1. Kinross Gold maintains a Buy rating due to strong financials and production growth, despite a 53% stock surge since July 2025; 2. The company achieved record free cash flow in Q2 and H1 2025, with further upside expected from rising gold prices and stable output; 3. Macro factors like Fed rate cuts and potential M&A activity support long-term growth, while DCF analysis suggests significant undervaluation at current gold price levels.