Euro Pacific Sells $3 Million of Kinross Gold Stake in Strategic Move

The wind was still when Euro Pacific Asset Management made its move, cutting a swath through the holdings it had once nurtured. They sold 156,001 shares of Kinross Gold, valued at a cool $3 million, according to their October 14th SEC filing. A calculated shift, no doubt, in a world that shifts more swiftly than the hands of a clock. There were no fanfares, no proclamations of fortune-just the steady beat of a strategy unfolding.

The Event Unfolds

Euro Pacific, that quiet giant of the investment world, announced that it had reduced its stake in Kinross Gold Corporation by 156,001 shares, a sum that equates to $3.0 million. After the dust had settled, they retained 776,378 shares, a number that seems almost insignificant in the grand churn of the market. But to those who measure in percentages and figures, that remaining stake represents 2.02% of their 13F reportable assets under management. An asset may rise and fall, but its hold is never truly set in stone.

Context and Reflection

The fund’s holdings, after the divestment, leave a picture drawn in numbers, but numbers only tell half the tale. They now cling tightly to their largest holdings-those which seem most promising as the market drifts into uncertain waters:

NYSE: AEM: $74.01 million (8.9% of AUM)

NYSE: B: $64.69 million (7.8% of AUM)

NYSE: PAAS: $49,317,000 (6.0% of AUM)

NYSE: FNV: $48.83 million (5.9% of AUM)

NYSE: OR: $40,442,000 (4.9% of AUM)

Kinross, in this quiet storm, still holds a seat at the table, though now a smaller one. Their stock, standing firm at $25.51 per share as of October 13th, had surged by an astonishing 158.7% over the past year, leaving the S&P 500 in its dust by 146.24 percentage points. The winds of fortune had blown favorably, at least for the time being, but the market is not a place for the faint-hearted.

The Landscape of Kinross

Metric	Value
Revenue (TTM)	$6.07 billion
Net Income (TTM)	$1.53 billion
Dividend Yield	0.47%
Price (as of market close 2025-10-13)	$25.51

The Life of Kinross

Kinross Gold isn’t just another name in the mining game. No, it stretches its arms across continents, pulling precious metals from the earth’s belly in places like the United States, Russia, Brazil, Chile, Ghana, and Mauritania. It digs deep, extracting not just gold and silver, but the very pulse of the market itself. Its operations are a model of integration-acquisition, exploration, extraction, processing. It doesn’t stop at one phase; it owns the entire process, from the spark of an idea to the moment its commodities touch the hands of buyers around the world.

And who are those buyers? Institutions, refiners, industrial users-those who know the true value of gold, not as a glittering ornament, but as a raw, enduring necessity in the world’s machinery. They pay the price, they keep the wheels turning.

A Fool’s Take

When June rolled around, Kinross still had a place in Euro Pacific’s heart-14th largest, no less. By September 30th, despite the reduction, it stood as the 16th largest holding out of 89 total positions. A strange thing, how even a diminished presence still holds weight in such a sprawling empire. Euro Pacific’s retreat from Kinross was no defeat; in many ways, it was a shrewd acknowledgment of a chapter that had already written itself into the annals of market history.

What’s truly remarkable about Kinross is its transformation over the past three years. The rise of gold prices, like a long-dormant beast stirring, has propelled Kinross’s stock price skyward-560% in that time. A long shot, sure, but the market’s hunger for gold has proven insatiable. And in the second quarter of 2025, Kinross posted a record $646.6 million in free cash flow. The margins? They soared by 68% year-over-year to $2,204 per ounce, as the price of gold made the earth tremble beneath its weight.

Kinross, ever the survivor, expects to produce around 2.0 million ounces this year, with an all-in sustaining cost of $1,500 per ounce. Not bad, when the winds are blowing in your favor, and yet, the market is never a place for complacency. There will always be another gust, another storm to weather. The question is, who will stand when the dust settles?

Glossary

Assets Under Management (AUM): The total market value of investments managed by a fund or investment firm.
13F Reportable Assets: Securities holdings that institutional investment managers must disclose quarterly to the SEC if above a certain threshold.
Transaction Value: The total dollar amount received or paid in a specific securities trade.
Stake: The ownership interest or shares held by an investor in a company.
Dividend Yield: Annual dividend income expressed as a percentage of the current share price.
Outperforming: Achieving a higher return compared to a benchmark, such as the S&P 500 index.
Commodity Sales: Revenue generated from selling raw materials like gold or silver, rather than finished products.
Integrated Model: A business structure where a company controls multiple stages of production, from acquisition to processing.
Exploration: The process of searching for mineral deposits or resources for potential development.
TTM: The 12-month period ending with the most recent quarterly report.

In the end, the market spins its tale. Some hold on tight, others let go, but the gold keeps glittering somewhere beneath the surface, awaiting those brave enough to chase it. ✨

2025-10-26 17:20