Precious metals miner Kinross Gold posted a sharp rise in free cash flow and earnings in the second quarter, driven by stronger margins and robust production across its mine portfolio.

The Canadian gold producer reported record attributable free cash flow of $646.6-million and operating cash flow of $992.4-million for the three months to June 30. Adjusted net earnings came to $541.0-million, or $0.44 a share, compared with $174.7-million, or $0.14 a share, a year earlier.

Production for the quarter totalled 512 574 gold-equivalent ounces at an all-in sustaining cost (AISC) of $1 493/oz, while production cost of sales came in at $1 080/oz.

“Our portfolio of mines continued to perform well during the quarter contributing to a strong first half of the year and positioning us well to achieve our full-year guidance,” CEO J. Paul Rollinson said. “The company delivered a 21% increase in margins of $2 204 compared with the first quarter of 2025, outpacing the 15% increase in the gold price over the same period.”

Kinross remains on track to meet its 2025 guidance of two-million gold-equivalent ounces at an average production cost of $1 120/oz and AISC of $1 500/oz, plus or minus 5%.

Since reactivating its share buyback programme in April, Kinross has repurchased $225-million in shares out of the $500-million minimum planned for the year. Including its quarterly dividend, the company has returned about $300-million to shareholders year-to-date. Its board declared a dividend of $0.03 a share, payable September 4.

“Since reactivating our share buyback programme earlier this year, we have repurchased $225-million in shares of the $500-million planned for the year, while maintaining our quarterly dividend and significantly strengthening our investment-grade balance sheet,” said Rollinson.

The company ended the quarter with $1.14-billion in cash and total liquidity of about $2.8-billion, both rising significantly from the previous quarter.

Paracatu, in Brazil, was the company’s top producer during the period, while Tasiast, in Mauritania, continued to perform well with the start of mining at the Fennec satellite deposit. Bald Mountain, in the US, also reported higher production and lower costs.

Exploration and development also advanced. Kinross reported progress on its Advanced Exploration programme at the Great Bear project, engineering at Round Mountain Phase X, and ongoing drilling success at Curlew.

“We are excited about our pipeline of high-quality development and exploration projects, all of which progressed well during the quarter,” Rollinson said. “We have strong optionality in our substantial resource base and are focused on drilling, technical studies and permitting to advance longer-dated projects into our production profile to extend mine life, with a focus on driving margin growth.”