Kinross Gold Corporation · TSX:K
Kinross Gold — Investor Presentation (November 2020)
96 slides from Kinross Gold's investor presentation, November 2020
Slide 1: Delivering Value.
November 2020 Delivering Value. Kinross Gold Corporation
Slide 2: Cautionary Statement on Forward-Looking Information
November 2020 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: Cautionary Statement on Forward-Looking Information
November 2020 Cautionary Statement on Forward-Looking Information (17) potential direct or indirect operational impacts resulting from infectious diseases or pandemics such as the ongoing COVID-19 pandemic; (18) the effectiveness of preventative actions and contingency plans put in place by the Comp
Slide 4: Supportive Backdrop Attracts New Investors
Gold Price Outlook November 2020 Supportive Backdrop Attracts New Investors Low and increasingly negative real rates are supportive for gold prices • Gold is highly correlated to real interest U.S. 10-Year Real Rate rates vs. Gold Price • Real rates remain low and downward -2.0 $2,500 trending due t
Slide 5: Ongoing Fiscal Stimulus Supportive
Gold Price Outlook November 2020 Ongoing Fiscal Stimulus Supportive Gold increasing as U.S. Federal Reserve balance sheet continues to expand; Significant increases in money supply also driving gold prices higher U.S. Federal Reserve - Total Assets Gold Price vs. U.S. Money Supply vs. Gold Price (M2
Slide 6: Kinross Gold Corporation
Kinross Gold Corporation
Slide 7: Why Kinross?
Kinross Gold Corporation November 2020 Why Kinross? GLOBAL 2.4Moz. PORTFOLIO Portfolio PRODUCER (1) 8 mines GROWING TO 3 regions 2.9Moz. (ii) FINANCIALLY LARGE GOLD GEOGRAPHICALLY EXCELLENT COMMITTED TO STRONG WITH PRODUCER, DIVERSIFIED OPERATING TRACK RESPONSIBLE ATTRACTIVE HIGHLY LIQUID PRODUCER R
Slide 8: Diversified Portfolio of Assets
Kinross Gold Corporation November 2020 Diversified Portfolio of Assets Portfolio of mines and development projects located in three core regions Dvoinoye, Russia Kupol, Fort Knox, U.S.A. Russia Chulbatkan, Russia Bald Mountain, U.S.A. Round Mountain, U.S.A. 2019 Gold Equivalent Production(1) Tasiast
Slide 9: On Track to Meet Guidance
Kinross Gold Corporation November 2020 On Track to Meet Guidance 2020 would mark the 9th consecutive year of meeting or exceeding guidance targets for production, costs and capital expenditures 2012 2013 2014 2015 2016 2017 2018 2019 2020 Met or exceeded annual On production guidance
Slide 10: 2020 Guidance
Kinross Gold Corporation November 2020 2020 Guidance On track to meet targets for production, costs and capital expenditures 2020 Guidance(2) First Nine Months (+/- 5%) 2020 Results Gold equivalent production (ounces)(1,3) 2.4 million 1.7 million Production cost of sales ($ per gold equivalent ounce
Slide 11: Exciting Future for Kinross
Kinross Gold Corporation November 2020 (2) Exciting Future for Kinross Strong production growth over the next three years, driving a 20% increase by 2023 Three drivers of growth: Growing Production Profile • Recent three-year capital reinvestment phase established a timely platform for growth that l
Slide 12: Growth Drivers Support Long-Term Outlook
Kinross Gold Corporation November 2020 Growth Drivers Support Long-Term Outlook Expecting average annual production of ~2.5 million gold equivalent ounces(1), with additional opportunities that could drive it higher (i)(ii) (i) 2024-2029 is an illustrative trend (1) Refer to endnote #1 (ii) Gold equ
Slide 13: Production Plans and Project Pipeline
Kinross Gold Corporation November 2020 Production Plans and Project Pipeline Base Case Expected Growth Additional Pipeline Production Projects Opportunities Kupol: regional exploration, Kupol-Dvoinoye Chulbatkan: Udinsk mine life extensions Tasiast: satellites, West Tasiast 24k Branch depth extensio
Slide 14: Prioritizing Resource Conversion
Kinross Gold Corporation November 2020 Prioritizing Resource Conversion (6) Significant potential for mine life extension at existing assets 25 20 15 Years 10 5 - Expected Reserve Life Expected Resource Life (i) Excludes Kettle River and Maricunga (ii) Incorporates internal assumptions for recovery
Slide 15: Strong Liquidity and Financial Flexibility
Kinross Gold Corporation November 2020 Strong Liquidity and Financial Flexibility Q3 2020 was another quarter of strong results and free cash flow that further strengthened our financial position Liquidity Position Financial Flexibility ($ billion) • Available liquidity of ~$2.5 billion, including $
Slide 16: Leading Free Cash Flow Profile
Kinross Gold Corporation November 2020 Leading Free Cash Flow Profile Portfolio of mines expected to generate exceptional free cash flow • Attractive free cash flow yield Analysts Forecast Growing relative to peers attributed to: Free Cash Flow Yield vs. Peers(i) o past investments in 18% organic gr
Slide 17: Disciplined Capital Allocation Strategy
Kinross Gold Corporation November 2020 Disciplined Capital Allocation Strategy Defined by our three pillars: Reinvesting in our Business • Sustaining capex - maintaining our existing operations safely and to world-class environmental standards • Expansion projects – pursuing attractive returns by le
Slide 18: Measured Acquisition Track Record
Kinross Gold Corporation November 2020 Measured Acquisition Track Record Disciplined approach to M&A over the past 8 years, focused on assets that leverage operating expertise in existing regions Bald Mountain & 50% Hydroelectric Chulbatkan Peak Project(iii) of Round Mountain(i) Power Plants Nevada,
Slide 19: Manageable Debt Profile
Kinross Gold Corporation November 2020 Manageable Debt Profile Kinross’ senior notes are rated investment grade with the next repayment planned for September 2021 Debt Ratings Debt Schedule Agency Rating S&P BBB- (Stable) $72 Moody’s Baa3 (Stable) $32 Fitch BBB- (Stable) $500 $500 $500 Debt Breakdow
Slide 20: Global Mining Leader in ESG
Kinross Gold Corporation November 2020 Global Mining Leader in ESG Prioritizing the effective management of ESG risks through our principled approach to sustainability and strong on-the-ground performance at our operations • ESG performance consistently RobecoSAM ranks in top quartile of peer group,
Slide 21: Global Mining Leader in ESG
Kinross Gold Corporation November 2020 Global Mining Leader in ESG Environment Social Governance 98.5% 630,000 TAILINGS MANAGEMENT of workforce hired from beneficiaries of INDEPENDENT BOARD • Kinross has no upstream facilities within host country community investments • 9 of 10 Board members are • M
Slide 22: Award-Winning ESG Record
Kinross Gold Corporation November 2020 Award-Winning ESG Record Kinross received strong recognition for its ESG performance, scoring in the 88th percentile in RobecoSAM’s 2019 assessment • Health and Safety: • Sentinels of Safety award at Fort Knox from the U.S. National Mining Association • Chirano
Slide 23: COVID-19 Update
Kinross Gold Corporation November 2020 COVID-19 Update Prioritizing the health and safety of employees and host communities Managing the Pandemic and Minimizing Impacts • Portfolio of mines continues to manage well; all remain in operation year-to-date • No material negative impacts to the business
Slide 24: Superior Exposure to Gold
Kinross Gold Corporation November 2020 Superior Exposure to Gold Kinross offers the purest exposure to gold of the peer group Revenue by Commodity 2020-22E (% of Total) 100% 90% 80% Yamana Kinross Gold Fields Newmont AngloGold Agnico Barrick Gold Silver Copper Other Source: RBC Equity Research 24
Slide 25: Competitive Production and AISC Profile
Kinross Gold Corporation November 2020 Competitive Production and AISC Profile 2020E Production 2020E All-In Sustaining Cost (million ounces) ($ per ounce) 7.0 $1,050 6.0 5.0 $900 4.0 3.0 2.0 $750 1.0 - $600 Barrick Kirkland Lake Barrick Kirkland Lake Newmont Newmont AngloGold Gold Fields AngloGold
Slide 26: Attractive Value Opportunity
Kinross Gold Corporation November 2020 Attractive Value Opportunity Relative to peers, considering Kinross’ annual production growth, cost structure and track record P / 2020E Operating CF EV / 2020E EBITDA 14.7 12.8 11.5 9.8 9.1 8.5 9.0 8.8 8.4 7.4 6.9 6.8 6.6 6.2 5.6 5.3 5.1 4.8 Kirkland Lake Barr
Slide 27: Discounted Valuation Not Justified by Quality of Assets
Kinross Gold Corporation November 2020 Discounted Valuation Not Justified by Quality of Assets Kinross has two of the world’s thirteen Tier One assets, with the target of re-establishing Kinross Russia as a third Global Tier One Assets by Total Cash Costs $ 800 $ 600 $ 400 $ 200 - Percent of 2019 Pr
Slide 28: Analyst Consensus P/NAV
Kinross Gold Corporation November 2020 Discounted Valuation Not Justified by Quality of Assets Attractive value opportunity relative to peers considering Kinross’ in-line geopolitical score P/NAV vs. Fraser Institute Ranking (Weighted by NAV) 2.20x Agnico Eagle Analyst Consensus P/NAV 2.00x 1.80x Ba
Slide 29: Kinross Investment Case
Kinross Investment Case Operational Excellence Financial Strength & Flexibility Diverse portfolio of mines consistently meeting Maintaining a strong balance sheet continues to or outperforming operational targets be a priority objective 8 Available liquidity of ~$2.5 billion On track to meet $2.5 At
Slide 30: Detailed Overview of Operations and Development Projects
Detailed Overview of Operations and Development Projects
Slide 31: Americas
Americas 2019 Gold Equivalent Production(1) Paracatu, Country Highlights Brazil Our largest mine, Paracatu, 21% 25% boasts an attractive cost Brazil structure supported by favourable foreign exchange 2.5M ounces Fort Knox, Alaska Nearly 1/3rd of our production 8% comes from Nevada and 23% U.S.A. Ala
Slide 32: Paracatu, Brazil (100%)
Americas November 2020 Paracatu, Brazil (100%) Tier 1 gold mine with a long mine life that extends to 2031 • Paracatu is among the world’s largest gold operations, with annual throughput of Operating Results(3) First 9 ~60Mt Months 2018 2019 2020 • Continued outperformance driven by: Production o im
Slide 33: Paracatu – Northwest Extension
Americas November 2020 Paracatu – Northwest Extension Mineralization extends to the west of the existing reserve pit, with the potential to extend mine life by approximately 4 years NW Ph1B Multiple NW Ph2 pushbacks being evaluated to the west of Au (g/t) NW Ph1A A – A’ existing reserve pit A’ A Res
Slide 34: Round Mountain, U.S.A. (100%)
Americas November 2020 Round Mountain, U.S.A. (100%) Strong cash flow generator with Phase W expected to extend mine life to 2027 • Estimated mine life: 2024 (mining); Operating Results(3) First 9 2027 (stockpile milling / residual Months leaching) 2018 2019 2020 Production • Studying potential for
Slide 35: Round Mountain – Phase S
Americas November 2020 Round Mountain – Phase S Potential next pushback on the south side of the Round Mountain pit Plan view of Round Mountain • May extend open pit operations until Phase X 2029 and mill life to early 2030s 1.4 Moz I 0.7 Moz Inf. • Pit optimization scoping study suggests potential
Slide 36: Round Mountain – Phase X
Americas November 2020 Round Mountain – Phase X Assessing mineability of potential resource beyond Phase W • Studying potential for incremental mine • Encountering ounces in Phase W upper deposit life extensions at $1,400/oz. or higher - potential to add ounces in upper Phase X in gold prices future
Slide 37: Fort Knox, U.S.A. (100%)
Americas November 2020 Fort Knox, U.S.A. (100%) The Gilmore project is expected to extend mine life to 2030 • Successfully operating one of the Operating Results(3) world’s few cold weather heap leaches First 9 Months • Future production growth driven by 2018 2019 2020 enhancements to the mine plan,
Slide 38: Fort Knox Gilmore
Americas November 2020 Fort Knox Gilmore Expected to extend mine life to 2030 and strengthen long-term U.S. production profile Base case mine plan + Gilmore estimates Incremental Gilmore estimates Average annual production 245,000 Au oz. Total ounces recovered 1.5Moz. (2018-2027) Production cost of
Slide 39: Fort Knox – Gil Satellite Pits
Americas November 2020 Fort Knox – Gil Satellite Pits Expected to provide near-term, higher grade ore to Fort Knox operation • Permitting is underway, and feasibility study results are expected in early 2021; anticipated first ore to the mill in Q4 2021 N Sourdough • Located 13 km east of Fort Knox
Slide 40: Fort Knox – Peak Project (70%)
Americas November 2020 Fort Knox – Peak Project (70%) High grade, open pit project that is expected to extend Fort Knox’s mill operations • Development plan contemplates crushing ore at the project and Peak Resources (100% Basis)(ii) trucking material to the Fort Knox Au Au Ag Ag mill for processing
Slide 41: Fort Knox – Northwest Bulge
Americas November 2020 Fort Knox – Northwest Bulge Exploring opportunities to further extend and leverage our long operating history in Alaska • Potential expansion of the pit to the $1,400/oz. resource shell could add over 600koz. of M&I and over 350koz. inferred (contained) to the mine plan(i) • C
Slide 42: Bald Mountain, U.S.A. (100%)
Americas November 2020 Bald Mountain, U.S.A. (100%) Forecasting strong near-term cash flow with significant upside potential • Large mineral resource base with Operating Results(3) multiple sources of potential mineral First 9 Months reserve additions that could extend mine 2018 2019 2020 life beyon
Slide 43: Bald Mountain
Americas November 2020 Bald Mountain Numerous targets within the large land package • 1.3 million ounces of reserves expected to Resource Pits – Expected Mine support a four-year mine life at $1,200/oz. Plan to 2024 Potential Extensions • At higher gold prices (beyond $1,200/oz.) the N. Duke Royale
Slide 44: A Return to Production in Chile
Americas November 2020 A Return to Production in Chile Construction is underway at the La Coipa Restart project and studies are progressing at Lobo-Marte, which could enable production in a favourable mining jurisdiction beyond 2040 • La Coipa and Lobo-Marte are located in Chile’s Atacama N (Region
Slide 45: La Coipa Restart Project
Americas November 2020 La Coipa Restart Project Pre-stripping expected in early 2021; first production expected in mid-2022 • Leverages existing infrastructure, including plant and Maricunga mine fleet • Potential to extend mine life through satellite deposits • Project is on schedule: o An access r
Slide 46: La Coipa Restart Feasibility Study Results
Americas November 2020 La Coipa Restart Feasibility Study Results Project expected to generate a 28% IRR at an assumed gold price of $1,200/oz. Feasibility Study Estimates Life of mine production (2022 to 2024) 690,000 gold equivalent ounces Average production cost of sales(3) $575 per gold equivale
Slide 47: Lobo-Marte
Americas November 2020 Lobo-Marte Project adds 6.4 million higher-grade gold ounces to estimated probable mineral reserves(i) • Potential to be a cornerstone asset with attractive all-in sustaining costs, supporting Gold Reserves (Au eq. Moz) Kinross’ long-term production profile +6.4 • Recently com
Slide 48: Lobo-Marte Pre-Feasibility Study Results
Americas November 2020 Lobo-Marte Pre-Feasibility Study Results Proceeding to feasibility study, expected to be complete in Q4 2021 Pre-Feasibility Study Estimates Initial Capital Costs ($M) Life of mine production (million Au oz.) 4.5 Mine equipment $100 Life of mine ore processed (million tonnes)
Slide 49: West Africa
West Africa 2019 Gold Equivalent Production(1) Tasiast, 21% Country Highlights Mauritania Tier 1 mine with a large gold 2.5Mounces 56% Mauritania resource located in a prospective district; 24k 16% project progressing well Expected mine life extension 7% Ghana and increased production due to explora
Slide 50: Positive Momentum in Mauritania
West Africa November 2020 Positive Momentum in Mauritania Successfully operated for over 10 years Cumulative production of over 2 million gold equivalent ounces Established $300M political risk insurance policy with MIGA A member of the World Bank Constructed Phase One Project successfully commi
Slide 51: Tasiast, Mauritania (100%)
West Africa November 2020 Tasiast, Mauritania (100%) Low-cost mine with a large gold resource located in a prospective district • Estimated mine life: 2033 Operating Results(3) First 9 • New records set in Q3 2020: Months 2018 2019 2020 o Record monthly production of Production 250,965 391,097 295,4
Slide 52: Tasiast Project Financing
West Africa November 2020 Tasiast Project Financing Reflects comprehensive process of due diligence with lenders • Signed $300 million IFC-led project financing agreement in December 2019 o Non-recourse to Kinross o Four new, important partners in project underscore confidence in Tasiast Project Fin
Slide 53: Advancing the Tasiast 24k Project
West Africa November 2020 Advancing the Tasiast 24k Project Well-positioned to execute the 24k project Low relative execution risk • Project plan leverages Kinross’ experience successfully building and operating Phase One • Less infrastructure requirements • Permits in place Project advancing on sch
Slide 54: Tasiast 24k Project Feasibility Study Results
West Africa November 2020 Tasiast 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 Pro
Slide 55: Low-Capital Continuous Improvement Approach to 24k
West Africa November 2020 Low-Capital Continuous Improvement Approach to 24k Increasing throughput with debottlenecking initiatives, plant upgrades and optimization of the mine plan and processing circuit Building off success of Phase One and Project Overview continued outperformance of the SAG mill
Slide 56: Tasiast
West Africa November 2020 Tasiast World-class orebody and highly prospective district Northern satellites • Multiple low strip(i) oxide deposits located 5 - 12 km north of the Tasiast operation • Fennec, C67, and C68 are prospective targets for further drilling o High grade satellite ore could be mi
Slide 57: Chirano, Ghana (90%)
West Africa November 2020 Chirano, Ghana (90%) Expected mine life extension and increased production due to exploration success • Chirano is an underground and open pit Operating Results(1,3) First 9 operation located in southwestern Ghana Months • Mine life expected to extend to at least 2025 2018
Slide 58: Chirano – Obra
West Africa November 2020 Chirano – Obra Substantial contributor to Chirano mine life extension • Expect to extend mining to 2025 through exploration success: o H1 2020 drilling yielded significant intercepts and extended the depth of high-grade mineralization o Exploration drifting to drill from un
Slide 59: Chirano – Exploration
West Africa November 2020 Chirano – Exploration Numerous targets at depth and on surface along shear • Potential exists for continuation at depth of existing underground mines and parallel splays at Akwaaba and Tano • Exploration upside being investigated at newer underground zones: Obra and Suraw •
Slide 60: Russia
Russia 2019 Gold Equivalent Production(1) Kupol-Dvoinoye 21% Country Highlights Recently acquired Chulbatkan development project expected 2.5M ounces 56% to extend our long history of production in Russia beyond 23% Russia 2030 Long track record of mine life extensions expected to continue at Kupol
Slide 61: Deep Experience In-Country
Russia November 2020 Deep Experience In-Country Kinross has a long and successful 25-year track record investing in Russia Significant operating experience 2019 Statistics: • Operated four mines, including the high-grade, low Kinross Investments in Russia cost Kupol and Dvoinoye mines 98.2% of emplo
Slide 62: Foreign Investment in Russia
Russia November 2020 Foreign Investment in Russia The world’s leading companies are Foreign Investment Advisory Council invested in Russia • Chaired by the Russian Prime Minister, includes CEOs from over 50 international companies 62
Slide 63: Strong Platform in Russia
Russia November 2020 Strong Platform in Russia Track record of adding reserves through exploration to offset depletion at Kupol supports a potential bridge to production at Chulbatkan 12.0 2025 Gold Equivalent Ounces 10.0 End of Mine Life 8.0 (Millions) 6.0 2020 4.0 2.0 - 2015 2008 2009 2010 2011 20
Slide 64: Kupol-Dvoinoye (100%)
Russia November 2020 Kupol-Dvoinoye (100%) Our Russian mines are a model for successfully operating in a remote location • High-grade, low-cost underground mines supported by one mill Operating Results(3) First 9 Months • Mine life expected to extend to at least 2025 2018 2019 2020 • Q3 2020 was ano
Slide 65: Kupol
Russia November 2020 Kupol Significant resources remaining at high grades • Successful transition to narrower mining expected to allow for reserve additions through engineering changes • Drill program is underway with the goal of converting resources to reserves Base Case & Growth Minex Targets 65
Slide 66: Kupol
Russia November 2020 Kupol Numerous opportunities for continued reserve growth Big Central South North North South Extension Karman Bend Zone Zone Zone Zone Upper North Extension 42 Kupol Deeps S. Hanging N. Hanging Providence Moroshka Vtoriy Wall Wall Base Case Additional Pipeline Opportunities Dep
Slide 67: Kupol – Prospective Regional Exploration
Russia November 2020 Kupol – Prospective Regional Exploration Numerous prospective tenements near the Kupol mill • Kinross owns significant prospective exploration ground within trucking distance of the Kupol mill • Kayenmyvaam offers excellent near-term resource definition and advanced exploration
Slide 68: Chulbatkan: Favourable Location
Russia November 2020 Chulbatkan: Favourable Location Khabarovsk is industrialized and has a well-established mining and exploration sector Mining-friendly jurisdiction Kupol • Several gold producers active in the region Magadan o Ten operating mines Khabarovsk o Fourth largest gold producing region
Slide 69: Udinsk: Inaugural Project in the Chulbatkan Region
Russia November 2020 Udinsk: Inaugural Project in the Chulbatkan Region Expected to be a substantial open pit gold mine with a low all-in sustaining cost(3) • Preliminary estimates; scope of project may change following planned extensive drill program and technical studies and trade-offs Excellent f
Slide 70: Significant Upside Opportunities at Udinsk
Russia November 2020 Significant Upside Opportunities at Udinsk Robust exploration program has commenced with a focus of defining and further extending the resource • Confirmatory drill program(5) encountered a potential • Drill planning and execution to grow high-grade structure within the existing
Slide 71: Encouraging Results at Udinsk
Russia November 2020 Encouraging Results at Udinsk ~50,000m of infill, step-out and metallurgical drilling completed by the end of Q3 2020 • Exploration results support thesis for the project: o Large estimated resource with highly continuous mineralization open along strike and at depth • The 2020
Slide 72: Chulbatkan – Growth Through Exploration
Russia November 2020 Chulbatkan – Growth Through Exploration Numerous untested targets within the expanded exploration license Potential for additional discoveries is enhanced • Summer license-wide exploration geochemistry and geophysics program exceeded expectations • New anomalies have been identi
Slide 73: Corporate Responsibility
Corporate Responsibility 73
Slide 74: Our Approach
Corporate Responsibility November 2020 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 wo
Slide 75: Strong Safety Performance
Corporate Responsibility November 2020 Strong Safety Performance 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 safe work at all Benchmarking TRIFR 2
Slide 76: Climate Change and Energy Efficiency
Corporate Responsibility November 2020 Climate Change and Energy Efficiency GHG intensity one of lowest in the industry – Paracatu down by 38% since 2017 • Completed independent evaluation of disclosure and performance on climate change in 2020 Benchmarking GHG Emissions Five-Year Average • Initiate
Slide 77: Managing our Environmental Footprint
Corporate Responsibility November 2020 Managing our Environmental Footprint We are a responsible steward of land and water during all stages of the mine’s life cycle 2019 Highlights Performance Highlights • Received the top ranking for the second year in • Sustained one of the a row from World Wildl
Slide 78: Responsible & Safe Tailings Management
Corporate Responsibility November 2020 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 79: Governance Highlights
Corporate Responsibility November 2020 Governance Highlights Kinross is committed to the highest standards of corporate governance and accountability • 9 of 10 Board members are • All directors are independent except for independent the Chief Executive Officer • All of our board committees are • Boa
Slide 80: Appendix
IX Append KINROSS
Slide 81: Third Quarter 2020 Financial Highlights
Third Quarter 2020 Financial Highlights
Slide 82: Operational and Financial Highlights
Third Quarter 2020 Financial Highlights November 2020 Operational and Financial Highlights Significant growth in margins, earnings and free cash flow • Paracatu, Kupol-Dvoinoye and Tasiast accounted for over 60% of production and delivered among the Q3 First Nine Months lowest costs 2020 Results 202
Slide 83: Third Quarter Financial Highlights
Third Quarter 2020 Financial Highlights November 2020 Third Quarter Financial Highlights Produced approximately 603,000 oz.(1) at an average cost of sales of $737/oz.(1,3) and an all-in sustaining cost of $958/oz.(1,3) Year-over-year improvements Quarter-over-quarter improvements 213% Adjusted net e
Slide 84: COVID-19 Response
COVID-19 Response
Slide 85: Essential Service Status
COVID-19 Response November 2020 Essential Service Status(i) Operation Location Status Government Decree Mining considered essential as part of State of Nevada regulations issued on Round Mountain Nevada, U.S.A. Operating March 20, 2020. Mining considered essential as part of State of Nevada regulati
Slide 86: Community Impact
COVID-19 Response November 2020 Community Impact Community health and safety is a key priority. Kinross has committed $5.8 million to help local communities and health authorities deal with the impacts of COVID-19. • Donated medical supplies and equipment to health authorities in many of our jurisdi
Slide 87: Terms Reached with the Government of Mauritania
Terms Reached with the Government of Mauritania
Slide 88: Enhanced Partnership with Government of Mauritania
Terms Reached with Government of Mauritania November 2020 Enhanced Partnership with Government of Mauritania “Tasiast is an important contributor to Mauritania and we believe our new agreement will be a positive model for other foreign mining investors.” - Mauritanian Ministry of Petroleum, Mines an
Slide 89: Updated Royalty Structure
Terms Reached with Government of Mauritania November 2020 Updated Royalty Structure Voluntarily updating royalty structure to bring it in line with current law and comparable levels in the region • Strengthens the foundation for long-term stability and further aligns interests by ensuring Mauritania
Slide 90: Tasiast Sud: 30-year Exploitation License to be Granted
Terms Reached with Government of Mauritania November 2020 (i) Tasiast Sud: 30-year Exploitation License to be Granted Large, prospective property located ~10km south of the Tasiast mine area • Initial mining expected to take place at the Tamaya deposit; mill grade ore to be processed at the existing
Slide 91: Mauritania Highlights
Terms Reached with Government of Mauritania November 2020 Mauritania Highlights Kinross has successfully operated in Mauritania since 2010 • Peaceful and democratic transition of power in 2019 Country Statistics(i) (2019 estimates, unless otherwise noted) o President Ghazouani elected with a pro- bu
Slide 92: Significant Contributions In-Country
Terms Reached with Government of Mauritania November 2020 Significant Contributions In-Country From 2010 - 2019, Kinross has contributed over $3 billion to Mauritania’s economy through taxes, procurement, community programs and wages • Invested over $30M in training and capacity building from 2013 -
Slide 93: Endnotes
Appendix November 2020 Endnotes 1) Unless otherwise noted, gold equivalent production, gold equivalent ounces sold, production cost of sales, all-in sustaining cost figures and attributable margin in this presentation are based on Kinross’ 90% share of Chirano and 70% share of Peak production and sa
Slide 94: 2019 Gold Reserve & Resource Estimates
Appendix November 2020 2019 Gold Reserve & Resource Estimates Fort Knox (Inclusive of NW Bulge & Gil) Fort Knox – NW Bulge Tonnes Grade Ounces Tonnes Grade Ounces (thousands) (g/t) (thousands) (thousands) (g/t) (thousands) Proven Reserves 43,982 0.4 541 Proven Reserves - - - Probable Reserves 211,82
Slide 95: Notes – 2019 Kinross Mineral Reserve & Resource Statements
Notes – 2019 Kinross Mineral Reserve & Resource Statements November 2020 (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. Mineral reserves are estimated using appropriate process recoveries,
Slide 96: Slide 96