Kinross Gold Corporation · TSX:K

Kinross Gold — Q1 2025 Earnings Presentation

31 slides from Kinross Gold's earnings presentation, May 7, 2025

1. Slide 1: First Quarter 2025 Results

   First Quarter 2025 Results May 7th, 2025 Delivering Value.

2. 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

3. Slide 3: Cautionary Statement on Forward-Looking Information

   First Quarter 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, constitute “forward-looking i

4. Slide 4: Q1/25 Recap

   Q1/25 Recap Continued Strong Performance Advancing Project Pipeline • Large resource inventory underpinning long- • Significant margins and cash flow in Q1 term production potential • Strong financial position and cash flow • High-grade assays from Curlew outlook • Strong exploration results from Ph

5. Slide 5: Sustainability – Core to our Business

   Sustainability – Core to our Business 5

6. Slide 6: Strong Outlook

   Strong Outlook Stable multi-year production Production Outlook(1) forecast(1) (Million Au eq. oz. +/- 5%) 2.0 2.0 2.0 Robust pipeline of project opportunities Strong cash flow outlook Sustainable quarterly dividend Increased return of capital via share repurchases 2025 2026 2027 (1) Refer to endnote

7. Slide 7: Financial Results

   Financial Results KINROSS

8. Slide 8: First Quarter Results

   First Quarter 2025 First Quarter Results Prior Comparable Period Q1 2025 Q1 2024 Results Results Attributable Production (Au eq. oz)(1) 512,088 527,399 Production Cost of Sales (per Au eq. oz. sold)(2) $1,043 $982 Attributable Production Cost of Sales (per Au eq. oz. sold)(1) $1,038 $982 Attributabl

9. Slide 9: Balance Sheet Continues to Strengthen

   First Quarter 2025 Balance Sheet Continues to Strengthen Improving Leverage Profile Financial Flexibility 1.5x • $695 million of cash and cash equivalents and $2.3 billion of total liquidity(2) 1x • $200 million of debt repaid in Q1 and Term-Loan fully repaid as of Feb 2025 • Net Debt(1) reduced to

10. Slide 10: Guidance and Outlook

    First Quarter 2025 Guidance and Outlook On Track to Meet 2025 Guidance & Strong Multi-Year Outlook Q1 2025 FY2025 FY2026 FY2027 Results Guidance Guidance Guidance (+/- 5%) (+/- 5%) (+/- 5%) Attributable Production 512,088 2.0 million 2.0 million 2.0 million (Au eq. oz.)(1) Production Cost of Sales $

11. Slide 11: Operational Overview

    Operational Overview KINROSS

12. Slide 12: Operations – Safety Culture

    First Quarter 2025 Operations – Safety Culture Safety excellence training completed at all sites 12

13. Slide 13: Tasiast

    First Quarter 2025 Tasiast Strong Q1 & Full-Year Guidance Maintained • Strong grades and recoveries in Q1 • Balancing throughput to optimize recoveries • Strong team response to fire in April reducing mill downtime • Mill repairs completed and processing has restarted • On track to meet 2025 guidanc

14. Slide 14: Paracatu

    First Quarter 2025 Paracatu Strong Start to the Year • Production improved over prior quarter on strong grades, improved recoveries, and timing of ounces processed • Q1 delivered on budget as site team mitigated significant rainfall • On track to meet 2025 guidance Operating Results Q1/25 FY25 Guida

15. Slide 15: La Coipa

    First Quarter 2025 La Coipa On Track • Lower production in Q1 due to timing of ounces processed and lower planned throughput • Lower production partially offset by higher grades from Puren deposit • On track to meet 2025 guidance, with stronger grades expected in H2 Operating Results Q1/25 FY25 Guid

16. Slide 16: US Operations

    First Quarter 2025 US Operations Q1 on Plan Images TBU? Fort Knox, Alaska(1) Bald Mountain, Nevada Round Mountain, Nevada United States Total Q1/25 FY25 Guidance(2) Attributable(3) production 175,505 685,000 (Au eq. oz.) Production cost of sales ($/oz.)(4) $1,240 - Attributable(3) production cost of

17. Slide 17: US Operations

    First Quarter 2025 US Operations Asset Highlights Fort Knox, Alaska(1) Bald Mountain, Nevada Round Mountain, Nevada • Stronger production over prior quarter • Production in line over prior quarter, • Production lower over prior quarter on higher processing grades and with cost of sales slightly lowe

18. Slide 18: Projects & Exploration

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19. Slide 19: Significant Resource Optionality

    First Quarter 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 Potential Growth Opportun

20. Slide 20: Growth Projects Update

    First Quarter 2025 Growth Projects Update Internal Technical team focused on advancing optionality across large resource base La Coipa Oxide Extensions Bald Mountain Redbird Phase 2 • Progressing • Technical and Redbird Phase 1 Redbird Phase 2 studies and optimization work permitting for La ongoing

21. Slide 21: Curlew Update

    First Quarter 2025 Curlew Update Focus on High Quality Resource Growth • Re-initiated underground development in Q1 to extend decline at depth, targeting high grade zones of mineralization • Following productive horizon below paleosurface that has hosted multiple historic mines and is underexplored

22. Slide 22: Phase X Update

    First Quarter 2025 Phase X Update Q1 drilling results continues to confirm good grades and widths in the primary target zones 22

23. Slide 23: Great Bear Update

    First Quarter 2025 Great Bear Update AEX Surface Works and Main Project engineering are progressing well • At GBR, surface works are progressing at AEX with the following activities now ongoing: ▪ Excavation required for underground portal construction ▪ Site earthworks to prepare for buildings, pon

24. Slide 24: Looking Forward

    Looking Forward ✓ Strong production outlook ✓ Generating significant cash flow ✓ Investment grade balance sheet ✓ Attractive dividend and share buyback ✓ Exciting pipeline of exploration and development opportunities ✓ Strong commitment and industry leader in Sustainability 24

25. Slide 25: Appendix

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26. Slide 26: Endnotes

    First Quarter 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 Forward-Looking Informatio

27. Slide 27: Mineral Reserve and Mineral Resource Statement – Appendix A

    First Quarter 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix A 27

28. Slide 28: Mineral Reserve and Mineral Resource Statement – Appendix A

    First Quarter 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix A 28

29. Slide 29: Mineral Reserve and Mineral Resource Statement – Appendix A

    First Quarter 2025 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix A 29

30. Slide 30: Mineral Reserve and Mineral Resource Statement Notes – Appendix A

    First Quarter 2025 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 $1,600 per ounce and a silver price of $20.00 per ounce. Mineral reserves a

31. Slide 31: Kinross

Kinross Gold — Q1 2025 Earnings Presentation on 6ix