Kinross Gold Corporation (KGC): Business Model Canvas [Dec-2025 Updated]

You're digging into Kinross Gold Corporation's engine room as of late 2025, trying to see past the stock ticker to the real business mechanics that drive value. Honestly, the numbers tell a compelling story: they are running a high-margin operation, targeting 2.0 million gold equivalent ounces this year with a solid Q3 margin of $2,310 per ounce, all while keeping their All-in Sustaining Cost (AISC) disciplined around $1,500 per ounce. Plus, they are financially sound, sitting on $485 million in net cash as of Q3 2025, which fuels a significant $750 million capital return program they are executing this year. This Business Model Canvas breaks down exactly how they partner with host governments, manage those massive fixed costs, and sell their refined metal to bullion banks-it's the blueprint for their value creation, so dive in below to see the full nine blocks.

Kinross Gold Corporation (KGC) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships Kinross Gold Corporation maintains to run its global operations as of late 2025. These aren't just names on a list; they are the entities that provide access, capital, and essential services that keep the ore moving.

Governments in Operating Jurisdictions

Kinross Gold Corporation's global footprint requires navigating the regulatory and fiscal frameworks of several nations. The company's operations and projects span the United States, Brazil, Mauritania, Chile, and Canada. These governmental relationships are critical for permitting, taxation, and operational continuity.

As of September 30, 2025, Kinross Gold Corporation had significant financial instruments outstanding related to these jurisdictions.

The company also works closely with various government bodies on project approvals, such as submitting the first of three phased submissions for the Great Bear Project's Impact Statement in September 2025, with the second submission targeted for mid-December 2025.

Exploration Joint Venture Partners like Riley Gold Corp. in Nevada

Kinross Gold Corporation partners with junior explorers to access prospective ground, like the PWC Gold Project in Nevada's Cortez District. This partnership is structured as an earn-in agreement.

• Kinross Gold Corporation is funding and operating the exploration at the PWC project.
• The earn-in agreement grants Kinross the right to earn up to a 75% interest.
• The minimum expenditure required by Kinross to earn this interest is US$20 million.
• Kinross also holds a strategic equity interest in Riley Gold Corp. of 9.9% (on a partially diluted basis).

Major Equipment and Mining Technology Suppliers

Securing long-lead items for development projects requires early engagement with key suppliers. Kinross Gold Corporation is actively managing this pipeline.

For instance, initial procurement for major process and water treatment equipment is in progress, with contract awards planned to start before the end of 2025, and manufacturing of selected long-lead items is anticipated to commence in 2026.

Furthermore, the company manages its financial risk exposure with key financial service providers through credit facilities:

• Available credit under the main credit facilities as of September 30, 2025, was $1,493.0 million.
• The Letter of Credit guarantee facility with Export Development Canada (EDC) was increased from $400.0 million to $500.0 million, effective November 4, 2025.
• Total available credit for Kinross Gold Corporation as of September 30, 2025, was $1.6 billion.

Contango ORE, Inc. for the Peak Gold LLC Joint Venture

The Peak Gold LLC joint venture, which processes ore at Kinross's Fort Knox Milling Complex in Alaska, involves a clear ownership split and production sharing agreement with Contango ORE, Inc.

Here's the breakdown of that relationship:

The financial flow from this partnership is significant for Contango ORE, Inc., which directly impacts Kinross Gold Corporation's operational planning in the region. For the full year 2025, Contango expected cash distributions from the Peak Gold JV to be in excess of $100 million, assuming a $3,500 per ounce spot gold price for the remainder of the year. Contango's 30% share of 2025 production was guided to be 60,000 ounces of gold. In Q3 2025, the JV processed approximately 287,000 tons of ore on a 100% basis, containing about 61,400 oz of gold.

Kinross Gold Corporation (KGC) - Canvas Business Model: Key Activities

The Key Activities for Kinross Gold Corporation center on the entire lifecycle of gold and silver asset management, from finding the metal to returning capital to shareholders, all while navigating complex global operating environments.

Gold and silver mining, processing, and refining operations globally

Kinross Gold Corporation's primary activity involves operating its global portfolio of mines to extract and process gold and silver ore. This is the core engine for revenue generation. For the full year 2025, Kinross Gold Corporation is tracking to meet its guidance of producing 2.0 million attributable gold equivalent ounces (Au eq. oz.) (+/- 5%).

The operational performance in the third quarter of 2025 showed an attributable production of 503,862 gold equivalent ounces. The company's realized margins per ounce sold in Q3 2025 increased by 54% to $2,310 per Au eq. oz. sold compared to the prior year.

Exploration and development of core projects like Great Bear and Lobo-Marte

A critical ongoing activity is advancing key growth projects to secure future production. The Great Bear project in Red Lake, Ontario, is a major focus, with the Preliminary Economic Assessment (PEA) from September 2024 outlining a potential mine life of approximately 12 years and annual production over 500,000 ounces.

As of late 2025, Kinross Gold Corporation is executing on the Great Bear development plan:

• Detailed engineering for the Advanced Exploration (AEX) program is near completion.
• Procurement for major process equipment is set to initiate in late 2025.
• Regional exploration drilling is ongoing, with more than 50,000 metres anticipated to be drilled by year-end 2025.
• The PEA projected a low AISC of approximately $800 per ounce during the first 8 years of operation.

For the Lobo-Marte project in Chile, the activity involves supporting the permitting process through continued baseline studies as of the third quarter of 2025.

Disciplined capital allocation and cost control to maintain margins

Kinross Gold Corporation actively manages its capital structure and operating costs to maximize margins, especially given the high gold price environment. The company achieved a record attributable free cash flow of $686.7 million in Q3 2025. This strong cash generation supported debt reduction, with the company announcing the early redemption of $500 million in Senior Notes due in 2027, scheduled for December 4, 2025. By September 30, 2025, Kinross Gold Corporation reported a net cash position of $485 million and total liquidity of approximately $3.4 billion.

Cost control is evident in the guidance, though Q3 2025 attributable AISC of $1,622 per Au eq. oz. sold tracked toward the higher end of the $1,500 guidance, partly due to higher royalties at current gold prices.

Managing geopolitical and environmental, social, and governance (ESG) risks

Managing operational and political risks is a key activity, reflected in external credit assessments. Following strong cash flow and solid operating performance, S&P upgraded Kinross Gold Corporation's outlook from stable to positive and affirmed its investment-grade rating of BBB- as of Q3 2025. Moody's had previously upgraded the outlook to positive and affirmed the Baa3 rating in the first quarter of 2025, citing debt reduction and conservative financial policies. On the social front, the Great Bear project aims to make a positive impact through job creation and local investment, building on the company's reported $4 billion total benefit footprint through taxes, wages, procurement, and community investment in 2024.

Executing the $750 million 2025 capital return program

A significant activity is the execution of the enhanced capital return program, targeting approximately $750 million in shareholder returns for the full year 2025 through buybacks and dividends.

The execution progress as of early November 2025 includes:

• Share buyback target increased by 20% to $600 million for 2025.
• Approximately $405 million in shares repurchased year-to-date as of November 4, 2025.
• Quarterly dividend increased by 17% to $0.035 per common share, equating to $0.14 annualized.
• Total capital returned to shareholders, including dividends, reached approximately $515 million as of November 4, 2025.

Kinross Gold Corporation (KGC) - Canvas Business Model: Key Resources

You're looking at the bedrock of Kinross Gold Corporation (KGC)'s ability to generate cash and fund its growth pipeline. These aren't just assets; they are the proven foundation supporting the current financial strength. Honestly, the reserve base and the balance sheet are what make the story right now.

The mineral reserve base provides the long-term visibility you need in this industry. As of year-end 2024, Kinross Gold Corporation held proven and probable mineral reserves totaling 21.9 million gold ounces. This reserve base supports the company's guidance for stable production of approximately 2.0 million gold equivalent ounces annually through 2027.

The operational footprint is geographically diverse, which helps manage single-jurisdiction risk. Kinross Gold Corporation's core operating assets include:

• Tasiast in Mauritania
• Paracatu in Brazil
• Fort Knox (including Manh Choh) in the United States
• Round Mountain in the United States
• Bald Mountain in the United States

This portfolio spans operations across the United States, Brazil, Mauritania, Chile, and Canada, giving Kinross Gold Corporation global mining licenses and permits across five continents.

The financial strength is perhaps the most compelling resource as of late 2025. The balance sheet is robust, having achieved a net cash position. Here's the quick math on that strength as reported at the end of Q3 2025:

This liquidity, which includes cash and available credit, provides a significant buffer for capital deployment and unexpected events. Furthermore, the company's human capital-the experienced technical and operational workforce-is essential for executing complex projects like the development activities at Great Bear and the ongoing optimization at its established mines.

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:

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:

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.

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.

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:

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:

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.