Kinross Gold : First Quarter Report (First Quarter 2026 Report)

About this update from Kinross Gold Corporation

FIRST QUARTER 2026 REPORT Kinross Gold Corporation 25 York Street, 17th Floor Toronto, ON Canada M5J 2V5 Kinross reports strong 2026 first-quarter results Delivered record free cash flow for the 4th consecutive quarter, margins continued to outpace gold price Returned approximately $350 million to shareholders to date in 2026, $1 billion since Q1 2025 Significant progress across pipeline of development projects Toronto, Ontario - April 29, 2026 - Kinross Gold Corporation (TSX: K, NYSE: KGC) ("Kinross" or the "Company") today announced its results for the first quarter ended March 31, 2026. This report contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on pages 44 and 45 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted. 2026 first-quarter highlights: Production1 of 492,563 gold equivalent ounces (Au eq. oz.). Production cost of sales2 of $1,397 per Au eq. oz. sold and attributable production cost of sales1 of $1,380 per Au eq. oz. sold. Attributable all-in sustaining cost1 of $1,732 per Au eq. oz. sold. Operating cash flow3 of $1,139.5 million. Record attributable free cash flow1 of $837.5 million. Margins4 increased by 92% compared with Q1 2025 to a record $3,476 per Au eq. oz. sold, and increased by 22% quarter-over-quarter, outpacing the rise in the average realized gold price in both comparable periods. Reported earnings5 of $843 million, or $0.70 per share, with adjusted net earnings6 of $854.1 million, or $0.71 per share. On track to meet annual guidance: On an attributable basis1, Kinross expects to produce 2.0 million Au eq. oz. (+/- 5%) at a production cost of sales per Au eq. oz. sold1 of $1,360 (+/- 5%) and all-in sustaining cost1 of $1,730 (+/- 5%) per ounce sold for 2026. Total attributable capital expenditures1 are forecast to be $1,500 million (+/- 5%). Cash and cash equivalents increased to $2.2 billion, and the Company has total liquidity7 of approximately $3.9 billion at March 31, 2026. Return of capital to shareholders: Kinross is on track to return 40% of its free cash flow to shareholders in 2026. During the first quarter, the Company repurchased approximately $250 million in shares, and an additional $50 million i...

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