Fact Summary
Kinross Gold announced on 2026-07-29 that it recorded revenue of 2,238.1 million USD and net income of 844.2 million USD (EPS of 0.71 USD) for the second quarter of 2026 (period ended June 30). The average realized gold price was 4,483 USD/oz, up 37% year-over-year, while attributable production was 492,326 gold-equivalent ounces, down 4% year-over-year. The company executed approximately 520 million USD (17.3 million shares) in cumulative share buybacks in the first half of the year and declared a quarterly dividend of 0.04 USD per share to shareholders of record as of 2026-08-20 (payable 2026-09-03).
Price-Change Context Note
Amid a pullback in the spot gold price from its 2026-01-29 all-time high of approximately 5,602 USD/oz to around 4,084 USD as of 2026-08-05, KGC shares have trended down from a 52-week high of 39.11 USD to the reference-date closing price of 23.60 USD. In pre-market trading on the next trading day following the 2026-07-29 Q2 earnings release, the stock rose +2.46%, confirming a market reaction to the earnings announcement.
Business Overview
A Toronto, Canada-based senior gold producer that operates gold mining, acquisition, exploration, and development businesses in the United States (Alaska, Nevada), Brazil, Chile, Mauritania, and Canada (SEC Form 40-F, as of 2025-12-31, A). Operating segments include Tasiast (Mauritania), Paracatu (Brazil), La Coipa (Chile), Fort Knox (Alaska, USA, including Manh Choh), Round Mountain (Nevada, USA), and Bald Mountain (Nevada, USA). Development-stage projects underway include Lobo-Marte in Chile (target annual production of approximately 350,000 oz, estimated AISC of approximately 1,000 USD/oz) and Great Bear in Ontario (permitting process advancing following the Ontario provincial government's 2026-02-18 designation under the 1P1P process) (Q2 2026 earnings release, 2026-07-29, A).
5-Year Financial Trend
| Fiscal Year | Revenue (USD million) | Net Income (USD million) | EPS (USD) |
|---|---|---|---|
| 2021 | 2,599.6 | -29.9 | 0.17 |
| 2022 | 3,455.1 | 31.9 | -0.47 |
| 2023 | 4,239.7 | 416.3 | 0.34 |
| 2024 | 5,148.8 | 948.8 | 0.77 |
| 2025 | 7,051.1 | 2,390.1 | 1.95 |
TTM (period ended 2026-06-30): Revenue 8,471M USD · Net income 3,179M USD · EPS 2.63 USD (A). The sign discrepancy between 2022 net income (+31.9M) and EPS (-0.47) is reported as-is from the source; the cause is unconfirmed (possibly an adjustment such as preferred dividends).
Fact-Based Multiples
The reference-date (2026-08-04) closing price falls within the 52-week range (16.35-39.11 USD), and P/E (TTM) of 8.97x and EV/EBITDA of 4.86x are each lower than the respective industry averages (21.5x and 9.45x) (stockanalysis.com, A).
Peer Comparison
| Company | Ticker | Market Cap | P/E (TTM) | 2026 Production Target |
|---|---|---|---|---|
| Kinross Gold | KGC | 27.98B | 8.97 | approx. 2.0M oz |
| Newmont | NEM | 98.74-108.03B | Not available | approx. 5.26M oz |
| Barrick Mining | B | 61.60B | 10.14 | 2.9M-3.25M oz |
| Agnico Eagle | AEM | 73.62-76.56B | Not available | 3.3M-3.5M oz |
| AngloGold Ashanti | AU | Not available | Not available | 2.8M-3.17M oz |
Among the five senior producers, KGC has the smallest market cap and production volume, but its P/E (8.97x), along with Barrick's (10.14x), is lower than both the peer average (16x) and the industry average (21.5x) (A). KGC's planned 2026 AISC (1,730 USD/oz) is similar to the industry's production-weighted median (1,709 USD/oz, as of Q4 2025, A).
Governance and Shareholder Structure
Kinross is a widely held public company with no single shareholder holding 10% or more, and issued and outstanding common shares totaled 1,186,240,789 (as of 2026-06-30), down from 1,199,843,037 as of 2025-12-31 due to share buybacks (SEC Form 40-F, Q2 2026 earnings release, A). The board consists of 10 directors, all of whom were re-elected at the 2026-04-30 annual general meeting (approval rates of 96.43-99.91%), and since May 2025 has operated under an independent chair (Kelly J. Osborne), with CEO J. Paul Rollinson as the sole executive director (SEC Form 6-K, A).
Retrieved as of 2026-08-03 · Source: fintel.io (13F aggregation, secondary) — labeled E (aggregated); not individually cross-checked against primary sources (SEC 13D/13G)
Supply and Demand Trends
Short interest declined 5.56% from the prior report, and the number of net-buying institutions over the trailing 12 months (433) exceeds the number of net-selling institutions (262); however, buying and selling are mixed at the individual institution level, so no clear directional trend is confirmed (MarketBeat, E-aggregated). Detailed insider trading (Form 4) records and dark pool trading volume are unconfirmed due to SEC EDGAR access limitations, among other factors.
Macro Environment
| Factor | Current Value (as of reference date) | Trend | Transmission Direction to KGC |
|---|---|---|---|
| Spot Gold Price (XAU/USD) | 4,083.66 USD/oz (2026-08-05) | Holding in the 4,000s USD after correcting from the all-time high (Jan 29, 5,602) | Positive (revenue/margin) |
| Fed Funds Rate · 10Y Real Rate | 3.50-3.75% (held) · TIPS 2.41% | Real rate rising to the highest level since 2008 | Mixed |
| Dollar Index (DXY) | 99.3-99.9 (2026-08-03 to 04) | Worst weekly decline in 3 months, downward trend | Positive (supports gold price) |
| Brazilian Real (USD/BRL) | 5.1042 (2026-08-04) | Up 7.16% over 12 months | Negative (raises Paracatu costs) |
| WTI Crude Oil | 75.40 USD/bbl (2026-08-05) | Down from the April high in the 100s USD | Positive (reduces fuel costs) |
KGC is a pure-play gold miner whose revenue and margins are directly linked to the spot gold price, and the reference-date gold price (4,083.66 USD/oz) maintains a wide spread over the company's planned 2026 AISC (1,730 USD/oz) (A). A weaker dollar and lower oil prices support gold prices and reduce costs, respectively, while a stronger Brazilian real acts to raise the Paracatu mine's dollar-denominated costs (macro.md research, mixed A/E).
Recent Developments
| Date | Event |
|---|---|
| 2026-02-18 | Ontario provincial government designates the Great Bear project under the 1P1P process (accelerating permitting) |
| 2026-04-29 | Q1 2026 earnings released: attributable FCF of 837.5M USD (record high for the 4th consecutive quarter) |
| 2026-06-24 | KGC shares fall -3.8% in pre-market trading as gold price plunges to a 7-month low |
| 2026-07-29 | Q2 2026 earnings and quarterly dividend (0.04 USD/share) announced, Lobo-Marte progress update provided |
| 2026-07-30 | Pre-market +2.46% (around 23.78 USD) on the next trading day following the earnings release |
No individual primary press release dated 2026-08-05 was identified (unconfirmed). Sources: GlobeNewswire, SEC Form 6-K, Investing.com (news.md research, mixed A/secondary).
Risk Factors
- Margin compression if gold prices decline: The 2026 planned cost (AISC of 1,730 USD/oz) is up from the 2024 actual (1,388 USD/oz); currently, high gold prices offset this, but a reversal in gold prices could result in relatively larger margin compression (market commentary, E).
- Mauritania (Tasiast) geopolitical risk: The company's annual filing (Form 40-F) repeatedly cites the possibility of mining convention renegotiation, political instability, and changes in tax law application (SEC EDGAR, A-filing language).
- Brazil (Paracatu) environmental and litigation matters: A history of complaints and lawsuits filed by nearby residents regarding hazardous substance releases, and a 2023 report of a recommended settlement discussion between prosecutors and the company regarding a tailings dam, have been confirmed; however, the latest status as of 2026 is unconfirmed.
- A Clean Water Act violation ruling related to a former U.S. asset in Washington State (Buckhorn Mountain) has been confirmed; however, whether it remains part of KGC's current portfolio and the extent of any damages are unconfirmed.
- Operational variability: Q2 2026 attributable production was down 4% year-over-year, with increases at Tasiast and Paracatu offsetting declines at Bald Mountain, Round Mountain, and Fort Knox (A).
- Resolved Risk Russian business exposure: the company disclosed that, following the completion of the asset sale on 2022-06-15, no residual obligations or liabilities remain (A).