K.TO · 2024-11-05 12:00:00

Kinross reports strong 2024 third-quarter results Significant margin growth and record free cash flow, $350 million debt repayment First gold from Manh Choh, strong PEA results at Great Bear On track to meet annual guidance

Debt & Credit Facilities Economic Studies Mine Development & Operations

Kinross reports strong 2024 third-quarter results

Significant margin growth and record free cash flow, $350 million debt repayment

First gold from Manh Choh, strong PEA results at Great Bear

On track to meet annual guidance

TORONTO, Nov. 05, 2024 -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the third quarter

ended September 30, 20241.

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 24 and 25 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

2024 third-quarter highlights:

• Production of 564,106 gold equivalent ounces (Au eq. oz.).

• Production cost of sales of $976 per Au eq. oz. sold and attributable production cost of sales 2 of $980 per Au eq. oz. sold.

• Attributable all-in sustaining cost2 of $1,350 per Au eq. oz. sold.

• Operating cash flow of $733.5 million.

• Attributable free cash flow 2 record of $414.6 million and year-to-date attributable free cash flow 2 of $905.8 million.

• Margins3 increased to $1,501 per Au eq. oz. sold, outpacing the rise in the average realized gold price.

• Reported net earnings of $355.3 million, or $0.29 per share, with adjusted net earnings 2 of $298.7 million, or $0.24 per share2.

• Balance sheet strength : Kinross continued to strengthen its balance sheet, repaying $350.0 million on its term loan in Q3 2024 and an additional

$100.0 million on November 1, 2024.

• Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on December 12, 2024, to shareholders of record at the

close of business on November 28, 2024.

• Guidance reaffirmed 4: Kinross remains on track to meet its 2024 annual guidance for production, cost of sales, all-in sustaining cost and capital

expenditures.

Operations:

• Tasiast had another excellent quarter with higher mill throughput rates and was again the lowest cost asset in the portfolio.

• Fort Knox delivered record grade and recovery as production commenced from Manh Choh during the quarter, resulting in a significant increase in

cash flow from Fort Knox.

• Paracatu increased production compared with Q2 2024 as a result of higher grades, in accordance with planned mine sequencing, and strong

recoveries.

• At Round Mountain Phase S , the heap leach pad expansion is now complete, on schedule and under budget, with solution application permits

received.

Development projects and exploration:

• At Great Bear , the Company released the Preliminary Economic Assessment (PEA) on September 10, 2024. The Project is expected to produce over

500,000 ounces per year at impressive margins with an all-in sustaining cost of approximately $800 per ounce during the first 8 years. For the Advanced

Exploration (AEX) program, Kinross has submitted its final Closure Plan to the Ontario Ministry of Mines for its approval and is expecting to start early

works construction in the near term.

• At Round Mountain Phase X and Curlew, exploration drilling is progressing well, with results to date showing strong grades and widths.

CEO commentary:

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

“I am pleased to report that our portfolio of mines continued its excellent performance, and we are on track to meet our annual guidance.

“We remain heavily focused on consistent operational performance, cost control, capital discipline and delivering on planned grades to generate value for our

shareholders. Our ability to hold costs in this strong gold price environment continues to benefit our margins, which grew by 14% to $1,501 per ounce sold

compared with Q2 and the 6% increase in the realized gold price. We also delivered record free cash flow, which increased by 20% compared with the previous

quarter.

“During the quarter, we released the PEA at Great Bear, which reaffirms our view of a high-quality, high-margin asset with robust economics, modest capital

requirements and clear opportunity for resource growth. Following an invitation from the Ontario Ministry of Mines, we are pleased to have submitted our final

AEX Closure Plan for approval, which is an important permitting milestone. We also completed the commissioning of our Manh Choh project resulting in a

significant increase in cash flow from Fort Knox and advanced Phase X at Round Mountain.”

Summary of financial and operating results

Three months ended Nine months ended

September 30, September 30,

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

ounce amounts) 2024 2023 2024 2023

Operating Highlights (a)

Total gold equivalent ounces(b)

Produced 593,699 585,449 1,656,436 1,606,507

Sold 578,323 571,248 1,621,483 1,614,547

Attributable gold equivalent ounces(b)

Produced 564,106 585,449 1,626,843 1,606,507

Sold 550,548 571,248 1,593,708 1,614,547

Financial Highlights (a)

Metal sales $ 1,432.0 $ 1,102.4 $ 3,733.0 $ 3,124.0

Production cost of sales $ 564.3 $ 520.6 $ 1,613.3 $ 1,502.4

Depreciation, depletion and amortization $ 296.2 $ 263.9 $ 862.7 $ 715.1

Reversal of impairment charge $ (74.1) $ - $ (74.1) $ -

Operating earnings $ 547.7 $ 226.2 $ 1,039.2 $ 607.9

Net earnings attributable to common shareholders $ 355.3 $ 109.7 $ 673.2 $ 350.9

Basic earnings per share attributable to common shareholders $ 0.29 $ 0.09 $ 0.55 $ 0.29

Diluted earnings per share attributable to common shareholders $ 0.29 $ 0.09 $ 0.55 $ 0.28

Adjusted net earnings attributable to common shareholders(c) $ 298.7 $ 144.6 $ 598.3 $ 399.8

Adjusted net earnings per share(c) $ 0.24 $ 0.12 $ 0.49 $ 0.33

Net cash flow provided from operating activities $ 733.5 $ 406.8 $ 1,711.9 $ 1,194.4

Attributable adjusted operating cash flow(c) $ 625.0 $ 472.1 $ 1,529.0 $ 1,267.1

Capital expenditures(d) $ 278.7 $ 283.9 $ 794.8 $ 787.0

Attributable capital expenditures(c) $ 275.5 $ 272.4 $ 772.1 $ 757.3

Attributable free cash flow(c) $ 414.6 $ 137.7 $ 905.8 $ 443.0

Average realized gold price per ounce(e) $ 2,477 $ 1,929 $ 2,304 $ 1,935

Production cost of sales per equivalent ounce(b) sold(f) $ 976 $ 911 $ 995 $ 931

Attributable production cost of sales per equivalent ounce(b) sold(c) $ 980 $ 911 $ 997 $ 931

Attributable production cost of sales per ounce sold on a by-product basis (c) $ 956 $ 860 $ 962 $ 876

Attributable all-in sustaining cost per ounce sold on a by-product basis (c) $ 1,332 $ 1,264 $ 1,324 $ 1,269

Attributable all-in sustaining cost per equivalent ounce(b) sold(c) $ 1,350 $ 1,296 $ 1,349 $ 1,303

Attributable all-in cost per ounce sold on a by-product basis (c) $ 1,677 $ 1,561 $ 1,682 $ 1,590

Attributable all-in cost per equivalent ounce(b) sold(c) $ 1,689 $ 1,579 $ 1,697 $ 1,608

(a) All measures and ratios include 100% of the results from Manh Choh, except measures and ratios denoted as “attributable.” “Attributable” includes Kinross’ 70% share of Manh Choh production, sales, cash flow,

capital expenditures and costs, as applicable.

(b) “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

and first nine months of 2024 was 84.06:1 and 84.34:1, respectively (third quarter and first nine months of 2023 – 81.82:1 and 82.50:1, respectively).

(c) The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 15 to 20 of this news release. 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.

(d) “Capital expenditures” 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” 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.

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

Production: Kinross produced 564,106 Au eq. oz. in Q3 2024, compared with 585,449 Au eq. oz. in Q3 2023. The 4% year-over-year decrease was primarily a

result of planned lower production at Paracatu due to mine sequencing and fewer ounces recovered from the heap leach pads at Round Mountain, partially

offset by the commencement of production from Manh Choh.

Average realized gold price 5: The average realized gold price in Q3 2024 was $2,477 per ounce, compared with $1,929 per ounce in Q3 2023.

Revenue : During the third quarter, revenue increased to $1,432.0 million, compared with $1,102.4 million during Q3 2023.

Production cost of sales: Production cost of sales per Au eq. oz. sold was $976 for the quarter, compared with $911 in Q3 2023.

Attributable production cost of sales per Au oz. sold on a by-product basis 2 was $956 in Q3 2024, compared with $860 in Q3 2023, based on attributable gold

sales of 541,829 ounces and attributable silver sales of 732,857 ounces.

Margins3: Kinross’ margin per Au eq. oz. sold increased by 47% to $1,501 for Q3 2024, compared with the Q3 2023 margin of $1,018, outpacing the 28%

increase in average realized gold price5.

Attributable all-in sustaining cost2: Attributable all-in sustaining cost per Au eq. oz. sold was $1,350 in Q3 2024, compared with $1,296 in Q3 2023.

In Q3 2024, attributable all-in sustaining cost per Au oz. sold on a by-product basis was $1,332, compared with $1,264 in Q3 2023.

Operating cash flow : Operating cash flow was $733.5 million for Q3 2024, compared with $406.8 million for Q3 2023.

Attributable adjusted operating cash flow2 for Q3 2024 was $625.0 million, compared with $472.1 million for Q3 2023.

Attributable free cash flow 2: Attributable free cash flow tripled to a record $414.6 million in Q3 2024, compared with $137.7 million in Q3 2023. Year-to-date

attributable free cash flow was $905.8 million.

Earnings: Reported net earnings more than tripled to $355.3 million for Q3 2024, or $0.29 per share, compared with reported net earnings of $109.7 million, or

$0.09 per share, for Q3 2023.

Adjusted net earnings2 increased to $298.7 million, or $0.24 per share2, for Q3 2024, compared with $144.6 million, or $0.12 per share2, for Q3 2023.

Attributable capital expenditures 2: Attributable capital expenditures were $275.5 million for Q3 2024, in line with $272.4 million for Q3 2023.

Balance sheet

The Company continued to strengthen its balance sheet by repaying $350.0 million on its term loan in the quarter and an additional $100.0 million following the

quarter. As of November 5, 2024, $650.0 million has been repaid on the $1.0 billion term loan in 2024.

Kinross had cash and cash equivalents of $472.8 million as of September 30, 2024, compared with $352.4 million at December 31, 2023.

The Company has additional available credit6 of $1.65 billion and total liquidity7 of approximately $2.1 billion.

On October 28, 2024, the Company amended its $1,500.0 million revolving credit facility to extend the maturity by two years to October 2029, restoring a five-

year term.

Dividend

As part of its quarterly dividend program, the Board of Directors declared a dividend of $0.03 per common share payable on December 12, 2024, to

shareholders of record as of November 28, 2024.

Operating results

Mine-by-mine summaries for 2024 third-quarter operating results may be found on pages 9 and 13 of this news release. Highlights include the following:

Tasiast delivered another strong quarter, with production increasing compared with Q2 2024 mainly due to record mill throughput, and cost of sales per ounce

sold increased due to higher royalty costs relating to higher gold prices. Production decreased compared with Q3 2023 mainly as a result of a decrease in mill

grades, and cost of sales per ounce sold was slightly higher due to the lower production and higher royalty costs.

At Paracatu , production increased quarter-over-quarter mainly due to higher grades and recoveries as a result of the addition of Knelson gravity concentrators

to the processing circuit, and cost of sales per ounce sold decreased mainly due to the higher production. Production was lower compared with Q3 2023

mainly due to the timing of ounces processed through the mill and lower grades according to the planned mine sequence. Cost of sales per ounce sold was

higher mainly due to the planned decrease in grades and production compared with Q3 2023.

At La Coipa , production was lower quarter-over-quarter mainly due to lower mill throughput and recoveries. Cost of sales per ounce sold was higher quarter-

over-quarter mainly due to the lower production. Year-over-year, production decreased as a result of lower mill throughput, and cost of sales per ounce sold

increased primarily due to the lower production and higher mill maintenance costs.

At La Coipa, mill throughput is being managed while optimization initiatives are implemented. Full-year production guidance at La Coipa remains on track.

At Fort Knox , production increased significantly quarter-over-quarter and year-over-year due to the commencement of production from higher-grade Manh

Choh ore. Fort Knox realized record grade and recovery, resulting in a significant increase in cash flow. Cost of sales per ounce sold decreased in both

comparable periods mainly due to the increase in production.

Construction and commissioning of the Fort Knox mill modifications have been completed.

At Round Mountain , production decreased quarter-over-quarter and year-over-year mainly due to fewer ounces recovered from the heap leach pads. Cost of

sales per ounce sold was in line quarter-over-quarter and was higher year-over-year mainly due to the decrease in production and higher cost ounces produced

from the heap leach pads.

At Round Mountain Phase S , mining remains on track. Construction of the heap leach pad expansion is complete, on schedule and under budget, with

solution application permits received.

At Bald Mountain , production was lower quarter-over-quarter due to the timing of ounces produced from the heap leach pads. Production increased year-over-

year due to higher grades, partially offset by the timing of ounces recovered from the heap leach pads. Cost of sales per ounce sold was higher in both

comparable periods as a result of higher cost ounces produced from the heap leach pads.

Development Projects and Exploration

Great Bear

Kinross continues to make excellent progress at the Great Bear project.

Kinross released the PEA for Great Bear on September 10, 2024. The PEA provided visibility into the potential production scale, construction capital, all-in

sustaining cost and margins for both the open pit and the underground. The PEA represents a point in time estimate and is only a window into the long-term

potential of the asset given the indications of continued mineralization at depth.

The PEA supports the Company’s acquisition thesis of a top-tier, high-margin operation in a stable jurisdiction with strong infrastructure. Based on mineral

resources drilled to date, the PEA outlines a high-grade combined open pit and underground mine with an initial planned mine life of approximately 12 years

and production cost of sales of $594 per ounce. The Project is expected to produce over 500,000 ounces per year at an all-in sustaining cost of approximately

$800 per ounce during the first eight years through a conventional, modest capital 10,000 tonne per day mill8.

Kinross also released an updated mineral resource estimate for the project, increasing the Inferred resource estimate by 568 koz. to 3.9 Moz., which is in

addition to the Measured & Indicated resource estimate of 2.7 Moz. The mineral resource estimate and PEA for the Great Bear project are available here.

For the AEX program, permitting, detailed engineering, execution planning, and procurement continue to advance. Kinross has submitted its final Closure Plan

to the Ontario Ministry of Mines and approval is expected shortly. This is an important permit milestone that is required for all AEX construction activities. The

Closure Plan will allow for the immediate commencement of early works construction on the site including laydown areas, temporary offices, and earthworks.

The Company is focused on progressing the AEX program to begin drilling underground to continue unlocking the full potential of the asset, with construction of

the underground decline planned to commence in 2025.

For the Main Project, Kinross expects to advance engineering definition and execution planning following the selection of design partners later this year.

Following the receipt of the Tailored Impact Statement Guidelines earlier this year, the Company continues to work with the Impact Assessment Agency of

Canada on advancing its Impact Statement, which is planned to be submitted later in 2025.

Kinross will also be working closely with the Ontario authorities on obtaining provincial permits, similar to the AEX permits, for the Main Project.

In 2025, Kinross intends to conduct regional exploration with the goal of identifying new open pit and underground deposits.

Round Mountain Phase X

Infill drilling on the lower zone of the primary Phase X exploration target commenced in Q3, as planned, alongside continued opportunity drilling outside the

primary Phase X exploration target.

The drilling in Q3 has demonstrated strong grades and widths from within the primary Phase X target:

• DX-0071: 36.6m @ 10.9 g/t Au Eq.

• DX-0078: 32.0m @ 7.7 g/t Au Eq.

• DX-0070: 20.5m @ 10.5 g/t Au Eq.

• DX-0074: 27.7m @ 7.7 g/t Au Eq.

• DX-0075: 25.3m @ 5.0 g/t Au Eq.

• DX-0072: 20.4m @ 5.8 g/t Au Eq.

Drilling outside of the primary exploration target also continues to indicate strong grades and widths.

These results continue to support the Company’s hypothesis of potential for higher-margin mining from a bulk underground operation.

See Appendix A for a Phase X long section.

Curlew Basin exploration

At Curlew, drilling progressed in the third quarter with three drill rigs active underground testing the Stealth (ST) and EVP Zones. Highlights from holes drilled

in the quarter include (true widths):

• Hole 1313 returned 9.73m @ 13.00 g/t Au from the ST Zone

• Hole 1458 returned 13.20m @ 5.20 g/t Au from the ST Zone

• Hole 1446 returned 11.20m @ 9.50 g/t Au from the EVP Zone

Drilling this year expanded mineralization in zones with favourable grade and width to support higher-margin production.

See Appendix B for a Curlew Basin long section.

Chile

Kinross is progressing baseline studies at Lobo-Marte and continues to engage and build relationships with communities and government stakeholders.

Lobo-Marte continues to be a potential large, low-cost mine upon the conclusion of mining at La Coipa where Kinross remains focused on potential

opportunities to extend mine life.

Company Guidance 4

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 pages 24 and 25.

Kinross is on track to meet its 2024 production guidance of 2.1 million Au eq. oz. (+/- 5%), as well as its production cost of sales, all-in sustaining cost and

capital expenditure guidance ranges.

Kinross’ annual production is expected to remain stable in 2025 and 2026 at approximately 2.0 million Au eq. oz. per year.

Sustainability

In the third quarter, Kinross continued to advance Sustainability initiatives. At Tasiast, and in partnership with local institutions, 90 apprentices received

certificates of recognition for training aimed at equipping young Mauritanians with in-demand technical skills in growing sectors such as renewable energy,

electrical, mechanical, refrigeration and carpentry. Since the program’s inception in 2018, nearly 350 young people have completed their training.

Bald Mountain received the Nevada Mining Association’s award for ‘Leadership in Concurrent Reclamation.’ The award recognizes the successful reclamation

of a former heap leach facility that was regraded and revegetated in 2020, and today provides a natural ecosystem for livestock and wildlife.

Committed to advancing career opportunities for women in mining, Kinross nominated seven mentors and three mentees to the 2024 International Women in

Mining Resources Mentoring Program. The Company also recently welcomed 30 new participants to the internally developed Women at Kinross program, a six

-month learning and coaching initiative now in its fourth cohort.

Conference call details

In connection with this news release, Kinross will hold a conference call and audio webcast on Wednesday, November 6, 2024, at 8:00 a.m. ET 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: 9135525

Outside of Canada & US – 1 (646) 968-2525; Passcode: 9135525

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

Canada & US toll-free – 1 (800) 770-2030; Passcode: 9135525

Outside of Canada & US – 1 (647) 362-9199; Passcode: 9135525

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

David Shaver

Senior Vice-President

phone: 416-365-2761

[email protected]

Review of operations

Three months ended September

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 162,155 171,140 158,521 162,823 109.0 108.5 688 666

Paracatu 146,174 172,482 145,235 167,105 146.1 141.2 1,006 845

La Coipa 50,502 65,975 48,594 65,856 52.2 41.4 1,074 629

Fort Knox 149,093 71,611 140,121 71,616 134.2 82.3 958 1,149

Round Mountain 42,279 63,648 41,436 61,931 63.8 93.1 1,540 1,503

Bald Mountain 43,496 40,593 44,410 41,300 58.9 53.9 1,326 1,305

United States Total 234,868 175,852 225,967 174,847 256.9 229.3 1,137 1,311

Operations Total (a) 593,699 585,449 578,323 571,248 564.3 520.6 976 911

Less: Manh Choh non-controlling

interest (30%) (29,593) - (27,775) - (24.9) -

Attributable Total (a) 564,106 585,449 550,548 571,248 539.4 520.6 980 911

Nine months ended September 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 482,983 460,029 465,573 443,866 311.0 296.4 668 668

Paracatu 404,675 460,059 403,519 459,338 417.0 394.4 1,033 859

La Coipa 187,598 186,315 183,225 195,014 163.1 129.9 890 666

Fort Knox 272,357 206,436 266,890 206,226 311.5 239.2 1,167 1,160

Round Mountain 172,418 179,926 169,654 177,569 248.3 275.1 1,464 1,549

Bald Mountain 136,405 113,742 131,469 130,764 161.6 166.4 1,229 1,273

United States Total 581,180 500,104 568,013 514,559 721.4 680.7 1,270 1,323

Operations Total (a) 1,656,436 1,606,507 1,621,483 1,614,547 1,613.3 1,502.4 995 931

Less: Manh Choh non-controlling

interest (30%) (29,593) - (27,775) - (24.9) -

Attributable Total (a) 1,626,843 1,606,507 1,593,708 1,614,547 1,588.4 1,502.4 997 931

(a) Totals include immaterial sales and related costs from Maricunga for each period presented.

Interim condensed consolidated balance sheets

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

As at

September 30, December 31,

2024 2023

Assets

Current assets

Cash and cash equivalents $ 472.8 $ 352.4

Restricted cash 10.8 9.8

Accounts receivable and other assets 307.6 268.7

Current income tax recoverable 1.1 3.4

Inventories 1,232.2 1,153.0

Unrealized fair value of derivative assets 5.6 15.0

2,030.1 1,802.3

Non-current assets

Property, plant and equipment 7,943.1 7,963.2

Long-term investments 64.7 54.7

Other long-term assets 707.9 710.6

Deferred tax assets 12.6 12.5

Total assets $ 10,758.4 $ 10,543.3

Liabilities

Current liabilities

Accounts payable and accrued liabilities $ 548.1 $ 531.5

Current income tax payable 205.8 92.9

Current portion of long-term debt and credit facilities 449.7 -

Current portion of provisions 51.1 48.8

Other current liabilities 7.9 12.3

1,262.6 685.5

Non-current liabilities

Long-term debt and credit facilities 1,235.0 2,232.6

Provisions 903.8 889.9

Long-term lease liabilities 15.0 17.5

Other long-term liabilities 93.8 82.4

Deferred tax liabilities 455.4 449.7

Total liabilities $ 3,965.6 $ 4,357.6

Equity

Common shareholders' equity

Common share capital $ 4,486.8 $ 4,481.6

Contributed surplus 10,641.4 10,646.0

Accumulated deficit (8,420.0) (8,982.6)

Accumulated other comprehensive loss (62.3) (61.3)

Total common shareholders' equity 6,645.9 6,083.7

Non-controlling interests 146.9 102.0

Total equity $ 6,792.8 $ 6,185.7

Total liabilities and equity $ 10,758.4 $ 10,543.3

Common shares

Authorized Unlimited Unlimited

Issued and outstanding 1,229,048,190 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 Nine months ended

September 30, September 30, September 30, September 30,

2024 2023 2024 2023

Revenue

Metal sales $ 1,432.0 $ 1,102.4 $ 3,733.0 $ 3,124.0

Cost of sales

Production cost of sales 564.3 520.6 1,613.3 1,502.4

Depreciation, depletion and amortization 296.2 263.9 862.7 715.1

Reversal of impairment charge (74.1) - (74.1) -

Total cost of sales 786.4 784.5 2,401.9 2,217.5

Gross profit 645.6 317.9 1,331.1 906.5

Other operating expense 21.1 14.9 50.6 82.1

Exploration and business development 49.6 51.0 147.0 134.3

General and administrative 27.2 25.8 94.3 82.2

Operating earnings 547.7 226.2 1,039.2 607.9

Other expense - net (6.0) (0.3) (0.2) (6.3)

Finance income 6.3 11.3 14.7 32.2

Finance expense (23.5) (25.9) (66.8) (79.4)

Earnings before tax 524.5 211.3 986.9 554.4

Income tax expense - net (134.2) (102.4) (281.1) (204.2)

Net earnings $ 390.3 $ 108.9 $ 705.8 $ 350.2

Net earnings (loss) attributable to:

Non-controlling interests $ 35.0 $ (0.8) $ 32.6 $ (0.7)

Common shareholders $ 355.3 $ 109.7 $ 673.2 $ 350.9

Earnings per share attributable to common shareholders

Basic $ 0.29 $ 0.09 $ 0.55 $ 0.29

Diluted $ 0.29 $ 0.09 $ 0.55 $ 0.28

Interim condensed consolidated statements of cash flows

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

Three months ended Nine months ended

September 30, September 30, September 30, September 30,

2024 2023 2024 2023

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

Operating:

Net earnings $ 390.3 $ 108.9 $ 705.8 $ 350.2

Adjustments to reconcile net earnings to net cash provided from operating

activities:

Depreciation, depletion and amortization 296.2 263.9 862.7 715.1

Reversal of impairment charge (74.1) - (74.1) -

Share-based compensation expense 1.3 2.9 6.6 4.3

Finance expense 23.5 25.9 66.8 79.4

Deferred tax expense 21.6 74.1 9.0 92.8

Foreign exchange losses and other 8.9 13.0 16.8 34.8

Reclamation recovery - (18.1) - (14.1)

Changes in operating assets and liabilities:

Accounts receivable and other assets (24.9) (21.0) 26.4 66.6

Inventories (11.5) (10.1) (3.1) (93.2)

Accounts payable and accrued liabilities 121.4 (15.0) 245.7 70.4

Cash flow provided from operating activities 752.7 424.5 1,862.6 1,306.3

Income taxes paid (19.2) (17.7) (150.7) (111.9)

Net cash flow provided from operating activities 733.5 406.8 1,711.9 1,194.4

Investing:

Additions to property, plant and equipment (278.7) (283.9) (794.8) (787.0)

Interest paid capitalized to property, plant and equipment (33.0) (43.0) (84.9) (89.8)

Net (additions) disposals to long-term investments and other assets (11.4) (2.5) (30.2) 2.4

(Increase) decrease in restricted cash - net (1.3) (0.2) (1.0) 1.2

Interest received and other - net 6.0 6.6 13.7 13.5

Net cash flow of continuing operations used in investing activities (318.4) (323.0) (897.2) (859.7)

Net cash flow of discontinued operations provided from investing

activities - - - 45.0

Financing:

Repayment of debt (350.0) (550.0) (550.0) (770.0)

Proceeds from issuance or drawdown of debt - 488.1 - 588.1

Interest paid (17.1) (26.5) (35.6) (53.0)

Payment of lease liabilities (3.3) (4.4) (10.1) (25.5)

Funding from non-controlling interest 4.1 27.0 31.3 38.8

Distributions to non-controlling interest (19.5) - (19.5) -

Dividends paid to common shareholders (36.9) (36.8) (110.6) (110.5)

Other - net 0.1 6.3 0.4 (1.2)

Net cash flow used in financing activities (422.6) (96.3) (694.1) (333.3)

Effect of exchange rate changes on cash and cash equivalents 0.3 (1.0) (0.2) 0.4

(Decrease) increase in cash and cash equivalents (7.2) (13.5) 120.4 46.8

Cash and cash equivalents, beginning of period 480.0 478.4 352.4 418.1

Cash and cash equivalents, end of period $ 472.8 $ 464.9 $ 472.8 $ 464.9

Operating

Summary

Mine Period

Tonnes

Ore

Mined

Ore

Processed

(Milled)

Ore

Processed

(Heap

Leach)

Grade

(Mill)

Grade

(Heap

Leach)

Recovery

(a)(b)

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

millions)

West

Africa Tasiast

2024 1,748 2,203 - 2.46 - 91% 162,155 158,521 $ 109.0 $ 688 $ 13.5 $ 83.8 $ 94.3

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

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

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

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

Paracatu

2024 13,127 14,551 - 0.38 - 81% 146,174 145,235 $ 146.1 $ 1,006 $ 41.2 $ 41.2 $ 52.6

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

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

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

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

La Coipa (f)

2024 786 809 - 2.17 - 80% 50,502 48,594 $ 52.2 $ 1,074 $ 21.3 $ 24.9 $ 33.5

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

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

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

Americas

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

Fort Knox

(100%)(g)

2024 7,612 1,105 5,822 4.03 0.19 91% 149,093 140,121 $ 134.2 $ 958 $ 56.6 $ 70.4 $ 37.2

2024 8,331 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 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 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 1,912 5,961 0.81 0.21 78% 71,611 71,616 $ 82.3 $ 1,149 $ 52.1 $ 96.0 $ 24.6

Fort Knox

(attributable)

(g)

2024 7,509 991 5,822 3.44 0.19 91% 119,500 112,346 $ 109.3 $ 973 $ 55.4 $ 67.2 $ 31.5

2024 8,249 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 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 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 1,912 5,961 0.81 0.21 78% 71,611 71,616 $ 82.3 $ 1,149 $ 52.1 $ 84.5 $ 24.6

Round

Mountain

2024 2,958 790 1,032 0.74 0.29 80% 42,279 41,436 $ 63.8 $ 1,540 $ 5.2 $ 35.9 $ 37.4

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

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

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

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

Bald

Mountain

2024 6,384 - 6,384 - 0.53 nm 43,496 44,410 $ 58.9 $ 1,326 $ 5.0 $ 6.1 $ 39.7

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

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

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

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

(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: Q3 2024: 84.06:1; Q2 2024: 81.06:1; Q1 2024: 88.70:1; Q4 2023: 85.00:1; Q3 2023: 81.82:1.

(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 19 and 20 of this news release

(f) La Coipa silver grade and recovery were as follows: Q3 2024: 49.13 g/t, 58%; 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%.

(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 379,786

and 9.13, respectively, for Q3 2024 and nil for all other 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 Nine months ended

September 30, September 30,

← Back to feed