Kinross Gold (K) Status Update summary

Strategic Project Advancement and Portfolio Update

• Construction proceeding for Round Mountain Phase X, Curlew, and Bald Mountain Redbird 2, targeting up to 3 million ounces of gold production and extending mine lives into the 2030s.

• Projects leverage existing infrastructure, enabling efficient capital deployment, rapid restarts, and robust project economics.

• Combined, these projects deliver a 55% IRR, $4.1B post-tax NPV at $4,300/oz gold, and average AISC of ~$1,650/oz, with quick paybacks under two years.

• Funding is fully sourced from operational cash flow, with 2026 project capex at $425M and total global capex at $1.5B.

• Significant exploration and extension potential remains across all three assets, with recent drilling confirming high-grade resource growth.

Project-Specific Highlights and Economics

• Round Mountain Phase X: 1.4M oz production, $1.9B NPV, 67% IRR, $400M capex, AISC $1,680/oz, mine life to 2038, leveraging three underground accesses.

• Curlew: 940,000 oz production over 11 years, $1.2B NPV, 44% IRR, $485M capex, high-grade (5.8g/t) UG operation, AISC $1,726/oz, leveraging Kettle River mill.

• Bald Mountain Redbird 2: 643,000 oz production, $1.0B NPV, 58% IRR, $490M capex, AISC $1,466/oz, open pit and satellite pits, mine life to 2032.

• Combined, the three projects add nearly 3Moz of production, with average annual output supporting a 2 million-ounce profile through the decade.

• All projects demonstrate attractive economics, low costs, and are designed to offset inflationary pressures organically.

Capital Allocation, Funding, and Financial Discipline

• Capital allocation prioritizes high-return projects, maintaining financial strength, and returning capital to shareholders via dividends and buybacks.

• Net cash position, three investment grade credit ratings, and $1.6B in available credit support ongoing development.

• Share repurchase program completed in 2025, reducing share count by 2.5%.

• 2025 saw $700M debt repaid and $750M returned to shareholders, with net cash of $1B at year-end.

• No debt maturities before 2033, supporting long-term financial flexibility.