olivLaw · US equity research
Kinross Gold Corporation KGC
Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)
Kinross Gold Corporation is a Canadian gold producer listed in Toronto and New York that filed its 2025 annual report on Form 40-F. The filing shows effective internal control over financial reporting and a stated share buyback target for 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Kinross Gold Corporation (KGC) stock was 21.42 USD (+7.48% on the day), with market capitalisation 25.7 bn USD, P/E 11.0 on diluted EPS of 1.95 USD over the last 12 months, beta 0.93, 52-week range 19.93–38.07 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.3
- weak (30–45)
- Bollinger (20, 2)
- 20.13 – 25.11
- in the lower half of the band · %B 0.26 · band width 22.0%
- SMA 50 / 200
- 25.70 / 28.66
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.24 / -1.14
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.2% | −1.1% | −8.1 pp | — |
| 3 months | −16.7% | −0.5% | −16.2 pp | — |
| 6 months | −30.4% | +4.4% | −34.8 pp | — |
| Year to date | −23.9% | +12.3% | −36.3 pp | — |
| 1 year | −4.7% | +13.5% | −18.2 pp | −5.2% |
| 3 years | +285.9% | +76.4% | +209.5 pp | +145.9% |
| 5 years | +244.9% | +63.7% | +181.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 29 percentile of its own 7-quarter history (min 6.9, median 12.3, max 34.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.2 bn | 3.5 bn | 4.2 bn | 2.6 bn | 3.5 bn | 4.2 bn | 5.1 bn | 7.1 bn |
| Revenue YoY | −2.7% | +8.9% | +20.5% | — | +32.9% | +22.7% | +21.4% | +36.9% |
| Net income | -23.6 m | 718.6 m | 1.3 bn | 221.2 m | -605.2 m | 416.3 m | 948.8 m | 2.4 bn |
| Net income YoY | −105.3% | unavailable | +86.8% | — | −373.6% | unavailable | +127.9% | +151.9% |
| Diluted EPS | -0.02 | 0.57 | 1.06 | 0.17 | -0.47 | 0.34 | 0.77 | 1.95 |
| Diluted EPS YoY | −105.7% | unavailable | +86.0% | — | −376.5% | unavailable | +126.5% | +153.2% |
| net % | -0.7% | 20.5% | 31.9% | 8.5% | -17.5% | 9.8% | 18.4% | 33.9% |
| Free cash flow | -254.7 m | 164.7 m | 1.0 bn | 313.5 m | unavailable | 507.0 m | 1.4 bn | 2.6 bn |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.7 bn USD
- Financial debt
- 738.2 m USD
- Net debt
- -1.0 bn USD
- Equity
- 8.7 bn USD
- Total assets
- 12.4 bn USD
- Debt / equity
- 0.08x
- Current ratio
- 2.35x
- ROE
- 30.5%
- ROA
- 20.5%
- FCF margin
- 36.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.2 bn | 2.6 bn | 3.5 bn | 4.2 bn | 5.1 bn | 7.1 bn | SEC (XBRL)· 26 Mar 2026verified |
| Cost of revenue | 1.9 bn | 2.1 bn | 2.9 bn | 3.1 bn | 3.3 bn | 3.3 bn | SEC (XBRL)· 26 Mar 2026verified |
| Gross profit | 2.3 bn | 541.1 m | 515.4 m | 1.2 bn | 1.9 bn | 3.7 bn | SEC (XBRL)· 26 Mar 2026verified |
| Operating income | 1.9 bn | 72.1 m | 117.7 m | 801.4 m | 1.5 bn | 3.3 bn | SEC (XBRL)· 26 Mar 2026verified |
| Depreciation & amortisation | 842.3 m | 695.7 m | 784.0 m | 986.8 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 26 Mar 2026verified |
| EBITDA | 2.7 bn ≈ | 767.8 m ≈ | 901.7 m ≈ | 1.8 bn ≈ | 2.7 bn ≈ | 4.4 bn ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Interest expense | 112.6 m | 82.2 m | 93.7 m | 106.0 m | 91.4 m | 131.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Pre-tax income | 1.8 bn | 84.3 m | 106.7 m | 708.6 m | 1.5 bn | 3.2 bn | SEC (XBRL)· 26 Mar 2026verified |
| Income tax | 439.8 m | 115.0 m | 76.1 m | 293.2 m | 487.4 m | 724.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Net income | 1.3 bn | 221.2 m | -605.2 m | 416.3 m | 948.8 m | 2.4 bn | SEC (XBRL)· 26 Mar 2026verified |
| Diluted EPS | 1.06 | 0.17 | -0.47 | 0.34 | 0.77 | 1.95 | SEC (XBRL)· 26 Mar 2026verified |
| Weighted average diluted shares | 1.3 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.2 bn | 531.5 m | 418.1 m | 352.4 m | 611.5 m | 1.7 bn | SEC (XBRL)· 26 Mar 2026verified |
| Receivables | 115.8 m | 214.5 m | 318.2 m | 58.5 m | 52.6 m | 30.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Inventories | 1.1 bn | 1.2 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 26 Mar 2026verified |
| Current assets | 2.4 bn | 1.9 bn | 1.9 bn | 1.8 bn | 2.1 bn | 3.3 bn | SEC (XBRL)· 26 Mar 2026verified |
| Property, plant & equipment, net | 7.7 bn | 7.6 bn | 7.7 bn | 8.0 bn | 8.0 bn | 8.3 bn | SEC (XBRL)· 26 Mar 2026verified |
| Goodwill | 158.8 m | 158.8 m | — | — | — | — | SEC (XBRL)· 31 Mar 2022verified |
| Total assets | 10.9 bn | 10.4 bn | 10.4 bn | 10.5 bn | 10.9 bn | 12.4 bn | SEC (XBRL)· 26 Mar 2026verified |
| Accounts payable | 479.2 m | 492.7 m | 550.0 m | 531.5 m | 543.0 m | 716.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Short-term debt | 499.7 m | 40.0 m | 36.0 m | — | 199.9 m | — | SEC (XBRL)· 27 Mar 2025verified |
| Long-term debt | 1.4 bn | 1.6 bn | 2.6 bn | 2.2 bn | 1.2 bn | 738.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Current liabilities | 1.3 bn | 741.4 m | 751.5 m | 685.5 m | 1.1 bn | 1.4 bn | SEC (XBRL)· 26 Mar 2026verified |
| Total liabilities | 4.3 bn | 3.8 bn | 4.5 bn | 4.4 bn | 3.9 bn | 3.7 bn | SEC (XBRL)· 26 Mar 2026verified |
| Equity | 6.7 bn | 6.6 bn | 5.9 bn | 6.2 bn | 7.0 bn | 8.7 bn | SEC (XBRL)· 26 Mar 2026verified |
| Shares outstanding at year end | 1.3 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 26 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.0 bn | 1.1 bn | — | 1.6 bn | 2.4 bn | 3.8 bn | SEC (XBRL)· 26 Mar 2026verified |
| Capex | 916.1 m | 821.7 m | 764.2 m | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 26 Mar 2026verified |
| Free cash flow | 1.0 bn ≈ | 313.5 m ≈ | — | 507.0 m ≈ | 1.4 bn ≈ | 2.6 bn ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Investing cash flow | -1.2 bn | -1.2 bn | — | — | — | — | SEC (XBRL)· 31 Mar 2022verified |
| Financing cash flow | -67.7 m | -623.2 m | — | -549.0 m | -1.0 bn | -1.6 bn | SEC (XBRL)· 26 Mar 2026verified |
| Share repurchases | — | 100.2 m | 300.8 m | — | — | 600.3 m | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 84 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 25.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation91
- Balance sheet75
- Quality89
- Growth100
- Returns33
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 26.73 – 61.20 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)38.06 – 58.09 (Mid 45.83)WACC 9.2% · starting FCFF 2.7 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -18.0%
- Peers: EV/EBITDA28.18 – 46.56 (Mid 38.81)7 companies used · median multiple 10.4x · quartiles 7.5x – 12.5xCDE, EGO, EQX, EXK, IDR, ITRG, MUX
- Peers: P/E26.73 – 61.20 (Mid 32.14)18 companies used · median multiple 16.5x · quartiles 13.7x – 31.4xAEM, AGI, ARIS, AU, B, CDE, EGO, EQX, FNV, FSM, GFI, IDR, MUX, NAMM, NEM, TII, VOXR, WPM
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 84/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 32.7% | 93 (vs peers) | 12% |
| Net margin · Quality | 33.9% | 73 (vs peers) | 7% |
| FCF conversion · Quality | 107.4% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 26.8% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.2x | 50 (vs peers) | 12% |
| Interest coverage · Balance sheet | 25.0x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 11.0x | 89 (vs peers) | 12% |
| EV/EBITDA · Valuation | 5.6x | 86 (vs peers) | 12% |
| FCF yield · Valuation | 10.0% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 2.3% | 33 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet75/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality89/100 · 3/3 factors with a value
- Returns· partial33/100 · 1/2 factors with a value
- Valuation91/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
KINROSS GOLD CORP (KGC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.1 bn USD in 2025; YoY growth 36.9%; net margin 33.9%; ROE 31.0%; net debt/EBITDA -0.2x.
The estimated value range is 28.18–58.09 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 38.81 USD, the price of 21.42 USD leaves a potential of 81.2% (value / price − 1) and a margin of safety of 44.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 84/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 32.7%
- Net margin: 33.9%
- FCF conversion: 107.4%
- Revenue CAGR 3Y: 26.8%
- Interest coverage: 25.0x
- Current ratio: 2.3x
- P/E (TTM): 11.0x
- EV/EBITDA: 5.6x
- FCF yield: 10.0%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEMNewmont Corporation | 122.7 bn | 13.7 | 26.8% | 34.7% | +21.3% | +30% / +194% |
| AEMAgnico Eagle Mines Limited | 91.7 bn | 20.7 | 19.6% | 37.5% | +43.7% | +5% / +242% |
| BBarrick Mining Corp | 67.2 bn | 13.7 | 19.6% | 29.4% | +31.2% | −3% / +128% |
| WPMWheaton Precious Metals Corp. | 59.7 bn | 40.6 | 18.5% | 63.6% | +80.2% | +19% / +169% |
| FNVFRANCO NEVADA Corp | 46.7 bn | 42.0 | 16.3% | 61.0% | +63.7% | +15% / +116% |
| AUAngloGold Ashanti plc | 44.4 bn | 17.0 | 43.1% | 32.1% | +70.8% | +3% / +357% |
| GFIGold Fields Limited | 32.9 bn | 26.6 | 25.7% | 23.9% | +15.6% | −14% / +140% |
| KGCKinross Gold Corp | 25.7 bn | 11.0 | 31.0% | 33.9% | +36.9% | −5% / +286% |
| CDECoeur Mining, Inc. | 14.9 bn | 16.0 | 10.3% | 19.2% | +96.4% | −16% / +378% |
| AGIAlamos Gold Inc. | 12.6 bn | 14.3 | 22.1% | 49.0% | +34.3% | −20% / +103% |
| HMYHarmony Gold Mining Company Limited | 10.4 bn | — | — | — | +25.8% | −17% / +163% |
| EQXEquinox Gold Corp. | 8.9 bn | 32.2 | 4.8% | 12.2% | +99.1% | −19% / +106% |
| EGOEldorado Gold Corp | 6.7 bn | 13.6 | 12.4% | 27.9% | +37.5% | +7% / +155% |
| CGAUCenterra Gold Inc. | 4.3 bn | — | -4.7% | -7.4% | +28.8% | +61% / +249% |
| ARISAris Mining Corp | 3.2 bn | 38.3 | 7.0% | 8.4% | +81.7% | +12% / +396% |
| FSMFortuna Mining Corp. | 2.9 bn | 10.7 | 18.7% | 30.4% | +39.8% | −5% / +146% |
| NGNovagold Resources Inc. | 2.7 bn | — | -32.8% | — | unavailable | −40% / +45% |
| AAUCAllied Gold Corporation | 2.5 bn | — | -13.8% | -3.9% | +82.3% | −3% / unavailable |
| EXKEndeavour Silver Corp. | 2.1 bn | — | -22.4% | -25.5% | +114.8% | −21% / +259% |
| HYMCHycroft Mining Holding Corporation | 1.6 bn | — | -72.3% | — | −100.0% | +49% / +716% |
| IAUXi-80 GOLD CORP. | 1.2 bn | — | -81.9% | -202.7% | +89.1% | +18% / −15% |
| NEWPNew Pacific Metals Corp. | 952.3 m | — | -2.8% | — | −19.1% | +101% / +181% |
| MUXMcEWEN INC. | 916.1 m | 12.8 | 13.5% | 32.5% | +13.2% | −20% / +94% |
| GROYGold Royalty Corp. | 648.9 m | — | -0.7% | -26.5% | +54.5% | −34% / +86% |
| OGGOsisko Development Corp. | 602.0 m | — | -27.0% | -476.4% | +678.0% | −33% / −17% |
1- and 3-year price returns: for KGC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 14.30 Total return -33% · Per year -33% | 25.16 Total return 17% · Per year 17% | 37.75 Total return 76% · Per year 76% |
| 3 years | 16.96 Total return -21% · Per year -7% | 33.28 Total return 55% · Per year 16% | 54.35 Total return 154% · Per year 36% |
| 5 years | 20.12 Total return -6% · Per year -1% | 44.01 Total return 105% · Per year 15% | 78.27 Total return 265% · Per year 30% |
- Exit P/E± 8.32
- Net margin± 5.82
- Annual revenue growth± 4.34
- Annual dilution± 0.49
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 26 Mar 2026; since then the company filed 6-K (28 Oct 2026), 6-K (06 Oct 2026), 6-K (24 Sept 2026), 6-K (06 Aug 2026).
In brief
Kinross Gold Corporation is a Canadian gold producer listed in Toronto and New York that filed its 2025 annual report on Form 40-F. The filing shows effective internal control over financial reporting and a stated share buyback target for 2026.
SWOT
Strengths
- The company reports effective internal control and an independent audit function with a recognised external auditor 1.
- Dual listing on the Toronto Stock Exchange and the New York Stock Exchange gives access to two major capital markets 1.
- The portfolio includes several development and exploration projects that could support longer-term production growth 1.
Weaknesses
Opportunities
Risks
- Metal price volatilityhigh
The filing stresses that the gold and silver price is a key driver of results and of the company's valuation 1. Sharp swings could directly affect margins and buyback plans.
- Currency riskmedium
The document cites currency market fluctuations as a factor that can influence results 1. Operations in several countries could expose the company to significant exchange effects.
- Tax and regulatory riskhigh
The filing lists income taxes, export duties and royalties among factors that can change cash flows 1. Political shifts could affect projects in certain countries.
- Operational and environmental riskmedium
The document describes mining hazards such as industrial accidents, flooding and metal losses, along with the limits of insurance 1. These could generate significant costs.
- Permit and title riskmedium
The filing mentions the difficulty of obtaining and keeping licences and permits, and disputes over property title 1. Delays could affect project timelines.
Investment thesis
What would need to be true (bull case)
- If gold and silver prices stay favourable, cash flow could support both dividends and the buybacks announced for 2026 1.
- Projects under development could expand production and mine life if they meet their schedules 1.
- Effective internal control and independent audit could reduce the risk of reporting errors 1.
What would break the thesis
- A fall in metal prices could quickly erode margins and the capacity to fund planned buybacks 1.
- Tax or regulatory changes in the countries where the company operates could reduce project returns 1.
- Operational and environmental risks, along with the limits of insurance, could generate unforeseen costs 1.
What to watch
- Evolution of the gold and silver price and its effect on free cash flow2026
- Progress of share buybacks and the dividend policy2026
- Permitting and execution timelines for Phase X, Curlew, Redbird 2 and Great Bearnext 40-F
- Tax and regulatory changes in the countries of operationnext 40-F
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 26 Mar 2026; since then the company filed 6-K (28 Oct 2026), 6-K (06 Oct 2026), 6-K (24 Sept 2026), 6-K (06 Aug 2026).
The business
According to the Form 40-F 1, Kinross Gold Corporation prepares its consolidated financial statements under International Financial Reporting Standards (IFRS), and its shares are listed on the Toronto Stock Exchange and the New York Stock Exchange. The company operates in several countries, including Canada, the United States, Chile, Brazil and Mauritania, as listed in the forward-looking statements of document 1. The filing describes gold and silver mining, development and exploration, including projects such as Great Bear, Phase X, Curlew and Redbird 2.
The filing states that governance and audit oversight rest with an audit and risk committee of five independent directors, and that the external auditor is KPMG LLP of Toronto 1. Management concluded that internal control over financial reporting was effective as of 31 December 2025, with no material weaknesses identified 1.
The company has set a target for 2026 share buybacks equal to a share of attributable free cash flow, and statements on dividends and capital returns to shareholders form part of its strategy 1. The filing stresses that these estimates are subject to market and operational uncertainties.
Segments
Gold mining
The main segment described in the filing 1 is gold mining, the company's core activity. The filing includes guidance on production, production costs and all-in sustaining costs, but the exact figures are presented in the MD&A annexes rather than the main body.
Project development
The filing mentions the development projects Phase X, Curlew, Redbird 2 and Great Bear, for which economics and mine life impacts are forecast 1. These projects could change the production profile if they meet their permitting and execution timelines.
Exploration
The company includes exploration budgets in its plans to add reserves and resources, and the filing notes the possibility of converting resources into reserves 1. This remains a speculative part of the business with uncertain results.
Market context
The filing 1 identifies the gold and silver price as a principal driver of financial results, alongside currency rates and energy and fuel costs. The excerpt provided does not contain detailed market data, so the sector analysis rests on the factors the company lists.
The company operates in a regulated sector where taxes, royalties and environmental permits directly influence margins, as enumerated in the risk section 1. Competitive positioning and market share are not detailed in the excerpt provided.
Competitive position
The document notes that market valuations of comparable gold producers influence the market price to net asset value multiples 1. The company's competitive position therefore depends on the relative performance of these producers.
- Gold producers listed in the US and Canada
The filing 1 refers to comparable gold-sector companies without naming them in the excerpt provided.
- Canadian gold producers
The filing 1 refers to the gold producer peer group without specific names.
- Silver producers
Silver appears as a product in the filing 1, which also places the company among silver producers, with no names given.
- Gold exploration companies
The exploration activity described in the filing 1 exposes the company to competition for new projects and licences.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)06 Oct 2026
- Current report (foreign issuer)24 Sept 2026
- Current report (foreign issuer)06 Aug 2026
- Current report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)29 Jul 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Kinross Gold Corporation · 26 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.