Kinross Gold : February 2026 Investor Presentation

Kinross Gold Corporation (TSX: K; NYSE: KGC)

Delivering Value. February 2026

Kinross Gold Corporation (TSX: K; NYSE: KGC) February 2026

Cautionary Statement on Forward-Looking Information Continued

Certain forward-looking statements in this presentation may also constitute a "financial outlook" within the meaning of applicable securities laws. A financial outlook involves statements about the Company's prospective financial performance, financial position or cash flows and is based on and subject to the assumptions about future economic conditions and courses of action and the risk factors described above in respect of forward-looking information generally, as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this presentation. Such assumptions are based on management's assessment of the relevant information currently available, and any financial outlook included in this presentation is provided for the purpose of helping viewers understand the Company's current expectations and plans for the future. Viewers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above, or other factors may cause actual results to differ materially from any financial outlook. The actual results of the Company's operations will likely vary from the amounts set forth in any financial outlook and such variances may be material.

Other information

Where we say "we", "us", "our", the "Company", or "Kinross" in this presentation, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable.

The technical information about the Company's mineral properties contained in presentation has been prepared under the supervision of Mr. Nicos Pfeiffer who is a "qualified person" within the

meaning of National Instrument 43-101.

The studies and economic analyses referenced in this presentation are preliminary in nature and are based, in part, on inferred mineral resources. Inferred mineral resources are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the economic forecasts on which the studies and economic analyses are based will be realized.

This presentation references attributable production cost of sales per equivalent ounce sold, attributable all-in sustaining cost per equivalent ounce sold, attributable free cash flow and attributable capital expenditures, which are non-GAAP financial measures and ratios, with no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers.

All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

3

Kinross Gold Corporation (TSX: K; NYSE: KGC)

Table of Contents

Company Overview

Great Bear Operations & Projects Sustainability

Appendix

5

22

31

65

70

Kinross: A Top Performing Senior Gold Producer

OPERATIONAL EXCELLENCE

• Forecast Production:

  • ~2Moz per year1

  • 6 mines across

    attractive jurisdictions

  • Consistent execution underpinned by operational and technical excellence

• Sizeable Gold Reserve2 & Resource2 base:

  • ~21Moz of Reserves,

  • ~24Moz of M&I,

  • ~14Moz of Inferred

• Pipeline of projects including world class Great Bear and Lobo-Marte

  FINANCIAL STRENGTH

• Rigorous Cost and Capital

  discipline

• Record Margins, Free Cash Flow Generation and Strong Outlook

• Growing per share metrics

• Robust Investment Grade

  balance sheet - Net Cash

• Attractive Return of Capital

  yield of ~2%3

  • ~$170 million dividend4

  • ~$600 million buyback5

• ~$1.5 billion total return of capital to lenders and shareholders in 2025, a

  +50% increase Y/Y

  COMPELLING VALUE

• Peer leading leverage to gold and shareholder returns

• Compelling relative valuation and strong Free Cash Flow yield of ~8%6

• Buy Recommendation from Majority of Research Analysts7

• Highly liquid stock trading

  >US$500M8 of daily volume across NYSE: KGC & TSX:K

• 2025 TSX Top 30 ranking for 3-year Total Shareholder Returns

  LEADING SUSTAINABILITY PERFORMANCE

• Consistent top performer in Sustainability by key rating agencies

• On track for 30% reduction in GHG intensity by 2030

• 99% of employees hired within the host countries

• $54 billion in Cumulative Benefit Footprint since 20109

• Strong independent Board of Directors:

  • 7 new directors since 2019: Proactive Board Refresh Program

    1. Gold equivalent ounces (Au Eq. oz) through guidance timeframe out to 2027. Refer to endnote #1

    2. Mineral Reserves & Resources is a combination of 2024 and 2025 statement. See Appendix B for December 31st, 2024 and see Appendix C for December 31st, 2025 Reserves & Resources.

    3. Total Return of Capital yield calculated as (~$152 million annual dividend) plus ($600 million share buyback amount completed in 2025) / total market capitalization (USD) as of February 4th, 2026

       
       
       

    4. Annual dividend of $0.14 per share as announced on November 4th, 2025

    5. $600 million completed in 2025

    6. FCF Yield Calculated as 2026E Free Cash Flow Per Share estimate per consensus / Share Price. Source: S&P Capital IQ (incl. Kinross) of February 4th, 2026. Value for Free Cash Flow Per Share based on 2026E consensus as of February 4th, 2026

    7. As per Broker ratings available on Bloomberg as of February 4th, 2026. See Pg. 8

    8. Average daily dollar (USD) volume traded over last 30-days as of February 4th, 2026, across both TSX and NYSE

       5

    9. Spending on procurement, payments to governments, wages and benefits and community investments Kinross-wide (see 2024 Sustainability Report on https://www.kinross.com)

High Quality Portfolio of Assets

Backed by Top Tier1 Mines and World Class Development Projects in Attractive Jurisdictions

U.S.A

2025E

Fort Knox, U.S.A.

Manh Choh, U.S.A. (70% Owned)

Curlew, U.S.A

Great Bear, Canada

PEA7

Production: ~500koz/yr AISC8: ~$800/oz

Attributable Production2 : 685koz Attributable Cost of Sales2,3 : $1,420/oz Reserves9 : 4.4Moz 2P

Bald Mountain, U.S.A Round Mountain, U.S.A.

Head Office, Toronto, Canada

Tasiast, Mauritania

2025E

FY2025 Guidance (+/- 5%)	FY2026 Guidance (+/- 5%)	FY2027 Guidance (+/- 5%)
Attributable Production 2.0 million	2.0 million	2.0 million
Attributable Production Cost of Sales $1,120 (per Au eq. oz. sold)2,3	-	-
Attributable All-in Sustaining Cost $1,500 (per Au eq. oz. sold)2,3	-	-
Attributable Capital Expenditures2,3 $1,150	$1,5004	-

Production: 500koz Cost of Sales6: $860/oz Reserves5: 4.7Moz 2P

(Au eq. oz.)2

La Coipa, Chile

2025E

Production: 230koz Cost of Sales6: $1,060/oz

Reserves5: 0.6Moz 2P

Lobo-Marte, Chile

Operations
Development Projects

Reserves5: 6.7Moz 2P

Paracatu, Brazil

2025E

Production: 585koz Cost of Sales6: $1,025/oz

Reserves5: 4.9Moz 2P

(millions)

1. Top tier defined as assets with Life of Mine (LOM) into the next decade and annual production averaging greater than 500koz and LOM AISC <$1,000/oz (2025 nominal dollars)

   
   
   

2. Forecast 2025-2027 production, costs and capital expenditures is attributable and includes Kinross' share of Manh Choh (70%). See Appendix A for 2024 Actuals.

3. Refer to endnote #3.

4. Subject to ongoing inflation and project advancement

5. See Appendix B

6. See endnote #2.

7. Per metrics outlined in PEA published on September 10th, 2024

8. See endnote #6.

9. Mineral Reserves & Resources is a combination of 2024 and 2025 statement. See Appendix B for 6

   December 31st, 2024 and see Appendix C for December 31st, 2025 Reserves & Resources.

   Investment Case: Why Kinross?

   Delivering Shareholder Value

   Consistent Operational Excellence

   Rigorous Cost & Capital Discipline

   Strong Margins & Record Free Cash Flow Robust Investment Grade Balance Sheet Attractive Dividend & Share Buyback Significant Organic Growth Pipeline

   Growing per share metrics

   ✓

   ✓

   ✓

   ✓

   ✓

   ✓

   ✓

   Compelling Value

   2026E Free Cash Flow Yield %1

   8.5% 8.4%

   8.1%

   7.4% 6.8%

   6.6%

   5.5%

   3.0%

   
   
   
   
   

   Share Price Outperformance

   300%

   250%

   200%

   150%

   100%

   50%

   0%

   Kinross

   Gold

   GDX

   Attractive Portfolio

   Diversified Operational Base and

   World Class Development Projects

   High margin production driving

   record Free Cash Flow

   Strong Reserve & Resource Base

   and Pipeline of Projects

Jan-25 Jan-25 Feb-25 Mar-25 Mar-25 Apr-25 May-25 May-25 Jun-25 Jul-25 Jul-25 Aug-25 Sep-25 Oct-25 Oct-25 Nov-25 Dec-25 Dec-25

Jan-26

1. FCF Yield Calculated as 2026E Free Cash Flow Per Share estimate per consensus / Share Price. Source: S&P Capital IQ (incl. Kinross) of February 4th, 2026. Value for Free Cash Flow Per Share based on

2026E consensus as of February 4th, 2026. 7

Strong Capital Markets Presence

Ownership Summary1 Stock Information

New York Stock Exchange	NYSE:KGC
Toronto Stock Exchange	TSX:K
Number of Common Shares Outstanding (billion)	1.2102
Average Daily Trading Volume (TSX & NYSE)	>$500 million3
Market Capitalization | Enterprise Value (billion USD)	$39.8 | $39.44
Annual Dividend Yield	0.4%5

Total Ownership Institutional Geographic Ownership

15%

85%

Institutional

United States

2%

26%

54%

18%

Canada

Retail & Insiders

Europe

Rest of World

Total Return of Capital Yield 1.9%6

Top 10 Shareholders1 Strong Equity Research Coverage7

Investor	% of S/O
Van Eck Associates Corporation	8.8%
BlackRock Investment Management (U.K.), LTD	6.1%
The Vanguard Group, Inc.	4.0%
Arrowstreet Capital, L.P.	3.3%
Boston Partners Global Investors, Inc.	3.1%
BlackRock Fund Advisors	3.1%
Dimensional Fund Advisors, L.P. (U.S.)	2.7%
Renaissance Technologies, LLC	2.4%
RBC Global Asset Management, Inc.	2.4%
Norges Bank Investment Management (Norway)	2.0%
Total	37.9%

Firm	Analyst	Rating
1 Bank of America	Lawson Winder	BUY
2 BMO Capital Markets	Matthew Murphy	BUY
3 Beacon Securities	Michael Curran	BUY
4 Canaccord Genuity	Carey MacRury	BUY
5 CIBC Capital Markets	Anita Soni	BUY
6 Cormark Securities	Richard Gray	HOLD
7 Desjardins	Bryce Adams	BUY
8 Jefferies	Fahad Tariq	BUY
9 National Bank Financial	Shane Nagle	BUY
10 Raymond James	Judith Elliot	HOLD
11 RBC Capital Markets	Josh Wolfson	HOLD
12 Scotiabank GBM	Tanya Jakusconek	BUY
13 Stifel Canada	Ralph Profiti	BUY
14 TD Securities	Steven Green	BUY
15 UBS	Daniel Major	BUY
	Average Rating	BUY

1. Ownership as at September 30th, 2025 per S&P Global

2. As at September 30th, 2025

3. Average daily dollar (USD) volume traded over last 30-days across TSX and NYSE

   
   
   

4. As of February 4th, 2026

5. Annual dividend of $0.14 per share as announced on November 4th, 2025 8

6. Total Return of Capital yield calculated as ~$152 million annual dividend plus US$600 million completed share buyback amount for 2025 / total market capitalization (USD) as of February 4th, 2026

As per Broker ratings available on Bloomberg as of February 4th, 2026

Exceptional Operating Track Record

Kinross has a longstanding track record of meeting or exceeding annual guidance metrics

2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024 Kinross Peer1 Average Average
Met production guidance ✓	✓	✓	✓	✓	✓	✓	✓	✓	-	-	✓	~85% ~71%
Met cost guidance ✓									-			~92% ~68%
Met capital expenditures ✓												100% -

guidance

Kinross has a robust annual planning and guidance setting process

Strategic Update Day (SUD)

Spring

Strategic Business Planning (SBP)

Fall

Budget Review

December

Annual Guidance

February

2025 Guidance: On Track2

Production

(Au eq. Moz)

2.0Moz (+/-5%)

Cost of Sales

($/oz)

$1,120/oz (+/-5%)

All-in Sustaining Cost

($/oz)

$1,500/oz (+/-5%)

Capital

($ millions)

$1,150M (+/-5%)

YTD Q3/25 1.53Moz

YTD Q3/25

Guidance Range

$1,086/oz

YTD Q3/25

YTD Q3/25

$814M

$1,490/oz

1. Per Scotiabank Equity Research published March 2025 (Peer Averages from 2011-2024 excluding Kinross; Cost guidance includes both TCC and AISC, See Equity Research report for full peer list) 9

2. Refer to endnotes #1 and #3. See Appendix A for 2024 Actuals.

16.4%

AND

22.2%

21.7%

$687

$647

Return on Capital4

Attributable Cash Flow Results3

Increasing Return on Capital

AND

Strong Cash Flow Growth

Attractive Relative Cost Position

2025 AISC Guidance1

Operating Cash Flow (OCF)

$415

$434

13.6%

14.5%

$346

$371

8.5%

$145

5.4%

Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25

Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25

Free Cash Flow (FCF)

Cost of Sales Margin

$1,565

$1,313

$1,791

$1,838

$1,088

$1,502

$1,127

$1,153

$955

$760

Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25

AISC Margin

Strong Margins

Cost of Sales and AISC Margin2

$1,501

$1,814

$1,275

$1,304

$2,204

$1,510 $1,500

$1,525

$1,575

$2,310

$1,631

$1,643

Cost Discipline Driving Strong Cash Flow

US$M

1. 2025 AISC guidance based on mid-point value of Company guidance ranges. Refer to Appendix A for 2024 Actuals

2. Refer to endnote #7

   
   
   

3. OCF represents Attributable Adjusted Operating Cash Flow as reported. FCF represents Attributable Free Cash Flow as reported. Financial figures are non-GAAP financial measures or ratios, as applicable, with no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers. Refer to endnote #3. "Attributable" includes Kinross' 70% share of Manh Choh production,

   costs, cash flow, capital expenditures, 10

4. Per S&P Capital IQ calculations: Annualized NOPAT / Average Total Capital (i.e., Total Common Equity + Minority Interest + Long Term Debt + Long Term Leases)