Q1 2026 Kinross Gold Corp Earnings Call Transcript
Key Points
- Kinross Gold Corp (KGC) delivered a fourth consecutive quarter of record free cash flow, approximately $840 million.
- The company maintained strong operating margins, outpacing the increase in gold prices.
- Production in Q1 was robust with 493,000 ounces, driven by strong performances at Tasiast and Paracatu.
- Kinross Gold Corp (KGC) continues to return significant capital to shareholders through buybacks and dividends, targeting to return approximately 40% of free cash flow in 2026.
- The company is advancing several growth projects, including Great Bear and Lobo-Marte, with key permitting milestones achieved.
- Adjusted earnings were impacted by a $65 million withholding tax expense, lowering earnings per share by $0.05.
- The company faces potential cost pressures due to elevated oil prices, with an estimated impact of $30 per ounce on full-year all-in sustaining costs.
- Production at La Coipa decreased due to a planned 16-day mill shutdown, affecting quarterly output.
- Round Mountain's production was lower due to processing lower grade stockpile feed, resulting in higher cost of sales.
- Inflationary pressures are expected to impact capital expenditure for projects like Lobo-Marte and Great Bear.
Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Kinross Gold first-quarter 2026 results conference call and webcast. I would now like to turn the call over to David Shaver, Executive Vice President.
Thank you, and good morning. In the room with us today on the call, we have Paul Rollinson, CEO; and from the Kinross senior leadership team, Andrea Freeborough, Claude Schimper, Will Dunford and Geoff Gold. For a complete discussion of the risks and uncertainties, which may lead to actual results differing from estimates contained in our forward-looking information, please refer to Page 3 of this presentation, our news release dated April 29, 2026, the MD&A for the period ended March 31, 2026, and our most recently filed AIF, all of which are available on our website. I will now turn the call over to Paul.
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