Kinross Gold (K) investor relations material

Operational performance and portfolio

• Forecasts annual gold production of approximately 2 million ounces through 2028, with six mines across diverse jurisdictions and a robust reserve base of 21 Moz proven and probable, 27 Moz measured and indicated, and 17 Moz inferred resources.

• Maintains a strong track record of meeting or exceeding annual guidance, with 2026 guidance on track for production, cost of sales ($1,360/oz), all-in sustaining cost ($1,730/oz), and capital expenditures ($1.5B).

• Key operations include Paracatu (Brazil), Tasiast (Mauritania), Round Mountain and Fort Knox (USA), La Coipa (Chile), and development projects like Great Bear and Lobo-Marte.

• Project pipeline includes high-grade, long-life assets with significant optionality for mine life extensions and production growth into the 2030s.

• Q1 2026 saw record free cash flow of $838M, with strong operational performance at Paracatu and Tasiast.

Financial strength and capital allocation

• Maintains an investment-grade balance sheet with $2.2B cash, $3.9B liquidity, and $1.4B net cash as of Q1 2026.

• Returned $1.5B to stakeholders in 2025 ($700M to debtholders, $752M to shareholders), with a 33% increase in annual dividend since Q3 2025.

• Targets returning 40% of free cash flow to shareholders in 2026 via dividends and buybacks, totaling ~$350M YTD.

• Strong free cash flow yield (~12%) and peer-leading leverage to gold price, with a compelling valuation relative to peers.

• Disciplined capital allocation prioritizes sustaining capex, growth projects, exploration, and ongoing share repurchases.

Project and exploration highlights

• Great Bear (Canada) advancing with permitting and construction, targeting first production in late 2029; PEA outlines 518koz/year average production, $865/oz AISC, $8B NPV, and <1 year payback at $4,500/oz gold.

• US projects (Round Mountain Phase X, Curlew, Bald Mountain Redbird 2) add nearly 3Moz, extend mine lives into the 2030s, and deliver high IRRs and quick paybacks.

• Lobo-Marte (Chile) and Tasiast (Mauritania) offer long-life, low-cost production with ongoing exploration and expansion potential.

• Exploration spend remains robust, with recent successes at Tasiast, Paracatu, Round Mountain, Curlew, and Great Bear supporting future production.

• Significant resource optionality at existing operations and new projects, supporting growth beyond 2030.