GB is quite important to K. As with any project, the faster it is completed the higher the value to the company. The Preliminary Economic Assessment projects 5.3 million ounces over 12 years, with over 500,000 ounces annually for the first eight years at low all-in sustaining costs of around $800 per ounce. Kinross describes it as a "cornerstone asset" with top-tier production, low costs, and substantial exploration upside, including open mineralization at depth. Production is now scheduled for 2029, and should represent a 25% boost in gold production. Q4 EPS of 67c beat estimates of 55c; revenue of $2.02B matched estimates. Kinross' supportive gold-price tailwinds should help offset sectorwide cost pressures, including roughly 4% higher royalty costs (about $55 an ounce) and broader cost inflation of about 5% ($75 an ounce). Stable production guidance of about 2 million ounces for 2026 -- split relatively evenly across fiscal quarters -- suggests operational momentum should remain firm. This steady output underpins cash-flow visibility, despite ongoing cost headwinds for the industry, with 1Q consensus Ebitda of $1.6 billion looking easily achievable, and in line with our calculations. The shift toward a capital-returns policy anchored to free cash flow, alongside the base dividend, should enable shareholders to benefit more directly from the upside in cash margins generated through the year. These were good results. EPS growth, though, is still expected to be lower than peers such as AEM. But the valuation at 11x earnings also reflects this.
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