Kinross Gold Corporation · TSX:K

Kinross Gold — Q1 2023 Earnings Presentation

27 slides from Kinross Gold's earnings presentation, May 10, 2023

1. Slide 1: First Quarter 2023 Results

   First Quarter 2023 Results May 10th, 2023 Delivering Value.

2. Slide 2: Conference Call Participants

   Conference Call Participants Paul Rollinson Andrea Claude Ned Jalil Geoff Gold President & Freeborough Schimper SVP, Chief Technical EVP, Corporate Chief Executive Officer EVP & Chief Financial EVP & Chief Operating Officer Development, External Officer Officer Relations & CLO 2

3. Slide 3: Cautionary Statement on Forward-Looking Information

   First Quarter 2023 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 per

4. Slide 4: Q1/23 Recap

   Q1/23 Recap Q1 On Plan La Coipa • Record grades and recoveries • All assets remain on track • Generated strong cash flow • Q1 production accounted for ~22% of • Production remains on track to achieve full-year guidance full-year guidance Great Bear Tasiast • Continuing to intersect high-grade • Reco

5. Slide 5: Balance Sheet and Return of Capital

   Balance Sheet and Return of Capital ✓ Generating strong cash flow ✓ Strong liquidity and financial position with an investment grade balance sheet ✓ Attractive return of capital program 5

6. Slide 6: ESG – Embedded in Our Business

   ESG – Embedded in Our Business Updated three pillar ESG strategy Sustained high level of local employment within host countries Advanced Diversity, Equity and Strengthened ESG governance Inclusion, increasing percentage of structure women employees Highest ranked mining company Safety Excellence Pro

7. Slide 7: Financial Results

   Financial Results KINROSS

8. Slide 8: First Quarter Results

   First Quarter 2023 First Quarter Results Q1 2023 Q1 2022 Results Results(1) Production 466,022 378,421 (Au eq. oz) Cost of Sales $987 $972 (2) (per Au eq. oz. sold) All-in Sustaining Cost $1,321 $1,231 (3) (per Au eq. oz. sold) Capital Expenditures $221 $101 (millions) (4) Operating Cash Flow $259 $

9. Slide 9: Balance Sheet & Financial Flexibility

   First Quarter 2023 Balance Sheet & Financial Flexibility Liquidity Position (1) Financial Flexibility • Total liquidity(1) of ~$1.7 billion, including $471 million of cash and cash equivalents • Net debt to EBITDA improved as of quarter end, with expectation of further reduction by end of 2023 As at

10. Slide 10: Capital Return Program

    First Quarter 2023 Capital Return Program Returning capital to shareholders while protecting investment grade balance sheet Buyback Approach: Dividend remains in place 75% of Excess Cash Flow (Free Cash Flow – Interest – We returned $37 million dollars to Dividends) shareholders through our quarterl

11. Slide 11: Guidance and Outlook

    First Quarter 2023 Guidance and Outlook On Track to Meet FY2023 Guidance Q1 2023 Results FY2023 Guidance(1) FY2022 Results(2) Production 466,022 2.1 million ~2.0 million (Au eq. oz.) Production cost of sales $987 $970 $937 (per Au eq. oz. sold)(3) All-in sustaining cost $1,321 $1,320 $1,271 (per Au

12. Slide 12: Operations Highlights

    Operations Highlights 12

13. Slide 13: Operations Overview

    First Quarter 2023 Operations Overview Strong Q1 Performance – All Mines Achieved Planned Production Focused on Improving Margins in the US Fort Knox, Alaska Round Mountain, Nevada Bald Mountain, Nevada Operations Outside the US Generating Strong Cash Flow Tasiast, Mauritania La Coipa, Chile Paracat

14. Slide 14: Tasiast

    First Quarter 2023 Tasiast On Track to Meet FY2023 Guidance • Strong Q1 production, with record monthly production of ~55koz in both January and March • Successfully completed planned shutdown in February • On track to reach throughput of 24ktpd by mid-2023 • Ramping up to sustained 24ktpd throughpu

15. Slide 15: La Coipa

    First Quarter 2023 La Coipa High-Margin Production • Q1 production of 54koz at a cash cost of $727/oz • Achieved record grades and recoveries • Performance is expected to improve throughout the year • On track for ~240koz in 2023 • Generating strong cash flow 15

16. Slide 16: Paracatu

    First Quarter 2023 Paracatu Strong Q1 • Q1 production of 123kozs • Year-over-year improvements to minimize impacts of the rainy season • Higher production expected in Q2 and Q3 on higher mining rates and higher grades in deeper areas of the pit in the southwest 16

17. Slide 17: Alaska and Nevada

    First Quarter 2023 Alaska and Nevada US Operations Delivered as Planned in Q1 Fort Knox, Alaska Bald Mountain, Nevada Round Mountain, Nevada 17

18. Slide 18: Round Mountain

    First Quarter 2023 Round Mountain Q1 Production on Plan • Mill recovery outperformed plan, partially driven by bringing flotation expansion online earlier than planned • Cash costs expected to remain elevated through 2023 as mining continues in higher stripping benches of Phase W • Cash costs expect

19. Slide 19: Round Mountain – Phase X

    First Quarter 2023 Round Mountain – Phase X Focused on Higher-Margin UG Potential at Phase X • Progressing decline to start definition drilling in early 2024 • Advancing studies and permitting in parallel to advance path to first production • Vein intercepts and early mine designs confirming potenti

20. Slide 20: Gold Hill

    First Quarter 2023 Gold Hill Potential High-Grade Underground Satellite to Supplement Phase X UG • Drilling suggests a series of narrower, higher-grade parallel veins extending from the open pit • Lower production, higher-grade underground satellite would supplement Phase X UG ore feed and benefit f

21. Slide 21: Kinross Alaska – Manh Choh (70%)

    First Quarter 2023 Kinross Alaska – Manh Choh (70%) Construction Ongoing – Project Remains on Schedule • Site camp now operational, construction development activities on schedule and on budget; early works program successfully completed • Public comment period for operating permits now closed overa

22. Slide 22: Great Bear

    First Quarter 2023 Great Bear Deep Holes Demonstrate Potential for Extension of High-Grade Underground 22

23. Slide 23: Great Bear

    First Quarter 2023 Great Bear Continuing to Make Excellent Progress on Technical Studies and Permitting Activities Preliminary Advanced Exploration Design Expanded Land Position Acquired Properties Properties Optioned from BTU Metals Kinross Properties BTU Metals 100% Properties Engineering and perm

24. Slide 24: Kinross Investment Case

    Kinross Investment Case Stable 3.17Production (Moz, attributable, outlook) Value in the Americas(4) Americas-focused business, two Top Tier(1) assets Americas focus not reflected in valuation 1.6x Price / Net Asset Value % of NAV in Americas ~ 2.1 ~2.1(3) 1.4x 1.3x 1.2x 1.2x 1.2x 1.1x ~2.0(2) ~ 2.0(

25. Slide 25: Appendix

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26. Slide 26: Endnotes

    First Quarter 2023 Endnotes 1. Kinross’ updated outlook represents forward-looking information and users are cautioned that actual results may vary. Please refer to the Cautionary Statement on Forward-Looking Information on slide 2 of this presentation. 2. All-in sustaining cost from continuing oper

27. Slide 27: Slide 27

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