Delivering Value. June 2025


Kinross Gold Corporation (TSX:K, NYSE:KGC) June 2025

Cautionary Statement on Forward-Looking Information Continued

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, Kinross' actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Kinross, including but not limited to resulting in an impairment charge on goodwill and/or assets. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this presentation are qualified by this cautionary statement and those made in our other filings with the securities regulators of Canada and the United States including, but not limited to, the cautionary statements made in the "Risk Analysis" section of our Management's Discussion and Analysis for the year ended December 31, 2024, and the "Risk Factors" set forth in the Company's Annual Information Form dated March 27, 2025. These factors are not intended to represent a complete list of the factors that could affect Kinross. Kinross disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

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 Great Bear preliminary economic assessment referenced in this presentation is preliminary in nature and is 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 preliminary economic assessment is 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

Table of Contents

June 2025

4 4

Company Overview

Great Bear Operations & Projects Sustainability

Appendix

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19

32

52

60



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

Who is Kinross?

June 2025



DIVERSIFIED ASSET BASE

  • >50% of production from 2 top tier assets(1)

  • Average Cost of Sales of

    <$1,000/oz from

    ~2/3rd of production(2)

    STABLE PRODUCTION OUTLOOK ~2MOZ

  • Portfolio of 6 mines producing ~2Moz per year(3)

  • Plus a pipeline of projects including the world class Great Bear Project

  • Sizeable reserve

    base ~22 Moz(4)

    STRONG FINANCIAL POSITION

  • Investment grade

    balance sheet

  • Stable dividend,

    currently yielding

    ~0.80%(5)

  • Additional return of capital planned -targeting $500 million of share buybacks in 2025(6)

  • Total Return of Capital yield of 3.5%(7)

    ATTRACTIVE VALUE

  • Strong Free Cash

    Flow yield of ~8%(8)

  • Buy Recommendation from Majority of Analysts(9)

  • Highly liquid stock

    trading

    ~US$350M(10) of

    daily volume across TSX:K & NYSE: KGC

    COMMITTED TO RESPONSIBLE MINING

  • Consistent top performer in Sustainability by key rating agencies

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

    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 <$1000/oz (2025 nominal dollars)

    2. Calculated based on assets outside of the U.S.A and mid-point of 2025 production and cost of sales guidance

    3. Gold equivalent ounces (AuEq, oz) through guidance timeframe out to 2027. Refer to endnote #1

    4. Mineral reserves as at December 31st, 2024. See Appendix B

    5. As of June 9th, 2025



    6. Targeted to be a minimum of $500 million assuming recent gold prices are sustained, and operations continue to deliver on plan

    7. Total Return of Capital yield calculated as US$150 million annual dividend plus US$500 million minimum share buyback amount for 2025 / total market capitalization (USD) as of June 9th, 2025

    8. FCF Yield Calculated as Share Price / 2025E Free Cash Flow Per Share estimate per consensus. Source: S&P Capital IQ (incl. Kinross) of June 9th, 2025 5

      Value for Free Cash Flow Per Share based on 2025E consensus as of June 9th, 2025

    9. As per Broker ratings available on Bloomberg as of June 9th, 2025

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

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Kinross Gold Corporation published this content on June 16, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 16, 2025 at 15:14 UTC.