Kinross Gold (K) Investor presentation summary

Strategic overview and financial highlights

• Diversified portfolio with six operating mines and a robust project pipeline, including the Great Bear project, supporting stable annual production of ~2 million gold equivalent ounces through 2027.

• Over 50% of production comes from two top-tier, low-cost assets, with two-thirds of output at a cost of sales below $1,000/oz.

• Record free cash flow of $1.3 billion in 2024, with $800 million in debt repaid and a strong investment-grade balance sheet.

• Attractive dividend yield (~1.1%) and reinstated share buyback plan, with free cash flow yield exceeding 8%.

• Trading at compelling valuation metrics, including low price-to-NAV and cash flow multiples relative to peers.

Operational performance and outlook

• 2024 production exceeded 2.1 million ounces, with costs and capital expenditures in line with guidance.

• Multi-year guidance targets stable production of 2.0 million ounces annually through 2027, with cost of sales guidance rising to $1,120/oz in 2025.

• Capital expenditures for 2025 are forecast at $1.15 billion, split between sustaining and growth projects.

• Major milestones include first production at Manh Choh, advanced exploration at Great Bear, and ongoing development at Redbird and Round Mountain.

• Reserve base stands at ~22 million ounces, with resource prices updated to reflect higher gold price environment.

Project pipeline and growth initiatives

• Great Bear project PEA outlines average annual production of 518koz over the first 8 years, $1.9B NPV, 24.3% IRR, and $812/oz AISC.

• Significant resource growth at Great Bear, with 2.7Moz M&I and 3.9Moz inferred, and ongoing drilling indicating further upside.

• Other growth projects include Lobo-Marte, Curlew, and Redbird, each with potential to extend production and improve margins.

• Exploration and development activities are advancing at multiple sites, with a focus on high-grade resource additions and mine life extensions.

• Capital allocation prioritizes sustaining operations, expansion, exploration, and shareholder returns.