Earnings
Kinross to announce Q1 results on April 29, 2026
Kinross maps a steady 2 Moz annual output through 2027 while expanding a high-conviction U.S. growth slate and maintaining aggressive capital returns
Executive Summary
- Chronology and momentum from oldest to latest
- 2025-04-02 to 2026-04-01: Kinross releases a string of updates spanning quarterly results, project updates, capital allocation, and permitting progress, culminating in the 2026 Q1 results timetable.
- 2025-04-14 to 2025-11-04: Operational highlights and capital returns strengthen the narrative: suspension at Tasiast mill briefly (no guidance change), quarterly dividends initiated/increased, debt reductions completed, Moody’s upgrade to Baa2, and ongoing share repurchase activity.
- 2025-12-04: Moody’s upgrades Kinross to Baa2 with stable outlook; ongoing balance-sheet strength affirmed.
- 2026-01-08 to 2026-01-15: Kinross announces construction progress for Round Mountain Phase X, Curlew, and Bald Mountain Redbird 2; Great Bear designation 1P1P; Lobo-Marte baseline work and EIA planning.
- 2026-02-18: Kinross reports Q4 2025 and full-year 2025 results with solid margins, record full-year free cash flow, and guidance for 2026 (2.0 million attributable Au eq. oz.; 2026 capex guidance ~$1.5B; increased AISC/COGS guidance; dividend and buyback cadence reiterated).
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2026-04-01: Kinross to announce Q1 2026 results on April 29, 2026, with a conference call on April 30 and the virtual annual meeting on April 30. This is a schedule-update rather than a new earnings result.
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Key takeaways from the sequence
- Kinross has delivered a strong 2025 with roughly 2 Moz of attributable production, robust free cash flow, and a disciplined capital-return policy (dividends plus buybacks).
- The company is pursuing a substantive growth slate, notably in Round Mountain Phase X, Curlew, Bald Mountain Redbird 2 (3 high-return U.S. growth projects) with attractive economics and 2028–2038 life-of-mine production potential.
- Great Bear and Lobo-Marte remain cornerstone development assets, with permitting progress (1P1P designation for Great Bear’s provincial component; federal process advancing toward completion).
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2026 guidance maintains a 2 Moz production profile, with higher input costs (royalties, inflation) largely offset by margin discipline and project-level optimization; capital allocation targets include ~40% of free cash flow to shareholders (dividends and buybacks).
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Financial and project context through the period
- Financial strength: Record free cash flow in 2025, net cash near $1B, and total liquidity ~ $3.5B after 2025 actions; Moody’s upgrade supports a stronger credit stance.
- Projects: Three U.S. growth projects (Round Mountain Phase X, Curlew, Redbird 2) progressing toward construction with compelling economics; Phase X and Curlew provide high-margin production opportunities; Redbird 2 adds anchor pits with satellite pits; combined projected LOM production ~3 million Au eq oz (2028–2038 window) with robust payback metrics.
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Resources and reserves: Reserve price and resource price updates reflect a higher gold price environment; sizable M&I and inferred resource base supports long-term optionality and pipeline resilience.
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Bottom-line on the most recent item
- The 2026-04-01 item is a routine schedule disclosure (Q1 results date) rather than a material new data point. It aligns with Kinross’ prior cadence and expectations (ongoing investor communications, Q1 results timing, annual meeting). It is not a material earnings surprise or operational update by itself.
Material Impact
- Materiality of the most recent news (2026-04-01): Neutral
- Rationale: It is a standard earnings-release scheduling notice. It does not alter guidance, capital plans, or project timelines. It is consistent with Kinross’ disclosed cadence and the company’s longer-range guidance (2.0 Moz per year; ongoing capital returns; permitting and project updates slated for later in 2026).
- Alignment with prior expectations
- Consistent with the 2025 results and 2026 guidance discussed in February 2026 (Q4 2025 results release, 2026 guidance, and the three-U.S.-growth-project push). Notably, it follows through on the planned capital-return emphasis (40% of free cash flow) and the expansion of the project slate, while awaiting Great Bear/Lobo-Marte progress.
- Improvements or misses
- No miss implied by scheduling news. The real material items in the period remain the 2025 outturn, 2026 guidance, and progress on key projects and permitting. This news simply communicates the timing for the next earnings call and annual meeting.
K · Price
Company Overview
- Company overview
- Kinross Gold is a large, diversified gold miner with a global portfolio (Tasiast in Mauritania; Paracatu in Brazil; Round Mountain, Bald Mountain, and U.S. assets; La Coipa in Chile; Fort Knox and U.S. operations). It has an active development and growth pipeline, with a strong track record of cash flow generation and capital returns.
- 2025 results showed production around 2.0 million Au eq. oz, strong margins, and record free cash flow; the company reaffirmed a stable multi-year production profile (2.0 Moz/year through 2027 and beyond) and a path to add higher-grade production via U.S. projects.
- Flagship project/pipeline
- Flagship development projects: Great Bear (Ontario) and Lobo-Marte (Chile) are the high-profile, world-class development assets; Three major U.S. growth projects announced January 2026: Round Mountain Phase X, Curlew (Kettle River-Curlew), and Bald Mountain Redbird 2. These three are assessed to deliver ~3 million ounces of life-of-mine production (2028–2038) with attractive economics and quick payback.
- U.S. growth strategy also includes the Phase X/CURLEW/Redbird 2 pack with a combined post-tax NPV in the low billions at stressed gold price levels; the group aims to self-fund these with operating cash flow.
- Progression and alignment
- Great Bear is advancing through permitting under a streamlined framework (1P1P) while federal processes are progressing; Lobo-Marte is moving toward EIA submission. In the nearer term, the Round Mountain Phase X, Curlew, and Redbird 2 projects are moving into construction, supported by a strong margin backdrop.
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