$KGC

KINROSS GOLD CORP

CIK:0000701818|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue
Metal sales	$ 7,051.1	$ 5,148.8
Cost of sales
Production cost of sales	2,346.4	2,197.1
Depreciation, depletion and amortization	1,105.0	1,147.5
Impairment reversal	(116.1)	(74.1)
Total cost of sales	3,335.3	3,270.5
Gross profit	3,715.8	1,878.3
Other operating expense	93.9	14.0
Exploration and business development	204.4	197.8
General and administrative	139.9	126.2
Operating earnings	3,277.6	1,540.3
Other (expense) income - net	(24.6)	14.3
Finance income	73.0	18.2
Finance expense	(131.3)	(91.4)
Earnings before tax	3,194.7	1,481.4
Income tax expense - net	(724.7)	(487.4)
Net earnings	2,470.0	994.0
Net earnings attributable to:
Non-controlling interests	79.9	45.2
Common shareholders	$ 2,390.1	$ 948.8
Earnings per share attributable to common shareholders
Basic	$ 1.96	$ 0.77
Diluted	$ 1.95	$ 0.77

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating:
Net earnings	$ 2,470.0	$ 994.0
Adjustments to reconcile net earnings to net cash provided from operating activities:
Depreciation, depletion and amortization	1,105.0	1,147.5
Impairment reversal	(116.1)	(74.1)
Share-based compensation expense	13.1	9.0
Finance expense - net	90.1	73.2
Income tax expense - net	724.7	487.4
Gain on sale of Asante Gold Corporation holdings	(63.0)
Foreign exchange losses (gains)	5.7	(13.8)
Other	2.0	(44.1)
Reclamation payments, net of reclamation (recovery) expense	(92.3)	(22.3)
Changes in working capital:
Accounts receivable and other assets	9.5	27.5
Inventories	(83.9)	14.3
Accounts payable and accrued liabilities	114.1	26.0
Cash flow provided from operating activities	4,178.9	2,624.6
Income taxes paid	(418.4)	(178.2)
Net cash flow provided from operating activities	3,760.5	2,446.4
Investing:
Additions to property, plant and equipment	(1,194.2)	(1,075.5)
Interest paid capitalized to property, plant and equipment	(19.8)	(92.6)
Proceeds from long-term investments and other assets	189.8	4.8
Additions to long-term investments and other assets	(72.1)	(43.2)
Increase in restricted cash - net	(3.3)	(0.4)
Interest received and other - net	42.8	17.0
Net cash flow of continuing operations used in investing activities	(1,056.8)	(1,189.9)
Net cash flow of discontinued operations provided from investing activities	53.4	10.0
Financing:
Repayment of debt	(700.0)	(800.0)
Interest paid	(65.2)	(35.6)
Payment of lease liabilities	(7.2)	(12.1)
Funding from non-controlling interest		31.3
Distributions paid to non-controlling interest	(102.0)	(40.5)
Dividends paid to common shareholders	(152.1)	(147.5)
Repurchase and cancellation of shares	(600.3)
Other - net	(1.2)	(1.5)
Net cash flow used in financing activities	(1,628.0)	(1,005.9)
Effect of exchange rate changes on cash and cash equivalents	1.7	(1.5)
Increase in cash and cash equivalents	1,130.8	259.1
Cash and cash equivalents, beginning of period	611.5	352.4
Cash and cash equivalents, end of period	$ 1,742.3	$ 611.5

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 1,742.3	$ 611.5
Restricted cash	13.5	10.2
Accounts receivable and prepaid assets	145.8	257.3
Inventories	1,370.3	1,243.2
Other current assets	16.6	4.5
Current assets	3,288.5	2,126.7
Non-current assets
Property, plant and equipment	8,289.4	7,968.6
Long-term investments	99.3	51.9
Other long-term assets	708.9	713.1
Deferred tax assets	25.0	5.3
Total assets	12,411.1	10,865.6
Current liabilities
Accounts payable and accrued liabilities	716.4	543.0
Current income tax payable	595.7	236.7
Current portion of long-term debt		199.9
Current portion of provisions	74.2	62.5
Other current liabilities	13.3	18.0
Current liabilities	1,399.6	1,060.1
Non-current liabilities
Long-term debt	738.2	1,235.5
Provisions	976.6	941.5
Other long-term liabilities	64.8	78.9
Deferred tax liabilities	537.8	549.0
Total liabilities	3,717.0	3,865.0
Equity
Common share capital	4,382.0	4,487.3
Contributed surplus	10,137.6	10,643.0
Accumulated deficit	(5,943.3)	(8,181.3)
Accumulated other comprehensive loss	(0.3)	(87.4)
Total common shareholders' equity	8,576.0	6,861.6
Non-controlling interests	118.1	139.0
Total equity	8,694.1	7,000.6
Commitments and contingencies
Subsequent events
Total liabilities and equity	$ 12,411.1	$ 10,865.6
Common shares
Common shares authorized	Unlimited	Unlimited
Common shares issued (shares)	1,199,843,037	1,229,125,606
Common shares outstanding (shares)	1,199,843,037	1,229,125,606