Kinross Gold Corporation · TSX:K
Kinross Gold — Q2 2025 Earnings Presentation
31 slides from Kinross Gold's earnings presentation, Jul 31, 2025
Slide 1: Second Quarter 2025 Results
Second Quarter 2025 Results July 31st, 2025 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 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 of Kinross, constitute “forward-looking
Slide 4: Q2/25 Highlights
Q2/25 Highlights Strong Q2 Performance Operations Delivering • Strong contribution and cash flow from • Production on plan with strong ongoing Tasiast and Paracatu cost management • La Coipa on track to meet production • Record operating margins and cash guidance flow • US operations delivering on p
Slide 5: Sustainability – Core to our Business
Sustainability – Core to our Business 5
Slide 6: Strong Outlook
Strong Outlook Stable multi-year production Production Outlook(1) forecast(1) (Million Au eq. oz. +/- 5%) 2.0 2.0 2.0 Robust pipeline of project opportunities Strong cash flow outlook Sustainable quarterly dividend Increased return of capital via share repurchases 2025 2026 2027 (1) Refer to endnote
Slide 7: Financial Results
Financial Results KINROSS
Slide 8: Second Quarter Results
Second Quarter 2025 Second Quarter Results Prior Comparable Period Q2 2025 H1 2025 Q2 2024 H1 2024 Results Results Results Results Attributable Production (Au eq. oz)(1) 512,574 1,024,662 535,338 1,062,737 Production Cost of Sales (per Au eq. oz. sold)(2) $1,080 $1,062 $1,029 $1,006 Attributable Pro
Slide 9: Balance Sheet Continues to Strengthen
Second Quarter 2025 Balance Sheet Continues to Strengthen Improving Leverage Profile Financial Flexibility • $1.1 billion of cash and cash equivalents and 1.5x $2.8 billion of total liquidity(2) • Net Debt(1) reduced to $100 million as of 1x quarter end • Expect to be Net Cash in Q3 • Repurchased $2
Slide 10: Guidance and Outlook
Second Quarter 2025 Guidance and Outlook On Track to Meet 2025 Guidance & Strong Multi-Year Outlook H1 2025 FY2025 FY2026 FY2027 Results Guidance Guidance Guidance (+/- 5%) (+/- 5%) (+/- 5%) Attributable Production 1,024,662 2.0 million 2.0 million 2.0 million (Au eq. oz.)(1) Production Cost of Sale
Slide 11: Operational Overview
Operational Overview 11
Slide 12: Operations: Our Safety Culture
Second Quarter 2025 Operations Our Safety Culture Proactive Hazard Identification People Development Leadership Training 12
Slide 13: Paracatu
Second Quarter 2025 Paracatu Steady Performance in Q2 • Strongest contributor in Q2 driving significant cash flow • Higher throughput quarter over quarter and continued strong recoveries • Cost of sales inline with prior quarter • On track to meet 2025 guidance FY25 Operating Results Q2/25 H1/25 Gui
Slide 14: Tasiast
Second Quarter 2025 Tasiast On Track to Deliver FY2025 Guidance • Achieved budgeted production in Q2 • Strong mill performance and recoveries • Satellite mining commenced at Fennec pit to the north • On track to meet 2025 guidance FY25 Operating Results Q2/25 H1/25 Guidance(1) Production 119,241 256
Slide 15: La Coipa
Second Quarter 2025 La Coipa On Track to Meet Production Guidance • Lower ore mined in Q2 due to higher than anticipated groundwater inflows in the pit • Higher tonnes processed from lower grade stockpiles – resulting in higher costs in Q2 • Transitioning to higher grades from Phase 7 ore in the sec
Slide 16: US Operations
Second Quarter 2025 US Operations Strong Production in Q2 – On Track to Meet FY Guidance Images TBU? Fort Knox, Alaska(1) Bald Mountain, Nevada Round Mountain, Nevada United States Total Q2/25 H1/25 FY25 Guidance(2) Attributable(3) production 189,930 365,435 685,000 (Au eq. oz.) Production cost of s
Slide 17: US Operations: Asset Highlights
Second Quarter 2025 US Operations Asset Highlights Fort Knox, Alaska(1) Bald Mountain, Nevada Round Mountain, Nevada • Strong contributions from both Fort • Production improved over prior quarter • Production higher over prior quarter on Knox and Manh Choh due to stronger grades as mining higher gra
Slide 18: Projects & Exploration
Projects & Exploration KINROSS 18
Slide 19: Significant Resource Optionality
Second Quarter 2025 Significant Resource Optionality Significant resource base of 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 $2,000/oz Au Reserves Resources Potentia
Slide 20: Growth Projects Update
Second Quarter 2025 Growth Projects Update Internal Technical team focused on advancing optionality across large resource base Chile Bald Mountain Redbird Phase 2 • Technical Puren 2 – currently studies, mining (Blue) optimization Puren 4 – Growth work and detailed Project under engineering evaluati
Slide 21: Curlew Update
Second Quarter 2025 Curlew Update Focus on High Quality Resource Growth • On plan with development towards Roadrunner and Stealth targets • Exploration is following the productive horizon below paleosurface that has hosted multiple historic mines and is underexplored at depth • Progressing detailed
Slide 22: Phase X Update
Second Quarter 2025 Phase X Update Q2 drilling continues to confirm good grades and widths in the primary target zones Extension drilling showing continuation of mineralization down dip outside of the original target zone 22
Slide 23: Great Bear Update
Second Quarter 2025 Great Bear Update AEX Surface Works and Main Project engineering are progressing well • AEX surface works ongoing: ▪ Portal highwall exposed and supported Photo TBU ▪ AEX earthworks and camp construction progressing ▪ Remain on track to start the AEX Camp Site exploration decline
Slide 24: Looking Forward
Looking Forward ✓ Strong production outlook ✓ Generating significant cash flow ✓ Investment grade balance sheet ✓ Attractive dividend and share buyback ✓ 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 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 Cautionary Statement on Forward-Looking Informati
Slide 27: Mineral Reserve and Mineral Resource Statement – Appendix A
Second Quarter 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix A 27
Slide 28: Mineral Reserve and Mineral Resource Statement – Appendix A
Second Quarter 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix A 28
Slide 29: Mineral Reserve and Mineral Resource Statement – Appendix A
Second Quarter 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix A 29
Slide 30: Mineral Reserve and Mineral Resource Statement Notes – Appendix A
Second Quarter 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT NOTES – Appendix A (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 of $20.00 per ounce. Mineral reserves
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