On February 18th, Kinross Gold released its fourth-quarter and full-year results. Click here to view the news release.
Highlights from the fourth-quarter and full-year include the following:
- Tasiast was the highest-margin operation in the portfolio.
- Paracatu produced over 600,000 gold ounces, its 8th consecutive year of production over 500,000 Au oz.
- La Coipa had a strong fourth quarter and met full-year production guidance.
- U.S. Operations had another solid year, with production and costs on plan.
- In 2025, Kinross returned $752.4 million to shareholders through its share buyback program and dividend. This included repurchasing $600.3 million in shares, and a 17% increase to its dividend during the year. In 2026, Kinross is targeting 40% of free cash flow to return of capital through both share buybacks and dividends.
- Kinross’ Board of Directors has approved an additional 14% increase to its quarterly dividend to $0.04 per common share, which would amount to $0.16 per common share on an annualized basis. This represents a total increase of 33% since Q3 2025.
- The Company continued to prioritize debt reduction and repaid $700 million in 2025. Kinross had net cash of $1,004.1 million, with $1,742.3 million of cash and cash equivalents and total liquidity of $3.5 billion as at December 31, 2025.
- In development, construction decisions were made at Phase X, Kettle River-Curlew and Redbird 2.
- At Great Bear, surface construction for the Advanced Exploration (“AEX”) program is 80% complete. For the Main Project, detailed engineering is approximately 35% complete, and the final submission for the federal Impact Statement is planned for the end of Q1 2026.
- At Lobo-Marte, Kinross completed baseline studies and plans to submit its Environmental Impact Assessment (“EIA”) by Q2 2026.
- Reserves and Resources: Kinross added 1.2 million Au oz. (“Moz.”) to proven and probable mineral reserves, increased measured and indicated resource estimates to 27.5 Moz. and increased inferred resource estimates to 16.6 Moz.
“2025 marked another excellent year for Kinross. We met our guidance once again, delivered robust margins, and generated record free cash flow of $2.5 billion, an 85% increase year-over-year,” said J. Paul Rollinson, CEO. “We are carrying strong momentum into 2026 and are forecasting another strong year of production of approximately 2.0 million gold equivalent ounces.”
For more information on Kinross Gold’s 2025 fourth-quarter and full-year results, view the presentation here, and listen to an archived version of our conference call and webcast here.