Kinross Gold Corporation · TSX:K
Kinross Gold — Gold Forum Americas 2022
59 slides from Kinross Gold's conference presentation, September 2022
Slide 1: Delivering Value.
September 2022 Delivering Value. Kinross Gold Corporation
Slide 2: Cautionary Statement on Forward-Looking Information
September 2022 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 perfo
Slide 3: Table of Contents
Table of Contents Company Overview 4 Operations and Projects 23 Americas 24 West Africa 41 Corporate Responsibility 45 Appendix 52 3
Slide 4: Kinross Gold Corporation
Kinross Gold Corporation
Slide 5: Who is Kinross?
Kinross Gold Corporation September 2022 Who is Kinross? AMERICAS STRONG FOCUSED Portfolio PRODUCTION OUTLOOK 6 mines LARGE GOLD GEOGRAPHICALLY STRONG DYNAMIC COMMITTED TO PRODUCER, DIVERSIFIED OPERATING TRACK CAPITAL RESPONSIBLE HIGHLY LIQUID PRODUCER RECORD ALLOCATION MINING • ~US$4.5 billion • Ame
Slide 6: High Quality Portfolio of Assets
September 2022 High Quality Portfolio of Assets Two top tier(1) mines account for ~50% of production 2022E Gold Equivalent Production(2, 3) Fort Knox, U.S.A. Manh Choh, U.S.A. 29% Great Bear, Canada Bald Mountain, ~2.0M U.S.A. Head Office, Canada ounces Round Mountain, U.S.A. 71% Approximate Annual
Slide 7: Kinross Investment Case
Kinross Investment Case September 2022 Attractive 3.17 Production Profile Value in the Americas(5) Americas-focused business, two Top Tier(1) assets Americas focus not reflected in valuation Price / Net Asset Value 1.0x % of NAV in Americas 2.3 0.9x Expected Production(2) (4) 2.1 0.8x 0.8x 0.7x 2.07
Slide 8: Market undervaluing Kinross' assets
Kinross Gold Corporation September 2022 Market undervaluing Kinross’ assets Substantial production not reflected in market valuation 2022 E Gold Production (1) Market Capitalization (1) $10.4 2.4 2.1 ~2.0 2.0 Million AuEq oz $7.3 US$B 1.5 $5.9 Average: $5.9 B 1.4 Average: 1.5 Moz $4.8 $4.3 $4.3 0.9
Slide 9: Leading free cash flow yield…
Kinross Gold Corporation September 2022 Leading free cash flow yield… …backed by a substantial mineral inventory 2023E FCF Yield (1) Enterprise Value / Total Resources, (%) With Additional Upside Expected from Great Bear (2) 14% $214 13% $190 11% 9% $118 $113 6% $98 $91 5% $74 1% (1) Calculated as F
Slide 10: Enhanced Share Buyback Program
Kinross Gold Corporation September 2022 Enhanced Share Buyback Program Attractive return of capital while protecting investment grade balance sheet • Compelling capital deployment opportunity to enhance per-share metrics and shareholder returns 2022 Buyback: • Quarterly dividend maintained $300M • B
Slide 11: Exciting Future
Kinross Gold Corporation September 2022 Exciting Future Steady production with ~2 million ounces per year expected over the decade Strong production backed by… • Reinvesting in our business and Attractive Production Profile(1) maintaining balance sheet (Million Au eq. oz. +/- 5%) strength • Continuo
Slide 12: Advancing the Project Pipeline
Kinross Gold Corporation September 2022 Advancing the Project Pipeline Expected project milestones on track (1) H1 2022 >> H2 2022 >> 2023/2024 Late February Great Bear ✓ H2 Round Mountain 2023 mid-year Tasiast 24k Acquisition closed Mine plan optimization including Throughput to reach 24ktpd Phase
Slide 13: Prioritizing Resource Conversion
Kinross Gold Corporation September 2022 (1) Prioritizing Resource Conversion Significant potential for mine life extension at existing assets 25 20 15 10 5 0 La Coipa Bald Mountain Paracatu Round Fort Knox Tasiast Lobo-Marte Mountain Expected Reserve Life Potential Resource Life (1) See Appendix. No
Slide 14: Strong Liquidity & Financial Flexibility
Kinross Gold Corporation September 2022 Strong Liquidity & Financial Flexibility Balance sheet in excellent shape Liquidity Position (1) Financial Flexibility • Total liquidity(1) of ~$2.1 billion, including $719 million in cash and cash equivalents • Paid down $120 million of debt in the second qua
Slide 15: Manageable Debt Profile
Kinross Gold Corporation September 2022 Manageable Debt Profile Senior notes are rated investment grade by all three rating agencies Debt Schedule Debt Ratings Agency Rating $1,000 S&P BBB- (Stable) Moody’s Baa3 (Stable) Fitch BBB (Stable) $ millions Debt Breakdown(1) $500 Interest Rate Amount Due $
Slide 16: Disciplined Capital Allocation Strategy
Kinross Gold Corporation September 2022 Disciplined Capital Allocation Strategy Reinvesting in our Business 2022 Guidance • Sustaining capex – maintaining our existing operations ~$450M safely and to world-class environmental standards • Expansion projects – pursuing attractive returns by leveraging
Slide 17: Inflationary Pressures
Kinross Gold Corporation September 2022 Inflationary Pressures Continued inflationary pressure affecting our cost structure Inputs Direct Cost Drivers Estimated Impacts Ground support Ground Grindingsupport media Grinding media Maintenance/supplies Steel OPEX Power costs ~12% Fuel Power Explosives L
Slide 18: Discounted Valuation Not Justified by Operating Jurisdictions
Kinross Gold Corporation September 2022 Discounted Valuation Not Justified by Operating Jurisdictions P/NAV vs. Fraser Institute Ranking (Weighted by NAV) 1.0x Endeavour 0.9x Analyst Consensus Price / NAV 0.8x Yamana Evolution 0.7x Northern Star Newcrest 0.6x Kinross 0.5x 50 60 70 80 90 100 NAV Weig
Slide 19: Proven Track Record in Mauritania
Kinross Gold Corporation September 2022 Proven Track Record in Mauritania Successfully operated for over 10 years Cumulative production of over 2.5 million gold equivalent ounces ✓ Established $300 million political risk insurance policy with MIGA A member of the World Bank ✓ Constructed Phase One P
Slide 20: Closure in Russia
Kinross Gold Corporation September 2022 (1) Closure in Russia Russian divestiture viewed positively by the analyst community Broker Selected Quotes from Research “[With] the exit from Russia now complete, and receiving some value for the Russian assets, the shares should National begin to re-rate to
Slide 21: Global Mining Leader in ESG
Kinross Gold Corporation September 2022 Global Mining Leader in ESG Principled approach to sustainability and strong on-the-ground performance at our operations • Consistently high ranking among significant ESG assessments Percentile Ranking on ESG(2) o Achieved a 94% ranking from S&P ESG Global in
Slide 22: Global Mining Leader in ESG
Kinross Gold Corporation September 2022 (1) Global Mining Leader in ESG Environment Social Governance WATER MANAGEMENT • ~80% average water volume 99% >1 million INDEPENDENT BOARD recycling rate over the past 5 years of workforce hired from beneficiaries of • 8 of 9 Board members are GHG INTENSITY w
Slide 23: Operations and Projects
Operations and Projects
Slide 24: Americas
September 2022 Americas 2022E Gold Equivalent Production (1,2) Country Highlights Paracatu, Paracatu is the largest gold Brazil Brazil mine in Brazil and one of the largest in the world Fort Knox, ~2.0M Alaska +1/3rd of our production comes from Nevada and Alaska – two ounces U.S.A. of the world’s t
Slide 25: Paracatu, Brazil (100%)
Americas September 2022 Paracatu, Brazil (100%) Top tier(1) gold mine with a long mine life that extends to 2032 • Among the world’s largest gold Operating Results operations, with annual throughput of ~60 million tonnes 2019 2020 2021 • Potential mine life extensions in light of Production the stro
Slide 26: Round Mountain, U.S.A. (100%)
Americas September 2022 Round Mountain, U.S.A. (100%) Large mine expected to extend to at least 2030 • Substantial resource: orebody is open at depth Operating Results with increasing grade • Recently added more than 900kozs to reserves 2019 2020 2019 2020 2021 2021 with Phase S; may extend mining t
Slide 27: Round Mountain Optimization Study
Americas September 2022 Round Mountain Optimization Study Assessing various options for future production at Round Mountain • At Phase W, ongoing geotechnical analysis has Potential for Underground Mining made the case for moving underground sooner than originally envisioned • Scope of the optimizat
Slide 28: Kinross Alaska - Fort Knox, U.S.A. (100%)
Americas September 2022 Kinross Alaska - Fort Knox, U.S.A. (100%) Successfully operating one of the world’s few cold weather heap leaches where mine life is expected to extend to 2030 • Future production growth driven by Operating Results enhancements to the mine plan, including: o Accelerating prod
Slide 29: Kinross Alaska – Gil Satellite Pits
Americas September 2022 Kinross Alaska – Gil Satellite Pits Providing near-term, higher-grade ore to Fort Knox operation North Gil Metric (approx.) Estimate(1) Mine life 2 years Total production 160koz. (Au eq. oz.) Sourdough Average production cost of sales $920/oz. (Au eq. oz.) Mined gold grade 0.
Slide 30: Kinross Alaska – Manh Choh (70%)
Americas September 2022 Kinross Alaska – Manh Choh (70%) Feasibility study results released ahead of schedule with Q2 results • Adds high grade mill feed to Fort Knox’s mill (~10x the Q2’22 Manh Choh Reserve & Resource Estimates(1) Tonnes Grade Ounces Grade Ounces current average milled grade (thous
Slide 31: Bald Mountain, U.S.A. (100%)
Americas September 2022 Bald Mountain, U.S.A. (100%) Large land package with significant potential • Current mine life to mid-2020s, with Operating Results additional potential via large mineral resource 2019 2020 2021 • Mine plan currently focused on the Production (Au eq. oz.) 187,961 191,282 204,
Slide 32: Kettle River – Curlew Project
Americas September 2022 Kettle River – Curlew Project Targeting ~1Moz of mineral inventory YE 2022 N Buckhorn Mine (~1.3Moz) • Curlew project is a low sulfidation epithermal gold deposit Curlew Project located in northern Washington State, USA K1, K2 Mine (~0.5Moz) Curlew o Proximal to major state h
Slide 33: Great Bear Project
Americas September 2022 Great Bear Project World-renowned Red Lake mining district • Located 25 km southeast of Red Lake, Ontario, Canada • Total 91 km2 of contiguous claims • Paved highway and provincial power line run parallel to the project; logging roads facilitate access LP Fault zone 10.8 km s
Slide 34: Great Bear - Principal Deposit Overview
Americas September 2022 Great Bear - Principal Deposit Overview Recent drill intercepts at LP Fault Zone continue to grow the deposit 34
Slide 35: Great Bear - Grade Thickness Sections
Americas September 2022 Great Bear - Grade Thickness Sections LP is comprised of 55 highly continuous domains with attractive grades and true thickness NORTHW EST Central Cross-section Central Bulk Long-section SOUTHEAST SE NE NW SW Overburden LP_1 Selective Contour: Av g. grade: 7.23 g/t Av g. thic
Slide 36: Great Bear - Committed to Responsible Mining
Americas September 2022 Great Bear - Committed to Responsible Mining Do No Harm strategy minimizes effects on the environment and brings positive and sustainable benefits to the community • Project located in low-carbon energy grid to support GHG reduction strategy • Electric/hydrogen fleets will be
Slide 37: A Return to Production in Chile
Americas September 2022 A Return to Production in Chile La Coipa and Lobo-Marte could enable production in Chile beyond 2040 • La Coipa and Lobo-Marte are located in N Chile’s Atacama (Region III), approximately 650 km north of Santiago La Coipa Restart • Both deposits are in the Maricunga Belt, wit
Slide 38: La Coipa
Americas September 2022 La Coipa Expected to reach full operating capacity in H2 2022 • Expecting average annual production of Coipa Norte Puren Phase 7 ~250koz. over the life of mine • Addition of Puren 2 and Phase 7 optimization increased expected life of mine production by 45% to ~1 million Au eq
Slide 39: Lobo-Marte
Americas September 2022 Lobo-Marte Potential to be a long-life, cornerstone asset with a large production profile and low costs • Offers excellent long-term optionality in Chile 2021 Reserve & Resource Estimates (1) • Significant mineral reserve estimate (1), Tonnes Grade Ounces (thousands) (Au g/t)
Slide 40: Lobo-Marte Feasibility Study Results
Americas September 2022 Lobo-Marte Feasibility Study Results Study confirms project’s key parameters Metric Kinross Estimate Initial Capital Cost Estimate (Approximate) (millions) Life of mine production (Au eq. oz.) 4.7 million Mine equipment $110 Life of mine ore processed (tonnes) 160 million Sit
Slide 41: West Africa
September 2022 West Africa 2022E Gold Equivalent Production(1,2) Country Highlights Growing production with a Mauritania large gold resource located in Tasiast, a prospective district Mauritania ~2.0M ounces Americas West Africa (1) Ref er to endnote #2. 41 (2) Production guidance f or 2022 expected
Slide 42: Tasiast, Mauritania (100%)
West Africa September 2022 Tasiast, Mauritania (100%) Strong second quarter production and 24K project on schedule Strong Q2 Results Operating Results • New record quarterly production 2019 2020 2021 • On track to produce over 600,000 ounces Production in 2022 (Au eq. oz.) 391,097 406,509 170,502 24
Slide 43: Advancing the Tasiast 24k Project
West Africa September 2022 Advancing the Tasiast 24k Project On track to meet project milestones Project overview Expected project completion • Incorporates operational efficiencies identified in areas of maintenance, mining, supply chain and End of Reached throughput of 21ktpd processing Q1 2022 •
Slide 44: 24k Project Feasibility Study Results
West Africa September 2022 24k Project Feasibility Study Results The value-enhancing Tasiast 24k project offers attractive estimated returns, increased production and lower costs Operating Estimates (1) Throughput capacity 24,000 t/d Average annual production (2022 – 2028) 563,000 gold ounces Produc
Slide 45: Corporate Responsibility
Corporate Responsibility 45
Slide 46: Our Approach
Corporate Responsibility September 2022 Our Approach At the heart of our success is our people and our four Core Values Our Values and Guiding Principles unite our global workforce Our approach to Corporate Responsibility can be distilled into four main areas: Act ethically and transparently – We op
Slide 47: Focus on Safety
Corporate Responsibility September 2022 Focus on Safety Maintained Total Reportable Injury Frequency Rate on par with, or better than, low-risk, non-industrial sectors • Implemented risk controls, training, and provided leadership to ensure a culture of Benchmarking TRIFR 2020 (1) safe work at all s
Slide 48: Managing our Environmental Footprint
Corporate Responsibility September 2022 Managing our Environmental Footprint We are a responsible steward of land and water during all stages of the mine’s life cycle • Five-year GHG Gold Peers 5-Year GHG Intensity(1) intensities on a per ounce produced basis (kg CO2e / Au eq. oz. produced) LOW CARB
Slide 49: Reducing our Carbon Footprint
Corporate Responsibility September 2022 Reducing our Carbon Footprint Good track record of making green investments and adapting our business because it’s the right thing to do • Committed to 30% GHG • Constructing a solar power plant at Tasiast to reduce intensity reduction in consumption of fuel u
Slide 50: Responsible & Safe Tailings Management
Corporate Responsibility September 2022 Responsible & Safe Tailings Management All our tailings facilities are designed and constructed to the highest engineering standards and meet or exceed regulatory and international requirements and standards of best practice • Tailings management programs inco
Slide 51: Governance Highlights
Corporate Responsibility September 2022 Governance Highlights Kinross is committed to the highest standards of corporate governance and accountability • 8 of 9 Board members are • All directors are independent except independent for the Chief Executive Officer • All of our Board committees are compo
Slide 52: Appendix
Appendix KINROSS
Slide 53: Mineral Reserve and Mineral Resource Statement
Appendix September 2022 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT MINERAL RESERVE AND MINERAL RESOURCE STATEMENT GOLD PROVEN AND PROBABLE MINERAL RESERVES (1,2,3,4,5,6) Kinross Gold Corporation's Share at Decem ber 31, 2021 Kinross Proven Probable Proven and Probable Property Location Interest
Slide 54: Mineral Reserve and Mineral Resource Statement
Appendix September 2022 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT MINERAL RESERVE AND MINERAL RESOURCE STATEMENT GOLD MEASURED AND INDICATED MINERAL RESOURCES (EXCLUDES PROVEN AND PROBABLE MINERAL RESERVES) (2,3,4,5,6,9,10,11) Kinross Gold Corporation's Share at Decem ber 31, 2021 Kinross Measu
Slide 55: Mineral Reserve and Mineral Resource Statement
Appendix September 2022 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT MINERAL RESERVE AND MINERAL RESOURCE STATEMENT GOLD INFERRED MINERAL RESOURCES (2,3,4,5,6,9,10,11) Kinross Gold Corporation's Share at Decem ber 31, 2021 Kinross Inferred Property Location Interest Tonnes Grade Ounces (%) (kt) (g
Slide 56: Drill Intersections at LP Fault Zone
Appendix September 2022 Drill Intersections at LP Fault Zone Hole ID From (m) To (m) Width (m) True WidthAu (m)(g/t) Target BR-544 518.5 528.1 9.6 8.6 7.05 Yauro BR-544 including 518.5 523.25 4.8 4.4 13.54 BR-544 and 534.7 543.4 8.7 7.5 0.43 BR-544 and 560.5 571.7 11.2 9.4 1.52 BR-544 including 567.
Slide 57: Mineral Reserve and Mineral Resource Statement Notes
Appendix September 2022 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT NOTES (1) Unless otherwise noted, the Company’s mineral reserves are estimated using appropriate cut- off grades based on an assumed gold price of $1,200 per ounce and a silver price of $17.00 per ounce. Mineral reserves are esti
Slide 58: Endnotes
Appendix September 2022 Endnotes 1) "Attributable" includes Kinross' 90% share of Chirano production and costs, and 70% of Manh Choh costs. Also unless otherwise noted, dollar per ounce ($/oz.) figures in this presentation refer to gold equivalent ounces. 2) Kinross’ outlook represents forward-looki
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