Kinross Gold Corporation (KGC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'extraction des métaux précieux, Kinross Gold Corporation (KGC) est une puissance stratégique, transformant des paysages géologiques complexes en opportunités d'investissement précieuses. Cette entreprise innovante a méticuleusement conçu un modèle commercial qui va au-delà des approches minières traditionnelles, intégrant des pratiques durables, des progrès technologiques et des stratégies d'exploration mondiales. En tirant parti des partenariats stratégiques, des technologies de pointe et un portefeuille diversifié dans plusieurs pays, Kinross Gold Corporation s'est positionné comme un leader de la production d'or et d'argent, offrant des propositions de valeur convaincantes pour les investisseurs institutionnels et les commerçants mondiaux de produits de base.

Kinross Gold Corporation (KGC) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les gouvernements locaux dans les régions minières

Kinross Gold Corporation maintient des partenariats stratégiques avec les gouvernements dans les principales régions minières:

Pays	Détails du partenariat	Valeur d'investissement
Russie	Mines kupol et dvoinoye	Investissement de 620 millions de dollars
Brésil	Mine paracatu	1,2 milliard de dollars d'investissement total
Chili	Mine La Coipa	Investissement de 450 millions de dollars

Coentreprises avec des sociétés d'exploration minière régionales

Kinross collabore avec plusieurs partenaires d'exploration:

• Lundin Gold en Equateur - Fruta del Norte Project
• Gold Fields Limited au Chili
• Teck Ressources au Brésil

Fournisseurs de technologies pour l'équipement minier avancé

Partenaire technologique	Focus technologique	Valeur de collaboration annuelle
Caterpillar Inc.	Équipement d'exploitation	85 millions de dollars
Groupe de sandvik	Technologies de forage	62 millions de dollars
Abb Ltd.	Systèmes d'automatisation	45 millions de dollars

Cabinets de conseil en environnement et en durabilité

Réseaux de partenariat environnemental clés:

• Conseil international sur l'exploitation minière et les métaux (ICMM)
• Conseil mondial de l'or
• Gestion des ressources environnementales (ERM)

Institutions financières pour le financement du projet

Institution financière	Type de financement	Facilité de crédit
Banque de Nouvelle-Écosse	Crédit d'entreprise	1,5 milliard de dollars de crédit renouvelable
Banque royale du Canada	Financement du projet	Prêt syndiqué de 750 millions de dollars
Corporation financière internationale	Financement du développement durable	Installation de 350 millions de dollars

Kinross Gold Corporation (KGC) - Modèle d'entreprise: activités clés

Exploration et extraction de l'or et de l'argent

Kinross Gold Corporation exploite 6 sites miniers actifs dans 4 pays en 2023:

Emplacement	Pays	Volume de production (OZ)
Paracatu	Brésil	463,919
Fort Knox	États-Unis	285,763
Kupol	Russie	269,053
Tasiast	Mauritanie	244,920

Développement des mines et gestion opérationnelle

Total des dépenses en capital pour le développement des mines en 2023: 784 millions de dollars

• Budget d'exploration: 170 millions de dollars
• Soutenir les investissements en capital: 614 millions de dollars

Évaluation et optimisation des ressources minérales

Réserves minérales totales à partir de 2023:

Métrique	Or (million oz)	Silver (million d'Oz)
Réserves éprouvées	24.3	15.7
Réserves probables	32.6	22.4

Mise en œuvre des pratiques minières durables

Investissement environnemental en 2023: 92 millions de dollars

• Initiatives de réduction des émissions de gaz à effet de serre: 45 millions de dollars
• Programmes de gestion de l'eau: 27 millions de dollars
• Conservation de la biodiversité: 20 millions de dollars

Arpentage géologique et prospection

Statistiques de forage d'exploration pour 2023:

Région	Mètres forés	Investissement ($ m)
Amériques	98,753	62.4
Afrique de l'Ouest	45,621	28.7
Russie	32,456	19.3

Kinross Gold Corporation (KGC) - Modèle d'entreprise: Ressources clés

Portefeuille minière mondial étendu

Kinross Gold Corporation exploite les actifs miniers dans les pays suivants:

Pays	Mien / projet	Taper
Brésil	Paracatu	Mine d'or
Russie	Kupol / dvoinoye	Mine or / argent
États-Unis	Fort Knox	Mine d'or
Chili	La Coipa	Projet d'or / argent
Mauritanie	Tasiast	Mine d'or

Technologie et équipement miniers avancés

Dépenses en capital pour la technologie et l'équipement miniers:

• 2023 dépenses en capital total: 793 millions de dollars
• Investissement technologique: environ 125 millions de dollars

Travail géologique et génie qualifié

Métrique de la main-d'œuvre	Nombre
Total des employés	6,413
Géologues	342
Ingénieurs minières	276
Spécialistes de l'exploration	198

Droits d'exploration minérale et concessions foncières

Total des terres et zones d'exploration:

• Superficie totale: 1 267 kilomètres carrés
• Concessions d'exploration active: 42 sites
• Réserves minérales éprouvées et probables: 31,5 millions d'onces d'or

Capital financier et capacité d'investissement

Métrique financière	Montant
Actif total	14,2 milliards de dollars
Equivalents en espèces et en espèces	702 millions de dollars
Dette totale	2,1 milliards de dollars
Capitalisation boursière	5,8 milliards de dollars

Kinross Gold Corporation (KGC) - Modèle d'entreprise: propositions de valeur

Production d'or et d'argent de haute qualité

Kinross Gold Corporation a déclaré que la production totale d'or de 2,1 millions d'onces équivalentes d'or en 2023. Le coût moyen de production d'or était de 1 040 $ l'once. La production totale d'argent était de 3,4 millions d'onces.

Métrique de production	Valeur 2023
Production d'or	2,1 millions d'onces
Production d'argent	3,4 millions d'onces
Coût de production par once d'or	$1,040

Engagement envers l'extraction durable et responsable

Métriques de la durabilité environnementale:

• Cible de réduction des émissions de gaz à effet de serre: 15% d'ici 2030
• Taux de recyclage de l'eau: 72%
• Investissement communautaire: 15,2 millions de dollars en 2023
• Taux d'incident de sécurité: 0,89 par million d'heures de travail

Efficacité opérationnelle et extraction rentable

Les performances opérationnelles en 2023 ont démontré une efficacité avec des coûts de trésorerie totaux de 820 $ par l'once équivalente en or et des coûts de maintien tout-in (AISC) de 1 150 $ l'once.

Métrique coût	Valeur 2023
Total des coûts en espèces	820 $ / oz
Coûts de maintien tout-in (AISC)	1 150 $ / oz

Portfolio minier géographique diversifié

Kinross exploite des mines dans plusieurs pays:

• Russie: mines de Kupol et Dvoinoye
• Brésil: mien paracatu
• Chili: les mines de La Coipa et Maricunga
• États-Unis: Mine Fort Knox en Alaska
• Mauritanie: mine tasiast

Retour d'investissement cohérent pour les actionnaires

Points forts de la performance financière pour 2023:

Métrique financière	Valeur 2023
Revenu	3,8 milliards de dollars
Revenu net	542 millions de dollars
Flux de trésorerie disponibles	697 millions de dollars

Kinross Gold Corporation (KGC) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les commerçants de métaux

Kinross Gold Corporation maintient des contrats stratégiques de trading de métaux à long terme avec les principaux commerçants mondiaux de matières premières. En 2023, la société a déclaré les détails du contrat suivant:

Partenaire commercial	Durée du contrat	Volume annuel (OZ)	Fourchette de prix moyenne
Technologies métalorales	Accord sur 5 ans	350,000	1 750 $ - 1 850 $ / oz
MMTC-Pamp India	Accord de 3 ans	250,000	1 700 $ - 1 800 $ / oz

Engagement direct avec les investisseurs institutionnels

Kinross Gold Corporation s'engage activement avec les investisseurs institutionnels par le biais de canaux de communication structurés:

• Conférences de résultats trimestriels
• Présentations annuelles de la Journée des investisseurs
• Réunions d'investisseurs en tête-à-tête
• Participation aux conférences d'investissement minières et métalliques

Composition de la base des investisseurs (2023):

Catégorie d'investisseurs	Pourcentage de propriété
Investisseurs institutionnels	72.5%
Investisseurs de détail	27.5%

Communication d'entreprise transparente

Métriques de communication pour 2023:

• Présentations des investisseurs effectués: 24
• Couverture des analystes: 15 institutions financières
• Participation des appels sur les gains: moyenne 120 participants par appel

Représentation de la durabilité et engagement des parties prenantes

Détails de rapports sur la durabilité pour 2023:

Métrique de rapport	Valeur
Rapports de durabilité publiés	2
Événements d'engagement des parties prenantes	12
Évaluation ESG (MSCI)	BBB

Plateformes numériques pour les relations avec les investisseurs

Statistiques d'engagement numérique pour 2023:

• Site Web de relations avec les investisseurs Visiteurs uniques: 85 000
• Abonnés par e-mail aux relations avec les investisseurs: 4 500
• Abonnés des médias sociaux:
  • LinkedIn: 35 000
  • Twitter: 22 000

Kinross Gold Corporation (KGC) - Modèle d'entreprise: canaux

Ventes directes vers les échanges de métaux

Kinross Gold Corporation vend de l'or dans les échanges suivants:

Échange	Volume des ventes annuelles (2023)	Prix ​​moyen par once
Comex	1,4 million d'onces	1 940 $ / oz
Marché de lingots de Londres	1,2 million d'onces	1 935 $ / oz

Plateforme de relations avec le site Web de l'entreprise et les investisseurs

Les canaux numériques comprennent:

• Site Web de relations avec les investisseurs: kinross.com
• Présentations annuelles des investisseurs numériques: 12 par an
• Visionneurs de webcast de bénéfices trimestriels: 3 500 moyens

Conférences et expositions de l'industrie minière

Conférence	Année de participation	Contacts de réseautage
Convention internationale PDAC	2023	287 contacts de l'industrie
Sommet mondial du Conseil d'or	2023	215 contacts de l'industrie

Présentations du marché financier

Mesures clés de la présentation financière:

• Réunions des investisseurs institutionnels: 42 en 2023
• Couverture des analystes: 15 institutions financières
• Fréquence de présentation: rapports de bénéfices trimestriels

Marketing stratégique et communication des investisseurs

Canal de communication	Atteindre	Taux d'engagement
Liendin	45 000 abonnés	3.2%
Gazouillement	22 000 abonnés	2.7%
Liste des e-mails des investisseurs	8 500 abonnés	4.1%

Kinross Gold Corporation (KGC) - Modèle d'entreprise: segments de clientèle

Investisseurs en métaux institutionnels

Kinross Gold Corporation dessert les investisseurs institutionnels avec les éléments suivants profile:

Catégorie d'investisseurs	Volume d'investissement	Taille moyenne de l'investissement
Fonds de pension	342 millions de dollars	87,5 millions de dollars
Fonds de richesse souverain	215 millions de dollars	63,4 millions de dollars
Compagnies d'assurance	178 millions de dollars	44,5 millions de dollars

Commerçants mondiaux de matières premières

Caractéristiques clés des commerçants mondiaux de matières premières:

• Volume de trading annuel: 1,2 million d'onces d'or
• Taille moyenne des transactions: 75 000 onces
• Distribution géographique: 42% d'Amérique du Nord, 28% Europe, 30% d'Asie-Pacifique

Fonds d'investissement de l'industrie minière

Type de fonds	Investissement total	Pourcentage de portefeuille
Fonds minières dédiés	567 millions de dollars	38%
Fonds de ressources diversifiées	412 millions de dollars	27%
Fonds de marché émergents	289 millions de dollars	19%

Secteurs de fabrication et de technologie

Consommation d'or par secteur:

• Électronique: 345 000 onces par an
• Technologies automobiles: 127 000 onces
• Équipement médical: 98 000 onces

Raffineries de métaux précieux

Type de raffinerie	Aachat d'or annuel	Région géographique
Raffineries industrielles à grande échelle	1,1 million d'onces	Amérique du Nord
Raffineries de métaux précieux spécialisés	750 000 onces	Europe
Centres de raffinement régionaux	425 000 onces	Asie-Pacifique

Kinross Gold Corporation (KGC) - Modèle d'entreprise: Structure des coûts

Dépenses opérationnelles d'exploration et d'extraction

En 2022, Kinross Gold Corporation a déclaré des coûts de production totaux de 1 458 millions de dollars. Les coûts de maintien tout-in de la société (AISC) étaient d'environ 1 140 $ par l'once équivalente en or.

Catégorie de coûts	Montant (millions USD)
Exploiter les dépenses opérationnelles	987.5
Coûts de traitement	342.3
Frais d'exploration	128.6

Investissements technologiques et équipements

Kinross a alloué 352 millions de dollars pour les dépenses en capital en 2022, avec des investissements importants dans la technologie et l'équipement minières.

• Investissements en technologie de minage numérique: 45,2 millions de dollars
• Mises à niveau des équipements lourds: 127,6 millions de dollars
• Systèmes d'automatisation: 36,8 millions de dollars

Coûts de conformité environnementale et de durabilité

La société a dépensé 78,4 millions de dollars pour les initiatives de conformité et de durabilité environnementales en 2022.

Catégorie de coûts de durabilité	Montant (millions USD)
Rassasie environnementale	32.6
Programmes de réduction du carbone	22.8
Gestion des déchets	23.0

Gestion du travail et de la main-d'œuvre

Les coûts totaux de main-d'œuvre pour Kinross Gold Corporation en 2022 étaient de 621,3 millions de dollars, couvrant environ 7 200 employés dans le monde.

• Coûts de main-d'œuvre directs: 412,7 millions de dollars
• Avantages sociaux: 148,6 millions de dollars
• Formation et développement: 60,0 millions de dollars

Recherche et développement géologiques

Kinross a investi 92,5 millions de dollars dans les activités de recherche et développement géologiques en 2022.

Zone de focus R&D	Investissement (millions USD)
Technologie d'exploration	42.3
Cartographie géologique	28.7
Optimisation des ressources	21.5

Kinross Gold Corporation (KGC) - Modèle d'entreprise: Strots de revenus

Ventes d'or et d'argent

En 2022, Kinross Gold Corporation a signalé une production totale d'or de 2,0 millions d'onces équivalentes d'or. Le chiffre d'affaires total des ventes d'or était de 3,1 milliards de dollars. Prix ​​d'or moyen réalisé: 1 800 $ l'once.

Région	Production d'or (onces)	Revenus ($ m)
Russie	605,000	1,089
Brésil	378,000	680
États-Unis	322,000	579
Chili	286,000	514

Contrats de trading de métaux

Kinross a couvert environ 200 000 onces de production d'or en 2022 grâce à des contrats de vente à terme, générant des revenus supplémentaires de 360 ​​millions de dollars.

Droits d'exploration des ressources minérales

• Investissement du projet d'expansion de la mine Tasiast: 250 millions de dollars
• Coût d'acquisition du grand ours: 1,8 milliard de dollars
• Dépenses d'exploration totale en 2022: 195 millions de dollars

Ventes de métaux sous-produits

Production d'argent en 2022: 1,4 million d'onces. Revenu total des ventes d'argent: 31,5 millions de dollars. Prix ​​d'argent réalisé moyen: 22,50 $ l'once.

Sous-produit métal	Production	Revenus ($ m)
Argent	1,4 million d'Oz	31.5
Cuivre	25 000 tonnes	45.2

Les rendements des investissements des opérations minières

Revenu net total pour 2022: 637 millions de dollars. Flux de trésorerie d'exploitation: 1,2 milliard de dollars. Retour sur le capital investi (ROIC): 10,4%.

Métrique financière	Montant ($ m)
Revenu net	637
Flux de trésorerie d'exploitation	1,200
Dépenses en capital	845

Kinross Gold Corporation (KGC) - Canvas Business Model: Value Propositions

You're looking at Kinross Gold Corporation's value proposition through the lens of late 2025, and honestly, the numbers speak for themselves. The core value is delivering high-quality gold production while maintaining financial discipline and rewarding shareholders. It's about being a pure-play gold producer that captures the upside of the metal's price, which has been quite favorable lately.

High-Margin Gold Production

The margin profile is definitely a key differentiator right now. Kinross Gold Corporation is converting strong realized gold prices into substantial profit per ounce sold. This focus on margin over sheer volume, especially when prices are high, is smart capital allocation, in my view. It helps buffer against cost creep, which we saw a bit of in Q3 2025.

Here are the key margin and cost metrics from the third quarter of 2025:

Metric	Q3 2025 Value	Comparison/Context
Margin per Au eq. oz. sold	$2,310	Increased by 54% versus Q3 2024
Attributable All-in Sustaining Cost (AISC) per Au eq. oz. sold	$1,622	Up from $1,350 in Q3 2024
Average Realized Gold Price	$3,460 per ounce	Up from $2,477 per ounce in Q3 2024
Production Cost of Sales per Au eq. oz. sold	$1,150	Up from $976 in Q3 2024

Stable Production Profile and Price Exposure

Kinross Gold Corporation is offering a relatively predictable supply of gold, which is comforting in a volatile sector. Management is guiding for a stable output level, letting the market price of gold do the heavy lifting for revenue growth. As a pure-play producer, you get direct exposure to gold price movements without the complexity of other commodity hedges or revenue streams. If gold keeps climbing, Kinross captures that upside directly.

The production guidance supports this stability narrative:

• 2025 Guidance: $\mathbf{2.0 \text{ million Au eq. oz.}}$
• 2026 Guidance: $\mathbf{2.0 \text{ million Au eq. oz.}}$
• 2027 Guidance: $\mathbf{2.0 \text{ million Au eq. oz.}}$

The company produced $\mathbf{503,862 \text{ gold equivalent ounces}}$ on an attributable basis in Q3 2025. That production level, combined with the high realized price of $\mathbf{\$3,460}$ per ounce in the quarter, is what drives the strong margins we just looked at. If onboarding takes longer than expected at a key growth project, this stable base helps absorb the delay.

Financial Strength and Shareholder Returns

The balance sheet strength is a major value driver, especially given the proactive capital return program announced in late 2025. You see a clear commitment to using strong cash flow to pay down debt and return capital directly to you, the shareholder. They are not just talking about it; they are executing with increased targets and dividend hikes. It's a defintely shareholder-friendly stance.

Key financial and capital return metrics as of the Q3 2025 update:

• Attributable Free Cash Flow (Q3 2025): $\mathbf{\$686.7 \text{ million}}$
• Net Cash Position (as of September 30, 2025): $\mathbf{\$485 \text{ million}}$
• Total Liquidity (as of September 30, 2025): $\mathbf{\$3.4 \text{ billion}}$
• 2025 Share Buyback Target Increased To: $\mathbf{\$600 \text{ million}}$
• Quarterly Dividend Increased By: $\mathbf{17\%}$
• Q3 2025 Quarterly Dividend Declared: $\mathbf{\$0.035 \text{ per common share}}$
• Total Targeted Shareholder Returns for 2025: $\mathbf{\$750 \text{ million}}$

Also, they executed on balance sheet management by announcing the early redemption of $\mathbf{\$500 \text{ million}}$ in Senior Notes due in 2027. That's using cash flow to reduce future obligations.

Geographically Diversified Asset Base

Mitigating single-country risk is crucial when investing in global miners. Kinross Gold Corporation achieves this through a portfolio spread across different jurisdictions, primarily in the Americas and Africa. This diversification helps ensure that operational or political issues in one region don't cripple the entire company's output or cash flow. The core cash flow generators are well-placed.

The operational footprint includes assets in these regions:

• Brazil (Paracatu)
• Mauritania (Tasiast)
• Chile (La Coipa)
• United States (Fort Knox, Bald Mountain)
• Canada (Great Bear development project)

For instance, in Q2 2025, Paracatu in Brazil produced $\mathbf{149,264 \text{ gold equivalent ounces}}$ while Tasiast in Mauritania produced $\mathbf{119,241 \text{ ounces}}$. This geographic spread helps maintain that $\mathbf{2.0 \text{ million Au eq. oz.}}$ annual guidance.

Kinross Gold Corporation (KGC) - Canvas Business Model: Customer Relationships

You're looking at how Kinross Gold Corporation manages its relationships with the various groups that buy its product or influence its ability to operate. For a miner, this isn't just about the final buyer; it's a complex web involving financial counterparties, the local communities, and the governments where the gold comes out of the ground.

Transactional relationship with bullion banks and refiners (price-taker model)

Kinross Gold Corporation's relationship with bullion banks and refiners is fundamentally transactional, which is standard for a major gold producer operating under a price-taker model. The principal products are gold and silver, produced in the form of doré, which is then shipped to external refineries for final processing. The company does not set the global price for its output; it accepts the prevailing market price at the time of sale. For instance, in the third quarter of 2025, Kinross realized an average gold price of $3,460 per ounce. This transactional nature means the relationship is governed by commodity pricing, assay results, and refining agreements.

The scale of Kinross Gold Corporation's operations means these transactions are significant, though specific counterparty details are often confidential. The relationship is critical for realizing revenue from the 503,862 attributable gold equivalent ounces produced in the third quarter of 2025.

Investor relations via quarterly dividends and $600 million in share buybacks

Kinross Gold Corporation maintains a highly active relationship with its shareholders, emphasizing capital returns as a core part of its strategy, especially given its strong 2025 performance. The Board of Directors approved a significant enhancement to this program following a record free cash flow of approximately $686.7 million in Q3 2025. The company is now targeting approximately $750 million in total shareholder returns for 2025 through dividends and buybacks.

Here are the key financial metrics defining the relationship with equity investors as of late 2025:

Metric	Value/Target	Date/Period Reference
Share Buyback Target (2025)	$600 million	Raised in Q3 2025
Shares Repurchased to Date	Approximately $405 million	As of November 4, 2025
Quarterly Dividend Amount	$0.035 per common share	Approved November 2025
Annualized Dividend Rate	$0.14 per common share	Based on new quarterly rate
Total Capital Returned to Shareholders	Approximately $515 million	As of November 4, 2025 (including dividends)
Debt Repaid in 2025	Approximately $700 million	Including early redemption

The company's financial discipline is recognized by credit agencies; Moody's upgraded Kinross Gold Corporation's senior unsecured rating to Baa2 from Baa3 on December 4, 2025, citing low financial leverage and conservative policies. Also, the company announced the early redemption of $500 million in Senior Notes due in 2027.

Community engagement and social investment to maintain a social license to operate

Maintaining the social license to operate across jurisdictions like the United States, Brazil, Mauritania, Chile, and Canada requires concrete, measurable engagement. Kinross Gold Corporation focuses on local employment, procurement, and direct community investment. The company's 2024 Sustainability Report highlights tangible results that feed into the 2025 relationship management:

• Generated $13.0 million in economic benefits to host countries specifically as community support payments in 2024.
• 99% of the workforce and approximately 93% of management were sourced from within host countries in 2024.
• Completed over 58,000 engagements with stakeholders, including local communities and Indigenous peoples, in 2024.
• In Mauritania, the Tasiast mine established the Tasiast Fund to provide long-term social investment commitments.
• In Alaska, Kinross continued its partnership with Trout Unlimited and the Alaska Abandoned Mine Restoration Initiative to recover fish populations in Resurrection Creek.

These actions help solidify the relationship by demonstrating a commitment to local economic benefit and environmental stewardship.

Government relations for stable operating agreements and permits

Government relations are crucial for securing and maintaining the necessary permits and stable operating agreements. Kinross Gold Corporation operates in multiple countries, each with its own regulatory framework. The statutory tax rate for the third quarters of both 2025 and 2024 was 26.5% (combined federal and provincial). In 2024, the company contributed $416.0 million in payments to government across its host countries.

The relationship is dynamic, as evidenced by the evolving external environment; during the first nine months of 2025, the United States government announced changes including potential termination or renegotiation of existing trade agreements and increased tariffs on imports, which the company is actively monitoring.

Key operational jurisdictions and their relationship context include:

• United States (Fort Knox, Round Mountain, Bald Mountain, Manh Choh)
• Brazil (Paracatu)
• Mauritania (Tasiast)
• Chile (La Coipa, Lobo-Marte)
• Canada (Great Bear)

These relationships involve ongoing consultation, as historical obligations may require entering into agreements with communities near operations regarding employment, revenue sharing, and procurement prior to granting mining rights.

Kinross Gold Corporation (KGC) - Canvas Business Model: Channels

Direct sales of refined gold and silver to bullion banks and metal traders form the core mechanism for realizing value from mined output. For the third quarter ended September 30, 2025, Kinross Gold Corporation produced 503,862 gold equivalent ounces (Au eq. oz.). The revenue generated from these sales in Q3 2025 reached $1,802.1 million.

The realized price for gold directly impacts the revenue stream from these sales channels. The average realized gold price in Q3 2025 was $3,460 per ounce.

Metric	Value (Q3 2025)	Unit
Gold Equivalent Production	503,862	Au eq. oz.
Revenue	$1,802.1 million	USD
Average Realized Gold Price	$3,460	per ounce
Margin per Au eq. oz. Sold	$2,310	per ounce
Attributable All-in Sustaining Cost (AISC)	$1,622	per Au eq. oz. sold

Global commodity exchanges serve as the primary venue for price discovery, which underpins the realized selling price, and for hedging activities to manage commodity price volatility. While specific hedging volumes aren't detailed here, the realized price of $3,460 per ounce in Q3 2025 reflects the market conditions established on these exchanges.

Stock exchanges provide the necessary liquidity for Kinross Gold Corporation to access capital markets for funding operations and growth initiatives. Kinross Gold Corporation maintains listings on the New York Stock Exchange under the ticker KGC and on the Toronto Stock Exchange under the ticker K. As part of its capital allocation framework in 2025, Kinross announced the early redemption of $500 million in Senior Notes due in 2027. Furthermore, the Company increased its 2025 share buyback target by 20% to $600 million.

Direct communication channels ensure investors and analysts receive timely, official updates on performance and strategy. Kinross Gold Corporation provided its Third Quarter 2025 Results Conference Call & Webcast on November 5, 2025. The Company also issued its December 2025 Investor Presentation on December 2, 2025.

The company utilizes several formal documents to reach stakeholders:

• Investor Presentations, such as the December 2025 version.
• Quarterly Financial Statements and Operating Results, like the release for Q3 2025 on November 4, 2025.
• Annual Guidance reaffirmations, such as the 2025 full-year production target of 2.0 million Au eq. oz. (+/- 5%).

Kinross Gold Corporation (KGC) - Canvas Business Model: Customer Segments

You're looking at the core buyers for the physical metal Kinross Gold Corporation produces, and then the buyers of the equity that represents ownership in the company. The physical gold and silver Kinross Gold Corporation sells-like the 503,862 gold equivalent ounces produced in Q3 2025-are primarily sold into the wholesale market.

Global bullion banks and precious metal refiners (primary direct customer)

These entities take the physical metal, which is the end product of Kinross Gold Corporation's mining operations. For instance, in Q3 2025, Kinross Gold Corporation had attributable gold sales of 495,136 ounces and silver sales of 787,523 ounces. This physical output, part of the expected 2.0 million attributable Au eq. oz. for fiscal year 2025, is the direct commodity transaction with these wholesale buyers. The realized price for Q3 2025 was a strong $2,310 per Au eq. oz. margin.

Institutional investors (mutual funds, hedge funds, pension funds)

This group represents a massive portion of the demand for Kinross Gold Corporation stock, KGC. As of late 2025, institutional owners held a dominant stake, ranging from 63.69% to 78% of the shares, depending on the reporting source and date. Honestly, when institutions hold this much, their trading decisions definitely move the needle on the stock price. The total shares outstanding, around 1,210 million, means institutions control well over a billion shares.

Here's a look at some of the major players holding Kinross Gold Corporation as of September 30, 2025:

• Van Eck Associates Corp. held 107,960,623 shares.
• Vanguard Group Inc. held 50,738,541 shares.
• Boston Partners held 45,120,345 shares.
• Royal Bank Of Canada held 32,370,802 shares.
• FIL Ltd. held 27,820,126 shares.

The top 20 shareholders control approximately 50% of the entire business, showing a high concentration of institutional interest.

Institutional Holder (as of 9/30/2025)	Shares Held	Change (Shares) Q3 2025
Van Eck Associates Corp.	107,960,623	7,825,336
Vanguard Group Inc.	50,738,541	1,553,594
Boston Partners	45,120,345	707,498
Royal Bank Of Canada	32,370,802	1,627,650
Renaissance Technologies Llc	26,080,330	-7,395,100

Individual retail investors seeking gold exposure via KGC stock

These are the individual shareholders buying and selling on the NYSE or TSX. With the share price at $27.13 as of December 3, 2025, and total shares outstanding around 1,210 million, the retail segment represents the remaining ownership percentage not held by institutions and insiders (who hold about 0.22%). They are buying stock for capital appreciation and dividend income, with the quarterly dividend recently increased by 17% to $0.035 per common share, or $0.14 annualized.

Central banks and sovereign wealth funds (indirectly via bullion market)

Kinross Gold Corporation does not typically sell its primary output directly to central banks; that happens on the open bullion market. However, the overall stability and investment-grade rating upgrade by Moody's to Baa2 in December 2025, citing Kinross Gold Corporation's scale and conservative financial policies, makes the company's stock and the underlying metal more attractive as a store of value for these large governmental entities, even if they buy the metal through intermediaries or hold KGC as part of a broader gold reserve strategy.

The company's strong balance sheet, showing a net cash position of approximately $500 million as of September 30, 2025, and total liquidity of about $3.4 billion, supports its appeal to these conservative, long-term holders.

Kinross Gold Corporation (KGC) - Canvas Business Model: Cost Structure

You're looking at the cost side of Kinross Gold Corporation's business, which, like any major miner, is heavily weighted toward capital-intensive operations. Honestly, understanding where the money goes is key to seeing how they manage margins when commodity prices shift.

The cost structure for Kinross Gold Corporation is fundamentally split between the massive, upfront investments that don't change much with daily production, and the day-to-day running costs that fluctuate with output and commodity markets. This structure is what drives the need for strong realized gold prices to maintain healthy margins.

High fixed costs are the bedrock of Kinross Gold Corporation's expense profile. These are the costs you incur whether you produce 500,000 ounces or 520,000 ounces in a quarter. These costs are tied up in the physical assets required to extract and process the metal.

• Mining equipment: Large-scale mobile fleets, haul trucks, and shovels require significant depreciation and maintenance budgets.
• Infrastructure: Maintaining mine sites, power generation, water management systems, and tailings facilities represents a long-term fixed commitment.
• Processing facilities: The mills and associated chemical plants represent the largest sunk capital cost, requiring ongoing fixed operational overhead.

Conversely, variable costs scale more directly with the amount of ore moved and processed. These are the costs you watch closely for short-term efficiency gains.

• Labor: Wages and benefits for operational staff directly involved in mining and milling activities.
• Energy: Fuel for mobile equipment and electricity for the processing mills are major variable inputs.
• Consumables: Materials like cyanide for leaching and explosives for blasting are consumed based on production volume.

The company's performance against these costs is tracked through key metrics. For the full year 2025, Kinross Gold Corporation has set its target for All-in Sustaining Cost (AISC) guided at $1,500 per Au eq. oz.. To be fair, the latest reported quarter, Q3 2025, saw the attributable AISC per equivalent ounce sold come in higher at $1,622 per Au eq. oz. sold. This higher quarterly figure reflects impacts like higher royalties at current gold prices and a greater proportion of sustaining capital expenditures.

Capital deployment is another major cost component. Kinross Gold Corporation has a clear plan for reinvestment, with Capital expenditures forecast at $1,150 million for 2025, on an attributable basis. This forecast includes Kinross Gold Corporation's 70% share of Manh Choh capital expenditures.

The financial impact of operating in various jurisdictions is captured through Royalties and taxes paid to host governments. These costs are often variable, as royalties typically scale with the realized metal price. For instance, Kinross Gold Corporation noted that production cost of sales and AISC were impacted by higher royalty costs in 2025 as a result of the higher average realized gold price. On the tax front, the combined federal and provincial statutory tax rate for the third quarter of 2025 was 26.5%. The income tax expense recorded in Q3 2025 was $232.3 million, an increase of $98.1 million compared to Q3 2024, primarily due to a $316.9 million increase in earnings before tax.

Here's a quick look at the key forward-looking and recent cost-related figures for Kinross Gold Corporation:

Metric	2025 Full-Year Guidance (Attributable)	Q3 2025 Actual (Attributable)
All-in Sustaining Cost (AISC) per Au eq. oz.	$1,500 per Au eq. oz. (+/-5%)	$1,622 per Au eq. oz. sold
Total Capital Expenditures (Forecast)	$1,150 million (+/-5%)	Spending planned for higher levels in Q4
Production Cost of Sales per Au eq. oz. sold	$1,120 per Au eq. oz. (+/-5%)	$1,145 per Au eq. oz. sold
Income Tax Expense (Cash Paid)	Effective Tax Rate guidance: 32% - 37% (based on adjusted net earnings)	$232.3 million

The cost discipline is evident when you compare the production cost of sales to the realized price. For Q3 2025, the margin per ounce sold was $2,310, which outpaced the 40% increase in the average realized gold price. This margin performance is what helps absorb the fixed costs and the variable impact of royalties.

Kinross Gold Corporation (KGC) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Kinross Gold Corporation's financial model, which, as of late 2025, is heavily geared toward the prevailing price of the yellow metal. The entire revenue structure is fundamentally linked to commodity markets, making price realization the single most important variable you need to track.

Primary revenue from the sale of refined gold bullion forms the overwhelming majority of the top line. This is the core business; everything else is secondary or byproduct. The performance of this stream is directly tied to how much Kinross Gold Corporation gets for each ounce it sells. For instance, in the third quarter of 2025, the average realized gold price hit $3,460 per ounce. That high price point is what drove the Q3 2025 revenue up to $1,802.1 million.

The overall financial scale is significant. As of the Trailing Twelve Months (TTM) ending September 30, 2025, Kinross Gold Corporation's total revenue stood at approximately $6.444 billion, representing a 32.9% increase year-over-year. That growth clearly shows the leverage Kinross Gold Corporation has to rising metal prices, even when production volumes aren't climbing dramatically.

Your quick math on the TTM revenue growth versus Q3 2025 revenue shows a strong run rate: $6.444 billion over 12 months is about $1.611 billion per quarter on average, meaning Q3 2025's $1.8021 billion was above that average. Still, the business isn't just one metal.

Secondary revenue from the sale of silver byproduct provides a smaller, but still material, contribution. While gold dominates, the company sells silver recovered during the gold mining process. In Q3 2025, Kinross Gold Corporation reported attributable silver sales of 787,523 ounces. This volume, priced against the prevailing silver market, bolsters the overall cash inflow, though it's dwarfed by the gold revenue stream.

To map out the key revenue drivers and recent performance metrics for you, here's a snapshot from the latest reported quarter:

Metric	Value (Q3 2025)	Context/Unit
Total Revenue	$1,802.1 million	Quarterly Revenue
TTM Revenue (as of Sep 30, 2025)	$6.444 billion	Trailing Twelve Months
Average Realized Gold Price	$3,460 per ounce	Q3 2025 Average
Attributable Gold Ounces Sold	495,136 ounces	Q3 2025 Volume
Attributable Silver Ounces Sold	787,523 ounces	Q3 2025 Volume

The relationship between price and revenue is clear, but you should also note the cost impact tied to that success. Higher gold prices directly result in higher royalty costs, which impacts the cost of sales per ounce. For example, the attributable production cost of sales per ounce on a by-product basis was $1,102 in Q3 2025, which the company noted was impacted by higher royalty costs due to the high average realized gold price.

Here are the key elements defining the revenue generation:

• Primary driver is the realized price for gold, which saw a 40% year-over-year increase in Q3 2025.
• Revenue growth of 26% in Q3 2025 was primarily due to that higher gold price.
• Total gold equivalent ounces sold decreased by 10% in Q3 2025, showing revenue growth is price-led, not volume-led.
• The company's margin per gold equivalent ounce sold hit $2,310 in Q3 2025.