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Kinross Gold Corp

www: www.kinross.com   email: info@kinross.com
Category: Major
Rating:
Upside Downside Quality
3.5 3.5 A
Risk: Moderate View History

Rating History

Date Category Rating Risk
Upside Downside Quality
02/17/2026 Major 2.0 3.5A-Moderate
Current Major 3.5 3.5AModerate
Profile
Notes
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Your Data
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Price Data

Symbol Traded Checked Price
NYSE:KGC 09/25/2026 09/25/2026 USD 25.05
TSE:K 09/25/2026 09/25/2026 CAD 35.4600

Performance

+/-
since 		1 Day Last Friday 4 Weeks
2.54% 2.54% 2.54%
3 Months 6 Months 1 Year
3.32% 3.32% 3.90%

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Scorecard   (1 Star = Poor, 5 Stars = Excellent)

Category Don's Site Average Yours Category
Balance Sheet Balance Sheet
Costs (Exp/Dev/Prod) Costs (Exp/Dev/Prod)
Exploration Potential Exploration Potential
Management/Execution Management/Execution
Ownership/Hedging Ownership/Hedging
Project Locations/Taxes Project Locations/Taxes
Properties/Projects/Pipeline Properties/Projects/Pipeline
Share Structure/Dilution Share Structure/Dilution
Risk (1 = High, 5 = Low) Risk (1 = High, 5 = Low)
Upside Potential Upside Potential
9 Ratings

Your Summary (edit)

Stock Summary (from last analysis - 02/17/2026)

Kinross Gold is a major with 2 million oz of gold equivalent production. Their all-in costs (breakeven) for 2026 are projected to be around $2400. Free cash flow should be around $5 billion at $4900 gold. Their AISC in Q4 2025 was $1500. We can expect around a $1600 AISC in 2026.

Their share price dropped from $17.50 a share in 2011 to $1.49 in January 2016. Someone got an excellent entry price. Now it has popped to $34, probably on its way to $100. It is an attractive income stock.

They have high debt at $750 million, but will likely pay it off in 2027 when it comes due. I prefer cash-focused companies with good balance sheets. That said, I wouldn't mind owning this stock for its dividend potential. They are not growing production in the near term. Their Dixie Lake (Great Bear) project won't get built until 2029. That's a long wait for growth.

They might acquire a mid-tier producer for near-term growth. Third, their largest mine (Tasiast) is in West Africa (Mauritania). They can't afford to have a problem at that mine. There have been military coups in 2005 and 2008, and the country is politically unstable.

Once they clean up their balance sheet and hoard some cash, I think their FCF valuation multiple could jump to 20 or higher (it's currently at 8). Majors should have learned the lesson from Kirkland Lake, which had zero debt, a large cash balance (over $500 million), and a large FCF multiple (25). Other Majors should emulate that strategy to reward shareholders.

In 2022, they suspended operations in Russia, which was 13% of their production. This is why you have to be careful with high-risk locations. They sold their properties in Russia, but at a discount. Now their mines are mostly in good locations: US (Fort Knox, Round Mountain, Bald Mountain), Canada (Dixie Lake), Brazil (Paracutu), Chile (La Coipa), and West Africa (Mauritania).

They have a strong pipeline with several projects in development: Dixie Lake, Curlew, and Lobo Marte. In 2029, their production will jump. Will the market give the credit for that in advance? Perhaps.


DD

General Details

Financial 02/17/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $42,002.40M $30,586.05M 02/17/2026
MCap (OS): $41,274.60M $30,056.07M 02/17/2026
Total Assets: $12,000.00M $12,000.00M 02/17/2026
Total Liabilities: $4,000.00M $4,000.00M 02/17/2026
Current Assets: $1,900.00M $2,700.00M 07/29/2026
Current Liabilities: $643.00M $643.00M 02/17/2026
Total Debt: $750.00M $800.00M 07/29/2026
Cash: $1,701.00M $2,701.00M 07/29/2026
Debt (Net): $-951.00M $-1,901.00M
Enterprise Value: $41,051.40M $28,685.05M
Cash Flow: $5,106.00M $2,991.72M never
Cash Flow Multiple: 8.23 10.22 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 02/17/2026
Misc 02/17/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 1,199,843,037 1,199,843,037 02/17/2026
Shares (FD): 1,221,000,000 1,221,000,000 02/17/2026
Insider Ownership: n/a n/a 02/17/2026
Dividend (Annual): 0.41% 0.56% 07/29/2026
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a n/a 02/17/2026
Production (Gold Eq Oz.): (guess) 
2,000,000		 (guess) 
2,000,000		 02/17/2026
Production (Silver Eq Oz.): (guess) 
131,606,218		 (guess) 
135,372,157		 02/17/2026
Development Phase: Producer (Single Mine) Producer (Multiple Mines) 07/01/2026
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 30
Producer: Elite Quality
 30
Producer: Elite Quality
 02/17/2026
Cash Flow Multiple: 22 24 07/29/2026

Resource Data

GOLD 02/17/2026
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 22.00M 22.00M 02/17/2026
Measured & Indicated: 48.00M 48.00M 02/17/2026
Inferred: 13.00M 13.00M 02/17/2026
Reserves & Resources: 61.00M 61.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 18.70M 18.70M 02/17/2026
Measured & Indicated: 36.38M 36.38M 02/17/2026
Inferred: 5.53M 5.53M 02/17/2026
Reserves & Resources: 41.91M 41.91M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
2,000,000oz.		 (guess) 
2,000,000oz.		 02/17/2026
Cash Cost: $1,500 $1,700 07/29/2026
Extra Operating Cost: $900 $1,000 04/30/2026
Total: $2,400 $2,700 07/29/2026
Margin (Free Cash Flow): $2,553 (52%) $1,496 (36%)
MCap / Production (AuEq): $21,001.20 $15,293.03
EV / Production (AuEq): $20,525.70 $14,342.53
G
R
A
D
E		 Underground (Avg): 3.00 g/t 3.00 g/t 02/17/2026
Open Pit (Avg): n/a 0.80 g/t 02/17/2026
Recovery Rate: (CG)  85.00% (CG)  85.00% 07/29/2026
F
U
T
U
R
E		 Proven & Probable: 50.00M 50.00M 02/17/2026
Annual Production: 2,200,000oz. 2,200,000oz. 02/17/2026
Cash Cost: $1,700 $1,900 07/29/2026
Extra Operating Cost: $900 $1,000 04/30/2026
SILVER 02/17/2026
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 02/17/2026
Measured & Indicated: n/a n/a 02/17/2026
Inferred: n/a n/a 02/17/2026
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 02/17/2026
Measured & Indicated: n/a n/a 02/17/2026
Inferred: n/a n/a 02/17/2026
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 02/17/2026
Extra Operating Cost: n/a n/a 02/17/2026
Total: n/a n/a 02/17/2026
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $319.15 $225.94
EV / Production (AgEq): $311.93 $211.90
G
R
A
D
E		 Underground (Avg): n/a n/a 02/17/2026
Open Pit (Avg): n/a n/a 02/17/2026
Recovery Rate: n/a n/a 02/17/2026
F
U
T
U
R
E		 Proven & Probable: n/a n/a 02/17/2026
Annual Production: n/a n/a 02/17/2026
Cash Cost: n/a n/a 02/17/2026
Extra Operating Cost: n/a n/a 02/17/2026

Property

Last Analysis Data  (02/17/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Paracatu
100 n/a
Dev Dixie Lake - Great Bear
100 show
Large discovery

No maiden resource yet.

22 kilometer strike.

Size: 9,800 ha
Prod La Coipa
100 n/a
Dev Lobo Marte
100 n/a
Prod Tasiast
100 n/a
Prod Bald Mountain
100 n/a
Prod Fort Knox
100 n/a
Prod Manh Choh
100 n/a
Prod Round Mountain Area
50 n/a
Dev Curlew
100 show
1.2M oz project.
Production due in 2028.
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Paracatu
100 n/a
Dev Dixie Lake - Great Bear
100 show
Large discovery

No maiden resource yet.

22 kilometer strike.

Size: 9,800 ha
Prod La Coipa
100 n/a
Dev Lobo Marte
100 n/a
Prod Tasiast
100 n/a
Prod Bald Mountain
100 n/a
Prod Fort Knox
100 n/a
Prod Manh Choh
100 n/a
Prod Round Mountain Area
50 n/a
Dev Curlew
100 show
1.2M oz project.
Production due in 2028.

Profitability (by resource)

Proven &
Probable		 02/17/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 22.00M 22.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 18.70M 18.70M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $47,741.10M $27,972.58M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $47,741.10M $27,972.58M n/a
Max Profit / Current MCap: 1.137 0.915 n/a
Max Profit Per Share (Gold): $39.10 $22.91 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $39.10 $22.91 n/a
Total Free Profit Per Share: $4.70 $0.00 n/a
FD MCap / Gold Eq.: $2,246.12 $1,635.62 n/a
FD MCap / Silver Eq.: $34.13 $24.16 n/a
FD MCap / Per Metal
as % Spot Price:		 45.35% 38.98% n/a
EV / Gold Eq.: $2,195.26 $1,533.96 n/a
EV / Silver Eq.: $33.36 $22.66 n/a
EV / Per Metal
as % Spot Price:		 44.32% 36.56% n/a
Measured &
Indicated		 02/17/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 48.00M 48.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 36.38M 36.38M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $92,878.14M $54,419.39M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $92,878.14M $54,419.39M n/a
Max Profit / Current MCap: 2.211 1.779 n/a
Max Profit Per Share (Gold): $76.07 $44.57 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $76.07 $44.57 n/a
Total Free Profit Per Share: $41.67 $19.52 n/a
FD MCap / Gold Eq.: $1,154.55 $840.74 n/a
FD MCap / Silver Eq.: $17.55 $12.42 n/a
FD MCap / Per Metal
as % Spot Price:		 23.31% 20.04% n/a
EV / Gold Eq.: $1,128.41 $788.48 n/a
EV / Silver Eq.: $17.15 $11.65 n/a
EV / Per Metal
as % Spot Price:		 22.78% 18.79% n/a

Reserves &
Resources		 02/17/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 61.00M 61.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 41.91M 41.91M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $106,983.47M $62,684.01M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $106,983.47M $62,684.01M n/a
Max Profit / Current MCap: 2.547 2.049 n/a
Max Profit Per Share (Gold): $87.62 $51.34 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $87.62 $51.34 n/a
Total Free Profit Per Share: $53.22 $26.29 n/a
FD MCap / Gold Eq.: $1,002.32 $729.89 n/a
FD MCap / Silver Eq.: $15.23 $10.78 n/a
FD MCap / Per Metal
as % Spot Price:		 20.24% 17.40% n/a
EV / Gold Eq.: $979.63 $684.53 n/a
EV / Silver Eq.: $14.89 $10.11 n/a
EV / Per Metal
as % Spot Price:		 19.78% 16.31% n/a

Future Valuation (Cash Flow & Totals)

Totals 02/17/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
C
U
R
R
E
N
T		 R & R Valuation: $62,266.64M $52,748.25M n/a
FD MCap: $42,002.40M $30,586.05M n/a
Annual Gold Production: (guess) 
2,000,000oz.		 (guess) 
2,000,000oz.		 02/17/2026
Annual Silver Production: n/a n/a
F

U

T

U

R

E		 FD MCap (Resources): $90,000.00M $105,000.00M n/a
FD MCap Growth (Resources): 114% 243% n/a
FD MCap (Cash Flow): $164,560.00M $216,480M n/a
FD MCap Growth (Cash Flow): 292% 608% n/a
Estimated
Price		 USD: $134.77 $177.30 n/a
Ratio FD MCap (Resources : Cash Flow): 0.55 0.49 n/a
Annual
Production		 Gold: 2,200,000 oz. 2,200,000 oz. n/a
Silver: n/a n/a n/a
Current
FD MCap / 		Gold Eq. Reserves: 840.05 611.72 n/a
Silver Eq. Reserves: 21.00 17.48 n/a
Gold Eq. Production: 19,092.00 13,902.75 n/a
Silver Eq. Production: 477.30 397.22 n/a
P&P
Reserves
(oz.)		 Gold: 50.00M 50.00M 02/17/2026
Silver: n/a n/a 02/17/2026
Gold Eq.: 50.00M 50.00M 02/17/2026
Silver Eq.: 2,000.00M 1,750.00M 02/17/2026
P&P Reserves
per FD
Share (oz.)		 Gold: 0.041 0.041 n/a
Silver: n/a n/a n/a
Gold Eq.: 0.041 0.041 n/a
Silver Eq.: 1.638 1.433 n/a
Free Cash Flow 02/17/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
Current: $5,106.00M $2,991.72M n/a
Current Multiple: 8.23 10.22 n/a
Current FCF/MCap Ratio: 12.16% 9.78% n/a
Current FCF/Share: $4.18 $2.45 n/a
F
U
T
U
R
E		 @ current pm prices: $5,176.60M $2,850.89M n/a
Multiple @ current pm prices: 8.11 10.73 n/a
Growth @ current pm prices: 1.38% -4.71% n/a
@ future prices: $7,480.00M $9,020.00M n/a
Multiple @ future prices: 5.62 3.39 n/a
Growth @ future prices: 201.50% 201.50% n/a

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