Kinross Gold (K) investor relations material

Operational performance and production outlook

• Forecasts annual gold production of approximately 2 million ounces through 2028, with six mines in stable jurisdictions and a robust reserve base of 21 Moz proven and probable, 27 Moz measured and indicated, and 17 Moz inferred resources.

• Maintains a strong track record of meeting or exceeding annual guidance, with 2026 guidance on track: 2.0Moz production, $1,360/oz cost of sales, $1,730/oz AISC, and $1.5B capital expenditures.

• Q1 2026 delivered record free cash flow of $838M, with production and cost management on plan and significant returns to shareholders.

• Major operations in Brazil, Mauritania, Chile, and the US, each contributing significant production and supported by ongoing exploration and mine life extension projects.

• Project pipeline includes world-class developments such as Great Bear (Canada), Lobo-Marte (Chile), and US brownfield expansions, targeting multi-decade production.

Financial strength and capital allocation

• Maintains an investment-grade balance sheet with $2.2B cash, $3.9B liquidity, and $1.4B net cash as of Q1 2026.

• Returned $1.5B to stakeholders in 2025 ($700M to debtholders, $752M to shareholders), with $350M returned YTD in 2026.

• Targets returning 40% of free cash flow to shareholders in 2026 via dividends and buybacks, with a 33% increase in annual dividend since Q3 2025.

• Disciplined capital allocation: $1.5B capex target for 2026, with $450M sustaining and $1.05B non-sustaining capital, focused on growth and exploration.

• Strong free cash flow yield (~10%) and peer-leading return on capital, with robust margins and cost discipline.

Project and exploration highlights

• Great Bear project advancing with permitting and engineering, targeting first production in late 2029; PEA outlines 518koz/year production at $865/oz AISC and $7.97B NPV at $4,500/oz gold.

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

• Significant resource optionality at existing operations and new projects, with ongoing exploration success at Tasiast, Paracatu, and Great Bear.

• Exploration spend guidance for 2026 is $185M, with priorities across brownfield and greenfield targets in the Americas and Finland.