, representing approximately 5.2% of Asante’s outstanding shares, through a secondary block trade. This transaction marks Kinross’s complete divestment of its shares in Asante, although it retains warrants and a convertible debenture that could potentially increase its stake in the future. The sale, valued at C$73,116,747, was part of a strategy to realize value from shares acquired under a previous purchase agreement.

The most recent analyst rating on (TSE:K) stock is a Hold with a C$27.00 price target. To see the full list of analyst forecasts on Kinross Gold stock, see the TSE:K Stock Forecast page.

Kinross Gold Divests Stake in Asante Gold
Sep 25, 2025

On September 23, 2025, Kinross Gold Corporation announced the sale of its entire 5.2% stake in Asante Gold Corporation, amounting to 36,927,650 common shares, for a total of C$73,116,747. Despite this sale, Kinross remains a supportive investor in Asante through convertible instruments, representing approximately 8.4% of Asante’s outstanding shares on a partially diluted basis. The transaction was conducted as a private placement and reflects Kinross’s ongoing strategy of managing its investment portfolio, with potential future transactions dependent on market conditions and other factors.

The most recent analyst rating on (TSE:K) stock is a Hold with a C$27.00 price target. To see the full list of analyst forecasts on Kinross Gold stock, see the TSE:K Stock Forecast page.

Kinross Gold Sells Stake in Asante Gold for $46.27 Million
Sep 10, 2025

On September 8, 2025, Kinross Gold Corporation executed a significant transaction by selling 29,850,984 common shares of Asante Gold Corporation, representing approximately 4.2% of Asante’s outstanding shares. This sale, conducted through a secondary block trade, reduced Kinross’s holding in Asante from 9.4% to 5.2% on a non-diluted basis. The transaction, valued at approximately $46.27 million, was part of a strategic move to realize value from shares acquired under a previous purchase agreement. This adjustment in holdings may influence Kinross’s future investment strategies and market positioning.

The most recent analyst rating on (TSE:K) stock is a Hold with a C$27.00 price target. To see the full list of analyst forecasts on Kinross Gold stock, see the TSE:K Stock Forecast page.

Kinross Gold Sells Stake in Asante Gold
Sep 8, 2025

On September 8, 2025, Kinross Gold Corporation announced the sale of 29,850,984 common shares of Asante Gold Corporation, representing approximately 4.2% of Asante’s outstanding shares and 44.7% of the shares held by Kinross. The sale, conducted at a price of $1.55 per share, amounted to a total of C$46,269,025.20. Following this transaction, Kinross now holds 5.2% of Asante’s outstanding shares on a non-diluted basis and 13.2% on a partially diluted basis. This move is part of Kinross’s ordinary course of investments in portfolio companies, and the company may adjust its holdings based on market conditions and other factors.

The most recent analyst rating on (TSE:K) stock is a Buy with a C$25.25 price target. To see the full list of analyst forecasts on Kinross Gold stock, see the TSE:K Stock Forecast page.

Kinross Gold Amends Share Purchase Agreement with Asante Gold
Aug 11, 2025

On August 11, 2025, Kinross Gold Corporation announced an amendment to its share purchase agreement with Asante Gold Corporation, which involves Asante issuing Kinross 36,927,650 common shares and a convertible debenture. This transaction, subject to conditions being met by August 31, 2025, could increase Kinross’s ownership to 18% of Asante’s shares on a partially diluted basis. This strategic move enhances Kinross’s stake in Asante, potentially impacting its market position and stakeholder interests.

The most recent analyst rating on (TSE:K) stock is a Buy with a C$14.50 price target. To see the full list of analyst forecasts on Kinross Gold stock, see the TSE:K Stock Forecast page.

Kinross Gold’s Q2 2025 Earnings Call Highlights
Aug 2, 2025

Kinross Gold’s Q2 2025 earnings call painted a picture of robust financial health and strategic foresight. The company reported record free cash flow and significant shareholder returns, underpinned by a solid production and cost management strategy. Despite anticipated higher costs in the latter half of the year and some operational challenges, the overall sentiment remains optimistic, buoyed by promising exploration and project developments.

Kinross Gold Reports Strong Q2 2025 Results
Aug 1, 2025

Kinross Gold Corporation is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile, and Canada, focusing on responsible mining and operational excellence.

Dividends
Kinross Gold Declares Quarterly Dividend for Q2 2025
Positive
Jul 30, 2025

Kinross Gold Corporation has declared a quarterly dividend of US$0.03 per common share for the second quarter of 2025, payable on September 4, 2025. This announcement reflects the company’s commitment to providing shareholder value and may impact investor sentiment positively, especially considering the dividend’s qualification as an ‘eligible dividend’ for Canadian tax purposes.

The most recent analyst rating on (TSE:K) stock is a Buy with a C$14.50 price target. To see the full list of analyst forecasts on Kinross Gold stock, see the TSE:K Stock Forecast page.

Business Operations and StrategyStock BuybackFinancial Disclosures
Kinross Gold Achieves Record Free Cash Flow in Q2 2025
Positive
Jul 30, 2025

Kinross Gold reported strong second-quarter results for 2025, with record free cash flow of over $600 million and robust margins driving significant returns to shareholders. The company is on track to return $650 million in capital to shareholders this year, with $225 million already repurchased in shares and $300 million returned in total. Development projects are advancing as planned, with significant progress in exploration and infrastructure development across various sites, positioning Kinross well for future growth.

The most recent analyst rating on (TSE:K) stock is a Buy with a C$14.50 price target. To see the full list of analyst forecasts on Kinross Gold stock, see the TSE:K Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Oct 23, 2025