Kinross Gold Corporation · TSX:K
Kinross Gold — Q1 2024 Earnings Presentation
26 slides from Kinross Gold's earnings presentation, Feb 15, 2024
Slide 1: First Quarter 2024 Results
First Quarter 2024 Results May 8th, 2024 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
First Quarter 2024 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 per
Slide 4: Q1/24 Recap
Q1/24 Recap Development Progress in US Strong Start to 2024 • US operations on track • All assets remain on track for full-year • Round Mountain Phase S and underground targets opportunities progressing on plan • Significant Free Cash Flow • Manh Choh on track for production in early Q3 High-Margin
Slide 5: Sustainability – Core to our Business
Sustainability – Core to our Business 5
Slide 6: Strong Outlook
Strong Outlook Production Outlook(1) (Million Au eq. oz. +/- 5%) Stable multi-year production(1) 2.1 2.0 2.0 Strong Free Cash Flow Strengthening balance sheet Disciplined capital allocation strategy 2024 2025 2026 (1) Refer to endnote #1. 6
Slide 7: Financial Results
Financial Results KINROSS
Slide 8: First Quarter Results
First Quarter 2024 First Quarter Results Q1 2024 Q1 2023 Results Results Production (Au eq. oz) 527,399 466,022 Cost of Sales (per Au eq. oz. sold)(1)(6) $982 $987 All-in Sustaining Cost (per Au eq. oz. sold)(2)(6) $1,310 $1,321 Operating Cash Flow (millions)(4) $374 $259 Adj. Operating Cash Flow (m
Slide 9: Balance Sheet Continues to Strengthen
First Quarter 2024 Balance Sheet Continues to Strengthen Liquidity Position (1) Financial Flexibility • Total liquidity(1) of ~$2.0 billion, including $407 million of cash and cash equivalents As at March 31st • Improved Net Debt position as of quarter-end ~$2.0B • Net Debt to EBITDA improved as of
Slide 10: Guidance and Outlook
First Quarter 2024 Guidance and Outlook On Track to Meet Guidance & Strong Multi-Year Outlook Q1/24 2024 2025 Guidance 2026 Guidance Results Guidance (+/- 5%) (+/- 5%) (+/- 5%) Attributable Production 527,399 2.1 million 2.0 million 2.0 million (Au eq. oz.)(1) Production cost of sales $982 $1,020 -
Slide 11: Operational Overview
Operational Overview 11
Slide 12: Operations Overview
First Quarter 2024 Operations Overview Strong Start to the Year Tasiast, Mauritania Paracatu, Brazil La Coipa, Chile Bald Mountain, Nevada Round Mountain, Nevada Fort Knox, Alaska(1) (1) The Fort Knox segment is composed of Fort Knox and Manh Choh. 12
Slide 13: Tasiast
First Quarter 2024 Tasiast Lowest Cost Asset • Continued strong performance with production in-line quarter over quarter and higher year-over year • Commissioning of 34MW solar power plant complete and generating power at full capacity • On track to meet full-year guidance Operating Results Q1/24 FY
Slide 14: Paracatu
First Quarter 2024 Paracatu Delivered on Plan • Strong mill performance and recoveries continued in Q1 • Lower production and higher costs anticipated in 2024 as mine sequencing continues through lower grade portions of the pit before returning to higher grades in 2025 • On track to meet full-year g
Slide 15: La Coipa
First Quarter 2024 La Coipa Delivering Strong Margins • Strong Free Cash Flow in Q1 from ongoing high-margin production • Strong grades and recoveries • On track for full-year guidance Operating Results Q1/24 FY24 Guidance(1) Production 71,245 250,000 (Au eq. oz.) Production cost of sales $733 $800
Slide 16: US Operations
First Quarter 2024 US Operations Q1 On Plan – All Assets on Track for Full-Year Targets Images TBU? Fort Knox, Alaska(1) Bald Mountain, Nevada Round Mountain, Nevada United States Total Q1/24 FY24 Guidance(2) Production 168,682 730,000 (Au eq. oz.) Production cost of sales ($/oz.)(3)(4) $1,312 $1,33
Slide 17: US Operations Highlights
US Operations Highlights Fort Knox, Alaska(1) Bald Mountain, Nevada Round Mountain, Nevada • Mill modifications and site preparation • Production improved over the prior • Production higher over the prior for Manh Choh ore progressing on quarter, driven by recovery from pads quarter on stronger mill
Slide 18: Development Projects
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Slide 19: Round Mountain
First Quarter 2024 Round Mountain Progressing Higher-Margin UG Opportunities at Phase X and Gold Hill Phase X Drilling Phase X • Over 1,800 metres advanced to date Exploration Target • Drilling the exploration target in Q2 • High-grade zones encountered Portals between portals and target Exploration
Slide 20: Curlew Basin
First Quarter 2024 Curlew Basin Exploration Success Continues • 2024 focus: expanding wider and more continuous areas within existing resource and following up on zones of higher-grade mineralization intersected late last year (Roadrunner and Stealth) • Multiple zones of stockwork veining intersecte
Slide 21: Great Bear
First Quarter 2024 Great Bear Confirming Thesis of Extensions at Depth LP CENTRAL NORTHWEST SOUTHEAST DISCOVERY BRUMA YUMA YAURO AURO VIGGO 500 m BR-819 BR-847 8.9 m @ 13.87 g/t 2.4 m @ 5.53 g/t BR-882 BR-807 6.1 m @ 25.71 g/t 2.7 m @ 9.68 g/t 1,000 m BR-890A 1.6 m @ 18.79 g/t BR-814C6 6.6 m @ 8.40
Slide 22: Exploration Decline
First Quarter 2024 Exploration Decline AEX Decline Expected to Enable Efficient Drilling of Underground Material Conceptual Exploration Timeline 2023 2024 2025 2026 2027+ Resource Development Exploration, Potential Delineation of New Discoveries Deep Drilling Surface Exploration Decline Construction
Slide 23: Strong Position to Deliver Value
Strong Position to Deliver Value ✓ Strong production profile ✓ Generating significant cash flow ✓ Investment grade balance sheet ✓ Competitive dividend ✓ Exciting pipeline of opportunities ✓ Industry leader in ESG 23
Slide 24: Appendix
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Slide 25: Endnotes
First Quarter 2024 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 Informatio
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