Profit little changed
Net earnings totaled $583.2 million for the third quarter of 2026, compared with $584.9 million a year earlier, according to RTTNews. Earnings per share rose to $0.49 from $0.48. After excluding items, Kinross reported adjusted earnings of $591.3 million, or $0.50 per share.
Lower production, higher prices and costs
Kinross' operating results showed a roughly 16% decline in attributable gold equivalent production, to 424,693 ounces from 503,862 ounces in the third quarter of 2025. Over the same period, its average realized gold price increased 23%, reaching $4,249 per ounce compared with $3,460.
The company said production fell partly because of planned reductions at Fort Knox and Bald Mountain. La Coipa and Round Mountain also produced less, while output at Tasiast and Paracatu was stable.
Attributable all-in sustaining cost reached $1,947 per gold equivalent ounce sold, up from $1,622 a year earlier. Production cost of sales also increased, to $1,502 per gold equivalent ounce sold from $1,150. Kinross attributed the cost increases to higher spending on energy, contractors and reagents, lower production, and increased royalties associated with higher gold prices.
Bald Mountain safety incidents and project progress
Kinross disclosed two unrelated safety incidents at Bald Mountain in September 2026. One employee of a business partner sustained fatal injuries at the site; another was seriously injured and subsequently died in the hospital. The company said it conducted company-wide Safety Stand Downs after the incidents.
In early October, Bald Mountain's Redbird 1 poured its first gold. Kinross said construction at Redbird 2 remained on schedule and its satellite pits had received all required permits.
Shareholder returns and liquidity
Kinross increased the share of 2026 free cash flow it committed to returning to shareholders to 50%, from 40%. Share repurchases totaled $710 million during the first three quarters, followed by another $100 million in October. Together with its quarterly dividend, those purchases brought year-to-date capital returns to more than $950 million as of October 28, 2026. The company had repurchased about 5% of its outstanding shares since April 2025.
At September 30, 2026, Kinross held $2.6 billion in cash and cash equivalents and reported net cash of $1.9 billion. Total liquidity stood at approximately $4.4 billion, and the company had no debt maturities before 2033.
S&P Global Ratings raised Kinross' long-term issuer credit rating and unsecured debt rating in August 2026, moving both from "BBB-" to "BBB" with a stable outlook.
The board also declared a quarterly dividend of $0.04 per common share. Payment is scheduled for December 3, 2026, for shareholders of record at the close of business on November 19, 2026.
