Kinross Gold (K) investor relations material

Company overview and operational highlights

• Produces 2 million ounces of gold annually from six global operations, with a resource inventory of 20 million 2P and an additional 40 million M&I ounces.

• Maintains a strong investment-grade balance sheet, starting the year with $1 billion net cash and targeting $2 billion by year-end.

• Generates substantial free cash flow, with a double-digit free cash flow yield and high liquidity of $300–$500 million daily.

• U.S. mines are mature, higher cost, and lower production, with ongoing grade enhancement initiatives.

• Non-U.S. mines (Tasiast, Paracatu, La Coipa) drive two-thirds of production at an all-in sustaining cost of $1,500.

Project pipeline and development plans

• Brownfield and greenfield projects include Great Bear (Ontario) and Lobo-Marte (Chile), with Lobo-Marte expected to start production in the early 2030s.

• Great Bear is advancing with parallel permitting; surface infrastructure and water treatment are in place, and underground decline is underway.

• Main project permit for Great Bear is under federal review, with early work permits expected for mill construction in spring 2027 and gold pour targeted for 2029.

• Lobo-Marte is in permitting, targeting 350,000 oz/year at $1,000 AISC and a 15-year mine life.

• Exploration and extensional drilling continue at Great Bear and Chilean assets, with potential for significant porphyry discoveries.

Recent operational challenges and responses

• Temporary production and cost challenges at two smaller mines surfaced in August, but are not seen as impacting the fundamental value proposition.

• At Round Mountain, transition from open pit to underground (Phase X) is underway, with selective mining to reduce dilution and deferred, not lost, production.

• La Coipa faced extreme weather and unexpected high-grade copper at pit bottoms, impacting gold recovery; flotation plant studies are ongoing for copper-gold material.

• Water remains a key constraint in Chile, with permitted wells and ongoing monitoring.

• Operational milestones for the year have largely been achieved, with focus shifting to 2027 objectives.