Kinross provides update on Lobo-Marte project

About this update from Kinross Gold Corporation

Expected to contribute ~350,000 oz. of average annual productionLow AISC of ~$1,000/oz. and robust economics with estimated NPV of $4.3 billionPermitting, detailed engineering and execution planning advancing on plan(This news release contains forward-looking information about expected future events and performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 10 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.) TORONTO, July 29, 2026 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K; NYSE: KGC) (“Kinross” or the “Company”) today provided a high-level update of the 2021 feasibility study (“FS”) economics for its Lobo-Marte project in Chile to account for inflationary impacts and advancement of the execution strategy since 2021.Lobo-Marte highlights:Long-life, low-cost heap leach project: The 2021 FS outlines an initial operating life of approximately 15 years, with total production of approximately 4.6 million gold ounces (“Moz.”), based on the 2021 FS pit design, which only includes a portion of the total resource. Average production is expected to be ~350,000 Au oz. per year during steady state operations based on the initial mine plan, with a low estimated all-in sustaining cost (“AISC”)1 of approximately $1,000 per ounce, supported by a strong heap leach grade of 1.3 g/t and low overall strip ratio of 2.0:1.Robust economics: Estimated Net Present Value (“NPV”)2 of $4.3 billion, Internal Rate of Return3 (“IRR”) of 26% and payback of 2.3 years at a $4,100 per ounce gold price.Large reserve with significant resource optionality: The initial mine plan includes approximately 6.7 Moz. of proven and probable reserves with significant potential for mine life extension through the 2.8 Moz. of Measured and Indicated resource (“M&I”) and 670,000 oz. inferred resource, along with the wider prospective land package at Lobo-Marte.Permitting on track: Kinross’ Environmental Impact Assessment (“EIA”) was accepted for review by the Environmental Assessment Service (“SEA”) of Chile in the second quarter of 2026 and is currently advancing through the permitting process while the Company progresses engineering and execution planning. First gold production is targeted for the early 2030s.Capital investment: Kinross intends to self-fun...

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