KGC

A month has gone by since the last earnings report for Kinross Gold (KGC). Shares have added about 37.6% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Kinross Gold due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Kinross Gold Corporation before we dive into how investors and analysts have reacted as of late. Kinross reported adjusted earnings of 71 cents per share for the second quarter of 2026, up 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents. Revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion. Higher realized gold prices supported the sales increase and helped offset lower attributable gold-equivalent production. Kinross produced 492,326 attributable gold-equivalent ounces in the reported quarter, down 4% from 512,574 ounces in the prior-year period. Consolidated production totaled 501,341 gold-equivalent ounces. The attributable production figure was below our estimate of 497,365. The average realized gold price was $4,483 per ounce, up 36.5% from $3,284 per ounce in the second quarter of 2025. The improvement in gold pricing was the primary driver of the company’s year-over-year revenue growth. The figure was lower than our estimate of $4,598 per ounce. Production cost of sales per gold-equivalent ounce sold increased 25.2% year over year to $1,352. The rise resulted mainly from higher fuel expenses, increased royalties associated with stronger gold prices and elevated labor costs. This was above our estimate of $1,291.Attributable AISC per gold-equivalent ounce sold rose 22% to $1,821 from $1,493. This was above our estimate of $1,625. Despite higher costs, margin per gold-equivalent ounce sold increased 42.1% to $3,131 from $2,204, reflecting the benefit of significantly higher realized gold prices. Cash and cash equivalents were $2.7 billion at the end of the second quarter. Kinross added around $470 million to its cash position during the quarter after returning more than $275 million to shareholders. Long-term debt was $738.8 million as of June 30, 2026. Capital expenditures increased to $411 million from $306.1 million a year ago due to higher development spending across several growth projects. Kinross remains on track to meet its 2026 annual guidance. The company expects attributable production of 2 million gold-equivalent ounces (+/- 5%).Production cost of sales is projected at $1,360 per gold-equivalent ounce sold (+/- 5%). Attributable AISC is forecast at $1,730 per ounce sold (+/- 5%).Total attributable capital expenditures are expected to be $1.5 billion (+/- 5%). The spending plan supports the advancement of Great Bear, Round Mountain Phase X, Curlew, Bald Mountain Redbird and other development initiatives.The company also remains on track to return 40% of its 2026 free cash flow to shareholders. Kinross repurchased $480 million of shares during the first half and an additional $40 million in July. Including dividends, it had returned approximately $615 million to shareholders year to date as of July 29, 2026. It turns out, estimates revision have trended downward during the past month. The consensus estimate has shifted -13.26% due to these changes. At this time, Kinross Gold has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Following the exact same course, the stock was allocated a score of B on the value side, putting it in the second quintile for value investors. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Kinross Gold has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months. Kinross Gold is part of the Zacks Mining - Gold industry. Over the past month, Newmont Corporation (NEM), a stock from the same industry, has gained 38.2%. The company reported its results for the quarter ended June 2026 more than a month ago. Newmont reported revenues of $6.12 billion in the last reported quarter, representing a year-over-year change of +15.1%. EPS of $2.10 for the same period compares with $1.43 a year ago. For the current quarter, Newmont is expected to post earnings of $1.88 per share, indicating a change of +9.9% from the year-ago quarter. The Zacks Consensus Estimate has changed -5.2% over the last 30 days. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Newmont. Also, the stock has a VGM Score of A. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kinross Gold Corporation (KGC) : Free Stock Analysis Report Newmont Corporation (NEM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Franco-Nevada Corporation FNV reported adjusted earnings of $1.81 per share in the second quarter of 2026, up 46% year over year. However, the bottom line missed the Zacks Consensus Estimate of $1.95.Revenues climbed 57.3% year over year to $581 million, aided by stronger precious metal and oil prices, and higher contributions from several assets. Gold-equivalent ounces (GEOs) sold increased 18.1% to 132,405. Franco-Nevada Corporation price-consensus-eps-surprise-chart | Franco-Nevada Corporation Quote Revenues from Precious Metal assets totaled $498.7 million in the reported quarter, up from $304 million a year ago. These assets accounted for 86% of the quarterly revenues, comprising 70% of gold, 14% of silver and 2% of platinum group metals. Precious Metal GEOs sold increased 23.4% year over year to 114,111. Results benefited from higher deliveries from Antapaccay, Antamina, South Arturo and Musselwhite, along with incremental contributions from Côté Gold, Casa Berardi, Valentine and Porcupine. Adjusted EBITDA advanced 44.8% year over year to $529.7 million. However, the adjusted EBITDA margin declined to 91.2% from 99% in the year-ago quarter. Gross profit rose to $451 million from $271.9 million.Adjusted net income increased to $349.2 million from $238.5 million a year earlier. The adjusted net income margin was 60.1%, down from 64.6% in the prior-year quarter, indicating that the sharp revenue increase did not translate into comparable margin expansion. As of June 30, 2026, Franco-Nevada had $1.01 billion in cash and cash equivalents, up from $0.67 billion at the end of 2025. The company generated an operating cash flow of $482.5 million in the second quarter, up 12% year over year.The company remained debt-free and had $4.3 billion in available capital at the end of the quarter. Franco-Nevada uses its free cash flow to expand its portfolio and pay out dividends. FNV expects total GEO sales of 510,000-570,000 for 2026 and is tracking toward the upper half of this range. The company sold 268,758 GEOs during the first half. Production is expected to be weighted toward the second half, reflecting anticipated production profiles at Candelaria, Tocantinzinho, Côté Gold, Greenstone and Valentine.The outlook also incorporates anticipated deliveries from the processing of stockpiled ore at Cobre Panamá. Franco-Nevada expects stream deliveries from Cobre Panamá to total 23,100 gold ounces and 265,000 silver ounces, with deliveries expected to begin in the third quarter. The company’s shares have gained 32.7% in the past year compared with the industry’s growth of 52%. Image Source: Zacks Investment Research Franco-Nevada currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Kinross Gold Corporation KGC reported adjusted earnings of 71 cents per share for the second quarter of 2026, surging 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%.Kinross Gold’s revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%.Agnico Eagle Mines Limited AEM posted second-quarter 2026 earnings of $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89. Agnico Eagle Mines generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.Newmont Corporation NEM reported second-quarter 2026 adjusted earnings of $2.10 per share, up 46.9% from $1.43 in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05.  Newmont’s revenues for the second quarter were $6.12 billion, up 15.1% from the prior-year quarter. The figure missed the Zacks Consensus Estimate of $6.35 billion. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Franco-Nevada Corporation (FNV) : Free Stock Analysis Report Newmont Corporation (NEM) : Free Stock Analysis Report Kinross Gold Corporation (KGC) : Free Stock Analysis Report Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Barrick Mining Corporation B recorded profits (on a reported basis) of $1,217 million or 73 cents per share for second-quarter 2026, up 50% from $811 million or 47 cents per share in the year-ago quarter. Barring one-time items, adjusted earnings per share were 82 cents. The figure beat the Zacks Consensus Estimate of 81 cents and increased around 74% year over year. Barrick recorded total sales of $5,292 million, up 44% year over year. The top line surpassed the Zacks Consensus Estimate of $4,487.7 million. Barrick Mining Corporation price-consensus-eps-surprise-chart | Barrick Mining Corporation Quote Total gold production was 796,000 ounces in the reported quarter, essentially flat year over year compared with 797,000 ounces. The metric beat the consensus estimate of 764,000 ounces. The average realized price of gold was $4,417 per ounce in the quarter, up around 34%. The cost of sales increased around 20% year over year to $1,993 per ounce. All-in-sustaining costs (AISC) rose around 11% to $1,866 per ounce in the quarter. At the end of the quarter, Barrick had cash and cash equivalents of $5,927 million, up 23% from the prior-year quarter. The company’s total debt was $4,682 million at the end of the quarter, down around 1% year over year. The operating cash flow was $1.7 billion for the quarter, up 28% year over year, whereas the free cash flow was $515 million, up 30%. For 2026, Barrick continues to anticipate attributable gold production in the range of 2.9-3.25 million ounces. The company reduced total attributable capital expenditure guidance to $3.8-$4.2 billion from $4-$4.45 billion previously. AISC is projected at $1,760-$1,950 per ounce for 2026. Cash costs per ounce are forecast to be $1,330-$1,470. The company also expects cost of sales of $1,870-$2,070 per ounce. Barrick expects copper production of 190,000-220,000 tons at AISC of $3.45-$3.75 per pound, C1 cash costs of $2.20-$2.45 per pound and cost of sales of $3.05-$3.35 per pound for 2026. Barrick’s shares have gained 68.2% in the past year compared with the 51.1% rise of the industry. Image Source: Zacks Investment Research B currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Newmont Corporation NEM reported second-quarter adjusted earnings of $2.10 per share, up 46.9% from $1.43 reported in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05. Newmont remains on track to achieve its previously announced 2026 guidance. NEM expects attributable gold production of approximately 5.26 million ounces. Kinross Gold Corporation KGC reported adjusted earnings of 71 cents per share for the second quarter, up 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%. Kinross remains on track to meet its 2026 annual guidance. KGC expects attributable production of 2 million gold-equivalent ounces (+/- 5%). Agnico Eagle Mines Limited AEM reported second-quarter adjusted earnings of $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89. For full-year 2026, AEM expects gold production near the lower end of its guidance of 3.3 million to 3.5 million ounces, reflecting the preliminary redesign of the Barnat open pit at Canadian Malartic. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Barrick Mining Corporation (B) : Free Stock Analysis Report Newmont Corporation (NEM) : Free Stock Analysis Report Kinross Gold Corporation (KGC) : Free Stock Analysis Report Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Agnico Eagle Mines Limited AEM delivered better-than-expected earnings in the second quarter on higher realized gold prices, but it remains mired in headwinds from higher costs. Its all-in sustaining costs (AISC) — the most important cost metric of miners — were $1,459 per ounce in the second quarter, marking a roughly 14% year-over-year rise, impacted by higher total cash costs and an uptick in sustaining capital expenditures. Total cash costs per ounce for gold were $1,054, 14% higher than $925 a year ago. Total cash costs rose due to increased royalty costs, higher labor and energy costs and lower production. While Agnico Eagle is taking action to control costs, inflationary pressures are likely to continue, weighing on its overall financial performance. Maintaining cost discipline to sustain margin expansion will be crucial for the company.AEM forecasts total cash costs per ounce in the range of $1,020 to $1,120 and AISC per ounce between $1,400 and $1,550 for 2026, suggesting a year-over-year increase at the midpoint of the respective ranges. Cash costs are expected to increase in 2026, partly due to higher royalty costs, cost inflation (including higher labor and electricity costs) and lower grades across certain mines. Higher production costs warrant caution, as they will likely weigh on AEM’s profitability. Among AEM’s peers, Newmont Corporation NEM saw a roughly 22% year-over-year increase in AISC on a co-product basis in the second quarter, reaching $1,938 per ounce. NEM’s costs applicable to sales (CAS) rose 20% year over year. Newmont projects gold by-product CAS of $1,055 per ounce and gold by-product AISC of $1,680 per ounce. Kinross Gold Corporation KGC also saw higher production costs in the June quarter. KGC’s second-quarter attributable AISC was $1,821 per ounce, marking a 22% increase from the year-ago quarter. Kinross expects AISC to be $1,730 per ounce (+/-5%) in 2026, indicating a year-over-year increase from $1,571 per ounce in 2025. Shares of Agnico Eagle have gained 33.3% in a year compared with the Zacks Mining – Gold industry’s rise of 49.3%. Image Source: Zacks Investment Research From a valuation standpoint, AEM is currently trading at a forward 12-month earnings multiple of 15.61, a roughly 29.7% premium to the industry average of 12.04X. It carries a Value Score of D. Image Source: Zacks Investment Research The Zacks Consensus Estimate for AEM’s 2026 and 2027 earnings implies a year-over-year rise of 41.2% and a decline of 1.8%, respectively. The EPS estimates for 2026 and 2027 have been trending lower over the past 60 days. Image Source: Zacks Investment Research AEM stock currently carries a Zacks Rank #5 (Strong Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report Newmont Corporation (NEM) : Free Stock Analysis Report Kinross Gold Corporation (KGC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Wheaton Precious Metals Corp. WPM reported adjusted earnings of $1.19 per share for second-quarter 2026, beating the Zacks Consensus Estimate of $1.15 by 3.48%. Adjusted earnings per share increased 89.7% year over year. Revenues rose 84.7% year over year to $929 million and surpassed the consensus estimate of $877 million by 5.98%. Revenue growth reflected a 61% increase in the average realized gold-equivalent price and a 14% rise in gold-equivalent ounces (GEOs) sold. The company sold 209,115 GEOs in the quarter, up 14.4% from the year-ago period. Gold contributed 46% to quarterly revenues, while silver accounted for 52%. Palladium represented 0.3% and cobalt contributed 2%. In second-quarter 2026, the average realized gold price was $4,452 per ounce, up 34.2% from the year-ago quarter. Silver prices were $73.41 per ounce, increasing 115.6% year over year. Palladium prices rose 43.5% from the prior-year quarter to $1,429 per ounce. Cobalt prices increased 50.2% year over year to $27.93 per pound. Wheaton Precious Metals Corp. price-consensus-eps-surprise-chart | Wheaton Precious Metals Corp. Quote Gold production in the second quarter was 90,434 ounces, down 2.6% year over year. The figure missed our gold production projection of 98,995 ounces for the quarter. Silver production rose 14.5% year over year to 6.4 million ounces, which came in higher than our estimate of 5.9 million ounces. Attributable gold-equivalent production in the quarter was 202,229 ounces, up 6.3% from the prior-year quarter’s output of 190,179 ounces. Our projection was 201,920 ounces. The total cost of sales increased 60.7% year over year to around $241 million in the second quarter. Gross profit rose 94.8% to $688 million. The gross margin was 74% in the reported quarter compared with 70.2% in the prior-year quarter.General and administrative expenses increased 2.8% year over year to $11 million. Earnings from operations were $667 million, up 102.3% from the $330 million reported in the prior-year quarter.Average cash costs in the second quarter of 2026 were $568 per GEO, up from $406 in the year-ago quarter. The cash operating margin increased 65% year over year to $3,875 per GEO sold due to a higher realized price per ounce. WPM had $0.1 billion in cash in hand at the end of second-quarter 2026 compared with $1.15 billion at the end of 2025. The company reported an operating cash flow of $649.5 million in the second quarter of 2026 compared with $415 million in the year-ago quarter. WPM maintained its 2026 production guidance of 860,000-940,000 GEOs. The outlook includes 400,000-430,000 ounces of gold, 27-29 million ounces of silver and 19,000-21,000 GEOs of other metals. The company expects production to be weighted to the second half, helped by mine sequencing at Salobo and Peñasquito, the full Antamina contribution, and continued ramp-up of newer assets.The development pipeline also continues to advance. Blackwater's Phase 1A expansion was 57% complete at the end of the quarter and remains scheduled for commissioning in the fourth quarter of 2026. Koné targets first gold in late fourth-quarter 2026, while Platreef expects commercial production in the fourth quarter. WPM continues to forecast production of 1.2 million GEOs by 2030. WPM shares have gained 38.5% in the past year compared with the industry’s 48.9% growth. Image Source: Zacks Investment Research Wheaton Precious currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Kinross Gold Corporation KGC reported adjusted earnings of 71 cents per share for the second quarter of 2026, surging 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%.Kinross Gold’s revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%. Agnico Eagle Mines Limited AEM posted second-quarter 2026 earnings of $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89. Agnico Eagle Mines generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.Newmont Corporation NEM reported second-quarter 2026 adjusted earnings of $2.10 per share, up 46.9% from $1.43 in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05.  Newmont’s revenues for the second quarter were $6.12 billion, up 15.1% from the prior-year quarter. The figure missed the Zacks Consensus Estimate of $6.35 billion. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wheaton Precious Metals Corp. (WPM) : Free Stock Analysis Report Newmont Corporation (NEM) : Free Stock Analysis Report Kinross Gold Corporation (KGC) : Free Stock Analysis Report Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Thursday, July 30, 2026 at 8:00 a.m. ET Executive Vice President - David Shaver Chief Executive Officer - Paul Rollinson Chief Financial Officer - Andrea Freeborough Chief Operating Officer - Claude Schimper Incoming Chief Operating Officer - Bernard Wessels Operator: Thank you for standing by, and welcome to the Kinross Gold Second Quarter 2026 Results Conference Call and Webcast. [Operator Instructions] Thank you. I'd now like to turn the call over to David Shaver, Executive Vice President. You may begin. David Shaver: 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; Geoff Gold; and Bernard Wessels, our incoming Chief Operating Officer. 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 July 29, 2026; the MD&A for the period ending June 30, 2026; and our most recently filed AIF, all of which are available on our website. I will now turn the call over to Paul. J. Rollinson: Thanks, David, and thank you all for joining us. This morning, I will discuss our second quarter results, provide high-level updates from across our portfolio, comment on sustainability achievements and confirm our outlook. I will then hand the call back over to the team to provide further details. Before we begin discussing the quarter, I would like to highlight some changes to our senior leadership team. I'm pleased to announce the appointment of Bernard Wessels as Chief Operating Officer, succeeding Claude Schimper, who will be retiring later this year. Claude has been an integral part of Kinross for more than 16 years, including the past 5 years on our senior leadership team and 4 years as COO. During his tenure, he has led our operations with a steadfast commitment to safety, operational excellence and continuous improvement, helping to deliver meaningful and lasting benefits across the business. To ensure a seamless transition, Claude will remain with the company for a period of time, working closely with Bernard. On behalf of the Board and the entire Kinross team, I would like to thank Claude for his outstanding leadership and many contributions to the company and wish him all the best in his retirement. Bernard brings more than 25 years of mining experience, having held increasing senior operational and leadership roles at Sibanye-Stillwater, Harmony Gold, Anglo American Platinum JV, and most recently, Newmont. We are excited to welcome Bernard to Kinross and look forward to leveraging his extensive operational leadership. Turning now to our second quarter results. Following a strong Q1, we delivered a strong Q2, establishing an excellent first half and positioning us well to achieve our full year guidance. We continue to hold the line on costs and delivered strong operating margins. As a result, we delivered free cash flow of over $725 million in Q2 and over $1.5 billion in the first half of this year. Our business is in excellent shape, and our pipeline of growth projects, including Great Bear and Lobo-Marte, continue to advance well. Our financial position and cash flow outlook remains excellent. And in Q2, we continue to return additional capital to our shareholders through both buybacks and our quarterly dividend, in keeping with our target to return 40% of our free cash flow. In terms of operations, Q2 was another strong quarter, with production of 492,000 ounces. Both Tasiast and Paracatu were key contributors and together accounted for more than half of our production, driving significant free cash flow. With regards to our projects, we continue to make strong progress across the portfolio. In the U.S., the team continues to advance our 3 new high-quality projects at Phase X, Redbird and Curlew. At Great Bear, both the advanced exploration and the main project are progressing well. In terms of AEX, with the remaining permits in place, we recently completed the first blast of the exploration decline. And with respect to the main project, both detailed engineering and permitting are advancing well. We continue to work with the authorities as they progress their review of the impact statement. We also continue to engage with local stakeholders and indigenous partners through regular community meetings, ongoing collaboration and transparent communication. Moving across to Chile. As a reminder, we submitted the Lobo-Marte environmental impact assessment in March, marking an all-important milestone and formally launching the permitting process. Subsequently, in May, we welcomed the newly elected President of Chile, President Kast, to our local offices in Copiapo. During his visit, he acknowledged Kinross's long-standing commitment to the Atacama region and declared his support for our development plans in the region, including our world-class project, Lobo-Marte. We appreciate President Kast's support for the responsible operation and the development of our assets in the region. And last night, we announced an update on Lobo-Marte, an excellent high-quality asset in our portfolio with a strong production profile, low cost structure and excellent economics. Will is going to elaborate on this later in the call. Turning now to sustainability. We published our annual sustainability report in the second quarter. This report provides a comprehensive update on our achievements and plans going forward. A key highlight for me was in Mauritania. In June, we delivered humanitarian support to remote farming communities facing food insecurity due to drought and rising transportation costs. Turning now to our outlook. Following a strong first half, we remain on track to meet our full year production, cost and capital guidance. As we highlighted last quarter, we continue to benefit from an attractive relative cost position, supported by our disciplined approach to managing cost pressures through input cost hedging, productivity initiatives and our grade enhancement strategy. Looking ahead, we remain focused on continued operational execution, cost management and capital allocation and continued advancement of our high-quality resource base. Our focus is to continue to generate strong margins, robust free cash flow and long-term value for all our shareholders. With that, I will now turn the call over to Andrea. Andrea Freeborough: Thanks, Paul. This morning, I'll review our financial highlights from the second quarter, provide an overview of our balance sheet and return of capital and comment on our outlook. As Paul noted, Q2 was another strong quarter for us. We produced 492,000 gold equivalent ounces as planned. Q2 cost of sales of $1,336 per ounce and all-in sustaining costs of $1,821 per ounce were also on plan. Margins were robust at over $3,100 per ounce. Our adjusted earnings were $0.71 per share, and our adjusted operating cash flow was again over $1.1 billion. Attributable free cash flow was $727 million after $406 million in capital expenditures and $327 million in tax payments. Turning now to our balance sheet. In the second quarter, we continued to strengthen our financial position, adding over $470 million in cash after returning $275 million to shareholders. We ended the quarter with new records of $2.7 billion in cash and $1.9 billion in net cash. With respect to our return of capital, as a reminder, we're targeting a 40% return of free cash flow through a combination of dividends and share buybacks. Our shares continue to remain a strong return on invested capital, considering our attractive valuation and free cash flow yield. In Q2, we repurchased a total of 7.9 million shares for $230 million and continued to pay our quarterly dividend of approximately $50 million. Combined, our total return of capital in the first half represented approximately 37% of our attributable free cash flow, and we remain on track to achieve our 2026 target of 40%. Subsequent to quarter end, we repurchased an additional $40 million of shares. I'm also pleased to report that since resuming our share buybacks in Q2 2025, we've repurchased over $1.1 billion in shares, representing approximately 4% of our outstanding share count. And including our quarterly dividends, we have returned approximately $615 million to date in 2026 and approximately $1.4 billion since the start of 2025. These results reflect the strength of our cash flow generation and our ongoing commitment to delivering meaningful returns to shareholders while further strengthening our balance sheet. Turning now to our guidance. Following a strong first half, we remain solidly on track to deliver approximately 2 million ounces and a cost of sales of $1,360 per ounce and an all-in sustaining cost of $1,730 per ounce. And we're also on track with our capital guidance in the range of $1.5 billion. On production, we'd expect the third quarter to be in line with the first 2 quarters as we continue to transition to Phase X at Round Mountain, and we expect the fourth quarter to be higher. In terms of our operating costs, as we look to the second half of the year, we expect costs to be modestly higher, reflecting a greater contribution from our U.S. operations. For the full year, we'd expect to be in line with our cost guidance. As Paul noted earlier, through our disciplined cost management, we're starting from a competitive cost position relative to our peers. We remain focused on managing costs in order to maintain strong margins and free cash flow generation. In the near to medium term, our fuel hedging program continues to provide meaningful protection against higher oil prices, with significant hedges in place through both 2026 and 2027. I would also reiterate that the fuel cost sensitivities we outlined with our first quarter results remain unchanged and the impact on our overall cost structure remains manageable and within our guidance ranges. As a reminder, our guidance was based on $70 oil. For every $10 per barrel change in oil price, we expect an impact of approximately $10 per ounce, with a potential additional $4 per ounce from secondary impacts such as freight and other consumables as oil markets continue to be volatile. Provided context, if the recent oil prices persist through the remainder of the year, the impact on all-in sustaining costs would be less than 2%. On the supply side, we continue to receive regular deliveries of fuel and other key consumables, and we've not experienced any supply disruptions across our operations. Looking forward, our grade enhancement strategy is expected to provide organic offsets to inflationary pressures and contribute a stronger cost profile over time. For example, both Phase X and Curlew are expected to begin contributing higher-grade ounces to our production profile starting in 2028. And our 2 world-class development projects, Great Bear and Lobo-Marte, are expected to be contributing a total of approximately 850,000 ounces per year of high-grade, low-cost ounces to our future production profile. With that, I'll now turn the call over to Claude. Claude J. Schimper: Thank you, Andrea. I'd like to start with our safety culture. This quarter, we continued to invest in protecting our people through proactive training initiatives which promote our Safeground brand. Our critical risk management program continues to mature across our operations, with leaders engaging effectively with the workforce and verifying critical controls for high-risk tasks. Turning now to our operations. Starting with Paracatu, the mine had an outstanding quarter, with strong production driving significant free cash flow. Production of 158,000 ounces and a cost of sales of $1,108 per ounce were in line with the prior quarter. Paracatu remains on track to meet its guidance of 600,000 ounces at a target cost of sales of $1,240 per ounce. Tasiast had another strong quarter. Production of 133,000 ounces increased over the prior quarter due to higher throughput with a cost of sales of $990 per ounce, in line with the prior quarter. Tasiast remains on track to meet its guidance of 505,000 ounces at a target cost of sales of $1,050 per ounce. At La Coipa, we produced 59,000 ounces at a cost of sales of $1,395 per ounce. Production increased over the prior quarter due to planned higher grades and throughput. Cost of sales decreased over the prior quarter due to higher production. Before I move on, I'd like to acknowledge the recent severe winter storm in Northern Chile. Our thoughts are with the local communities and our employees who were affected by this event. While we experienced some impact, La Coipa remains on track to achieve its annual guidance of 210,000 ounces at a target cost of sales of $1,320 per ounce. Moving to our U.S. operations. Production was lower quarter-over-quarter as we ramp up all mining at Round Mountain Phase S in the second half of the year. Combined, the U.S. sites delivered production of 142,000 ounces with cost of sales of $1,871 per ounce. At Fort Knox, production of 95,000 ounces was in line with the prior quarter. Cost of sales of $1,596 per ounce was lower compared to the prior quarter due to the timing of ounces processed through the mill. At Bald Mountain, production of 27,000 ounces was in line with the prior quarter. Cost of sales of $1,770 per ounce was lower due to the ramp-up of capital stripping at Redbird in Q2 and higher ounces placed on the heap leach pads. At Round Mountain, we are currently in a stage of higher waste mining and lower-grade, lower-volume ore supply as we are stripping Phase S. Higher-grade, higher recovery ore is expected from Phase S in the second half of the year. Turning to a spotlight on our overall performance. At Kinross, we have a strong culture of continuous improvement and innovation embedded throughout the business, with each site having a dedicated team in place to evaluate, implement and sustain increased efficiencies and cost management practices. I would like to list a few highlights of these projects to demonstrate how they help offset inflationary and cost pressures. Starting with Paracatu, the recovery improvement projects which have been in the works for the last couple of years are now delivering tangible results. We have made enhancements to the CIL circuit, implemented new gravity concentrators, improved process controls and carbon management practices as well as targeted improvements in the Acacia reactor performance, all of which are contributing to higher recoveries and improved operating performance. At Tasiast, we are focused on mining and mill throughput improvements and our solar power. On the mining front, we are focused on loading productivities, targeted training and commissioning of larger equipment. In parallel, we've improved the effective utilization of our rolling fleet through an improved roster balance, shift change management and dispatch optimization. These increases together have contributed to a record month in May, with Tasiast delivering the highest tonnes mined and moved in its history. At the mill, the team's attention is focused on continued improvement in reliability. And some examples include implementing procedures which have reduced the time to change out a [ rip belt ] by 50%, redesigning the SAG panels with lighter weight and adding [ oxygenation ] to make recoveries more consistent. In terms of power, the solar facility continues to provide approximately 23% of site power requirements, resulting in lower energy consumption and reducing impacts of the recent elevated oil prices. At Bald Mountain, the shovel optimization program has delivered improvements in loading efficiency, helping lower mining costs while improving equipment productivity. We have also introduced the Relief Operator Program, which has contributed approximately 2.1 million productive tonnes during break coverage since the beginning of the year. At both Round Mountain and Fort Knox, we have optimized haul routes and truck dispatching practices, reducing unnecessary engine hours and fuel consumption. These efforts have resulted in fuel savings of approximately 6.4 million liters while reducing haul cycle times at Fort Knox by approximately 7 minutes. At all of our sites, we are embracing the use of artificial intelligence and machine learning to improve our predictive maintenance, optimize schedules and mine planning and fire response management. Overall, our continuous improvement and innovation initiatives continue to generate measurable benefits across the portfolio, supporting safety, productivity gains, enhancing efficiency and helping offset inflationary cost pressures. Before I hand the call over to William, I'd like to say what an incredibly rewarding journey it has been with Kinross. It has been both a privilege and an honor to work alongside such a talented and dedicated team. As I transition my responsibilities over to Bernard, I do so with great confidence. And his extensive operational experience, combined with the strength of our team, positions Kinross well for continued success. Thank you to everyone with whom I've had the opportunity to work alongside over the years. And Bernard, welcome to Kinross. With that, I will now pass the call over to William. William Dunford: Thanks, Claude. It's been a pleasure working alongside you. Bernard, welcome to Kinross. I look forward to working closely together as we continue to advance our operating and growth initiatives across the portfolio. Turning to our resource base and project pipeline. Our portfolio remains underpinned by a substantial gold resource inventory of more than 27 million ounces of M&I and an additional 17 million ounces of inferred. In addition to our near-term growth projects, our technical services teams continue to advance a number of medium-term attractive mine life extension opportunities from across this resource base, including Phase 11 at Fort Knox, Top Pit at Bald Mountain, resource pit extensions at Paracatu, open pit and underground extensions at Tasiast and the La Coipa bauxite extensions in Chile. These projects have the potential to further strengthen our production profile, extend mine lives and create value for shareholders well into the next decade. The 3 high-quality projects in the U.S. that we announced earlier this year are excellent examples of how we are leveraging our extensive resource base to create long-term value. I'm pleased to report that our teams are making strong progress across all 3 projects and continue to advance them on plan. At Phase X at Round Mountain, underground development is progressing slightly ahead of schedule with over 8,400 meters completed to date, derisking our path to first production in 2028. Engineering work for both surface and underground infrastructure is advancing well, including the start of detailed engineering for our paste backfill plant. Procurement is also advancing well, with packages awarded for many critical items such as the mobile equipment, ventilation fans and the CRF plant. We've also had a strong focus on operations readiness, with 21 Kinross miners gaining experience working in underground with our contractor and onboarding of a highly experienced underground mine manager. At Bald Mountain, mining at Redbird is advancing well, benefiting from the increases in efficiency, and we expect Redbird production to continue ramping up through the rest of this year. Construction of heap leach pad extensions to support Redbird advanced significantly over the first half of the year, benefiting from a milder winter, with earthworks for the first leach pad extension now complete and lining well underway. Engineering for the SART plant and other process infrastructure has also advanced, and long lead procurement is underway for some of the key infrastructure. Turning to our Curlew project in Washington. We made significant progress on the tailings dewatering plant in Q2, with the building now complete and installation of mechanical equipment commencing. Mill refurbishment activities are starting to ramp up with the contractor onboarded and starting initial demolition. Underground mine development and infrastructure are also advancing well, with the raised collar construction completed for the main ventilation and escape raises and underground development ahead of schedule. We are pleased with the progress across this portfolio of opportunities, and we'll continue to provide updates as the projects advance towards production. Turning now to Lobo-Marte, our next high-margin cornerstone development project beyond Great Bear. We completed a high-level refresh of our feasibility study economics to account for inflation since 2021 and further enhancements of the execution strategy. For context, the historically operated project is located in Northern Chile in the Atacama region, approximately 50 kilometers from both of our assets, La Coipa and Maricunga. The project's key attributes include its forecasted long mine life, high heap leach grade and low strip ratio, positioning Lobo-Marte at the lower end of the industry cost curve and reinforcing its potential to become a significant contributor to long-term shareholder value. In terms of production, based only on the initial mine plan and current reserve, Lobo-Marte is expected to produce approximately 4.6 million ounces over an initial 15-year operating life. Annual production is expected to average approximately 350,000 ounces a year during steady-state operations, providing a meaningful and long-duration source of low-cost production for our portfolio. These attributes and the substantial production scale deliver excellent returns on the $1.8 billion initial capital with an all-in sustaining cost of $1,000 per ounce, and NPV of $4.3 billion, an IRR of 26% and a payback period of approximately 2 years, all set at a gold price of $4,100 per ounce. And the project remains resilient at lower gold prices. With a high grade, low strip ratio and low cost structure, Lobo-Marte is expected to play an important role in our grade enhancement strategy alongside Great Bear with potential to become a cornerstone asset, adding higher-margin production and strong free cash flow in the 2030s and into the 2040s. The project is also an excellent strategic fit for Kinross, extending our mine life in Chile, where we have a 20-plus year history of production and strong government support for responsible mine development through large-scale open pit mining and heap leach processing, areas where we have extensive experience, both in Chile and in the U.S. The layout and scale of the 2 open pit mines at Lobo-Marte is one key driver of that low-cost structure and high margin. The size of the pits and the broad mineralization allow for use of a large-scale fleet planned to deliver mining rates of up to 50 million tonnes per annum in the current mine plan. Forecasted mining costs over the life of mine of $3.25 per tonne also benefits from the construction of conveyors to transport ore from the open pits to the crushing facilities, driving down material movement operating costs. Most importantly, on the mining side, the overall cost structure and all-in sustaining costs are expected to benefit significantly from the low strip ratio of 2:1, driven by the broad nature of the mineralization on these porphyry deposits. [ Plan ] and the current economics from the 2021 FS contemplates the sequential development of the 2 open pits, beginning with Marte, which has been mined previously, reducing the strip ratio and initial CapEx. As we progress the project, we will continue to study the optionality around the sequencing of the 2 open pits. Moving to processing. The project is designed around a nominal throughput rate of approximately 35,000 tonnes per day, with ore processed through a conventional 3-stage crushing circuit prior to heap leaching. The amenability of the ore to heap leaching with a strong forecasted heap leach recovery of 69% is also central to the strong margin and low expected cost of production at Lobo-Marte, as heap leach processing at an estimated $12.30 per tonne would be significantly cheaper than a conventional mill and CIL circuit. The 1.3 gram per tonne average grade of the reserve at Lobo is significantly higher than most heap leaches operating today and is the largest contributor to the strong margins, economics and returns of this project with an estimated all-in sustaining cost of $1,000 an ounce. It is this grade that enables Lobo to potentially produce 300,000 to 400,000 ounces per year from a relatively straightforward 35,000 tonne per day 3-stage crush and heap leach facility. Moving to capital and site infrastructure. The refresh of the 2021 FS indicates initial project capital of approximately $1.8 billion, largely driven by processing facilities and site infrastructure, including approximately $1.1 billion of direct capital and $700 million for indirect and contingency. Key infrastructure required to support the project beyond the processing facilities includes a 75-kilometer access road, 60-kilometer power line and a 40-kilometer water pipeline, which is expected to bring water in from our existing operating wells that are currently supplying water to La Coipa. We also included significant investment in the capital estimate to ensure best-in-class environmental controls and initiatives, including options such as covering all of our conveyors to minimize dust and using regenerative braking on the conveyors to save energy. This high-level refresh was provided to account for inflation since 2021 and to reflect the current execution strategy, which has advanced over the prior years to improve constructability and reduce development and execution risk. We are progressing to detailed engineering, and we will provide a fulsome capital update once detailed engineering is substantially complete. Given the manageable estimated initial capital of $1.8 billion, [ plan ] funded from operating cash flow, in line with our disciplined capital allocation strategy. The combination of the low mining cost, low processing cost, high heap leach grade and the resource size are what make this project a central focus in our grade enhancement strategy. Importantly, the impressive economics in this update reflect only a starting point for Lobo-Marte. The project has significant upside potential beyond the current mine plan and captures just a portion of the broader mineral endowment identified across the property. The current open pit mine designs in this update remain unchanged from the 2021 feasibility study and include only the reserve from 2021, which was done at a $1,200 gold price. The 2021 mine plan was maintained as the base case for the EIA submission as baseline studies have advanced on this plan, helping to facilitate an earlier submission of the EIA, and the plan already provides production well into the 2040s. However, significant potential remains at higher prices to further unlock value at Lobo-Marte through mine life extensions from the 2.8 million ounces of indicated resource and approximately 700,000 ounces of inferred. As you can see on the slide, this inventory has the potential to be captured through a further layback of each pit, which could meaningfully extend mine life. You can also see the mineralization remains open at depth, continuing beyond the resource pits, and is ultimately limited only by a lack of drilling at depth. And beyond this optionality at the Lobo and Marte pits, we also see potential on our broader land package to identify additional open pit deposits through exploration, which could further enhance the mine life and production profile. This is a highly prospective land package which sits on the prolific Maricunga trend, with 2 porphyry deposits and a substantial resource inventory already identified. We know these types of deposits occur in clusters along structural corridors, and we will focus exploration on finding additional deposits once we bring Lobo-Marte into operation. To conclude on the Lobo-Marte economic update, we are excited by the quality of this project and the potential to bring it online to further our grade enhancement strategy in the early 30s, driving high-grade, low-cost heap leach production in Chile well into the 2040s with significant value creation potential for our shareholders. With that, I will now hand it over to Geoff for an update on permitting at Lobo-Marte and Great Bear. Geoffrey P. Gold: Thanks, Will. In terms of permitting at Lobo-Marte, the project's environmental impact assessment was accepted by Chile's Environmental Assessment Service in April 2026, marking an important milestone for Lobo-Marte and the team. Permitting remains a critical path, and we have taken a rigorous approach to integrating environmental and community considerations into the project design and capital estimate from the outset. This includes leveraging the best available technologies and measures intended to protect water resources, reduce dust generation and optimize infrastructure placement to reduce the project footprint. We continue to work closely with the Chilean regulatory authorities to advance the permitting process with a view to targeting first gold production in the early 2030s. Turning now to advanced exploration at Great Bear. As previously noted, we received all remaining AEX permits and construction is progressing well, which William will speak to later. Turning to the main project. We continue to advance permitting with both federal and provincial authorities. Federally, and following the submission of the third and final phase of the impact statement to the Impact Assessment Agency of Canada, who we call IAC, in April, we moved into the information request phase of the impact assessment process. IAC is in the process of collecting and consolidating all third-party input comments on our impact statement, which we will respond to on a timely basis. We will continue to work with IAC to advance the impact assessment process so that the final impact statement report issued by IAC aligns with our targeted main project time line. As a reminder, receiving the final impact assessment report from IAC that is ultimately approved by the Federal Minister of Environment and Climate Change is the critical first step to obtaining the additional federal and provincial permits we require to construct and operate the Great Bear mine. As previously disclosed, we require this final impact assessment approval, and certain provincial early works and construction permits in the spring of 2027 will allow us to take advantage of the summer construction season to maintain targeted first gold production in late 2029. Provincially, we continue to work with the Ontario authorities to advance the permitting process for the main project under the One Project, One Process, what is called 1P1P, which is overseen by the Ministry of Energy and Mines. We are pleased that the ministry deemed the final 1P1P project definition complete in early May and subsequently issued the integrated authorization and permitting plan for the main project. Submission of individual Ontario permit applications have proceeded in accordance with this plan. Next steps include finalizing the integrated indigenous consultation plan also submitted under 1P1P. Briefly turning to the indigenous community front, we continue to progress the negotiation of impact benefits agreements. We are pleased to report that we recently signed a community benefits agreement with the Northwestern Ontario Metis community that captures the key economic elements, including financial accommodations. In relation to Lac Seul and Wabauskang First Nations, on whose traditional territory the project resides, negotiations on the impact and benefits agreement continue to advance off the back of the memorandum of understanding we signed at the end of last year. With that, I will now turn it back to Will for a technical project update on Great Bear. William Dunford: Thanks, Geoff. At Great Bear, work on the AEX program and the main project is progressing well. Following the receipt of the final AEX permits in April, AEX surface construction is 93% complete, and we recently completed the first blast of the exploration decline. As a reminder, the decline will provide drilling access for exploration and extension of the underground resource as well as delineation work. In terms of the main project, we continue to make meaningful progress on procurement, contracts awarded, requests for proposal issued and selection of open pit mining fleet nearing completion. And in terms of detailed engineering, we are well advanced, with approximately 50% complete. Upon completion of detailed engineering, we will provide an update on the initial capital in the first half of 2027, which will include impacts from inflation since the 2024 PEA and the impacts of any scope changes and enhancements we make as we move through detailed engineering. As we progress detailed engineering, we are working to ensure we are building a robust, reliable world-class operation given the multi-decade high-margin production potential we see at this asset. Turning now to exploration. We are continuing with our 2026 55-kilometer planned drill program. In Q2, drilling continued at the Strider Zone, a recently identified zone of mineralization 2.4 kilometers along strike from the southeast edge of the LP resource, and we will provide further drill results later this year. With that, I will now turn it back to Paul for closing remarks. J. Rollinson: Thanks, Will. After a strong first half, we are well positioned to meet our targets in 2026. We have a strong set of upcoming milestones this year, which include: continued strong operational performance and cash flow generation; ongoing return of capital through our dividend and share repurchases; further strengthening of our balance sheet; advancing our projects pipeline; and continued exploration and studies of our resource inventory intended to bring in new projects to extend mine lives. Looking forward, we are excited about our future. We have a strong production profile, we have an attractive relative cost position, and we are holding the line on costs. We are generating significant free cash flow. We have an excellent balance sheet. We have an attractive return of capital. We have an exciting pipeline of both exploration and development opportunities. We are growing our net asset value and our per share metrics, and we are very proud of our commitment to responsible mining that continues to make us a leader in sustainability. In closing, we believe that our shares offer attractive relative value across a number of metrics. And with that, operator, I'd like to open up the line for questions. Operator: [Operator Instructions] Your first question comes from the line of Fahad Tariq from Jefferies. Fahad Tariq: On Lobo-Marte, can you just talk about maybe next steps and how we should be thinking about a potential pit redesign at prevailing gold prices, when the CapEx spend would come in, how it would compare to the timing of Great Bear? Just trying to think through next steps over the next few years. William Dunford: Yes. I think as we mentioned, we've just submitted the EIA. So that's the key critical path and the key next step. So we're focused on that, and that's 2 to 3 years roughly for that process. And then after that, we go into construction. So construction is really end of the decade. So the peak in spend there will kind of be behind the peak in spend at Great Bear. And in terms of the redesign, as you can see in what we've released, there is significant potential not only in M&I, but also cutoff grades, that type of thing. But it's really something given that we already have a 15-year mine life established that's quite high quality that we're going to focus on once we get into operations. Fahad Tariq: Okay. Great. And then maybe just switching gears to overall just cost environment. Kinross has obviously done a really good job containing costs. Just -- are there any areas where you are seeing cost pressures? It doesn't sound like diesel is necessarily a big impact so far, but are you seeing anything on the consumable side? Or even any upcoming like labor negotiations we should be aware of that could result in some inflation? Andrea Freeborough: Sure. It's Andrea, I'll take that. I guess just as a reminder, we did include a 5% inflation factor in our guidance for the year. So we're still feeling pretty good about that. That was prior to higher oil prices. But as you noted, the impact of those has been relatively muted, and we expect it to continue to not have a significant impact. It's sort of below 2% is the all-in expected impact if we continue with higher fuel prices. In terms of other areas of inflation, as I said, this is all within our -- within what we contemplated in our guidance. But just to give you some specific examples, we're seeing higher power costs in Alaska. And then on the labor side, Nevada is always kind of a tight labor market. Not really more significant than we've seen recently, just sort of ongoing labor in Nevada. That's really the focus and sort of where we've been -- what we've been seeing sort of on the ground. But again, we're expecting to be well within our guidance rates near the midpoint for the year as we sit here today. Operator: Your next question comes from the line of Josh Wolfson from RBC Capital Markets. Joshua Wolfson: Just back to Lobo-Marte. I understand, obviously, it's an inflationary environment there. But is there any additional insights to maybe what drove inflation beyond just kind of industry trends? William Dunford: Yes. I think, obviously, the change from the 2021 FS was primarily inflation. So that really -- we were around [ 1.1 ] in 2021. That took us to over [ 1.5 ]. The extra kind of [ 250 ] beyond inflation, part of it is in 2021, obviously, a different gold price environment. We were planning to reuse some equipment from Maricunga. Now with the gold price environment, we want to make sure we keep that around for Maricunga, and we thought it makes sense given the mine life to buy new equipment. So that's around $100 million of the additional increase beyond that just to make it a higher quality life of mine plan. And then there was also some advancement of the execution strategy as the team has really gotten into the details and gotten into the planning stage, the indirect costs are the other component that take us up to the $1.8 billion. We've also moved the contingency from about 14% up to 19%, just given we're quite far away from when we had the detailed estimates in 2021. Joshua Wolfson: Okay. And then just on Great Bear and some of the AEX disclosures. When you think about the main permit, is there any way to minimize some of the uncertainty there and just what sort of maybe what the risk profile could be? J. Rollinson: Yes. I mean, we're looking at -- I'll let Geoff speak to it, but the question was around minimizing uncertainty around the main project. Our position, Josh, is we've got these 2 parallel tracks. AEX, obviously, to get us underground to make for more efficient, cost-effective drilling extensions at depth. And then the main project. I'll let Geoff speak to it, but the main project is really launched, if you will, under this 1P1P. And I have to say things are going really well from the government side of things under the 1P1P. They're certainly hitting deadlines and moving things through the system. So pretty straightforward. Geoff, on the main project? Geoffrey P. Gold: Yes. I guess -- and Josh, I think you're already aware of this. But again, we've never characterized AEX as being sort of critical path. And they are -- as Paul has alluded to, there are 2 different processes. AEX is strictly a provincial process, whereas the main project is both federal and provincial. And we're making excellent progress on both the federal and provincial fronts. And yes, in terms of efficiencies, we're already seeing the benefits of 1P1P provincially. And we're a long way down the path with the federal agency that kind of looks after the key permit that we require in the late spring of 2029, which is the final impact statement approval report. And we've been working closely with both the federal and provincial authorities. They're well aware of our time lines. And at this juncture -- and again, I'll remind you, we're targeting first production at the end of 2029. And certainly, at this juncture, what we're seeing with some of the stuff on the AEX side of the fence is not interfering with that time line. Operator: Your next question comes from the line of Anita Soni from CIBC World Markets. Anita Soni: And firstly, congratulations, Claude, on your retirement. Your tenure was certainly exemplary in terms of operating track record. Best of luck in your retirement. And then I think my questions on Lobo-Marte were mostly asked just on the timing. I just wanted to get an idea about on Round Mountain, how we could see the back half of the year evolve. I think if we look back to some -- when you were -- there was an update, I think, a couple of years ago about the Phase X. And I thought production was going to be somewhat in the like 150,000 to 200,000 ounces per year range this year, and it's kind of tracking a little bit behind. So are we looking for really strong grades in the back half of the year? Or was that kind of production profile shifted from -- understandably from like 2 years ago from that chart? Claude J. Schimper: Yes, I think for Round Mountain, the 150 forward has always been the target. We're obviously ramping up to that as we now are stripping into Phase S and getting into the ore in the second half of this year. When we add Phase X later, it will contribute as well and take it up to closer to the 200 range. So the 150 was always an average with a ramp-up period. So we do see increased production in the back end of this year as we now enter the Phase S ore and also getting into high-grade ore feed. So during the first part of this year, we were doing a lot of production came from heaps and historical mining. So now we're moving to the ore in the back half of this year. So I do think we're targeting 120, 130 range for this year, and then it will build up into next year and the years following. Anita Soni: Okay. And then -- and sorry, just in terms of the types of grades that we could see from Phase S, is that kind of in the mid-1 grams? Is that what we should be seeing? William Dunford: Yes. I think the average grade, I think we released it a couple of years ago, it was a little lower than 1 gram on average, I believe. But I think we have quite a bit of -- we're getting into 0.7 later in the phase, deeper down, we get into the 1 gram stuff. Anita Soni: Okay. Yes. So I was just talking specifically about the deeper stuff rather than the stuff that goes to the heap leach, which is consistently sort of... William Dunford: [indiscernible]. Operator: Your next question comes from the line of Daniel Major from UBS. Daniel Major: Congratulations on a good quarter. Yes, I guess first one, just on the balance sheet, capital returns, encouraging to see sustainably returning cash to shareholders. But you're at $2 billion of net cash now. And if you stick to your 40% payout ratio, that cash balance obviously continues to build. Is there a maximum level of cash you're comfortable with before you commit to a higher rate of return? First part of the question. And then the second part of the question, how is the M&A component of the capital allocation framework looking at the moment? Asset values have come back. Is there any opportunities out there you're working on? That's the first part of my question. Andrea Freeborough: Sure. I'll start on the cash balance. You're right, we're at net cash of just under $2 billion, and we do expect that to continue to grow as we go through the year here. We started the year with the 40% of free cash flow commitment coming back to shareholders. So we're going to progress with that, and we'll see how the year finishes out. We're certainly comfortable with the cash balance. We're comfortable with it continuing to grow. Just strong balance sheet is helpful as we continue to progress our pipeline of projects and additional opportunities through that pipeline. We're also paying a lot of higher taxes. So we paid a lot of tax this year, and that will -- those liabilities will continue going forward. But we do expect to grow the cash balance while also continuing to invest in the business and returning capital. So we're sticking with the 40% for now, but it's something that we'll continue to assess as we progress through the year here and into early next year. J. Rollinson: Yes. I'll jump in on the M&A point. Again, I would just say our position remains where it always has been. We're in a really good spot where, as Will alluded to, we've got a significant inventory of resource behind our 2P reserve as you saw earlier this year, where we converted the U.S. projects out of that resource category and moved them into development. We've got lots of things to keep looking at in our own organic portfolio. So that for us is the main thing. That's what we understand the most. And work continues with our team to do more drilling, to better understand numbers and continue to move things along from the right-hand side of the column resource over to development decisions. So stay tuned on that. On the external environment, as always, we keep an eye on what's out there, what might be up for sale. But again, we're playing from a position of strength where we don't feel a need. I think our M&A track record, if you look in the rearview mirror, speaks for itself. We've only done a couple of deals, a few deals over the last 10 years. We're very discriminating. We think we can add value at different ends of the scale, whether it's development or improving operations. We can bring a lot of resources to bear. But number one, it's all about value creation for our shareholders. And is there something transactable? And we keep an eye, and we will remain disciplined as we continue to move forward. Daniel Major: Okay. Maybe if I could just ask a couple of follow-ups. Just one on Lobo-Marte. What is the life of mine sustaining CapEx embedded in the $1,000 AISC? William Dunford: Yes. I'll have to get back to you on that. We can check in on how much of that specifically is sustaining. Daniel Major: Okay. And then just one more, if I could. Given the higher price environment, what is the time line around another pushback at Tasiast? When might you be thinking about that and a decision to extend the profile? William Dunford: Well, we've got a -- I guess you guys have an updated technical report. So you can see it's really the early 30s where our production starts to ramp down again after we get through the heart of West Branch 5. So the focus is on making sure we're well prepared in advance of that. So obviously, we're progressing studies now to be able to get to a point where we're comfortable making a decision that continues mining in the 30s and then continues higher-grade production. Daniel Major: All right. Thanks a lot. William Dunford: Yes. And just a follow-up the guys have gone back to us on. We've got about $1.5 billion of sustaining CapEx life of mine. About half of that is stripping for Lobo. J. Rollinson: I think I mean, piling on a bit, but it's all about -- in a layback, as you can appreciate, Dan, we're just looking at the economies of scale and what we can do with perhaps bigger trucks, bigger shovels, truck optimization, what can we do to bring things forward in terms of waste removal. That's where a lot of the analysis is right now. And in terms of what can we do to compress schedule on the amount of time it takes to do the layback, that's where we're focused. Operator: Your next question comes from the line of Tanya Jakusconek from Scotiabank. Tanya Jakusconek: Claude, congratulations on your next adventure. Claude, maybe just starting with you, if I could. Just wanted to come back to the cost side because I'm quite impressed with the cost control that you're having there, given your open pits, low-grade miner. Low-grade relative, obviously. I'm just trying to understand, you've got these productivities that you've mentioned. Andrea also mentioned that [indiscernible] labor and I think power and fuel, you're not really seeing anything else that's inflating your costs. So I'm just trying to understand whether your productivity improvements can offset inflation. Do you think you can get 4%, 5% from these productivity improvements to offset inflationary pressures on your costs? Claude J. Schimper: As I said -- Tanya, thank you very much. But as I said, as we do these productivity improvements, we've always felt that with our continuous improvement processes on our sites, it will eventually get away from us. So we're very focused on having these different initiatives at site. The key element being as well is when we are successful at 1 site with an initiative, we transfer that to the other 6 sites to make sure that they also adopt this. But there's a huge complex strategy, everything from tire management. We've gone from being sort of the bottom of the pile in that area to being leading edge in those things. And those are big dollars that drive your cost down. The other part is just always grade optimization strategy and how we pick the right spots of moving the production. That helps. Inflation, again, we're in a global environment. We're in different jurisdictions. It's at a different level. And as you're monitoring FX and inflation, do I personally think that you can always outpace inflation? Well, that's the tough challenge. That's what we laid out for the teams. And as you've seen, we have had a lot of success with managing to keep our cost structure in line with our expectations. But you can't do that without a lot of continuous improvement and a culture of innovation within the organization. Tanya Jakusconek: Congrats on the cost side. Maybe I can move on to Great Bear. I just got some questions on just some of the items that -- to look forward to. So the first one, I just wanted to ask on the bulk sample. Do we -- when should we be thinking about this bulk sample for metallurgical testing? When should I be thinking this is coming? William Dunford: Yes, that's still a little ways out. I don't have the exact date, but it's -- we got to get down to the level where we want to take bulk sample. We're obviously progressing the [ twin ] declines, and we're going to start putting in some exploration headings towards the end of this year or early next year. So that's kind of the first focus to start to drill. So I think the bulk sample will probably be late next year or the following year sometime, but we can get back to you with more specific schedule of it. Tanya Jakusconek: Okay. And then just some... William Dunford: [indiscernible]. Tanya Jakusconek: Okay. And I think we've talked a lot about the permitting and hopefully get all the permits in place for spring of next year to start construction thereafter. But maybe someone -- you've done 50% engineering to date. And I think it was mentioned that you're going to update the capital for us next year once you have a better idea and potentially some scoping changes. Can I ask whether you are seeing some here that could -- and what are they at this point? J. Rollinson: Yes. Look, I think that's right. I mean, there's always going to be an inflation component, Tanya. As you know, I think other areas where when we look at capital in the waterfall, it's a combination of inflation and discretion, and is there anywhere where we may have missed it or come up light. I don't think in the latter instance, there's anything that gives us concern that we haven't anticipated. This is pretty straightforward as a 10,000 tonne per day mill right off the highway outside of town. But we always look at optimizations or enhancement that might be more favorable to environmental regulations, that sort of stuff. So yes, there will be an update. I don't view this as a project that's particularly at all capital sensitive. And just stay tuned for that. It will be sort of normal course adjustment mostly due to inflation. Tanya Jakusconek: Yes. That's what I was getting at, Paul. I was just trying to understand if it was just inflation plus, and then it's a scope change, and then we'd have to adjust for that. But it seems as though it's just inflation. J. Rollinson: It will be a combination. But typically, if -- I'm of the opinion, an increase in capital isn't necessarily always a bad thing. An increase in capital means, hopefully, we're gaining something as well. It's a trade-off decision, whether it's a return or an efficiency or a better standard. So we'll walk you through that when we get it more finalized. Operator: Your next question comes from the line of Matthew Murphy from BMO. Matthew Murphy: Just a clarification question on Lobo-Marte. So the $1,200 an ounce reserve pit is sort of your base case on this submission. And is it your intention that, that eventually -- like sooner rather than later, that gets adjusted to an updated gold price? And if so, how should we think about that $1,000 an ounce AISC? Does that belong with the $1,200? Or is that what you're -- where you're aiming to have this thing into production at? William Dunford: Yes, that's -- I mean, that's what we're aiming to have this thing in production at any optimization that we provide. First off, you can see that most of that additional resource sits lower. So it will tend to come towards the end of the mine life. The types of things we're going to want to play with as we get into value engineering is the production rate, those types of things. We're designing around a 35,000 tonne [ per day ] facility because that's what we've done all our baseline work around. But obviously, we'll look if there's opportunity to enhance that. The cutoff grade will go down, and it will be a question of when you -- ideally, you put more of those tonnes onto the pad without diluting that AISC. So going to a higher production rate is a good way to do that. So those types of things that we're going to look at and the pit sequencing as well. Right now, we've got Marte sequence first. We're going to also look at the options of moving Lobo around and potentially producing from 2 pits at the same time. So all of those optimizations will be focused around not only extending mine life, but keeping that AISC low and increasing the scale of the asset. Operator: And there are no further questions at this time. I will now turn the call back over to Mr. Paul Rollinson for some final closing comments. J. Rollinson: Great. Thank you, operator. Thanks, everyone, for joining us this morning. We look forward to catching up with you all in person in the coming weeks and months. Thank you for dialing in. Thanks. Operator: This concludes today's conference call. Thank you for your participation. You may now disconnect. Before you buy stock in Kinross Gold, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Kinross Gold wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* Now, it’s worth noting Stock Advisor’s total average return is 953% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Kinross Gold (KGC) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Royal Gold, Inc. RGLD reported adjusted earnings of $2.56 per share for the second quarter of 2026, up 41.4% from $1.81 a year ago. The figure missed the Zacks Consensus Estimate of $2.62 by 2.29%.Including one-time items, the company reported earnings of $2.78 compared with the prior-year quarter’s $2.01. Royal Gold, Inc. price-consensus-eps-surprise-chart | Royal Gold, Inc. Quote Revenues surged 114.9% year over year to $450.5 million, aided by higher metal prices, new contributions from Kansanshi and the Sandstorm/Horizon assets, and stronger gold sales at Andacollo and Rainy River. Sales volume rose 56.5% to 100,000 gold-equivalent ounces, or GEOs.Stream revenues were $311 million and royalty revenues were $140 million in the June-end quarter. Stream revenues increased 133% year over year, while royalty revenues rose 83%. Streams accounted for 69% of the total revenues and royalties represented 31%.Average metal prices increased 37% for gold, 117% for silver and 40% for copper. The company’s cost of sales was $60 million in the second quarter compared with the prior-year quarter’s $24 million. General and administrative expenses amounted to $13 million compared with $10 million a year ago.Adjusted EBITDA was $376 million in the reported quarter, skyrocketing 114% year over year. The adjusted EBITDA margin was 83% compared with the prior-year quarter’s 84%. Net cash provided by operating activities was a record $335.2 million in the second quarter compared with $152.8 million in the prior-year quarter. The increase was driven primarily by higher stream and royalty revenues, partly offset by higher income-tax payments, G&A costs and interest payments. Royal Gold ended the quarter with cash and cash equivalents of $182.5 million compared with $233.7 million at the end of 2025. The company expects 2026 gold and silver sales to remain within the previously issued 290,000-320,000 ounces and 3-3.5 million ounces, respectively. Copper and other metals sales are trending around or above the top ends of their respective guidance of 21-25 million pounds and $34-$38 million.Mount Milligan remained on track for the 2026 guidance of 140,000-155,000 ounces of gold and 50-60 million pounds of copper. Greenstone continued ramping up, with higher quarter-over-quarter production expected for the balance of 2026.At Platreef, Phase 1 commercial production is expected in the fourth quarter of 2026, while the Phase 2 concentrator remains on schedule for completion in the fourth quarter of 2027. Hod Maden construction continued after the transition to Lidya operatorship, with Royal Gold retaining a 15% joint-venture interest and a new effective 2.5% NSR royalty. In the past year, shares of Royal Gold have gained 33.1% compared with the industry’s growth of 42.7%. Image Source: Zacks Investment Research The company currently has a Zacks Rank #5 (Strong Sell).You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here. Kinross Gold Corporation KGC reported adjusted earnings of 71 cents per share for the second quarter of 2026, surging 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%. Kinross Gold’s revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%. Agnico Eagle Mines Limited AEM posted second-quarter 2026 earnings were $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89. Agnico Eagle Mines generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.Newmont Corporation NEM reported second-quarter 2026 adjusted earnings of $2.10 per share, up 46.9% from $1.43 in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05.  Newmont’s revenues for the second quarter were $6.12 billion, up 15.1% from the prior-year quarter. The figure missed the Zacks Consensus Estimate of $6.35 billion. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Royal Gold, Inc. (RGLD) : Free Stock Analysis Report Newmont Corporation (NEM) : Free Stock Analysis Report Kinross Gold Corporation (KGC) : Free Stock Analysis Report Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

B2Gold Corp. BTG reported adjusted earnings of 3 cents per share for the second quarter of 2026, missing the Zacks Consensus Estimate of 7 cents by 57.14%. The bottom line fell 75% from 12 cents in the year-ago quarter. Adjusted earnings included $71 million of realized losses on the company’s gold collars.Including one-time items, the company reported earnings of 31 cents compared with 12 cents in the prior-year quarter.B2Gold’s Q2 Production Dip Y/Y B2Gold generated revenues of $789 million in the second quarter of 2026, reflecting a year-over-year increase of 14%. The upside was supported by higher realized gold prices, with the average realized gold price rising to $3,767 per ounce from $3,290 in the prior-year quarter, partly offset by a slight decline in gold ounces sold to 209,537 from 210,384. B2Gold Corp price-consensus-eps-surprise-chart | B2Gold Corp Quote In the June-end quarter, B2Gold recorded consolidated gold production of 203,648 ounces, down 11.2% year over year.Fekola produced 116,281 ounces, down 8% year over year, but exceeded the company’s expectations on higher mill throughput and feed grade. Masbate produced 51,039 ounces, up 0.6%, helped by higher-than-expected throughput and recoveries. Otjikoto produced 23,438 ounces, down 54.6% year over year but above expectations on stronger underground ore grades. Goose produced 12,890 ounces as the April crushing-circuit fire constrained mill throughput. The company reported consolidated cash operating costs of $1,201 per ounce produced in the reported quarter, surging 61.2% year over year. Consolidated all-in sustaining costs of $2,356 per ounce sold increased 55.1% from the prior-year quarter.For the April-June quarter, total cost of sales was $481 million, up 41.2% year over year. Gross profit declined 12.3% year over year to $308 million. The gross margin contracted to 39.1% in the reported quarter from the prior-year quarter’s 50.8%.Operating income in the reported quarter was $521.5 million compared with $329.5 million in the prior-year quarter. BTG’s cash and cash equivalents were $287 million at June 30, 2026, compared with $380 million at the end of 2025. The company generated $461 million in cash from operating activities in the first six months of 2026 compared with $434 million in the prior-year period. Its long-term debt was $423 million at June 30, 2026, down from $564 million at the end of 2025.The company repurchased 19 million shares for $92 million during the quarter and completed the $325-million cash sale of its 70% interest in Fingold Ventures.BTG also completed delivery of all 264,768 ounces under its Gold Prepay contracts. The company expects future gold sales at spot prices and anticipates improved free cash flow in the second half of 2026. The company expects 2026 consolidated gold production of 820,000-920,000 ounces, narrowing from the prior mentioned 820,000-970,000 ounces. Cash operating cost guidance remains $1,155-$1,280 per ounce produced, while all-in sustaining cost guidance improved to $2,370-$2,550 per ounce sold from $2,400-$2,580.The Fekola Complex guidance was reduced to 390,000-420,000 ounces from 410,000-460,000 because of delays in the Menankoto exploitation permit. The Masbate guidance increased to 180,000-200,000 ounces from the prior 170,000-190,000 ounces, and the Otjikoto guidance rose to 80,000-100,000 from the previously announced 70,000-190,000 ounces. The Goose guidance was narrowed to 170,000-200,000 ounces from the prior 170,000-230,000 ounces. B2Gold announced that all required steps to finalize approval of the Menankoto exploitation permit have been completed, with the permit awaiting approval by Mali’s Council of Ministers. Once received, mining pre-stripping can begin, and Fekola Regional is expected to ramp through 2027 and produce more than 150,000 ounces annually from 2028 through the mid-2030s.At the Goose mine, crushing-circuit repairs remain on track for completion in the third quarter of 2026. Phase-one upgrades are expected to support average crushing capacity of about 3,200 tonnes per day by the quarter-end, with phase two targeted to lift capacity to 4,000 tonnes per day by the end of the first half of 2027. The company’s shares have jumped 8.8% in the past year compared with the industry’s return of 42.7%. Image Source: Zacks Investment Research You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Kinross Gold Corporation KGC reported adjusted earnings of 71 cents per share for the second quarter of 2026, up 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%.Kinross Gold’s revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%.Agnico Eagle Mines Limited AEM reported second quarter 2026 earnings were $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89.Agnico Eagle Mines generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.Newmont Corporation NEM reported second-quarter 2026 adjusted earnings of $2.10 per share, up 46.9% from $1.43 in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05.  Newmont’s revenues for the second quarter were $6.12 billion, up 15.1% from the prior-year quarter. The figure missed the Zacks Consensus Estimate of $6.35 billion. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report B2Gold Corp (BTG) : Free Stock Analysis Report Newmont Corporation (NEM) : Free Stock Analysis Report Kinross Gold Corporation (KGC) : Free Stock Analysis Report Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Kinross Gold Corporation KGC reported adjusted earnings of 71 cents per share for the second quarter of 2026, up 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%. Revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%. Higher realized gold prices supported the sales increase and helped offset lower attributable gold-equivalent production. Kinross Gold Corporation price-consensus-eps-surprise-chart | Kinross Gold Corporation Quote Kinross produced 492,326 attributable gold-equivalent ounces in the reported quarter, down 4% from 512,574 ounces in the prior-year period. Consolidated production totaled 501,341 gold-equivalent. The attributable production figure was below our estimate of 497,365. The average realized gold price was $4,483 per ounce, up 36.5% from $3,284 per ounce in the second quarter of 2025. The improvement in gold pricing was the primary driver of the company’s year-over-year revenue growth. The figure was lower than our estimate of $4,598 per ounce. Production cost of sales per gold-equivalent ounce sold increased 25.2% year over year to $1,352. The rise resulted mainly from higher fuel expenses, increased royalties associated with stronger gold prices and elevated labor costs. This was above our estimate of $1,291. Attributable all-in sustaining cost per gold-equivalent ounce sold rose 22% to $1,821 from $1,493. This was above our estimate of $1,625. Despite higher costs, margin per gold-equivalent ounce sold increased 42.1% to $3,131 from $2,204, reflecting the benefit of significantly higher realized gold prices. Cash and cash equivalents were $2.7billion at the end of the second quarter. Kinross added around $470 million to its cash position during the quarter after returning more than $275 million to shareholders. Long-term debt was $738.8 million as of June 30, 2026. Capital expenditures increased to $411 million from $306.1 million a year ago due to higher development spending across several growth projects. Kinross remains on track to meet its 2026 annual guidance. The company expects attributable production of 2 million gold-equivalent ounces (+/- 5%). Production cost of sales is projected at $1,360 per gold-equivalent ounce sold (+/- 5%). Attributable all-in sustaining cost is forecast at $1,730 per ounce sold (+/- 5%). Total attributable capital expenditures are expected to be $1.5 billion (+/- 5%). The spending plan supports the advancement of Great Bear, Round Mountain Phase X, Curlew, Bald Mountain Redbird and other development initiatives. The company also remains on track to return 40% of its 2026 free cash flow to shareholders. Kinross repurchased $480 million of shares during the first half and an additional $40 million in July. Including dividends, it had returned approximately $615 million to shareholders year to date as of July 29, 2026. Kinross’ shares have surged 33.8% in the past year compared with a 31.3% rise in the industry. Image Source: Zacks Investment Research KGC currently carries a Zacks Rank #5 (Strong Sell). Some better-ranked stocks in the basic materials space are Neo Performance Materials Inc. NOPMF, Kronos Worldwide, Inc. KRO and Avient Corporation AVNT. Neo Performance is slated to report second-quarter 2026 results on Aug. 11. The Zacks Consensus Estimate for earnings is pegged at $1.48 per share. NOPMF sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here. Kronos is scheduled to report second-quarter 2026 results on Aug. 5. The Zacks Consensus Estimate for KRO’s second-quarter loss per share is pegged at 33 cents, indicating 65.63% year-over-year growth. KRO also flaunts a Zacks Rank #2 (Buy) at present. Avient is slated to report second-quarter 2026 results on Aug. 6. The consensus estimate for AVNT’s earnings per share is pegged at $3.08. AVNT presently carries a Zacks Rank #2. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kinross Gold Corporation (KGC) : Free Stock Analysis Report Kronos Worldwide Inc (KRO) : Free Stock Analysis Report Avient Corporation (AVNT) : Free Stock Analysis Report Neo Performance Materials Inc. (NOPMF) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Kinross Gold Corporation KGC used its second-quarter 2026 earnings call to reinforce full-year targets while stressing project execution and cost discipline. Adjusted earnings of $0.71 per share topped the Zacks Consensus Estimate of $0.66, while revenues of $2.24 billion missed the $2.28 billion estimate. Management focused on second-half sequencing, inflation defenses and development spending. Kinross Gold Corporation price-consensus-eps-surprise-chart | Kinross Gold Corporation Quote Executive vice president and CFO Andrea Freeborough maintained guidance for roughly 2 million attributable gold-equivalent ounces, production cost of sales of $1,360 per ounce and an all-in sustaining cost of $1,730 per ounce. Freeborough said third-quarter production should remain near first-half levels before increasing in the fourth quarter. Second-half costs should rise modestly as higher-cost U.S. operations contribute more. Executive vice president Claude Schimper said Round Mountain should produce 120,000 to 130,000 ounces in 2026. Phase S ore is expected to improve grades and output in the second half. Freeborough said the annual plan includes 5% inflation. If recent oil prices persist, the effect on all-in sustaining cost should remain below 2%, supported by fuel hedges through 2027. A Jefferies analyst pressed management on other cost pressures. Freeborough identified higher Alaska power costs and a tight Nevada labor market, but said both remain within guidance assumptions. Schimper said improvement programs are essential, while stopping short of promising they can always outpace inflation. He cited Tasiast's solar facility, which supplies about 23% of site power, and haul-route changes that saved about 6.4 million liters of fuel. Executive vice president and chief technical officer William Dunford framed Lobo-Marte as Kinross' next major development after Great Bear. The plan calls for about 350,000 ounces of annual steady-state output, an estimated $1,000-per-ounce AISC and $1.8 billion of initial capital. A Jefferies analyst asked about timing. Dunford said the Chilean environmental review should take roughly two to three years, placing construction near decade-end and peak spending after Great Bear. An RBC Capital Markets analyst questioned the higher capital estimate. Dunford attributed most of the increase from the 2021 study to inflation, with new equipment, execution changes and higher contingency also contributing. President Geoffrey Gold said federal and provincial permitting continues to advance, with Ontario's coordinated process improving efficiency. Management retained its target for first gold in late 2029. Dunford said advanced exploration surface construction is 93% complete and the first decline blast has occurred. Main-project engineering is about 50% complete. A Scotiabank analyst asked about the capital update. CEO and Director J. Paul Rollinson said inflation and selective scope enhancements will shape the revision, planned for the first half of 2027. Andrea Freeborough reaffirmed the target to return 40% of attributable free cash flow through dividends and buybacks. Kinross ended the quarter with $2.7 billion in cash and $1.9 billion in net cash. A UBS analyst asked whether the cash position could support a higher payout. Freeborough said management will maintain the framework for now and reassess it later this year and into early 2027. Rollinson said organic opportunities remain the priority over acquisitions. He described KGC as a selective buyer that does not need a transaction and will keep screening external assets for shareholder value. Rollinson closed by emphasizing operational delivery, cost control, capital returns and steady advancement of the project pipeline. Management did not change its annual targets. Management's milestones center on permitting, capital updates and U.S. production sequencing as KGC funds growth while maintaining shareholder returns. KGC currently carries a Zacks Rank #5 (Strong Sell), reflecting unfavorable earnings estimate revisions and a negative near-term signal under the Zacks methodology. That rank takes precedence over the stock's A Value Score, A Growth Score and A VGM Score, even though its Momentum Score is C. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The A grades identify favorable value, growth and combined style characteristics, but Style Scores complement rather than override the Zacks Rank. The rank can change as analysts revise estimates after the just-reported results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kinross Gold Corporation (KGC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Kinross Gold (TSX:K) just reported its second quarter 2026 results, along with an updated view on key growth projects and capital returns, giving investors fresh data on earnings, production and cash deployment. See our latest analysis for Kinross Gold. Kinross Gold shares closed at CA$33.09 on 30 July, with short term share price returns weaker over the past quarter and year to date. However, the 1 year and multi year total shareholder returns remain very strong, suggesting earlier momentum has cooled recently even as long term holders have seen substantial gains. If recent earnings and project updates have you reassessing your exposure to precious metals, this can be a useful moment to scan other producers and review 32 elite gold producer stocks After a sharp pullback despite strong earnings, Kinross Gold now sits in a very different spot on the risk spectrum than it did a year ago. Does that recent weakness still leave enough upside to justify fresh money? Kinross Gold’s most followed valuation narrative pegs fair value at CA$61.02 per share, well above the recent CA$33.09 close. This puts a spotlight on the assumptions behind that gap. Read the complete narrative. Want to see what drives that valuation spread for Kinross Gold? The narrative leans on higher margins, stronger revenue forecasts and a richer future earnings multiple. The key is how those pieces fit together. Result: Fair Value of CA$61.02 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the story of Kinross Gold can change quickly if operating costs climb faster than expected or if permitting and regulatory setbacks delay key projects. Find out about the key risks to this Kinross Gold narrative. With Kinross Gold presenting both strong long term returns and recent share price softness, it makes sense to check the full picture quickly and form your own stance. To weigh the positive drivers against the issues investors are watching, review the 4 key rewards and 2 important warning signs Do not stop with Kinross Gold when there are plenty of other opportunities you can scan using the Simply Wall Street Screener and refine to your own style. Boost your watchlist with income ideas by reviewing the 6 dividend fortresses that might suit a steady cash flow focus. Spot potential value opportunities early by checking the screener containing 11 high quality undiscovered gems before other investors start paying attention. Dial back portfolio risk by assessing the 9 resilient stocks with low risk scores that could help smooth out the bumpier parts of your holdings. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include K.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Kinross Gold Corporation? Here are five stocks we like better. Strong second-quarter performance: Kinross produced 492,000 gold equivalent ounces and generated $727 million in attributable free cash flow, contributing to more than $1.5 billion in free cash flow during the first half of 2026. Guidance and shareholder returns maintained: The company reaffirmed its 2026 outlook for approximately 2 million ounces of production, while returning $275 million to shareholders in Q2 through $230 million in buybacks and roughly $50 million in dividends. Long-term growth projects advanced: Kinross outlined a potentially significant Lobo-Marte project in Chile, targeting first gold in the early 2030s, and said Great Bear in Ontario remains on track for late-2029 production pending regulatory approvals. Buyer Beware: These 2 Stocks Charts Just Displayed a Death Cross Kinross Gold (NYSE:KGC) reported second-quarter production of 492,000 gold equivalent ounces and attributable free cash flow of $727 million, as the company said it remains on track to meet its 2026 production, cost and capital-spending guidance. Chief Executive Officer Paul Rollinson said the company generated more than $1.5 billion of free cash flow in the first half of 2026. He said Kinross continued to manage costs while benefiting from strong operating margins, with Tasiast and Paracatu accounting for more than half of quarterly production. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Gold Is Testing Its 200-Day SMA—These 3 Mining Stocks Are the Play “Following a strong Q1, we delivered a strong Q2, establishing an excellent first half and positioning us well to achieve our full year guidance,” Rollinson said. Executive Vice President and Chief Financial Officer Andrea Freeborough said Kinross recorded cost of sales of $1,336 per ounce and all-in sustaining costs of $1,821 per ounce during the quarter. The company reported margins of more than $3,100 per ounce, adjusted earnings of $0.71 per share and adjusted operating cash flow of more than $1.1 billion. → Microsoft Just Flipped the AI Spending Narrative Overnight Gold and Silver Pulled Back—Here’s Why the Bull Case Is Intact Attributable free cash flow reflected $406 million in capital expenditures and $327 million in tax payments, Freeborough said. Kinross ended the quarter with $2.7 billion in cash and $1.9 billion in net cash after adding more than $470 million in cash and returning $275 million to shareholders during the period. → Carrier Earnings Could Send the Stock to a New All-Time High The company repurchased 7.9 million shares for $230 million in the second quarter and paid roughly $50 million through its quarterly dividend. It also repurchased an additional $40 million of shares after quarter-end. Kinross is targeting returns of 40% of free cash flow through dividends and share repurchases; its first-half capital returns represented about 37% of attributable free cash flow. Since resuming buybacks in the second quarter of 2025, Kinross has repurchased more than $1.1 billion of shares, representing about 4% of its outstanding share count, according to Freeborough. Including dividends, the company has returned approximately $615 million in 2026 and about $1.4 billion since the beginning of 2025. Kinross reiterated its full-year outlook for approximately 2 million ounces of production, cost of sales of $1,360 per ounce, all-in sustaining costs of $1,730 per ounce and capital expenditures of about $1.5 billion. The company expects third-quarter production to be in line with the first two quarters, followed by higher fourth-quarter production. Costs are expected to be modestly higher in the second half as U.S. operations make a greater contribution to output, though Kinross expects full-year costs to remain within guidance. Freeborough said Kinross’s fuel hedging program provides protection against higher oil prices through 2026 and 2027. Based on the company’s guidance assumptions, each $10-per-barrel movement in oil prices would affect costs by about $10 per ounce, with up to an additional $4 per ounce from secondary effects such as freight and consumables. If recent oil prices persist, the impact on all-in sustaining costs would be less than 2%, she said. Paracatu: Produced 158,000 ounces at cost of sales of $1,108 per ounce and remains on track for 600,000 ounces in 2026. Tasiast: Produced 133,000 ounces at cost of sales of $990 per ounce, aided by higher throughput, and remains on track for 505,000 ounces this year. La Coipa: Produced 59,000 ounces at cost of sales of $1,395 per ounce. Kinross said the operation remains on track despite impacts from a severe winter storm in northern Chile. U.S. operations: Combined production totaled 142,000 ounces at cost of sales of $1,871 per ounce, as Round Mountain transitions toward Phase X development. At Round Mountain, Chief Operating Officer Claude Schimper said the mine is in a period of higher waste mining and lower-grade, lower-volume ore supply while Phase S is stripped. Higher-grade and higher-recovery ore is expected in the second half. The company expects Round Mountain to produce roughly 120,000 to 130,000 ounces in 2026 before production builds in subsequent years. Executive Vice President and Chief Technical Officer Will Dunford outlined an updated high-level economic assessment for the Lobo-Marte project in Chile. Based on the current reserve mine plan, Kinross expects the project to produce approximately 4.6 million ounces over an initial 15-year operating life, with average annual production of about 350,000 ounces during steady-state operations. The company estimated initial capital of approximately $1.8 billion, all-in sustaining costs of $1,000 per ounce, a net present value of $4.3 billion and an internal rate of return of 26%, using a gold price of $4,100 per ounce. The estimated payback period is about two years. Dunford said the project’s updated capital estimate reflects inflation since the 2021 feasibility study, the decision to purchase new equipment rather than reuse equipment from Maricunga, refinements to the execution strategy and a higher contingency allowance. The project’s Environmental Impact Assessment was accepted by Chile’s Environmental Assessment Service in April 2026. Kinross is targeting first gold from Lobo-Marte in the early 2030s. Dunford said peak project spending is expected to follow the peak spending period at Great Bear. The company also sees potential to extend Lobo-Marte beyond the current mine plan through additional resources, pit expansions and exploration across its broader land package. At Great Bear in Ontario, Kinross said advanced-exploration surface construction is 93% complete and the company recently completed the first blast for the exploration decline. Detailed engineering for the main project is about 50% complete, and Kinross plans to provide an initial capital update in the first half of 2027 after detailed engineering is substantially complete. The company is targeting first production at Great Bear in late 2029, contingent on receiving final federal impact assessment approval and certain provincial permits by spring 2027. Kinross also said it recently signed a community benefits agreement with the Northwestern Ontario Métis Community and continues negotiations with Lac Seul and Wabaseemoong First Nations. Rollinson also announced that Bernard Wessels will become chief operating officer, succeeding Schimper, who plans to retire later this year. Schimper will remain with Kinross for a period to support the transition. Wessels most recently worked at Newmont and has more than 25 years of mining experience, according to Kinross. Kinross Gold Corporation (NYSE: KGC) is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company's activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market. Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Kinross Gold Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.