The following is a summary of the Kinross Gold Corporation (KGC) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Kinross Gold Corporation reported strong financial results in Q3 2024 with record quarterly free cash flow of $415 million, an increase of approximately 20% from the prior quarter.

• Generated significant cash flow improvements with operating margins growing by 14% over the prior quarter, driven by effective cost management and rising gold prices.

• Continued debt reduction efforts have led to a repayment of $650 million from the $1 billion term loan, with further repayments expected by the end of the year.

• Adjusted earnings of $0.24 per share and adjusted operating cash flow of $625 million both improved over the prior quarter.

• Total capital expenditures were $276 million in Q3, with year-to-date expenditures totaling $772 million.

Business Progress:

• Kinross remains on track to meet their full-year production guidance with a strong performance across their portfolio of mines.

• Highlighted robust project developments and infrastructure investments, particularly at Tasiast and Paracatu, which showed improved production over the prior quarter.

• Advanced significant projects such as the Great Bear, which has shown impressive geological potential and ongoing permitting advancements.

• Rolled out a global safety program and introduced a health and safety brand emphasizing both physical and psychological safety.

Opportunities:

• The company continues to advance exploration activities significantly, supporting the future potential of the business.

• Demonstrated strong potential for the Lobo-Marte and Great Bear projects, with plans for significant production and robust cash flow.

Risks:

• Acknowledged the challenges of variable gold prices affecting future financial planning and capital allocation decisions.

• Discussed potential operational risks related to transitioning into higher grade mining and managing cost pressures, including inflation rates on labor.

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