K.TO · 2025-07-30 12:00:00

Kinross reports strong 2025 second-quarter results Robust margins drive record free cash flow of over $600 million On track for $650 million in return of capital to shareholders in 2025 Development projects advancing on plan

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Kinross reports strong 2025 second-quarter results

Robust margins drive record free cash flow of over $600 million

On track for $650 million in return of capital to shareholders in 2025

Development projects advancing on plan

TORONTO, July 30, 2025 -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the second quarter

ended June 30, 2025.

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 25 and 26 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

2025 second-quarter highlights:

• Production1 of 512,574 gold equivalent ounces (Au eq. oz.).

• Production cost of sales2 of $1,080 per Au eq. oz. sold and attributable production cost of sales 1 of $1,074 per Au eq. oz. sold.

• Attributable all-in sustaining cost1 of $1,493 per Au eq. oz. sold.

• Operating cash flow 3 of $992.4 million.

• Attributable free cash flow 1 record of $646.6 million.

• Margins4 increased by 68% to $2,204 per Au eq. oz. sold compared with Q2 2024, significantly outpacing the rise in the average realized gold price.

• Reported earnings 5 of $530.7 million, or $0.43 per share, with adjusted net earnings 6 of $541.0 million, or $0.44 per share.

• On track to meet annual guidance: On an attributable basis1, Kinross expects to produce 2.0 million Au eq. oz. (+/- 5%) at a production cost of

sales per Au eq. oz. 1 of $1,120 (+/- 5%) and all-in sustaining cost 1 of $1,500 (+/- 5%) per ounce sold. Total attributable capital expenditures 1 are

forecast to be $1,150 million (+/- 5%).

• Cash and cash equivalents of $1,136.5 million, and total liquidity 7 of approximately $2.8 billion at June 30, 2025, as both increased significantly

quarter-over-quarter.

Return of capital to shareholders:

• Since reactivating its share buyback program in April 2025, the Company has re-purchased approximately $225 million in shares to date of the

$500 million minimum planned for 2025.

• Including its quarterly dividend, Kinross has returned approximately $300 million in capital to shareholders year-to-date.

• Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on September 4, 2025, to shareholders of record at the

close of business on August 21, 2025.

Operations highlights:

• Paracatu continued its strong performance and was the highest producing mine in the portfolio.

• The Tasiast mill is performing well and on track to meet full-year guidance. Mining at the Fennec satellite deposit has commenced.

• Bald Mountain had a strong quarter, with higher production and lower cost of sales per ounce sold both quarter-over-quarter and year-over-year.

Development and exploration projects:

• Great Bear ’s Advanced Exploration (AEX) program is progressing on schedule, with construction of surface facilities well underway. For the Main

Project, detailed engineering for key infrastructure is advancing well and initial procurement activities have commenced.

• At Round Mountain Phase X , the exploration decline has advanced, with over 4,500 metres developed to date. Underground drilling has progressed

well, with results showing strong widths and grades in both the upper and lower exploration targets, and indicating continuation of mineralization down

dip outside the original exploration target. Technical studies and detailed engineering are also progressing well.

• At Curlew, drilling continues to intersect high grades and strong widths that could support high-margin production. Extension of the underground

declines to target additional high-grade zones is also progressing with over 800 metres developed year-to-date.

• At Lobo-Marte, the dedicated project team continues to progress baseline studies to support permitting.

CEO commentary:

J. Paul Rollinson, CEO, made the following comments in relation to 2025 second-quarter results:

“Our portfolio of mines continued to perform well during the quarter contributing to a strong first half of the year and positioning us well to achieve our full-year

guidance. The Company delivered a 21% increase in margins of $2,204 compared with Q1 2025, outpacing the 15% increase in the gold price over the same

period. We also delivered record free cash flow of approximately $650 million, which increased by 74% compared with the previous quarter.

“Since reactivating our share buyback program earlier this year, we have repurchased $225 million in shares of the $500 million planned for the year, while

maintaining our quarterly dividend and significantly strengthening our investment-grade balance sheet.

“We are excited about our pipeline of high-quality development and exploration projects, all of which progressed well during the quarter. We have strong

optionality in our substantial resource base and are focused on drilling, technical studies and permitting to advance longer-dated projects into our production

profile to extend mine life, with a focus on driving margin growth.

“We are also pleased to have released our 2024 Sustainability Report during the quarter, which provides a transparent and comprehensive account of our

reporting in this important area. We continue to be focused on sustainability across all aspects of our business, from operations and growth projects, to

exploration and strategic priorities.”

Summary of financial and operating results

Three months ended Six months ended

June 30, June 30,

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

and per ounce amounts) 2025 2024 2025 2024

Operating Highlights (a)

Total gold equivalent ounces(b)

Produced 530,077 535,338 1,059,938 1,062,737

Sold 526,223 520,760 1,050,312 1,043,160

Attributable gold equivalent ounces(b)

Produced 512,574 535,338 1,024,662 1,062,737

Sold 508,300 520,760 1,014,864 1,043,160

Gold ounces - sold 519,391 505,122 1,035,659 1,008,726

Silver ounces - sold (000's) 666 1,268 1,367 2,935

Earnings(a)

Metal sales $ 1,728.5 $ 1,219.5 $ 3,226.0 $ 2,301.0

Production cost of sales $ 568.4 $ 536.1 $ 1,115.1 $ 1,049.0

Depreciation, depletion and amortization $ 262.9 $ 295.8 $ 551.3 $ 566.5

Operating earnings $ 774.8 $ 298.3 $ 1,345.2 $ 491.5

Net earnings attributable to common shareholders $ 530.7 $ 210.9 $ 898.7 $ 317.9

Net earnings per share attributable to common shareholders

(basic and diluted) $ 0.43 $ 0.17 $ 0.73 $ 0.26

Adjusted net earnings(c) $ 541.0 $ 174.7 $ 905.0 $ 299.6

Adjusted net earnings per share(c) $ 0.44 $ 0.14 $ 0.74 $ 0.24

Cash Flow(a)

Net cash flow provided from operating activities $ 992.4 $ 604.0 $ 1,589.5 $ 978.4

Attributable adjusted operating cash flow(c) $ 843.9 $ 478.3 $ 1,520.1 $ 904.0

Capital expenditures(d) $ 306.1 $ 274.2 $ 513.8 $ 516.1

Attributable capital expenditures(c) $ 301.8 $ 264.5 $ 505.9 $ 496.6

Attributable free cash flow(c) $ 646.6 $ 345.9 $ 1,017.4 $ 491.2

Per Ounce Metrics (a)

Average realized gold price per ounce(e) $ 3,284 $ 2,342 $ 3,071 $ 2,206

Attributable average realized gold price per ounce(c) $ 3,285 $ 2,342 $ 3,071 $ 2,206

Production cost of sales per equivalent ounce sold(b)(f) $ 1,080 $ 1,029 $ 1,062 $ 1,006

Attributable production cost of sales per equivalent ounce sold(b)

Attributable production cost of sales per ounce sold on a by-

product basis(c) $ 1,044 $ 989 $ 1,027 $ 965

Attributable all-in sustaining cost per equivalent ounce sold(b)(c) $ 1,493 $ 1,387 $ 1,424 $ 1,348

Attributable all-in sustaining cost per ounce sold on a by-product

basis(c) $ 1,469 $ 1,357 $ 1,400 $ 1,319

Attributable all-in cost per equivalent ounce sold(b)(c) $ 1,936 $ 1,774 $ 1,808 $ 1,702

Attributable all-in cost per ounce sold on a by-product basis (c) $ 1,918 $ 1,756 $ 1,789 $ 1,685

(a) All measures and ratios include 100% of the results from Manh Choh, except measures and ratios denoted as “attributable.” “Attributable” measures

and ratios include 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 second quarter and first six months of 2025 was 97.41:1 and 93.60:1, respectively (second quarter

and first six months of 2024 – 81.06:1 and 84.51:1, respectively).

(c) The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 16 to 21 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 revenue 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 second-quarter gold equivalent production:

Production: Kinross produced 512,574 Au eq. oz. in Q2 2025, compared with 535,338 Au eq. oz. in Q2 2024. Higher production from Fort Knox, with the

commencement of higher-grade, higher-recovery ore feed from Manh Choh in the second half of 2024, and higher production from Paracatu, was offset by

lower production from Tasiast and Round Mountain, as planned.

Average realized gold price 8: The average realized gold price in Q2 2025 was $3,284 per ounce, compared with $2,342 per ounce in Q2 2024.

Revenue : During the second quarter, revenue increased to $1,728.5 million, compared with $1,219.5 million during Q2 2024. The 42% year-over-year

increase is due to the increase in the average realized gold price.

Production cost of sales : Production cost of sales per Au eq. oz. sold 2 was $1,080 for the quarter, compared with $1,029 in Q2 2024. Attributable

production cost of sales per Au eq. oz. sold 1 was $1,074 for the quarter, compared with $1,029 in Q2 2024.

Attributable production cost of sales per Au oz. sold on a by-product basis 1 was $1,044 in Q2 2025, compared with $989 in Q2 2024, based on attributable

gold sales of 501,628 ounces and attributable silver sales of 650,026 ounces.

Margins4: Kinross’ margin per Au eq. oz. sold increased by 68% to $2,204 for Q2 2025, compared with the Q2 2024 margin of $1,313, outpacing the 40%

increase in average realized gold price.

Attributable all-in sustaining cost1: Attributable all-in sustaining cost per Au eq. oz. sold was $1,493 in Q2 2025, compared with $1,387 in Q2 2024.

In Q2 2025, attributable all-in sustaining cost per Au oz. sold on a by-product basis was $1,469, compared with $1,357 in Q2 2024.

Operating cash flow 3: Operating cash flow increased to $992.4 million for Q2 2025, compared with $604.0 million for Q2 2024.

Attributable adjusted operating cash flow1 for Q2 2025 increased to $843.9 million, compared with $478.3 million for Q2 2024.

Attributable free cash flow 1: Attributable free cash flow increased by 87% to $646.6 million in Q2 2025, compared with $345.9 million in Q2 2024.

Reported earnings 5: Reported net earnings more than doubled to $530.7 million for Q2 2025, or $0.43 per share, compared with reported net earnings of

$210.9 million, or $0.17 per share, for Q2 2024.

Adjusted net earnings6 more than tripled to $541.0 million, or $0.44 per share, for Q2 2025, compared with $174.7, or $0.14 per share, for Q2 2024.

Attributable capital expenditures 1: Attributable capital expenditures increased to $301.8 million for Q2 2025, compared with $264.5 million for Q2 2024.

The increase was driven by the ramp-up of development activities at Great Bear, Bald Mountain Redbird Phase 1 and La Coipa Phase 7, partially offset by

lower spending on capital development due to mine sequencing at Fort Knox and Manh Choh.

Balance sheet

As of June 30, 2025, Kinross had cash and cash equivalents of $1,136.5 million, compared with $694.6 million at March 31, 2025, and net debt 9 of

approximately $100 million.

The Company had additional available credit10 of $1.6 billion and total liquidity 7 of approximately $2.8 billion as of June 30, 2025.

Return of capital to shareholders

Reflecting the Company’s financial strength, Kinross reactivated its share buyback program in April 2025, while continuing its quarterly dividend program.

Kinross repurchased approximately $170 million in shares during the quarter, and approximately $225 million to date (representing 15.2 million

shares). Including its quarterly dividend, Kinross has returned approximately $300 million in capital to shareholders to date in 2025.

Kinross continues to target returning a minimum of $650 million to shareholders for the full year, including a minimum of $500 million in share repurchases.

As part of its continuing quarterly dividend program, the Company declared a dividend of $0.03 per common share payable on September 4, 2025, to

shareholders of record as of August 21, 2025.

Operating results

Mine-by-mine summaries for 2025 second-quarter operating results may be found on pages 10 and 14 of this news release. Highlights include the following:

At Tasiast , production decreased quarter-over-quarter and year-over-year driven by planned lower grades and lower throughput. The higher recoveries

following a number of optimization initiatives to the mill were partially offset by planned lower grades year-over-year. Cost of sales per ounce sold increased

compared with the previous quarter and Q2 2024 due to lower production. Tasiast remains on track to meet its annual guidance.

Production at Paracatu increased quarter-over-quarter due to higher throughput, partially offset by lower grades. Year-over-year production increased due to

higher grades and recoveries partially offset by an expected decrease in throughput, as per planned mine sequencing which moved into harder, higher-grade

ore this year. Cost of sales per ounce sold was in line with the previous quarter and decreased compared with Q2 2024 due to the increase in production.

At La Coipa , production increased quarter-over-quarter due to timing of ounces processed through the mill, partially offset by lower grades as a result of

decreased ore tonnes mined from the pit and increased feed from low-grade stockpiles driven by higher groundwater inflows into the pits than anticipated.

Relative to Q2 2024, production decreased also due to lower grades with higher feed from low-grade stockpiles. In the second half of the year, production is

expected to increase as mining transitions to higher-grade ore from Phase 7, and the mine remains on track to meet its annual production guidance. Cost of

sales per ounce sold was higher quarter-over-quarter as a result of the lower grades and higher royalty costs, and year-over-year as a result of the decrease

in production and higher royalty, labour and contractor costs. Permitting work for mine life extensions continues, including the submission of the

Environmental Impact Assessment during the quarter.

At Fort Knox , production was largely in line quarter-over-quarter, and increased year-over-year as a result of the contribution of Manh Choh’s higher-grade,

higher-recovery ore starting in the second half of 2024. Cost of sales per ounce sold increased quarter-over-quarter due to higher processing costs and the

timing of ounces recovered from the heap leach pads. Year-over-year costs decreased as a result of the increase in production, partially offset by higher

royalty and reagent costs related largely to the start of Manh Choh production.

At Round Mountain , production was higher quarter-over-quarter driven by higher grades. Production decreased year-over-year as a result of lower mill

grades and fewer ounces recovered from the heap leach pads as per planned mine sequencing as the site transitions from Phase W to Phase S.

At Bald Mountain , production was higher quarter-over-quarter and year-over-year largely as a result of strong grades and timing of ounces recovered from

the heap leach pads, partially offset by fewer tonnes of ore stacked. Cost of sales per ounce sold was lower quarter-over-quarter and year-over-year as a

result of the increase in production and higher proportion of capital development tonnes as mining at Redbird Phase I continues to ramp-up.

Development and exploration projects

Great Bear

At Great Bear , Kinross continues to progress its AEX program, permitting and detailed engineering for the Main Project.

AEX construction commenced in Q4 2024, earthwork activities are underway, and the AEX camp is nearing completion. Initial development of the exploration

decline is on target for December 2025, subject to permitting.

For the Main Project, Kinross is progressing detailed engineering on the mill, the tailings management facility, and other site infrastructure. Initial

procurement activities for major process equipment have commenced, with awards planned to start in late 2025, and manufacturing for a few long lead items

is expected to commence in 2026.

In order to advance the Impact Statement (IS) on a timely basis, the Company is coordinating with the Impact Assessment Agency of Canada (IAAC) on a

staged filing process. The Company intends to file the majority of the technical chapters by year end and the remaining chapters by the end of Q1 2026. This

approach will underpin a robust IS filing with the necessary technical and Indigenous contributions to help facilitate an efficient review process by IAAC.

Kinross also advanced its regional exploration drilling program during the quarter, targeting favorable geophysical signatures as well as lithological contacts,

looking for new, near-surface mineralization.

Round Mountain Phase X

Decline development at Round Mountain Phase X is advancing well, with over 4,500 metres developed to date. Extensive infill drilling has been completed

in both the upper zone and lower zones, with results continuing to intersect strong widths and grades, and extension drilling indicating continuation of

mineralization down dip outside the original exploration target. Highlights include:

• Upper Zone:

◦ DX-0115 – 114m @ 3.6 g/t

◾ Including 6m @ 13.5 g/t

◦ DX-0116 – 76m @ 4.6g/t

◾ Including 3m @ 13.4 g/t

◦ DX-0128 – 77m @ 4.0 g/t

◾ Including 6m @ 13.0 g/t

◦ DX-0129 – 85m @ 5.4 g/t

◾ Including 8m @ 25.5 g/t

◦ DX-0132 – 165m @ 4.0 g/t

◾ Including 6m @ 31.4 g/t

◦ DX-0139 – 75m @ 3.1 g/t

◾ Including 5m @ 13.6 g/t

• Lower Zone:

◦ DX-0146 – 43m @ 4.6 g/t

◾ Including 8m @ 11.4 g/t

◦ DX-0147 – 82m @ 3.1 g/t

◾ Including 8m @ 8.1 g/t

◦ DX-0170 – 105m @ 5.1 g/t

◾ Including 15m @ 7.8 g/t

◦ DX-0175 – 71m @ 3.4 g/t

◾ Including 6m @ 7.7 g/t

• Extension Drilling:

◦ DX-0162 – 67m @ 3.2 g/t

◾ Including 5m @ 11.0 g/t

◦ DX-0163 – 88m @ 2.7 g/t

◾ Including 6m @ 8.8 g/t

Engineering work and technical studies are advancing well to support potential project execution at Phase X.

Kinross plans to provide a project, resource and economics update with year-end results.

See Appendix A for a Round Mountain Phase X long section.

Curlew Basin exploration

Drilling at Curlew continues to intersect high grades and strong widths at both North Stealth and K5, indicating potential to further improve the quality of the

resource and the mine plan with additions of high margin mineralization. Highlights include (true width):

◦ ST-1498 – 6.0m @ 14.3 g/t Au

◦ ST-1494 – 7.4m @ 8.9 g/t Au

◦ K5-1266 – 7.5m @ 7.8 g/t Au

◦ K5-1270 – 4.6m @ 12.4 g/t Au

Extension of the underground declines is progressing well with over 800 metres developed year-to-date, focused on providing drilling access to follow up on

the high grade 2023 discovery at Roadrunner and to extend mineralization in the high grade North Stealth area.

Technical studies and detailed engineering are also progressing well at Curlew.

See Appendix A for a Curlew cross section.

Bald Mountain Redbird

At Redbird, mining is advancing on schedule. Studies and detailed engineering related to the potential Phase 2 extension of Redbird are progressing well,

including engineering related to the heap leach pad expansion, technical studies and mine plan optimization work. Exploration drilling and technical studies

are also progressing, targeting satellite pit opportunities on the large Bald Mountain property, which could potentially augment the production profile from

Redbird 2.

Lobo-Marte

Kinross is progressing baseline studies to support the Environmental Impact Assessment (EIA) for the Lobo-Marte project. Lobo-Marte continues to be a

potential large, low-cost mine and Kinross is committed to progressing next steps to advance the project.

Sustainability

Following the publication of Kinross’ 2024 Sustainability Report and summary, below are several water-related highlights, a material sustainability topic for

the Company and its stakeholders. Kinross’ water management standard prioritizes water supply security, water conservation and stewardship, and

prevention of downstream environmental impacts. There is a strong focus on water efficiency, with a high water recycling rate of 75%, as well as maintaining

water quality at locations both near and far from sites. Kinross also maintained its conformance with the Responsible Gold Mining Principles, which include

principles for water efficiency and quality.

In Chile, La Coipa contributed to this efficiency through an optimization program of the main processing circuits which resulted in lower water loss going to

the dry stack tailings. Near Maricunga, wetland restoration resulted in the resurgence of ecosystem services and the return of native plant species.

At all of the Company’s development projects, science-based methods are utilized to ensure strong baseline information, including environmental DNA

studies for the Great Bear project and watershed groundwater modeling for the Lobo-Marte project.

At Fort Knox in Alaska, fish populations continue to thrive at Fish Creek based on continuous monitoring by the Alaska department of Fish and Game since

the late 1990s. Fish Creek was a historic placer mining area, reclaimed by Kinross in the early 1990s for the benefit of the local communities. Also in

Alaska, Kinross continued its long-standing partnership with Trout Unlimited and the Alaska Abandoned Mine Restoration Initiative, with sustained progress

in the recovery of fish populations in Resurrection Creek, south of Anchorage, also a placer mining area.

Conference call details

In connection with this news release, Kinross will hold a conference call and audio webcast on Thursday, July 31, 2025, 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: 9425112

Outside of Canada & US – 1 (646) 968-2525; Passcode: 9425112

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

Canada & US toll-free – 1 (800) 770-2030; Passcode: 9425112

Outside of Canada & US – 1 (609) 800-9909; Passcode: 9425112

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

Samantha Sheffield

Director, Corporate Communications

phone: 416-365-3034

[email protected]

Investor Relations Contact

David Shaver

Senior Vice-President, Investor Relations & Communications

phone: 416-365-2854

[email protected]

Review of operations

Three months ended June 30, Gold equivalent ounces

Produced Sold

Production cost of sales

($millions)

Production cost of

sales/equivalent ounce

sold

2025 2024 2025 2024 2025 2024 2025 2024

Tasiast 119,241 161,629 121,745 156,038 102.6 102.3 843 656

Paracatu 149,264 130,228 148,787 130,174 142.6 135.2 958 1,039

La Coipa 54,139 65,851 50,400 63,506 70.4 58.8 1,397 926

Fort Knox 115,064 69,914 113,200 70,477 141.3 94.8 1,248 1,345

Round Mountain 38,665 61,787 37,864 60,049 52.1 93.9 1,376 1,564

Bald Mountain 53,704 45,929 54,227 39,818 59.4 50.6 1,095 1,271

United States Total 207,433 177,630 205,291 170,344 252.8 239.3 1,231 1,405

Less: Manh Choh non-controlling interest

(30%) (17,503) - (17,923) - (22.5) -

United States Attributable Total 189,930 177,630 187,368 170,344 230.3 239.3 1,229 1,405

Operations Total (a) 530,077 535,338 526,223 520,760 568.4 536.1 1,080 1,029

Attributable Total (a) 512,574 535,338 508,300 520,760 545.9 536.1 1,074 1,029

Six months ended June 30, Gold equivalent ounces

Produced Sold

Production cost of sales

($millions)

Production cost of

sales/equivalent ounce

sold

2025 2024 2025 2024 2025 2024 2025 2024

Tasiast 256,870 320,828 251,238 307,052 207.6 202.0 826 658

Paracatu 295,903 258,501 295,642 258,284 282.2 270.9 955 1,049

La Coipa 106,454 137,096 106,270 134,631 134.5 110.9 1,266 824

Fort Knox 227,118 123,264 225,310 126,769 273.1 177.3 1,212 1,399

Round Mountain 74,351 130,139 73,824 128,218 109.1 184.5 1,478 1,439

Bald Mountain 99,242 92,909 98,028 87,059 108.6 102.7 1,108 1,180

United States Total 400,711 346,312 397,162 342,046 490.8 464.5 1,236 1,358

Less: Manh Choh non-controlling interest

(30%) (35,276) - (35,448) - (43.2) -

United States Attributable Total 365,435 346,312 361,714 342,046 447.6 464.5 1,237 1,358

Operations Total (a) 1,059,938 1,062,737 1,050,312 1,043,160 1,115.1 1,049.0 1,062 1,006

Attributable Total (a) 1,024,662 1,062,737 1,014,864 1,043,160 1,071.9 1,049.0 1,056 1,006

(a) Totals include immaterial sales and related costs from Maricunga for the three and six months ended June 30, 2024.

Consolidated balance sheets

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

As at

June 30, December 31,

2025 2024

Assets

Current assets

Cash and cash equivalents $ 1,136.5 $ 611.5

Restricted cash 12.7 10.2

Accounts receivable and prepaid assets 239.9 257.3

Inventories 1,344.7 1,243.2

Other current assets 14.8 4.5

2,748.6 2,126.7

Non-current assets

Property, plant and equipment 7,972.7 7,968.6

Long-term investments 89.6 51.9

Other long-term assets 647.2 713.1

Deferred tax assets 5.3 5.3

Total assets $ 11,463.4 $ 10,865.6

Liabilities

Current liabilities

Accounts payable and accrued liabilities $ 611.3 $ 543.0

Current income tax payable 285.9 236.7

Current portion of long-term debt - 199.9

Current portion of provisions 60.0 62.5

Other current liabilities 9.5 18.0

966.7 1,060.1

Non-current liabilities

Long-term debt 1,236.4 1,235.5

Provisions 964.3 941.5

Other long-term liabilities 56.3 78.9

Deferred tax liabilities 551.7 549.0

Total liabilities $ 3,775.4 $ 3,865.0

Equity

Common shareholders' equity

Common share capital $ 4,451.0 $ 4,487.3

Contributed surplus 10,503.7 10,643.0

Accumulated deficit (7,356.2) (8,181.3)

Accumulated other comprehensive loss (44.8) (87.4)

Total common shareholders' equity 7,553.7 6,861.6

Non-controlling interests 134.3 139.0

Total equity $ 7,688.0 $ 7,000.6

Total liabilities and equity $ 11,463.4 $ 10,865.6

Common shares

Authorized Unlimited Unlimited

Issued and outstanding 1,218,782,161 1,229,125,606

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,

2025 2024 2025 2024

Revenue

Metal sales $ 1,728.5 $ 1,219.5 $ 3,226.0 $ 2,301.0

Cost of sales

Production cost of sales 568.4 536.1 1,115.1 1,049.0

Depreciation, depletion and amortization 262.9 295.8 551.3 566.5

Total cost of sales 831.3 831.9 1,666.4 1,615.5

Gross profit 897.2 387.6 1,559.6 685.5

Other operating expense 31.1 1.9 45.1 29.5

Exploration and business development 61.7 55.7 104.0 97.4

General and administrative 29.6 31.7 65.3 67.1

Operating earnings 774.8 298.3 1,345.2 491.5

Other (expense) income - net (19.8) 5.7 (33.0) 5.8

Finance income 7.4 4.5 11.6 8.4

Finance expense (32.9) (21.8) (68.1) (43.3)

Earnings before tax 729.5 286.7 1,255.7 462.4

Income tax expense - net (170.9) (77.8) (307.7) (146.9)

Net earnings $ 558.6 $ 208.90 $ 948.0 $ 315.5

Net earnings (loss) attributable to:

Non-controlling interests $ 27.9 $ (2.0) $ 49.3 $ (2.4)

Common shareholders $ 530.7 $ 210.9 $ 898.7 $ 317.9

Earnings per share attributable to common shareholders

Basic $ 0.43 $ 0.17 $ 0.73 $ 0.26

Diluted $ 0.43 $ 0.17 $ 0.73 $ 0.26

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,

2025 2024 2025 2024

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

Operating:

Net earnings $ 558.6 $ 208.90 $ 948.0 $ 315.50

Adjustments to reconcile net earnings to net cash provided from operating activities:

Depreciation, depletion and amortization 262.9 295.8 551.3 566.5

Share-based compensation expense 3.2 2.8 7.8 5.3

Finance expense 32.9 21.8 68.1 43.3

Deferred tax (recovery) expense (1.0) (21.2) 2.5 (12.6)

Foreign exchange losses (gains) and other 23.3 (7.1) 8.3 7.9

Changes in operating assets and liabilities:

Accounts receivable and other assets 7.2 6.2 14.3 15.0

Inventories 8.9 2.5 (29.5) 8.4

Accounts payable, accrued liabilities and other 206.4 147.0 307.0 160.6

Cash flow provided from operating activities 1,102.4 656.7 1,877.8 1,109.9

Income taxes paid (110.0) (52.7) (288.3) (131.5)

Net cash flow provided from operating activities 992.4 604.0 1,589.5 978.4

Investing:

Additions to property, plant and equipment (306.1) (274.2) (513.8) (516.1)

Interest paid capitalized to property, plant and equipment - (17.0) (13.5) (51.9)

Net additions to long-term investments and other assets (14.8) (15.7) (23.9) (18.8)

(Increase) decrease in restricted cash - net (0.8) 0.8 (2.5) 0.3

Interest received and other - net 9.0 3.8 13.2 7.7

Net cash flow used in investing activities (312.7) (302.3) (540.5) (578.8)

Financing:

Repayment of debt - (200.0) (200.0) (200.0)

Interest paid - - (24.0) (18.5)

Payment of lease liabilities (1.5) (3.4) (3.0) (6.8)

Funding from non-controlling interest - 11.7 - 27.2

Distributions paid to non-controlling interest (30.0) - (54.0) -

Dividends paid to common shareholders (36.7) (36.8) (73.6) (73.7)

Repurchase and cancellation of shares (170.1) - (170.1) -

Other - net - - - 0.3

Net cash flow used in financing activities (238.3) (228.5) (524.7) (271.5)

Effect of exchange rate changes on cash and cash

equivalents 0.5 (0.1) 0.7 (0.5)

Increase in cash and cash equivalents 441.9 73.1 525.0 127.6

Cash and cash equivalents, beginning of period 694.6 406.9 611.5 352.4

Cash and cash equivalents, end of period 1,136.5 480.0 $ 1,136.5 $ 480.0

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)

('000

tonnes)

('000

tonnes)

('000

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

millions)

West

Africa Tasiast

2025 1,921 1,730 - 2.11 - 95% 119,241 121,745 $ 102.6 $ 843 $ 23.1 $ 89.7

2025 1,812 1,932 - 2.15 - 95% 137,629 129,493 $ 105.0 $ 811 $ 13.7 $ 80.1

2024 1,824 2,205 - 2.13 - 94% 139,411 144,041 $ 104.4 $ 725 $ 33.7 $ 105.4

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

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

Americas

Paracatu

2025 13,497 14,527 - 0.39 - 82% 149,264 148,787 $ 142.6 $ 958 $ 38.4 $ 38.4

2025 13,318 12,507 - 0.43 - 83% 146,639 146,855 $ 139.6 $ 951 $ 24.4 $ 24.4

2024 12,944 13,116 - 0.40 - 80% 123,899 124,690 $ 131.6 $ 1,055 $ 35.1 $ 35.1

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

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

La Coipa (f)

2025 580 911 - 1.77 - 78% 54,139 50,400 $ 70.4 $ 1,397 $ 25.0 $ 25.0

2025 1,265 971 - 2.19 - 80% 52,315 55,870 $ 64.1 $ 1,147 $ 15.6 $ 15.6

2024 1,385 1,017 - 1.98 - 79% 58,533 57,852 $ 68.2 $ 1,179 $ 26.6 $ 26.6

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

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

Fort Knox

(100%)(g)

2025 7,639 1,636 5,529 1.72 0.23 88% 115,064 113,200 $ 141.3 $ 1,248 $ 43.0 $ 43.0

2025 6,530 1,071 4,790 2.77 0.19 91% 112,054 112,110 $ 131.8 $ 1,176 $ 28.2 $ 28.2

2024 7,692 1,524 6,664 1.51 0.21 82% 104,901 108,512 $ 141.0 $ 1,299 $ 53.3 $ 54.0

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

2024 8,331 2,003 6,385 0.85 0.22 81% 69,914 70,477 $ 94.8 $ 1,345.12 $ 47.6 $ 89.2

Fort Knox

(attributable)

(g)

2025 7,535 1,567 5,529 1.47 0.23 87% 97,561 95,277 $ 118.8 $ 1,246.89 $ 38.7 $ 38.7

2025 6,445 982 4,790 2.35 0.19 90% 94,281 94,585 $ 111.1 $ 1,174.60 $ 24.6 $ 24.60

2024 7,619 1,483 6,664 1.28 0.21 81% 91,755 94,763 $ 125.1 $ 1,320.14 $ 51.1 $ 52.1

2024 7,509 991 5,822 3.44 0.19 91% 119,500 112,346 $ 109.3 $ 972.89 $ 55.4 $ 67.2

2024 8,249 2,003 6,385 0.85 0.22 81% 69,914 70,477 $ 94.8 $ 1,345.12 $ 47.6 $ 79.5

Round

Mountain

2025 2,881 856 1,682 0.72 0.30 80% 38,665 37,864 $ 52.1 $ 1,376 $ 5.70 $ 32.8

2025 1,927 856 2,163 0.66 0.27 77% 35,686 35,960 $ 57.0 $ 1,585 $ 2.8 $ 29.6

2024 3,111 768 1,736 1.05 0.22 82% 42,969 45,342 $ 80.0 $ 1,764 $ 4.4 $ 33.9

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

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

Bald

Mountain

2025 1,578 - 1,578 - 1.07 nm 53,704 54,227 $ 59.4 $ 1,095 $ 12.7 $ 40.4

2025 5,803 - 5,803 - 0.35 nm 45,538 43,801 $ 49.2 $ 1,123 $ 6.9 $ 17.8

2024 7,622 - 7,622 - 0.46 nm 44,642 51,291 $ 58.7 $ 1,144 $ 4.6 $ 6.4

2024 6,384 - 6,384 - 0.53 nm 43,496 44,410 $ 58.9 $ 1,326 $ 5 $ 6.1

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

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