Kinross Gold Corporation · TSX:K
Kinross Gold — Corporate Update (January 2026)
43 slides from Kinross Gold's corporate update, Jan 15, 2026
Slide 1: Delivering Value.
Kinross Gold Corporation (TSX: K; NYSE: KGC) Delivering Value. January 15th, 2026
Slide 2: Cautionary Statement on Forward-Looking Information
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Cautionary Statement on Forward-Looking Information All statements, other than statements of historical fact, contained or incorporated by reference in this presentation including, but not limited to, any information as to the future financia
Slide 3: Conference Call Participants
Kinross Gold Corporation (TSX: K; NYSE: KGC) Conference Call Participants Paul Andrea William Nicos Yves Rollinson Freeborough Dunford Pfeiffer Breau Chief Executive Officer EVP & Chief Financial SVP & Chief Technical VP, Geology & Technical VP, Metallurgy & Officer Officer Evaluations Engineering
Slide 4: Portfolio & Grade Enhancement Strategy
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Portfolio & Grade Enhancement Strategy 2022 2022-2023 2024 2028 2028 2029 Early 2030s La Coipa Restart Tasiast 21K/24K Manh Choh Phase X Curlew Great Bear Lobo-Marte Chile Mauritania USA USA USA Canada Chile - High-grade mine restart - 12ktpd
Slide 5: US-based organic growth projects
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 US-based organic growth projects Proceeding to construction on three high quality projects to extend mine life Round Mountain – Phase X Nevada, USA Fort Knox, U.S.A. Manh Choh, U.S.A. (70% Owned) High-margin, bulk tonnage underground opportun
Slide 6: Table of Contents
Kinross Gold Corporation (TSX: K; NYSE: KGC) Table of Contents Summary – Project Highlights 07 Round Mountain – Phase X 08 Curlew 18 Bald Mountain – Redbird 2 29 Funding and Capital Expenditures 36 Appendix 39
Slide 7: Summary – Project Highlights
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Summary – Project Highlights Three US-based organic growth projects yielding significant incremental value Round Mtn. Phase X Curlew Bald Mtn. Redbird 2 Nevada, USA Washington, USA Nevada, USA Highlights1 NPV5% $1.0 B | $1.9 B $0.5 B | $1.2 B
Slide 8: Round Mountain – Phase X
Kinross Gold Corporation (TSX: K; NYSE: KGC) Round Mountain – Phase X
Slide 9: Round Mountain – Site Overview
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Round Mountain – Site Overview Building on an excellent base of existing infrastructure and long history of operations Phase W (completed 2025) History: N • Multi-decade history of large-scale open pit mining Existing Infrastructure: Shop & O
Slide 10: Phase X – Project Highlights
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Phase X – Project Highlights Strong incremental value from a bulk tonnage underground operation Incremental Project Statistics1 • Larger Initial Underground Reserves and Resource: 1.2 Moz of Reserve at 3.2 g/t, 0.2 Moz of M&I Resource at 2.6
Slide 11: Phase X – Mine Plan Details
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Phase X – Mine Plan Details Bulk tonnage underground operation with a gradual ramp up to ~5ktpd Estimated Average UG Tonnes Mined1 per day 2028 2029 5.0ktpd 4.7 4.8 4.8 4.8 4.7 2030 4.6 4.3 2031 Upper Gradual ramp-up 4.0 3.9 2032 4.0 from 202
Slide 12: Phase X – Processing Plan
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Phase X – Processing Plan Strong economies of scale through blending to fill the 10 ktpd mill • Underground inventory has similar geometallurgical properties to the open pit ore we have historically processed at the mill • Process Plant combi
Slide 13: Phase X – Capital Summary & Project Schedule
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Phase X – Capital Summary & Project Schedule CAPEX focused on underground infrastructure; builds optionality for future extensions Initial CAPEX Breakdown Project Schedule 2026 2027 2028 2029 UG Development $145M Mining Equipment Equipment Pr
Slide 14: Phase X – Production and Cost profile
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Phase X – Production and Cost profile Significant incremental production at an average AISC1 of $1,680/oz at $4,300 Au Estimated Annual Underground Gold Production (Au Eq.) Underground Production Estimated 2029-37 Average: 140koz 300koz 132 1
Slide 15: Phase X – Reserves & Resources: Conversion to UG
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Phase X – Reserves & Resources: Conversion to UG Value add transition to higher grade underground mining at Phase X Contained Au oz – 2P 4Moz 3 Proven & Probable 1.9 1.2 1.1 1.9 2 2024 Resource blocks 1 0 2024 Reserve Add Phase X OP Resource
Slide 16: Phase X – Strong exploration potential
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Phase X – Strong exploration potential Further upside potential via proximal growth and down-dip extensions LONG SECTION – LOOKING NORTH Mine Plan Inventory (light grey) 220 m • Mine Plan Inventory: • Strong initial reserve and resource on ba
Slide 17: Phase X – Summary
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Phase X – Summary Phase X provides long-life, high-margin production within a top-tier mining jurisdiction Low-risk Project with strong economics1 $1.9B 67% • Robust NPV and IRR, further enhanced at current prices • Strong AISC will benefit l
Slide 18: Curlew
Kinross Gold Corporation (TSX: K; NYSE: KGC) Curlew
Slide 19: Curlew – District Overview
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Curlew – District Overview Leveraging existing infrastructure for a quick restart of operations in Washington State District Map 2.8Moz produced through the Kettle River Mill Curlew Mine Restart Canadian border • Leverages historic K2 mine (m
Slide 20: Curlew – Project Highlights
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Curlew – Project Highlights High-grade UG operation adding up to ~100koz/year of high-margin production in a stable jurisdiction Incremental Project Statistics1 • Excellent returns: High-grade UG deposit, highlighting a robust NPV and IRR at
Slide 21: Curlew – Mine Plan Details
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Curlew – Mine Plan Details Optimized to prioritize higher-value lower zone; deferring upper zone to the end of the LOM Lower productivity mining in later years – Estimated Average UG Tonnes1 Mined per day strong opportunity to enhance product
Slide 22: Curlew – Production and Cost Profile
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Curlew – Production and Cost Profile Steady, long-life asset with further upside potential to enhance in mid-to-late 2030s Estimated Annual Production (Au Eq.) 150koz Estimated First five full years averaging ~100koz/yr Focus on further explo
Slide 23: Curlew – Mill & Tailings Overview
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Curlew – Mill & Tailings Overview Simple process flowsheet; leveraging existing infrastructure Process plant summary • Transport: Material from the Curlew mine to be New Primary Crusher transported ~40km by road to the mill, consistent New Fe
Slide 24: Curlew – Capital Summary
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Curlew – Capital Summary Project is mining-focused; leveraging existing infrastructure for a cost-effective project Initial CAPEX Breakdown • UG Development for a growing mine: development strategy reflects positive resource gains; some added
Slide 25: Curlew – Project Schedule
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Curlew – Project Schedule Quick restart leveraging existing infrastructure and successful early works program Project Schedule Permitting largely complete 2026 2027 2028 2029 ✓ Underground mining permits Final Permitting SEPA Expected Record
Slide 26: Curlew – Resource History
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Curlew – Resource History Exploration success the past 4 years has enabled this project – further growth provides upside <2.5 g/t Annual Resource Estimate1 2.5 – 6.0 g/t Indicated Inferred <6.0 - 8.0 g/t 1,500koz 2021 8.0+ g/t Resource 1,000
Slide 27: Curlew – Exploration Upside
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Curlew – Exploration Upside Targeting high-grade, high-margin resource extension along the productive paleosurface • Development to Priority Targets: Focused on developing to Priority Targets at Roadrunner and Stealth zones • Drilling underwa
Slide 28: Curlew – Summary
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Curlew – Summary Curlew will leverage existing infrastructure to add a steady, low-risk, long-term producer Focus on long-term value1 $1.2B 44% • Robust NPV and IRR, further enhanced at current prices • Attractive AISC will benefit long term
Slide 29: Bald Mountain – Redbird 2
Kinross Gold Corporation (TSX: K; NYSE: KGC) Bald Mountain – Redbird 2
Slide 30: Redbird – Pits Overview
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Redbird 2 – Pits Overview Project combines an anchor pit at Redbird 2 with five additional satellite pits, leveraging infrastructure Reserves1 by Pit Casino 14 koz¹ Redbird 1,009 koz¹ Poker 27 koz¹ Mooney North Leach Pad Expansion • Mooney le
Slide 31: Redbird – Project Highlights
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Redbird 2 – Project Highlights Demonstrates excellent economics, with longer-term optionality across Bald Mountain’s resource base Incremental Project Statistics1 • Extends Kinross in Nevada: Robust AISC with strong returns and sustained prod
Slide 32: Redbird – Production and Cost Profile
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Redbird 2 – Production and Cost Profile High-productivity, low-cost additions extend Bald Mountain production to 2032 Redbird Phase 1 Redbird Phase 2 Incremental Mine Plan Stats1 Units Metric Tonnes Mined Mtonne 251 Strip Ratio x 3.0x Tonnes
Slide 33: Redbird – Capital Summary & Project Schedule
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Redbird 2 – Capital Summary & Project Schedule Simple project – focused mostly on mining and the required heap leach pad expansions Initial CAPEX Breakdown Project Schedule 2026 2027 2028 2029 Capitalized Waste $215M Redbird 2 Cap Waste Mine
Slide 34: Bald Mountain – Longer-term Optionality
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Bald Mountain – Longer-term Optionality Prolific Land Package with >40 historically mined pits Further potential extensions after Redbird 2 across 2.5Moz of M&I and 0.8Moz of inferred resources >40 Pits mined since 1870 Next Focus on large Re
Slide 35: Redbird – Summary
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Redbird 2 – Summary Strong value driving continuity of operations in Nevada; further upside across substantial land package Extended low-cost mining in Nevada $1.0B 58% • Robust NPV1 and IRR1, further enhanced at current prices • Strong AISC,
Slide 36: Funding & Capital Expenditures
Kinross Gold Corporation (TSX: K; NYSE: KGC) Funding & Capital Expenditures
Slide 37: Project Funding & Capital Expenditures
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Project Funding & Capital Expenditures Decision to advance US projects aligns with our disciplined capital allocation framework ✓ Reinvesting into high return projects to the grow Disciplined Capital Allocation Framework value of our business
Slide 38: Conclusion
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 Conclusion Advancing three high-quality US-based organic growth projects yielding significant value in attractive jurisdictions Attractive Economics1 and Margins $4.1B 55% • Robust NPV, IRR, and quick Payback Cumulative Incremental Combined I
Slide 39: Appendix
Kinross Gold Corporation (TSX: K; NYSE: KGC) Appendix
Slide 40: Endnotes
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 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
Slide 41: Subset of Mineral Reserve and Mineral Resource Statement – Appendix A
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 SUBSET OF MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix A 41
Slide 42: Mineral Reserve and Mineral Resource Statement Notes – Appendix A
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT NOTES – Appendix A 1) Unless otherwise noted, the Company's mineral reserves are estimated using appropriate cut-off grades based on an assumed gold price of $2,000 per ounce and a silver price o
Slide 43: www.kinross.com Investor Relations
Kinross Gold Corporation (TSX: K; NYSE: KGC) January 2026 www.kinross.com Kinross Gold Corporation (TSX: K; TSX: KGC) Investor Relations (+1) 416-365-2854 InvestorRelations@Kinross.com