Kinross: Back On The Sale Rack (Rating Upgrade)

Kinross had a tough Q3'26 with costs spiking 20% YoY despite lower sustaining capex on the back of rising contractor, power, fuel, and reagent costs. Unfortunately, lower production at Round/La Coipa will see Kinross erase a 3-year streak of beating guidance with a ~6% miss expected this year. Kinross is back to trading at far more reasonable multiples after a ~49% plunge in its share price and has a world-class asset in the hopper, Great Bear.