K.TO · 2024-07-31 12:00:00

Kinross reports strong 2024 second-quarter results Robust margins and significant free cash flow enable $200 million debt repayment Positive progress at all growth projects including first gold produced from Manh Choh High-grade exploration results at Great Bear, Round Mountain and Curlew

Debt & Credit Facilities Drill Results Mine Development & Operations

Kinross reports strong 2024 second-quarter results

Robust margins and significant free cash flow enable $200 million debt repayment

Positive progress at all growth projects including first gold produced from Manh Choh

High-grade exploration results at Great Bear, Round Mountain and Curlew

TORONTO, July 31, 2024 -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the second quarter ended June 30, 2024.

This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set

out in our Cautionary Statement on Forward-Looking Information located on pages 30 and 31 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

2024 second-quarter highlights:

• Guidance reaffirmed: On an attributable basis, Kinross remains on track to meet its 2024 annual guidance for production, cost of sales, all-in sustaining cost and capital

expenditures.

• Production of 535,338 gold equivalent ounces (Au eq. oz.).

• Production cost of sales of $1,029 per Au eq. oz. sold and all-in sustaining cost1 of $1,387 per Au eq. oz. sold.

• Margins2 increased to $1,313 per Au eq. oz. sold, outpacing the rise in the average realized gold price.

• Operating cash flow of $604.0 million and adjusted operating cash flow 1 of $478.1 million. Attributable free cash flow 1 of $345.9 million.

• Reported net earnings of $210.9 million, or $0.17 per share, with adjusted net earnings 1 of $174.7 million, or $0.14 per share1.

• Balance sheet strength: Kinross has improved its debt metrics, with term loan repayments of $200.0 million. Total liquidity 3 is approximately $2.1 billion, including cash and

cash equivalents of $480.0 million.

• Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on September 6, 2024, to shareholders of record at the close of business on August

22, 2024.

• Climate Report: Kinross released its 2023 Climate Report, providing a comprehensive summary of its progress in 2023.

Operations:

• Tasiast, Paracatu and La Coipa delivered 67% of total production, with production cost of sales of $848 per Au eq. oz. sold and margins 2 of $1,494 per Au eq. oz. sold.

• Sustained strong performance at Tasiast as the mine continued to be the highest-margin operation in the portfolio, generating significant free cash flow.

• Fort Knox delivered a solid quarter, increasing production substantially at lower costs compared with Q1 2024.

Development Projects and Exploration:

• At Great Bear , Kinross remains on track to release a Preliminary Economic Assessment (PEA) in September. During the quarter, Kinross drilled the deepest drill hole to date,

which returned 3.8m at 9.52 g/t at a vertical depth of 1,575m, demonstrating robust mineralization at depth, well outside the current resource.

• Manh Choh achieved a significant milestone, on schedule, and poured its first gold bar on July 8, 2024. Full commissioning of the modifications at the Fort Knox mill is expected

in the third quarter and the project remains on track to deliver its planned production this year.

• At Round Mountain Phase X , the exploration decline is progressing well with over 2,200 metres developed to date. Extension drilling has intersected mineralization with strong

grades and widths outside of the primary exploration target.

CEO commentary:

J. Paul Rollinson, CEO, made the following comments in relation to 2024 second-quarter results:

“Kinross had another strong quarter supporting an excellent first half of the year. Our portfolio of mines performed well, delivering high-margin production, and we remain on track to meet

our annual production and cost guidance for 2024.

“Quarter-over-quarter, our margins2 grew by 21% to $1,313 per gold ounce sold, outpacing the rise in gold price, and attributable free cash flow 1 more than doubled to $346 million,

totalling $491 million year-to-date. We are continuing to prudently manage our business with a focus on maintaining our cost profile and capital discipline while continuing to advance

projects and exploration targets to drive future value. We also continue to strengthen our investment grade balance sheet and reduce debt.

“Thanks to the hard work of our team and partners in Alaska, we achieved an important milestone, on schedule, and poured the first gold bar from Manh Choh in early July. The mine

remains on plan, the Fort Knox mill is performing well, and the project is expected to be fully commissioned in Q3.

“At Great Bear, the drilling campaign continued to demonstrate positive results, including intersecting high-grade mineralization in the deepest drill hole to date, outside the current

resource. Permitting and engineering for both the AEX and Main Project are continuing to advance, and we are looking forward to releasing a Preliminary Economic Assessment in

September.

“We are also pleased to have released our 2023 Climate Report. We are on track to achieve our target of a 30% reduction in Scope 1 and Scope 2 GHG emissions intensity by 2030.”

Summary of financial and operating results

Three months ended Six months ended

June 30, June 30,

(unaudited, in millions of U.S. dollars, except ounces, per share amounts, and per ounce

amounts) 2024 2023 2024 2023

Operating Highlights

Total gold equivalent ounces(a)

Produced 535,338 555,036 1,062,737 1,021,058

Sold 520,760 552,969 1,043,160 1,043,299

Financial Highlights

Metal sales $ 1,219.5 $ 1,092.3 $ 2,301.0 $ 2,021.6

Production cost of sales $ 536.1 $ 497.9 $ 1,049.0 $ 981.8

Depreciation, depletion and amortization $ 295.8 $ 239.3 $ 566.5 $ 451.2

Operating earnings $ 298.3 $ 237.8 $ 491.5 $ 381.7

Net earnings attributable to common shareholders $ 210.9 $ 151.0 $ 317.9 $ 241.2

Basic earnings per share attributable to common shareholders $ 0.17 $ 0.12 $ 0.26 $ 0.20

Diluted earnings per share attributable to common shareholders $ 0.17 $ 0.12 $ 0.26 $ 0.20

Adjusted net earnings attributable to common shareholders(b) $ 174.7 $ 167.6 $ 299.6 $ 255.2

Adjusted net earnings per share(b) $ 0.14 $ 0.14 $ 0.24 $ 0.21

Net cash flow provided from operating activities $ 604.0 $ 528.6 $ 978.4 $ 787.6

Adjusted operating cash flow(b) $ 478.1 $ 459.1 $ 903.0 $ 791.9

Capital expenditures(c) $ 274.2 $ 281.9 $ 516.1 $ 503.1

Attributable(d) capital expenditures(b) $ 264.5 $ 272.3 $ 496.6 $ 484.9

Attributable(d) free cash flow(b) $ 345.9 $ 258.3 $ 491.2 $ 305.3

Average realized gold price per ounce(e) $ 2,342 $ 1,976 $ 2,206 $ 1,937

Production cost of sales per equivalent ounce(a) sold(f)(g) $ 1,029 $ 900 $ 1,006 $ 941

Production cost of sales per ounce sold on a by-product basis (b)(g) $ 989 $ 845 $ 965 $ 885

All-in sustaining cost per ounce sold on a by-product basis (b)(g) $ 1,357 $ 1,262 $ 1,319 $ 1,272

All-in sustaining cost per equivalent ounce(a) sold(b)(g) $ 1,387 $ 1,296 $ 1,348 $ 1,308

Attributable(d) all-in cost per ounce sold on a by-product basis (b) $ 1,756 $ 1,596 $ 1,685 $ 1,606

Attributable(d) all-in cost per equivalent ounce(a) sold(b) $ 1,774 $ 1,614 $ 1,702 $ 1,624

(a) “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 second quarter and first six months of 2024 was

81.06:1 and 84.51:1, respectively (second quarter and first six months of 2023 – 81.88:1 and 82.85:1, respectively).

(b) The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages [x] to [x] of this report. Non-GAAP financial measures and ratios have no standardized meaning under International Financial Reporting Standards

(“IFRS”) and therefore, may not be comparable to similar measures presented by other issuers.

(c) “Capital expenditures” is as reported as “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows.

(d) “Attributable” includes Kinross’ 70% share of Manh Choh costs, capital expenditures and cash flow, as appropriate.

(e) “Average realized gold price per ounce” is defined as gold metal sales divided by total gold ounces sold.

(f) “Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.

(g) As production from Manh Choh commenced in July 2024, production cost of sales and attributable all-in sustaining cost figures and ratios for Manh Choh are nil for all periods presented. As a result, production cost of sales and all-in sustaining cost

figures and ratios are equal to attributable production cost of sales and attributable all-in sustaining cost figures and ratios, as applicable.

The following operating and financial results are based on second-quarter gold equivalent production:

Production: Kinross produced 535,338 Au eq. oz. in Q2 2024, compared with 555,036 Au eq. oz. in Q2 2023. The 4% year-over-year decrease was primarily due to lower grades at

Paracatu according to the planned mining sequence.

Average realized gold price 4: The average realized gold price in Q2 2024 was $2,342 per ounce, compared with $1,976 per ounce in Q2 2023.

Revenue : During the second quarter, revenue increased to $1,219.5 million, compared with $1,092.3 million during Q2 2023.

Production cost of sales: Production cost of sales per Au eq. oz. sold increased to $1,029 for the quarter, compared with $900 in Q2 2023.

Production cost of sales per Au oz. sold on a by-product basis 1 was $989 in Q2 2024, compared with $845 in Q2 2023, based on gold sales of 505,122 ounces and silver sales of

1,267,528 ounces.

Margins2: Kinross’ margin per Au eq. oz. sold increased by 22% to $1,313 for Q2 2024, compared with the Q2 2023 margin of $1,076, outpacing the 19% increase in average realized

gold price4.

All-in sustaining cost1: All-in sustaining cost per Au eq. oz. sold was $1,387 in Q2 2024, compared with $1,296 in Q2 2023.

In Q2 2024, all-in sustaining cost per Au oz. sold on a by-product basis was $1,357, compared with $1,262 in Q2 2023.

Operating cash flow : Operating cash flow was $604.0 million for Q2 2024, compared with $528.6 million for Q2 2023.

Adjusted operating cash flow1 for Q2 2024 was $478.1 million, compared with $459.1 million for Q2 2023.

Attributable free cash flow 1: Attributable free cash flow increased by 34% to $345.9 million in Q2 2024, compared with $258.3 million in Q2 2023.

Earnings: Reported net earnings increased by 40% to $210.9 million for Q2 2024, or $0.17 per share, compared with reported net earnings of $151.0 million, or $0.12 per share, for Q2

2023.

Adjusted net earnings1 increased to $174.7 million, or $0.14 per share1, for Q2 2024, compared with $167.6 million, or $0.14 per share1, for Q2 2023.

Attributable capital expenditures 1: Attributable capital expenditures were $264.5 million for Q2 2024, compared with $272.3 million for Q2 2023, primarily due to a decrease in capital

development at Bald Mountain and La Coipa, partially offset by capital development at Round Mountain Phase S.

Balance sheet

The Company maintained its investment grade ratings and strengthened its balance sheet during the second quarter, including repaying $200.0 million on its term loan.

Kinross had cash and cash equivalents of $480.0 million as of June 30, 2024, compared with $352.4 million at December 31, 2023.

The Company has additional available credit5 of $1.65 billion and total liquidity3 of approximately $2.1 billion.

Dividend

As part of its quarterly dividend program, the Board of Directors declared a dividend of $0.03 per common share payable on September 6, 2024, to shareholders of record as of August 22,

2024.

Operating results

Mine-by-mine summaries for 2024 second-quarter operating results may be found on pages 10 and 14 of this news release. Highlights include the following:

Tasiast continued its consistent and solid performance, with production increasing compared with Q1 2024 mainly due to higher grades and record mill throughput, while cost of sales per

ounce sold remained largely in line. Production increased compared with Q2 2023 mainly as a result of the completion of the Tasiast 24k project in the second half of 2023, and cost of

sales per ounce sold was in line.

At Paracatu , production increased quarter-over-quarter mainly due to higher grades and recoveries, while cost of sales per ounce sold decreased mainly due to the higher production.

Production was lower compared with Q2 2023 mainly due to lower grades according to the planned mining sequence, and cost of sales per ounce sold was higher mainly due to the

decrease in grade and production.

At La Coipa, production was lower quarter-over-quarter mainly due to a decrease in grades and recoveries, and cost of sales per ounce sold was higher mainly due to higher mill

maintenance costs and timing of sales. Production was largely in line year-over-year, and cost of sales per ounce sold was higher primarily due to a lower proportion of mining activities

related to capital development and higher mill maintenance costs.

In the second quarter, strong grades and recovery offset lower throughput. The operation continued to generate robust cash flow, and full-year production guidance remains on track. The

Company is completing mill maintenance work aimed at increasing long-term plant reliability.

At Fort Knox, production increased significantly compared with the previous quarter mainly due to an increase in mill throughput, grades and recoveries, and was in line year-over-year.

Cost of sales per ounce sold decreased compared with the previous quarter mainly due to the increase in production, and cost of sales per ounce sold increased year-over-year due to

higher contractor and labour costs.

At Round Mountain , production decreased quarter-over-quarter mainly due to lower mill throughput and grades, and increased year-over-year mainly due to higher mill grades. Cost of

sales per ounce sold was higher quarter-over-quarter mainly due to the decrease in production, and year-over-year as a result of higher cost ounces produced from the heap leach pads,

partially offset by lower reagent and contractor costs.

At Bald Mountain , production was slightly lower compared with the previous quarter and increased year-over-year due to the timing of ounces recovered from the heap leach pads. Cost

of sales per ounce sold was higher quarter-over-quarter primarily as a result of higher maintenance costs, and largely in line year-over-year.

Development Projects and Exploration

Great Bear

At the Great Bear project, the Company’s robust exploration program continues to make excellent progress, execution planning for the Advanced Exploration (AEX) program is well

underway, permitting continues to advance, and the PEA is expected to be released in September 2024.

The drilling results described below (true width) continue to support the view of a high-grade, long-life mining complex at Great Bear, with recent results showing extension of

mineralization at depth across multiple zones.

At Yuma, the deepest drill hole on the property to date, BR-888C2, has intersected 3.8m @ 9.52 g/t Au, along the predicted plunge of the zone at a vertical depth of 1,575m below

surface. Also at Yuma, drill hole BR-695C3A intersected 10.3m @ 23.76 g/t at 1,285m vertical depth.

At Yauro, recent successful results received follow-up drill testing this quarter. Of note, drill hole BR-770C3 intersected 22.7m @ 6.51 g/t at a vertical depth of 1,000m below surface

demonstrating continuity of mineralization at depth.

Mineralization at Discovery continues to expand with recent drill results, including BR-896 and BR-898A, which intersected 5.4m @ 7.82 g/t at 700m vertical depth and 5.2m @ 3.92 g/t

at 780m vertical depth, respectively.

Drilling at Hinge and Limb this quarter has returned promising results for depth extension at both zones, providing optionality to supplement LP production in the future. At Hinge, drill

holes DL-132C1 and DL-132C4 crossed quartz veins containing high-grade mineralization with DL-132C1 intersecting 3.1m @ 9.33 g/t at 850m vertical depth and DL-132C4 intersecting

3.1m @ 22.65 g/t at 865m vertical depth. At Limb, drill holes DL-132C1 and DL-132C3 intersected 5.0m @ 5.52 g/t at 720m vertical depth and 2.4m @ 4.54 g/t at 800m vertical depth,

directly below the existing resource indicating mineralization remains open at depth.

The 2024 drill program will continue to target mineralization below the existing mineral resource, explore for additional deposits along strike, and expand the Red Lake style mineralization

at Hinge and Limb.

Notable exploration results at Great Bear in the second quarter include:

• BR-695C3A (Yuma) 10.3m @ 23.76 g/t Au at a vertical depth of 1,285m

◦ including 3.6m @ 65.51 g/t Au

• BR-770C3 (Yauro) 22.7m @ 6.51 g/t Au at a vertical depth of 1,000m

◦ including 3.5m @ 37.83 g/t Au

• BR-888C2 (Yuma) 10.7m @ 3.88 g/t Au at a vertical depth of 1,575m

◦ including 3.8m @ 9.52 g/t Au

• BR-896 (Discovery) 5.4m @ 7.82 g/t Au at a vertical depth of 700m

• BR-898A (Discovery) 5.2m @ 3.92 g/t Au at a vertical depth of 780m

• DL-132C1 (Hinge) 3.1m @ 9.33 g/t Au at a vertical depth of 850m

◦ and (Limb) 5.0m @ 5.52 g/t Au at a vertical depth of 720m

• DL-132C3 (Limb) 2.4m @ 4.54 g/t Au at a vertical depth of 800m

• DL-132C4 (Hinge) 3.1m @ 22.65 g/t Au at a vertical depth of 865m

For the AEX program, permitting, detailed engineering, execution planning, and procurement continue to advance. Kinross is targeting the start of surface construction in the second half

of 2024. Construction of the underground decline is planned to commence in mid-2025.

For the Main Project, Kinross continues to advance technical studies, including engineering and field test work campaigns. In the last quarter, metallurgical, geochemistry and backfill

test work was advanced to continue building technical knowledge and provide input into engineering studies.

Kinross is on track to release its PEA in September 2024. The PEA will provide visibility into the potential production scale, construction capital, all-in sustaining cost and margins for

both the open pit and the underground. The PEA will only include a subset of the ounces in the measured, indicated, and inferred resources drilled to date.

The Draft Tailored Impact Statement Guidelines for the Main Project were received from the Impact Assessment Agency of Canada in Q2 2024, as planned, and the Federal Impact

Assessment is underway. Studies are ongoing and the Company expects to file its Impact Statement in the first half of 2025.

Selected Great Bear Drill Results

See Appendix A for full results.

Hole ID

From

(m)

Width

(m)

True

Width (m) Au (g/t) Target

BR-695C3A 1,523.1 1,526.1 3.0 2.3 0.50 Yuma

BR-695C3A 1,539.6 1,542.6 3.0 2.3 0.92

BR-695C3A 1,552.9 1,566.6 13.8 10.3 23.76

BR-695C3A Including 1,553.9 1,558.8 4.8 3.6 65.51

BR-770C3 1,308.4 1,312.2 3.9 3.0 0.60 Yauro

BR-770C3 1,317.9 1,334.0 16.2 12.4 0.49

BR-770C3 1,353.1 1,382.5 29.5 22.7 6.51

BR-770C3 Including 1,357.6 1,362.1 4.5 3.5 37.83

BR-770C3 1,393.5 1,396.5 3.0 2.3 0.69

BR-770C3 1,409.5 1,417.0 7.5 5.8 0.85

BR-770C3 1,440.5 1,445.5 5.0 3.9 0.57

BR-770C3 1,456.4 1,483.4 27.0 20.8 0.53

BR-770C3 1,570.7 1,574.5 3.8 2.9 1.75

BR-770C3 1,601.7 1,614.8 13.1 10.1 0.57

BR-888C2 1,990.4 1,997.2 6.9 6.0 0.69 Yuma

BR-888C2 2,008.2 2,020.6 12.3 10.7 3.88

BR-888C2 Including 2,009.3 2,013.6 4.3 3.8 9.52

BR-896 860.4 916.7 56.3 44.5 1.86 Discovery

BR-896 Including 881.6 888.4 6.8 5.4 7.82

BR-896 1,132.3 1,133.8 1.5 1.2 27.60

BR-898A 880.5 936.0 55.6 48.9 1.01 Discovery

BR-898A Including 928.6 934.5 5.9 5.2 3.92

BR-898A 978.0 986.3 8.3 7.3 0.47

BR-898A 997.3 1,008.6 11.4 10.0 1.36

BR-898A 1,014.0 1,043.0 29.0 25.5 2.30

BR-898A Including 1,032.0 1,034.3 2.3 2.0 3.13

BR-898A And including 1,039.5 1,041.5 2.0 1.8 15.56

BR-898A 1,060.5 1,065.0 4.5 4.0 0.68

DL-132C1 859.5 871.5 12.1 10.2 2.88 Hinge/Limb

DL-132C1 Including 859.5 865.4 5.9 5.0 5.52

DL-132C1 1,044.7 1,051.5 6.8 5.8 5.47

DL-132C1 Including 1,044.7 1,048.3 3.6 3.1 9.33

DL-132C1 1,136.6 1,140.7 4.1 3.4 1.18

DL-132C3 913.4 925.4 12.1 9.8 1.61 Limb

DL-132C3 Including 920.1 923.0 3.0 2.4 4.54

DL-132C4 885.3 888.7 3.5 2.9 0.55 Hinge

DL-132C4 1,043.1 1,059.0 15.9 13.4 6.08

DL-132C4 Including 1,043.1 1,046.8 3.7 3.1 22.65

Results are preliminary in nature and are subject to on-going QA/QC. Lengths are subject to rounding.

See Appendix B for a LP long section.

Fort Knox – Manh Choh

At the Kinross-operated, 70%-owned Manh Choh project, processing of ore at the Fort Knox mill began in early July and the first gold bar was poured on July 8, 2024, during a ceremony

with the Native Village of Tetlin and Lieutenant Governor of Alaska, Nancy Dahlstrom. Ore transportation has ramped up to planned volumes, full commissioning of the mill modifications

is expected to be completed in Q3, and the project remains on track to deliver planned production this year.

Round Mountain

The extension work at Round Mountain is advancing well. At Phase S , mining remains on plan. For the heap leach pad expansion, earthworks and procurement are both complete

while deployment of the geomembrane and overliner is advancing.

At Phase X , development of the exploration decline is progressing well, with over 2,200 metres developed to date. Infill drilling on the primary Phase X target began during the second

quarter, as planned, alongside continued opportunity drilling outside of the primary Phase X exploration target to extend zones of mineralization. The Company expects to begin receiving

the results from within the target mineralization in the third quarter.

The drilling in Q2 has shown exciting results, demonstrating strong grades and widths:

• DX-0052 (from 0m to 32.4m): 32.4m @ 29.6g/t Au Eq

• DX-0052 (from 40.5m to 63.4m): 22.9m @ 11.5 g/t Au Eq

• DX-0053: 18.9m @ 12.3g/t Au Eq

• DX-0040: 20.1m @ 6.5 g/t Au Eq

• DX-0054: 14.6m @ 5.3 g/t Au Eq

These results continue to indicate upside potential for expansion of the target area for mineralization and for the potential of future mining at Phase X. Watch a Round Mountain Phase X

animation here.

Curlew Basin exploration

At Curlew, Kinross’ exploration program continued to show positive results at both the Stealth and Roadrunner zones.

Results at Stealth continued to show zones of wider mineralization with strong grades. Drilling is still underway and will continue through the second half of the year. Intercepts to date in

2024 include (true width):

• 1447: 18.7m @ 13.7 g/t Au, includes 4.7m @ 19.4 g/t Au, and 1.4m @ 22.2 g/t Au

• 1447: 6.1m @ 20.9 g/t Au, includes 1.5m @ 56.7 g/t Au

• 1448: 4.6m @ 14.3 g/t Au, includes 1.5m @ 20.7 g/t Au

Delineation drilling at the Roadrunner zone continues with drilling from both surface and underground platforms to document the geometry and continuity. The mineralization at

Roadrunner was intercepted again in Q2, as highlighted below:

• 1442: 2.4m @ 12.5 g/t

Chile

Kinross’ activities in Chile are currently focused on La Coipa and potential opportunities to extend its mine life. The Lobo-Marte project continues to provide optionality as a potential large,

low-cost mine upon the conclusion of mining at La Coipa. While the Company focuses its technical resources on La Coipa, it will continue to engage and build relationships with

communities related to Lobo-Marte and government stakeholders.

Sustainability

Kinross published its 2023 Climate Report, providing comprehensive climate-related disclosures and the Company’s greenhouse gas (GHG) emissions data for 2023. The Climate Report

can be accessed here: www.kinross.com/2023-Climate-Report

Kinross continued to advance its Climate Change Strategy during 2023 and is on track to achieve its goal of a 30% reduction in Scope 1 and Scope 2 GHG emissions intensity per

ounce, over the 2021 baseline, by 2030. Efforts will continue to further reduce emissions intensity. The Climate Report details the Company’s progress towards the targets outlined in the

United Nations Framework Convention on Climate Change (UNFCCC) Paris Agreement and our performance on Kinross’ Climate Change Strategy.

The Climate Report continues to adhere to reporting best practices and ensure that stakeholders have comprehensive information about Kinross’ global efforts to reduce emissions and

address the impacts of climate change. Reporting has been in alignment with the Global Reporting Initiative (GRI) Standards since 2007, and in alignment with the recommendations of

the Task Force on Climate-related Financial Disclosures (TCFD) since 2020. The 2023 Climate Report begins the process of alignment with the International Sustainability Standards

Board’s IFRS S2 Climate-Related Disclosures standard, which replaces the previous TCFD framework.

Across the Kinross portfolio, all sites and projects maintained a focus on managing climate risk, proactively developing solutions for energy efficiency and contributing to resiliency in host

communities. An update of climate risk was completed for all sites and the Company’s renewable energy strategy progressed well, including the completion of a solar power plant at

Tasiast. The Company contributed to community resiliency through continued development of solar energy solutions for Colla indigenous communities in Chile, provision of water for semi-

nomadic communities near Tasiast, and ongoing engagement with communities and farmers in Paracatu, through the local watershed committee.

Climate-related opportunities are being considered in the planning for the Great Bear project, where the Company is focused on integrating best practices in energy efficiency and low-

carbon emissions technologies, mining techniques and environmental stewardship. Energy considerations are being embedded in the proposed design with a focus on mine and mill

process optimization, studying electrification of the underground, and energy efficient infrastructure. In the surface design, there is a strong focus on water management, water treatment

and water stewardship. Additional design considerations for Great Bear will be reflected in its PEA.

Conference call details

In connection with this news release, Kinross will hold a conference call and audio webcast on Thursday, August 1, 2024, at 8:00 a.m. EDT to discuss the results, followed by a question

-and-answer session. To access the call, please dial:

Canada & US toll-free – 1 (888) 596-4144; Passcode: 5766018

Outside of Canada & US – 1 (646) 968-2525; Passcode: 5766018

Replay (available up to 14 days after the call):

Canada & US toll-free – 1 (800) 770-2030; Passcode: 5766018

Outside of Canada & US – 1 (647) 362-9199; Passcode: 5766018

You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The audio webcast will be archived on 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

Victoria Barrington

Senior Director, Corporate Communications

phone: 647-788-4153

[email protected]

Investor Relations Contact

Chris Lichtenheldt

Vice-President, Investor Relations

phone: 416-365-2761

[email protected]

Review of operations

Three months ended June 30, (unaudited) Gold equivalent ounces

Produced Sold

Production cost of sales

($millions)

Production cost of

sales/equivalent ounce sold

2024 2023 2024 2023 2024 2023 2024 2023

Tasiast 161,629 157,844 156,038 152,564 102.3 99.5 656 652

Paracatu 130,228 164,243 130,174 163,889 135.2 135.2 1,039 825

La Coipa 65,851 66,744 63,506 67,378 58.8 43.6 926 647

Fort Knox 69,914 69,438 70,477 69,206 94.8 79.3 1,345 1,146

Round Mountain 61,787 57,446 60,049 57,412 93.9 85.5 1,564 1,489

Bald Mountain 45,929 39,321 39,818 42,181 50.6 54.5 1,271 1,292

United States Total 177,630 166,205 170,344 168,799 239.3 219.3 1,405 1,299

Maricunga - - 698 339 0.5 0.3 716 885

Operations Total 535,338 555,036 520,760 552,969 536.1 497.9 1,029 900

Six months ended June 30, (unaudited) Gold equivalent ounces

Produced Sold

Production cost of sales

($millions)

Production cost of

sales/equivalent ounce sold

2024 2023 2024 2023 2024 2023 2024 2023

Tasiast 320,828 288,889 307,052 281,043 202.0 187.9 658 669

Paracatu 258,501 287,577 258,284 292,233 270.9 253.2 1,049 866

La Coipa 137,096 120,340 134,631 129,158 110.9 88.5 824 685

Fort Knox 123,264 134,825 126,769 134,610 177.3 156.9 1,399 1,166

Round Mountain 130,139 116,278 128,218 115,638 184.5 182.0 1,439 1,574

Bald Mountain 92,909 73,149 87,059 89,464 102.7 112.5 1,180 1,257

United States Total 346,312 324,252 342,046 339,712 464.5 451.4 1,358 1,329

Maricunga - - 1,147 1,153 0.7 0.8 610 694

Operations Total 1,062,737 1,021,058 1,043,160 1,043,299 1,049.0 981.8 1,006 941

Interim condensed consolidated balance sheets

(unaudited, expressed in millions of U.S. dollars, except share amounts)

As at

June 30, December 31,

2024 2023

Assets

Current assets

Cash and cash equivalents $ 480.0 $ 352.4

Restricted cash 9.5 9.8

Accounts receivable and other assets 276.9 268.7

Current income tax recoverable 1.5 3.4

Inventories 1,144.0 1,153.0

Unrealized fair value of derivative assets 16.5 15.0

1,928.4 1,802.3

Non-current assets

Property, plant and equipment 7,922.6 7,963.2

Long-term investments 53.0 54.7

Other long-term assets 722.6 710.6

Deferred tax assets 12.6 12.5

Total assets $ 10,639.2 $ 10,543.3

Liabilities

Current liabilities

Accounts payable and accrued liabilities $ 546.9 $ 531.5

Current income tax payable 110.1 92.9

Current portion of long-term debt and credit facilities 799.5 -

Current portion of provisions 49.9 48.8

Other current liabilities 10.6 12.3

1,517.0 685.5

Non-current liabilities

Long-term debt and credit facilities 1,234.5 2,232.6

Provisions 900.4 889.9

Long-term lease liabilities 15.4 17.5

Other long-term liabilities 89.3 82.4

Deferred tax liabilities 435.2 449.7

Total liabilities $ 4,191.8 $ 4,357.6

Equity

Common shareholders' equity

Common share capital $ 4,486.7 $ 4,481.6

Contributed surplus 10,640.4 10,646.0

Accumulated deficit (8,738.4) (8,982.6)

Accumulated other comprehensive loss (68.6) (61.3)

Total common shareholders' equity 6,320.1 6,083.7

Non-controlling interests 127.3 102.0

Total equity $ 6,447.4 $ 6,185.7

Total liabilities and equity $ 10,639.2 $ 10,543.3

Common shares

Authorized Unlimited Unlimited

Issued and outstanding 1,229,025,839 1,227,837,974

Interim condensed consolidated statements of operations

(unaudited, expressed in millions of U.S. dollars, except per share amounts)

Three months ended Six months ended

June 30, June 30, June 30, June 30,

2024 2023 2024 2023

Revenue

Metal sales $ 1,219.5 $ 1,092.3 $ 2,301.0 $ 2,021.6

Cost of sales

Production cost of sales 536.1 497.9 1,049.0 981.8

Depreciation, depletion and amortization 295.8 239.3 566.5 451.2

Total cost of sales 831.9 737.2 1,615.5 1,433.0

Gross profit 387.6 355.1 685.5 588.6

Other operating expense 1.9 36.0 29.5 67.2

Exploration and business development 55.7 49.3 97.4 83.3

General and administrative 31.7 32.0 67.1 56.4

Operating earnings 298.3 237.8 491.5 381.7

Other income (expense) - net 5.7 (10.4) 5.8 (6.0)

Finance income 4.5 11.5 8.4 20.9

Finance expense (21.8) (26.0) (43.3) (53.5)

Earnings before tax 286.7 212.9 462.4 343.1

Income tax expense - net (77.8) (62.0) (146.9) (101.8)

Net earnings $ 208.9 $ 150.9 $ 315.5 $ 241.3

Net earnings (loss) from continuing operations attributable to:

Non-controlling interests $ (2.0) $ (0.1) $ (2.4) $ 0.1

Common shareholders $ 210.9 $ 151.0 $ 317.9 $ 241.2

Earnings per share attributable to common shareholders

Basic $ 0.17 $ 0.12 $ 0.26 $ 0.20

Diluted $ 0.17 $ 0.12 $ 0.26 $ 0.20

Interim condensed consolidated statements of cash flows

(unaudited, expressed in millions of U.S. dollars)

Three months ended Six months ended

June 30, June 30, June 30, June 30,

2024 2023 2024 2023

Net inflow (outflow) of cash related to the following activities:

Operating:

Net earnings $ 208.9 $ 150.9 $ 315.5 $ 241.3

Adjustments to reconcile net earnings to net cash provided from operating

activities:

Depreciation, depletion and amortization 295.8 239.3 566.5 451.2

Share-based compensation expense 2.8 2.0 5.3 1.4

Finance expense 21.8 26.0 43.3 53.5

Deferred tax (recovery) expense (21.2) 9.7 (12.6) 18.7

Foreign exchange losses (gains) and other (7.1) 31.2 7.9 21.8

Reclamation expense - - - 4.0

Changes in operating assets and liabilities:

Accounts receivable and other assets 41.0 42.2 51.3 87.6

Inventories 2.5 (39.9) 8.4 (83.1)

Accounts payable and accrued liabilities 112.2 91.2 124.3 85.4

Cash flow provided from operating activities 656.7 552.6 1,109.9 881.8

Income taxes paid (52.7) (24.0) (131.5) (94.2)

Net cash flow provided from operating activities 604.0 528.6 978.4 787.6

Investing:

Additions to property, plant and equipment (274.2) (281.9) (516.1) (503.1)

Interest paid capitalized to property, plant and equipment (17.0) (8.5) (51.9) (46.8)

Net (additions) disposals to long-term investments and other assets (15.7) (10.4) (18.8) 4.9

Decrease in restricted cash - net 0.8 2.2 0.3 1.4

Interest received and other - net 3.8 4.2 7.7 6.9

Net cash flow of continuing operations used in investing activities (302.3) (294.4) (578.8) (536.7)

Net cash flow of discontinued operations provided from investing

activities - 40.0 - 45.0

Financing:

Proceeds from drawdown of debt - - - 100.0

Repayment of debt (200.0) (220.0) (200.0) (220.0)

Interest paid - (2.3) (18.5) (26.5)

Payment of lease liabilities (3.4) (5.6) (6.8) (21.1)

Funding from non-controlling interest 11.7 6.7 27.2 11.8

Dividends paid to common shareholders (36.8) (36.9) (73.7) (73.7)

Other - net - (9.6) 0.3 (7.5)

Net cash flow used in financing activities (228.5) (267.7) (271.5) (237.0)

Effect of exchange rate changes on cash and cash equivalents (0.1) 0.9 (0.5) 1.4

Increase in cash and cash equivalents 73.1 7.4 127.6 60.3

Cash and cash equivalents, beginning of period 406.9 471.0 352.4 418.1

Cash and cash equivalents, end of period $ 480.0 $ 478.4 $ 480.0 $ 478.4

Operating Summary

Mine Period

Tonnes

Ore

Mined

Tonnes

Waste

Mined

Ore

Processed

(Milled)

Ore

Processed

(Heap

Leach)

Grade

(Mill)

Grade

(Heap

Leach)

Recovery

(a)(b)

Silver

Grade

Silver

Recovery

Gold Eq

Production

(c)

Gold Eq

Sales(c)

Production

cost of

sales

Production

cost of

sales/oz(d)

Cap Ex -

sustaining

(e)

Total

Cap Ex

(e)

DD&A

('000

tonnes)

('000

tonnes)

('000

tonnes)

('000

tonnes) (g/t) (g/t) (%) (g/t) (%) (ounces) (ounces) ($ millions) ($/ounce) ($ millions)

millions)

West

Africa Tasiast

2024 1,985 14,051 2,161 - 2.70 - 92% 161,629 156,038 $ 102.3 $ 656 $ 7.0 $ 75.2 $ 84.0

2024 2,044 15,145 2,073 - 2.46 - 91% 159,199 151,014 $ 99.7 $ 660 $ 10.1 $ 79.5 $ 77.9

2023 2,937 14,062 2,056 - 3.04 - 93% 160,764 171,199 $ 110.4 $ 645 $ 9.7 $ 85.2 $ 70.6

2023 3,486 12,231 1,796 - 3.10 - 92% 171,140 162,823 $ 108.5 $ 666 $ 12.2 $ 77.3 $ 69.0

2023 1,688 12,996 1,663 - 3.25 - 93% 157,844 152,564 $ 99.5 $ 652 $ 9.1 $ 81.9 $ 58.6

Americas

Paracatu

2024 14,094 12,108 15,053 - 0.35 - 80% 130,228 130,174 $ 135.2 $ 1,039 $ 44.6 $ 44.6 $ 45.7

2024 14,078 13,583 15,609 - 0.31 - 79% 128,273 128,110 $ 135.7 $ 1,059 $ 19.6 $ 19.6 $ 46.7

2023 16,865 11,619 15,279 - 0.35 - 79% 127,940 132,886 $ 144.2 $ 1,085 $ 41.6 $ 41.6 $ 43.3

2023 14,725 10,070 14,669 - 0.41 - 79% 172,482 167,105 $ 141.2 $ 845 $ 58.4 $ 58.4 $ 53.1

2023 14,199 10,948 15,104 - 0.42 - 80% 164,243 163,889 $ 135.2 $ 825 $ 39.7 $ 39.7 $ 49.8

La Coipa (f)

2024 690 3,773 882 - 1.97 - 84% 65.02 51% 65,851 63,506 $ 58.8 $ 926 $ 10.7 $ 10.7 $ 45.8

2024 1,035 2,696 827 - 2.09 - 87% 87.20 58% 71,245 71,125 $ 52.1 $ 733 $ 7.2 $ 7.2 $ 50.0

2023 1,591 3,762 1,188 - 1.92 - 78% 96.24 44% 73,823 73,477 $ 52.9 $ 720 $ 7.0 $ 10.9 $ 54.8

2023 1,137 5,597 1,017 - 1.69 - 81% 106.70 63% 65,975 65,856 $ 41.4 $ 629 $ 7.5 $ 15.2 $ 48.3

2023 869 8,009 971 - 1.62 - 81% 109.84 56% 66,744 67,378 $ 43.6 $ 647 $ 19.9 $ 23.3 $ 48.3

Fort Knox

(100%)(g)

2024 8,331 13,667 2,003 6,385 0.85 0.22 81% 69,914 70,477 $ 94.8 $ 1,345 $ 47.6 $ 89.2 $ 25.9

2024 10,037 12,211 1,850 8,778 0.67 0.24 76% 53,350 56,292 $ 82.5 $ 1,466 $ 37.7 $ 78.6 $ 20.5

2023 11,018 9,042 2,173 9,930 0.69 0.22 78% 84,215 81,306 $ 104.3 $ 1,283 $ 50.6 $ 114.3 $ 31.5

2023 6,667 12,265 1,912 5,961 0.81 0.21 78% 71,611 71,616 $ 82.3 $ 1,149 $ 52.1 $ 96.0 $ 24.6

2023 7,624 9,426 2,075 6,837 0.82 0.24 82% 69,438 69,206 $ 79.3 $ 1,146 $ 52.1 $ 90.3 $ 22.1

Fort Knox

(attributable)

(g)

2024 8,249 12,627 2,003 6,385 0.85 0.22 81% 69,914 70,477 $ 94.8 $ 1,345 $ 47.6 $ 79.5 $ 25.9

2024 10,009 11,271 1,850 8,778 0.67 0.24 76% 53,350 56,292 $ 82.5 $ 1,466 $ 37.7 $ 68.8 $ 20.5

2023 11,014 8,211 2,173 9,930 0.69 0.22 78% 84,215 81,306 $ 104.3 $ 1,283 $ 50.6 $ 100.7 $ 31.5

2023 6,667 11,970 1,912 5,961 0.81 0.21 78% 71,611 71,616 $ 82.3 $ 1,149 $ 52.1 $ 84.5 $ 24.6

2023 7,624 9,426 2,075 6,837 0.82 0.24 82% 69,438 69,206 $ 79.3 $ 1,146 $ 52.1 $ 81.5 $ 22.1

Round

Mountain

2024 2,956 12,069 806 1,541 1.11 0.35 73% 61,787 60,049 $ 93.9 $ 1,564 $ 2.1 $ 37.2 $ 65.9

2024 4,246 7,849 960 3,257 1.32 0.37 73% 68,352 68,169 $ 90.6 $ 1,329 $ 3.7 $ 19.3 $ 47.3

2023 4,666 4,640 884 2,729 0.91 0.48 68% 55,764 56,495 $ 82.6 $ 1,462 $ 4.6 $ 4.8 $ 45.0

2023 8,474 3,618 911 7,644 0.75 0.38 75% 63,648 61,931 $ 93.1 $ 1,503 $ 7.7 $ 7.8 $ 44.1

2023 10,496 6,119 1,021 10,028 0.67 0.35 76% 57,446 57,412 $ 85.5 $ 1,489 $ 10.5 $ 10.5 $ 33.5

Bald

Mountain

2024 2,906 16,020 - 2,906 - 0.47 nm 45,929 39,818 $ 50.6 $ 1,271 $ 4.4 $ 4.6 $ 27.0

2024 1,480 14,896 - 1,480 - 0.42 nm 46,980 47,241 $ 52.1 $ 1,103 $ 32.4 $ 32.4 $ 27.0

2023 3,894 14,556 - 3,918 - 0.47 nm 44,007 49,375 $ 57.1 $ 1,156 $ 36.3 $ 38.8 $ 25.0

2023 7,412 7,330 - 7,412 - 0.39 nm 40,593 41,300 $ 53.9 $ 1,305 $ 20.6 $ 24.9 $ 23.3

2023 4,142 11,319 - 4,119 - 0.42 nm 39,321 42,181 $ 54.5 $ 1,292 $ 16.5 $ 31.4 $ 25.6

(a) Due to the nature of heap leach operations, recovery rates at Bald Mountain cannot be accurately measured on a quarterly basis. Recovery rates at Fort Knox and Round Mountain represent mill recovery only.

(b) "nm" means not meaningful.

(c) Gold equivalent ounces include silver ounces produced and sold converted to a gold equivalent based on the ratio of the average spot market prices for the commodities for each period. The ratios for the quarters presented are as follows: Q2 2024: 81.06:1; Q1 2024:

88.70:1; Q4 2023: 85.00:1; Q3 2023: 81.82:1; Q2 2023: 81.88:1.

(d) “Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.

(e) "Total Cap Ex" is as reported as “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows. "Cap Ex - sustaining" is a non-GAAP financial measure. The definition and reconciliation of this non-GAAP financial measure

is included on pages 20 and 21 of this news release.

(f) La Coipa silver grade and recovery were as follows: Q2 2024: 65.02 g/t, 51%; Q1 2024: 87.20 g/t, 58%; Q4 2023: 96.24 g/t, 44%; Q3 2023: 106.70 g/t, 63%; Q2 2023: 109.84 g/t, 56%.

(g) The Fort Knox segment is composed of Fort Knox and Manh Choh, and comparative results shown are presented in accordance with the current year’s presentation. Manh Choh tonnes of ore processed and grade were nil for all periods presented as production

commenced in July 2024. The attributable results for Fort Knox include 100% of Fort Knox and 70% of Manh Choh.

Reconciliation of 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 and ratios 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.

Adjusted Net Earnings Attributable to Common Shareholders and Adjusted Net Earnings per Share

Adjusted net earnings attributable to common shareholders and adjusted net earnings per share are non-GAAP financial measures and ratios which determine the performance of the

Company, excluding certain impacts which the Company believes are not reflective of the Company’s underlying performance for the reporting period, such as the impact of foreign

exchange gains and losses, reassessment of prior year taxes and/or taxes otherwise not related to the current period, impairment charges (reversals), gains and losses and other one-

time costs related to acquisitions, dispositions and other transactions, and non-hedge derivative gains and losses. Although some of the items are recurring, the Company believes that

they are not reflective of the underlying operating performance of its current business and are not necessarily indicative of future operating results. Management believes that these

measures and ratios, which are used internally to assess performance and in planning and forecasting future operating results, provide investors with the ability to better evaluate

underlying performance, particularly since the excluded items are typically not included in public guidance. However, adjusted net earnings and adjusted net earnings per share measures

and ratios are not necessarily indicative of net earnings and earnings per share measures and ratios as determined under IFRS.

The following table provides a reconciliation of net earnings to adjusted net earnings for the periods presented:

(unaudited, expressed in millions of U.S. dollars, except per share amounts)

Three months ended Six months ended

June 30, June 30,

2024 2023 2024 2023

Net earnings attributable to common shareholders - as reported $ 210.9 $ 151.0 $ 317.9 $ 241.2

Adjusting items:

Foreign exchange (gains) losses (6.4) 10.1 (9.9) 6.3

Foreign exchange losses (gains) on translation of tax basis and foreign exchange on

deferred income taxes within income tax expense 20.3 (18.5) 24.3 (31.7)

Loss on sale of assets - - - -

Taxes in respect of prior periods (30.7) 16.6 (22.7) 28.6

Insurance recoveries (22.9) (0.8) (22.9) (0.8)

Other(a) 4.9 12.4 15.4 15.2

Tax effects of the above adjustments (1.4) (3.2) (2.5) (3.6)

(36.2) 16.6 (18.3) 14.0

Adjusted net earnings attributable to common shareholders $ 174.7 $ 167.6 $ 299.6 $ 255.2

Weighted average number of common shares outstanding - Basic 1,229.0 1,227.6 1,228.6 1,226.3

Adjusted net earnings per share $ 0.14 $ 0.14 $ 0.24 $ 0.21

Basic earnings per share attributable to common shareholders - as reported $ 0.17 $ 0.12 $ 0.26 $ 0.20

(a) Other includes various impacts, such as one-time costs at sites, restructuring costs, legal settlements and gains and losses on hedges and the sale of assets, which the Company

believes are not reflective of the Company’s underlying performance for the reporting period.

Attributable Free Cash Flow

Attributable free cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities less attributable capital expenditures and non-controlling

interest included in net cash flows provided from operating activities. The Company believes that this measure, which is used internally to evaluate the Company’s underlying cash

generation performance and the ability to repay creditors and return cash to shareholders, provides investors with the ability to better evaluate the Company’s underlying performance.

However, this measure is not necessarily indicative of operating earnings or net cash flow provided from operating activities as determined under IFRS.

The following table provides a reconciliation of attributable free cash flow for the periods presented:

(unaudited, expressed in millions of U.S. dollars)

Three months ended

June 30,

Six months ended

June 30,

2024 2023 2024 2023

Net cash flow provided from operating activities -as reported $ 604.0 $ 528.6 $ 978.4 $ 787.6

Adjusting items:

Attributable(a) capital expenditures (264.5) (272.3) (496.6) (484.9)

Non-controlling interest(b) cash flow used in operating activities 6.4 2.0 9.4 2.6

Attributable(a) free cash flow $ 345.9 $ 258.3 $ 491.2 $ 305.3

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