Kinross Gold Corporation · TSX:K
Kinross Gold — Gold Forum Americas 2025
68 slides from Kinross Gold's conference presentation, September 2025
Slide 1: Delivering Value
Kinross Gold Corporation (NYSE: KGC; TSX: K) Delivering Value. September 2025
Slide 2: Cautionary Statement on Forward-Looking Information
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Cautionary Statement on Forward-Looking Information All statements, other than statements of historical fact, contained in this presentation including, but not limited to, any information as to the future financial or operating performance
Slide 3: Cautionary Statement on Forward-Looking Information Continued
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Cautionary Statement on Forward-Looking Information Continued Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, Kinross’ actual results to differ materially from those expressed or implied in
Slide 4: Table of Contents
Kinross Gold Corporation (NYSE: KGC; TSX: K) Table of Contents Company Overview 5 Great Bear 22 Operations & Projects 32 Sustainability 52 Appendix 57
Slide 5: Kinross: A Top Performing Senior Gold Producer
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Kinross: A Top Performing Senior Gold Producer LEADING OPERATIONAL FINANCIAL COMPELLING SUSTAINABILITY EXCELLENCE STRENGTH VALUE PERFORMANCE • Forecast Production: • Rigorous Cost and • Peer leading leverage to • Consistent top performer in
Slide 6: High Quality Portfolio of Assets
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 High Quality Portfolio of Assets Backed by Top Tier(1) Mines and World Class Development Projects in Attractive Jurisdictions Fort Knox, U.S.A. Manh Choh, U.S.A. (70% Owned) Great Bear, Canada PEA(7) Production: ~500koz/yr AISC(8): ~$800/oz
Slide 7: Investment Case: Why Kinross?
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Investment Case: Why Kinross? Delivering Shareholder Value Compelling Value Consistent Operational Excellence ✓ 2025E Free Cash Flow Yield %(1) Rigorous Cost & Capital Discipline ✓ 7.2% 7.2% 6.7% 6.6% Strong Margins & Record Free Cash Flow
Slide 8: Strong Capital Markets Presence
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Strong Capital Markets Presence Ownership Summary(1) Stock Information Total Ownership Institutional Geographic New York Stock Exchange NYSE:KGC Ownership Toronto Stock Exchange TSX:K 15% 2% Number of Common Shares Outstanding (billion) 1.2
Slide 9: Exceptional Operating Track Record
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Exceptional Operating Track Record Kinross has a longstanding track record of meeting or exceeding annual guidance metrics Kinross Peer2 2012 2013 2014 2015 2016 2017 2018 2019 2020 20211 20221 2023 2024 Average Average Met production guida
Slide 10: Q2/25 & H1/25 Highlights
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Q2/25 & H1/25 Highlights Total Attributable Production (Au eq. Moz)(1) Strong Q2 Performance 2.0 • Production on plan with strong ongoing cost 2.0Moz 1.5 management (+/-5%) • Record operating margins and cash flow 1.0 H1/25A 0.5 1.02Moz 0.0
Slide 11: Cost Discipline Driving Strong Cash Flow
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Cost Discipline Driving Strong Cash Flow Attractive Relative Cost Position AND Strong AISC Margin % 2025 AISC Guidance(1) AISC Margin %(2) 55% $1,643 $1,631 $1,575 53% 53% $1,525 $1,510 $1,500 $1,304 $1,275 48% 47% 45% 43% 40%41% 41% 37% 33
Slide 12: Strong Free Cash Flow Metrics
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Strong Free Cash Flow Metrics H1 2025 Free Cash Flow(1) vs. Total H1 2025 Free Cash Flow(1) Per Ounce Gold Production(2) 4.00 of Total Gold Production(2)(3) 3.52 3.50 $1,074 $1,047 FCF (US$M) 3.00 Gold Production (Moz) H1/25 Gold Production
Slide 13: Excellent Financial Position
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Excellent Financial Position Financial Strength Manageable Debt • $1.1 billion of cash and cash equivalents and $2.8 • Senior Notes are rated Investment Grade by all three billion of total liquidity(1) ratings Agencies • Net Debt(2) reduced
Slide 14: Peer Leading Leverage to Gold
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Peer Leading Leverage to Gold Superior Leverage to Gold 2024 Revenue by Commodity 2-Year Beta to Gold & GDX(2) (% of Total)(1) 1.3 100% 1.2 Kinross Agnico 80% 1.1 Beta to GDX Barrick AngloGold Gold Fields 60% 1.0 Newmont Evolution 0.9 Wheat
Slide 15: Attractive Valuation – Trading at Compelling P/NAV and EV/EBITDA Multiples
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Attractive Valuation – Trading at Compelling P/NAV and EV/EBITDA Multiples Price / Net Asset Value(1) EV / EBITDA 2025(2) LT broker consensus ~$2,400/oz Au 10.4x 1.73x 1.57x Kinross P/NAV range at spot(3) 9.0x 1.49x 8.6x 1.43x 1.37x 1.26x 7
Slide 16: Disciplined Capital Allocation Strategy
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Disciplined Capital Allocation Strategy 1 Reinvesting in our Business • Sustaining Capex(1) – maintaining operations safely and to world-class environmental standards • Growth Projects(1) – pursuing attractive returns by leveraging our infr
Slide 17: Expected Milestones
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Expected Milestones (1) 2025 2026 2027 - 30 Balance Sheet Bald Mtn ✓ Great Bear Round Mtn Round Mtn AEX Construction, Phase X Initial Great Bear Repaid Term loan Phase X Pre-stripping at Detailed Eng., Resource, Study Construction and and N
Slide 18: Significant Resource Optionality
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Significant Resource Optionality Significant resource base for potential extensions at existing operations New growth projects that could potentially contribute to the production profile through the end of the decade and beyond $1,600/oz Au
Slide 19: Attractive Project Pipeline
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Attractive Project Pipeline Potential 2027-2030 Production Impact Bald Mtn Extensions Round Mtn Phase X Curlew Great Bear Nevada, USA Nevada, USA Washington, USA Ontario, Canada High-grade Extensive opportunity Potential bulk tonnage World-
Slide 20: Attractive Project Pipeline Continued
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Attractive Project Pipeline Continued Potential 2031+ Production Impact Lobo-Marte Maricunga Tasiast UG and Satellites Additional Open Pit Chile Chile Mauritania Laybacks at Operations Potential long-life, low Historical open pit heap Furth
Slide 21: Kinross Exploration Highlights
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Kinross Exploration Highlights Kinross Exploration – Recent Spend History 2025 Exploration Priorities Property / Jurisdiction Exploration Thesis Annual Exploration Spend Large high-grade resource with additional $200M 175 Great Bear, Ontari
Slide 22: Great Bear
Kinross Gold Corporation (NYSE: KGC; TSX: K) Great Bear National Indigenous Peoples Day Kinross’ Great Bear team partnered with the First Nations to participate in a learning opportunity on land- based teachings and knowledge sharing.
Slide 23: Project Location – Premier Mining Jurisdiction with Strong Infrastructure
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Project Location – Premier Mining Jurisdiction with Strong Infrastructure Highly Attractive Jurisdiction • 24 km southeast of town of Red Lake, Ontario Town of • Stable operating jurisdiction Red Lake Established Existing Footprint Provinci
Slide 24: Project Location Today – Surface Works are Progressing on the AEX
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Project Location Today – Surface Works are Progressing on the AEX(1) Portal Stockpile Pads Portal Stockpile Pads AEX ETP AEX AEX Construction Construction Offices Offices AEX Camp AEX Camp Overburden Stockpile Overburden Stockpile TSS Treat
Slide 25: Great Bear – PEA Highlights Strong Economics and Positive Technical Attributes
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Great Bear – PEA(4) Highlights Both, Strong Economics and Positive Technical Attributes Positive Technical Attributes 518koz / Year $970 FCF(1)(2)/Year ✓ Clean metallurgy – no deleterious elements Avg. Annual Production @ $3,300/oz over the
Slide 26: Top Tier Production Profile
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Top Tier Production Profile(1) ~500koz per year production from the combined Open Pit and Underground operations >4 g/t Mill Grade Annual Mill Throughput (tonnes per day | g/t) Open Pit + Underground Underground + Stockpiles 15,000 6 Mill T
Slide 27: Continued High Grade Intercepts at Depth
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Continued High Grade Intercepts at Depth Drilling Beyond the PEA Inventory Shows Upside Potential for Resource Additions Discovery 4.5 km LP Central Viggo 500 m BR-893 2.1 m @ 5.14 g/t BR-894 1.9 m @ 3.64 g/t Drill Cutoff M&I Inf. BR-847 2.
Slide 28: Regional Exploration
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Regional Exploration Large 18km Trend With Limited Drilling to Date ~50km drill program ongoing 28
Slide 29: AEX Decline – Enables Efficient Drilling of Underground Material
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 AEX Decline – Enables Efficient Drilling of Underground Material Conceptual Exploration Timeline 2023 2024 2025 2026 2027+ Resource Development Exploration Potential Delineation of New Discoveries Surface Construction Exploration Decline Dr
Slide 30: Great Bear Update – AEX Surface Works and Main Project engineering
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Great Bear Update – AEX Surface Works and Main Project engineering are progressing well • AEX surface works ongoing: ▪ AEX earthworks progressing well, camp is complete and operational ▪ Foundation and primary steel for Effluent treatment P
Slide 31: Targeted Path to Production at Great Bear
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Targeted Path to Production at Great Bear Conceptual Project Development Timeline 23 ‘24 ‘25 ‘26 ‘27 ‘28 ‘29 AEX Surface Exploration Decline Construction Environmental Baseline ✓ MAIN PROJECT Initiated Federal Phased Permitting Process Proj
Slide 32: Operations & Projects
Kinross Gold Corporation (NYSE: KGC; TSX: K) Operations & Projects
Slide 33: Mauritania
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Mauritania 2025E Gold Equivalent Production(1) Asset Highlights • Top-tier(2) asset Mauritania United States • Low-cost mine 25% • Strong production profile supported by a large gold 34% reserve in a prospective district ~2.0Moz Tasiast • E
Slide 34: Mauritania – A World Class Mining Jurisdiction
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Mauritania – A World Class Mining Jurisdiction • Politically stable democracy which gained Canary Islands (Spain) Morocco independence in 1960 • Safe, secure jurisdiction with positive regional relations and strong US, French, and NATO pres
Slide 35: Tasiast – Low cost Mine Backed by a Substantial Reserve and Exploration Potential
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Tasiast – Low cost Mine Backed by a Substantial Reserve and Exploration Potential • Achieved budgeted production in Q2 Operating Results • Strong mill performance and recoveries 2023A 2024A H1/25A 2025E(1) • Satellite mining commenced at Fe
Slide 36: Tasiast – Reserve and Mine Plan Update
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Tasiast – Reserve and Mine Plan Update • Tasiast life-of-mine plan has been updated on the back of the 2024 reserve update, has added ~100koz to the 2025-27 window • Updated mine plan reflects continued success increasing 2025-2027 producti
Slide 37: Brazil
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Mauritania Brazil 2025E Gold Equivalent Production(1) Asset Highlights • Top-tier(2) asset United States • Largest gold mine in Mauritania Brazil, and one of the 25% world’s largest gold 34% mining operations • Attractive cost structure ~2.
Slide 38: Paracatu – Top-tier Gold Mine with Production extending into the Next Decade
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Paracatu – Top-tier Gold Mine with Production extending into the Next Decade • Strongest contributor in Q2 driving Operating Results significant cash flow 2023A 2024A H1/25A 2025E(1) • Higher throughput quarter over quarter and continued st
Slide 39: Chile
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Chile 2025E Gold Equivalent Production(1) Asset Highlights • High-margin production with strong cash flow La Coipa • La Coipa oxide United States extensions show Mauritania promising opportunities 25% to extend mine life 34% • World Class D
Slide 40: La Coipa – On Track to Meet Production Guidance
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 La Coipa – On Track to Meet Production Guidance • Lower ore mined in Q2 due to higher than Operating Results anticipated groundwater inflows in the pit 2023A 2024A H1/25A 2025E(1) • Higher tonnes processed from lower grade stockpiles – resu
Slide 41: Strong Production Outlook in Chile
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Strong Production Outlook in Chile Mined in succession, La Coipa and Lobo-Marte could enable production in Chile beyond 2040 Salares Norte (Gold N Fields), ~75km N • La Coipa and Lobo-Marte are located in Chile’s Atacama (Region III), appro
Slide 42: Lobo-Marte – Potential to be a long-life, cornerstone asset
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Lobo-Marte – Potential to be a long-life, cornerstone asset with significant production and low costs • Offers excellent long-life production potential 2024 Reserve & Resource Estimates(1) in Chile Tonnes Grade Ounces (thousands) (Au g/t) (
Slide 43: United States
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 United States 2025E Gold Equivalent Production(1) Asset Highlights • Near-term production Fort Knox, growth through Fort Knox, Round Mtn., & Bald Mtn. Alaska contribution from Manh Choh Mauritania United States • Clear path to production Ro
Slide 44: Fort Knox – Near Term Production Growth Through Manh Choh
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Fort Knox – Near Term Production Growth Through Manh Choh • Strong contributions from both Fort Knox Operating Results and Manh Choh 2023A 2024A H1/25A • Production largely inline over prior quarter Attributable(1) Production 290,651 334,51
Slide 45: Round Mountain – Planned Future of Open-pit Mining, Underground Work Advancing
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Round Mountain – Planned Future of Open-pit Mining, Underground Work Advancing • Nearing completion of Phase W2 mining Gold Hill W3 (exploration) (study) (~8 km to north) • Phase S – Waste stripping in progress and on- Phase X schedule. Pla
Slide 46: Round Mountain – Expected Production Through The Decade and Beyond
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Round Mountain – Expected Production Through The Decade and Beyond Round Mountain Open Pit Production Profile Forecast Conceptual Production from Phase X Underground 300koz 0 2024 2025 2026 2027 2028 2029 2030 Phase W2 Production ongoing Ex
Slide 47: Round Mountain – Phase X
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Round Mountain – Phase X Drilling at Phase X Demonstrating Strong Grades Within Exploration Target and Potential for Extensions • Underground development progressing well, with over 4.5 km completed to date • Geological interpretations and
Slide 48: Bald Mountain – Extending Production
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Bald Mountain – Extending Production • Production improved over prior quarter due to Operating Results stronger grades as mining finished at the higher-grade LBM pit 2023A 2024A H1/25A • Mine plan currently optimized for near term cash Prod
Slide 49: Bald Mountain – Redbird Advancing
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Bald Mountain – Redbird Advancing • With Juniper permit received, Redbird to proceed with phased approach • Phased approach lowers and de-risks initial capital and pulls production earlier into 2027 • Redbird 1 extends production into 2028;
Slide 50: Curlew – Building on a Strong Mining District in Washington State
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Curlew – Building on a Strong Mining District in Washington State Curlew Restart & K2 Mine Buckhorn Mine District Map – 2.8Moz produced • 1.2 Moz of resource • Most recent producing mine in district Canadian border • Curlew exploration focu
Slide 51: Curlew – High Grade Resource Growth
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Curlew – High Grade Resource Growth • High-grade growth in 2024 update: Delineation of a new high-grade zone, leading to +125koz @ 9.0 g/t averaging just over 5m widths • Further opportunity in 2025: new zone remains open along both strike
Slide 52: Sustainability
Kinross Gold Corporation (NYSE: KGC; TSX: K) Sustainability
Slide 53: Top Performer in Sustainability
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 (1) Top Performer in Sustainability Environment Social Governance BOARD SUCCESSION GHG INTENSITY 99% 0.33 Host Country Workforce • Strong Board Succession has • GHG intensity 677 kg CO2e/Au TRIFR (employees & brought in six new directors si
Slide 54: Our approach to Sustainability
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Our approach to Sustainability(1) “Sustainability and mining responsibly are at the core of our Kinross culture… you need an “on-the- ground,” people-focused approach, along with a clear strategy, strong governance and visible leadership at
Slide 55: Consistently Earning Top-Quartile ESG Results
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Consistently Earning Top-Quartile ESG Results Our performance depends on our people, united by our four core values, and who are the heart of our success Environment – Strong track record on environmental compliance: water management, taili
Slide 56: Reducing our Carbon Footprint
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Reducing our Carbon Footprint We are making green investments and constantly seeking efficiencies to help reduce our emissions profile • Committed to 30% GHG • More than 80% of our Scope 1 and Scope 2 intensity reduction in emissions come f
Slide 57: Appendix
Kinross Gold Corporation (NYSE: KGC; TSX: K) Appendix
Slide 58: Board of Directors and Executive Team
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Board of Directors and Executive Team Independent Directors Kelly J. George Kerry D. Glenn A. Ave G. Michael A. Elizabeth D. George David A. Osborne Albino Dyte Ives Lethbridge Lewis McGregor Paspalas Scott Independent Director Director Dir
Slide 59: Senior Leadership Team Incentives
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Senior Leadership Team Incentives(1) Total Direct Compensation Executive Compensation has four key objectives: At Risk Pay: ~80% (1) of CEO and aggregate NEO Total Direct • Align executive interests with Kinross’ long-term strategy and thos
Slide 60: Endnotes
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 Endnotes 1) Kinross’ outlook, which is reported on an attributable basis including Kinross’ share of Manh Choh (70%), represents forward-looking information and users are cautioned that actual results may vary. Please refer to the Cautionar
Slide 61: 2025 Guidance Summary – Appendix A
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 2025 Guidance Summary(1) – Appendix A Attributable(2) Production Guidance Annual attributable(2) gold equivalent production guidance (+/- 5%) 2025 2.0 million oz. 2026 2.0 million oz. 2027 2.0 million oz. Attributable(2) Production and Cost
Slide 62: 2025 Guidance Summary – Appendix A
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 2025 Guidance Summary(1) – Appendix A Attributable Capital Expenditures(2)(3) Guidance Breakdown Forecast 2025 Forecast 2025 Non- Total 2025 Forecast 2024 Sustaining 2024 Non- Sustaining Capital Sustaining Capital Capital 2024 Total Capital
Slide 63: 2025 Guidance Summary – Appendix A
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 2025 Guidance Summary(1) – Appendix A Material assumptions used to forecast 2025 guidance, most notably relating to production cost of sales, are as follows: • a gold price of $2,500 per ounce; • a silver price of $30 per ounce; • an oil pr
Slide 64: Mineral Reserve and Mineral Resource Statement – Appendix B
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B 64
Slide 65: Mineral Reserve and Mineral Resource Statement – Appendix B
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B 65
Slide 66: Mineral Reserve and Mineral Resource Statement – Appendix B
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B 66
Slide 67: Mineral Reserve and Mineral Resource Statement Notes – Appendix B
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT NOTES – Appendix B 1) Unless otherwise noted, the Company's mineral reserves are estimated using appropriate cut-off grades based on an assumed gold price of $1,600 per ounce and a silver price
Slide 68: www.kinross.com
Kinross Gold Corporation (NYSE: KGC; TSX: K) September 2025 www.kinross.com Kinross Gold Corporation (TSX: K NYSE: KGC) Investor Relations (+1) 416-365-2854 InvestorRelations@Kinross.com