Kinross Gold Corporation · TSX:K
Kinross Gold — 25th Annual CIBC Western Institutional Investor Conference (January 2022)
81 slides from Kinross Gold's conference presentation, Jan 19, 2022
Slide 1: Delivering Value
January 2022 Delivering Value. Kinross Gold Corporation
Slide 2: Cautionary Statement on Forward-Looking Information
January 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 performan
Slide 3: Table of Contents
Table of Contents Company Overview 4 Operations and Projects 26 Americas 27 West Africa 43 Russia 50 Corporate Responsibility 57 Acquisition of Great Bear Resources 65 Appendix 76 3
Slide 4: Kinross Gold Corporation
Kinross Gold Corporation
Slide 5: Who is Kinross?
Kinross Gold Corporation January 2022 Who is Kinross? GLOBAL PRODUCTION (1) PORTFOLIO Portfolio GROWING TO 8 mines 2.9Moz. (iii) 3 regions LARGE GOLD GEOGRAPHICALLY STRONG COMMITTED TO EXCELLENT PRODUCER, DIVERSIFIED OPERATING TRACK RESPONSIBLE BALANCE SHEET HIGHLY LIQUID PRODUCER RECORD MINING • ~$
Slide 6: Diversified Portfolio of Assets
January 2022 Diversified Portfolio of Assets Portfolio of mines and development projects located in three core regions Kupol-Dvoinoye, Russia Fort Knox, U.S.A. Manh Choh, U.S.A. Udinsk, Russia Bald Mountain, Head Office, U.S.A. Toronto, Canada Round Mountain, 2020 Gold Equivalent U.S.A. Production(1
Slide 7: Nine Consecutive Years of Meeting Guidance
Kinross Gold Corporation January 2022 Nine Consecutive Years of Meeting Guidance Kinross has met or exceeded guidance for production, costs and capital expenditures for the past nine years 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Met or exceeded annual production guidance
Slide 8: Exciting Future: Expected Production
Kinross Gold Corporation January 2022 Exciting Future Expecting production growth of 20% from 2020 to 2023 and average annual production of ~2.5 million gold equivalent ounces over this decade(1)(2) Three drivers underpin and extend Growing Production Profile current production… (Million Au eq. oz.
Slide 9: Production Plans and Project Pipeline
Kinross Gold Corporation January 2022 Production Plans and Project Pipeline Base Case Expected Additional Pipeline Growth Projects Opportunities Kupol: regional exploration, Kupol-Dvoinoye Chulbatkan: Udinsk mine life extensions Tasiast 24k Tasiast: satellites, West Branch depth extension Chirano 20
Slide 10: Advancing the Project Pipeline
Kinross Gold Corporation January 2022 Advancing the Project Pipeline Expected project milestones at growth projects that span all three operating regions H1 2021 >> H2 2021 >> 2022 >> 2023+ La Coipa Restart Commence Q4 Udinsk End of Q1 Tasiast 24k Mid-2023 Tasiast 24k Phase 7 pre-stripping Pre-f
Slide 11: Prioritizing Resource Conversion
Kinross Gold Corporation January 2022 Prioritizing Resource Conversion (i) Significant potential for mine life extension at existing assets 25 20 15 Years 10 5 - Expected Reserve Life Expected Resource Life (i) See Appendix Notes: - Excludes Kettle River and Maricunga - Incorporates internal assumpt
Slide 12: Strong Liquidity and Financial Flexibility
Kinross Gold Corporation January 2022 Strong Liquidity and Financial Flexibility Well-positioned to fund portfolio of mines and growth projects Liquidity Position Financial Flexibility • Available liquidity of ~$2.1 billion, including $586 million of cash as at September 30, 2021 As at • Very manage
Slide 13: Inflationary Pressures
Kinross Gold Corporation January 2022 Inflationary Pressures Input costs and supply chain tightness affecting our cost structure Inputs Direct Cost Drivers Estimated Impacts Ground support Grinding media Steel OPEX Power costs ~5% Fuel Power Explosives Lubricants ANNUAL CAPEX Chemicals (including st
Slide 14: Disciplined Capital Allocation Strategy
Kinross Gold Corporation January 2022 Disciplined Capital Allocation Strategy Reinvesting in our Business 2021 Guidance • Sustaining capex – maintaining our existing operations $340 million(i) safely and to world-class environmental standards • Expansion projects – pursuing attractive returns by lev
Slide 15: Measured Acquisition Track Record
Kinross Gold Corporation January 2022 Measured Acquisition Track Record Disciplined approach to M&A over the past 9 years, with a focus on assets that leverage our operating expertise Bald Mountain & 50% Hydroelectric of Round Mountain(i) Power Plants Chulbatkan Manh Choh(ii) Nevada, U.S.A. Brazil R
Slide 16: Manageable Debt Profile
Kinross Gold Corporation January 2022 Manageable Debt Profile Kinross’ senior notes are rated investment grade by all three rating agencies Debt Schedule Debt Ratings Agency Rating $72 S&P BBB- (Stable) $32 Moody’s Baa3 (Positive) $500 $500 Fitch BBB (Stable) $ millions Debt Breakdown Interest Rate
Slide 17: Global Mining Leader in ESG
Kinross Gold Corporation January 2022 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 18: Global Mining Leader in ESG
Kinross Gold Corporation January 2022 (i) Global Mining Leader in ESG Environment Social Governance WATER MANAGEMENT • ~80% average water volume 99% 939,000 INDEPENDENT BOARD recycling rate over the past 5 years of workforce hired from beneficiaries of • 8 of 9 Board members are within host country
Slide 19: Competitive Production and AISC Profile
Kinross Gold Corporation January 2022 Competitive Production and AISC Profile 2020A Production 2020A All-In Sustaining Cost (million ounces) ($ per ounce) 6.0 $1,100 5.0 $1,000 4.0 3.0 $900 2.0 $800 1.0 - $700 Barrick Kirkland Lake Barrick Kirkland Lake Newmont AngloGold Gold Fields Agnico Eagle Ang
Slide 20: Attractive Value Opportunity
Kinross Gold Corporation January 2022 Attractive Value Opportunity Relative to peers, considering Kinross’ annual production growth, cost structure and track record P / 2022E Operating CF EV / 2022E EBITDA 10.2 8.2 9.0 6.8 7.6 7.6 6.3 7.3 5.8 6.3 5.5 5.0 4.8 5.4 4.6 4.9 3.8 3.3 Kirkland Lake Barrick
Slide 21: Price/Cash Flow vs. Production Guidance
Kinross Gold Corporation January 2022 Price/Cash Flow vs. Production Guidance P/CF vs. Track Record of Meeting or Exceeding Original Production Guidance 12x Newmont Analyst Consensus P/CF 9x Newcrest Agnico Eagle Kirkland Lake Barrick Gold Fields 6x AngloGold Yamana Kinross 3x 40% 60% 80% 100% % of
Slide 22: Discounted Valuation Not Justified by Operating Jurisdictions
Kinross Gold Corporation January 2022 Discounted Valuation Not Justified by Operating Jurisdictions P/NAV vs. Fraser Institute Ranking (Weighted by NAV) 1.5x Newmont Analyst Consensus P/NAV 1.3x Agnico Eagle Kirkland Lake 1.1x Gold Fields Barrick AngloGold 0.9x Newcrest Kinross Yamana 0.7x 65 70 75
Slide 23: Proven Track Record in Mauritania
Kinross Gold Corporation January 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 Pro
Slide 24: Proven Track Record in Russia
Kinross Gold Corporation January 2022 Proven Track Record in Russia Kinross has a long and successful 26-year track record investing in Russia Significant Operating Experience 2020 Statistics: Kinross Investments in Russia • Operated four mines, including the high grade, low cost Kupol and Dvoinoye
Slide 25: Kinross Investment Case
Kinross Investment Case (ii) Rising Production Robust Free Cash Flow Yield 3.17 Growth through low-risk, brownfields projects Analysts forecast an industry-leading growth profile Kinross Peer Average (Million Au eq. oz. +/- 5%) 2.9 Expected Production(1) 16% 2.7 12% 2.4 8% 2.1 4% 0% 2020 2021 2022 2
Slide 26: Operations and Projects
Operations and Projects
Slide 27: Americas
January 2022 Americas 2020 Gold Equivalent Production(1) Country Highlights Paracatu, Brazil Our largest mine, Paracatu, 23% Brazil boasts an attractive cost 22% structure 2.4M Fort Knox, ~1/3rd of our production comes Alaska ounces 10% from Nevada and Alaska – two U.S.A. 23% of the world’s top mini
Slide 28: Paracatu, Brazil (100%)
Americas January 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(3) operations, with annual throughput of ~60 million tonnes 2018 2019 2020 • Potential mine life extensions in light of Production the strong o
Slide 29: Paracatu – Northwest Extension
Americas January 2022 Paracatu – Northwest Extension Mineralization extends to the west of the existing reserve pit NW Ph1B Multiple NW Ph2 pushbacks being evaluated to the west of Au (g/t) NW Ph1A A – A’ existing reserve pit A’ A Reserve Pit 29
Slide 30: Round Mountain, U.S.A. (100%)
Americas January 2022 Round Mountain, U.S.A. (100%) Large, open pit mine with mine life expected to extend to at least 2027 • Substantial resource: orebody is open at depth with increasing grade Operating Results(3) • Mine plan optimization underway; results 2018 2019 2020 expected in Q2 2022 • Nort
Slide 31: Round Mountain – Phase S
Americas January 2022 Round Mountain – Phase S Potential next pushback on the south side of the Round Mountain pit • May extend open pit operations until Plan view of Round Mountain 2029 and mill life to early 2030s Phase X • Drilling is complete; geotechnical feasibility study returned favourable r
Slide 32: Round Mountain – Phase X
Americas January 2022 Round Mountain – Phase X Assessing ability to further extend mine life • Studying potential for incremental mine • Encountering mineralized material in Phase W life extensions at $1,400/oz. or higher upper deposit - potential to add ounces in upper gold prices Phase X • Infill
Slide 33: Fort Knox, U.S.A. (100%)
Americas January 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(3) enhancements to the mine plan, including: o Accelerating production at the 20
Slide 34: Fort Knox – Gil Satellite Pits
Americas January 2022 Fort Knox – Gil Satellite Pits Expected to provide near-term, higher-grade ore to Fort Knox operation North Gil Metric (approx.) Estimate(i) Mine life 2 years Total production (Au eq. oz.) 160koz. Sourdough Average cash cost (Au eq. oz.) $920/oz. Mined gold grade 0.8 g/t Main G
Slide 35: Fort Knox – Manh Choh (70%)
Americas January 2022 Fort Knox – Manh Choh (70%) Scoping study confirmed project as low-risk, low-cost, high-return addition to Fort Knox • Development plan 2020 Manh Choh Gold Resource Estimates(i) contemplates trucking ore to Tonnes Grade Ounces the Fort Knox mill for crushing (thousands) (Au g/t
Slide 36: Bald Mountain, U.S.A. (100%)
Americas January 2022 Bald Mountain, U.S.A. (100%) Large land package with significant potential • Current mine life to mid-2020s with Operating Results(3) future potential via large mineral resource 2018 2019 2020 • Mine plan optimized for cash flow Production 284,646 187,961 191,282 (Au eq. oz.) P
Slide 37: Bald Mountain Targets
Americas January 2022 Bald Mountain Targets Numerous targets within the large land package • 1.1 million ounces of reserves(i) at $1,200/oz. Resource Pits – Expected Mine Potential Plan to 2024 • Potential to add significant mine life at higher Extensions gold prices N. Duke Royale o Upside could be
Slide 38: A Return to Production in Chile
Americas January 2022 A Return to Production in Chile Mined in succession, La Coipa and Lobo-Marte could enable production in Chile beyond 2040 • La Coipa and Lobo-Marte are located in Chile’s Atacama (Region III), N approximately 650 km north of Santiago • Both deposits are in the Maricunga Belt, w
Slide 39: La Coipa Restart Project
Americas January 2022 La Coipa Restart Project On budget and on schedule for first production in mid-2022 • Leverages existing infrastructure, including Coipa Norte Puren Phase 7 plant and Maricunga mine fleet • Project is on schedule, pre-stripping progressing as planned. As of year-end 2021: Can C
Slide 40: La Coipa Restart Feasibility Study Results
Americas January 2022 La Coipa Restart Feasibility Study Results Project expected to generate a 28% IRR at $1,200/oz Feasibility Study Estimates(i) Life of mine production (2022 to 2026) ~900,000 gold equivalent ounces Average production cost of sales(3) $575 per gold equivalent ounce Average all-in
Slide 41: Lobo-Marte
Americas January 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 Gold Reserve & Resource Estimates(i) • Significant mineral reserve estimate(i), Tonnes Grade Ounces (thousands) (Au g/t) (th
Slide 42: Lobo-Marte Feasibility Study Results
Americas January 2022 Lobo-Marte Feasibility Study Results Study confirms project’s key parameters; increase to reserves by 300,000 ounces and resources by 600,000 ounces compared to PFS(i) Metric Kinross Estimate Initial Capital Cost Estimate (Approximate) (millions) Life of mine production (Au eq.
Slide 43: West Africa
January 2022 West Africa 2020 Gold Equivalent Production(1) Country Highlights Growing production with a Tasiast, 22% Mauritania large gold resource located in Mauritania a prospective district 2.4M ounces 55% Ghana Mine life extended to 2025 through exploration success 17% 6% Chirano, Ghana America
Slide 44: Tasiast, Mauritania (100%)
West Africa January 2022 Tasiast, Mauritania (100%) Low-cost mine with a large gold resource located in a prospective district • Estimated mine life: 2033 Operating Results(3) • Mill is running following temporary shutdown related to a fire in Q2 2021 2018 2019 2020 Production o Have achieved pre-fi
Slide 45: Advancing the Tasiast 24k Project
West Africa January 2022 Advancing the Tasiast 24k Project Despite production setback in 2021, project timeline still intact Project overview Project financing in place • Incorporates operational efficiencies identified in • Signed $300 million IFC-led project financing areas of maintenance, mining,
Slide 46: 24k Project Feasibility Study Results
West Africa January 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 c
Slide 47: Tasiast Exploration
West Africa January 2022 Tasiast Exploration 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
Slide 48: Chirano, Ghana (90%)
West Africa January 2022 Chirano, Ghana (90%) Three-year mine life extension to 2025 due to exploration success • Underground and open pit operation Operating Results(1,3) located in southwestern Ghana • Further mine life extensions possible 2018 2019 2020 through continued exploration Production 20
Slide 49: Chirano Exploration
West Africa January 2022 Chirano Exploration 2021 exploration budget increased by 20% to $12 million to build off successful year in 2020 • Targeting significant portion of existing • 2021 program included drilling depth mineral resources for potential extensions at Obra, Akwaaba, Suraw, conversion
Slide 50: Russia
January 2022 Russia 2020 Gold Equivalent Production(1) Highlights Kupol-Dvoinoye Udinsk development project expected to extend our long history of production in Russia 22% beyond 2030 Long track record of mine life extensions 2.4Mounces 55% expected to continue at Kupol 23% Americas West Africa Russ
Slide 51: Strong Platform in Russia
Russia January 2022 Strong Platform in Russia Track record of adding reserves through exploration at Kupol supports a bridge to production at Udinsk 12 2025 Projected End of Mine Life 10 Gold Equivalent Ounces 8 2022 (Millions) 6 4 2019 2 - 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Slide 52: Kupol-Dvoinoye (100%)
Russia January 2022 Kupol-Dvoinoye (100%) Our Russian mines are a model for successfully operating in a remote location • Mine life expected until at least 2025 following 2020 Gold Reserve & Resource Estimates(i) another 1-year addition in 2020 Tonnes Grade Ounces (thousands) (Au g/t) (thousands) o
Slide 53: Kupol Exploration
Russia January 2022 Kupol Exploration Targeting additional reserve growth Big Central South North North South Extension 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 Depletion North
Slide 54: Prospective Exploration Targets
Russia January 2022 Prospective Exploration Targets Extensive regional exploration programs at Kupol and Chulbatkan Kupol • 6 underground and 2 surface drill rigs in operation with the goal of identifying incremental resources to be converted to reserve • Increased 2021 exploration budget to $24 mil
Slide 55: Udinsk Project
Russia January 2022 Udinsk Project Large Chulbatkan region includes several promising targets; Udinsk project advancing as planned • Builds on track record of operational and Prospect developmental success in Russia License • PFS completed in Q3 2021; reaffirms the asset as a low-cost, high-return p
Slide 56: Udinsk Pre-Feasibility Study Results
Russia January 2022 Udinsk Pre-Feasibility Study Results Confirms project’s expected strong returns; 3 million ounces converted from resources to reserves(i) Kinross Estimate $1,200/oz. $1,500/oz. $1,800/oz. Metric (reserve price) (Approximate) IRR(iv)(v) 11% 20% 27% Life of mine production (Au eq.
Slide 57: Corporate Responsibility
Corporate Responsibility 57
Slide 58: Our Approach
Corporate Responsibility January 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: Do no harm – We work to protect our workf
Slide 59: Focus on Safety
Corporate Responsibility January 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 safe work at all Benchmarking TRIFR 2019(i) site
Slide 60: Climate Change and Energy Efficiency
Corporate Responsibility January 2022 Climate Change and Energy Efficiency GHG intensity on a per gold equivalent ounce produced basis below peer average – Paracatu down by 33% since 2017 • Published first stand-alone Gold Peers 5-Year GHG Intensity climate report in 2020 in line with (kg CO2e / Au
Slide 61: Reducing our Carbon Footprint
Corporate Responsibility January 2022 Reducing our Carbon Footprint Good track record of making green investments and adapting our business because it’s the right thing to do • Studying a number of projects that target emission • Ultimate objective of being reduction, including: net-zero by 2050; in
Slide 62: Managing our Environmental Footprint
Corporate Responsibility January 2022 Managing our Environmental Footprint We are a responsible steward of land and water during all stages of the mine’s life cycle Received a top ranking for the fourth • Sustained below-average consecutive year from World Wildlife Fund GHG intensities on a per ou
Slide 63: Responsible & Safe Tailings Management
Corporate Responsibility January 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 inc
Slide 64: Governance Highlights
Corporate Responsibility January 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 compose
Slide 65: Acquisition of Great Bear Resources
Acquisition of Great Bear Resources 65
Slide 66: Why Now?
Acquisition of Great Bear Resources January 2022 Why Now? Closely followed the project since 2018 Have had a relationship with Great Bear since early in the exploration process Had a thesis on the potential of the deposit A high-grade open pit with further potential for a large underground operati
Slide 67: Transaction Overview
Acquisition of Great Bear Resources January 2022 Transaction Overview Proposed • Kinross to acquire 100% of Great Bear common shares Transaction • Plan of Arrangement • $1.4 billion upfront: C$29.00 per Great Bear share payable at the election of Great Bear shareholders in cash or common shares of K
Slide 68: Strong Strategic Rationale
Acquisition of Great Bear Resources January 2022 Strong Strategic Rationale Potential to support a large, long-life mine complex and bolster Kinross’ long-term Top Tier production outlook Deposit • Kinross envisions a mine complex with an initial quality, high-grade, open pit mine • Potential upside
Slide 69: Advancing Dixie
Acquisition of Great Bear Resources January 2022 Advancing Dixie Pursuing three objectives in parallel Extensive exploration Exploration beyond the Opportunistically exploring program at LP Fault zone, upper portion of Central area high-grade, Red Lake-style including 200,000 m of of LP Fault zone b
Slide 70: Dixie Project Location
Acquisition of Great Bear Resources January 2022 Dixie Project Location World-renowned Red Lake mining district in Ontario, Canada • Located 25 kilometres southeast of the town of Red Lake, Ontario • Comprises 91 square kilometres Town of Red Lake of contiguous claims • A paved highway and provincia
Slide 71: Principal Deposit Overview
Acquisition of Great Bear Resources January 2022 Principal Deposit Overview LP fault has been confirmed through drill testing along 10.8 km of strike length and remains open beyond this. Drill results also indicate the presence of robust mineralization at depths below 750 m. NORTHWEST Principal Depo
Slide 72: Grade Thickness Sections
Acquisition of Great Bear Resources January 2022 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
Slide 73: Similarities to Hemlo
Acquisition of Great Bear Resources January 2022 Similarities to Hemlo LP Fault is comprised of stacked moderate to high-grade lenses analogous to Hemlo Hemlo – History & Description • Starting in 1985, three mines were independently developed at Hemlo with them consolidating under one ownership by
Slide 74: Upside Potential through Exploration
Acquisition of Great Bear Resources January 2022 Upside Potential through Exploration Attractive nearby drill tested targets with the potential to add value beyond the initial LP Fault open pit. • Stacked moderate and high-grade gold mineralized lenses within broad envelope LP Fault zone 10.8 km str
Slide 75: Committed to Responsible Mining
Acquisition of Great Bear Resources January 2022 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 fl
Slide 76: Appendix
IX Append 16.4 KINROSS
Slide 77: Mineral Reserve and Mineral Resource Statement
Appendix January 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 December 31, 2020 Kinross Proven Probable Proven and Probable Property Location Interest Ton
Slide 78: Mineral Reserve and Mineral Resource Statement
Appendix January 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 December 31, 2020 Kinross Measured
Slide 79: Notes – 2020 Kinross Mineral Reserve & Resource Statements
Appendix January 2022 Notes – 2020 Kinross Mineral Reserve & Resource Statements (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 e
Slide 80: Endnotes
Appendix January 2022 Endnotes 1) Unless otherwise noted, gold equivalent production, gold equivalent ounces sold, production cost of sales and all- in sustaining cost figures in this presentation are based on Kinross’ 90% share of Chirano production and costs and 70% share of Manh Choh costs. Also
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Kinross Gold — 25th Annual CIBC Western Institutional Investor Conference (January 2022) on 6ix