Kinross is printing record cash flow at current gold prices. With $1.9B net cash and an active buyback, expect continued capital return. The Lobo-Marte update provides long-term optionality but first production is not until early 2030s — near-term focus should be on H2 operational improvement at Round Mountain (Phase S stripping) and Great Bear permitting progress. Conference call July 30 likely provides further color.
Price Chart
Executive Summary
Kinross reported a strong Q2 2026 driven by a 37% YoY increase in realized gold prices to $4,483/oz. Revenue rose 29% to $2.24B and adjusted EPS increased 61% to $0.71, producing $727M in attributable free cash flow. Concurrently, Kinross provided a Lobo-Marte project update showing an estimated NPV of $4.3B and 26% IRR at a $4,100/oz gold price, reinforcing its long-term growth pipeline.
Key Facts
- Q2 2026 revenue $2,238.1M vs $1,728.5M in Q2 2025 (+29% YoY)
- Adjusted EPS $0.71 vs $0.44 (+61% YoY)
- Attributable free cash flow $726.8M vs $646.6M (+12% YoY)
- Attributable production 492,326 Au eq. oz., down 4% YoY
- Average realized gold price $4,483/oz vs $3,284/oz (+37% YoY)
- Cash and cash equivalents $2.7B, net cash $1.9B
- $480M in share repurchases YTD; $615M total capital returned YTD
- Lobo-Marte: estimated NPV $4.3B, IRR 26%, payback 2.3 years, AISC ~$1,000/oz
- Lobo-Marte initial capex ~$1.8B over three years, self-funded
- Guidance maintained: 2.0M Au eq. oz. (+/-5%), AISC $1,730/oz (+/-5%)
Financial Impact
Revenue increased $509.6M (+29%), EPS increased $0.28 (+65%), free cash flow up $80.2M (+12%). Lobo-Marte NPV of $4.3B vs KGC's $28.1B market cap (15% upside at project-level NPV).
Risk Factors
- Gold price decline would directly compress margins and free cash flow
- Production costs increased ~25% YoY due to inflation and higher royalties tied to gold price
- Lobo-Marte is early-stage permitting; delays or cost overruns could impact IRR
- U.S. operations (Round Mountain, Bald Mountain, Fort Knox) saw significant production declines YoY
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (KGC) — Batch item 1 | 0001171843-26-005026 |
| Document: f6k_072926.htm | 0001171843-26-005024 |
| Document: 0001171843-26-005026-index-headers.html | 0001171843-26-005026 |
| Document: 0001171843-26-005026-index.html | 0001171843-26-005026 |
| Document: 0001171843-26-005026.txt | 0001171843-26-005026 |
| 6-K Filing (KGC) — Batch item 6 | 0001171843-26-005024 |
| Document: f6k_072926.htm | 0001171843-26-005026 |
| Document: 0001171843-26-005024-index-headers.html | 0001171843-26-005026 |
| Document: 0001171843-26-005024-index.html | 0001171843-26-005026 |
| Document: 0001171843-26-005024.txt | 0001171843-26-005026 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 29, 2026 9w ago | 6-K | $23.62 $32.51 | ▲ +37.64% | ▲ +33.67% | $24.37 (+3.18%) |
Jul 29, 2026 9w ago | 6-K | $23.62 $32.51 | ▲ +37.64% | ▲ +33.67% | $24.37 (+3.18%) |
Jul 29, 2026 9w ago | 6-K | $23.62 $32.51 | ▲ +37.64% | ▲ +33.67% | $24.37 (+3.18%) |
Jul 29, 2026 9w ago | Press Release | $23.62 $32.51 | ▲ +37.64% | ▲ +33.67% | $24.37 (+3.18%) |
Jul 2, 2026 13w ago | 6-K | $24.71 $23.62 | ▼ −4.41% | ▼ −4.00% | $24.37 (−1.38%) |
Jul 2, 2026 13w ago | Press Release | $24.71 $23.62 | ▼ −4.41% | ▼ −4.00% | $24.37 (−1.38%) |
Apr 30, 2026 22w ago | Press Release | $29.55 $29.14 | ▲ +1.39% | ▲ +6.67% | $24.37 (+17.53%) |
Apr 1, 2026 26w ago | Press Release | $31.51 $30.24 | ▼ −4.03% | ▼ −13.91% | $24.37 (−22.66%) |
US Market Status
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