Kinross Gold Corporation · TSX:K
Kinross Gold — BMO 31st Global Metals & Mining Conference 2022
70 slides from Kinross Gold's conference presentation, Feb 28, 2022
Slide 1: Delivering Value
BMO Global Metals & Mining Conference February & March 2022 Delivering Value. Kinross Gold Corporation
Slide 2: Cautionary Statement on Forward-Looking Information
February 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 performa
Slide 3: Table of Contents
Table of Contents Company Overview 4 Operations and Projects 23 Americas 24 West Africa 36 Russia 41 Corporate Responsibility 47 Acquisition of Great Bear Resources 54 Appendix 64 3
Slide 4: Kinross Gold Corporation
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Slide 5: Who is Kinross?
Kinross Gold Corporation February 2022 Who is Kinross? GLOBAL STRONG PORTFOLIO Portfolio PRODUCTION OUTLOOK 8 mines 3 regions LARGE GOLD GEOGRAPHICALLY STRONG COMMITTED TO EXCELLENT PRODUCER, DIVERSIFIED OPERATING TRACK RESPONSIBLE BALANCE SHEET HIGHLY LIQUID PRODUCER RECORD MINING • ~$7 billion mar
Slide 6: Diversified Portfolio of Assets
February 2022 Diversified Portfolio of Assets Portfolio of mines and development projects located in three core regions Kupol, Russia Fort Knox, U.S.A. Manh Choh, U.S.A. Udinsk, Russia Great Bear, Canada Head Office, Canada Bald Mountain, U.S.A. Round Mountain, U.S.A. 2022E Attributable Gold Equival
Slide 7: Expected Attributable Production
Kinross Gold Corporation February 2022 Exciting Future Expecting production growth of 28% in 2022 and average annual production of at least 2.5 million attributable ounces over the rest of this decade(1)(2) Three drivers underpin and extend Strong Production Outlook current production… (Million Au e
Slide 8: Advancing the Project Pipeline
Kinross Gold Corporation February 2022 Advancing the Project Pipeline Expected project milestones at growth projects that span all three operating regions H1 2022 >> H2 2022 >> 2023 >> 2024+ Late February Great Bear Q3 Udinsk Mid-year Tasiast 24k Late 2024 Manh Choh Acquisition closed Feasibility
Slide 9: Prioritizing Resource Conversion
Kinross Gold Corporation February 2022 Prioritizing Resource Conversion (i) Significant potential for mine life extension at existing assets 25 20 15 10 5 - La Coipa Chirano Russia Bald Paracatu Round Fort Knox Tasiast Lobo-Marte Mountain Mountain Expected Reserve Life Expected Resource Life (i) See
Slide 10: Strong Liquidity and Financial Flexibility
Kinross Gold Corporation February 2022 Strong Liquidity and Financial Flexibility Well-positioned to fund portfolio of mines and growth projects (i) Liquidity Position Financial Flexibility • As of year-end 2021, total liquidity(i) of ~$1.9 billion, including $532 million of cash and cash equivalent
Slide 11: Inflationary Pressures
Kinross Gold Corporation February 2022 Inflationary Pressures Input costs and supply chain tightness affecting our cost structure Inputs Direct Cost Drivers Estimated Impacts Ground support Grinding media Steel OPEX Power costs ~7% Fuel Power Explosives Lubricants ANNUAL CAPEX Chemicals (including s
Slide 12: Disciplined Capital Allocation Strategy
Kinross Gold Corporation February 2022 Disciplined Capital Allocation Strategy Reinvesting in our Business 2022 Targets • Sustaining capex – maintaining our existing operations $505 million(i) safely and to world-class environmental standards • Expansion projects – pursuing attractive returns by lev
Slide 13: Measured Acquisition Track Record
Kinross Gold Corporation February 2022 Measured Acquisition Track Record Focus on assets that leverage operating expertise Bald Mountain & Hydroelectric 50% of Round Mountain(i) Power Plants Udinsk Nevada, U.S.A. Brazil Russia Acquired 2016, $588 million cash Acquired 2018, $257 million cash Acquire
Slide 14: Manageable Debt Profile
Kinross Gold Corporation February 2022 Manageable Debt Profile Senior notes are rated investment grade by all three rating agencies Debt Schedule Debt Ratings (i) Agency Rating $1,300 S&P BBB- (Stable) Moody’s Baa3 (Positive) Fitch BBB (Stable) $ millions Debt Breakdown $72 Interest Rate Amount Due
Slide 15: Global Mining Leader in ESG
Kinross Gold Corporation February 2022 Global Mining Leader in ESG Principled approach to sustainability and strong on-the-ground performance at our operations • Long history of independent ESG Percentile Ranking on ESG(i) assessment – first reported to the CDP(i) in 2005 100 o Kinross ranks at C fo
Slide 16: Global Mining Leader in ESG
Kinross Gold Corporation February 2022 (i) Global Mining Leader in ESG Environment Social Governance WATER MANAGEMENT • ~80% average water volume 99% 939,000 INDEPENDENT BOARD recycling rate over the past 5 years of workforce hired from beneficiaries of • 8 of 9 Board members are within host country
Slide 17: Production and AISC Profile
Kinross Gold Corporation February 2022 Production and AISC Profile 2022E Production 2022E All-In Sustaining Cost (million ounces) ($ per ounce) 7.0 $1,400 6.0 $1,300 5.0 $1,200 4.0 $1,100 3.0 $1,000 2.0 $900 1.0 $800 - $700 Barrick Barrick Newmont Agnico Eagle Newmont AngloGold Gold Fields AngloGold
Slide 18: Attractive Value Opportunity
Kinross Gold Corporation February 2022 Attractive Value Opportunity Relative to peers, considering Kinross’ annual production growth, cost structure and track record P / 2022E Operating CF EV / 2022E EBITDA 11.2 10.2 8.8 9.1 7.8 8.4 7.4 8.0 6.2 5.9 6.2 6.0 5.4 4.7 3.9 3.6 Barrick Newmont Agnico Eagl
Slide 19: Analyst Consensus P/NAV
Kinross Gold Corporation February 2022 Discounted Valuation Not Justified by Operating Jurisdictions P/NAV vs. Fraser Institute Ranking (Weighted by NAV) 1.70x Newmont 1.55x Gold Fields Analyst Consensus P/NAV 1.40x Barrick Agnico Eagle 1.25x AngloGold 1.10x Newcrest 0.95x Yamana Kinross 0.80x 65 70
Slide 20: Proven Track Record in Russia
Kinross Gold Corporation February 2022 Proven Track Record in Russia Kinross has a long and successful 27-year track record investing in Russia Operations currently remain unaffected by sanctions announced in February 2022 Significant Operating Experience 2020 Statistics: Kinross Investments in Russ
Slide 21: Proven Track Record in Mauritania
Kinross Gold Corporation February 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 Pr
Slide 22: Kinross Investment Case
Kinross Investment Case 3.17 Production Profile (ii) Strong Robust Free Cash Flow Yield Growth through low-risk, brownfields projects Attractive free cash flow yield relative to peers 2.8 Kinross Peer Average 2.65 2.6 12% Expected Attributable Production(1) (i) 2.07 6% 0% 2021 2022 2023 2024 2022 20
Slide 23: Operations and Projects
Operations and Projects
Slide 24: Americas
February 2022 Americas 2022E Attributable Country Highlights Gold Equivalent Production(1) Paracatu, Brazil Paracatu is the largest gold Brazil mine in Brazil and one of the largest in the world Fort Knox, Alaska 2.65M ~1/3rd of our production comes from Nevada and Alaska – two ounces U.S.A. of the
Slide 25: Paracatu, Brazil (100%)
Americas February 2022 Paracatu, Brazil (100%) 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 619,563 542,43
Slide 26: Round Mountain, U.S.A. (100%)
Americas February 2022 Round Mountain, U.S.A. (100%) Large, open pit mine with mine life expected to extend to at least 2027 • Substantial resource: orebody is open at depth with increasing grade Operating Results • Recently added more than 900kozs to reserves with Phase S; may extend mining to the
Slide 27: Round Mountain Optimization Study
Americas February 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 introduced a potential need for shallower slopes on the North and West walls of the pit • Scope
Slide 28: Fort Knox, U.S.A. (100%)
Americas February 2022 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 production at the 2019
Slide 29: Fort Knox – Gil Satellite Pits
Americas February 2022 Fort Knox – Gil Satellite Pits Providing near-term, higher-grade ore to Fort Knox operation North Gil Metric (approx.) Estimate(i) Mine life 2 years Total production 160koz. (Au eq. oz.) Sourdough Average production cost of sales $920/oz. (Au eq. oz.) Mined gold grade 0.8 g/t
Slide 30: Fort Knox – Manh Choh (70%)
Americas February 2022 Fort Knox – Manh Choh (70%) Feasibility study on track to be completed by year-end • Development plan 2021 Manh Choh Gold Resource Estimates(i) contemplates trucking ore to Tonnes Grade Ounces the Fort Knox mill for crushing (thousands) (Au g/t) (thousands) and processing Meas
Slide 31: Bald Mountain, U.S.A. (100%)
Americas February 2022 Bald Mountain, U.S.A. (100%) Large land package with significant potential • Current mine life to mid-2020s with Operating Results future potential via large mineral resource 2019 2020 2021 • Mine plan currently focused on the Production 187,961 191,282 204,890 (Au eq. oz.) No
Slide 32: A Return to Production in Chile
Americas February 2022 A Return to Production in Chile Mined in succession, La Coipa and Lobo-Marte could enable production in Chile beyond 2040 • La Coipa and Lobo-Marte are located in Chile’s Atacama (Region III), N approximately 650 km north of Santiago • Both deposits are in the Maricunga Belt,
Slide 33: La Coipa
Americas February 2022 La Coipa On budget and on schedule to reach full operating capacity mid-2022 • Expecting average annual production of Coipa Norte Puren Phase 7 ~250koz. over the life of mine • Commissioning of the plant underway • Addition of Puren and Phase 7 optimization Can Can increased e
Slide 34: Lobo-Marte
Americas February 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(i) • Significant mineral reserve estimate(i), Tonnes Grade Ounces (thousands) (Au g/t) (t
Slide 35: Lobo-Marte Feasibility Study Results
Americas February 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 Site
Slide 36: West Africa
February 2022 West Africa 2022E Attributable Country Highlights Gold Equivalent Production(1) Growing production with a Tasiast, Mauritania large gold resource located in Mauritania a prospective district 2.65M ounces Ghana Mine life extended to 2026 through exploration success Chirano, Ghana Americ
Slide 37: Tasiast, Mauritania (100%)
West Africa February 2022 Tasiast, Mauritania (100%) Expect to produce over 600,000 oz. per annum over the next three years • Estimated mine life: 2033 Operating Results Mill restart complete 2019 2020 2021 • Achieved production target of 15,000 ounces in Q4 Production 391,097 406,509 170,502 (Au eq
Slide 38: Advancing the Tasiast 24k Project
West Africa February 2022 Advancing the Tasiast 24k Project Reached 21ktpd periodically in February 2022; on track to meet project milestones Project overview Project financing in place • Incorporates operational efficiencies identified in • Signed IFC-led project financing agreement in areas of mai
Slide 39: 24k Project Feasibility Study Results
West Africa February 2022 24k Project Feasibility Study Results The value-enhancing Tasiast 24k project offers attractive estimated returns, increased production and lower costs Operating Estimates Throughput capacity 24,000 t/d Average annual production (2022 – 2028) 563,000 gold ounces Production
Slide 40: Chirano, Ghana (90%)
West Africa February 2022 Chirano, Ghana (90%) Mine life extended to 2026 due to exploration success • Underground and open pit operation Operating Results located in southwestern Ghana • Further mine life extensions possible 2019 2020 2021 through continued exploration Attributable production 181,1
Slide 41: Russia
February 2022 Russia 2022E Attributable Highlights Gold Equivalent Production(1) Kupol Udinsk development project expected to extend Kinross’ long history of production in Russia beyond 2030 Promising exploration targets found within an 2.65M ounces economic radius of Kupol mill Americas West Africa
Slide 42: Strong Platform in Russia
Russia February 2022 Strong Platform in Russia Track-record of adding reserves through exploration at Kupol supports a bridge to production at Udinsk 12.0 2025 Projected End of Mine Life 2024 Gold Equivalent Ounces 10.0 2023 8.0 2022 (Millions) 6.0 2021 2020 4.0 2019 2018 2.0 2017 - 2016 2008 2009 2
Slide 43: Kupol (100%)
Russia February 2022 Kupol (100%) Our Russian mine is a model for successfully operating in a remote location • Mine life expected until at least 2025 2021 Gold Reserve & Resource Estimates(i) Tonnes Grade Ounces o Exploration program continues to (thousands) (Au g/t) (thousands) yield successful re
Slide 44: Prospective Exploration Targets
Russia February 2022 Prospective Exploration Targets Extensive regional exploration program proximal to Kupol • Two remote field camps established at Kayenmyvaam and Kavralyanskaya within the KSP(i) • At Kayenmyvaam, drilling has delineated the Arykvaam mineralized structure o Ore body has been defi
Slide 45: Udinsk Project
Russia February 2022 Udinsk Project Udinsk project advancing as planned; large Chulbatkan region includes several promising exploration targets • Builds on track record of operational and developmental success in Russia • Expected to produce ~2 million Au oz. at an average AISC of $580/oz. during a
Slide 46: Udinsk Pre-Feasibility Study Results
Russia February 2022 Udinsk Pre-Feasibility Study Results Confirms project’s expected strong returns; 3 million ounces converted from resources to reserves(i) Kinross Estimate $1,200/oz. $1,500/oz. $1,800/oz. Metric (reserve price) (Approximate) IRR(iv)(v) 11% 20% 27% Life of mine production (Au eq.
Slide 47: Corporate Responsibility
Corporate Responsibility 47
Slide 48: Our Approach
Corporate Responsibility February 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: Do no harm – We work to protect our work
Slide 49: Focus on Safety
Corporate Responsibility February 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(i) safe work at all sit
Slide 50: Managing our Environmental Footprint
Corporate Responsibility February 2022 Managing our Environmental Footprint We are a responsible steward of land and water during all stages of the mine’s life cycle • Sustained below-average Gold Peers 5-Year GHG Intensity GHG intensities on a per ounce produced basis (kg CO2e / Au eq. oz. produced
Slide 51: Reducing our Carbon Footprint
Corporate Responsibility February 2022 Reducing our Carbon Footprint Good track record of making green investments and adapting our business because it’s the right thing to do • Constructing a solar power plant at Tasiast to reduce • Committed to 30% consumption of fuel used for power generation whi
Slide 52: Responsible & Safe Tailings Management
Corporate Responsibility February 2022 Responsible & Safe Tailings Management All of 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 in
Slide 53: Governance Highlights
Corporate Responsibility February 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 compos
Slide 54: Acquisition of Great Bear Resources
Acquisition of Great Bear Resources 54
Slide 55: Why Now?
Acquisition of Great Bear Resources February 2022 Why Now? Closely followed the project since 2018 Have had a relationship with Great Bear since early in the exploration process Had a thesis on the potential of the deposit A high-grade open pit with further potential for a large underground operat
Slide 56: Strong Strategic Rationale
Acquisition of Great Bear Resources February 2022 Strong Strategic Rationale Potential to support a large, long-life mine complex and bolster Kinross’ long-term Top Tier production outlook Deposit • Kinross envisions a mine complex with an initial quality, high-grade, open pit mine • Potential upsid
Slide 57: Advancing Great Bear
Acquisition of Great Bear Resources February 2022 Advancing Great Bear Pursuing three objectives in parallel Extensive exploration Exploration beyond the Opportunistically exploring program at LP Fault zone, upper portion of Central area high-grade, Red Lake-style including 200,000 m of of LP Fault
Slide 58: Great Bear Project Location
Acquisition of Great Bear Resources February 2022 Great Bear Project Location World-renowned Red Lake mining district in Ontario, Canada • Located 25 kilometres southeast of the town of Red Lake, Ontario • Comprises 91 square kilometres Town of Red Lake of contiguous claims • A paved highway and pro
Slide 59: Principal Deposit Overview
Acquisition of Great Bear Resources February 2022 Principal Deposit Overview LP fault has been confirmed through drill testing along 10.8 km of strike length and remains open beyond this. Drill results also indicate the presence of robust mineralization at depths below 750 m. NORTHWEST Principal Dep
Slide 60: Grade Thickness Sections
Acquisition of Great Bear Resources February 2022 Grade Thickness Sections LP is comprised of 16 highly continuous bulk and 5 high-grade mineralized domains with attractive grades and true thickness NORTHWEST Central Cross-section Central Bulk Long-section SOUTHEAST Central Cross-section Central Bul
Slide 61: Similarities to Hemlo
Acquisition of Great Bear Resources February 2022 Similarities to Hemlo LP Fault is comprised of stacked moderate to high-grade lenses analogous to Hemlo Hemlo – History & Description • Starting in 1985, three mines were independently developed at Hemlo with them consolidating under one ownership by
Slide 62: Upside Potential through Exploration
Acquisition of Great Bear Resources February 2022 Upside Potential through Exploration Attractive nearby drill tested targets with the potential to add value beyond the initial LP Fault open pit. • Stacked moderate and high-grade gold mineralized lenses within broad envelope LP Fault zone 10.8 km st
Slide 63: Committed to Responsible Mining
Acquisition of Great Bear Resources February 2022 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 f
Slide 64: Appendix
IX Append 64. KINROSS
Slide 65: Mineral Reserve and Mineral Resource Statement
Appendix February 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 T
Slide 66: Mineral Reserve and Mineral Resource Statement
Appendix February 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 Measur
Slide 67: Mineral Reserve and Mineral Resource Statement
Appendix February 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 68: Mineral Reserve and Mineral Resource Statement Notes
Appendix February 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 $17.00 per ounce. Mineral reserves are estima
Slide 69: Endnotes
Appendix February 2022 Endnotes 1) "Attributable" includes Kinross' 90% share of Chirano production and costs, and 70% of Manh Choh costs. Also unless otherwise noted, dollar per ounce ($/oz.) figures in this presentation refer to gold equivalent ounces. 2) Kinross’ outlook represents forward-lookin
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