Kinross Gold (K) Investor presentation summary

Strategic overview and financial highlights

• Portfolio includes six producing mines with ~2 million ounces annual output and a pipeline of projects, notably the Great Bear Project.

• Over 50% of production comes from two top-tier, low-cost assets, Tasiast and Paracatu.

• Strong free cash flow yield (~10%) and investment grade balance sheet with net debt reduced to $1.2B and $2.1B in total liquidity.

• Attractive dividend yield (~1.2%) and majority analyst buy recommendations.

• Consistent top performer in ESG ratings, with a 30% GHG intensity reduction target by 2030.

Operational performance and outlook

• On track to meet FY2024 guidance: 2.1Moz production, $1,020/oz production cost, $1,360/oz AISC, and $1.05B capital expenditures.

• Two-thirds of production at a cost of sales below $850/oz.

• Free cash flow per ounce among the highest in the sector, with robust cash generation in H1 and YTD 2024.

• Production forecast remains stable through 2026, with a sizeable reserve base (>22Moz) supporting mine life extensions.

Project pipeline and development

• Great Bear Project in Ontario shows strong economics: $1.9B NPV, 24.3% IRR, $812/oz AISC, and 12-year initial mine life.

• Great Bear PEA highlights 518koz/year average production (first 8 years), 95.7% recovery, and significant underground expansion potential.

• Extensive drilling at Great Bear has expanded resources to 2.7Moz M&I and 3.9Moz inferred, with further upside at depth.

• Key milestones include start of advanced exploration decline at Great Bear in H2 2025 and ongoing development at Round Mountain and Curlew.