Kinross Gold Corporation · TSX:K
Kinross Gold — RBC Capital Markets Global Mining & Materials Conference 2022
56 slides from Kinross Gold's conference presentation, Jun 9, 2022
Slide 1: Delivering Value.
June 2022 Delivering Value. Kinross Gold Corporation
Slide 2: Cautionary Statement on Forward-Looking Information
June 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 performance
Slide 3: Table of Contents
Table of Contents Company Overview 4 Operations and Projects 21 Americas 22 West Africa 39 Corporate Responsibility 43 Appendix 50 3
Slide 4: Kinross Gold Corporation
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Slide 5: Who is Kinross?
Kinross Gold Corporation June 2022 Who is Kinross? AMERICAS STRONG FOCUSED Portfolio PRODUCTION OUTLOOK 6 mines LARGE GOLD GEOGRAPHICALLY STRONG COMMITTED TO EXCELLENT PRODUCER, DIVERSIFIED OPERATING TRACK RESPONSIBLE BALANCE SHEET HIGHLY LIQUID PRODUCER RECORD MINING • ~US$5.5 billion • Americas ac
Slide 6: Diversified Portfolio of Assets
June 2022 Diversified Portfolio of Assets Portfolio of mines and development projects located in core regions 2022E Gold Equivalent Production(1) Fort Knox, U.S.A. Manh Choh, U.S.A. 29% 2.15M Great Bear, Canada ounces Bald Mountain, 71% U.S.A. Head Office, Canada Round Mountain, U.S.A. Americas West
Slide 7: Exciting Future: Expected Production
Kinross Gold Corporation June 2022 Exciting Future Steady production with +2 million ounces per year expected over 2022-2024 Strong production backed by… • Reinvesting in our business and Attractive Pro Forma Production Profile maintaining balance sheet (Million Au eq. oz. +/- 5%) strength • Continu
Slide 8: Advancing the Project Pipeline
Kinross Gold Corporation June 2022 Advancing the Project Pipeline Expected milestones at growth projects on track(1) H1 2022 >> H2 2022 >> 2023/2024 Late February Great Bear H2 Round Mountain 2023 mid-year Tasiast 24k Acquisition closed Mine plan optimization including Throughput to reach 24ktpd P
Slide 9: Prioritizing Resource Conversion
Kinross Gold Corporation June 2022 Prioritizing Resource Conversion (1) Significant potential for mine life extension at existing assets 25 20 15 10 5 0 La Coipa Bald Mountain Paracatu Round Fort Knox Tasiast Lobo-Marte Mountain Expected Reserve Life Potential Resource Life (1) See Appendix. Note: I
Slide 10: Strong Liquidity & Financial Flexibility
First Quarter 2022 June 2022 Strong Liquidity & Financial Flexibility Pro-forma business well positioned to generate significant free cash flow Liquidity Position (1) Financial Flexibility • Total liquidity(1) of ~$1.7 billion, including $454 million of cash and cash equivalents(2) • Arranged new $1
Slide 11: Inflationary Pressures
Kinross Gold Corporation June 2022 Inflationary Pressures Continued inflationary pressure affecting our cost structure Inputs Direct Cost Drivers Estimated Impacts Ground support Ground Grindingsupport media Grinding media Maintenance parts Steel OPEX Power costs ~7% Fuel Power Explosives Lubricants
Slide 12: Disciplined Capital Allocation Strategy
Kinross Gold Corporation June 2022 Disciplined Capital Allocation Strategy Reinvesting in our Business 2022 Guidance • Sustaining capex – maintaining our existing operations ~$450M safely and to world-class environmental standards • Expansion projects – pursuing attractive returns by leveraging exis
Slide 13: Acquisition Track Record
Kinross Gold Corporation June 2022 Acquisition Track Record Focus on acquisitions that leverage our assets and our operating expertise Bald Mountain & Hydroelectric 50% of Round Mountain(1) Power Plants Nevada, U.S.A. Brazil Acquired 2016, $588M cash Acquired 2018, $257M cash Two high-quality, produ
Slide 14: Manageable Debt Profile
Kinross Gold Corporation June 2022 Manageable Debt Profile Senior notes are rated investment grade by all three rating agencies Debt Schedule Debt Ratings Agency Rating $1,000 S&P BBB- (Stable) Moody’s Baa3 (Stable) Fitch BBB (Stable) $ millions Debt Breakdown(1) $500 $500 Interest Rate Amount Due $
Slide 15: Global Mining Leader in ESG
Kinross Gold Corporation June 2022 Global Mining Leader in ESG Principled approach to sustainability and strong on-the-ground performance at our operations • Consistently high ranking among significant ESG assessments Percentile Ranking on ESG(2) o Achieved a 94% ranking from S&P ESG Global in 2021
Slide 16: Global Mining Leader in ESG
Kinross Gold Corporation June 2022 Global Mining Leader in ESG (1) Environment Social Governance WATER MANAGEMENT • ~80% average water volume 99% >1 million INDEPENDENT BOARD recycling rate over the past 5 years of workforce hired from beneficiaries of • 8 of 9 Board members are GHG INTENSITY within
Slide 17: Production and AISC Profile
Kinross Gold Corporation June 2022 Production and AISC Profile 2022E Production(1) 2022E All-In Sustaining Cost(1) (million ounces) ($ per ounce) 8.0 $1,400 7.0 $1,300 6.0 $1,200 5.0 $1,100 4.0 $1,000 3.0 $900 2.0 1.0 $800 - $700 Barrick Newmont AngloGold Gold Fields Agnico Eagle Newcrest Yamana Kin
Slide 18: Attractive Value Opportunity
Kinross Gold Corporation June 2022 Attractive Value Opportunity P / 2022E Operating CF(1) EV / 2022E EBITDA(1) 8.8 10.9 10.0 9.3 7.3 7.1 8.2 6.0 6.3 6.2 4.9 4.6 3.9 3.8 4.4 3.8 Barrick Newmont Agnico Eagle Gold Fields AngloGold Newcrest Yamana Kinross Barrick Newmont Agnico Eagle Gold Fields AngloGo
Slide 19: Proven Track Record in Mauritania
Kinross Gold Corporation June 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 Projec
Slide 20: Kinross Investment Case
Kinross Investment Case June 2022 3.17 Production Profile (2) (3) Attractive Robust Free Cash Flow Yield Americas focused business with two Tier One assets Attractive free cash flow yield relative to peers Kinross Peer Average 2.3 Expected Production(1) 2.15 2.1 10% 2.07 5% 0% 2021 2022 2023 2024 20
Slide 21: Operations and Projects
Operations and Projects
Slide 22: Americas
June 2022 Americas 2022E Gold Equivalent Production(1) Country Highlights Paracatu, Paracatu is the largest gold Brazil Brazil mine in Brazil and one of the largest in the world 2.15M Fort Knox, +1/3rd of our production comes Alaska ounces from Nevada and Alaska – two U.S.A. of the world’s top minin
Slide 23: Paracatu, Brazil (100%)
Americas June 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 619,563 542,435 55
Slide 24: Round Mountain, U.S.A. (100%)
Americas June 2022 Round Mountain, U.S.A. (100%) Large mine expected to extend to at least 2030 • 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 end of 20192019 20202020 2021
Slide 25: Round Mountain Optimization Study
Americas June 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 made the case for moving underground sooner than originally envisioned • Scope of the optimization s
Slide 26: Fort Knox, U.S.A. (100%)
Americas June 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 202
Slide 27: Fort Knox – Gil Satellite Pits
Americas June 2022 Fort Knox – Gil Satellite Pits Providing near-term, higher-grade ore to Fort Knox operation North Gil Metric (approx.) Estimate(1) 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 Main
Slide 28: Fort Knox – Manh Choh (70%)
Americas June 2022 Fort Knox – Manh Choh (70%) Feasibility study on track to be completed by year-end • Development plan 2021 Manh Choh Gold Resource Estimates(1) contemplates trucking ore to Tonnes Grade Ounces the Fort Knox mill for crushing (thousands) (Au g/t) (thousands) and processing Measured
Slide 29: Bald Mountain, U.S.A. (100%)
Americas June 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.) North
Slide 30: Kettle River – Curlew Project
Americas June 2022 Kettle River – Curlew Project Potential to leverage existing infrastructure N Buckhorn Mine (~1.3Moz) • Curlew project is a low sulfidation epithermal gold deposit Curlew Project located in northern Washington State, USA K1, K2 Mine (~0.5Moz) Curlew o Proximal to major state highw
Slide 31: Great Bear Project
Americas June 2022 Great Bear Project World-renowned Red Lake mining district • Located 25 km southeast of Red Lake, Ontario, Canada • Total 91 km2 of contiguous claims • Paved highway and provincial power line run parallel to the project; logging roads facilitate access LP Fault zone 10.8 km strike
Slide 32: Great Bear - Principal Deposit Overview
Americas June 2022 Great Bear - Principal Deposit Overview Recent drill intercepts at LP Fault Zone continue to grow the deposit NORTHWEST 10.8 kilometer LP Fault SOUTHEAST Partially drill tested OPEN OPEN NORTHWEST SOUTHEAST 4.6 kilometers LP FAULT ZONE DISCOVERY GAP CENTRAL VIGGO 0m Surface Concep
Slide 33: Great Bear - Grade Thickness Sections
Americas June 2022 Great Bear - 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 Bulk Long-section SOU
Slide 34: Great Bear - Committed to Responsible Mining
Americas June 2022 Great Bear - 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 fleets will be incl
Slide 35: A Return to Production in Chile
Americas June 2022 A Return to Production in Chile La Coipa and Lobo-Marte could enable production in Chile beyond 2040 N • La Coipa and Lobo-Marte are located in Chile’s Atacama (Region III), approximately 650 km north of Santiago La Coipa Restart project • Both deposits are in the Maricunga Belt,
Slide 36: La Coipa
Americas June 2022 La Coipa Delivered under budget and on schedule to reach full operating capacity mid-2022 Coipa Norte Puren • Expecting average annual production of Phase 7 ~250koz. over the life of mine • Addition of Puren and Phase 7 optimization increased expected life of mine production Can C
Slide 37: Lobo-Marte
Americas June 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(1) • Significant mineral reserve estimate(i), Tonnes Grade Ounces (thousands) (Au g/t) (thous
Slide 38: Lobo-Marte Feasibility Study Results
Americas June 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 dev
Slide 39: West Africa
June 2022 West Africa 2022E Gold Equivalent Production(1) Country Highlights Growing production with a Mauritania large gold resource located in Tasiast, a prospective district Mauritania 2.15M ounces Americas West Africa (1) Refer to endnote #2. 39
Slide 40: Tasiast, Mauritania (100%)
West Africa June 2022 Tasiast, Mauritania (100%) Record first quarter production and 24K project on schedule Strong Q1 Results Operating Results • New record quarterly production of 134,000 ounces 2019 2020 2021 Production • On track to produce over 600,000 ounces (Au eq. oz.) 391,097 406,509 170,50
Slide 41: Advancing the Tasiast 24k Project
West Africa June 2022 Advancing the Tasiast 24k Project Exited Q1 at ~21ktpd throughput; 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 maintenance, mining,
Slide 42: 24k Project Feasibility Study Results
West Africa June 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 cost
Slide 43: Corporate Responsibility
Corporate Responsibility 43
Slide 44: Our Approach
Corporate Responsibility June 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: Act ethically and transparently – We operate
Slide 45: Focus on Safety
Corporate Responsibility June 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(1) safe work at all sites,
Slide 46: Managing our Environmental Footprint
Corporate Responsibility June 2022 Managing our Environmental Footprint We are a responsible steward of land and water during all stages of the mine’s life cycle • Five-year GHG Gold Peers 5-Year GHG Intensity(1) intensities on a per ounce produced basis (kg CO2e / Au eq. oz. produced) LOW CARBON be
Slide 47: Reducing our Carbon Footprint
Corporate Responsibility June 2022 Reducing our Carbon Footprint Good track record of making green investments and adapting our business because it’s the right thing to do • Committed to 30% GHG • Constructing a solar power plant at Tasiast to reduce intensity reduction in consumption of fuel used f
Slide 48: Responsible & Safe Tailings Management
Corporate Responsibility June 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 incorp
Slide 49: Governance Highlights
Corporate Responsibility June 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 composed o
Slide 50: Appendix
IX Append KINROSS
Slide 51: Mineral Reserve and Mineral Resource Statement
Appendix June 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 Tonne
Slide 52: Mineral Reserve and Mineral Resource Statement
Appendix June 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 Measured I
Slide 53: Mineral Reserve and Mineral Resource Statement
Appendix June 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/t) (
Slide 54: Mineral Reserve and Mineral Resource Statement Notes
Appendix June 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 $17.00 per ounce. Mineral reserves are estimated
Slide 55: Endnotes
Appendix June 2022 Endnotes 1) "Attributable" includes Kinross' 90% share of Chirano production and costs, and 70% of Manh Choh costs. Also unless otherwise noted, dollar per ounce ($/oz.) figures in this presentation refer to gold equivalent ounces. 2) Kinross’ outlook represents forward-looking in
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