Kinross Gold Corporation (NYSE:KGC) Q3 2024 Earnings Conference Call November 6, 2024 8:00 AM ET

Company Participants

David Shaver - Vice President of Investor Relations
Paul Rollinson - Chief Executive Officer
Andrea Freeborough - Executive Vice President & Chief Financial Officer
Claude Schimper - Executive Vice President & Chief Operating Officer
William Dunford - Senior Vice President, Technical Services
Geoff Gold - President

Conference Call Participants

Josh Wolfson - RBC Capital Markets
Anita Soni - CIBC World Markets
Mike Parkin - National Bank
Carey MacRury - Canaccord Genuity
Tanya Jakusconek - Scotia Bank

Operator

Thank you for standing by and welcome to the Kinross Gold Third Quarter 2024 Results Conference Call and Webcast. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

I would now like to turn the call over to David Shaver, Vice President of Kinross Gold. You may begin.

David Shaver

Thank you, and good morning. With us today, we have Paul Rollinson, 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 5, 2024, the MD&A for the period ended September 30, 2024 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, David and thank you all for joining us. This morning, I will provide an overview of what was another strong quarter for us, discuss high level updates on our operations and projects and confirm our outlook. I’ll then hand the call over to Andrea Claude and Will to provide more detail.

Q3 was another excellent quarter for us, building on our strong performance in the first half of the year. Our portfolio of mines continues to perform very well. As of Q3, we have produced just over three quarters of our full year production with cost tracking in line with our guidance range. Our ability to hold costs in this rising gold price environment continues to benefit our margins

In Q3, we grew our operating margins by 14% over the prior quarter, compared to a 6% increase in the gold price. As a result, we generated record quarterly free cash flow of $415 million, an increase of approximately 20%, compared to the prior quarter.