Robust margins drive record free cash flow of over $600 million
On track for $650 million in return of capital to shareholders in 2025
Development projects advancing on plan

TORONTO, July 30, 2025 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the second quarter ended June 30, 2025.
This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on pages 25 and 26 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

2025 second-quarter highlights:

Production1 of 512,574 gold equivalent ounces (Au eq. oz.).
Production cost of sales2 of $1,080 per Au eq. oz. sold and attributable production cost of sales1 of $1,074 per Au eq. oz. sold.
Attributable all-in sustaining cost1 of $1,493 per Au eq. oz. sold.
Operating cash flow3 of $992.4 million.
Attributable free cash flow1 record of $646.6 million.
Margins4 increased by 68% to $2,204 per Au eq. oz. sold compared with Q2 2024, significantly outpacing the rise in the average realized gold price.
Reported earnings5 of $530.7 million, or $0.43 per share, with adjusted net earnings6 of $541.0 million, or $0.44 per share.
On track to meet annual guidance: On an attributable basis1, Kinross expects to produce 2.0 million Au eq. oz. (+/- 5%) at a production cost of sales per Au eq. oz.1 of $1,120 (+/- 5%) and all-in sustaining cost1 of $1,500 (+/- 5%) per ounce sold. Total attributable capital expenditures1 are forecast to be $1,150 million (+/- 5%).
Cash and cash equivalents of $1,136.5 million, and total liquidity7 of approximately $2.8 billion at June 30, 2025, as both increased significantly quarter-over-quarter.
Return of capital to shareholders:

Since reactivating its share buyback program in April 2025, the Company has re-purchased approximately $225 million in shares to date of the $500 million minimum planned for 2025.
Including its quarterly dividend, Kinross has returned approximately $300 million in capital to shareholders year-to-date.
Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on September 4, 2025, to shareholders of record at the close of business on August 21, 2025.
Operations highlights:

Paracatu continued its strong performance and was the highest producing mine in the portfolio.
The Tasiast mill is performing well and on track to meet full-year guidance. Mining at the Fennec satellite deposit has commenced.
Bald Mountain had a strong quarter, with higher production and lower cost of sales per ounce sold both quarter-over-quarter and year-over-year.
Development and exploration projects:

Great Bear’s Advanced Exploration (AEX) program is progressing on schedule, with construction of surface facilities well underway. For the Main Project, detailed engineering for key infrastructure is advancing well and initial procurement activities have commenced.
At Round Mountain Phase X, the exploration decline has advanced, with over 4,500 metres developed to date. Underground drilling has progressed well, with results showing strong widths and grades in both the upper and lower exploration targets, and indicating continuation of mineralization down dip outside the original exploration target. Technical studies and detailed engineering are also progressing well.
At Curlew, drilling continues to intersect high grades and strong widths that could support high-margin production. Extension of the underground declines to target additional high-grade zones is also progressing with over 800 metres developed year-to-date.
At Lobo-Marte, the dedicated project team continues to progress baseline studies to support permitting.
CEO commentary:
J. Paul Rollinson, CEO, made the following comments in relation to 2025 second-quarter results:

“Our portfolio of mines continued to perform well during the quarter contributing to a strong first half of the year and positioning us well to achieve our full-year guidance. The Company delivered a 21% increase in margins of $2,204 compared with Q1 2025, outpacing the 15% increase in the gold price over the same period. We also delivered record free cash flow of approximately $650 million, which increased by 74% compared with the previous quarter.

“Since reactivating our share buyback program earlier this year, we have repurchased $225 million in shares of the $500 million planned for the year, while maintaining our quarterly dividend and significantly strengthening our investment-grade balance sheet.

“We are excited about our pipeline of high-quality development and exploration projects, all of which progressed well during the quarter. We have strong optionality in our substantial resource base and are focused on drilling, technical studies and permitting to advance longer-dated projects into our production profile to extend mine life, with a focus on driving margin growth.

“We are also pleased to have released our 2024 Sustainability Report during the quarter, which provides a transparent and comprehensive account of our reporting in this important area. We continue to be focused on sustainability across all aspects of our business, from operations and growth projects, to exploration and strategic priorities.”

Summary of financial and operating results
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Kinross declares quarterly dividend
July 30, 2025
TORONTO, July 30, 2025 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K; NYSE: KGC) (the “Company”) today announced that the Company’s Board of Directors has declared a dividend of US$0.03 per common share for the second quarter of 2025.

The dividend is payable on September 4, 2025, to shareholders of record as of the close of business on August 21, 2025. This dividend qualifies as an “eligible dividend” for Canadian income tax purposes while dividends paid to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.