Kinross Gold (K) Investor presentation summary

Operational performance and production outlook

• Forecasts annual gold equivalent production of 2.0 million ounces through 2027, supported by six mines in stable jurisdictions and a robust pipeline of projects including Great Bear and Lobo-Marte.

• Maintains a sizeable reserve base of 21 million ounces and resources of 24 million M&I and 14 million inferred ounces.

• Consistently meets or exceeds annual production, cost, and capital guidance, with 2025 guidance on track for 2.0Moz at $1,120/oz cost of sales and $1,500/oz AISC.

• High-quality portfolio includes top-tier assets in the US, Brazil, Mauritania, and Chile, with significant near-term and long-term growth optionality.

• Exploration spend remains strong, with recent successes at Tasiast, Paracatu, Round Mountain, Curlew, and Great Bear driving future production potential.

Financial strength and capital allocation

• Record free cash flow and strong margins, with a 2026E free cash flow yield of ~7% and robust investment-grade balance sheet.

• $1.7 billion in cash and $3.4 billion in total liquidity as of late 2025, with net cash position achieved and $1.8 billion net debt reduction in 2025.

• Returned ~$1.5 billion to shareholders and lenders in 2025, including $152 million in dividends and $600 million in share buybacks, a 50% year-over-year increase.

• Maintains disciplined capital allocation, prioritizing reinvestment, financial strength, and shareholder returns.

• Attractive valuation with peer-leading leverage to gold, strong per-share growth, and consensus buy ratings from major analysts.

Project pipeline and growth initiatives

• Advancing major projects: Great Bear (Ontario) on track for first production in 2029, with permitting and construction progressing as scheduled.

• US growth projects (Round Mountain Phase X, Curlew, Bald Mountain Redbird 2) offer high IRRs, quick paybacks, and nearly 3Moz total contribution, extending mine lives into the 2030s.

• Lobo-Marte and Maricunga in Chile, and Tasiast underground in Mauritania, provide further long-life, low-cost production potential.

• Significant resource optionality at existing operations, with extensions and new projects expected to drive production and cash flow through the next decade.

• Exploration and technical studies continue to unlock value, with a focus on high-grade underground and open-pit opportunities.