Kinross Gold (K) Investor Presentation summary

Project overview and highlights

• Preliminary economic assessment (PEA) confirms a high-margin, top-tier gold mine with robust economics and significant exploration upside.

• Average annual gold production projected at 518 koz for the first 8 years, with a 12-year initial mine life and strong underground expansion potential.

• After-tax NPV of $1,898M at $1,900/oz gold price, 24.3% IRR, and $491M average annual free cash flow; higher metrics at $2,500/oz gold.

• All-in sustaining cost (AISC) of $812/oz and life-of-mine cash cost of $594/oz.

• Initial capital requirement of $1.4B, with robust indirect and contingency costs included.

Resource growth and exploration

• Over 520 km of drilling since acquisition, defining 2.7 Moz measured & indicated and 3.9 Moz inferred resources as of April 2024.

• Drilling below current resource shows strong potential for further expansion, especially at depth.

• 2024 drilling added over 500 koz inferred resource, with high-grade intercepts continuing at depth.

• Resource remains open at depth and along strike, with brownfield exploration on a 120 km² land package.

Mine plan and production profile

• Combined open pit and underground operations drive mill grades over 4 g/t, with peak annual production exceeding 600 koz.

• Open pit features high-grade ore (4.2 g/t in first 8 years), robust geotechnical conditions, and a 6.7 strip ratio.

• Underground mine uses long-hole open stoping, steady-state 6,000 tpd rate, and average grade of 4.9 g/t.

• Significant flexibility from blending high-grade open pit and underground ore.