Kinross Gold : First Quarter Report (First Quarter 2026 Report)

Published: 2026-05-08 13:47:09 ET K.TO

Published on 05/08/2026 at 01:47 pm EDT

FIRST QUARTER 2026 REPORT

Kinross Gold Corporation

25 York Street, 17th Floor Toronto, ON Canada M5J 2V5

Delivered record free cash flow for the 4th consecutive quarter, margins continued to outpace gold price Returned approximately $350 million to shareholders to date in 2026, $1 billion since Q1 2025 Significant progress across pipeline of development projects

This report 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 44 and 45 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

Record attributable free cash flow1 of $837.5 million.

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. sold1 of $1,360 (+/- 5%) and all-in sustaining cost1 of

$1,730 (+/- 5%) per ounce sold for 2026. Total attributable capital expenditures1 are forecast to be $1,500 million (+/- 5%).

$3.9 billion at March 31, 2026.

Kinross is on track to return 40% of its free cash flow to shareholders in 2026. During the first quarter, the Company repurchased approximately $250 million in shares, and an additional $50 million in April.

Including its quarterly dividend, Kinross has returned approximately $350 million in capital to shareholders to date as of April 29, 2026.

Between April 2025 and March 31, 2026, Kinross returned over $1 billion of capital to shareholders and reduced its share count by more than 3%.

Kinross' Board of Directors declared a quarterly dividend of $0.04 per common share payable on June 4, 2026, to shareholders of record at the close of business on May 21, 2026.

Unless otherwise stated, production figures in this report are on an attributable basis. "Attributable" includes Kinross' 70% share of Manh Choh production, costs, cash flows and capital expenditures. Financial figures include 100% of Manh Choh results except when denoted as attributable. Attributable figures are non-GAAP financial measures and ratios. Refer to footnote 6.

"Production cost of sales per equivalent ounce sold" is defined as production cost of sales, as reported on the interim condensed consolidated statements of operations, divided by total gold equivalent ounces sold.

Operating cash flow figures in this report represent "Net cash flow provided from operating activities," as reported on the interim condensed consolidated statements of cash flows.

"Margins" per equivalent ounce sold is defined as average realized gold price per ounce less production cost of sales per equivalent ounce sold.

Earnings, net earnings, and reported net earnings figures in this report represent "Net earnings attributable to common shareholders," as reported on the interim condensed consolidated statements of operations.

These figures are non-GAAP financial measures and ratios, as applicable, and are defined and reconciled on pages 36 to 42 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.

"Total liquidity" is defined as the sum of cash and cash equivalents, as reported on the interim condensed consolidated balance sheets, and available credit under the Company's credit facilities (as calculated in Section 6 Liquidity and Capital Resources of Kinross' MD&A for the three months ended March 31, 2026).

At Kettle River-Curlew ("Curlew"), early works were completed, underground development is ahead of schedule, and key site infrastructure continues to advance.

At Bald Mountain Redbird, project execution continued to advance. Mining is ongoing, the vertical carbon-in-column plant is nearing completion, earthworks for the heap leach pad extension are well ahead of schedule, and procurement and engineering for the SART plant are progressing on plan.

Consistent with Kinross' commitment to responsible mining, its 2025 Sustainability Report is expected to be published during the second quarter, marking its 18th edition. The report will provide a comprehensive summary of Company performance over the past year and outline Sustainability priorities.

J. Paul Rollinson, CEO, made the following comments in relation to 2026 first-quarter results:

"Kinross delivered another excellent quarter. We generated record free cash flow of approximately $840 million, representing our fourth consecutive quarterly record. Strong operational performance and disciplined cost management drove record margins that continue to outpace the rise in the gold price, which highlights our ability to continue to hold the line on costs.

"We have returned approximately $350 million to shareholders to date in 2026 through dividends and share repurchases, reinforcing our commitment to disciplined capital allocation and delivering meaningful returns. Over the past 12 months, we have returned over $1 billion to shareholders, and through our share buyback program, have reduced our outstanding float by over 3%.

"In the current situation of global uncertainty, we continue to benefit from an attractive relative cost position, supported by our longstanding approach to mitigate cost pressures. This includes the hedging of fuel and currency exposures as well as the continued execution of our grade enhancement strategy. Both are proving effective in the current environment of elevated oil prices and differentiate Kinross.

"In Q1, our pipeline of high-quality development projects advanced on plan. At Great Bear, we continued to make strong progress across both Advanced Exploration and the Main Project. Engineering and procurement are advancing as planned, and new exploration results further reinforce the scale and long-term potential of the deposit.

"At Lobo-Marte, the submission of the Environmental Impact Assessment in April marked an important milestone, formally initiating the permitting process for this long-life, large-scale growth project. Our new U.S. projects - Round Mountain Phase X, Curlew and Redbird - made steady progress and remain firmly on track. Also, we are continuing our studies on our significant resource inventory as we target additional potential mine life extensions across our portfolio."

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

Three months ended

March 31,

2026

2025

Operating Highlights(a)

Total gold equivalent ounces(b)

Produced

500,941

529,861

Sold

494,128

524,089

Attributable gold equivalent ounces(b)

Produced

492,563

512,088

Sold

485,855

506,564

Gold ounces - sold

482,472

516,268

Silver ounces - sold (000's)

674

701

Earnings(a)

Metal sales

$ 2,407.7

$ 1,497.5

Production cost of sales

$ 690.5

$ 546.7

Depreciation, depletion and amortization

$ 275.7

$ 288.4

Operating earnings

$ 1,338.1

$ 570.4

Net earnings attributable to common shareholders

$ 843.0

$ 368.0

Net earnings per share attributable to common shareholders (basic and diluted)

$ 0.70

$ 0.30

Adjusted net earnings(c)

$ 854.1

$ 364.0

Adjusted net earnings per share(c)

$ 0.71

$ 0.30

Cash Flow(a)

Net cash flow provided from operating activities

$ 1,139.5

$ 607.1

Attributable adjusted operating cash flow(c)

$ 1,129.3

$ 620.3

Capital expenditures(d)

$ 283.2

$ 207.7

Attributable capital expenditures(c)

$ 278.9

$ 204.1

Attributable free cash flow(c)

$ 837.5

$ 380.8

Per Ounce Metrics(a)

Average realized gold price per ounce(e)

$ 4,873

$ 2,857

Attributable average realized gold price per ounce(c)

$ 4,873

$ 2,856

Production cost of sales per equivalent ounce sold(b)(f)

$ 1,397

$ 1,043

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

$ 1,380

$ 1,038

Attributable production cost of sales per ounce sold on a by-product basis(c)

$ 1,296

$ 1,010

Attributable all-in sustaining cost per equivalent ounce sold(b)(c)

$ 1,732

$ 1,355

Attributable all-in sustaining cost per ounce sold on a by-product basis(c)

$ 1,657

$ 1,331

Attributable all-in cost per equivalent ounce sold(b)(c)

$ 2,199

$ 1,678

Attributable all-in cost per ounce sold on a by-product basis(c)

$ 2,135

$ 1,660

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.

"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 first quarter of 2026 was 57.79:1 (first quarter of 2025 - 89.69:1).

The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 36 to 42 of this report. Non-GAAP financial measures and ratios have no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers.

"Capital expenditures" is "Additions to property, plant and equipment" on the interim condensed consolidated statements of cash flows.

"Average realized gold price per ounce" is defined as gold revenue divided by total gold ounces sold.

"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 first-quarter gold equivalent production:

Production cost of sales: Production cost of sales per Au eq. oz. sold2 increased to $1,397 for the quarter, compared with $1,043 in Q1 2025. Attributable production cost of sales per Au eq. oz. sold1 increased to $1,380 for the quarter, compared with $1,038 in Q1 2025. The increase is primarily due to higher royalty costs as a result of the higher average realized gold price, and timing of inventory movements.

Attributable production cost of sales per Au oz. sold on a by-product basis1 was $1,296 in Q1 2026, compared with

$1,010 in Q1 2025, based on attributable gold sales of 474,459 ounces and silver sales of 658,544 ounces.

In the first quarter, attributable all-in sustaining cost per Au oz. sold on a by-product basis was $1,657, compared with $1,331 in Q1 2025.

Attributable adjusted operating cash flow1 for Q1 2026 was $1,129.3 million, compared with $620.3 million for Q1 2025.

Adjusted net earnings6 more than doubled to $854.1 million, or $0.71 per share, for Q1 2026, compared with $364.0 million, or $0.30 per share, for Q1 2025.

Reported net earnings and adjusted net earnings in Q1 2026 included $91 million of withholding tax expense, of which $65 million relates to taxes payable in future quarters as a result of the repatriation of strong cash flow generation largely in Mauritania.

Attributable capital expenditures1 were $278.9 million for Q1 2026, compared with $204.1 million for Q1 2025.

"Average realized gold price per ounce" is defined as gold revenue divided by total gold ounces sold.

"Capital expenditures" is "Additions to property, plant and equipment" on the interim condensed consolidated statements of cash flows.

Kinross added approximately $440 million in cash to the balance sheet after returning capital to shareholders and funding its capital expenditures. As of March 31, 2026, Kinross had cash and cash equivalents of $2.2 billion, compared with $1.7 billion at December 31, 2025.

The Company had additional available credit10 of $1.7 billion and total liquidity7 of approximately $3.9 billion as of March 31, 2026.

Kinross' 2026 buyback strategy is on track. The Company plans to allocate 40% of free cash flow to shareholders through both share buybacks and dividends, assuming no significant changes to gold prices or Kinross' operations.

Kinross repurchased approximately $250 million in shares during the quarter, and approximately $300 million year-to-date (representing 9.2 million shares). Including its quarterly dividend, Kinross has returned approximately $350 million in capital to shareholders to date in 2026. Since April 2025, Kinross has repurchased approximately $900 million in shares, reducing our share count by more than 3%, and returned approximately $1 billion in capital to shareholders.

As part of its quarterly dividend program, the Company also declared a dividend of $0.04 per common share payable on June 4, 2026, to shareholders of record as of May 21, 2026.

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 44 and 45 of this report.

Kinross remains on track to deliver its 2026 annual guidance for production, cost of sales per ounce, all-in sustaining cost and capital expenditures. Kinross also remains on track to achieve its Effective Tax Rate (ETR) guidance with a lower expected ETR from Q2 2026 to Q4 2026, and on track to meet its full-year taxes paid guidance. Due in part to Kinross' ongoing hedging programs, cost impacts of rising crude oil prices beginning in March 2026 have been minimal and are not expected to affect the Company's ability to achieve its full-year cost guidance.

To better reflect global market conditions and the potential impacts of elevated oil prices, Kinross is providing more detail on its oil price sensitivity11 for its full-year guidance in the table below.

Impact on cost of sales per ounce per

$10 per barrel change in oil price

Summary

Impact on full-year guidance of a $100 per

barrel oil price from April 1 forward

2026 oil sensitivity12

$3/oz.

Direct impacts of crude oil on refined fuel products

2026 sensitivity related to refining, distribution and taxes

$7/oz.

Includes refining, distribution and taxes

Total fuel cost sensitivity

$10/oz.

$20/oz. (~1% of AISC13)

Potential additional secondary cost sensitivity

+ ~$4/oz.

Considers potential secondary impacts related to freight and other consumables

+ ~$10/oz. (~0.5% of AISC13)

"Available credit" is defined as available credit under the Company's credit facilities and is calculated in Section 6 Liquidity and Capital Resources of Kinross' MD&A for the three months ended March 31, 2026.

Based on $4,500 gold price and a $70 per barrel oil price.

Taking into account existing oil hedges.

"AISC" represents attributable all-in sustaining cost per equivalent ounce sold. Refer to footnote 1.

Mine-by-mine summaries for 2026 first-quarter operating results may be found on page 11 of this report. Highlights include the following:

At Tasiast, quarter-over-quarter production increased, driven by strong grades, and cost of sales per ounce sold decreased. Year-over-year, production was lower primarily due to the timing of ounces processed through the mill, partially offset by higher grades due to planned mine sequencing. Compared with Q1 2025, cost of sales per ounce sold increased primarily due to higher royalties as a result of higher gold prices.

At Paracatu, production increased quarter-over-quarter with record recoveries as a result of a multi-front optimization program across the processing plant, and increased year-over-year due to the improved recoveries as well as the timing of ounces processed through the mill. Cost of sales per ounce sold increased slightly quarter-over-quarter due to higher royalty costs, and increased year-over-year as a result of higher royalty and drilling contractor costs, and strengthening of the Brazilian real.

At La Coipa, production decreased quarter-over-quarter mainly due to lower tonnes processed as a result of a planned mill maintenance shutdown in March and lower grades due to planned mine sequencing. Year-over-year, production increased primarily due to the timing of ounces processed through the mill, partially offset by the decrease in grades, and cost of sales per ounce sold was higher due to increased labour and reagent costs, strengthening of the Chilean peso, and higher royalties.

At Fort Knox, production was higher quarter-over-quarter, with increased cost of sales per ounce sold due to the timing of ounces processed through the mill and heap leach pads. Year-over-year, production decreased primarily due to lower mill grades and recoveries, partially offset by the timing of ounces processed through the mill. Compared with Q1 2025, cost of sales per ounce sold increased primarily due to processing more tonnes at lower grade through the mill as well as timing of ounces recovered.

At Round Mountain, production decreased quarter-over-quarter and year-over-year primarily due to lower-grade, lower-recovery stockpile feed as mining transitions from Phase W to Phase S. Higher-grade, higher-recovery ore from Phase S is expected in the second half of the year. Cost of sales per ounce sold increased in both comparable periods due to the lower production.

At Bald Mountain, production decreased quarter-over-quarter due to the timing of ounces recovered from heap leach pads, and decreased year-over-year due to fewer tonnes placed on the heap leach pads and lower grades. Cost of sales per ounce sold increased quarter-over-quarter due to fewer ounces produced, and increased year-over-year as a result of the lower production and higher royalties.

For AEX, construction of the water treatment plant, including mechanical, piping, and electrical work, was substantially complete, with surface construction approximately 90% complete. In April 2026, the Company received its remaining AEX permits from the Ontario Ministry of Environment, Conservation and Parks. Remaining surface work includes ponds and pads construction, which must be completed before first blast of the underground decline. Underground development at AEX is expected to provide access for infill drilling of the resource and exploration drilling to further delineate extensions of mineralization.

Regarding the Main Project, detailed engineering is advanced and is approximately 45% complete. Procurement of major equipment continues. Open pit and underground mobile equipment Request for Proposal ("RFP") evaluations are ongoing. RFPs for paste plant equipment, building, and tank packages have been issued.

Main Project permitting continues to advance. Federally, Great Bear submitted the third and final phase of its Impact Statement to the Impact Assessment Agency of Canada in March 2026 as planned. Relevant submissions have also been submitted to Fisheries and Oceans Canada.

Provincially, Great Bear continues to work with the Ontario authorities to advance provincial permitting under the One Project, One Process ("1P1P") permitting process. The next 1P1P steps are approval of the Project Definition and issuance of an Integrated Authorization and Permitting Plan.

In relation to Lac Seul and Wabauskang First Nations, on whose traditional territory the Great Bear Project resides, we are pleased to report that negotiations on the Impact and Benefits Agreement continue to advance based on a recently signed and confidential Memorandum of Understanding that captures the key economic compensatory and procurement elements.

Recent drilling in the new Strider zone has returned mineralized intercepts on trend with the main LP zone, over 2.4 kilometres away from the existing resource. Drilling is ongoing to further test and delineate the structure along strike and at depth.

Highlights include:

2.1m @ 215.4 g/t Au

1.0m @ 12.4 g/t Au

2.7m @ 17.0 g/t Au

Lobo-Marte is expected to support long-life, large-scale production with the potential to produce approximately 4.7 million gold equivalent ounces over a 16-year mine life14. The project is designed to leverage Kinross' existing operating experience and infrastructure in Chile.

The Company looks forward to providing a project update in the second half of the year.

Refer to 2021 press release "Kinross issues results of Udinsk and Lobo-Marte project studies".

Underground development at Round Mountain Phase X is progressing well and is slightly ahead of schedule, with over 7,200 metres developed to date. Engineering work is progressing well, site planning for surface and underground infrastructure are well advanced. During the quarter, Kinross marked the completion of all major operational permitting for the Phase X project. Procurement of long lead items including mining equipment is progressing as planned.

At Curlew, Kinross progressed key site infrastructure as well as detailed engineering and procurement for the mill refurbishment. The Company has selected a contractor for the mill refurbishment, with mobilization activities beginning. Underground mine development also advanced in Q1 2026 ahead of schedule to de-risk the path to first production in 2028.

Exploration continued to demonstrate the potential for additional high-grade mineralization with successful drilling at North Stealth and Roadrunner. At North Stealth, recent drilling intersected strong grades and widths, confirming continuity and supporting the extension of mineralization to the east and west. At Roadrunner, drilling continues to return high-grade intercepts, reinforcing the prospectivity of the target area.

Highlights include:

N. Stealth - 12.5m @ 7.0 g/t Au

N. Stealth - 4.5m @ 8.5 g/t Au

RR - 2.4m @ 9.2 g/t Au

At Redbird, Kinross continued to advance project execution across several key areas. Mining is ongoing, the construction of processing infrastructure is progressing well, and earthworks for the heap leach pad extension are ahead of schedule, supported by favourable winter conditions. Significant progress was made on the ordering and initial receipt of major mining equipment, and the design and engineering for the SART plant progressed on plan.

Kinross advanced its research partnership with Lakehead University with a five-year funding commitment to support the Northern Ontario Heritage Fund Industrial Research Chair in Mineral Exploration, established with grant funding from the Northern Ontario Heritage Fund Corporation. In addition to supporting exploration efforts at Great Bear, the partnership is expected to play an important role in training and developing the future workforce through graduate students and field assistants, helping build the skilled talent base in the region and create opportunities for local communities.

In Chile, Kinross advanced its commitment to community well-being by partnering with public and private stakeholders to finance the development of a new angiography unit at the Copiapó Regional Hospital. The investment addresses a critical healthcare gap in the Atacama region, which previously lacked access to advanced cardiovascular diagnostic and treatment capabilities, and is expected to improve timely care and health outcomes for thousands of residents.

Kinross plans to publish its 2025 Sustainability Report in the second quarter, providing a transparent account of its Sustainability performance and outlining priorities in the year ahead and beyond.

Three months ended March 31,

Produced 2026

Gold equivalent ounces

Sold

2025 2026

2025

Production cost of sales

($millions)

2026 2025

Production cost of

sales/equivalent ounce sold 2026 2025

Tasiast

130,014

137,629 131,679

129,493

130.3 105.0

990

811

Paracatu

160,583

146,639 158,849

146,855

177.7 139.6

1,119

951

La Coipa

54,211

52,315 53,737

55,870

82.0 64.1

1,526

1,147

Fort Knox

102,372

112,054 96,218

112,110

174.8 131.8

1,817

1,176

Round Mountain

26,200

35,686 26,084

35,960

72.4 57.0

2,776

1,585

Bald Mountain

27,561

45,538 27,561

43,801

53.3 49.2

1,934

1,123

United States Total

156,133

193,278 149,863

191,871

300.5 238.0

2,005

1,240

Less: Manh Choh non-controlling interest (30%)

(8,378)

(17,773) (8,273)

(17,525)

(19.9) (20.7)

United States Attributable Total

147,755

175,505 141,590

174,346

280.6 217.3

1,982

1,246

Operations Total

500,941

529,861 494,128

524,089

690.5 546.7

1,397

1,043

Attributable Total

492,563

512,088 485,855

506,564

670.6 526.0

1,380

1,038

Operating Summary

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)

(g/t)

(%)

(ounces)

($ millions)

($/ounce)

($ millions)

Q1 2026

3,495

2,092

2.30

94%

130,014

131,679

$ 130.3

$ 990

$ 10.8

$ 60.0

Q4 2025

3,120

2,252

1.87

94%

125,625

118,912

$ 119.2

$ 1,002

$ 28.6

$ 80.5

Q3 2025

1,685

2,181

1.78

94%

120,934

116,251

$ 103.4

$ 889

$ 47.6

$ 102.0

Q2 2025

1,921

1,730

2.11

95%

119,241

121,745

$ 102.6

$ 843

$ 23.1

$ 89.7

Q1 2025

1,812

1,932

2.15

95%

137,629

129,493

$ 105.0

$ 811

$ 13.7

$ 80.1

Q1 2026

10,272

12,507

0.41

85%

160,583

158,849

$ 177.7

$ 1,119

$ 22.2

$ 25.8

Q4 2025

10,929

12,395

0.45

83%

155,048

154,565

$ 165.0

$ 1,068

$ 67.6

Q3 2025

12,958

13,214

0.44

82%

150,367

149,903

$ 139.9

$ 933

$ 58.2

Q2 2025

13,497

14,527

0.39

82%

149,264

148,787

$ 142.6

$ 958

$ 38.4

Q1 2025

13,318

12,507

0.43

83%

146,639

146,855

$ 139.6

$ 951

$ 24.4

Q1 2026

580

972

1.64

74%

54,211

53,737

$ 82.0

$ 1,526

$ 19.9

$ 21.7

Q4 2025

1,219

1,203

2.42

74%

67,319

71,419

$ 80.7

$ 1,130

$ 31.7

Q3 2025

1,006

932

2.36

76%

57,997

57,544

$ 69.0

$ 1,199

$ 18.5

Q2 2025

580

911

1.77

78%

54,139

50,400

$ 70.4

$ 1,397

$ 25.0

Q1 2025

1,265

971

2.19

80%

52,315

55,870

$ 64.1

$ 1,147

$ 15.6

Q1 2026

9,523

1,154

7,314

1.45

0.28

86%

102,372

96,218

$ 174.8

$ 1,817

$ 24.1

Q4 2025

11,056

1,645

8,805

1.02

0.23

88%

71,523

74,294

$ 125.8

$ 1,693

$ 38.0

Q3 2025

8,140

1,511

6,538

1.86

0.23

90%

112,181

117,500

$ 159.7

$ 1,359

$ 45.0

Q2 2025

7,639

1,636

5,529

1.72

0.23

88%

115,064

113,200

$ 141.3

$ 1,248

$ 43.0

Q1 2025

6,530

1,071

4,790

2.77

0.19

91%

112,054

112,110

$ 131.8

$ 1,176

$ 28.2

Q1 2026

9,463

1,103

7,314

1.31

0.28

85%

93,994

87,945

$ 154.9

$ 1,761

$ 19.8

Q4 2025

11,001

1,597

8,805

0.93

0.23

87%

65,434

67,882

$ 113.6

$ 1,673

$ 31.5

Q3 2025

8,056

1,425

6,538

1.55

0.23

89%

95,742

100,878

$ 138.4

$ 1,372

$ 40.4

Q2 2025

7,535

1,567

5,529

1.47

0.23

87%

97,561

95,277

$ 118.8

$ 1,247

$ 38.7

Q1 2025

6,445

982

4,790

2.35

0.19

90%

94,281

94,585

$ 111.1

$ 1,175

$ 24.6

Q1 2026

790

953

513

0.37

0.21

52%

26,200

26,084

$ 72.4

$ 2,776

$ 4.9

$ 53.9

Q4 2025

737

966

1,110

0.49

0.29

67%

31,754

31,641

$ 86.6

$ 2,737

$ 8.6

$ 41.5

Q3 2025

1,659

914

1,113

0.66

0.32

72%

37,297

37,274

$ 78.1

$ 2,095

$ 4.5

$ 33.0

Q2 2025

2,881

856

1,682

0.72

0.30

80%

38,665

37,864

$ 52.1

$ 1,376

$ 5.7

$ 32.8

Q1 2025

1,927

856

2,163

0.66

0.27

77%

35,686

35,960

$ 57.0

$ 1,585

$ 2.8

$ 29.6

Q1 2026

3,985

0.30

27,561

$ 53.3

$ 1,934

$ 6.9

$ 39.7

Q4 2025

3,165

0.30

38,402

37,141

$ 55.4

$ 1,492

$ 13.1

$ 51.6

Q3 2025

2,182

0.31

41,525

42,261

$ 48.5

$ 1,148

$ 5.3

$ 27.9

Q2 2025

1,578

1.07

53,704

54,227

$ 59.4

$ 1,095

$ 12.7

$ 40.4

Q1 2025

5,803

0.35

45,538

43,801

$ 49.2

$ 1,123

$ 6.9

$ 17.8

Mine

West Africa

Tasiast

Paracatu

La Coipa(f)

Americas

Fort Knox (100%)(g)

Fort Knox (attributable)(g)

Round Mountain

Bald Mountain

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.

"nm" means not meaningful.

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: Q1 2026: 57.79:1; Q4 2025: 76.34:1; Q3 2025: 87.73:1; Q2 2025: 97.41:1; Q1 2025: 89.69:1.

"Production cost of sales per equivalent ounce sold" is defined as production cost of sales divided by total gold equivalent ounces sold.

"Total Cap Ex" is "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 page 42 of this report.

La Coipa silver grade and recovery were as follows: Q1 2026: 35.03 g/t, 39%; Q4 2025: 33.21 g/t, 41%; Q3 2025: 41.34 g/t, 49%; Q2 2025: 28.89 g/t, 50%; Q1 2025: 31.97 g/t, 60%.

The Fort Knox segment is composed of Fort Knox and Manh Choh. Manh Choh tonnes of ore processed and grade were as follows: Q1 2026: 170,077 tonnes, 4.51 g/t; Q4 2025: 158,016 tonnes, 4.08 g/t; Q3 2025: 286,496 tonnes, 7.05 g/t; Q2 2025: 231,451 tonnes, 7.39 g/t; Q1 2025: 294,238 tonnes, 7.39 g/t. The attributable results for Fort Knox include 100% of Fort Knox and 70% of Manh Choh.

This management's discussion and analysis ("MD&A"), prepared as of April 29, 2026, relates to the financial condition and results of operations of Kinross Gold Corporation together with its wholly owned subsidiaries, as at March 31, 2026 and for the three months then ended, and is intended to supplement and complement Kinross Gold Corporation's unaudited interim condensed consolidated financial statements for the three months ended March 31, 2026 and the notes thereto (the "interim financial statements"). Readers are cautioned that the MD&A contains forward-looking statements about expected future events and financial and operating performance of the Company, and that actual events may vary from management's expectations. Readers are encouraged to read the "Cautionary Statement on Forward Looking Information" included with this report and to consult Kinross Gold Corporation's annual audited consolidated financial statements for the year ended December 31, 2025 and corresponding notes therein which are available on the Company's website at www.kinross.com and on www.sedarplus.ca. The interim financial statements and MD&A are presented in U.S. dollars. The interim financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting" as issued by the International Accounting Standards Board ("IASB"). This discussion addresses matters we consider important for an understanding of our financial condition and results of operations as at and for the three months ended March 31, 2026, as well as our outlook.

This report contains forward-looking statements and should be read in conjunction with the risk factors described in "Risk Analysis" on page 35 and in the "Cautionary Statement on Forward-Looking Information" on pages 44 - 45 of this report. In certain instances, references are made to relevant notes in the interim financial statements for additional information.

This report references attributable average realized gold price per ounce, attributable production cost of sales per equivalent ounce sold, attributable all-in sustaining cost per equivalent ounce sold and per ounce sold on a by-product basis, attributable all-in cost per equivalent ounce sold and per ounce sold on a by-product basis, adjusted net earnings, adjusted net earnings per share, attributable adjusted operating cash flow, attributable capital expenditures, and attributable free cash flow, all of which are non-GAAP financial measures or ratios. The definitions and reconciliations of these non-GAAP financial measures and ratios are included in Section 11 of this report.

Where we say "we", "us", "our", the "Company" or "Kinross", we mean Kinross Gold Corporation or Kinross Gold Corporation and/or one or more or all of its subsidiaries, as it may apply. Where we refer to the "industry", we mean the gold mining industry.

Kinross is engaged in gold mining and related activities, including exploration and acquisition of gold-bearing properties, extraction and processing of gold-containing ore, and reclamation of gold mining properties. Kinross' gold production and exploration activities are carried out principally in Canada, the United States, Brazil, Chile, Mauritania and Finland. Gold is produced in the form of doré, which is shipped to refineries for final processing. Kinross also produces and sells a quantity of silver.

The profitability and operating cash flow of Kinross are affected by various factors, including the amount of gold and silver produced, the market prices of gold and silver, operating costs, interest rates, regulatory and environmental compliance, the level of exploration activity and capital expenditures, general and administrative costs, and other discretionary costs and activities. Kinross is also exposed to fluctuations in currency exchange rates, political risks, and varying levels of taxation that can impact profitability and cash flow. Kinross seeks to manage the risks associated with its business operations; however, many of the factors affecting these risks are beyond the Company's control.

Commodity prices continue to be volatile as economies around the world continue to experience economic challenges along with political changes and uncertainties. Volatility in the price of gold and silver impacts the Company's revenue and royalty costs, while volatility in the price of input costs, such as oil, and foreign exchange rates, particularly the Brazilian real, Chilean peso, Mauritanian ouguiya and Canadian dollar relative to the U.S. dollar, may have an impact on the Company's operating costs and capital expenditures.

(in millions, except ounces, per share amounts and per ounce amounts)

Three months ended March 31,

2026 2025 Change % Change

Operating Highlights(a)

Total gold equivalent ounces(b) Produced

500,941

529,861

(28,920)

(5%)

Sold

494,128

524,089

(29,961)

(6%)

Attributable gold equivalent ounces(b)

Produced

492,563

512,088

(19,525)

(4%)

Sold

485,855

506,564

(20,709)

(4%)

Gold ounces - sold

482,472

516,268

(33,796)

(7%)

Silver ounces - sold (000's)

674

701

(27)

(4%)

Earnings(a)

Metal sales

$ 2,407.7

$ 1,497.5

$ 910.2

61%

Production cost of sales

$ 690.5

$ 546.7

$ 143.8

26%

Depreciation, depletion and amortization

$ 275.7

$ 288.4

$ (12.7)

(4%)

Operating earnings

$ 1,338.1

$ 570.4

$ 767.7

135%

Net earnings attributable to common shareholders

$ 843.0

$ 368.0

$ 475.0

129%

Net earnings per share attributable to common shareholders (basic and diluted)

$ 0.70

$ 0.30

$ 0.40

133%

Adjusted net earnings(c)

$ 854.1

$ 364.0

$ 490.1

135%

Adjusted net earnings per share(c)

$ 0.71

$ 0.30

$ 0.41

137%

Cash Flow(a)

Net cash flow provided from operating activities

$ 1,139.5

$ 607.1

$ 532.4

88%

Attributable adjusted operating cash flow(c)

$ 1,129.3

$ 620.3

$ 509.0

82%

Capital expenditures(d)

$ 283.2

$ 207.7

$ 75.5

36%

Attributable capital expenditures(c)

$ 278.9

$ 204.1

$ 74.8

37%

Attributable free cash flow(c)

$ 837.5

$ 380.8

$ 456.7

120%

Per Ounce Metrics(a)

Average realized gold price per ounce(e)

$ 4,873

$ 2,857

$ 2,016

71%

Attributable average realized gold price per ounce(c)

$ 4,873

$ 2,856

$ 2,017

71%

Production cost of sales per equivalent ounce sold(b)(f)

$ 1,397

$ 1,043

$ 354

34%

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

$ 1,380

$ 1,038

$ 342

33%

Attributable production cost of sales per ounce sold on a by-product basis(c)

$ 1,296

$ 1,010

$ 286

28%

Attributable all-in sustaining cost per equivalent ounce sold(b)(c)

$ 1,732

$ 1,355

$ 377

28%

Attributable all-in sustaining cost per ounce sold on a by-product basis(c)

$ 1,657

$ 1,331

$ 326

24%

Attributable all-in cost per equivalent ounce sold(b)(c)

$ 2,199

$ 1,678

$ 521

31%

Attributable all-in cost per ounce sold on a by-product basis(c)

$ 2,135

$ 1,660

$ 475

29%

The definition and reconciliation of these non-GAAP financial measures and ratios is included in Section 11. 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.

"Capital expenditures" is "Additions to property, plant and equipment" on the interim condensed consolidated statements of cash flows.

"Average realized gold price per ounce" is defined as gold revenue divided by total gold ounces sold.

"Production cost of sales per equivalent ounce sold" is defined as production cost of sales divided by total gold equivalent ounces sold.

In the first quarter of 2026, Kinross produced 500,941 total gold equivalent ounces or 492,563 gold equivalent ounces on an attributable basis, a decrease of 5% and 4%, respectively, from the first quarter of 2025, as planned. Higher production from Paracatu was offset by lower production from Bald Mountain, Fort Knox, Round Mountain, and Tasiast.

Metal sales in the first quarter of 2026 increased by 61% to $2,407.7 million compared to the first quarter of 2025, due to a 71% increase in the average realized gold price to $4,873 per ounce, partially offset by a decrease in ounces sold. Total gold equivalent ounces sold in 2026 decreased by 6% to 494,128 ounces compared to the first quarter of 2025, due to the decrease in production, as noted above.

Production cost of sales in the first quarter of 2026 were $690.5 million, and $1,397 per equivalent ounce sold, an increase of 26% and 34%, respectively, compared to the first quarter of 2025. The increase in costs was mainly due to higher royalty costs in the first quarter of 2026 as a result of the higher average realized gold price, and timing of inventory movements.

In the first quarter of 2026, attributable all-in sustaining cost per equivalent ounce sold and per ounce sold on a by-product basis increased by 28% and 24%, respectively, compared to the first quarter of 2025. The increases were primarily a result of the increase in production cost of sales per equivalent ounce sold. Attributable all-in cost per equivalent ounce sold and per ounce sold on a by-product basis in the first quarter of 2026 were 31% and 29% higher, respectively, compared to the first quarter of 2025. The increases were primarily a result of the increase in production cost of sales per equivalent ounce sold and an increase in non-sustaining capital expenditures.

Depreciation, depletion and amortization decreased by 4% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to the decrease in gold equivalent ounces sold.

The Company recorded income tax expense of $465.2 million in the first quarter of 2026, an increase of $328.4 million compared to the first quarter of 2025 primarily due to a $795.0 million increase in earnings before tax and $91.0 million of withholding tax related to the planned repatriation of earnings, mainly from Mauritania. Kinross' combined federal and provincial statutory tax rate for the first quarters of both 2026 and 2025 was 26.5%.

Net earnings attributable to common shareholders in the first quarter of 2026 were $843.0 million, or $0.70 per share, compared to

$368.0 million, or $0.30 per share, in the first quarter of 2025. The increase in net earnings was primarily a result of an increase in margins as metal sales increased by 61% while production cost of sales increased by only 26%, partially offset by the increase in income tax expense.

Adjusted net earnings in the first quarter of 2026 were $854.1 million, or $0.71 per share, compared to $364.0 million, or $0.30 per share, in the first quarter of 2025. The increase was primarily due to the increase in margins, partially offset by the increase in income tax expense.

Net cash flow provided from operating activities increased to $1,139.5 million in the first quarter of 2026 from $607.1 million in the first quarter of 2025, primarily due to the increase in margins and favourable working capital movements, partially offset by an increase in income taxes paid.

Attributable adjusted operating cash flow, which excludes changes in working capital, increased to $1,129.3 million in the first quarter of 2026 from $620.3 million in the first quarter of 2025, primarily due to the increase in margins, partially offset by the increase in income taxes paid.

Capital expenditures increased to $283.2 million in the first quarter of 2026 from $207.7 million in the first quarter of 2025. The increase was driven by a ramp-up of development activities at Great Bear, Kettle River-Curlew ("Curlew"), Round Mountain Phase X, and Bald Mountain Redbird Phases 1 and 2. These increases were partially offset by lower spending on capital development due to planned mine sequencing at Tasiast.

Attributable free cash flow increased to $837.5 million in the first quarter of 2026 from $380.8 million in the first quarter of 2025, primarily due to the increase in net cash flow provided from operating activities, partially offset by the increase in capital expenditures, as noted above.

Total cash and cash equivalents increased by $442.7 million in the first quarter of 2026 to $2.2 billion. The increase in the first quarter of 2026 was driven by attributable free cash flows of $837.5 million. The significant free cash flows were partially offset by $250.1 million in share repurchases under the Company's normal course issuer bid ("NCIB") and $47.9 million in dividends paid to common shareholders, for total return of capital of $298.0 million. Total cash and cash equivalents increased by $83.1 million in the first quarter of 2025, driven by free cash flows, and partially offset by $200.0 million repaid on the term loan.

Kinross' 2025 annual MD&A contains a discussion of key economic trends that affect the Company and its financial statements. Please refer to the MD&A for the year ended December 31, 2025, which is available on the Company's website https://www.kinross.com and on https://www.sedarplus.ca or is available upon request from the Company. Included in this report is an update reflecting significant changes since the preparation of the 2025 annual MD&A.

The price of gold is the single largest factor in determining profitability and cash flow from operations. Therefore, the financial performance of the Company has been, and is expected to continue to be, closely linked to the price of gold. During the first quarter of 2026, the average market price of gold was $4,873 per ounce, with gold trading between $4,353 and $5,405 per ounce based on the London Bullion Market Association ("LBMA") Gold Price PM benchmark. This compares to an average market price of $2,860 per ounce during the first quarter of 2025, with gold trading between $2,633 and $3,115 per ounce. During the first quarter of 2026, Kinross realized an average price of $4,873 per ounce, compared to $2,857 per ounce for the same period in 2025. Major influences on the gold price during the first quarter of 2026 included geopolitical events in the Middle East, shifting interest rate expectations, a volatile U.S. dollar, and inflation concerns.

The Company's profitability is subject to industry-wide cost pressures on development and operating costs with respect to labour, energy, capital expenditures and consumables in general. Since mining is generally an energy intensive activity, especially in open pit mining, energy prices have a significant impact on operations.

The cost of fuel as a percentage of operating costs varies amongst the Company's mines, and overall, fuel prices in the first quarter of 2026 were higher compared to the same period in 2025. Fluctuations in fuel prices are primarily due to geopolitical risk and demand and supply dynamics.

During the first quarter of 2026, geopolitical developments in the Middle East, including actions affecting oil tanker transit through the Strait of Hormuz, contributed to heightened volatility in global oil markets. Although we have seen an increase in fuel prices in March 2026, the impact on our costs was minimal due to mitigation by our fuel hedge program and the lag effect from inventory timing. Kinross manages its exposure to fluctuations in fuel costs by entering into hedge positions for a portion of its exposure to crude oil prices - refer to Section 6 - Liquidity and Capital Resources for details. The Company continues to monitor geopolitical developments in the Middle East.

During 2025, the United States government announced changes in trade policy including increased tariffs on imports and potential termination or renegotiation of existing trade agreements. In the first quarter of 2026, certain previously announced tariffs were modified or replaced. The tariffs on steel and aluminum imports remain in effect. The Company continues to monitor its exposure to these developments and the potential impacts on the Company's supply chain and costs.

At the Company's non-U.S. mining operations and exploration activities, which are primarily located in Brazil, Chile, Mauritania and Canada, a portion of operating costs and capital expenditures are denominated in their respective local currencies. Generally, as the

U.S. dollar strengthens, these currencies weaken, and as the U.S. dollar weakens, these foreign currencies strengthen. During the three months ended March 31, 2026, the U.S. dollar, on average, was weaker relative to the Canadian dollar, Brazilian real and Chilean peso, and was in line relative to the Mauritanian ouguiya, compared to the same period in 2025. As at March 31, 2026, the U.S. dollar was weaker relative to the Brazilian real and was in line relative to the Canadian dollar, Chilean peso and Mauritanian ouguiya, compared to the respective December 31, 2025 spot exchange rates. In order to manage this risk, the Company uses currency hedges for certain foreign currency exposures - refer to Section 6 - Liquidity and Capital Resources for details.

The following section of this report 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 44 - 45 of this report.

Kinross is on track to meet its annual guidance of 2.0 million (+/- 5%) attributable1 gold equivalent ounces produced at an attributable production cost of sales per equivalent ounce sold2 of $1,360 (+/- 5%) and attributable all-in sustaining cost per equivalent ounce sold2 of $1,730 (+/- 5%) for 2026. The Company is also on track to meet its annual attributable capital expenditures2 guidance of $1,500 million (+/- 5%) for 2026. Kinross remains on track to achieve its effective tax rate ("ETR") guidance with a lower expected ETR from the second quarter of 2026 to the fourth quarter of 2026, and on track to meet its annual taxes paid guidance.

To better reflect global market conditions and elevated oil prices, Kinross is providing more detail on its oil price sensitivity for its annual guidance. Net of existing fuel hedges, a $10 per barrel change in the price of oil would be expected to result in an approximate

$3 impact on the oil component of fuel consumption costs on attributable production cost of sales per equivalent ounce sold2. In the current volatile environment, taking into account both the oil component and the observed sensitivity of other fuel consumption costs, including refining, distribution and taxes, a $10 per barrel change in the price of oil would be expected to result in an approximate $10 impact on fuel consumption costs on attributable production cost of sales per equivalent ounce sold2.

Great Bear

At Great Bear, Kinross continues to progress its Advanced Exploration ("AEX") program alongside permitting, detailed engineering and procurement of major equipment for the Main Project.

During the first quarter of 2026, Great Bear incurred $25.5 million on qualifying activities, defined in and required to be disclosed by its Exploration Agreement with Lac Seul First Nation and Wabauskang First Nation, as Exploration Expenditures.

1 Attributable guidance and results include Kinross' 70% share of Manh Choh production, costs and capital expenditures. Attributable figures are non-GAAP financial measures and ratios. Refer to footnote 2.

2 These figures are non-GAAP financial measures and ratios, as applicable, and are defined, and actual results for the three months ended March 31, 2026 are reconciled, in Section 11 of this report. Non-GAAP financial measures and ratios have no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers.

Lobo-Marte

Lobo-Marte's Environmental Impact Assessment was submitted in April 2026 and is under review by the regulators, formally initiating the permitting process and marking a milestone for this growth project.

Lobo-Marte is expected to support long-life, large-scale production with the potential to produce approximately 4.7 million gold equivalent ounces over a 16-year mine life. The project is designed to leverage Kinross' existing operating experience and infrastructure in Chile.

The Company looks forward to providing a project update in the second half of the year.

Round Mountain Phase X

Underground development at Round Mountain Phase X is progressing well and is slightly ahead of schedule, with over 7,200 metres developed to date. Engineering work is progressing well, site planning for surface and underground infrastructure are well advanced. During the first quarter of 2026, Kinross marked the completion of all major operational permitting for the Phase X project. Procurement of long lead items including mining equipment is progressing as planned.

Curlew

At Curlew, Kinross progressed key site infrastructure as well as detailed engineering and procurement for the mill refurbishment. The Company has selected a contractor for the mill refurbishment, with mobilization activities beginning. Underground mine development also advanced in the first quarter of 2026 ahead of schedule to de-risk the path to first production in 2028.

Bald Mountain Redbird

Three months ended March 31,

(in millions) 2026 2025 Change % Change

Operating segments

Tasiast

$ 441.1

$ 178.4

$ 262.7

147%

Paracatu

527.6

219.6

308.0

140%

La Coipa

140.1

64.7

75.4

117%

Fort Knox(a)

203.7

134.8

68.9

51%

Round Mountain

41.1

9.8

31.3

319%

Bald Mountain

62.1

32.4

29.7

92%

Non-operating segments

Great Bear

(7.2)

(5.8)

(1.4)

(24%)

Corporate and other(b)

(70.4)

(63.5)

(6.9)

(11%)

Total

$ 1,338.1

$ 570.4

$ 767.7

135%

The results for the Fort Knox segment include 100% of the results for Manh Choh.

"Corporate and other" includes operating costs which are not directly related to individual mining properties such as overhead expenses, gains and losses on disposal of assets and investments, and other costs relating to corporate, shutdown and other non-operating assets (including Curlew, Lobo-Marte, and Maricunga).

Three months ended March 31,

2026 2025 Change % Change(c)

Operating Statistics

Tonnes ore mined (000's)

3,495

1,812

1,683 93%

Tonnes processed (000's)

2,092

1,932

160 8%

Grade (grams/tonne)

2.30

2.15

0.15 7%

Recovery

93.8%

94.7%

(0.9%) (1%)

Gold equivalent ounces(a):

Produced

130,014

137,629

(7,615) (6%)

Sold

131,679

129,493

2,186 2%

Earnings (in millions) Metal sales

$ 644.7

$ 369.9

$ 274.8 74%

Production cost of sales

130.3

105.0

25.3 24%

Depreciation, depletion and amortization

64.8

84.4

(19.6) (23%)

449.6

180.5

269.1 149%

Other operating expense (income)

3.5

(2.4)

5.9 nm

Exploration and business development

5.0

4.5

0.5 11%

Segment operating earnings

$ 441.1

$ 178.4

$ 262.7

147%

Production cost of sales per equivalent ounce sold(a)(b)

$ 990

$ 811

$ 179

22%

"Production cost of sales per equivalent ounce sold" is defined as production cost of sales divided by total gold equivalent ounces sold.

"nm" means not meaningful.

Planned mine sequencing at Tasiast in the first quarter of 2026 included mining of the Fennec and Piment pits as well as the capital development of West Branch 5, as the mining of West Branch 4 continued to ramp down. As a result of this planned mine sequencing, tonnes of ore mined increased by 93% in the first quarter of 2026 compared to the same period in 2025. Mill grades increased by 7% compared to the first quarter of 2025 as a result of blending higher-grade ore from West Branch 4 and stockpiles with lower-grade ore from Piment.

Gold equivalent ounces produced in the first quarter of 2026 decreased by 6% compared to the first quarter of 2025, primarily due to timing of ounces processed through the mill, partially offset by higher grades due to mine sequencing. Gold equivalent ounces sold in the first quarter of 2026 were comparable to the same period in 2025. The timing of sales resulted in gold equivalent ounces sold exceeding production in the first quarter of 2026.

Metal sales increased by 74% compared to the first quarter of 2025, due to the 71% increase in the average realized gold price. Production cost of sales increased by 24% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to higher royalties as a result of the higher gold prices. Production cost of sales per equivalent ounce sold also increased as a result of the increase in royalties. Depreciation, depletion and amortization decreased by 23% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to production feed from lower capital cost ounces.

Three months ended March 31,

2026 2025 Change % Change(c)

Operating Statistics

Tonnes ore mined (000's)

10,272

13,318

(3,046)

(23%)

Tonnes processed (000's)

12,507

Grade (grams/tonne)

0.41

0.43

(0.02)

(5%)

Recovery

84.9%

82.5%

2.4%

Gold equivalent ounces(a):

Produced

160,583

146,639

13,944

10%

Sold

158,849

146,855

11,994

Earnings (in millions) Metal sales

$ 772.4

$ 417.7

$ 354.7

85%

Production cost of sales

177.7

139.6

38.1

27%

Depreciation, depletion and amortization

67.9

57.3

10.6

18%

526.8

220.8

306.0

139%

Other operating (income) expense

(2.2)

0.2

(2.4)

Exploration and business development

1.4

1.0

0.4

40%

Segment operating earnings

$ 527.6

$ 219.6

$ 308.0

140%

Production cost of sales per equivalent ounce sold(a)(b)

$ 1,119

$ 951

$ 168

18%

"Production cost of sales per equivalent ounce sold" is defined as production cost of sales divided by total gold equivalent ounces sold.

"nm" means not meaningful.

Planned mine sequencing at Paracatu in the first quarter of 2026 included mining of Phase 15, which resulted in lower tonnes of ore mined. Tonnes processed in the first quarter of 2026 were comparable to the same period in 2025.

Gold equivalent ounces produced and sold in the first quarter of 2026 increased by 10% and 8%, respectively, compared to the first quarter of 2025 as a result of an increase in recoveries and timing of ounces processed through the mill, partially offset by lower grades.

Metal sales increased by 85% compared to the first quarter of 2025, due to the 71% increase in the average realized gold price and the increase in gold equivalent ounces sold. Production cost of sales increased by 27% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to the increase in gold equivalent ounces sold, higher royalties as a result of the higher gold prices, higher drilling costs, and the strengthening of the Brazilian real compared to the prior year. Production cost of sales per equivalent ounce sold also increased as a result of the higher royalty and drilling costs, and strengthening of the Brazilian real. Depreciation, depletion and amortization increased by 18% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to the increase in gold equivalent ounces sold and an increase in the depreciable asset base.

Three months ended March 31,

2026 2025 Change % Change

Operating Statistics

Tonnes ore mined (000's)

580

1,265

(685)

(54%)

Tonnes processed (000's)

972

971

Grade (grams/tonne):

Gold

1.64

2.19

(0.55)

(25%)

Silver

35.03

31.97

3.06

10%

Recovery:

Gold

73.7%

80.1%

(6.4%)

(8%)

Silver

38.6%

60.2%

(21.6%)

(36%)

Gold equivalent ounces(a):

Produced

54,211

52,315

1,896

Sold

53,737

55,870

(2,133)

(4%)

Silver ounces:

Produced (000's)

512

460

11%

Sold (000's)

505

498

Earnings (in millions) Metal sales

$ 261.4

$ 161.2

$ 100.2

62%

Production cost of sales

82.0

64.1

17.9

28%

Depreciation, depletion and amortization

38.0

29.7

8.3

28%

141.4

67.4

74.0

110%

Other operating expense

0.9

2.3

(1.4)

(61%)

Exploration and business development

0.4

Segment operating earnings

$ 140.1

$ 64.7

$ 75.4

117%

Production cost of sales per equivalent ounce sold(a)(b)

$ 1,526

$ 1,147

$ 379

33%

"Production cost of sales per equivalent ounce sold" is defined as production cost of sales divided by total gold equivalent ounces sold.

Consistent with planned mine sequencing at La Coipa, mining in the first quarter of 2026 continued in the Phase 7 and Puren pits, including capital development of the Phase 7 pit, resulting in a 54% decrease in tonnes of ore mined. Tonnes processed in the first quarter of 2026 were comparable to the same period in 2025, as a result of blending Puren and Phase 7 ore with lower-grade ore from stockpiles. The processing of lower-grade stockpiles resulted in a 25% decrease in gold grades.

Gold equivalent ounces produced in the first quarter of 2026 increased by 4% compared to the first quarter of 2025, primarily due to the timing of ounces processed through the mill, partially offset by the decrease in gold grades. Gold equivalent ounces sold in the first quarter of 2026 decreased by 4% compared to the first quarter of 2025 due to the timing of sales.

Metal sales increased by 62% compared to the first quarter of 2025, due to the 71% increase in the average realized gold price, partially offset by the decrease in gold equivalent ounces sold. Production cost of sales increased by 28% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to higher labour costs and higher reagent costs related to blending of Puren and Phase 7 ore with lower-grade stockpiles, and the strengthening of the Chilean peso compared to the prior year. Production cost of sales were further impacted by higher royalties as a result of the higher gold prices, partially offset by a lower proportion of Puren ore processed, which holds a higher royalty. Production cost of sales per equivalent ounce sold increased due to the same factors. Depreciation, depletion and amortization increased by 28% in the first quarter of 2026 compared to the first quarter of 2025, due to production feed from lower-grade stockpiles.

Three months ended March 31,

2026 2025 Change % Change(f)

Operating Statistics

Tonnes ore mined (000's)

9,523

6,530

2,993

46%

Tonnes processed (000's)(b)

8,468

5,861

2,607

44%

Grade (grams/tonne)(c)

1.45

2.77

(1.32)

(48%)

Recovery(c)

85.7%

90.8%

(5.1%)

(6%)

Gold equivalent ounces(d):

Produced

102,372

112,054

(9,682)

(9%)

Sold

96,218

112,110

(15,892)

(14%)

Earnings (in millions)

Metal sales

$ 468.4

$ 320.5

$ 147.9

46%

Production cost of sales

174.8

131.8

43.0

33%

Depreciation, depletion and amortization

74.6

50.0

24.6

49%

219.0

138.7

80.3 58%

Other operating expense

11.6

0.1

11.5 nm

Exploration and business development

3.7

3.8

(0.1) (3%)

Segment operating earnings

$ 203.7

$ 134.8

$ 68.9

51%

Production cost of sales per equivalent ounce sold(d)(e)

$ 1,817

$ 1,176

$ 641

55%

The results for the Fort Knox segment include 100% of the results for Manh Choh.

Includes 170,000 tonnes processed from Manh Choh and 7,314,000 tonnes placed on the heap leach pad during the first quarter of 2026 (first quarter of 2025 - 294,000 tonnes processed from Manh Choh and 4,790,000 tonnes placed on the heap leach pad).

Amount represents mill grade and recovery only. Ore placed on the heap leach pad had an average grade of 0.28 grams per tonne during the first quarter of 2026 (first quarter of 2025 - 0.19 grams per tonne). Due to the nature of heap leach operations, point-in-time recovery rates are not meaningful.

"Production cost of sales per equivalent ounce sold" is defined as production cost of sales divided by total gold equivalent ounces sold.

"nm" means not meaningful.

With the completion of Phase 10 development in the second quarter of 2025, planned mine sequencing at Fort Knox in the first quarter of 2026 focused primarily on mining of Phase 10, resulting in a 46% increase in tonnes of ore mined. Tonnes processed increased by 44% compared to the first quarter of 2025, as a result of the increase in tonnes of ore mined and placed on the heap leach pad, partially offset by a decrease in tonnes of ore processed from Manh Choh due to planned mine sequencing. The decrease in processing of higher-grade, higher-recovery Manh Choh ore also resulted in a 48% decrease in mill grades and a 6% decrease in recoveries compared to the same period in 2025.

Gold equivalent ounces produced in the first quarter of 2026 decreased by 9% compared to the first quarter of 2025, primarily due to the decrease in mill grades and recoveries, partially offset by the timing of ounces processed through the mill. Gold equivalent ounces sold decreased by 14% compared to the first quarter of 2025 due to the decrease in production and the timing of sales.

Metal sales increased by 46% compared to the first quarter of 2025, due to the 71% increase in the average realized gold price, partially offset by the decrease in gold equivalent ounces sold. Production cost of sales increased by 33% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to the increase in lower-grade ore tonnes processed through the mill. Production cost of sales per equivalent ounce sold increased as a result of the decrease in gold equivalent ounces sold and the increase in lower-grade ore tonnes processed through the mill. Depreciation, depletion, and amortization increased by 49% in the first quarter of 2026 compared to the first quarter of 2025 due to the increase in proportion of Phase 10 ore processed.

In the first quarter of 2026, other operating expense included costs incurred in connection with conveyor belt repairs.

Three months ended March 31,

2026 2025 Change % Change

Operating Statistics

Tonnes ore mined (000's)

790

1,927

(1,137)

(59%)

Tonnes processed (000's)(a)

1,466

3,019

(1,553)

(51%)

Grade (grams/tonne)(b)

0.37

0.66

(0.29)

(44%)

Recovery(b)

51.8%

76.8%

(25.0%)

(33%)

Gold equivalent ounces(c):

Produced

26,200

35,686

(9,486)

(27%)

Sold

26,084

35,960

(9,876)

(27%)

Earnings (in millions) Metal sales

$ 126.9

$ 102.9

$ 24.0

23%

Production cost of sales

72.4

57.0

15.4

27%

Depreciation, depletion and amortization

12.5

23.1

(10.6)

(46%)

42.0

22.8

19.2

84%

Other operating expense

0.1

Exploration and business development

0.8

12.9

(12.1)

(94%)

Segment operating earnings

$ 41.1

$ 9.8

$ 31.3

319%

Production cost of sales per equivalent ounce sold(c)(d)

$ 2,776

$ 1,585

$ 1,191

75%

Includes 513,000 tonnes placed on the heap leach pads during the first quarter of 2026 (first quarter of 2025 - 2,163,000 tonnes).

Amount represents mill grade and recovery only. Ore placed on the heap leach pads had an average grade of 0.21 grams per tonne in the first quarter of 2026 (first quarter of 2025 - 0.27 grams per tonne). Due to the nature of heap leach operations, point-in-time recovery rates are not meaningful.

"Production cost of sales per equivalent ounce sold" is defined as production cost of sales divided by total gold equivalent ounces sold.

At Round Mountain, mining continued to focus on Phase S in the first quarter of 2026. Tonnes of ore mined decreased by 59% in the first quarter of 2026 compared to the first quarter of 2025, due to the completion of Phase W mining in the third quarter of 2025 and the continued transition of Phase S out of capital development. Mill grades decreased by 44% and recoveries decreased by 33% in the first quarter of 2026, driven by lower-grade, lower-recovery stockpile feed as mining transitions from Phase W to Phase S. Higher-grade, higher-recovery ore from Phase S is expected in the second half of the year. Tonnes processed decreased by 51% compared to the first quarter of 2025, due to the decrease in tonnes of ore mined, partially offset by the processing of lower-grade stockpiles.

Gold equivalent ounces produced and sold in the first quarter of 2026 decreased by 27% compared to the first quarter of 2025, primarily due to the lower mill grades and recoveries, and fewer tonnes placed on the heap leach pads.

Metal sales increased by 23% compared to the first quarter of 2025, due to the 71% increase in the average realized gold price, partially offset by the decrease in gold equivalent ounces sold. Production cost of sales increased by 27% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to higher cost ounces from the heap leach pads and higher royalties as a result of the higher gold prices. Production cost of sales per equivalent ounce sold increased as a result of the decrease in gold equivalent ounces sold and higher royalties. Depreciation, depletion and amortization decreased by 46% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to the decrease in gold equivalent ounces sold and a lower depreciable asset base following completion of Phase W mining in the third quarter of 2025 and the continued transition of Phase S out of capital development.

Exploration activity at Round Mountain in the first quarter of 2025 included continued development of the Phase X underground exploration decline, in addition to exploration drilling in between the open pit and the underground target. Beginning in the third quarter of 2025, the Company began capitalizing Phase X development costs.

Three months ended March 31,

2026 2025 Change % Change(d)

Operating Statistics

Tonnes ore mined (000's)

3,985

5,803

(1,818)

(31%)

Tonnes processed (000's)

3,985

5,803

(1,818)

(31%)

Grade (grams/tonne)(a)

0.30

0.35

(0.05)

(14%)

Gold equivalent ounces(b):

Produced

27,561

45,538

(17,977)

(39%)

Sold

27,561

43,801

(16,240)

(37%)

Earnings (in millions) Metal sales

$ 133.9

$ 125.3

$ 8.6

Production cost of sales

53.3

49.2

4.1

Depreciation, depletion and amortization

16.3

42.3

(26.0)

(61%)

64.3

33.8

30.5 90%

Other operating expense

1.0

1.2

(0.2) (17%)

Exploration and business development

1.2

0.2

1.0 nm

Segment operating earnings

$ 62.1

$ 32.4

$ 29.7

92%

Production cost of sales per equivalent ounce sold(b)(c)

$ 1,934

$ 1,123

$ 811

72%

Due to the nature of heap leach operations, point-in-time recovery rates are not meaningful.

"Production cost of sales per equivalent ounce sold" is defined as production cost of sales divided by total gold equivalent ounces sold.

"nm" means not meaningful.

Planned mine sequencing at Bald Mountain in the first quarter of 2026 focused primarily on mining of the lower-grade Royale, Galaxy, and Bida pits, as well as the capital development of Redbird Phases 1 and 2, resulting in a 31% decrease in tonnes of ore mined and processed, and a 14% decrease in grade compared to the same period in 2025.

Gold equivalent ounces produced and sold in the first quarter of 2026 decreased by 39% and 37%, respectively, compared to the same period in 2025, due to the decrease in tonnes placed on the heap leach pads and lower grades.

Metal sales increased by 7% compared to the first quarter of 2025, due to the 71% increase in the average realized gold price, partially offset by the decrease in gold equivalent ounces sold. Production cost of sales increased by 8% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to higher royalties as a result of the higher gold prices. Production cost of sales per equivalent ounce sold increased as a result of the decrease in gold equivalent ounces sold and higher royalties. Depreciation, depletion and amortization decreased by 61% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to the decrease in gold equivalent ounces sold and a lower depreciable asset base.

Three months ended March 31,

(in millions) 2026 2025 Change % Change

Exploration and business development

$ 38.2

$ 42.3

$ (4.1) (10%)

Included in total exploration and business development expense are expenditures on exploration totaling $26.0 million in the first quarter of 2026 compared to $33.0 million in the first quarter of 2025.

Three months ended March 31,

(in millions) 2026 2025 Change % Change

General and administrative

$ 44.9

$ 35.7

$ 9.2 26%

General and administrative expense includes costs related to the overall management of the business which are not part of direct mine operating costs. These costs are incurred at corporate offices located in Canada, the United States, Brazil, Chile, the Netherlands, and Spain.

In the first quarter of 2026, general and administrative expense included net share-based compensation of $11.4 million (gross share-based compensation expense of $14.9 million, net of related hedge gains of $3.5 million). In the first quarter of 2025, general and administrative expense included net share-based compensation of $5.6 million (gross share-based compensation expense of $15.0 million, net of related hedge gains of $9.4 million). Refer to Section 6 - Liquidity and Capital Resources for details on the hedges.

Three months ended March 31,

(in millions) 2026 2025 Change % Change

Interest expense, including accretion of debt and lease liabilities

Accretion of reclamation and remediation obligations

$ 7.2

11.8

$ 22.6

12.6

$ (15.4) (68%)

(0.8) (6%)

Finance expense

$ 19.0

$ 35.2

$ (16.2) (46%)

Total interest incurred in the first quarter of 2026 was $13.0 million, of which $7.2 million was expensed and $5.8 million was capitalized, compared to $23.3 million in the first quarter of 2025, of which $22.6 million was expensed and $0.7 million was capitalized. The decrease in total interest incurred was primarily due to the Company's early redemption of the $500.0 million 4.50% senior notes in the fourth quarter of 2025.

Accretion of reclamation and remediation obligations decreased by $0.8 million compared to the first quarter of 2025, primarily as a result of decreases in the discount rates for the Company's reclamation and remediation obligations as at December 31, 2025.

Kinross is subject to tax in various jurisdictions including Canada, the United States, Brazil, Chile and Mauritania. The Company's combined federal and provincial statutory tax rate for the first quarters of both 2026 and 2025 was 26.5%.

The Company recorded an income tax expense of $465.2 million in the first quarter of 2026 (first quarter of 2025 - $136.8 million), including a $4.5 million deferred tax recovery (first quarter of 2025 - $5.9 million recovery) resulting from the net foreign currency translation of tax deductions related to the Company's operations in Brazil and Mauritania and $91.0 million of withholding tax related to the planned repatriation of earnings, mainly from Mauritania.

The following table summarizes Kinross' cash flow activity:

Three months ended March 31,

(in millions) 2026 2025 Change % Change(a)

Net cash flow provided from operating activities

$ 1,139.5

$ 607.1

$ 532.4

88%

Net cash flow used in investing activities

(302.3)

(227.8)

(74.5)

(33%)

Net cash flow used in financing activities

(393.8)

(296.4)

(97.4)

(33%)

Effect of exchange rate changes on cash and cash equivalents

(0.7)

0.2

(0.9)

Increase in cash and cash equivalents

442.7

83.1

359.6 nm

Cash and cash equivalents, beginning of period

1,742.3

611.5

1,130.8 185%

Cash and cash equivalents, end of period

$ 2,185.0

$ 694.6

$ 1,490.4

"nm" means not meaningful.

In the first quarter of 2026, cash and cash equivalents increased by $442.7 million compared to an increase of $83.1 million in the first quarter of 2025. Total cash and cash equivalents net of debt was $1,446.5 million as at March 31, 2026. Detailed discussions regarding cash flow movements are noted below.

Net cash flow provided from operating activities increased by $532.4 million compared to the first quarter of 2025, primarily due to the increase in margins and favourable working capital movements, partially offset by the increase in income taxes paid.

Net cash flow used in investing activities was $302.3 million in the first quarter of 2026, compared to $227.8 million in the first quarter of 2025. Cash outflows in 2026 included capital expenditures of $283.2 million and interest paid capitalized to property, plant and equipment of $7.1 million. In the first quarter of 2025, cash outflows included capital expenditures of $207.7 million and interest paid capitalized to property, plant and equipment of $13.5 million.

The following table presents a breakdown of capital expenditures(a) on a cash basis:

Three months ended March 31,

(in millions) 2026 2025 Change % Change(e)

Operating segments

Tasiast

$ 60.0

$ 80.1

$ (20.1) (25%)

Paracatu

25.8

24.4

1.4 6%

La Coipa

21.7

15.6

6.1 39%

Fort Knox(b)

24.1

28.2

(4.1) (15%)

Round Mountain

53.9

29.6

24.3 82%

Bald Mountain

39.7

17.8

21.9 123%

Non-operating segments

Great Bear(c)

33.3

8.4

24.9 nm

Corporate and other(d)

24.7

3.6

21.1 nm

Total

$ 283.2

$ 207.7

$ 75.5 36%

"Capital expenditures" is "Additions to property, plant and equipment" on the interim condensed consolidated statements of cash flows.

The results for the Fort Knox segment include 100% of the results for Manh Choh.

An additional $6.8 million was expensed as exploration and evaluation expenditures in the first quarter of 2026 (first quarter of 2025 - $3.3 million).

"Corporate and other" includes corporate and other non-operating assets (including Curlew, Lobo-Marte, and Maricunga).

"nm" means not meaningful.

Capital expenditures increased to $283.2 million in the first quarter of 2026 from $207.7 million in the first quarter of 2025. The increase was driven by the ramp-up of development activities at Great Bear, Curlew, Round Mountain Phase X, and Bald Mountain Redbird Phases 1 and 2. These increases were partially offset by lower spending on capital development due to planned mine sequencing at Tasiast.

Net cash flow used in financing activities was $393.8 million in the first quarter of 2026, compared to $296.4 million in the first quarter of 2025. Cash outflows in the first quarter of 2026 included total return of capital of $298.0 million (including share repurchases of

$250.1 million and dividends paid to common shareholders of $47.9 million) and payments for employee taxes withheld on the release of restricted share units of $55.3 million. In the first quarter of 2025, cash outflows included the remaining term loan repayment of

$200.0 million, dividends paid to common shareholders of $36.9 million and interest paid of $24.0 million.

As at

March 31, December 31,

(in millions) 2026 2025

Cash and cash equivalents

$ 2,185.0

$ 1,742.3

Current assets

$ 3,675.0

$ 3,288.5

Total assets

$ 12,883.8

$ 12,411.1

Current liabilities

$ 1,293.0

$ 1,399.6

Total long-term debt

$ 738.5

$ 738.2

Total liabilities

$ 3,662.9

$ 3,717.0

Common shareholders' equity

$ 9,098.3

$ 8,576.0

Non-controlling interests

$ 122.6

$ 118.1

During the first quarter of 2026, current assets and total assets increased by $386.5 million and $472.7 million, respectively, primarily due to the increase in cash and cash equivalents. Total assets were also impacted by an increase in long-term ore in stockpiles, longterm investments, and property, plant and equipment, as a result of additions, net of depreciation. Current liabilities decreased by

$106.6 million, primarily due to decreases in accounts payable and accrued liabilities and current income tax payable. Total liabilities decreased by $54.1 million, primarily driven by the decrease in current liabilities, partially offset by an increase in deferred tax liabilities.

During the first quarter of 2026, the Company repurchased and cancelled 7.7 million common shares under its NCIB. Subsequent to March 31, 2026, the Company repurchased a further 1.5 million common shares under its NCIB. As of April 28, 2026, there were 1,194.1 million common shares of the Company issued and outstanding. In addition, at the same date, the Company had 2.9 million restricted share units and 2.3 million restricted performance share units outstanding under its restricted share unit plans.

On April 29, 2026, the Board of Directors declared a dividend of $0.04 per common share payable on June 4, 2026, to shareholders of record on May 21, 2026.

The total carrying amount of debt of $738.5 million as at March 31, 2026 is entirely for the senior notes which are classified as longterm. The Company's senior notes consist of $500.0 million principal amount of 6.250% notes due in 2033 and $250.0 million principal amount of 6.875% notes due in 2041.

On February 10, 2025, the Company repaid the remaining $200.0 million outstanding balance and fully extinguished the term loan.

As at March 31, 2026, a balance of $nil (December 31, 2025 - $nil) was outstanding under the revolving credit facility and $7.2 million (December 31, 2025 - $7.0 million) of credit was utilized for letters of credit.

Loan interest on the revolving credit facility is variable and is dependent on the Company's credit rating. Based on the Company's credit rating at March 31, 2026, interest charges and fees are as follows:

Type of credit

Revolving credit facility Letters of credit

Standby fee applicable to unused availability

SOFR plus 1.25%

0.833-1.25%

0.125%

The revolving credit facility agreement contains various covenants including limits on indebtedness, asset sales and liens. The Company was in compliance with its financial covenant in the credit agreement as at March 31, 2026.

The Company has a $500.0 million Letter of Credit guarantee facility with Export Development Canada ("EDC") with a maturity date of June 30, 2028. Total fees related to letters of credit under this facility were 0.75% of the utilized amount. As at March 31, 2026,

$250.4 million (December 31, 2025 - $250.9 million) was utilized under this facility.

In addition, as at March 31, 2026, the Company had $916.5 million (December 31, 2025 - $848.1 million) in letters of credit and surety bonds outstanding in respect of its operations in Brazil, Mauritania, the United States and Chile.

The following table outlines the credit facility and letters of credit utilizations and availabilities:

As at

March 31, December 31,

(in millions) 2026 2025

Utilization of revolving credit facility letters of credit

$ (7.2)

$ (7.0)

Utilization of EDC credit facility

(250.4)

(250.9)

Total facility utilization

$ (257.6)

$ (257.9)

Available under revolving credit facility

$ 1,492.8

$ 1,493.0

Available under EDC credit facility

249.6

249.1

Available credit

$ 1,742.4

$ 1,742.1

As at March 31, 2026, debt obligations in the next 12 months include estimated interest payments of approximately $48.4 million relating to the senior notes.

We believe that the Company's existing cash and cash equivalents balance of $2,185.0 million, available credit of $1,742.4 million and expected operating cash flows based on current assumptions will be sufficient to fund operations, our forecasted exploration and capital expenditures, interest payments, reclamation and remediation obligations, and working capital requirements currently estimated for the next 12 months. Prior to any capital investments, consideration is given to the cost and availability of various sources of capital resources.

With respect to longer term capital expenditure funding requirements, the Company believes that cash flow from its existing operations, available credit through existing debt facilities and access to debt and capital markets is adequate and will enable the Company to maintain an appropriate overall liquidity position.

The Company manages its exposure to fluctuations in input commodity prices and currency exchange rates by entering into derivative financial instruments from time to time, in accordance with the Company's risk management policy.

The following table provides a summary of derivative contracts outstanding at March 31, 2026 and their respective maturities:

2026

2027

Foreign currency

Brazilian real zero cost collars (in millions of U.S. dollars)

$ 166.5

$ 44.4

Average put strike (Brazilian real)

5.32

5.60

Average call strike (Brazilian real)

7.13

6.97

Canadian dollar forward buy contracts (in millions of U.S. dollars)

$ 130.5

$ 12.0

Average forward rate (Canadian dollar)

1.36

1.37

Chilean peso zero cost collars (in millions of U.S. dollars)

$ 78.8

$ 20.4

Average put strike (Chilean peso)

924

880

Average call strike (Chilean peso)

1,010

975

Energy

WTI oil swap contracts (barrels)

816,300

681,996

Average price

$ 61.54

$ 61.43

Subsequent to March 31, 2026, the following new derivative contracts were entered into:

$30.0 million of Canadian dollar forward contracts at an average rate of 1.38, maturing in 2026; and

$60.0 million of Canadian dollar forward contracts at an average rate of 1.37, maturing in 2027.

The Company enters into total return swaps ("TRS") as economic hedges of the Company's deferred share units and cash-settled restricted share units. Hedge accounting was not applied to the TRS. At March 31, 2026, 1,890,000 TRS units were outstanding (December 31, 2025 - 2,515,000 TRS units).

In order to manage short-term metal price risk, the Company may enter into derivative contracts in relation to metal sales that it believes are highly likely to occur within a given quarter. No such contracts were outstanding at March 31, 2026 or December 31, 2025.

The fair values of derivative instruments are noted in the table below:

As at

March 31, December 31,

(in millions) 2026 2025

Asset (liability)

Foreign currency forward and collar contracts

$ 6.3

$ 5.9

Energy swap contracts

20.3

(6.1)

Total return swap contracts

5.0

8.3

Other contracts

1.2

$ 32.8

$ 8.1

The Company is, from time to time, involved in legal proceedings, arising in the ordinary course of its business. Typically, the amount of ultimate liability with respect to these actions will not, in the opinion of management, materially affect Kinross' financial position, results of operations or cash flows.

Maricunga regulatory proceedings

In May 2015, Chilean environmental enforcement authority ("SMA") commenced an administrative proceeding against Compania Minera Maricunga ("CMM") alleging that pumping of groundwater to support the Maricunga operation had impacted area wetlands and, on March 18, 2016, issued a resolution alleging that CMM's pumping was impacting the "Valle Ancho" wetland. Beginning in May 2016, the SMA issued a series of resolutions ordering CMM to temporarily curtail pumping from its wells.

In response, CMM suspended mining and crushing activities and reduced water consumption to minimal levels. CMM contested these resolutions, but its efforts were unsuccessful and, except for a short period of time in July 2016, CMM's operations have remained suspended. On June 24, 2016, the SMA amended its initial sanction (the "Amended Sanction") and effectively required CMM to cease operations and close the mine, with water use from its wells curtailed to minimal levels. On July 9, 2016, CMM appealed the sanctions and, on August 30, 2016, submitted a request to the Environmental Tribunal that it issue an injunction suspending the effectiveness of the Amended Sanction pending a final decision on the merits of CMM's appeal. On September 16, 2016, the Environmental Tribunal rejected CMM's injunction request and on August 7, 2017, upheld the SMA's Amended Sanction and curtailment orders on procedural grounds. On October 9, 2018, the Supreme Court affirmed the Environmental Tribunal's ruling on procedural grounds and dismissed CMM's appeal.

On June 2, 2016, CMM was served with two separate lawsuits filed by the Chilean State Defense Counsel ("CDE"). Both lawsuits, filed with the Environmental Tribunal, alleged that pumping from the Maricunga groundwater wells caused environmental damage to area wetlands. One action relates to the "Pantanillo" wetland and the other action relates to the Valle Ancho wetland (described above). On November 23, 2018, the Tribunal ruled in favor of CMM in the Pantanillo case and against CMM in the Valle Ancho case. In the Valle Ancho case, the Tribunal required CMM to, among other things, submit a restoration plan to the SMA for approval. CMM appealed the Valle Ancho ruling to the Supreme Court. The CDE appealed to the Supreme Court in both cases and asserted in the Valle Ancho matter that the Environmental Tribunal erred by not ordering a complete shutdown of Maricunga's groundwater wells. On January 7, 2022, the Supreme Court annulled the Tribunal's rulings in both cases on procedural grounds and remanded the matters to the Tribunal for further proceedings. In parallel, in December 2020, CMM began discussions with the CDE to resolve the case through the filing of a reparation plan ("PdR"). The PdR is aimed at supporting the natural recovery that the wetlands have sustained since pumping stopped, as well as implementing other supplemental value enhancement actions in the basin. The cases before the Tribunal were stayed pending ongoing settlement discussions.

In November 2025, CMM submitted the fifth version of the PdR to the CDE along with a draft settlement agreement. The settlement agreement's core commitment is the execution of the PdR. The total cost of the PdR is estimated at $19.8 million. The PdR and the settlement agreement were presented to both the CDE's Environmental Committee and the Council and were approved during their sessions on December 23, 2025, and January 6, 2026, as applicable. The settlement (along with the PdR) was presented to the Environmental Court on March 10, 2026 for final approval. The timeframe for this approval is expected to be in the second quarter of 2026. The parties are now separately working on a protocol for the follow-up of the PdR's actions and obligations and approvals of milestone fulfillments.

Kettle River-Buckhorn regulatory proceedings

Crown Resources Corporation ("Crown") is the holder of a waste discharge permit (the "Permit") in respect of the Buckhorn Mine, which authorizes and regulates mine-related discharges from the mine and its water treatment plant. On February 27, 2014, the Washington Department of Ecology (the "WDOE") renewed Buckhorn Mine's National Pollution Discharge Elimination System Permit (the "Renewed Permit"), with an effective date of March 1, 2014. The Renewed Permit contained conditions that were more restrictive than the original discharge permit. In addition, Crown felt that the Renewed Permit was internally inconsistent, technically unworkable and inconsistent with existing agreements in place with the WDOE, including a settlement agreement previously entered into by Crown and the WDOE in June 2013 (the "Settlement Agreement"). On February 28, 2014, Crown filed an appeal of the Renewed Permit with the Washington Pollution Control Hearings Board ("PCHB"). In addition, on January 15, 2015, Crown filed a lawsuit against the WDOE in Ferry County Superior Court, Washington, claiming that the WDOE breached the Settlement Agreement by including various unworkable compliance terms in the Renewed Permit (the "Crown Action"). On July 30, 2015, the PCHB upheld the Renewed Permit. Crown filed a Petition for Review in Ferry County Superior Court, Washington, on August 27, 2015, seeking to have the PCHB decision overturned. On March 13, 2017, the Ferry County Superior Court upheld the PCHB's decision. On April 12, 2017, Crown appealed the Ferry County Superior Court's ruling to the State of Washington Court of Appeals. On October 8, 2019, the Court of Appeals affirmed the Superior Court's decision and the PCHB's decision. On December 31, 2019, the Court of Appeals denied Crown's Motion for Reconsideration and to Supplement the Record. Crown did not petition the Washington Supreme Court for review and, as a result, appeal of this matter has been exhausted.

On July 19, 2016, the WDOE issued an Administrative Order ("AO") to Crown and Kinross Gold Corporation asserting that the companies had exceeded the discharge limits in the Renewed Permit a total of 931 times and has also failed to maintain the capture zone required under the Renewed Permit. The AO orders the companies to develop an action plan to capture and treat water escaping the capture zone, undertake various investigations and studies, revise its Adaptive Management Plan, and report findings by various deadlines in the fourth quarter 2016. The companies timely made the required submittals. On August 17, 2016, the companies filed an appeal of the AO with the PCHB (the "AO Appeal"). Because the AO Appeal raises many of the same issues that have been raised in the Appeal and Crown Action, the companies and the WDOE agreed to stay the AO Appeal indefinitely to allow these matters to be resolved. The PCHB granted the request for stay on August 26, 2016, which stay has been subsequently extended. On June 2, 2020, the PCHB dismissed the appeal based on a Joint Stipulation of Voluntary Dismissal filed by the parties. The basis for the dismissal was the exhaustion of appeals as to the Renewed Permit and Crown's satisfaction of the AO.

On November 30, 2017, the WDOE issued a Notice of Violation ("NOV") to Crown and Kinross asserting that the companies had exceeded the discharge limits in the Permit a total of 113 times during the third quarter of 2017 and also failed to maintain the capture zone as required under the Permit. The NOV ordered the companies to file a report with the WDOE identifying the steps which have been and are being taken to "control such waste or pollution or otherwise comply with this determination," which report was timely filed. Following its review of this report, the WDOE may issue an AO or other directives to the Company.

Beginning in April 2018, the WDOE has issued a NOV to Crown and, on one occasion, also to Kinross, asserting that the companies had exceeded the discharge limits in the Permit and have failed to maintain the capture zone as required under the Permit. The most recent NOV, dated May 10, 2021, asserted 133 alleged violations had occurred in the first quarter of 2021. The NOVs order the companies to file a report with WDOE within 30 days identifying the steps which have been and are being taken to "control such waste or pollution or otherwise comply with this determination," which reports have been timely filed. Following its review of these reports, WDOE may issue an AO or other directives to the Company. The NOVs are not immediately appealable, but any subsequent AO or other directive relating to the NOV may be appealed, as appropriate.

On April 10, 2020, the Okanogan Highlands Alliance ("OHA") filed a citizen's suit against Crown and Kinross Gold U.S.A., Inc. ("KGUSA") under the Clean Water Act ("CWA") for alleged failure to adequately capture and treat mine-impacted groundwater and surface water at the site in violation of the Permit and renewed Permit. The suit seeks injunctive relief and civil penalties in the amount of up to

$55,800 per day per violation. Crown filed a counterclaim seeking an accounting of how OHA spent funds paid out under a prior settlement. OHA succeeded in obtaining a dismissal of this claim. Crown refiled the claim in state court where proceedings have been stayed by mutual agreement of the parties. On May 7, 2020, the Attorney General for the State of Washington filed suit against Crown and KGUSA under the CWA and the state Water Pollution Control Act alleging the same alleged permit violations and seeking similar relief as OHA. These lawsuits have been consolidated. On June 16, 2021, the Court granted the plaintiffs' motion for partial summary judgment as to certain of Crown and KGUSA's defenses. On July 9, 2021, Crown and KGUSA filed a motion for certification of this ruling for immediate appeal, which motion was denied on November 30, 2021. On October 18, 2022, the Court granted a stipulated motion finding Crown liable under the CWA for certain exceedances of the Permit. The Order provides that Crown maintains its right to appeal the Court's June 16, 2021 order and to contest penalties for these Permit exceedances. On April 19, 2023, the Court stayed the action pending further order of the Court to enable the parties to pursue settlement through a court-ordered mediation which process continued until March 29, 2024, when OHA and the Attorney General advised the Court that they would like to discontinue the mediation process and requested that the Court lift the stay. Based thereon, the Court lifted the stay and entered a Scheduling Order.

On September 19, 2024, Crown, KGUSA and OHA filed a Joint Motion for Entry of [Proposed] Consent Decree, which seeks Court approval of a proposed settlement of OHA's claims in the lawsuit. On October 31, 2024, the Court entered the Consent Decree approving the settlement among KGUSA, Crown and OHA. Under the settlement, KGUSA and Crown paid a total of $5.4 million, inclusive of attorneys' fees and payments towards supplemental environmental projects in the local area by conservation organizations. The State of Washington was not a party to this settlement. On November 22, 2024, KGUSA and Crown moved for judgment on the pleadings against the State of Washington, which motion was granted on February 4, 2025, and the State's Amended Complaint was dismissed with prejudice. The State of Washington subsequently moved for relief from judgment, which was denied on March 11, 2025. On April 9, 2025, the State of Washington filed a Notice of Appeal as to the Court's order granting judgment on the pleadings and this appeal remains pending.

2026

2025

2024

(in millions, except per share amounts)

Metal sales

$ 2,407.7

$ 2,023.0

$ 1,802.1

$ 1,728.5

$ 1,497.5

$ 1,415.8

$ 1,432.0

$ 1,219.5

Net earnings attributable to common

shareholders

$ 843.0

$ 906.5

$ 584.9

$ 530.7

$ 368.0

$ 275.6

$ 355.3

$ 210.9

Net earnings per share attributable to

common shareholders (basic and diluted) Net cash flow provided from operating

$ 0.70

$ 0.75

$ 0.48

$ 0.43

$ 0.30

$ 0.22

$ 0.29

$ 0.17

activities

$ 1,139.5

$ 1,146.9

$ 1,024.1

$ 992.4

$ 607.1

$ 734.5

$ 733.5

$ 604.0

The Company's results over the past several quarters have been driven primarily by fluctuations in the gold price, input costs and changes in gold equivalent ounces sold. Fluctuations in the silver price and foreign exchange rates have also affected results.

During the first quarter of 2026, revenue was $2,407.7 million on sales of 494,128 total gold equivalent ounces compared to $1,497.5 million on sales of 524,089 total gold equivalent ounces during the first quarter of 2025. The average realized gold price in the first quarter of 2026 was $4,873 per ounce compared to $2,857 per ounce in the first quarter of 2025.

Production cost of sales in the first quarter of 2026 increased by 26% compared to the first quarter of 2025. The increase in costs was mainly due to higher royalty costs in 2026 as a result of the higher average realized gold price, and timing of inventory movements.

Depreciation, depletion and amortization varied between each of the above quarters largely due to changes in gold equivalent ounces sold and depreciable asset bases. In addition, changes in mineral reserves and impairment reversals during some of these periods affected depreciation, depletion and amortization for quarters in subsequent periods.

In the fourth quarter of 2025, the Company recorded an impairment reversal of $116.1 million related to property, plant and equipment at Lobo-Marte. In the third quarter of 2024, the Company recorded an after-tax impairment reversal of $74.1 million, related to property, plant and equipment at Round Mountain. The tax impact of the impairment reversals was an income tax expense of $34.5 million and $0.7 million in 2025 and 2024, respectively.

Pursuant to regulations adopted by the U.S. Securities and Exchange Commission, under the U.S. Sarbanes-Oxley Act of 2002 and those of the Canadian Securities Administrators, Kinross' management evaluates the effectiveness of the design and operation of the Company's disclosure controls and procedures, and internal control over financial reporting. This evaluation is done under the supervision of, and with the participation of, the Chief Executive Officer and the Chief Financial Officer.

For the quarter ended March 31, 2026, the Chief Executive Officer and the Chief Financial Officer concluded that Kinross' disclosure controls and procedures, and internal control over financial reporting are designed to provide reasonable assurance regarding the reliability of information disclosed in its filings, including its interim financial statements prepared in accordance with IFRS. There has been no change in the Company's internal control over financial reporting during the quarter ended March 31, 2026, that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

Kinross' management, including the Chief Executive Officer and the Chief Financial Officer, believes that any disclosure controls and procedures and internal control over financial reporting, no matter how well designed and operated, can have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance that the objectives of the control system are met.

The preparation of the Company's interim financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported in the interim financial statements and accompanying notes. The critical estimates, assumptions and judgments applied in the preparation of the Company's interim financial statements are consistent with those applied and disclosed in Note 5 of the Company's annual audited consolidated financial statements for the year ended December 31, 2025.

The accounting policies applied in the preparation of the Company's interim financial statements are consistent with those used in the Company's annual audited consolidated financial statements for the year ended December 31, 2025, except for those disclosed in Note 3 of the interim financial statements.

The business of Kinross contains significant risk due to the nature of mining, exploration, and development activities. Certain risk factors are similar across the mining industry while others are specific to Kinross. For a discussion of these risk factors, please refer to the MD&A for the year ended December 31, 2025 and for additional information please refer to the Annual Information Form for the year ended December 31, 2025, each of which is available on the Company's website https://www.kinross.com and on https://www.sedarplus.ca or is available upon request from the Company.

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 and Adjusted Net Earnings per Share

Adjusted net earnings 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:

Three months ended March 31,

(in millions, except per share amounts) 2026 2025

Net earnings attributable to common shareholders - as reported

Adjusting items:

$ 843.0

$ 368.0

Foreign exchange losses

Foreign exchange gains on translation of tax basis and foreign exchange on deferred

6.0

7.7

income taxes within income tax expense

(4.5)

(5.9)

Taxes in respect of prior periods

2.2

(7.9)

Costs in connection with conveyor belt repairs

11.1

Other(a)

(1.6)

1.7

Tax effects of the above adjustments

(2.1)

0.4

11.1

(4.0)

Adjusted net earnings

$ 854.1

$ 364.0

Weighted average number of common shares outstanding - Basic

1,199.5

1,229.6

Adjusted net earnings per share

$ 0.71

$ 0.30

Basic earnings per share attributable to common shareholders - as reported

$ 0.70

$ 0.30

Other includes various impacts, such as one-time costs and credits at sites, and gains and losses on hedges, 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:

Three months ended March 31,

(in millions) 2026 2025

Net cash flow provided from operating activities - as reported Adjusting items:

Attributable(a) capital expenditures

Non-controlling interest(b) cash flow from operating activities

$ 1,139.5

(278.9)

(23.1)

$ 607.1

(204.1)

(22.2)

Attributable(a) free cash flow

$ 837.5

$ 380.8

See page 43 of this report for details of the footnotes referenced within the table above.

Attributable Adjusted Operating Cash Flow

Attributable adjusted operating cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities excluding changes in working capital, certain impacts which the Company believes are not reflective of the Company's regular operating cash flow, and net cash flows provided from operating activities, net of working capital changes, relating to non-controlling interests. Working capital is excluded given that numerous factors can result in it being volatile. The Company uses attributable adjusted operating cash flow internally as a measure of the underlying operating cash flow performance and future operating cash flow-generating capability of the Company. However, the attributable adjusted operating cash flow measure is not necessarily indicative of net cash flow provided from operating activities as determined under IFRS.

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

Three months ended March 31,

(in millions) 2026 2025(m)

Net cash flow provided from operating activities - as reported

$ 1,139.5

$ 607.1

Adjusting items:

Working capital changes:

Accounts receivable and other assets

(6.9)

(11.4)

Inventories

(35.8)

38.4

Accounts payable and accrued liabilities

51.8

16.1

1,148.6

650.2

Non-controlling interest(b) cash flow from operating activities, net of working capital changes

(19.3)

(29.9)

Attributable(a) adjusted operating cash flow

$ 1,129.3

$ 620.3

See page 43 of this report for details of the footnotes referenced within the table above.

Attributable Average Realized Gold Price per Ounce

Attributable average realized gold price per ounce is a non-GAAP ratio which calculates the average price realized from gold sales attributable to the Company. The Company believes that this measure provides a more accurate measure with which to compare the Company's gold sales performance to market gold prices. The following table provides a reconciliation of attributable average realized gold price per ounce for the periods presented:

Three months ended March 31,

(in millions, except ounces and average realized gold price per ounce) 2026 2025

Metal sales - as reported

$ 2,407.7

$ 1,497.5

Less: silver revenue(c)

(56.7)

(22.5)

Less: non-controlling interest(b) gold revenue

(38.9)

(50.1)

Attributable(a) gold revenue

$ 2,312.1

$ 1,424.9

Gold ounces sold

482,472

516,268

Less: non-controlling interest(b) gold ounces sold

(8,013)

(17,383)

Attributable(a) gold ounces sold

474,459

498,885

Attributable(a) average realized gold price per ounce

$ 4,873

$ 2,856

Average realized gold price per ounce(d)

$ 4,873

$ 2,857

See page 43 of this report for details of the footnotes referenced within the table above.

Attributable Production Cost of Sales per Equivalent Ounce Sold

Production cost of sales per equivalent ounce sold is defined as production cost of sales, as reported on the interim condensed consolidated statement of operations, divided by the total number of gold equivalent ounces sold. This measure converts the Company's non-gold production into gold equivalent ounces and credits it to total production.

Attributable production cost of sales per equivalent ounce sold is a non-GAAP ratio and is defined as attributable production cost of sales divided by the attributable number of gold equivalent ounces sold. This measure converts the Company's attributable non-gold production into gold equivalent ounces and credits it to total attributable production. Management uses this measure to monitor and evaluate the performance of its operating properties that are attributable to its shareholders.

The following table provides a reconciliation of production cost of sales and attributable production cost of sales per equivalent ounce sold for the periods presented:

Three months ended March 31,

(in millions, except ounces and production cost of sales per ounce) 2026 2025

Production cost of sales - as reported

$ 690.5

$ 546.7

Less: non-controlling interest(b) production cost of sales

(19.9)

(20.7)

Attributable(a) production cost of sales

$ 670.6

$ 526.0

Gold equivalent ounces sold

494,128

524,089

Less: non-controlling interest(b) gold equivalent ounces sold

(8,273)

(17,525)

Attributable(a) gold equivalent ounces sold

485,855

506,564

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

$ 1,380

$ 1,038

Production cost of sales per equivalent ounce sold(e)

$ 1,397

$ 1,043

See page 43 of this report for details of the footnotes referenced within the table above.

Attributable Production Cost of Sales per Ounce Sold on a By-Product Basis

Attributable production cost of sales per ounce sold on a by-product basis is a non-GAAP ratio which calculates the impact of the Company's non-gold production as a credit against its per ounce production costs, rather than converting its non-gold production into gold equivalent ounces and crediting it to total production, as is the case in co-product accounting. Management believes that this ratio provides investors with the ability to better evaluate Kinross' production cost of sales per ounce on a comparable basis with other major gold producers who routinely calculate their cost of sales per ounce using by-product accounting rather than co-product accounting.

The following table provides a reconciliation of attributable production cost of sales per ounce sold on a by-product basis for the periods presented:

Three months ended March 31,

(in millions, except ounces and production cost of sales per ounce) 2026 2025

Production cost of sales - as reported

Less: non-controlling interest(b) production cost of sales Less: attributable(a) impact of silver by-product(n)

$ 690.5

(19.9)

(55.5)

$ 546.7

(20.7)

(22.1)

Attributable(a) production cost of sales on a by-product basis

$ 615.1

$ 503.9

Gold ounces sold

482,472

516,268

Less: non-controlling interest(b) gold ounces sold

(8,013)

(17,383)

Attributable(a) gold ounces sold

474,459

498,885

Attributable(a) production cost of sales per ounce sold on a by-product basis

$ 1,296

$ 1,010

Production cost of sales per equivalent ounce sold(e)

$ 1,397

$ 1,043

See page 43 of this report for details of the footnotes referenced within the table above.

Attributable All-In Sustaining Cost and All-In Cost per Ounce Sold on a By-Product Basis

Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are non-GAAP financial measures and ratios, as applicable, calculated based on guidance published by the World Gold Council ("WGC"). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies including Kinross. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost and all-in cost metrics is voluntary and not necessarily standard, and therefore, these measures and ratios presented by the Company may not be comparable to similar measures and ratios presented by other issuers. The Company believes that the all-in sustaining cost and all-in cost measures complement existing measures and ratios reported by Kinross.

All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. The impact of silver sold is deducted from total production cost of sales as it is considered residual production, i.e. a by-product. Sustaining operating costs represent expenditures incurred at current operations that are considered necessary to maintain current production. Sustaining capital represents capital expenditures at existing operations comprising mine development costs, including capitalized development, and ongoing replacement of mine equipment and other capital facilities, and does not include capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations. All-in cost is comprised of all-in sustaining cost as well as operating expenditures incurred at locations with no current operation, or costs related to other non-sustaining activities, and capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.

Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are calculated by adjusting production cost of sales, as reported on the interim condensed consolidated statements of operations, as follows:

Three months ended March 31,

(in millions, except ounces and costs per ounce) 2026 2025

Production cost of sales - as reported

Less: non-controlling interest(b) production cost of sales Less: attributable(a) impact of silver by-product(n)

$ 690.5

(19.9)

(55.5)

$ 546.7

(20.7)

(22.1)

Attributable(a) production cost of sales on a by-product basis

$ 615.1

$ 503.9

Adjusting items on an attributable(a) basis:

General and administrative(f)

44.9

35.7

Other operating expense - sustaining(g)

0.2

Reclamation and remediation - sustaining(h)

23.1

22.3

Exploration and business development - sustaining(i)

16.1

12.5

Additions to property, plant and equipment - sustaining(j)

84.6

88.2

Lease payments - sustaining(k)

2.0

1.3

All-in Sustaining Cost on a by-product basis - attributable(a)

$ 786.0

$ 664.1

Adjusting items on an attributable(a) basis:

Other operating expense - non-sustaining(g)

8.5

16.2

Reclamation and remediation - non-sustaining(h)

2.1

2.3

Exploration and business development - non-sustaining(i)

21.7

29.4

Additions to property, plant and equipment - non-sustaining(j)

194.3

115.9

Lease payments - non-sustaining(k)

0.2

All-in Cost on a by-product basis - attributable(a)

$ 1,012.8

$ 828.1

Gold ounces sold

482,472

516,268

Less: non-controlling interest(b) gold ounces sold

(8,013)

(17,383)

Attributable(a) gold ounces sold

474,459

498,885

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

$ 1,657

$ 1,331

Attributable(a) all-in cost per ounce sold on a by-product basis

$ 2,135

$ 1,660

Production cost of sales per equivalent ounce sold(e)

$ 1,397

$ 1,043

See page 43 of this report for details of the footnotes referenced within the table above.

Disclaimer

Kinross Gold Corporation published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 17:46 UTC.