Kinross Gold Earnings: Strong Period Driven by Higher Gold Sales Volumes and Prices

No-moat Kinross Gold’s 2023 third-quarter result was better than our expectations. Higher gold sales volumes and prices along with lower unit cash costs drove a 66% increase in EBITDA, to USD 490 million, compared with the same quarter of 2022. Adjusted net profit after tax of USD 145 million, or USD 0.12 (CAD 0.167) per share, more than doubled. Kinross will pay a USD 0.03 (roughly CAD 0.042) dividend in December, the same as last year and in line with its quarterly dividend policy. We forecast total 2023 dividends of USD 0.12 (CAD 0.167) per share for a 2.2% forward yield at current share prices.