Kinross Gold (K) investor relations material

Executive summary

• Achieved fourth consecutive quarter of record free cash flow, totaling up to $840 million in Q1 2026, driven by strong gold prices and operational excellence.

• Returned approximately $350 million to shareholders in Q1 2026 through dividends and share repurchases, with over $1 billion returned since Q1 2025.

• Advanced major development projects, including Great Bear, Lobo-Marte, and U.S. projects, achieving significant permitting and development milestones.

• Maintained strong financial discipline and capital allocation, with ongoing share buybacks and dividends.

• Sustainability remains a focus, with annual reporting and new initiatives in Ontario and Chile.

Financial highlights

• Q1 2026 attributable production: up to 493,000 Au eq. oz; cost of sales per Au eq. oz. sold: $1,380; all-in sustaining cost: $1,732.

• Revenue rose 61% year-over-year to $2,407.7 million, with a record margin of $3,476/oz.

• Adjusted EPS: $0.71; adjusted operating cash flow: $1.1 billion; attributable free cash flow: up to $838 million.

• Ended Q1 with $2.2 billion in cash, $3.9 billion in total liquidity, and $1.4 billion net cash.

• Attributable free cash flow more than doubled year-over-year.

Outlook and guidance

• On track to produce 2 million ounces in 2026 at a cost of sales of $1,360/oz and AISC of $1,730/oz; similar targets for 2027 and 2028.

• Capital expenditures guidance for 2026 is $1.5 billion.

• Q2 production expected in line with Q1; second half production to be slightly higher.

• Operating costs expected to remain stable; oil price sensitivity estimated at $10/oz AISC for every $10/bbl change.

• Ongoing hedging programs mitigate cost impacts from rising oil prices; 63% of 2026 oil exposure for U.S. and Tasiast operations hedged at $62/bbl.