Kinross Gold Corporation · TSX:K
Kinross Gold — Scotia November 2023
63 slides from Kinross Gold's conference presentation, November 2023
Slide 1: Delivering Value
Delivering Value. November 2023
Slide 2: Cautionary Statement on Forward-Looking Information
Kinross Gold Corporation November 2023 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
Slide 3: Table of Contents
November 2023 Table of Contents Company Overview 4 Great Bear 16 Operations & Projects 29 ESG 50 Appendix 55 33
Slide 4: Who is Kinross?
Kinross Gold Corporation November 2023 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 mines • Investment grade • Strong FCF yield of • Consistent leader in
Slide 5: High Quality Portfolio of Assets
Kinross Gold Corporation November 2023 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. 2023E Gold Equivalent Production(2) Great Bear, Canada Curlew, U.S.A Bald Mountain, U.S.A. 29% Round Mountain, U.S.A
Slide 6: Global Mining Leader in ESG
Kinross Gold Corporation November 2023 Global Mining Leader in ESG (1) Environment Social Governance WATER MANAGEMENT • ~80% average water volume 99% > 600,000 INDEPENDENT BOARD recycling rate over the past 5 years of workforce hired from beneficiaries of • 9 of 10 Board members are GHG INTENSITY wi
Slide 7: Why Kinross?
Why Kinross? November 2023 Stable Production (Moz Au eq.oz, attributable) Leading FCF Yield 6.5% 2023E FCF Yield % (3) ~2.1 ~2.1(2) 4.5% 4.0% 2.0(1) ~2.0(2) 3.1% Production 2.3% 2.2% 1.3% 0.7% 2022 2023 2024 2025 -3.5% Kinross Outperforming Leading ESG Performance(4) 40% 100 Share Price Performance
Slide 8: Attractive Valuation
Kinross Gold Corporation November 2023 Attractive Valuation Trading at Compelling Cash Flow and EBITDA Metrics P / 2023E Operating Cash Flow Per Share(1) Enterprise Value / 2023E EBITDA(2) 11.1x 9.7x 9.4x 9.3x 9.1x 9.5x 8.8x 8.3x 7.3x 7.2x 6.7x 6.5x 7.2x 6.0x 5.7x 5.7x 4.6x 5.1x (1) Calculated as Sh
Slide 9: Balance Sheet & Financial Flexibility
Third Quarter 2023 Balance Sheet & Financial Flexibility Liquidity Position (1) Financial Flexibility • Total liquidity(1) of ~$2.0 billion, including $465 million of cash and cash equivalents As at September 30th, 2023 • Continued to repay debt and de-lever in Q3 ~$2.0B • Net debt to EBITDA improve
Slide 10: Manageable Debt Profile
Kinross Gold Corporation November 2023 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) $1,000 Fitch BBB (Stable) S&P BBB- (Negative) $ millions Debt Breakdown(1) $500 Interest Rate Amount D
Slide 11: Disciplined Capital Allocation Strategy
Kinross Gold Corporation November 2023 Disciplined Capital Allocation Strategy Reinvesting in our Business 2023 Guidance • Sustaining Capex – maintaining our existing operations ~$510M(1) safely and to world-class environmental standards • Expansion Projects – pursuing attractive returns by leveragi
Slide 12: Advancing the Project Pipeline
Kinross Gold Corporation November 2023 Advancing the Project Pipeline Expected project milestones on track(1) 2023 >> 2024 Q1 Great Bear ✓ H2 Manh Choh Initial Resource and Technical First Production Report H1 Round Mountain ✓ H2 Great Bear Begin Exploration Decline Results of PEA Mid-Year Tasiast 2
Slide 13: Strong Reserve and Resources Base
Kinross Gold Corporation November 2023 (1) Strong Reserve and Resources Base Potential for mine life extension at existing operations 20 18 16 14 12 10 Years 8 6 4 2 0 La Coipa Fort Knox Round Mountain Bald Mountain Tasiast Paracatu Expected Reserve Life Potential Resource Life (1) “Expected Reserve
Slide 14: Guidance and Outlook
Kinross Gold Corporation November 2023 Guidance and Outlook Well Positioned to Meet FY2023 Guidance Q3 YTD Results FY2023 Guidance(1) FY2022 Results(2) Production 1.6 million ~2.1 million 2.0 million (Au eq. oz.) Production cost of sales $931 $970 $937 (per Au eq. oz. sold)(3) All-in sustaining cost
Slide 15: Inflationary Pressures
Kinross Gold Corporation November 2023 Inflationary Pressures How inflationary pressure affects our cost structure Inputs Direct Cost Drivers Estimated Impacts Ground support Grinding media Steel Maintenance/supplies OPEX Assume 5% inflation for 2023; Power costs on track for FY cost guidance Fuel P
Slide 16: Great Bear
November 2023 Great Bear 1616
Slide 17: Project Overview
Kinross Gold Corporation November 2023 Project Overview High grade mineralization across the property Town of Red LP Zone Lake Open along strike and at depth Disseminated high grade mineralization, analogous to Hemlo N Vein hosted and sulphide replacement high- Limb LP ZONE grade gold mineralization
Slide 18: Initial Contained Mineral Resource Estimate
Kinross Gold Corporation November 2023 Initial Contained Mineral Resource Estimate 2022 drilling and technical program resulted in a high-grade initial resource $1,700/OZ INITIAL RESOURCE Tonnes Grade (Au Ounces (000’s) g/t) (000’s) Indicated Open Pit 33,110 2.57 2,737 Inferred Open Pit 8,400 2.24 6
Slide 19: Majority of Resource Contained in High Grade Core
Kinross Gold Corporation November 2023 Majority of Resource Contained in High Grade Core Targeting higher grade mineralization in the early years Contained Ounces Moz 6 5 4 Inferred Inferred Inferred 3 Inferred 2 Indicated Indicated Indicated 1 Contained Resource Open Pit High Grade Underground High
Slide 20: High Grade Core has Strong Spatial Continuity
Kinross Gold Corporation November 2023 High Grade Core has Strong Spatial Continuity Resilient pit shell driven by the high-grade core Open Pit Resource High Grade Core of the Open Pit Resource Based on a 0.5 g/t Cut Off Grade Based on a 0.9 g/t Cut Off Grade N Legend > 0.9 g/t 0.5 to 0.9 g/t 1km 20
Slide 21: Directional Drilling Hitting Targets Faster
Kinross Gold Corporation November 2023 Directional Drilling Hitting Targets Faster Directional drilling hits are showing the orebody continuity at depth Recent intercepts at >1,000 m vertical. NORTHWEST LP - CENTRAL SOUTHEAST BR-778C1 was >50% faster to target zone than drilling from surface. BR-778
Slide 22: Deep Holes Demonstrate Potential for Extension of High-Grade Underground
Kinross Gold Corporation November 2023 Great Bear Deep Holes Demonstrate Potential for Extension of High-Grade Underground NORTHWEST SOUTHEAST DISCOVERY LP CENTRAL VIGGO 500 m BR-805 6.7 m @ 19.31 g/t BR-769A BR-812 BR-806 3.4 m @ 4.18 g/t 3.3 m @ 5.48 g/t 3.6 m @ 11.20 g/t BR-814C1A BR-821 8.3 m @
Slide 23: Exploration Plan into 2024
Kinross Gold Corporation November 2023 Exploration Plan into 2024 Continue to test strike and depth; prioritizing high-grade LP core NORTHWEST SOUTHEAST DISCOVERY LP CENTRAL VIGGO 500 m 1 `` 3 3 2 1,000 m Open Open Open Open 1 Planned Drillholes Target Area Where we are targeting our drilling in H2
Slide 24: Hinge Zone – Potential Supplemental High-Grade Feed
Kinross Gold Corporation November 2023 Great Bear Hinge Zone – Potential Supplemental High-Grade Feed NORTHWEST HINGE SOUTHEAST Visible Gold in Hinge Zone DL-085-C7 2.8 m @ 259 g/t from 870m DL-048 2.9 m @ 22.33 g/t 500 m DL-142 DL-132 New Results 4.5 m @ 13.20 g/t 5.9 m @ 7.75 g/t Recent Results Dr
Slide 25: Exploration Decline
Kinross Gold Corporation November 2023 Exploration Decline Advanced exploration 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 Exp
Slide 26: Great Bear Appears Similar to Hemlo
Kinross Gold Corporation November 2023 Great Bear Appears Similar to Hemlo Over 90% of Hemlo has been mined from underground at depths of greater than 500 m Hemlo Great Bear Hemlo has produced +20 Moz 0 RL Open Open 500 RL 1,000 RL Open Open Open 3 Shafts GRADE THICKNESS < 5 GxM 50 to 100 GxM 5 to 1
Slide 27: Additional Upside Potential on Highly-Prospective Land Package
Kinross Gold Corporation November 2023 Additional Upside Potential on Highly- Prospective Land Package Transmission line Highway 105 1 Felsic – Intermediate Felsic Intrusive Ultramafic Mafic-Ultramafic Mafic (Calc-Alkaline?) Sediments 3 Great Bear property 3 Where we see opportunity for growth: 2 Hi
Slide 28: Targeted Path to Production at Great Bear
Kinross Gold Corporation November 2023 Targeted Path to Production at Great Bear Conceptual Project Development Timeline ‘23 ‘24 ‘25 ‘26 ‘27 ‘28 ‘29 Project Studies Release PEA Surface Exploration Decline AEX Environmental Baseline ✓ Initiated Federal Permitting Process Project Impact Statement Agen
Slide 29: Operations & Projects
”) J O oot .) _ oO 03 lions Operat
Slide 30: Q3/23 Recap
Q3/23 Recap Strong Q3 Americas Delivering • Production of 585koz • Paracatu and La Coipa on track • Cost of sales of $911/oz • Stronger production and costs in line at US • Well positioned to deliver on full-year sites compared to prior quarter guidance(1) • Manh Choh development on track Strong Mar
Slide 31: Brazil
Kinross Gold Corporation November 2023 Brazil 2023E Gold Equivalent Production(1) Asset Highlights Top-tier(2) asset Mauritania United States 29% 32% Attractive cost structure and stable long mine life ~2.1Moz extending into the next Paracatu decade Chile 11% Paracatu Track record of strong 28% oper
Slide 32: Paracatu
Kinross Gold Corporation November 2023 Paracatu Top-tier Gold Mine With Production Extending into the Next Decade • Largest gold mine in Brazil, and one of the world’s largest gold mining Operating Results operations 2021 2022 Q3 YTD • Q4 production is expected to be lower and costs higher due to pl
Slide 33: Mauritania
Kinross Gold Corporation November 2023 Mauritania 2023 Gold Equivalent Production(1) Asset Highlights Tasiast Top-tier(2) asset United States Low-cost mine with a strong 29% production profile supported by 32% a large gold reserve in a prospective district ~2.1Moz Tasiast On track for full-year prod
Slide 34: Tasiast
Kinross Gold Corporation November 2023 Tasiast Low-cost Mine Backed by a Substantial Reserve, On-Track to Deliver Near-Term Production Growth Operating Results • Record Q3 production on higher throughput and continued strong grades 2021(1) 2022 Q3 YTD and recoveries Production 170,502 538,591 460,02
Slide 35: Tasiast Solar Project
Kinross Gold Corporation November 2023 Tasiast Solar Project Advancing on Schedule • The 34 MW solar power plant will provide ~20% of the site’s power, offsetting ~530 kt of greenhouse gas emissions over the life-of-mine, or the equivalent of ~11,000 gasoline powered vehicles per year • Tasiast Sola
Slide 36: Chile
Kinross Gold Corporation November 2023 Chile 2023 Gold Equivalent Production(1) Asset Highlights Mauritania United States High-margin production with 29% strong cash flow 32% La Coipa extensions show ~2.1Moz La Coipa promising opportunities to La Coipa extend mine life 11% Agreement in place to rece
Slide 37: La Coipa
Kinross Gold Corporation November 2023 La Coipa High-Margin Operation Driving Strong Cash Flow • Strong performance on grades and Operating Results recoveries continue • On track to achieve FY production 2021 2022 Q3 YTD guidance of 240koz (+/-5%) Production - 109,576 186,315 (Au eq. oz.) • Benefits
Slide 38: Strong Production Outlook in Chile
Kinross Gold Corporation November 2023 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 39: Lobo-Marte
Kinross Gold Corporation November 2023 Lobo-Marte Potential to be a long-life, cornerstone asset with a large production profile and low costs • Offers excellent long-term optionality in 2021 Reserve & Resource Estimates(1) Chile Tonnes Grade Ounces (thousands) (Au g/t) (thousands) • Significant min
Slide 40: United States
Kinross Gold Corporation November 2023 United States 2023 Gold Equivalent Production(1) Asset Highlights Fort Knox, Round Fort Knox, Positioned for near-term Mountain, & Bald Alaska production growth Mountain Mauritania 29% 32% Clear path to production Round ~2.1Moz Mountain, through the decade with
Slide 41: Fort Knox
Kinross Gold Corporation November 2023 Fort Knox Positioned for Near Term Production Growth Through Manh Choh • Production growth driven by enhancements to the mine plan, including the addition of the Operating Results Manh Choh project • Mill modifications to accommodate Manh 2021 2022 Q3 YTD Choh
Slide 42: Manh Choh (70%)
Kinross Gold Corporation November 2023 Manh Choh (70%) On Track for Production in H2/24 • Planned utilization of existing mill and infrastructure at Fort Knox to process Manh Choh Reserve & Resource Estimates(1) Manh Choh ore Tonnes Grade Ounces (thousands) (Au g/t) (Au koz) • Construction activitie
Slide 43: Round Mountain
Kinross Gold Corporation November 2023 Round Mountain Confirmed Future of Open-pit mining, Underground Work Advancing Gold Hill • Ongoing mining of Phase W2 W3 (exploration) (study) (~8 km to north) • Phase S – production ramping-up in 2025 Phase X W2 (currently UG • Construction of Phase X explorat
Slide 44: Round Mountain: Phase S Optimization
Kinross Gold Corporation November 2023 Round Mountain Phase S Optimization Highlights Higher Forecasted Returns • Provides clarity around the next step for Round Mountain - production expected to Incremental Phase S Estimates1 extend through the end of the decade Net Present Value (5%) $170 million
Slide 45: Round Mountain Production Profile
Kinross Gold Corporation November 2023 Round Mountain Strong 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 46: Round Mountain – Phase X
Kinross Gold Corporation November 2023 Round Mountain – Phase X Focused on Higher-Margin UG Potential at Phase X • Progressing decline to start definition drilling in early 2024 • Advancing studies and permitting in parallel to advance path to first production • Geological interpretations and prelim
Slide 47: Gold Hill
Kinross Gold Corporation November 2023 Gold Hill Potential High-Grade Underground Satellite to Supplement Phase X UG • Drilling to date suggests a series of narrower, higher-grade parallel veins extending from the open pit • The 2023 exploration program has confirmed an 800m west strike extension, w
Slide 48: Bald Mountain
Kinross Gold Corporation November 2023 Bald Mountain Potential to Add Significant Mine Life • Substantial mineral resource base Operating Results with multiple sources of potential mineral reserve additions that could 2021 2022 Q3 YTD extend mine life beyond mid-2020s Production 204,890 214,094 113,
Slide 49: Curlew Basin Exploration
Kinross Gold Corporation November 2023 Curlew Basin Exploration Exploration Success Continues • New vein zone intersected at ‘Roadrunner Zone’ – Hole 1168 (see below) • Exploration proving robustness of geological model and facilitating new discoveries • Confirmed vein extensions and continuity acro
Slide 50: ESG
November 2023 ESG 50
Slide 51: Our Approach
Kinross Gold Corporation November 2023 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 We integrate sustainability considerations This approach drives ESG results: into our core operations and practices: En
Slide 52: Consistently Earning Top-Quartile ESG Results
Kinross Gold Corporation November 2023 Consistently Earning Top-Quartile ESG Results Strong Standing Across Major ESG Indices Within the Mining Sector Kinross Relative (Percentile) Performance ESG Percentiles: 10-year Trend on Key ESG Ratings* (Normalized) 97 ESG Percentiles: 10-year trend 100 94 91
Slide 53: Reducing our Carbon Footprint
Kinross Gold Corporation November 2023 Reducing our Carbon Footprint We are making green investments and adapting our business because it’s the right thing to do • Committed to 30% GHG • Reporting to CDP since 2005 and in line with intensity reduction in Task Force for Nature Related Financial LOW C
Slide 54: Endnotes
Kinross Gold Corporation November 2023 Endnotes 1) Kinross’ outlook represents forward-looking information and users are cautioned that actual results may vary. Please refer to the Cautionary Statement on Forward-Looking Information on slide 2 of this presentation. 2) All-in sustaining cost from con
Slide 55: Appendix
November 2023 Appendix 55
Slide 56: 2023 Guidance Summary – Appendix A
Kinross Gold Corporation November 2023 2023 Guidance Summary – Appendix A Company guidance Annual attributable (1) gold equivalent production guidance (+/- 5%) 2023 2.1 million oz.(2) 2024 2.1 million oz. 2025 2.0 million oz. 2023 production and cost guidance 2023 Guidance (2) Accounting basis 2022
Slide 57: 2023 Guidance Summary – Appendix A
Kinross Gold Corporation November 2023 2023 Guidance Summary – Appendix A 2023 capital expenditures guidance Forecast 2023 sustaining Forecast 2023 non- Total 2023 forecast 2022 sustaining capital 2022 non-sustaining 2022 total capital capital (5)(6) sustaining capital (5)(6) capital (5)(6) capital
Slide 58: 2023 Guidance Summary – Appendix A
Kinross Gold Corporation November 2023 2023 Guidance Summary – Appendix A Material assumptions used to forecast 2023 production cost of sales are as follows: • a gold price of $1,800 per ounce; • a silver price of $20 per ounce; • an oil price of $90 per barrel; • foreign exchange rates of: • 5.0 Br
Slide 59: Mineral Reserve and Mineral Resource Statement – Appendix B
Kinross Gold Corporation November 2023 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B MINERAL RESERVE AND MINERAL RESOURCE STATEMENT GOLD PROVEN AND PROBABLE MINERAL RESERVES (1,4,5,6,7,8) Kinross Gold Corporation's Share at December 31, 2022 Kinross Proven Probable Proven and Probable
Slide 60: Mineral Reserve and Mineral Resource Statement – Appendix B
Kinross Gold Corporation November 2023 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B MINERAL RESERVE AND MINERAL RESOURCE STATEMENT GOLD MEASURED AND INDICATED MINERAL RESOURCES (EXCLUDES PROVEN AND PROBABLE MINERAL RESERVES) (4,5,6,7,8,11,12,15) Kinross Gold Corporation's Share at Dec
Slide 61: Mineral Reserve and Mineral Resource Statement – Appendix B
Kinross Gold Corporation November 2023 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT – Appendix B MINERAL RESERVE AND MINERAL RESOURCE STATEMENT GOLD INFERRED MINERAL RESOURCES (4,5,6,7,8,11,12,15) Kinross Gold Corporation's Share at December 31, 2022 Kinross Inferred Property Location Interest Ton
Slide 62: Notes – Appendix B
Kinross Gold Corporation November 2023 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
Slide 63: Slide 63