Kinross Gold (K) Investor Presentation summary

Strategic overview and financial highlights

• Operates six mines with annual production of ~2 million gold equivalent ounces, with over 50% from two top-tier assets and a reserve base exceeding 22 million ounces.

• Maintains an investment-grade balance sheet, $2.0 billion in liquidity, and a dividend yield of ~2%.

• 2024 guidance targets 2.1 million ounces at a production cost of $1,020/oz and all-in sustaining cost of $1,360/oz.

• Strong free cash flow yield (~7%) and attractive valuation metrics compared to peers.

• Disciplined capital allocation with ~$1.05 billion in 2024 capex, including $500 million sustaining and $550 million non-sustaining investments.

Asset portfolio and operational performance

• Tasiast (Mauritania) and Paracatu (Brazil) are top-tier, low-cost mines, each with production profiles extending into the next decade.

• La Coipa (Chile) delivers high-margin production and strong cash flow, with mine life extension opportunities.

• U.S. operations (Fort Knox, Manh Choh, Round Mountain, Bald Mountain) provide production diversity and growth, with Manh Choh on track for Q3 2024 production.

• Great Bear (Canada) shows significant resource growth and high-grade exploration success, with advanced exploration decline construction planned.

• Lobo-Marte (Chile) offers long-term optionality with a large reserve and low-cost profile.

Exploration, development, and growth projects

• Great Bear project resource increased, driven by underground growth and high-grade extensions at depth; 2024 focus on deep drilling and resource expansion.

• Round Mountain advancing Phase S and Phase X underground, targeting higher margins and extended mine life.

• Curlew Basin exploration in the U.S. increased resources by 34%, with focus on expanding high-grade zones.

• Tasiast solar power plant fully commissioned, providing 20% of site power and reducing emissions.