Canada's Kinross Gold Q3 revenue falls on lower production

Kinross Gold

28/10/2026 21:11

Overview
Canada gold miner's Q3 revenue fell 2% yr/yr on lower production
Company raised return of capital target to 50% of free cash flow, repurchased 5% of shares since April 2025

Outlook
Kinross says it remains on track for its updated 2026 guidance
Company increased 2026 return of capital commitment to 50% of free cash flow
Kinross targets first production at Lobo-Marte in the early 2030s

Result Drivers
LOWER PRODUCTION - Co said Q3 production fell due to planned lower output from Fort Knox and Bald Mountain, and reduced production at La Coipa and Round Mountain
HIGHER GOLD PRICES - Co said improved margins and adjusted net earnings were driven by a 23% yr/yr increase in average realized gold price
INCREASED COSTS - Co said production cost of sales rose due to higher energy, contractor and reagent costs, lower production, and increased royalty costs from higher gold prices

Company press release: ID:nGNXYh6CY

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Metal Sales
 
$1.77 bln
 
Q3 EPS
 
$0.49
 
Q3 Adjusted Net Income
 
$591.3 mln
 
Q3 Capex
 
$439.6 mln
 
Q3 Free Cash Flow
 
$281.30 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the gold peer group is "buy"
Wall Street's median 12-month price target for Kinross Gold Corporation is C$53.00, about 64% above its October 27 closing price of C$32.31
The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 7 three months ago

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Oct 28 - Canada's Amerigo Resources Q3 net income surges on higher copper prices

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)