Kinross Gold (NYSE:KGC) Q3 2023 Earnings Conference Call November 9, 2023 8:00 AM ET

Company Participants

Paul Rollinson - President & CEO

Andrea Freeborough - EVP& CFO

Claude Schimper - EVP & COO

Will Dunford - SVP, Technical Services

Chris Lichtenheldt - VP, IR

Conference Call Participants

Ralph Profiti - Eight Capital

Anita Soni - CIBC World Markets

Carey MacRury - Canaccord Genuity

Josh Wolfson - RBC Capital Markets

Tanya Jakusconek - Scotiabank

Mike Parkin - National Bank

Operator

Thank you for standing by, and welcome to the Kinross Gold third quarter 2023 results conference call and webcast. I would now like to welcome Chris Lichtenheldt, Vice President of Investor Relations, to begin the call. Chris, over to you.

Chris Lichtenheldt

Thank you and good morning. With us today, we have Paul Rollinson, President and CEO, and from the Kinross senior leadership team, Andrea Freeborough, Claude Schimper, Will Dunford, and Geoff Gold.

For a complete discussion of the risks and uncertainties which may lead to actual results differing from estimates contained in our forward-looking information, please refer to Page 2 of this presentation, our news release dated November 8, 2023, the MD&A for the period ended September 30, 2023, and our most recently filed AIF, all of which are available on our website.

I will now turn the call over to Paul.

Paul Rollinson

Thanks, Chris, and thank you all for joining us. This morning, I'll provide an overview of our third quarter and update you on our ESG initiatives. I will then hand the call over to Andrea to discuss financial performance, Claude to highlight our operating performance, and Will to discuss our projects.

Our operations continue to deliver strong performance in the third quarter, and we remained well positioned to meet our full-year guidance. Our focus on delivering on our targets continues to drive strong results. By the end of Q3, we had produced just over three quarters of our full-year production at cost, and are tracking in the lower half of our guidance range. Our business is performing well, and we generated strong cashflow. In the first nine months, we generated nearly $1.2 billion of operating cashflow, and after reinvesting in our operations and project pipeline, we generated over $400 million of free cashflow. With respect to our operations, in the third quarter, Tasiast, Paracatu, and La Coipa, all continued to deliver excellent results, accounting for approximately 70% of our production, with an attractive AISC of just over $1,000 per ounce. Tasiast had a record production quarter, producing 171,000 ounces, was once again our highest cashflow operation. Paracatu also performed well in the third quarter, and as planned, had its highest production quarter of the year. La Coipa was once again our lowest cost operation and also generated strong cashflow.