For more information, please see Kinross’ 2022 Q3 Financial Statements and MD&A
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 1 Kinross reports 2022 third-quarter results www.kinross.com
For more information,
please see Kinross’ 2022 Q3
Financial Statements and MD&A
at www.kinross.com
NEWS RELEASE
Kinross reports 2022 third-quarter results
Company reports increased quarterly production and lower costs
Returned capital of approximately $300 million year-to-date
Toronto, Ontario – November 9 , 2022 – Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the
“Company”) today announced its results for the third-quarter ended September 30, 2022.
This news release contains forward-looking information about expected future events and financial and operating performance of the Company.
Please refer to the risks and assumptions set out in our Cautionary Statement on Forward -Looking Information located on page 30 of this
release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.
Results from the Company’s Russian and Ghanaian assets have been excluded from its Q 3 2022 continuing results, along with comparative
figures, due to the classification of these assets as discontinued as at September 30, 2022.
Q3 2022 highlights from continuing operations:
Gold equivalent production of 529,155 Au eq. oz. produced, an increase of 17% compared with Q2.
Production cost of sales 1 of $941 per Au eq. oz. sold and all-in sustaining cost2 of $1,282 per Au eq. oz.
sold, representing reductions of 8% and 4%, respectively, compared with Q2.
Margins3 of $791 per Au eq. oz. sold.
Operating cash flow4 of $173.2 million and adjusted operating cash flow2 of $259.4 million.
Reported net earnings5 of $65.9 million, or $0.05 per share, with adjusted net earnings2, 6 of $68.7 million, or
$0.05 per share2.
Cash and cash equivalents of $488.4 million, and total liquidity7 of approximately $2 billion at September 30,
2022.
Return of capital:
Kinross returned approximately $300 million of capital to its shareholders year-to-date through its enhanced
share buyback and quarterly dividend programs, or approximately $0.23 per share. Full year return of capital
is expected to be approximately $450 million.
Since launching an enhanced share buyback program in September , the Company has re-purchased
approximately $180 million in shares, or 60%, out of the $300 million planned for 2022.
Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on December
15, 2022 to shareholders of record at the close of business on December 1, 2022.
1 “Production cost of sales from continuing operations per equivalent ounce sold” is defined as production cost of sales, as reported on the interim condensed
consolidated statements of operations, divided by total gold equivalent ounces sold from continuing operations.
2 These figures are non-GAAP financial measures and ratios, as applicable, and are defined and reconciled on pages 18 to 23 of this news release. Non-GAAP
financial measures and ratios have no standardized meaning under IFRS and therefore, may not be comparable to similar measure s presented by other issuers.
3 “Margins” from continuing operations per equivalent ounce sold is defined as average realized gold price per ounce from continuing operations less production
cost of sales from continuing operations per equivalent ounce sold.
4 Operating cash flow figures in this release represent “Net cash flow of continuing operations provided from operating activities,” as reported on the interim
condensed consolidated statements of cash flows.
5 Reported net earnings (loss) figures in this news release represent “Net earnings (loss) from continuing operations attributable to common shareholders,” as
reported on the interim condensed consolidated statements of operations.
6 Adjusted net earnings figures in this news release represent “Adju sted net earnings from continuing operations attributable to common shareholders.”
7 “Total liquidity” is defined as the sum of cash and cash equivalents, as reported on the interim condensed consolidated balance sheets, and available credit
under the Company’s credit facilities (as calculated in Section 6 – Liquidity and Capital Resources of Kinross’ MD&A for the three and nine months ended
September 30, 2022).
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 2 Kinross reports 2022 third-quarter results www.kinross.com
Company guidance:
Kinross is expecting its 2022 production to be approximately 2 million Au eq. oz. , mainly due to the temporary
delays in La Coipa’s mill ramp-up and commissioning related to the Tasiast 21k project. Full-year production
from continuing operations for the year ended December 31, 2021 was 1,447,240 Au eq. oz.
The Company expects its 2022 production cost of sales to be slightly above $900 per Au eq. oz. All-in sustaining
cost is expected to be approximately $1,240 per Au eq. oz. sold 2. Consolidated production cost of sales was
$8328 per Au eq. oz. sold and attributable all-in sustaining cost of sales was $1,1382, 8 per Au eq. oz. sold for the
year ended December 31, 2021.
The Company now anticipates its 2022 capital expenditures to be approximately $750 million mainly due t o
deferred capital development across the portfolio. Capital expenditures from continuing operations were $822
million for the year ended December 31, 2021.
Kinross has updated its forecast to produce approximately 2.1 million attributable9 Au eq. oz. in 2023 and 2024,
respectively, and approximately 2 million attributable9 Au eq. oz. in 2025.
Development projects:
The Great Bear project in Red Lake, Ontario, continues to make excellent progress and the Company plans to
declare an initial mineral resource estimate in early 2023. Drilling results continue to confirm Kinross’ vision of
developing a large, long-life mining complex.
The Tasiast 24k project is on schedule to reach 24,000 tonnes per day throughput in mid-2023.
The Manh Choh project advanced well during the quarter with production expected in the second half of 2024.
CEO Commentary:
J. Paul Rollinson, President and CEO, made the following comments in relation to 2022 third-quarter results:
“During the quarter, our operations increased production and lowered costs, primarily driven by higher grades at
Paracatu, enhanced seasonal recoveries from our U.S. -based heap leaches, and the ramp-up at La Coipa, which
progressed well and is expected to continue trending upwards with the mill averaging throughput levels of
approximately 9,500 tonnes per day in October. Tasiast is on track to significantly increase production in the fourth
quarter, with higher recoveries and increased throughput, which is expected to contribute to our strongest quarter
of 2022.
“We are excited about our pipeline of development and exploration projects, which all made strong progress during
the quarter. At the world-class Great Bear project, drilling results continue to fulfill our expectations, including high-
grade intercepts at depth, and we are on track to declare an initial mineral resource early next year.
“We have returned approximately $300 million of capital to shareholders so far this year and expect to return a total
of approximately $450 million by year -end through our share repurchase and dividend programs . Since launching
our enhanced share buyback program in September, we have spent $180 million , effectively repurchasing for
cancellation the shares that were issued as part of the Great Bear transaction while maintaining our quarterly
dividend and investment-grade balance sheet.
“During the quarter we continued to advance our ESG goals. On climate change and emissions reductions, we
have completed an analysis of climate-related scenarios and their potential impacts on our future business,
advanced our pipeline of energy-efficiency projects, and entered into strategic partnerships with various
technology providers, suppliers and electric utilities.”
8 Results as previously reported for the year ended December 31, 2021 include Ghanaian and Russian operations. Production cost of sales per equivalent ounce
sold for the year ended December 31, 2021 is “Consolidated production cost of sales per equivalent ounce sold” and is defined as production cost of sales, as
reported on the consolidated statements of operations for the year ended December 31, 2021, divided by total gold equivalent ounces sold. Attributable all -in
sustaining cost per equivalent ounce sold of $1,138 for the year ended December 31, 2021 includes Kinross' share of Chirano ( 90%) production and costs. The
definition and reconciliation of this non-GAAP ratio is included on page 20 of this news release.
9 Attributable production guidance includes Kinross' share of Manh Choh (70%) production.
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 3 Kinross reports 2022 third-quarter results www.kinross.com
Summary of financial and operating results
(a) Total gold equivalent ounces produced and sold and attributable gold equivalent ounces produced and sold include results from the Kupol, Dvoinoye and Chirano
mines up to their disposal. "Total gold equivalent ounces" includes 100% of Chirano production. "Attributable gold equivalent ounces" includes Kinross' share of
Chirano (90%) production.
(b) The definition and reconciliation of these non-GAAP financial measures and ratios is included in on pages 18 to 23 of this news release. Non-GAAP financial
measures and ratios have no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers.
(c) “Gold equivalent ounces” include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the
commodities for each period. The ratio for the third quarter of 2022 was 89.91:1 (third quarter of 2021 – 73.45:1). The ratio for the first nine months of 2022 was
83.22:1 (first nine months of 2021 – 69.90:1).
(d) “Capital expenditures from continuing operations” is as reported as “Additions to property, plant and equipment” on the interim condensed consolidated
statements of cash flows.
(e) “Average realized gold price per ounce from continuing operations” is defined as gold metal sales from continuing operations divided by total gold ounces sold
from continuing operations.
(f) “Production cost of sales from continuing operations per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold
from continuing operations.
(g) On June 15, 2022, the Company announced that it had completed the sale of its Russian operations, which includes the Kupol and Dvoinoye mines and the
Udinsk project. On August 10, 2022, the Company announced that it had completed the sale of its Chirano mine in Ghana. Results for the three and nine months
ended September 30, 2022 and 2021 are from continuing operations and exclude results from the Company’s Chirano and Russian operations due to the
classification of these operations as discontinued as at September 30, 2022.
(h) “Attributable all-in cost” includes Kinross’ share of Manh Choh (70%) costs.
The following operating and financial results are based on third-quarter gold equivalent production and exclude
Russian and Ghanaian operations except where noted:
Production: Kinross produced 529,155 Au eq. oz. in Q 3 2022 from continuing operations , a 61% increase
compared with 328,409 Au eq. oz. in Q 3 2021. The year-over-year increase was primarily attributable to higher
production at Tasiast due to the temporary suspension of milling operations as a result of the mill fire in June 2021,
at Paracatu due to an increase in grade and recovery, and at La Coipa due to the restart and mill ramp-up.
Average realized gold price: The average realized gold price from continuing operations in Q3 2022 was $1,732
(unaudited, in millions of U.S. dollars, except ounces, per share amounts, and per ounce amounts) 2022 2021 2022 2021
Operating Highlights
Total gold equivalent ounces(a)
Produced(c) 542,677 486,819 1,612,770 1,591,939
Sold(c) 509,431 481,959 1,517,337 1,586,028
Total gold equivalent ounces from continuing operations(g)
Produced(c) 529,155 328,409 1,361,554 1,106,903
Sold(c) 494,413 325,162 1,307,219 1,104,293
Attributable gold equivalent ounces(a)
Produced(c) 541,325 483,060 1,604,564 1,579,928
Sold(c) 507,930 478,459 1,508,555 1,574,362
Financial Highlights from Continuing Operations (g)
Metal sales 856.5$ 582.4$ 2,378.9$ 1,984.7$
Production cost of sales 465.3$ 289.8$ 1,279.2$ 914.0$
Depreciation, depletion and amortization 185.1$ 173.2$ 532.1$ 530.3$
Operating earnings (loss) 111.3$ (23.7)$ 277.8$ 209.8$
Net earnings (loss) from continuing operations attributable to common shareholders 65.9$ (72.9)$ 137.9$ 36.3$
Basic earnings (loss) per share from continuing operations attributable to common shareholders 0.05$ (0.06)$ 0.11$ 0.03$
Diluted earnings (loss) per share from continuing operations attributable to common shareholders 0.05$ (0.06)$ 0.11$ 0.03$
Adjusted net earnings from continuing operations attributable to common shareholders(b) 68.7$ 11.2$ 174.9$ 183.4$
Adjusted net earnings from continuing operations per share(b) 0.05$ 0.01$ 0.14$ 0.15$
Net cash flow of continuing operations provided from operating activities 173.2$ 140.3$ 528.2$ 547.1$
Adjusted operating cash flow from continuing operations(b) 259.4$ 141.3$ 760.4$ 671.7$
Capital expenditures from continuing operations(d) 197.3$ 203.8$ 447.4$ 566.0$
Free cash flow from continuing operations(b) (24.1)$ (63.5)$ 80.8$ (18.9)$
Average realized gold price per ounce from continuing operations(e) 1,732$ 1,792$ 1,821$ 1,797$
Production cost of sales from continuing operations per equivalent ounce(c) sold(f) 941$ 891$ 979$ 828$
Production cost of sales from continuing operations per ounce sold on a by-product basis(b) 919$ 881$ 966$ 818$
All-in sustaining cost from continuing operations per ounce sold on a by-product basis(b) 1,269$ 1,365$ 1,279$ 1,162$
All-in sustaining cost from continuing operations per equivalent ounce(c) sold(b) 1,282$ 1,369$ 1,287$ 1,169$
Attributable all-in cost(h) from continuing operations per ounce sold on a by-product basis(b) 1,555$ 1,766$ 1,543$ 1,552$
Attributable all-in cost(h) from continuing operations per equivalent ounce(c) sold(b)
1,560$ 1,766$ 1,547$ 1,555$
Nine months ended
September 30,
Three months ended
September 30,
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 4 Kinross reports 2022 third-quarter results www.kinross.com
per ounce, compared with $1,792 per ounce in Q3 2021.
Revenue: During the third quarter, revenue from continuing operations increased to $856.5 million, compared with
$582.4 million during Q3 2021.
Production cost of sales: Production cost of sales from continuing operations per Au eq. oz. sold increased to
$941 for the quarter , compared with $891 in Q3 2021, mainly as a result of inflationary cost pressures on key
consumables, such as fuel, emulsion and reagents across the portfolio.
Production cost of sales from continuing operations per Au oz. sold2 on a by-product basis was $919 in Q3 2022,
compared with $881 in Q3 2021, based on gold sales of 480,775 ounces and silver sales of 1,226,108 ounces.
Margins3: Kinross’ margin from continuing operations per Au eq. oz. sold was $791 for Q3 2022, compared with
the Q3 2021 margin of $901.
All-in sustaining cost 2: All-in sustaining cost from continuing operations per Au eq. oz. sold was $1,282 in Q3
2022, compared with $1,369 in Q3 2021.
In Q3 2022, all-in sustaining cost from continuing operations per Au oz. sold on a by -product basis was $1,269,
compared with $1,365 in Q3 2021.
Operating cash flow: Operating cash flow from continuing operations 4 was $173.2 million for Q3 2022, compared
with $140.3 million for Q3 2021.
Adjusted operating cash flow from continuing operations 2 increased to $259.4 million in Q3 2022, compared with
$141.3 million for Q3 2021.
Free cash flow2: Free cash flow from continuing operations in Q3 2022 was an outflow of $24.1 million, however
included total working capital changes representing an outflow of $86.2 million 10. In Q3 2021, free cash flow was
an outflow of $63.5 million.
Earnings: Reported net earnings 5 from continuing operations was $ 65.9 million, or $0.05 per share for Q3 2022,
compared with reported net loss of $72.9 million, or $0.06 per share, for Q3 2021. The increase in reported net
earnings was mainly due to the temporary suspension of milling operations at Tasiast in June 2021.
Adjusted net earnings from continuing operations2,6 were $68.7 million, or $0.05 per share, for Q3 2022, compared
with $11.2 million, or $0.01 per share, for Q3 2021.
Capital expenditures: Capital expenditures from continuing operations decreased to $197.3 million for Q3 2022,
compared with $203.8 million for Q 3 2021. The decrease was primarily due to mine sequencing at Tasiast, Fort
Knox and Round Mountain involving a decrease in capital stripping, partially offset by increased expenditures at La
Coipa and an increase in capital stripping at Bald Mountain.
Balance sheet
As of September 30, 2022, Kinross had cash and cash equivalents of $488.4 million, compared with $719.1 million
at June 30, 2022.
During the quarter, the Company made net repayments of $100 million on the outstanding balance on its revolving
credit facility and maintained its investment grade balance sheet.
10 Total working capital changes is defined as the sum of the changes in operating assets and liabilities, including income taxes paid, as reported on the interim
condensed consolidated statements of cash flows (as shown in the adjusted operating cash flow from continuing operations reconciliation table on page 19 of this
news release).
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 5 Kinross reports 2022 third-quarter results www.kinross.com
As of September 30, 2022, the Company had additional available credit 11 of approximately $1.5 billion and total
liquidity7 of approximately $2 billion.
Return of capital
On September 19, 2022, Kinross announced an enhanced share buyback program, allocating an increased portion
of asset sales’ proceeds and excess free cash flow to share buybacks. The Company believes Kinross’ shares offer
exceptional returns on invested capital , and that the buyback offers a highly attractive use of excess cash . The
buyback program will also allow reinvestment in the business and the maintenance of a strong credit profile.
Reflecting the Company’s financial strength and proceeds from recent asset sales, under the enhanced share
buyback program Kinross has re-purchased approximately $180 million in shares, or 60% of the $300 million target
for 2022. Year-to-date Kinross has returned approximately $300 million of capital through its enhanced share
buyback and quarterly dividend programs, and expects to return total capital of approximately $450 million by year
end.
On September 29, 2022, Kinross received approval from the Toronto Stock Exchange to increase its normal course
issuer bid (“NCIB”) program. Under the amended NCIB pr ogram, the Company is authorized to purchase up to
114,047,070 of its common shares (out of the 1,300,045,558 common shares outstanding as at July 27, 2022)
representing 10% of the Company’s public float, during the period starting on August 3, 2022 and ending on August
2, 2023.
As part of its continuing quarterly dividend program, the Company declared a dividend of $0.03 per common share
payable on December 15, 2022 to shareholders of record at the close of business on December 1, 2022.
Operating results
Mine-by-mine summaries for 202 2 third-quarter operating results may be found on pages 13 and 17 of this news
release. Highlights include the following:
At Tasiast, production was largely in line with the previous two quarters , and higher year -over-year due to the
temporary suspension of milling operations in June 2021. During the third quarter, planned mill availability,
throughput and recovery were lower than expected due to some commissioning challenges. Three new leach tanks
were brought online in September and October, which has enabled a new pre -oxidation stage and increased
retention time, and is expected to drive higher recoveries. Higher recoveries and mill throughput are expected to
result in an increase in fourth quarter production.
Cost of sales per ounce sold was lower quarter-over-quarter due to lower operating waste mined , and lower year-
over-year due to the increase in production as a result of the temporary suspension of milling operations in 2021.
Cost of sales per ounce sold is expected to decrease in the fourth quarter with the anticipated increase in production.
Paracatu performed well during the quarter, increasing production significantly compared with Q2 2022 and Q3
2021 mainly as a result of higher grade and higher recoveries, with continued high-grade material expected for the
remainder of the year driving a further increase in production. Cost of sales per ounce sold was lower quarter-over-
quarter mainly due to the increase in production an d higher year-over-year mainly due to inflationary pressure on
consumables, contractors, labour and maintenance costs.
At Fort Knox, production was largely in line with Q2 2022, and increased compared with Q3 2021 primarily due to
higher mill throughput. The site had another strong quarter of stacking onto the leach pad, and solution grades from
heap leach processing are increasing, positioning Q4 to be another strong quarter . Cost of sales per ounce sold
was in line quarter-over-quarter and increased year-over-year primarily due to inflationary pressure on consumables
and higher contractor costs.
11 “Available credit” is defined as available credit under the Company’s credit facilities and is calculated in Section 6 – Liquidity and Capital Resources of Kinross’
MD&A for the three and nine months ended September 30, 2022.
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 6 Kinross reports 2022 third-quarter results www.kinross.com
At Round Mountain, production was higher than the previous quarter mainly due to more ounces recovered from
the heap leach pads, and year -over-year production was largely in line. Cost of sales per ounce sold was lower
quarter-over-quarter mainly due to higher production, and higher year -over-year related to inflationary cost
pressures on consumables.
The Company has completed the Round Mountain optimization program, which evaluated four primary options to
exploit the significant resources at the site: Phase S open pit pushback, Phase W 3 open pit pushback, Phase X
underground, and Gold Hill underground.
Given the high levels of inflation experienced in Nevada, and the Company’s focus on capital discipline, cash flow
generation, and resiliency, Kinross is prioritizing the underground opportunities at Pha se X and Gold Hill , and
continuing to mine Phase W (W1 and W2) . The expansion opportunities at Phase W3 and Phase S have been
deferred, and the associated ounces will remain in reserves and could potentially be exploited in the future as the
environment improves. The two underground opportunities show potential for higher -margin, higher -return
operations at Round Mountain compared to open pit, along with increased flexibility and optionality . A team with
underground expertise has been assembled and the Company will be in position to start construction of an
underground decline at Phase X next year.
Bald Mountain performed well during the quarter, with production increasing and cost of sales per ounce sold
decreasing compared with Q2 2022. The quarter-over-quarter production increase was mainly due to more ounces
recovered from the heap leach pads, partially offset by lower grades, while cost of sales per ounce was down mainly
as a result of higher capitalized stripping. Year -over-year production was higher primarily due to more ounces
recovered from the heap leach pads and, for the same time period, cost of sales per ounce sold was higher largely
as a result of inflationary pressure on consumables.
At La Coipa, production increased significantly compared to the second quarter as the mill continued to ramp up
and resolve commissioning challenges, and cost of sales per ounce sold were lower quarter -over-quarter mainly
due to higher production. The pump and supply chain issues encountered earlier in the year have largely been
resolved, with mill throughput steadily increasing month -over-month and October averaging approximately 9,500
tonnes per day (t/d) with multiple days at or above 13,000 t/d . The mill is now expected to steadily increase to a
sustained design capacity of 13,000 t/d by the end of Q1 2023.
Development projects
Tasiast
The Tasiast 24k project continues to progress on schedule to reach throughput of 24,000 t/d by mid-2023. Following
project completion, it is expected that a ramp -up period will see 24,000 t/d plant throughput transitioning from an
intermittent to consistent basis by the end of the year. Procurement is substantially complete, with all major
equipment either on site or expected to arrive by year -end. Construction has commenced, and civil and concrete
works are well advanced.
The 34MW Tasiast solar power plant continues to advance and is on schedule for completion in the second half
of 2023. Engineering design is essentially complete and focused on deliverables for integration, procurement is well
advanced with all long -lead critical procurement items ordered and site preparation started in October. The solar
project is contributing to the Company’s efforts to reduce its greenhouse gas emissions and is expected to provide
approximately 20% of the site’s power.
Great Bear
At the Great Bear project in Red Lake, Ontario, the Company continues to make excellent progress and is on
schedule to declare an initial mineral resource in early 2023. The Company also plans to issue a Technical Report
to support the resource.
To date, Kinross has drilled approximately 160,000 metres and is on track to complete at least 200,000 metres of
exploration and infill drilling in 2022 at the Limb and LP Fault zone s. Since its last update on July 27, 2022, the
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 7 Kinross reports 2022 third-quarter results www.kinross.com
Company has received additional assay results, with a selection of the new results from targets at the LP Fault
zone highlighted in the table below.
Drilling results continue to support the view of a high -grade, world-class deposit that underpins the prospect of a
large, long-life mining complex. Results have also confirmed gold mineralization with good widths and high grades,
including high-grade mineralization at depths of more than 500 metres. These results support the view that the LP
Fault zone can support a long-life, high-grade, open-pit and underground mine. The initial results from the recently-
completed 35,000 metre grade control drill program have also helped confirm the high grade, continuous nature of
the intercepts observed in the LP Fault zone.
The Company is also analyzing an advanced exploration program that would establish an underground decline and
allow for more efficient exploration of deeper areas of the LP Fault, along with the nearby Hinge and Limb gold
zones, as well as bulk sampling. T he Company is targeting a potential start of the advanced program as early as
2024.
Baseline environmental surveys, local community socio -economic studies and engineering activities required for
the permitting process are progressing well. Kinross continues to advance its comprehensive local outreach and
engagement program for all Red Lake regional communities, including the establishment of a community office.
The Company is taking steps to build technical capacity and active site participation in the ar ea of environmental
monitoring with Wabauskang and Lac Seul First Nation partners, on whose traditional territories the project is
located.
Selected Great Bear Drill Results
See Appendix A for full results.
Hole ID From (m)
To
(m) Width (m)
True
Width (m)
Au
(g/t) Target
BR-545 428.5 453.8 25.3 24.5 3.64 Yauro
BR-545 including 429.5 431.4 1.95 1.8 36.34
BR-545 and 459.5 472.8 13.35 10.3 0.38
BR-545 and 486.9 492.5 5.6 5.0 0.60
BR-576 666.8 670.0 3.25 2.8 0.60 Yuma
BR-576 and 703.0 711.1 8.1 7.1 11.83
BR-576 including 704.0 707.0 3 2.8 29.54
BR-576 and 742.3 755.3 13 10.3 0.43
BR-576 and 809.7 815.7 6 5.0 0.59
BR-596 687.1 694.5 7.4 6.6 3.73 Yuma
BR-596 including 687.1 691.0 3.9 3.7 6.85
BR-596 and 701.0 738.8 37.75 28.3 1.03
BR-612 399.0 412.5 13.5 12.7 1.91 Auro
BR-612 including 402.0 405.0 3 2.8 4.27
BR-612 and 436.0 441.0 5 4.1 19.97
BR-612 including 436.0 439.5 3.5 3.1 27.77
BR-612 and 461.0 466.6 5.6 4.1 1.39
BR-621 174.0 178.6 4.6 4.2 0.67 Auro
BR-621 and 189.7 205.3 15.6 14.4 0.38
BR-621 and 245.3 250.0 4.7 3.8 0.68
BR-621 and 311.5 320.0 8.5 7.7 0.51
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 8 Kinross reports 2022 third-quarter results www.kinross.com
Hole ID From (m)
To
(m) Width (m)
True
Width (m)
Au
(g/t) Target
BR-621 and 330.0 374.9 44.9 43.1 2.27
BR-621 including 347.0 365.8 18.75 16.5 3.16
BR-621
and
including 372.0 373.0 1 1.0 26.50
BR-621 and 468.0 471.9 3.9 3.6 0.62
BR-621 and 480.5 495.0 14.5 11.2 0.48
BR-623 545.0 551.0 6 4.4 2.03 Auro
BR-623 and 578.0 608.8 30.75 22.8 7.62
BR-623 including 585.7 597.0 11.3 10.9 18.60
BR-623 and 627.3 628.0 0.75 0.7 18.90
BR-623 and 755.0 763.3 8.3 7.1 0.36
BR-623 and 806.7 809.6 2.95 2.8 3.23
BR-624 634.8 652.0 17.2 13.4 0.43 Auro
BR-624 and 670.0 698.5 28.5 23.1 7.11
BR-624 including 677.1 684.0 6.95 5.1 26.83
BR-624 and 823.0 832.0 9.05 7.5 0.58
BR-700 682.8 761.3 78.5 65.9 0.67 Yuma
BR-700 and 802.0 817.0 15 11.9 1.88
BR-700 including 812.1 813.7 1.6 1.2 15.10
BR-700 and 924.4 932.0 7.6 5.9 0.44
BR-700 and 940.7 945.5 4.75 4.1 0.45
Results are preliminary in nature and are subject to on-going QA/QC.
See Appendix B for a LP Fault zone long section.
See Appendix C for a visual representation of the conceptual geological interpretation of the potential Great Bear
deposit.
View an interactive 3D model of the Great Bear project here:
https://vrify.com/decks/Great-Bear-Project-Ontario-Canada-September-15-2022 (Updated to September 15,
2022).
Manh Choh
On July 27, 2022, the Company, as the operator of the joint venture, announced that it will proceed with development
of the 70% -owned Manh Choh project in Alaska. The project is expected to increase the Company’s production
profile in Alaska by a total of approximately 640,000 attributable Au eq. oz. over the life of mine at lower costs. Initial
production from Manh Choh is expected in the second half of 2024.
Early works at Manh Choh are focused on camp and initial road access, which are proceeding on schedule and on
budget. At Fort Knox foun dation work for the processing infrastructure upgrades are underway. Permitting is
progressing well and the Company received its wetland permit in the third quarter. Procurement and contracting
activities are advancing well, prioritizing local employment and contracting, including with the Native Village of Tetlin.
Lobo-Marte
Kinross continues to advance permitting activities at Lobo-Marte in order to preserve its optionality for Kinross’