Kinross Gold (TSX: K) saw an increase in Q3 2025 net earnings by 65% to $584.9 million as revenue rose 26% to $1.80 billion on a higher realized gold price, despite a double-digit drop in production and higher unit costs in several operations.
Metal sales grew driven by an average realized gold price of $3,460 per ounce versus $2,477 last year and an attributable realized price of $3,458 per ounce versus $2,479.
Absolute production cost of sales rose to $598.6 million from $564.3 million. Unit production cost of sales per gold-equivalent ounce increased to $1,150 from $976. Total cost of sales climbed 12% to $884.0 million, which trailed the 26% revenue increase and expanded gross profit 42% to $918.1 million.
Operating earnings rose 48% to $810.1 million from $547.7 million. Finance income jumped to $45.2 million from $6.3 million while finance expense increased to $30.7 million from $23.5 million. Net income tax expense rose to $232.3 million from $134.2 million.
This led to the jump in net earnings at $584.9 million, which translated to $0.48 per share, from $355.3 million, or $0.29 per share. Adjusted net earnings were $529.6 million, up 77% from $298.7 million, or $0.44 per share versus $0.24.
Attributable AISC per gold-equivalent ounce sold rose to $1,622 from $1,350, and all-in cost per equivalent ounce increased to $2,016 from $1,689. On a by-product basis, attributable AISC was $1,588 versus $1,332 and production cost of sales per ounce was $1,102 versus $956.
Net cash from operating activities reached $1,024.1 million, up 40% from $733.5 million, while attributable adjusted operating cash flow increased to $845.2 million from $625.0 million. Capital expenditures were $312.2 million versus $278.7 million, with attributable capex at $307.6 million versus $275.5 million.
Attributable free cash flow set a record at $686.7 million, up 66% from $414.6 million. Cash and cash equivalents ended the quarter at $1.72 billion versus $611.5 million at December 31, 2024.
Kinross realized $232 million in cash since the beginning of Q3 2025 related to the 2022 Chirano sale to Asante, including $136 million in Q3 and $96 million subsequent to quarter-end. Cumulative cash realized since closing totals $314 million versus the original $225 million sale price.
On output, attributable gold-equivalent production was 503,862 ounces versus 564,106 last year. Attributable sales also fell to 504,111 ounces versus 550,548. Particularly, gold ounces sold totaled 511,564 versus 569,506, while silver ounces sold were at 804,000 versus 741,000.
The board approved a 17% increase in the quarterly dividend to $0.035 per share, payable December 10, 2025.
Management reaffirmed full-year 2025 guidance of 2.0 million ounces at $1,120 per ounce cost of sales and $1,500 per ounce AISC, noting higher royalties from strong gold prices are captured in the outlook.
Kinross Gold last traded at $33.21 on the TSX.
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