Kinross Gold Corporation · TSX:K
Kinross Gold — Investor Presentation (February 2025)
73 slides from Kinross Gold's investor presentation, February 2025
Slide 1: Delivering Value.
Delivering Value. February 2025
Slide 2: Cautionary Statement on Forward-Looking Information
Kinross Gold Corporation February 2025 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, constitut
Slide 3: Cautionary Statement on Forward-Looking Information Continued
Kinross Gold Corporation February 2025 Cautionary Statement on Forward-Looking Information Continued Certain forward-looking statements in this presentation may also constitute a “financial outlook” within the meaning of applicable securities laws. A financial outlook involves statements about the C
Slide 4: Table of Contents
February 2025 Table of Contents Company Overview 5 Great Bear 19 Operations & Projects 40 Sustainability 59 Appendix 65 44
Slide 5: Who is Kinross?
Kinross Gold Corporation February 2025 Who is Kinross? Portfolio STABLE STRONG ATTRACTIVE COMMITTED TO DIVERSIFIED PRODUCTION FINANCIAL VALUE RESPONSIBLE ASSET BASE OUTLOOK ~2MOZ POSITION MINING • >50% of production • Portfolio of 6 mines • Investment grade • Strong Free Cash • Consistent top from 2
Slide 6: High Quality Portfolio of Assets
Kinross Gold Corporation February 2025 High Quality Portfolio of Assets Two top tier(1) mines – Tasiast & Paracatu – account for >50% of production Fort Knox, U.S.A. Manh Choh, U.S.A. 2025E Gold Equivalent Production(2) Great Bear, Canada Curlew, U.S.A Bald Mountain, U.S.A. Round Mountain, U.S.A. 75
Slide 7: Why Kinross?
Why Kinross? February 2025 Delivering Value Strong Forecast FCF Yield Operational Excellence ✓ 9.9% 9.9% 2025E FCF Yield %(1) Rigorous Cost & Capital Discipline ✓ 8.3% 6.8% Strong Margins & Cash Flow ✓ 4.8% 4.7% 4.2% 4.0% Investment Grade Balance Sheet ✓ Attractive Dividend & Planned Share Buyback ✓
Slide 8: 2024 Recap
2024 Recap Record Free Cash Flow Paracatu – Strong Output • Record free cash flow(1) +$1.3 billion • Strong full-year production exceeding • $800 million of debt repaid in 2024 mid-point of guidance • Strong margin expansion outpacing • 7th consecutive year delivering more relative increase in gold
Slide 9: Strong Free Cash Flow Metrics
Kinross Gold Corporation February 2025 Strong Free Cash Flow Metrics Robust Free Cash Flow and Free Cash Flow Per Ounce of Production in 2024 2024 Free Cash Flow(1) vs. Total Attributable 2024 Free Cash Flow(1) Per Ounce Gold Equivalent Production(2) of Total Attributable Equivalent Gold Production(
Slide 10: Attractive Valuation
Kinross Gold Corporation February 2025 Attractive Valuation Trading at Compelling P/NAV and Cash Flow Metrics Price / Net Asset Value(1) P / 2025E Cash Flow (2) 1.62x 12.0x 1.37x 1.33x 1.32x 1.14x 8.1x 1.06x 1.04x 7.7x 7.2x 6.8x 6.4x 6.3x 0.84x 4.8x (1) Calculated as Share Price / Net Asset Value (N
Slide 11: Balance Sheet Continues to Strengthen
Kinross Gold Corporation February 2025 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
Slide 12: Manageable Debt Profile
Kinross Gold Corporation February 2025 Manageable Debt Profile Senior notes are rated investment grade by all three rating agencies Debt Schedule(1) Debt Ratings Agency Rating Moody’s Baa3 (Stable) Fitch BBB (Stable) S&P BBB- (Stable) $500 $500 Debt Breakdown(1) Interest Rate Amount Due $ millions D
Slide 13: Guidance and Outlook
Kinross Gold Corporation February 2025 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.
Slide 14: Disciplined Capital Allocation Strategy
Kinross Gold Corporation February 2025 Disciplined Capital Allocation Strategy 2025 Reinvesting in our Business Guidance(1) • Sustaining Capex(2) – maintaining our existing operations safely and to world-class environmental ~$535M standards • Expansion Projects(2) – pursuing attractive returns by le
Slide 15: Expected Milestones
Kinross Gold Corporation February 2025 Expected Milestones (1) 2024 >> 2025 Manh Choh ✓ Great Bear ✓ Balance Sheet ✓ Bald Mountain First Production PEA and Resource Update Repaid Term loan Pre-stripping at Red Bird Round Mountain Phase S Pad Expansion ✓ Round Mountain Phase X Underground ✓ Advancing
Slide 16: Reserve and Resources
Kinross Gold Corporation February 2025 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
Slide 17: Significant Resource Optionality
Kinross Gold Corporation February 2025 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 Poten
Slide 18: Production Plans and Project Pipeline
Kinross Gold Corporation February 2025 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 Undergro
Slide 19: Great Bear
February 2025 Great Bear 1919
Slide 20: Project Location
Kinross Gold Corporation February 2025 Project Location Premier Mining Jurisdiction With Strong Existing Infrastructure Highly Attractive Jurisdiction • 24 km southeast of town of Red Lake, Ontario • Stable operating jurisdiction Town of Red Lake Established Existing Footprint Provincial Powerline •
Slide 21: Great Bear PEA Highlights
Third Quarter 2024 February 2025 Great Bear PEA(4) Highlights Both Strong Economics and Positive Technical Attributes 518koz / Year $491M FCF(1)(2)/Year Positive Technical Attributes Avg. Annual Production $696M FCF(1)(2) annually at ✓ Clean metallurgy – no deleterious elements over the first 8 Year
Slide 22: Significant Progress Since Acquisition
Kinross Gold Corporation February 2025 Significant Progress Since Acquisition Exploration Drilling Defining Initial Resource and Extensive Baseline and Technical Studies to Showing Further Upside De-Risk Project Permitting and Construction ✓ Over 420 km of drilling as of April 2nd resource cut-off ✓
Slide 23: PEA Shows Top Tier Production Profile
Kinross Gold Corporation February 2025 PEA Shows Top Tier Production Profile ~500 koz per Year Production from Combined Open Pit and Underground Driving Mill Grade over 4 g/t Annual Mill Throughput (tonnes per day | g/t) Open Pit + Underground Underground + Stockpiles 15,000 6 Mill Throughput (tonne
Slide 24: PEA Envisions High Productivity Underground
Kinross Gold Corporation February 2025 PEA Envisions High Productivity Underground Drilling Below PEA Inventory Indicates Potential for Additional Resource at Depth and Extension of UG Mine Plan Underground Gold 6ktpd Underground Production Upside potential for Produced (koz) Average 327koz per year
Slide 25: Open Pit Mine Plan Summary
Kinross Gold Corporation February 2025 Open Pit Mine Plan Summary Open Pit Mining Strategy Overview Open Pit Operating Summary • High grade with average milled open pit grade of 4.2 LOM Total Mined Mt 188 g/t in the first eight years LOM Tonnes Processed Mt 24 • Viggo open pit strategically advanced
Slide 26: Underground Mine Plan Summary
Kinross Gold Corporation February 2025 Underground Mine Plan Summary Underground Mining Strategy Overview Underground Operating Summary • Long-hole open stoping with paste backfilling LOM Tonnes Processed Mt 20 • Extents of underground allows for several mining Steady State Mining Rate tpd 6,000 hor
Slide 27: Key Processing Elements
Kinross Gold Corporation February 2025 Key Processing Elements Clean Metallurgy & Conventional Processing Flowsheet Process Method 1) Crushing • Primary jaw crusher 2) Grinding • SAG and Ball Mill • Gravity concentration 3) Gold • Carbon-In-Pulp (CIP) recovery • Carbon processing and smelting to pro
Slide 28: Capital Summary
Kinross Gold Corporation February 2025 Capital Summary Fulsome Initial Project Capital Estimate • Robust indirect (40% of Direct) and contingency Description US$M(1) (22% of Direct + Indirect) costs provides Infrastructure $239 confidence in initial capital estimate Underground Infrastructure $49 •
Slide 29: Proposed Site Layout
Kinross Gold Corporation February 2025 Proposed Site Layout N Process Plant Tailings Management Facility Mine Rock Stockpile Overburden Stockpile Property Boundary Viggo Open Pit Advanced Exploration Site LP Central Open Pit 1 km 29
Slide 30: Updated Mineral Resource Estimate
Kinross Gold Corporation February 2025 Updated Mineral Resource Estimate Directional Drilling Has Helped Show a Window Into the Underground, Adding Over 500 koz of Inferred Resource From ~6 Months of Drilling $1,700/oz Updated Resource Year End 2023 Mid-Year 2024 Delta Mining Tonnes Grade Ounces Ton
Slide 31: Initial 2022 Year End Resource
Kinross Gold Corporation February 2025 Initial 2022 Year End Resource Drilling Focused on 4.5 km of Trend Above 500 m Depth Discovery 4.5 km LP Central Viggo 500 m Drill Cutoff M&I Inf. Acquisition 0 0 1,000 m Nov 2022 2,737 2,290 Resource values in koz. 1,500 m Initial 2022 Year End Resource outlin
Slide 32: 2023 Year End Resource
Kinross Gold Corporation February 2025 2023 Year End Resource Drilling Expanded Coverage Beyond 500 m With Narrower Focus at LP Discovery 4.5 km LP Central Viggo 500 m Drill Cutoff M&I Inf. Acquisition 0 0 Nov 2022 2,737 2,290 1,000 m Oct 2023 2,813 3,315 Resource values in koz. 1,500 m 2023 drillin
Slide 33: 2024 Mid Year Resource
Kinross Gold Corporation February 2025 2024 Mid Year Resource Drilling Targeted Deep Extensions Beyond 1,000 m with Narrow Focus at LP Discovery 4.5 km LP Central Viggo 500 m Drill Cutoff M&I Inf. Acquisition 0 0 Nov 2022 2,737 2,290 1,000 m Oct 2023 2,813 3,315 Apr 2024 2,738 3,884 Resource values
Slide 34: Continued High Grade Intercepts at Depth
Kinross Gold Corporation February 2025 Continued High Grade Intercepts at Depth Drilling Beyond PEA Inventory Shows Upside Potential for Resource Additions Discovery 4.5 km LP Central Viggo 500 m BR-893 BR-894 2.1 m @ 5.14 g/t 1.9 m @ 3.64 g/t Drill Cutoff M&I Inf. BR-847 2.4 m @ 5.53 g/t BR-896 Acq
Slide 35: Regional Exploration
Kinross Gold Corporation February 2025 Regional Exploration Large 18km Trend With Limited Drilling to Date 35
Slide 36: Exploration Decline
Kinross Gold Corporation February 2025 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 Construction
Slide 37: Exploration Decline
Kinross Gold Corporation February 2025 Exploration Decline 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 comm
Slide 38: Targeted Path to Production at Great Bear
Kinross Gold Corporation February 2025 Targeted Path to Production at Great Bear Conceptual Project Development Timeline ‘23 ‘24 ‘25 ‘26 ‘27 ‘28 ‘29 AEX Surface Exploration Decline Construction Environmental Baseline ✓ MAIN PROJECT Initiated Federal Permitting Process Project Impact Statement Agency
Slide 39: Summary
Kinross Gold Corporation February 2025 Summary Great Bear is a World Class Development Asset With Strong Upside Potential High Quality Project Supported by Strong Economics $1,898M NPV • Attractive production scale, costs, and returns $3,314M NPV at • High-quality open pit and underground resource $
Slide 40: Operations & Projects
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Slide 41: Mauritania
Kinross Gold Corporation February 2025 Mauritania 2025E Gold Equivalent Production(1) Asset Highlights Top-tier(2) asset Tasiast Low-cost mine with a strong production profile supported by 25% United States a large gold reserve in a 34% prospective district ~2.0Moz Expected to deliver low-cost Tasia
Slide 42: Mauritania: A World Class Mining Jurisdiction
Kinross Gold Corporation February 2025 Mauritania A World Class Mining Jurisdiction • Politically stable democracy which gained independence in Canary Islands 1960 (Spain) Morocco • Safe, secure jurisdiction with positive regional relations and strong US, French, and NATO presence • Actively promote
Slide 43: Tasiast
Kinross Gold Corporation February 2025 Tasiast Low-cost Mine Backed by a Substantial Reserve and Exploration Potential • Achieved record full-year throughput and Operating Results production • Lowest-cost operation in 2024, driving 2022A 2023A 2024A 2025E(1) significant Free Cash Flow Production 538
Slide 44: Tasiast: Reserve and Mine Plan Update
Kinross Gold Corporation February 2025 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 operati
Slide 45: Brazil
Kinross Gold Corporation February 2025 Brazil 2025E Gold Equivalent Production(1) Asset Highlights Top-tier(2) asset Largest gold mine in Brazil, Mauritania and one of the world’s largest 25% United States gold mining operations 34% Attractive cost structure and ~2.0Moz Paracatu stable long mine lif
Slide 46: Paracatu
Kinross Gold Corporation February 2025 Paracatu Top-tier Gold Mine With Production Extending into the Next Decade • Delivered favorable production and cost guidance in 2024 Operating Results • Higher production and lower costs expected 2022A 2023A 2024A 2025E(1) in 2025 as mining advances through hi
Slide 47: Chile
Kinross Gold Corporation February 2025 Chile 2025E Gold Equivalent Production(1) Asset Highlights High-margin production with strong cash flow Mauritania 25% United States La Coipa La Coipa oxide extensions 34% show promising opportunities to extend mine life ~2.0Moz La Coipa 12% 29% High quality de
Slide 48: La Coipa
Kinross Gold Corporation February 2025 La Coipa FY2024 Production In Line • Higher production in Q4 on stronger mill Operating Results throughput • Focus continues on managing throughput 2022A(1) 2023A 2024A 2025E(2) and recovery while long-term mill optimization Production 109,576 260,138 246,131 2
Slide 49: Strong Production Outlook in Chile
Kinross Gold Corporation February 2025 Strong Production Outlook in Chile Mined in succession, La Coipa and Lobo-Marte could enable production in Chile beyond 2040 Salares Norte (Gold N Fields), ~75km N • La Coipa and Lobo-Marte are located in Chile’s Atacama (Region III), approximately 650 km north
Slide 50: Lobo-Marte
Kinross Gold Corporation February 2025 Lobo-Marte Potential to be a long-life, cornerstone asset with significant production and low costs • Offers excellent long-life production 2024 Reserve & Resource Estimates(1) potential in Chile Tonnes Grade Ounces (thousands) (Au g/t) (thousands) • Significan
Slide 51: United States
Kinross Gold Corporation February 2025 United States 2025E Gold Equivalent Production(1) Asset Highlights Fort Knox, Round Mountain, & Bald Near-term production growth Mauritania Mountain Fort Knox, 25% through contribution from 34% Alaska Manh Choh ~2.0Moz 12% Clear path to production Round Chile t
Slide 52: Fort Knox / Manh Choh
Kinross Gold Corporation February 2025 Fort Knox Near Term Production Growth Through Manh Choh Operating Results • Full-year production higher relative to 2023 2022A 2023A 2024A on initial production from Manh Choh in the Attributable(1) Production second half of 2024 (Au eq. oz.) 291,248 290,651 33
Slide 53: Round Mountain
Kinross Gold Corporation February 2025 Round Mountain Planned Future of Open-pit mining, Underground Work Advancing Gold Hill • Ongoing mining of Phase W2 W3 (exploration) (study) (~8 km to north) • Phase S – Waste stripping in progress and on- Phase X W2 (currently UG schedule. Planned production r
Slide 54: Round Mountain: Production Through The Decade
Kinross Gold Corporation February 2025 Round Mountain Expect 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 +
Slide 55: Round Mountain – Phase X
Kinross Gold Corporation February 2025 Round Mountain – Phase X Drilling at Phase X Demonstrating Strong Grades Within Exploration Target and Potential for Extensions • Underground development progressing well, with over 3.3 km completed to date • Geological interpretations and preliminary mine desi
Slide 56: Bald Mountain
Kinross Gold Corporation February 2025 Bald Mountain Extending Production • Mine plan currently optimized for near term cash flow Operating Results • Redbird advancing with phased approach 2022A 2023A 2024A Production • Substantial mineral resource base offers (Au eq. oz.) 214,094 157,749 181,047 op
Slide 57: Bald Mountain: Redbird Advancing
Kinross Gold Corporation February 2025 Bald Mountain: Redbird Advancing • With Juniper permit received, Redbird to proceed with phased approach • Phased approach lowers and de-risks initial capital and pulls production earlier into 2027 • Redbird 1 extends production into 2028; another ~690 koz in R
Slide 58: Curlew – High-Grade Resource Growth
Kinross Gold Corporation February 2025 Curlew – High-Grade Resource Growth • Curlew Basin Restart project: located ~35km north of 100% owned Kettle River mill and tailings facilities used for the historic Buckhorn mine in Washington State, USA • High-grade growth in 2024 update: Delineation of a new
Slide 59: Sustainability
February 2025 Sustainability 59
Slide 60: Top Performer in Sustainability
Kinross Gold Corporation February 2025 (1) Top Performer in Sustainability Environment Social Governance GHG INTENSITY BOARD SUCCESSION 99% 0.38 • GHG intensity 646 kg CO2e/Au Host Country Workforce • Strong Board Succession has eq.oz in 2023, down 13% from 2022; TRIFR (employees & brought in four n
Slide 61: Our approach to Sustainability
Kinross Gold Corporation February 2025 Our approach to Sustainability “Sustainability and mining responsibly are at the core of our Kinross culture… you need an “on-the- ground,” people-focused approach, along with a clear strategy, strong governance and visible leadership at all levels of the compa
Slide 62: Consistently Earning Top-Quartile ESG Results
Kinross Gold Corporation February 2025 Consistently Earning Top-Quartile ESG Results Our performance depends on our people, united by our four core values, and who are the heart of our success Environment – Strong track record on environmental compliance: water management, tailings stewardship, clos
Slide 63: Reducing our Carbon Footprint
Kinross Gold Corporation February 2025 Reducing our Carbon Footprint We are making green investments and constantly seeking efficiencies to help reduce our emissions profile • Committed to 30% GHG • ~90% of our Scope 1 and Scope 2 emissions intensity reduction in come from the fleets we deploy in ou
Slide 64: Endnotes
Kinross Gold Corporation February 2025 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 Forwar
Slide 65: Appendix
ty i ePebruary 2025 rey Appendix SR Bey af KINROSS
Slide 66: 2025 Guidance Summary – Appendix A
Kinross Gold Corporation February 2025 2025 Guidance Summary(1) – Appendix A Company guidance Annual attributable(2) gold equivalent production guidance (+/- 5%) 2025 2.0 million oz. 2026 2.0 million oz. 2027 2.0 million oz. 2025 attributable(2) production and cost guidance 2025 Guidance (1) Account
Slide 67: 2025 Guidance Summary – Appendix A
Kinross Gold Corporation February 2025 2025 Guidance Summary(1) – Appendix A Attributable Capital Expenditures Guidance Breakdown Forecast 2025 sustaining Forecast 2025 non- Total 2025 forecast 2024 sustaining capital 2024 non-sustaining 2024 total capital (3) capital (1)(2)(3) sustaining capital (1
Slide 68: 2025 Guidance Summary – Appendix A
Kinross Gold Corporation February 2025 2025 Guidance Summary(1) – Appendix A Material assumptions used to forecast 2025 production cost of sales are as follows: • a gold price of $2,500 per ounce; • a silver price of $30 per ounce; • an oil price of $80 per barrel; • foreign exchange rates of: • 5.2
Slide 69: Mineral Reserve and Mineral Resource Statement – Appendix B
Kinross Gold Corporation February 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B 69
Slide 70: Mineral Reserve and Mineral Resource Statement – Appendix B
Kinross Gold Corporation February 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B 70
Slide 71: Mineral Reserve and Mineral Resource Statement – Appendix B
Kinross Gold Corporation February 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B 71
Slide 72: Notes – Appendix B
Kinross Gold Corporation February 2025 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
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