Kinross Gold (K) Investor presentation summary

Operational performance and guidance

• Forecast annual gold production of 1.84–1.86 Moz for 2026 and 2027, with guidance to reach 2.0 Moz by 2028.

• All-in sustaining cost (AISC) guidance for 2026 is $1,850–$1,900/oz, with production cost of sales at $1,420–$1,460/oz.

• Six operating mines across the US, Brazil, Chile, and Mauritania, with a robust reserve base of ~21 Moz and significant resources.

• Strong track record of meeting or exceeding annual guidance, supported by disciplined planning and execution.

• Ongoing grade enhancement and portfolio optimization strategies extend production into the 2030s.

Financial strength and capital allocation

• Net cash position of $1.9B and total liquidity of $4.4B as of June 30, 2026.

• Over $1.5B returned to shareholders since January 2025, including ~$800M in 2026 YTD through dividends and buybacks.

• Targeting return of 50% of free cash flow to shareholders via dividends and share repurchases.

• Investment grade credit ratings from Moody’s (Baa2), Fitch (BBB), and S&P (BBB), with recent upgrades.

• Disciplined capital allocation with $1.5B annual capex guidance and focus on sustaining and growth projects.

Project pipeline and growth initiatives

• Advancing world-class development projects: Great Bear (Canada), Lobo-Marte (Chile), and multiple US projects (Round Mountain Phase X, Curlew, Bald Mountain Redbird 2).

• Great Bear PEA highlights: 518 koz/year average production (first 8 years), $856/oz AISC, $7.1B NPV, 58% IRR at $4,100/oz gold.

• Lobo-Marte: 15-year mine life, 350 koz/year, $1,000/oz AISC, $4.3B NPV, 26% IRR at $4,100/oz gold.

• US projects combined IRR of 51% and quick paybacks, adding nearly 3 Moz and extending mine lives into the 2030s.

• Significant exploration spend and success, with resource growth at key assets and new discoveries.