Kinross Gold (K) Investor presentation summary

Operational excellence and production outlook

• Forecasts annual gold production of approximately 2 million ounces through 2028, supported by six mines in stable jurisdictions and a robust project pipeline including Great Bear and Lobo-Marte.

• Maintains a sizeable reserve base of ~21Moz and resources of ~27Moz M&I and ~17Moz inferred, with ongoing exploration and project development to extend mine life.

• Consistently meets or exceeds production, cost, and capital guidance, with a strong planning and guidance process.

• 2025 actual production was 2.01Moz, with 2026–2028 guidance at 2.0Moz annually.

• Major operations include Tasiast, Paracatu, Fort Knox, Round Mountain, Bald Mountain, and La Coipa, each contributing significant production and cash flow.

Financial strength and capital allocation

• Achieved record free cash flow of $2.5B in 2025 and ended the year with $1.0B net cash and $3.5B in total liquidity.

• Repaid $700M in debt in 2025, with no near-term maturities and improved credit ratings from Moody’s and S&P.

• Returned ~$1.5B to shareholders and debt holders in 2025, including $752M to shareholders via dividends and buybacks.

• Targets returning 40% of 2026 free cash flow to shareholders through dividends and share buybacks.

• Maintains disciplined capital allocation, with 2026 capex guidance at $1.5B, split between sustaining and growth projects.

Project pipeline and growth initiatives

• Advancing key projects: Great Bear (Ontario), Lobo-Marte (Chile), Tasiast underground and satellites, Round Mountain Phase X, Curlew, and Bald Mountain Redbird 2.

• Great Bear project on track for first production in 2029, with robust PEA economics: $865/oz AISC, $1.4B initial capex, and 518koz/year average production over the first 8 years.

• US projects (Round Mountain Phase X, Curlew, Bald Mountain Redbird 2) collectively add nearly 3Moz, with strong IRRs and quick paybacks at current gold prices.

• Exploration spend remains high, with focus on brownfield extensions and greenfield discoveries in Canada, US, Brazil, Mauritania, and Chile.

• Resource base expanded in 2025, with reserve price assumptions increased to $2,000/oz and resource price to $2,500/oz.