Kinross Gold Corporation · TSX:K
Kinross Gold — Q2 2024 Earnings Presentation
27 slides from Kinross Gold's earnings presentation, Aug 1, 2024
Slide 1: Second Quarter 2024 Results
Second Quarter 2024 Results August 1st, 2024 Delivering Value.
Slide 2: Conference Call Participants
Conference Call Participants Paul Andrea Claude William Geoff Rollinson Freeborough Schimper Dunford Gold Chief Executive Officer EVP & Chief Financial EVP & Chief Operating SVP, Technical President Officer Officer Services 2
Slide 3: Cautionary Statement on Forward-Looking Information
Second Quarter 2024 Cautionary Statement on Forward-Looking Information All statements, other than statements of historical fact, contained or incorporated by reference in or made in giving this presentation and responses to questions, including but not limited to any information as to the future pe
Slide 4: Q2 Recap
Q2 Recap Strong Quarter Development On Track • Strong operating margins • Manh Choh first gold in July • Robust Free Cash Flow • Round Mountain Phase S on plan • $200 million of debt repayment • Exciting exploration results from Phase X • On track to meet Full-Year Guidance and Curlew Operations Del
Slide 5: Sustainability – Core to our Business
Sustainability – Core to our Business TBU 5
Slide 6: Strong Outlook
Strong Outlook Production Outlook(1) (Million Au eq. oz. +/- 5%) Stable multi-year production(1) 2.1 2.0 2.0 Strong Free Cash Flow Strengthening balance sheet Disciplined capital allocation strategy 2024 2025 2026 (1) Refer to endnote #1. 6
Slide 7: Financial Results
Financial Results KINROSS
Slide 8: Second Quarter and First Half Results
Second Quarter 2024 Second Quarter and First Half Results Prior Comparable Periods Q2 2024 H1 2024 Q2 2023 H1 2023 Results Results Results Results Production (Au eq. oz) 535,338 1,062,737 555,036 1,021,058 Cost of Sales (per Au eq. oz. sold)(1)(6) $1,029 $1,006 $900 $941 All-in Sustaining Cost (per
Slide 9: Balance Sheet Continues to Strengthen
Second Quarter 2024 Balance Sheet Continues to Strengthen Improving Leverage Profile Financial Flexibility 1.5x • Total liquidity(2) of $2.1 billion, including $480 1x million of cash and cash equivalents • Improved Net Debt position as of quarter-end • Net Debt to EBITDA(1) improved as of quarter-
Slide 10: Guidance and Outlook
Second Quarter 2024 Guidance and Outlook On Track to Meet Guidance & Strong Multi-Year Outlook H1 2024 2024 2025 Guidance 2026 Guidance Results Guidance (+/- 5%) (+/- 5%) (+/- 5%) Attributable Production 1,062,737 2.1 million 2.0 million 2.0 million (Au eq. oz.)(1) Production cost of sales $1,006 $1
Slide 11: Operational Overview
Operational Overview 11
Slide 12: Operations – Safety Excellence
Second Quarter 2024 Operations – Safety Excellence Program Update: 60% of Employees and Business Partners Trained Tasiast, Mauritania Paracatu, Brazil La Coipa, Chile Bald Mountain, Nevada Round Mountain, Nevada Fort Knox, Alaska(1) (1) The Fort Knox segment is composed of Fort Knox and Manh Choh. 1
Slide 13: Tasiast
Second Quarter 2024 Tasiast Strong H1 Performance • Continued strong performance with Q2 production higher and cost of sales lower quarter-over-quarter • Lowest cost asset in Q2, driving significant Free Cash Flow • On track to meet full-year guidance FY24 Operating Results Q2/24 H1/24 Guidance(1) P
Slide 14: Paracatu
Second Quarter 2024 Paracatu Continued Strong Contribution • Strong mill performance and recoveries continued in Q2 • Mine sequencing continues to transition through lower grade portions of the pit • Plan to be back into higher grades in Q4 and into 2025 • On track to meet full-year guidance FY24 Q2
Slide 15: La Coipa
Second Quarter 2024 La Coipa Strong Margins • Robust Free Cash Flow in Q2 and H1 from ongoing high-margin production • Continuing to perform plant reliability and optimization work • Production on track for full-year guidance FY24 Operating Results Q2/24 H1/24 Guidance(1) Production 65,851 137,096 2
Slide 16: US Operations
Second Quarter 2024 US Operations Q2 On Plan – On Track for Full Year Guidance Images TBU? Fort Knox, Alaska(1) Bald Mountain, Nevada Round Mountain, Nevada United States Total Q2/24 H1/24 FY24 Guidance(2) Production 177,630 346,312 730,000 (Au eq. oz.) Production cost of sales ($/oz.)(3)(4) $1,405
Slide 17: US Operations Highlights
Second Quarter 2024 US Operations Highlights Fort Knox, Alaska(1) Bald Mountain, Nevada Round Mountain, Nevada • Production improved over prior quarter • Production lower over prior quarter as • Production lower over prior quarter as on stronger mill throughput, heap planned planned due to lower mil
Slide 18: Operating Heap Leaching Overview
Second Quarter 2024 Operating Heap Leaching Overview Rock Sizing Topography Monitoring & Governance Majority run-of-mine, Round • Daily operator inspections with minor portion of Relatively Flat Mountain crushed rock • Weekly ground water pressure monitoring • Monthly inspections on Operating run-of
Slide 19: Development Projects
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Slide 20: Round Mountain
Second Quarter 2024 Round Mountain Promising drill results and potential for expansion of mineralized zone Primary PHASE X – RECENT DRILLING RESULTS Exploration Target Drillhole From To Length Au Ag AuEq ID NEW strong grades and (#) (m) (m) (m) (g/t) (g/t) (g/t) widths intersected outside of the Pha
Slide 21: Curlew Basin
Second Quarter 2024 Curlew Basin Exploration Success Continues • Results from underground drilling continue to confirm thicker zones of high-grade mineralization near the Stealth Zone • Drilling from both surface and underground also continue at the Roadrunner vein zone • Higher grade results indica
Slide 22: Great Bear
Second Quarter 2024 Great Bear Confirming Extensions at Depth 22
Slide 23: Exploration Decline
Second Quarter 2024 Exploration Decline AEX Decline Expected to Enable Efficient Drilling of Underground Material Conceptual Exploration Timeline 2023 2024 2025 2026 2027+ Resource Development Exploration, Potential Delineation of New Discoveries Deep Drilling Surface Early Exploration Decline Works
Slide 24: Strong Position to Deliver Value
Strong Position to Deliver Value ✓ Strong production profile ✓ Generating significant cash flow ✓ Strengthening Investment grade balance sheet ✓ Attractive dividend ✓ Exciting pipeline of exploration and development opportunities ✓ Strong commitment and industry leader in Sustainability 24
Slide 25: Appendix
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Slide 26: Endnotes
Second Quarter 2024 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 Cautionary Statement on Forward-Looking Informati
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