Kinross Gold (K) investor relations material

Executive summary

• Achieved strong Q2 2026 results with disciplined cost management, robust margins, and over $725 million in free cash flow, returning 40% of free cash flow to shareholders year-to-date, totaling over $600 million.

• Production reached 492,326 gold equivalent ounces, with operating cash flow of $1,145.9 million and reported net earnings of $844.2 million ($0.71 per share).

• Maintained a strong balance sheet with $2.7 billion in cash, $1.9 billion net cash, and total liquidity of $4.4 billion.

• Advanced major growth projects, including Great Bear and Lobo-Marte, with significant permitting and engineering milestones reached.

• Leadership transition announced: Bernard Wessels appointed COO, Alice Wong to Board of Directors.

Financial highlights

• Revenue rose 29% year-over-year to $2,238.1 million, driven by a 37% increase in average realized gold price to $4,483/oz.

• Produced 492,326 gold equivalent ounces in Q2; cost of sales $1,336/oz, all-in sustaining cost $1,821/oz.

• Adjusted EPS $0.71; adjusted operating cash flow over $1.1 billion; attributable free cash flow $726.8 million after $411 million capex.

• Ended Q2 with $2.7 billion in cash and $1.9 billion net cash; total liquidity $4.4 billion.

• Margins per gold equivalent ounce sold increased 42% to $3,131.

Outlook and guidance

• On track to deliver ~2 million ounces in 2026 at cost of sales $1,360/oz and AISC $1,730/oz; capital guidance $1.5 billion.

• Q3 production expected in line with H1; Q4 higher due to Round Mountain Phase X ramp-up.

• Committed to returning 40% of annual free cash flow to shareholders.

• Grade enhancement strategy and new projects (Great Bear, Lobo-Marte) to offset inflation and support future low-cost production.

• Focus remains on maintaining operational momentum, cost discipline, and robust margins.