Kinross Gold Corporation · TSX:K
Kinross Gold — Q3 2023 Earnings Presentation
27 slides from Kinross Gold's earnings presentation, Nov 9, 2023
Slide 1: Third Quarter 2023 Results
Third Quarter 2023 Results November 9th, 2023 Delivering Value.
Slide 2: Conference Call Participants
Conference Call Participants Paul Rollinson Andrea Claude Geoff Gold Will Dunford President & Freeborough Schimper SVP, Technical EVP, Corporate Chief Executive Officer EVP & Chief Financial EVP & Chief Operating Development, External Services Officer Officer Relations & CLO 2
Slide 3: Cautionary Statement on Forward-Looking Information
Third Quarter 2023 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: Q3/23 Recap
Q3/23 Recap Strong Q3 Americas Delivering • Production of 585koz • Paracatu and La Coipa on track • Cost of sales of $911/oz • Stronger production and costs in line at • Well positioned to deliver on full-year US sites compared to prior quarter guidance(1) • Manh Choh development on track Strong Mar
Slide 5: ESG – Embedded in Our Business
ESG – Embedded in Our Business Completed comprehensive review of our Community Management System Advanced our Natural Capital Strategy 5 Continued to deliver on our Climate & Energy Strategy, construction of 34MW solar facility at Tasiast is nearly complete 5
Slide 6: Well Positioned
Well Positioned ✓ Production outlook confirmed ✓ Strong financial position and continuing to de-lever ✓ Competitive dividend ✓ Advancing next round of projects ✓ Exciting exploration pipeline 6
Slide 7: Financial Results
Financial Results KINROSS
Slide 8: Third Quarter and YTD Results
Third Quarter 2023 Third Quarter and YTD Results Prior Comparable Periods Q3 2023 YTD 2023 Q3 2022 YTD 2022 Results Results Results(1) Results(1) Production 585,449 1,606,507 529,155 1,361,554 (Au eq. oz) Cost of Sales $911 $931 $941 $979 (per Au eq. oz. sold)(2) All-in Sustaining Cost $1,296 $1,303
Slide 9: Balance Sheet & Financial Flexibility
Third Quarter 2023 Balance Sheet & Financial Flexibility Liquidity Position (1) Financial Flexibility • Total liquidity(1) of ~$2.0 billion, including $465 million of cash and cash equivalents As at September 30th • Continued to repay debt and de-lever in Q3 ~$2.0B • Net debt to EBITDA improved as o
Slide 10: Guidance and Outlook
Third Quarter 2023 Guidance and Outlook On Track to Meet FY2023 Guidance Q3 YTD Results FY2023 Guidance(1) FY2022 Results(2) Production 1.6 million ~2.1 million ~2.0 million (Au eq. oz.) Production cost of sales $931 $970 $937 (per Au eq. oz. sold)(3) All-in sustaining cost $1,303 $1,320 $1,271 (per
Slide 11: Operational Overview
Operational Overview 11
Slide 12: Operations Overview
Third Quarter 2023 Operations Overview Strong Q3 Performance Tasiast, Mauritania La Coipa, Chile Paracatu, Brazil Fort Knox, Alaska Bald Mountain, Nevada Round Mountain, Nevada 12
Slide 13: Tasiast
Third Quarter 2023 Tasiast Record Q3 Production • Record Q3 production on strong throughput and continued strong grades and recoveries • Highest cash flow contributor in Q3 • On track to achieve FY production guidance of 610koz (+/- 5%) • Construction of 34MW solar power plant is nearly complete; fi
Slide 14: Paracatu
Third Quarter 2023 Paracatu Largest Producing Asset in Q3 • Strong Q3 performance • Q4 production is expected to be lower and costs higher due to planned mine sequencing • Higher strip ratio planned, in addition to mining of lower grade areas of the pit • On track to achieve FY production guidance o
Slide 15: La Coipa
Third Quarter 2023 La Coipa Strong Cash Flow • Another strong quarter of low-cost production • Strong performance on grades and recoveries continues • On track to achieve FY production guidance of 240koz (+/-5%) FY23 Operating Results Q3/23 Q3 YTD Guidance(1) Production 65,975 186,315 240,000 (Au eq
Slide 16: US Operations
Third Quarter 2023 US Operations Stronger Production in Q3 Images TBU? Fort Knox, Alaska Bald Mountain, Nevada Round Mountain, Nevada United States Total Q3/23 Q3 YTD FY23 Guidance(1) Production 175,852 500,104 670,000 (Au eq. oz.) Production cost of sales ($/oz.) (2) $1,311 $1,323 $1,370 (1) Refer
Slide 17: US Operations Q3 Highlights
Third Quarter 2023 US Operations Q3 Highlights Fort Knox, Alaska Bald Mountain, Nevada Round Mountain, Nevada • Q3 production improved over the prior • Q3 production improved over the prior • Q3 production improved over the prior quarter quarter on increased heap leach quarter on stronger mill and l
Slide 18: Round Mountain
Third Quarter 2023 Round Mountain Phase S Optimization Highlights Higher Forecasted Returns • Provides clarity around the next step for Round Mountain - production expected to Incremental Phase S Estimates1 extend through the end of the decade Net Present Value (5%) $170 million • Revised pit design
Slide 19: Round Mountain Production Through The Decade
Third Quarter 2023 Round Mountain Strong Production Through The Decade, With Additional Upside Potential Round Mountain Open Pit Production Profile Forecast Excludes potential from Phase X and Gold Hill Underground 300koz 0 2024 2025 2026 2027 2028 2029 2030 Phase W2 Executing + other smaller phases
Slide 20: Curlew Basin Exploration
Third Quarter 2023 Curlew Basin Exploration Exploration Success Continues • New vein zone intersected at ‘Roadrunner’ – Hole 1168 (see below) • Exploration proving robustness of geological model and facilitating new discoveries • Confirmed vein extensions and continuity across multiple targets, whic
Slide 21: Great Bear Hinge Zone
Third Quarter 2023 Great Bear Hinge Zone – Potential Supplemental High-Grade Feed NORTHWEST HINGE SOUTHEAST Visible Gold in Hinge Zone DL-085-C7 2.8 m @ 259 g/t from 870m DL-048 2.9 m @ 22.33 g/t 500 m DL-142 DL-132 New Results 4.5 m @ 13.20 g/t 5.9 m @ 7.75 g/t Recent Results Drill hole Intercepts
Slide 22: Great Bear Deep Holes
Kinross Gold Corporation November 2023 Great Bear Deep Holes Demonstrate Potential for Extension of High-Grade Underground NORTHWEST SOUTHEAST DISCOVERY LP CENTRAL VIGGO 500 m BR-805 6.7 m @ 19.31 g/t BR-769A BR-812 BR-806 3.4 m @ 4.18 g/t 3.3 m @ 5.48 g/t 3.6 m @ 11.20 g/t BR-814C1A BR-821 8.3 m @
Slide 23: Great Bear Progress
Third Quarter 2023 Great Bear Continuing to Make Excellent Progress on Several Fronts Advanced Exploration (AEX) Decline • Feasibility level design and engineering AEX Surface Design for AEX infrastructure now complete • Provincial permitting on-track • Procurement of long lead items underway • Surf
Slide 24: Strong Position to Deliver Value
Strong Position to Deliver Value ✓ Strong production profile ✓ Generating significant cash flow ✓ Investment grade balance sheet ✓ Attractive dividend ✓ Exciting pipeline of exploration and development opportunities ✓ Leader in industry ESG performance 24
Slide 25: Appendix
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Slide 26: Endnotes
Third Quarter 2023 Endnotes 1. Kinross’ updated outlook represents forward-looking information and users are cautioned that actual results may vary. Please refer to the Cautionary Statement on Forward-Looking Information on slide 2 of this presentation. 2. All-in sustaining cost from continuing oper
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