Kinross Gold Q3 2026: Costs Surge 20% Despite Record Gold Prices
As seen on the 24/7 Wall St. homepage on October 28, 2026.
Record gold prices did not rescue the quarter: all-in sustaining costs jumped 20% to $1,947 per ounce, and both earnings and revenue missed expectations. Cost control, not the gold price, decides whether this is one quarter or a trend.
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Kinross Gold reported adjusted earnings per share of $0.50 for the third quarter of 2026, missing expectations, with revenue also missing expectations and roughly flat against the year-earlier period.
Gold equivalent production fell 17% to 432,368 ounces, driven by a collapse at La Coipa in Chile on severe winter weather, unexpectedly high copper grades, and weak sulphide recoveries. Round Mountain added to the shortfall with lower grades and Phase S operational challenges.
A historically favorable gold price was not enough to cover the volume shortfall and cost inflation. Attributable all-in sustaining costs jumped 20% to $1,947 per ounce on higher energy, contractor, reagent, and royalty costs.
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Free cash flow fell 58% year over year as income taxes paid rose sharply and capital spending climbed, with development work accelerating at Great Bear, Redbird, Curlew, and Round Mountain Phase X.
Kinross reaffirmed its revised 2026 guidance of 1.84 to 1.86 million attributable gold equivalent ounces, issued on September 23, 2026. Management points to a La Coipa recovery and higher-grade ore at Round Mountain continuing into Q4. Whether the cost structure proves stickier is what investors face into year-end.