Dennis da Silva Kinross Gold K-T DON'T BUY Apr 26, 2023

We think K is an OK solid miner and recent quarterly results were strong. The company does have decently high debt with a net debt balance of $1.8B, but debt/equity ratio is only 0.36x which makes us less concerned. Free cash flows have been rising over the last few years and revenues have been growing quite nicely as well. We think it is still worth it to hold onto K given the company's progress in its drilling campaign and the recent strength of gold. It has had some issues in the past with mines but these have been largely cleared up. It also had some Russian exposure but these assets were sold in 2022. 
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Bit of a correction last week. Investors have been going to gold for much of this year. #1 ranked in his Canadian universe of the TSX 60. Yield is 1.4%.

He doesn't own any gold stocks. If you want to enter, focus on large-cap, senior gold stocks. They offer more conservative growth, there's a lot behind them (more than just 1 mine or project), and they're in friendlier jurisdictions. Kinross just had great results. 

(Note the short timeframe.)
Still ranked very high on RSI. Gold stocks have had a bit of a correction since the election as uncertainty diminished and the USD and crypto took off.

Whole bunch of decent assets, including a new one in Ontario. Stock will either go up of its own volition, or get taken over. Stock's performed well due to good cost containment. Good production growth and pipeline. Firing on all cylinders.

He prefers Kinross because it has a little more growth but both are excellent. As to the price of gold he thinks it holds with no big moves higher or lower.

Geopolitical risk in Africa limits their upside. Prefers some mid-size players. with lower PEs. Also Kinross has had a big move, so take profits.

K has done well with the sector rally and is up 139% YTD, now trading at 15X earnings. Kinross reported strong Q2 2025 earnings exceeding analyst expectations and completed a significant share buyback of 15+ million shares, reflecting confidence in capital allocation and shareholder value creation. K projects approximately $6.4 billion in revenue and $1.5 billion in earnings by 2028 with modest revenue growth but stable earnings, supported by cost discipline and operational execution. The stock is still at a discount valuation to the peer group, but with improved execution this could change. We would consider it a decent large cap gold stock, and like it a bit better than we have in prior years.
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He owns Alamos and Agnico-Eagle as well as others. Gold is having a moment and should continue.

Trades at 10-15% discount to peers, so there's re-rating upside. High geopolitical risk until sold Russian assets in 2022. Now 80% North/South America focus. Has become more consistent with operational beats over last 2 years, and eliminated almost $2B of debt. FCF yield is over 10%. 

Great assets in Canada. Great Bear acquisition needs a bit more work on economics, but those will improve. Good leverage to gold.