Kinross proceeds with construction of Phase X, Curlew and Redbird 2 Contributes 3 million ounces of production, enhancing grades and extending mine lives All projects have an attractive NPV and IRR at a range of gold prices
Kinross proceeds with construction of Phase X, Curlew and Redbird 2
Contributes 3 million ounces of production, enhancing grades and extending mine lives
All projects have an attractive NPV and IRR at a range of gold prices
(This news release contains forward-looking information about expected future events and performance of the Company. We
refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 16 of
this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.)
TORONTO, Jan. 15, 2026 -- Kinross Gold Corporation (TSX: K; NYSE: KGC) (“Kinross” or the “Company”) today announced
that it is proceeding with the construction of three organic growth projects: the Round Mountain Phase X and Bald Mountain
Redbird 2 projects in Nevada, and the Kettle River-Curlew (“Curlew”) project in Washington. These projects are expected to
meaningfully extend mine life and will benefit long-term costs within Kinross’ United States (U.S.) portfolio.
Overall highlights 1:
• Continued positive exploration results and robust internal studies have demonstrated strong margins with average all-in
sustaining costs 2 (AISC) of ~$1,650 per gold equivalent ounce (“Au eq. oz.”) at an attractive Internal Rate of Return 3
(IRR) and Net Present Value4 (NPV) that supports proceeding to construction.
• These projects are expected to contribute significantly to Kinross’ U.S. production profile and to maintaining 2 million
Au eq. oz. per year, with expected production of 400,000 Au eq. oz. per year between 2029 and 2031 and a total of 3
million Au eq. oz. between 2028 and 2038, based on the initial mine plan inventories.
• Strong value proposition with a combined IRR of 55% and a combined incremental post-tax NPV 4 of $4.1 billion at a
gold price of $4,300.
• All three assets have significant potential for mine life extensions beyond the initial mine plan inventories included in the
completed project studies, potentially further enhancing returns and asset values.
• Phase X and Curlew continue Kinross’ grade enhancement strategy, adding higher grade underground ounces and
benefitting long-term costs at lower capital intensity as well as providing optionality for further mine life extension
beyond the initial mine plan inventories. Redbird 2 provides a substantial mine life extension of efficient open pit mining
at Bald Mountain with incremental AISC2 of $1,466 per Au eq. oz.
• Kinross intends to self-fund these projects from its operating cash flows and has forecasted capital expenditures of
approximately $425 million in 2026 to support their development. Total attributable capital expenditures 5 for the global
portfolio in 2026 are expected to be $1.5 billion (+/- 5%).
• As at December 31, 2025, the Company had completed its 2025 share repurchase program, achieving its increased
target of $600 million in shares and reducing its share count by 2.5%. The Company will continue to prioritize its strong
balance sheet, liquidity and return of capital program.
Round Mountain Phase X highlights 1:
• Robust Economics: Post-tax NPV 4 of $1.9 billion and IRR3 of 67% at a gold price of $4,300 per ounce.
• Extended Mine Life: The project adds 1.4 million Au eq. oz. to the life-of-mine production at Round Mountain, with
expected average incremental production of approximately 140,0006 Au eq. oz. per year, and extends mine life by eight
years to 2038.
• Cost Profile: In line with the Company’s thesis of transitioning to higher grade bulk tonnage underground mining, the
incremental Phase X life-of-mine AISC2 of $1,680 per Au eq. oz. and production cost of sales per Au eq. oz. sold 7 of
$1,576 are expected to lower the cost profile at Round Mountain.
• Initial Underground Reserve and Resource: Initial underground reserve of 1.2 Moz. Au eq. at 3.2 g/t, plus further
indicated underground resource of 0.2 million Moz. Au eq. and inferred resource of 0.5 Moz. Au eq.
• Further Upside: Significant potential for both proximal growth and extension of the resource down dip demonstrated by
existing intercepts outside of the initial reserve and resource.
Curlew highlights 1:
• Robust Economics: Post-tax NPV 4 of $1.2 billion and IRR3 of 44% at a gold price of $4,300 per ounce.
• Leveraging Existing Infrastructure: Restarting Kinross’ Kettle River mill to process high-grade mineralization from
the Curlew underground deposit ~40 kilometres (“km”) northwest of the mill.
• Near Term Producer: ~100,000 gold ounces (“Au oz.”) expected per year for the first five full years, with an initial 11-
year mine life at an average mine grade of 5.8 g/t. First production expected in 2028 and life-of-mine production of
approximately 940,000 Au oz.
• Cost Profile: Life-of-mine AISC2 of $1,726 per Au oz. and production cost of sales per Au oz. sold 7 of $1,487.
• High-Grade Expansion Potential: Potential for further extension of wide, high-grade mineralization at both Stealth
and Roadrunner based on existing intercepts provides further project upside.
Bald Mountain Redbird 2 highlights 1:
• Robust Economics: Post-tax NPV 4 of $1.0 billion and IRR3 of 58% at a gold price of $4,300 per ounce.
• Extended Mine Life: Redbird 2 and five satellite deposits add a combined 643,000 Au oz. of production, with
approximately 155,000 Au oz. expected per year, extending mine life to early 2032.
• Cost Profile: High-productivity, low-cost mining leading to an incremental life-of-mine AISC 2 of $1,466 per Au oz. and
production cost of sales per Au oz. sold 7 of $1,360.
• Resource and Exploration Upside: Significant potential for further mine life extension at Bald Mountain both from
exploration and from the current resource – highlighted by the Top open-pit deposit. The 2025 resource contains 2.5
Moz. Au measured and indicated plus 0.8 Moz. Au inferred.
CEO commentary
J. Paul Rollinson, CEO, made the following comments in relation to the projects’ announcement:
“We are excited to be moving ahead with Round Mountain Phase X, Curlew and Bald Mountain Redbird 2. These three new
growth projects are expected to contribute 3 million ounces of life-of-mine production to our portfolio, extend mine lives at our
Nevada assets well into the 2030s, and benefit our long-term costs in the U.S. Together they deliver attractive economics with
an expected quick payback, an IRR 3 of 55% and a cumulative NPV4 exceeding $4.1 billion at a $4,300 gold price.
“Higher-grade underground mining at Phase X and Curlew reflect the next phase of our grade enhancement strategy that we
initiated in 2022. The transition to underground mining at Round Mountain is anticipated to initially extend mine life to 2038 and
deliver incremental annual production of approximately 140,000 6 gold equivalent ounces. Curlew is a high-grade restart
opportunity in Washington, leveraging our existing Kettle River mill infrastructure, with an initial 11-year mine life at an average
mining grade of 5.8 g/t. Drilling at both assets has already shown wide, high-grade intercepts outside of the initial resource
that demonstrate the upside potential for further resource and mine life additions, which will continue to be a focus of our
exploration.
“Redbird 2 is expected to deliver high-productivity, low-cost production as the next anchor pit alongside five satellite pits. They
are designed to add approximately 155,000 gold ounces of annual production, initially extending Bald Mountain’s mine life to
2032, with further upside potential within the extensive land package.
“By funding these projects with cash flow from our operations, we are reinvesting in our business to generate additional value in
internal projects underpinned by a low-cost structure and excellent economics. As we look forward, these new projects are
well timed and are expected to start contributing in 2028, coinciding with getting back to higher-grade mining at Tasiast. We
look forward to unlocking their full potential as we continue delivering value for our shareholders, communities and
employees.”
Round Mountain Phase X overview
The Phase X project is a bulk tonnage underground mining opportunity below the current Phase W open pit at Round
Mountain, targeting higher-grade, lower-cost mining of the same mineralization at depth as part of the Company’s grade
optimization strategy to offset inflation and increase future margins at the site.
Phase X underground will benefit from the strong existing infrastructure at site and will be processed through the existing mill
in parallel with remaining open pit mineralization and stockpiles.
The Company expects Phase X to incrementally produce approximately 1.4 million Au eq. oz. over an initial 11-year mine life,
starting in 2028, extending production at Round Mountain until 2038, and averaging approximately 140,000 Au eq. oz. per year
from 2029 to 2037. Phase X is expected to lower Round Mountain’s future costs with an incremental AISC 2 of $1,680 per Au
eq. oz. sold.
Round Mountain Phase X incremental physical highlights 1
Average underground annual production (koz. Au eq./yr) (2029-2037) 140
Life-of-mine production (koz. Au eq.) 1.4 million
Peak mining rate (tpd) 4,800
Average grade processed (g/t Au) 3.0
Average recovery rate (% Au eq.) 88
Round Mountain Phase X financial highlights 1, 2, 3, 4, 7, 8
$3,200/Au oz. $4,300 /Au oz.
Average production cost of sales (per Au eq. oz. sold) $1,485 $1,576
Average all-in sustaining costs (per Au eq. oz.) $1,590 $1,680
Total initial capital expenditures (millions) $400 $400
IRR 40% 67%
NPV(5%) $1,044 $1,881
Payback (years) 3.0 1.9
Mine and processing plan
The Phase X project is planned as a bulk tonnage underground operation, with first production expected in 2028, ramping up to
a peak mining rate of 4,800 tonnes per day (tpd). Mining costs and AISC are expected to benefit from the wide, consistent
nature of the deposit, with an average width of 120 metres. The primary mining method is transverse long-hole open stoping
with paste backfill following a bottom-up mining sequence.
The mining cost and efficiency will also benefit from three underground accesses, including two declines that are already in
place and a third decline planned for 2028 to enhance both ventilation and haulage routes. The mine plan includes an
investment in early development of infrastructure for both the upper and lower zones to allow mining of both zones
concurrently, increasing the production rate and overall efficiency of mining.
The underground mineralization from Phase X will be processed through the existing 10,000 tpd milling facility at Round
Mountain, blending the higher-grade underground mineralization with lower grade open pit production from Phase S and with
low grade stockpile from historic open pit mining thereafter.
The Phase X mine plan inventory has the same geometallurgy as what has been mined historically at Round Mountain, and is
expected to have an average recovery of 88% based on a robust metallurgical testwork program, extensive history of
processing this mineralization and a bulk sample of the underground deposit in 2025 that demonstrated positive grade
reconciliation.
Capital expenditures and permitting
The initial project capital costs are expected to be approximately $400 million to be spent over four years, primarily related to
underground development, procurement of mining equipment, and construction of underground infrastructure. The study results
indicated that the capital for the transition to underground is significantly lower per ounce compared with expected capital
expenditures for further extensions of the open pit.
The infrastructure has been designed to support a long-life, highly productive underground mine with increased investment to
drive higher production rates and economies of scale, including optimization such as the development of both the upper and
lower zones concurrently and the addition of a third portal.
The initial capital also includes use of a mining contractor for the majority of the capital development in 2026, 2027, and 2028,
which is intended to de-risk the critical path to first production in 2028 and provides a two-year timeframe to ramp up internal
labour resources for self-perform underground mining.
Development of the underground headings and infrastructure is already well underway, benefiting from the six km of
underground development and dual declines completed as part of the exploration program.
The project’s execution timeline is significantly de-risked with federal permits for underground mining at 3,000 tons per day
already secured; Kinross expects to receive a minor federal modification to increase the mining rate beyond 3,000 tons per
day and finalize the state mining authorization for Phase X in Q1 2026, marking the completion of all major operational
permitting.
Forecast Round Mountain Phase X project
initial capital costs ($ millions)
Underground development & mining equipment 240
Underground infrastructure 90
Indirect & contingency 70
Total 400
Initial Phase X underground reserve and resource
The study and mine plan for Phase X are based on a significant initial underground reserve and resource at Round Mountain
that has been defined on the back of nearly 35 km of infill drilling since 2023.
Round Mountain Phase X
Summary of project mineral reserves and resources 9
(As of December 31, 2025)
Classification Tonnes Grade Gold Eq. Ounces
(000) (g/t Au) (000)
Probable Reserves 11,042 3.2 1,150
Indicated Resources 2,198 2.6 182
Inferred Resources 6,024 2.4 458
As the Phase X underground mine plan inventory overlaps with historic open pit resources from Phase W at Round Mountain,
the conversion to underground mining results in a reduction in the lower-grade, open-pit resource at Phase W and a net
reduction in the resource base at Round Mountain.
Transitioning to underground mining at Round Mountain is expected to increase the operation’s grade profile and results in
superior economics compared with continued open pit operations at Phase W, including lower costs, higher margins,
significantly higher IRR and NPV, and increased long-term optionality for mine-life extensions.
Exploration upside potential
This initial underground reserve and resource is a point in time estimate and only demonstrates a portion of the long-term
potential of the asset. There is significant potential to extend the reserve and resource at Phase X through both proximal and
down dip exploration, with existing intercepts already showing mineralization with similar width and grade outside of the Phase
X underground reserve and resource.
These potential future extensions are expected to come with lower incremental capital costs compared with further open pit
extensions at Phase W, leveraging the $400 million initial Phase X capital expenditures. The primary additional capital for
further reserve and resource additions is expected to be incremental development of ramps and access levels to exploit the
potential resource extensions.
Resource extensions down dip also have the potential to increase the underground mining rate at Phase X by opening more
stoping zones, resulting in a higher mill grade and production than the initial mine plan assumes.
Curlew overview
The Curlew project is a high grade, underground gold mine located ~40 km northwest of the Company’s 100%-owned Kettle
River mill and tailings facilities. Kinross has a long history of production in the region and significant infrastructure in place. The
Kettle River mill has produced 2.8 million Au oz. historically and it was moved to care and maintenance in 2017.
The Company expects Curlew to produce approximately 940,000 Au oz. over an initial 11 year mine life from 2028 to 2038,
averaging approximately 100,000 Au oz. per year for the first five full years, and 85,000 Au oz. per year for the life-of-mine.
Kettle River-Curlew physical highlights 1
Underground annual production (koz. Au/yr) - first 5 full years10 99
Underground annual production (koz. Au/yr) - life-of-mine 85
Life-of-mine production (koz. Au) 938
Mill processing rate capacity (tpd) 1,800
Average mining rate (tpd) 1,518
Average grade processed (g/t Au) 5.8
Average recovery rate (% Au) 80
Kettle River-Curlew financial highlights 1, 2, 3, 4, 7, 8
$3,200/Au oz. $4,300/Au oz.
Average production cost of sales (per Au oz. sold) $1,445 $1,487
Average all-in sustaining costs over life-of-mine (per Au oz.) $1,684 $1,726
Total initial capital expenditures (millions) $485 $485
IRR 24% 44%
NPV (5%) $528 million $1.2billion
Payback (years) 3.2 2.0
Mine plan
Curlew is planned as a high grade underground operation, with first production expected in 2028, ramping up to a peak mining
rate of 1,800 tpd. AISC benefits from the strong average grade of 5.8 g/t and good mining widths with an average width of over
six metres for the first five years and four metres life-of-mine. The mining methods will include both longitudinal and transverse
long hole open stoping with cemented and uncemented rockfill following a bottom-up mining sequence.
The project leverages the existing portal and underground infrastructure from the historic K2 mine, which will be extended to
support mining of the current Curlew deposit.
The mine plan will target the widest, highest-grade mineralization first driving the higher expected average gold production of
approximately 100,000 Au oz. per annum for the first five full years.
Existing drilling outside of the current resource shows potential to expand with higher-grade, wider mineralization, which would
be prioritized ahead of the lowest-grade mineralization in the current mine plan inventory, and providing potential to maintain
the 100,000 Au oz. per year production rate for longer.
Mill, processing, and tailings design
Mineralization from the Curlew mine is planned to be processed through the existing 1,800 tpd Kettle River mill. The mill
includes conventional crushing, grinding, and carbon-in-leach (CIL) gold recovery, and will be refurbished as part of the restart
project.
A new tailings dewatering plant will also be installed at the existing tailings management facility to convert from conventional to
dry stack tailings.
Capital expenditures and permitting
The initial project capital costs for the Curlew project are expected to be approximately $485 million to be spent over three
years, primarily related to underground development, procurement of mining equipment, refurbishment of the mill, and the
addition of the tailings dewatering plant.
The initial capital for the Kettle River mill restart is focused on supporting reliable long-term operations through a fulsome
refurbishment given the long initial mine life, the age of the mill, and the potential for further mine life expansion beyond 2038.
Learnings from previous mill restart projects, such as La Coipa, have been incorporated into our estimates and additional
capital has been added through recent study phases to replace processing equipment including crushers, mills, pumps,
cyclones, and feeders.
The initial capital also includes additional costs for the use of a mining contractor for the initial capital development to de-risk
the critical path to first production and provide more time to ramp up internal resources.
Forecast Kettle River-Curlew project
initial capital costs ($ millions)
Underground development & mining equipment 215
Mill refurbishment & surface infrastructure 145
Indirect & contingency 125
Total 485
The site construction program is well advanced and critical early works are complete. The Company is on track to award major
contracts for mining and construction in early 2026, and is advancing the hiring of key roles for project execution and
operations.
All significant permits for mining and processing activities have been received with the exception of one state-level permit
related to the tailings height increase, which is expected to be received in 2026.
Exploration upside potential
Kinross’ Curlew project offers significant upside potential, driven by ongoing exploration success and the geological
prospectivity of the district. Drilling campaigns have consistently grown the resource at depth, with more recent intercepts
confirming higher grades and improved mineability in the lower zones. The Company is focused on targeting wider, higher-
grade extensions along the productive paleosurface which includes multiple historic mines, including K1 and K2, to both
extend the overall resource and enhance the production profile from 2034 onward.
Drilling programs are already underway in areas such as Stealth North and Roadrunner, and wide, high-grade intercepts
outside of the current resource have already shown potential for further resource expansion.
Figure 1: Curlew exploration upside
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8b2af52c-faaf-43da-8125-0c73e969fc14
Bald Mountain Redbird 2 overview
The Redbird 2 project consists of Phase 2 of the Redbird pit along with five additional satellite pits that combined are expected
to incrementally produce a total of approximately 640,000 Au oz., with first production in 2028 and an average production of
approximately 155,000 oz. Au per year between 2028-2031, extending production at Bald Mountain until early 2032. The
project leverages the existing infrastructure, equipment, and workforce at Bald Mountain, continuing the long history of
successful open pit heap leach operations on the extensive land package.
The approval of Redbird 2 builds on the Q4 2024 decision to proceed with mining of Phase 1 at Redbird and the associated
conversion of approximately one million resource ounces to reserves. In 2025, an additional 0.2 Moz. Au have been included
from Redbird 2 and the new satellite deposits, more than offsetting depletion to grow the total reserves.
Bald Mountain Redbird 2 incremental physical highlights 1
Annual production (koz. Au/yr) (2028-2031) 155
Life-of-mine production (koz. Au) 643
Peak mining rate (ktpd) 229
Average grade processed (g/t Au) 0.5
Average recovery rate (% Au) 66
Bald Mountain Redbird 2 financial highlights 1, 2, 3, 4, 7, 8
$3,200/Au oz. $4,300/Au oz.
Average production cost of sales (per Au oz. sold) $1,300 $1,360
Average all-in sustaining costs (per Au oz.) $1,406 $1,466
Total initial capital expenditures (millions) $490 $490
IRR 32% 58%
NPV(5%) $484 million $1.0 billion
Payback (years) 2.4 1.7
Mine plan and processing
The mine plan centres on laybacks of previously mined pits, with Redbird 2 planned to be the next anchor pit and five satellite
pits – Poker, Casino, Bida, Galaxy and Saga – complimenting Redbird’s output and improving the production profile.
The strategy of mining both an anchor pit at Redbird and concurrent satellite pits is aligned with the historic mining strategy at
Bald Mountain, and provides significant economies of scale to support high-margin production at the operation.
The location of the Redbird pit, close to the existing Bald Mountain heap leach, truck shop, and administrative facilities, also
drives efficient operations and lower costs for the project with an expected incremental AISC2 of $1,466/oz.
Processing of Redbird 2 will take place on the Bald Mountain heap leach pad, and processing for the satellite pits will take
place on the Mooney heap leach pad. The heap leach pads will be expanded to accommodate the additional mine plan
inventory from this project.
Capital expenditures and permitting
The initial project capital costs for the Bald Mountain Redbird 2 project are expected to be $490 million to be spent over three
years, primarily related to waste stripping for the open pit mines, expansion of leach pads to accommodate the additional mine
plan inventory, and process infrastructure enhancements including the installation of a Sulphidization, Acidification, Recycling
and Thickening (SART) plant.
Initial capital was increased through the Redbird 2 study phase with the addition of the SART plant, addition of the satellite
pits, and additions to the mining fleet. The SART plant will add flexibility to process higher copper mineralization, lowering
operating costs, increasing life-of-mine production, and de-risking recovery. The addition of the satellite pits and additional
mining fleet is expected to improve the annual production profile by providing more concurrent mining and increasing the
economies of scale at the site.
Forecast Bald Mountain Redbird 2 project
initial capital costs ($ millions)
Mining & equipment 325
Initial infrastructure 125
Indirect & contingency 40
Total 490
Permitting for Redbird is well advanced, with the Redbird pit, three of the five satellite pits, and the two heap leach facilities
fully permitted, allowing for the start of project ramp-up this year.
Exploration and upside potential
Bald Mountain’s large, prolific land package, demonstrated by the more than 40 historic pits on the property, continues to be a
focus for further exploration to extend mine life. Exploration in 2024 and 2025 was successful in both growing and defining the
satellite pit inventories to complement the Redbird 2 mining profile. Going forward, exploration will continue to focus on both
satellite pit additions and discovering new anchor pits at the operation.
Bald Mountain has a substantial 2.5 Moz. Au measured and indicated resource, and 0.8 Moz. Au inferred resource. This
includes the next expected anchor pit, the Top pit, which is already in the existing resource with more than 1 Moz. contained.
The Top pit is already permitted for mining and will be the next focus of project study at Bald Mountain for further life-of-mine
extensions beyond 2032.
Self-funded capital expenditures
Kinross intends to fund the three projects from operating cash flows and will maintain its disciplined approach to managing its
business, including continuing to strengthen its balance sheet and return capital to shareholders.
In 2025, Kinross repaid $700 million of debt, returned over $750 million to shareholders through its increased dividend and
share buyback plan, and ended the year with approximately $1 billion in net cash 11. Further, the Company had available
credit12 of $1.6 billion as of September 30, 2025, and no debt maturities prior to 2033 following the early repayment of the 2027
senior notes in Q4 2025.
Capital expenditures guidance
The following section of the news release represents forward-looking information and users are cautioned that actual results
may vary. We refer to the risks and assumptions contained in the Cautionary Statement on Forward-Looking Information on
page 16 of this news release.
This guidance section references attributable capital expenditures, which is a non-GAAP financial measure, as applicable,
with no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other
issuers. The definition of this non-GAAP financial measure is included on page 11 of this news release.
To support the development of these three organic growth projects, Kinross has forecasted capital expenditures of
approximately $425 million in 2026. Total Kinross attributable capital expenditures 5 for 2026 are forecast to be approximately
$1.5 billion (+/- 5%).
Technical presentation details
In connection with this news release, Kinross will hold a virtual technical presentation and audio webcast at 9:00 a.m. EST on
Thursday, January 15, 2026, followed by a question and answer session.
Technical presentation details:
Webcast link: https://meetings.lumiconnect.com/400-874-048-179
Canada & US toll-free – +1 (800) 990-2777; Conference ID: 78159
Outside of Canada & US – +1 (416) 855-9085; Conference ID: 78159
Replay (available 30 days after the call):
Webcast Replay link: https://meetings.lumiconnect.com/400-874-048-179
Canada & US toll-free: 1-888-660-6264
Outside of Canada & US: 289-819-1325
Passcode: 78159 #
You may also access the presentation on a listen-only basis via webcast at www.kinross.com. The audio webcast will also be
archived at www.kinross.com.
About Kinross Gold Corporation
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil,
Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational
excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange
(symbol: K) and the New York Stock Exchange (symbol: KGC).
Media Contact
Samantha Sheffield
Director, Corporate Communications
phone: 416-365-3034
Investor Relations Contact
David Shaver
Senior Vice-President, Investor Relations & Communications
phone: 416-365-2854
APPENDIX A
Non-GAAP financial measures and ratios
The Company has included certain non-GAAP financial measures and ratios in this document. These financial measures and
ratios are not defined under IFRS and should not be considered in isolation. The Company believes that these financial
measures and ratios, together with financial measures determined in accordance with IFRS, provide investors with an improved
ability to evaluate the underlying performance of the Company. The inclusion of these financial measures and ratios is meant
to provide additional information and should not be used as a substitute for performance measures prepared in accordance
with IFRS. These financial measures and ratios are not necessarily standard and therefore may not be comparable to other
issuers.
For more information, please refer to the Company’s most recently filed Management’s Discussion and Analysis for a
reconciliation of the attributable all-in sustaining cost and attributable capital expenditures figures to the related GAAP figures.
All-in sustaining cost (AISC) per equivalent ounce sold
All-in sustaining cost per equivalent ounce sold is a non-GAAP financial ratio calculated based on guidance published by the
World Gold Council (“WGC”). The WGC is a market development organization for the gold industry and is an association
whose membership comprises leading gold mining companies including Kinross. Although the WGC is not a mining industry
regulatory organization, it worked closely with its member companies to develop this metric. Adoption of the all-in sustaining
cost metric is voluntary and not necessarily standard, and therefore, this ratio presented by the Company may not be
comparable to similar ratios presented by other issuers. The Company believes that the all-in sustaining cost ratio
complements existing measures and ratios reported by Kinross.
All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis.
Sustaining operating costs represent expenditures expected to be incurred that are considered necessary to maintain
production. Sustaining capital represents expected capital expenditures comprising mine development costs, including
capitalized waste, and ongoing replacement of mine equipment and other capital facilities, and does not include expected
capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements.
Attributable capital expenditures
Attributable capital expenditures are either sustaining capital expenditures or non-sustaining capital expenditures, depending
on the nature of the expenditure. Sustaining capital expenditures typically represent capital expenditures at existing
operations including capitalized exploration costs and capitalized development unless related to major projects, ongoing
replacement of mine equipment and other capital facilities and other capital expenditures and is calculated as total additions
to property, plant and equipment, less non-sustaining capital expenditures. Non-sustaining capital expenditures represent
capital expenditures for major projects, including major capital development projects at existing operations that are expected
to materially benefit the operation, as well as enhancement capital for significant infrastructure improvements at existing
operations. Management believes the distinction between sustaining capital expenditures and non-sustaining expenditures is a
useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of attributable all-in
sustaining costs per gold equivalent ounce. The categorization of sustaining capital expenditures and non-sustaining capital
expenditures is consistent with the definitions under the WGC all-in cost standard.
Attributable capital expenditures includes Kinross' 70% share of capital expenditures for Manh Choh. Management believes
this to be a useful indicator of Kinross’ cash resources utilized for capital expenditures.
Appendix B
Subset of 2025 Annual Mineral Reserve and Resource Statement
Proven and Probable Mineral Reserves
MINERAL RESERVE AND MINERAL RESOURCE STATEMENT GOLD
PROVEN AND PROBABLE MINERAL RESERVES (1,2,3,4,5,6,7)
Kinross Gold Corporation's Share at December 31, 2025
Kinross Proven Probable Proven and Probable
Location Interest Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
(%) (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz)
NORTH
AMERICA
Bald Mountain USA 100% 0 0.0 0 66,306 0.6 1,225 66,306 0.6 1,225
Round Mountain 7 USA 100% 5,365 0.3 59 39,690 1.4 1,829 45,055 1.3 1,888