Kinross Gold Corporation · TSX:K
Kinross Gold — Q4 2024 Earnings Presentation
37 slides from Kinross Gold's earnings presentation, Feb 13, 2025
Slide 1: Fourth Quarter and Year-End 2024 Results
Fourth Quarter and Year-End 2024 Results February 13th, 2025 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
Fourth Quarter and Year-End 2024 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 operating performance of Kinross, constitute “for
Slide 4: Q4 and 2024 Recap
Q4 and 2024 Recap Record Free Cash Flow Paracatu – Strong Output • Record free cash flow(1) +$1.3 billion • Strong full-year production exceeding dollars in 2024 mid-point of guidance • Strong margin expansion outpacing • 7th consecutive year delivering more relative increase in gold price than 500k
Slide 5: Strong Outlook
Strong Outlook Stable multi-year Production Outlook(1) production(1) (Million Au eq. oz. +/- 5%) 2.0 2.0 2.0 Robust pipeline of project opportunities Strong cash flow outlook Sustainable quarterly dividend Additional return of capital 2025 2026 2027 (1) Refer to endnote #1. 5
Slide 6: Sustainability – Core to our Business
Sustainability – Core to our Business Completed more than 15 energy efficiency projects – on track to achieve 30% emissions intensity target by 2030 Provided flood relief aid to communities in Mauritania and Brazil Received 2024 Business Achievement in Sustainability Award from the Canadian Council
Slide 7: Financial Results
Financial Results KINROSS
Slide 8: Fourth Quarter and Year to Date Results
Fourth Quarter and Year-End 2024 Fourth Quarter and Year to Date Results Prior Comparable Periods Q4 2024 FY 2024 Q4 2023 FY 2023 Results Results Results Results Attributable Production (Au eq. oz)(1) 501,209 2,128,052 546,513 2,153,020 Production Cost of Sales (per Au eq. oz. sold)(2) $1,098 $1,020
Slide 9: Balance Sheet Continues to Strengthen
Fourth Quarter and Year-End 2024 Balance Sheet Continues to Strengthen Improving Leverage Profile Financial Flexibility 1.5x • $612 million of cash and cash equivalents and $2.3 billion of total liquidity(2) 1x • $800 million of debt repaid in 2024 • Term-Loan fully repaid as of Feb 2025 • Net Debt(
Slide 10: Guidance and Outlook
Fourth Quarter and Year-End 2024 Guidance and Outlook Achieved FY2024 Guidance & Strong Multi-Year Outlook FY2024 FY2024 FY2025 FY2026 FY2027 Guidance Results Guidance Guidance Guidance (+/- 5%) (+/- 5%) (+/- 5%) (+/- 5%) Attributable Production 2.1 million 2,128,052 2.0 million 2.0 million 2.0 mill
Slide 11: Operational Overview
Operational Overview KINROSS
Slide 12: Operations – Safety Culture
Fourth Quarter and Year-End 2024 Operations – Safety Culture Launch of Safeground 12
Slide 13: Tasiast
Fourth Quarter and Year-End 2024 Tasiast Record Annual Production and Cash Flow in FY2024 • Achieved full-year production and cost guidance • Lowest cost operation in 2024 • Q4 production lower than prior quarter due to a planned reduction in grade • Production expected to be lower in 2025 on lower
Slide 14: Paracatu
Fourth Quarter and Year-End 2024 Paracatu Solid Output in FY2024 • Delivered favorable production and cost guidance • Q4 production was lower than prior quarter on planned mill maintenance and mine sequencing • Higher production and lower costs expected in 2025 as mining advances through higher-grad
Slide 15: La Coipa
Fourth Quarter and Year-End 2024 La Coipa Stronger Q4 and FY2024 Production In Line • Full-year production in line with guidance • Higher production in Q4 on stronger mill throughput • Focus continues on managing throughput and recovery while long-term mill optimization initiatives are implemented F
Slide 16: US Operations
Fourth Quarter and Year-End 2024 US Operations FY2024 Guidance Achieved Images TBU? Fort Knox, Alaska(1) Bald Mountain, Nevada Round Mountain, Nevada FY24 FY25 United States Total Q4/24 FY24 Guidance(2) Guidance(2) Attributable(3) production 179,366 730,953 730,000 685,000 (Au eq. oz.) Production co
Slide 17: US Operations – Asset Highlights
Fourth Quarter and Year-End 2024 US Operations Asset Highlights Fort Knox, Alaska(1) Bald Mountain, Nevada Round Mountain, Nevada • Full-year production higher relative to • Full-year production higher relative to • Production in line over prior quarter, 2023 on initial production from Manh 2023 due
Slide 18: Projects & Exploration
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Slide 19: Reserve and Resources
Fourth Quarter and Year-End 2024 Reserve and Resources Focus on High Quality Resource Growth Overview of Year-Over-Year Changes: • M&I resource additions offset by conversion to reserve • Strong increase in inferred consistent with current focus on earlier stage growth projects • Reserve price incre
Slide 20: Significant Resource Optionality
Fourth Quarter and Year-End 2024 Significant Resource Optionality Significant resource base of potential extensions at existing operations New growth projects that could potentially contribute to the production profile through the end of the decade and beyond Reserves Resources Potential Potential G
Slide 21: Production Plans and Project Pipeline
Fourth Quarter and Year-End 2024 Production Plans and Project Pipeline Base Case Pipeline Growth Projects Production Opportunities Tasiast: Satellite pits, West Branch Tasiast 24k Great Bear Phase 6, Underground optionality Paracatu Round Mountain Phase X Paracatu: Resource extensions Underground La
Slide 22: Bald Mountain: Redbird Advancing
Fourth Quarter and Year-End 2024 Bald Mountain: Redbird Advancing • With Juniper permit received, Redbird to proceed with phased approach o Phased approach lowers and de-risks initial capital and pulls production earlier into 2027 o Redbird 1 extends production into 2028; another ~690 koz in Redbird
Slide 23: Tasiast: Reserve and Mine Plan Update
Fourth Quarter and Year-End 2024 Tasiast: Reserve and Mine Plan Update • Tasiast life-of-mine plan has been updated on the back of the 2024 reserve update, has added ~100koz to the 2025-27 window • Updated mine plan reflects continued success increasing 2025-2027 production profile via operational i
Slide 24: Curlew – High-grade Resource Growth
Fourth Quarter and Year-End 2024 Curlew – High-grade Resource Growth • High-grade growth in 2024 update: Delineation of a new high-grade zone, leading to +125koz @ 9.0 g/t averaging just over 5m widths • Further opportunity in 2025: new zone remains open along both strike and dip – drilling to conti
Slide 25: Round Mountain Phase X – Continued Strong Results
Fourth Quarter and Year-End 2024 Round Mountain Phase X – Continued Strong Results Drilling results for upper zone continue to show good grades and strong widths LONG SECTION – LOOKING NORTH Hole ID Length (m) Au Eq (g/t)1 RX-0050 109 3.1 including 6 21.5 RX-0051 110 5.0 including 3 65.6 RX-0052 136
Slide 26: Great Bear: AEX Program Advancing
Fourth Quarter and Year-End 2024 Great Bear AEX Program Advancing • Early works construction of AEX site commenced in November • Earthworks fleet fully mobilized and excavation for the exploration decline infrastructure has started • Construction of exploration decline planned to commence later this
Slide 27: Exploration Highlights
Fourth Quarter and Year-End 2024 Exploration Highlights 318,000m of total drilling completed in 2024 Brownfields and MINEX Exploration – Totaling 273,000m in 2024 Property / Jurisdiction Exploration Thesis Progress Large high-grade resource extending at depth at ✓ 2024 drilling beyond 1,000m depth r
Slide 28: Exploration Highlights – Greenfields
Fourth Quarter and Year-End 2024 Exploration Highlights 318,000m of total drilling completed in 2024 Greenfields Exploration – Totaling 45,000m in 2024 Property / Jurisdiction Exploration Thesis Progress ✓ Defining and extending high grade mineralization in shear High-grade narrow-veining, similar t
Slide 29: 2025 Key Milestones
2025 Key Milestones ✓ Repaid Term Loan ✓ Pre-stripping at Bald Mountain Red Bird ✓ Advancing permitting: Great Bear, Curlew, La Coipa & Lobo-Marte ✓ Advancing exploration decline infrastructure at Great Bear ✓ Reinstating Share Buyback Plan ✓ Initial Production from Round Mountain Phase S ✓ Satellit
Slide 30: Looking Forward
Looking Forward ✓ Strong production profile ✓ Generating significant cash flow ✓ Investment grade balance sheet ✓ Attractive dividend and plan to return to share buybacks ✓ Exciting pipeline of exploration and development opportunities ✓ Strong commitment and industry leader in Sustainability 30
Slide 31: Appendix
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Slide 32: Endnotes
Fourth Quarter and Year-End 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-Look
Slide 33: Mineral Reserve and Mineral Resource Statement – Appendix B
Fourth Quarter and Year-End 2024 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B 33
Slide 34: Mineral Reserve and Mineral Resource Statement – Appendix B
Fourth Quarter and Year-End 2024 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B 34
Slide 35: Mineral Reserve and Mineral Resource Statement – Appendix B
Fourth Quarter and Year-End 2024 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B 35
Slide 36: Notes – Appendix B
Fourth Quarter and Year-End 2024 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 $1,600 per ounce and a silver price of $20.00 per ounce. Mine
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