Kinross Gold Corporation · TSX:K
Kinross Gold — Q3 2024 Earnings Presentation
31 slides from Kinross Gold's earnings presentation, Nov 6, 2024
Slide 1: Third Quarter 2024 Results
Third Quarter 2024 Results November 6th, 2024 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
Third Quarter 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 “forward-looking i
Slide 4: Q3 Recap
Q3 Recap Strong Performance Development On Track • Holding costs and delivering strong margins • Senior additions to Project teams at Great • Record Free Cash Flow Bear and Chile • Significant debt repayment • Exciting grades and widths at Phase X • Firmly on track for Full-Year guidance • Strong dr
Slide 5: Strong Outlook
Strong Outlook Production Outlook(1) (Million Au eq. oz. +/- 5%) Strong Operational Track Record 2.1 2.0 2.0 Stable multi-year production(1) Attractive cost profile Disciplined capital allocation strategy 2024 2025 2026 (1) Refer to endnote #1. 5
Slide 6: Financial Results
Financial Results KINROSS
Slide 7: Third Quarter and Year to Date Results
Third Quarter 2024 Third Quarter and Year to Date Results Prior Comparable Periods Q3 2024 YTD 2024 Q3 2023 YTD 2023 Results Results Results Results Attributable Production (Au eq. oz)(1) 564,106 1,626,843 585,449 1,606,507 Cost of Sales (per Au eq. oz. sold)(2) $976 $995 $911 $931 Attributable Cost
Slide 8: Balance Sheet Continues to Strengthen
Third Quarter 2024 Balance Sheet Continues to Strengthen Improving Leverage Profile Financial Flexibility 1.5x • $473 million of cash and cash equivalents and $2.1 billion of total liquidity(2) 1x • Net Debt(1) reduced to $1.2 billion as of quarter- end • Net Debt to EBITDA(1) improved as of quarter
Slide 9: Guidance and Outlook
Third Quarter 2024 Guidance and Outlook On Track to Meet FY2024 Guidance Q3 YTD 2024 2024 Guidance Results (+/- 5%) Attributable Production 1,626,843 2.1 million (Au eq. oz.)(1) Production Cost of Sales $995 - (per Au eq. oz. sold)(2) Attributable Production Cost of Sales $997 $1,020 (per Au eq. oz.
Slide 10: Operational Overview
Operational Overview 10
Slide 11: Operations – Safety Culture
Third Quarter 2024 Operations – Safety Culture 70% of Employees and Business Partners Trained in Safety Excellence Fort Knox / Manh Choh, Alaska La Coipa, Chile Paracatu, Brazil 11
Slide 12: Tasiast
Third Quarter 2024 Tasiast Cornerstone Asset With Exceptional Margins • Continued strong performance on completed mill expansion • High-margin production driving significant Free Cash Flow • On track to meet full-year guidance FY24 Operating Results Q3/24 Q3 YTD Guidance(1) Production 162,155 482,98
Slide 13: Paracatu
Third Quarter 2024 Paracatu Strong Contribution in Q3 • Strong grades and recoveries in Q3 • Mine sequencing has transitioned into high-grade portions of the pit supporting increased production in 2025 • On track to meet full-year guidance FY24 Q3/24 Q3 YTD Operating Results Guidance(1) Production 1
Slide 14: La Coipa
Third Quarter 2024 La Coipa Production on Track • Strong cash flow generation • Looking forward, focus will be on optimization of throughput and recovery • Production on track for full-year guidance FY24 Operating Results Q3/24 Q3 YTD Guidance(1) Production 50,502 187,598 250,000 (Au eq. oz.) Produc
Slide 15: US Operations
Third Quarter 2024 US Operations On Track for Full Year Guidance Images TBU? Fort Knox, Alaska(1) Bald Mountain, Nevada Round Mountain, Nevada United States Total Q3/24 Q3 YTD FY24 Guidance(2) Attributable(3) production 205,275 551,587 730,000 (Au eq. oz.) Production cost of sales ($/oz.)(4) $1,137
Slide 16: US Operations Highlights
Third Quarter 2024 US Operations Highlights Fort Knox, Alaska(1) Bald Mountain, Nevada Round Mountain, Nevada • Higher production over prior quarter on • Full-year production on plan • Full-year production on plan initial production from Manh Choh ore • Production slightly lower and slightly • Produ
Slide 17: Development Projects
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Slide 18: Round Mountain
Third Quarter 2024 November 2024 Round Mountain Drilling at Phase X Demonstrating Strong Grades Within Exploration Target and Potential for Extensions (1) Scale at 750’ 18 (2) AuEq calculated using an Ag : Au ratio of 90:1
Slide 19: Curlew Basin
Third Quarter 2024 Curlew Basin Exploration Success Continues • Continued intersection of wide zones of high-grade mineralization near the Stealth (ST) Zone in Q3 • Wider, higher-grade intercepts indicating potential to expand and improve the quality of the resource 19
Slide 20: Lobo-Marte
Third Quarter 2024 Lobo-Marte Potential to be a long-life, cornerstone asset with significant production and low costs • Offers excellent long-term 2023 Reserve & Resource Estimates(1) production potential in Chile Tonnes Grade Ounces (thousands) (Au g/t) (thousands) • Significant mineral reserve Pr
Slide 21: Great Bear
Third Quarter 2024 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 Years $2,500/oz Go
Slide 22: Great Bear
Third Quarter 2024 Great Bear 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 Acquisition 0 0 5.4 m @ 7.82 g/t BR-770C3 BR-807 2.7
Slide 23: Great Bear
Third Quarter 2024 Great Bear Large 18km Trend With Limited Drilling to Date 23
Slide 24: Strong Position to Deliver Value
Strong Position to Deliver Value ✓ Strong production profile ✓ Generating significant cash flow ✓ Investment grade balance sheet continuing to strengthen ✓ Attractive dividend ✓ Exciting pipeline of exploration and development opportunities ✓ Strong commitment and industry leader in Sustainability 2
Slide 25: Appendix
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Slide 26: Endnotes
Third Quarter 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-Looking Informatio
Slide 27: Mineral Reserve and Mineral Resource Statement – Appendix B
Third Quarter 2024 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B 27
Slide 28: Mineral Reserve and Mineral Resource Statement – Appendix B
Third Quarter 2024 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B 28
Slide 29: Mineral Reserve and Mineral Resource Statement – Appendix B
Third Quarter 2024 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B 29
Slide 30: Notes – Appendix B
Third Quarter 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 $1,400 per ounce and a silver price of $17.50 per ounce. Mineral reserves a
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