Kinross Gold (K) Investor presentation summary

Operational performance and production outlook

• Forecasts annual gold production of approximately 2 million ounces from 2025 to 2027 across six mines in stable jurisdictions, with a robust reserve base of 22Moz and a pipeline of projects including Great Bear and Lobo-Marte.

• Maintains a strong track record of meeting or exceeding production, cost, and capital guidance, with 2025 guidance on track and year-to-date Q3 production at 1.53Moz.

• Key operations in Mauritania, Brazil, Chile, and the United States contribute to a diversified portfolio, with top-tier assets like Tasiast and Paracatu delivering strong production and cash flow.

• Project pipeline includes significant near-term and long-term growth opportunities, with milestones for Great Bear, Curlew, Round Mountain, and Bald Mountain set through 2030.

• Exploration spend remains high, focusing on brownfield and greenfield targets to extend mine life and add high-margin reserves.

Financial strength and capital allocation

• Maintains a robust investment-grade balance sheet with $1.7 billion in cash and $3.4 billion in total liquidity as of September 2025.

• Achieved net cash position in Q3 2025, reducing net debt by $1.3 billion during the year and redeeming $500 million in senior notes early.

• Targets a total return of capital of ~$1.5 billion to lenders and shareholders in 2025, including $170 million in dividends and $600 million in share buybacks.

• Free cash flow yield for 2026E is peer-leading at 9%, with record free cash flow of $687 million in Q3 2025 and strong margins supported by disciplined cost management.

• Capital allocation prioritizes reinvestment in operations, maintaining financial strength, and returning capital to shareholders.

Project development and exploration

• Great Bear project in Ontario advances with strong PEA economics: 518koz/year average production, $812/oz AISC, $5.2B NPV at $3,300/oz gold, and 47.8% IRR.

• Surface works and permitting for Great Bear are progressing on schedule, targeting first production in 2029.

• Round Mountain Phase X and Bald Mountain Redbird projects are advancing, with initial resource and economic updates expected in Q1 2026.

• Exploration at Curlew and other sites continues to deliver high-grade resource growth, supporting future high-margin underground production.

• Regional exploration at Great Bear and other properties targets further resource additions and mine life extensions.