Kinross Gold (K) Status Update summary

Project overview and economic highlights

• The Great Bear PEA demonstrates a high-margin, 12-year mine life with annual production of approximately 500,000 ounces, averaging 518,000 oz/year for the first 8 years and 431,000 oz/year over the life of mine, with a bottom quartile AISC of $800–$812/oz and a cash cost of $594/oz.

• After-tax NPV is $1.9 billion at $1,900/oz gold (24.3% IRR, 2.7-year payback) and $3.3 billion at $2,500/oz gold (35.5% IRR).

• Initial capital requirement is $1.4 billion, with total initial project capital at $1.43 billion and a rapid payback period of less than two years at spot prices.

• The project features a 10,000 tpd mill, high recoveries (95.7%), clean metallurgy, and robust technical attributes.

• Located near Red Lake, Ontario, the project benefits from strong infrastructure and stakeholder engagement.

Mine plan and operations

• The mine plan includes concurrent open pit and underground mining for the first 8 years, followed by underground and stockpile processing in years 8–12.

• Open pit mining peaks at 26 Mtpa with a strip ratio of 6.7 and high-grade ore (4.2 g/t in first 8 years).

• Underground mining uses long-hole open stoping, peaking at 6,000 tpd and averaging 327,000 oz/year at 4.9 g/t.

• Mill throughput averages 10,000 tpd, with a life-of-mine average feed grade of 3.87 g/t and gold recovery of 95.7%.

• The mine plan supports production flexibility and strong margins.

Resource growth and exploration potential

• Over 420 km of drilling completed since acquisition, increasing inferred resources by over 500,000 oz in 2024 to 3.9 Moz, with M&I resources at 2.7 Moz.

• High-grade mineralization continues at depth, with intercepts at 1.6 km, indicating substantial underground expansion potential.

• Exploration at Discovery, Yarrow, Hinge, and Limb zones has intersected significant mineralization beyond the current PEA inventory.

• Only 4.5 km of the 18-km LP structure has dense drill coverage, leaving substantial brownfield exploration potential on a 120 km² land package.

• Resource growth mirrors successful expansion at other Kinross underground mines.