Kinross Gold Corporation · TSX:K
Kinross Gold — Q4 2025 Earnings Presentation
40 slides from Kinross Gold's earnings presentation, Feb 19, 2026
Slide 1: Fourth Quarter and Year-End 2025 Results
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Delivering Value. Fourth Quarter and Year End 2025 Results February 19th, 2026
Slide 2: Conference Call Participants
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Conference Call Participants Paul Andrea Claude William Geoff Rollinson Freeborough Schimper Dunford Gold Chief Executive Officer EVP & Chief Financial EVP & Chief Operating SVP & Chief Technical President Officer Officer
Slide 3: Cautionary Statement on Forward-Looking Information
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 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 oper
Slide 4: Q4 and 2025 Highlights
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Q4 and 2025 Highlights Delivered 2025 Guidance Paracatu & Tasiast • Strong Q4 and full-year results • 1.1 Moz combined production at strong margins • Consistent operational and financial performance driving significant cas
Slide 5: Strong Outlook
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Strong Outlook Production Outlook1 (Million Au eq. oz. +/- 5%) Stable production forecast1 2.0 2.0 2.0 Strong cash flow outlook Strengthening balance sheet Attractive return of capital Robust pipeline of projects 2026 2027
Slide 6: Sustainability – Core to our business
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Sustainability – Core to our business Annual Sustainability Report to be published in Q2 Completed more than 30 energy efficiency projects – delivering an estimated 1.5% reduction in GHG emissions Provided medical supplies
Slide 7: Financial Highlights
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Financial Highlights
Slide 8: Fourth Quarter & Full-Year Results
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Fourth Quarter & Full-Year Results Q4 2025 Q4 2024 FY 2025 FY 2024 Attributable Production (Au eq. oz)1 483,582 501,209 2,012,106 2,128,052 Production Cost of Sales (per Au eq. oz. sold)2 $1,297 $1,098 $1,140 $1,020 Attrib
Slide 9: Strengthening Financial Position
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Strengthening Financial Position Financial Strength Reduced Debt Profile • $700 million of total debt repaid in 2025 • No near-term debt maturities: $500 million (2033) and $250 million (2041) • $200 million – repaid the r
Slide 10: Guidance and Outlook
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Guidance and Outlook Achieved FY 2025 Guidance & Strong Multi-Year Outlook FY 2025 FY 2026 FY 2027 FY 2028 Results Guidance Guidance Guidance (+/- 5%) (+/- 5%) (+/- 5%) Attributable Production 2,012,106 2.0 million 2.0 mil
Slide 11: Disciplined Capital Allocation Strategy
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Disciplined Capital Allocation Strategy 1 REINVESTING IN OUR BUSINESS 2025 ACTUAL 2026 TARGET • Sustaining Capex1 – maintaining operations safely and to world-class environmental standards $1,175M $1,500M • Growth Projects
Slide 12: Operational Highlights
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Operational Highlights
Slide 13: Operations Overview
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Operations Overview Safeground: Enhancing Capability At The Frontline By Investing In Our Field Supervision Practical Tools Targeted Training Visible Leadership Collective Labour Agreements (“CLA”) Successfully Signed: • T
Slide 14: Paracatu – Strong performance in 2025
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Paracatu – Strong performance in 2025 • Over 600koz produced in 2025 – highest producer driving substantial cash flow • 8th consecutive year over 500koz • Higher mill grades with continued strong recoveries in Q4 • Cost of
Slide 15: Tasiast – Highest margin operation in 2025
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Tasiast – Highest margin operation in 2025 • Delivered another strong year of operational and financial performance • Lowest cost operation driving robust cash flow • Higher grades and strong mill performance in Q4 • Succe
Slide 16: La Coipa – Strong Q4
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 La Coipa – Strong Q4 • Improved production and cost performance in Q4 • Strong mill throughput in Q4 • Successfully finalized a 2-year CLA3 • Another strong year expected in 2026 OPERATING RESULTS FY 2026 Q4/25 FY 2025 Gui
Slide 17: USA – 2025 Guidance Achieved
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 USA – 2025 Guidance Achieved Fort Knox, Alaska(1) Bald Mountain, Nevada Round Mountain, Nevada FY 2026 United States Total Q4/25 FY 2025 Guidance2 Attributable3 production 135,590 675,589 685,000 (Au eq. oz.) Production co
Slide 18: USA – Asset Highlights
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 USA – Asset Highlights Fort Knox, Alaska1 Bald Mountain, Nevada Round Mountain, Nevada • 2025 production higher vs. 2024, due • Full-year production in-line with 2024 • 2025 production lower relative to 2024 to full-year p
Slide 19: Projects & Exploration
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Projects & Exploration
Slide 20: Reserves and Resources
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Reserves and Resources Focus on High Quality Resource Growth • Pricing ‒ Reserve price increased from $1,600/oz to $2,000/oz, and ‒ Resource price increased from $2,000/oz to $2,500/oz • Proven & Probable Reserves – Added
Slide 21: Significant Resource Optionality
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Significant Resource Optionality Significant resource base for potential extensions at existing operations New growth projects that potentially contribute to the production profile through the end of the decade and beyond
Slide 22: US Project Highlights
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 US Project Highlights Round Mtn. Phase X Curlew Bald Mtn. Redbird 2 Highlights1 Nevada, USA Washington, USA Nevada, USA NPV5% Cumulative addition of $4.3B at $4,500 $1.0 B | $2.0 B $0.5 B | $1.3 B $0.5 B | $1.0 B $3,2002 |
Slide 23: Phase X and Curlew Extensions
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Phase X and Curlew Extensions Phase X – Further Exploration Potential • Recent drilling outside the mine plan inventory intersected strong grades and widths 220 m down-dip • Highlights potential for further resource and mi
Slide 24: Attractive Project Pipeline
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Attractive Project Pipeline Potential 2029+ Production Impact Tasiast UG and Additional Open Pit Great Bear Lobo-Marte Maricunga Ontario, Canada Chile Satellites Chile Laybacks Mauritania All Historical open pit heap Overv
Slide 25: Great Bear Update
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Great Bear Update On schedule for first production in 2029, subject to permitting Truck shop Warehouse ADVANCED EXPLORATION (“AEX”): Tire shop • Surface construction progressing well with 80% complete • Construction of exp
Slide 26: Exploration: Brownfields
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Exploration: Brownfields 2025 Brownfields Summary 238,000m of Brownfields and MINEX Exploration in 2025 • Strong year of Brownfields exploration, with both reserve conversion and earlier identification of opportunities • S
Slide 27: Exploration: Brownfields Cont.
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Exploration: Brownfields Cont. Fort Knox Gil Satellite Close to Fort Knox Mill • Encouraging results demonstrating expanding Gil mineralization • Potential to supplement Fort Knox mill feed • Gil is ~12km from Fort Knox mi
Slide 28: Exploration: Greenfields
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Exploration: Greenfields 40,000m of Greenfields Exploration in 2025 Property / Exploration Thesis Progress Jurisdiction Continued to expand the Arcana Gold Zone Snow Lake, Orogenic gold system drilling Maiden drill pro
Slide 29: 2026 Milestones
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 2026 Milestones Ongoing return of capital Further strengthening the balance sheet Advancing our project pipeline Lobo-Marte: submission of EIA and project update Paracatu: updated Technical Report Continued pro
Slide 30: Looking Forward
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Looking Forward Strong production outlook Generating significant free cash flow Excellent investment grade balance sheet Attractive return of capital Exciting pipeline of exploration and development opportunities
Slide 31: Appendix
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 Appendix
Slide 32: Endnotes
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 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 refe
Slide 33: 2026 Guidance Summary – Appendix A
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 2026 Guidance Summary(1) – Appendix A Attributable(2) Production Guidance Annual attributable(2) gold equivalent production guidance (+/- 5%) 2026 2.0 million oz. 2027 2.0 million oz. 2028 2.0 million oz. Attributable(2) P
Slide 34: 2026 Guidance Summary – Appendix A
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 2026 Guidance Summary(1) – Appendix A Attributable Capital Expenditures(2) Guidance Breakdown Forecast 2026 Forecast 2026 Non- Total 2026 Forecast 2025 Sustaining 2025 Non- Sustaining Capital Sustaining Capital Capital 202
Slide 35: 2026 Guidance Summary – Appendix A
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 2026 Guidance Summary(1) – Appendix A Material assumptions used to forecast 2026 guidance, most notably relating to production cost of sales, are as follows: • a gold price of $4,500 per ounce; • a silver price of $65 per
Slide 36: Mineral Reserve and Mineral Resource Statement – Appendix B
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B 36
Slide 37: Mineral Reserve and Mineral Resource Statement – Appendix B
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B 37
Slide 38: Mineral Reserve and Mineral Resource Statement – Appendix B
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B 38
Slide 39: Mineral Reserve and Mineral Resource Statement Notes – Appendix B
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT NOTES – Appendix B 1) Unless otherwise noted, the Company's mineral reserves are estimated using appropriate cut-off grades based on an assumed gold price of $2,000 per ounce
Slide 40: Investor Relations
Kinross Gold Corporation (TSX: K; NYSE: KGC) Fourth Quarter and Year-End 2025 www.kinross.com Kinross Gold Corporation (TSX: K; NYSE: KGC) Investor Relations (+1) 416-365-2854 InvestorRelations@Kinross.com