Kinross Gold : First Quarter 2026 Results Conference Call & Webcast

Published: 2026-04-30 07:37:25 ET K.TO

Published on 04/30/2026 at 07:37 am EDT

Kinross Gold Corporation (TSX:K; NYSE: KGC)

Delivering Value.

First Quarter 2026 Results April 30th, 2026

Kinross Gold Corporation (TSX:K; NYSE: KGC) First Quarter 2026

Conference Call Participants

Paul

Rollinson

Chief Executive Officer

Andrea Freeborough

EVP & Chief Financial

Officer

Claude

Schimper

EVP & Chief Operating

Officer

William Dunford

EVP & Chief Technical

Officer

Geoff Gold

President

Kinross Gold Corporation (TSX:K; NYSE: KGC) First Quarter 2026

All statements, other than statements of historical fact, contained in this presentation including, but not limited to, any information as to the future financial or operating performance of Kinross, constitute "forward-looking information" or "forward-looking statements" within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the provisions for "safe harbor" under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this presentation. Forward-looking statements contained in this presentation include, without limitation, statements with respect to our guidance for production, cost guidance, including production costs of sales, all-in sustaining cost of sales, capital expenditures and our fuel sensitivities analysis; anticipated returns of capital to shareholders, including the declaration, payment, increase and sustainability of the Company's dividends; the size, scope and execution of the proposed share buybacks and the anticipated timing thereof, including the Company's statement targeting share buybacks and dividends for 2026 of 40% of free cash flow;; identification of additional resources and reserves or the conversion of resources to reserves; the Company's liquidity; the Company's debt levels; the schedules budgets, and forecast economics for the Company's development projects; budgets for and future plans for exploration, development and operation at the Company's operations and projects, including the Great Bear project; planned timing for the submission of permits; potential mine life extensions at the Company's operations; the Company's balance sheet and liquidity outlook, as well as references to other possible events including, the future price of gold and silver, costs of production, operating costs; price inflation; capital expenditures, costs and timing of the development of projects and new deposits, estimates and the realization of such estimates (such as mineral or gold reserves and resources or mine life), success of exploration, development and mining, currency fluctuations, capital requirements, project studies, government regulation, permit applications, environmental risks and proceedings, and resolution of pending litigation. The words "advance", "continue", "estimate", "expect", "focus", "forecast", "forward", "growth", "guidance", "ongoing", "on plan", "on schedule", "on track", "optionality", "outlook", "plan", "potential", "progress", "target", and "upside" or variations of or similar such words and phrases or statements that certain actions, events or results "may", "could", "will" or "would" occur, and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Kinross as of the date of such statements, are inherently subject to significant business, economic, legislative and competitive risks and uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: the inaccuracy of any of the foregoing assumptions; fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such as fuel and electricity); price inflation of goods and services; changes in the discount rates applied to calculate the present value of net future cash flows based on country-specific real weighted average cost of capital; changes in the market valuations of peer group gold producers and the Company, and the resulting impact on market price to net asset value multiples; changes in various market variables, such as interest rates, foreign exchange rates, gold or silver prices and lease rates, or global fuel prices, that could impact the mark-to-market value of outstanding derivative instruments and ongoing payments/receipts under any financial obligations; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); changes in national and local government legislation, taxation (including but not limited to income tax, advance income tax, stamp tax, withholding tax, capital tax, tariffs, value-added or sales tax, capital outflow tax, capital gains tax, windfall or windfall profits tax, production royalties, excise tax, customs/import or export taxes/duties, asset taxes, asset transfer tax, property use or other real estate tax, together with any related fine, penalty, surcharge, or interest imposed in connection with such taxes), controls, policies and regulations; the security of personnel and assets; political or economic developments in Canada, the United States, Chile, Brazil, Mauritania, or other countries in which Kinross does business or may carry on business; business opportunities that may be presented to, or pursued by, us; our ability to successfully integrate acquisitions and complete divestitures; operating or technical difficulties in connection with mining, development or refining activities; employee relations; litigation or other claims against, or regulatory investigations and/or any enforcement actions, administrative orders or sanctions in respect of the Company (and/or its directors, officers, or employees) including, but not limited to, securities class action litigation in Canada and/or the United States, environmental litigation or regulatory proceedings or any investigations, enforcement actions and/or sanctions under any applicable anti-corruption, international sanctions and/or anti-money laundering laws and regulations in Canada, the United States or any other applicable jurisdiction; the speculative nature of gold exploration and development including, but not limited to, the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; adverse changes in our credit ratings; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, Kinross' actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Kinross, including but not limited to resulting in an impairment charge on goodwill and/or assets. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this presentation are qualified by this cautionary statement and those made in our other filings with the securities regulators of Canada and the United States including, but not limited to, the cautionary statements made in the "Risk Analysis" section of our MD&A for the year ended December 31, 2025, the "Risk Factors" set forth in the Company's Annual Information Form dated March 26, 2026, and the "Cautionary Statement on Forward-Looking Information" in our news release dated April 29, 2026, to which readers are referred and which are incorporated by reference in this presentation, all of which qualify any and all forward-looking statements made in this presentation. These factors are not intended to represent a complete list of the factors that could affect Kinross. Kinross disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Certain forward-looking statements in this presentation may also constitute a "financial outlook" within the meaning of applicable securities laws. A financial outlook involves statements about the Company's prospective financial performance, financial position or cash flows and is based on and subject to the assumptions about future economic conditions and courses of action and the risk factors described above in respect of forward-looking information generally, as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this presentation. Such assumptions are based on management's assessment of the relevant information currently available, and any financial outlook included in this presentation is provided for the purpose of helping viewers understand the Company's current expectations and plans for the future. Viewers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above, or other factors may cause actual results to differ materially from any financial outlook. The actual results of the Company's operations will likely vary from the amounts set forth in any financial outlook and such variances may be material.

Other information

Where we say "we", "us", "our", the "Company", or "Kinross" in this presentation, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable.

The technical information about the Company's mineral properties contained in presentation has been prepared under the supervision of Mr. Nicos Pfeiffer who is a "qualified person" within the meaning of National Instrument 43-101.

This presentation references attributable production cost of sales per equivalent ounce sold, all-in sustaining cost per equivalent sold, attributable all-in sustaining cost per equivalent ounce sold, attributable adjusted operating cash flow, attributable free cash flow, attributable capital expenditures and adjusted net earnings per share, which are non-GAAP financial measures and ratios, with no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers.

All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

Kinross Gold Corporation (TSX:K; NYSE: KGC) First Quarter 2026

Continued Strong Performance

Production on plan

Robust cost management driving record operating margins

Delivered 4th consecutive quarter of

record Free Cash Flow1 of $838 million

Disciplined Capital Allocation

Excellent financial position and Free Cash Flow1 outlook

Added $440 million to the balance sheet

Returned approximately $350 million to

shareholders year-to-date2

Operations Delivering

Paracatu: outstanding quarter with record recoveries and significant Free Cash Flow1

Tasiast - increased production delivering substantial Free Cash Flow1

On track to meet guidance

Project Pipeline Advancing

Brownfields - US projects progressing

Greenfields - Great Bear and Lobo-Marte advancing well; key permitting milestones achieved

Extensive resource inventory with significant optionality

Free Cash Flow is equivalent to attributable free cash flow, which is a non-GAAP financial measure with no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented

by other issuers. Refer to endnote #3. 4

As of April 29th, 2026

Kinross Gold Corporation (TSX:K; NYSE: KGC) First Quarter 2026

Stable production forecast1 Attractive relative cost profile Robust cash flow outlook Strengthening balance sheet Attractive return of capital

Extensive pipeline of projects

Refer to endnote #1 6

Production Outlook1

(Million Au eq. oz. +/- 5%)

2.0

2026

2027

2028

Kinross Gold Corporation (TSX:K; NYSE: KGC) First Quarter 2026

Q1 2026

Q1 2025

Attributable Production (Au eq. oz)1

492,563

512,088

Production Cost of Sales (per Au eq. oz. sold)2

Attributable Production Cost of Sales (per Au eq. oz. sold)1

$1,397

$1,380

$1,043

$1,038

Attributable All-in Sustaining Cost (per Au eq. oz. sold)1

$1,732

$1,355

Operating Cash Flow (millions)3

Attributable Adjusted Operating Cash Flow (millions)1

$1,140

$1,129

$607

$620

Attributable Free Cash Flow (millions)1

$838

$381

Capital Expenditures (millions)3

Attributable Capital Expenditures (millions)1

$283

$279

$208

$204

Earnings Per Share4

Adjusted Earnings Per Share1

$0.70

$0.71

$0.30

Financial figures are non-GAAP financial measures or ratios, as applicable, with no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers. Refer to endnote #3. "Attributable" includes Kinross' 70% share of Manh Choh production, costs, cash flow, and capital expenditures, as applicable.

Refer to endnote #2.

Refer to endnote #4. 8

Refer to endnote #5.

Strengthening Financial Position

$2.2 billion of cash and cash equivalents

$3.9 billion of total liquidity1

$1.4 billion of Net Cash2 as of March 31st

No near-term debt maturities:

$500 million at 6.25% due in 2033, and

$250 million at 6.88% due in 2041

Enhanced Capital Returns

2026 target to return 40% of our Free Cash Flow3

$350 million returned to shareholders through

share buybacks and dividends in 20264

Repurchased $300 million in shares year to date4

Since Q1 2025:

$900 million in shares repurchased

Over 3% of our shares outstanding

Over $1 billion dollars returned to shareholders

Net Cash/(Debt) (US$)2

Total Return of Capital to Lenders and Shareholders (US$)

($2.2B)

($1.9B)

($0.8B)

$1.4B

$1.0B

$0.52B

$0.15B

$0.95B

$0.80B

$0.70B

$0.37B

$0.35B 4

$0.75B

$0.15B

$1.45B

YE 2022 YE 2023 YE 2024 YE 2025 Q1 2026

FY 2023 FY 2024 FY 2025 2026E

"Total liquidity" is defined as the sum of cash and cash equivalents, as reported on the interim condensed consolidated balan ce sheet as at March 31, 2026, 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).

Net Cash / (Debt) is a non-GAAP financial measure with no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers. Refer to endnote #6.

by other issuers. Refer to endnote #3.

As of April 29th, 2026

On Track to Meet 2026 Guidance & Strong Multi-Year Outlook

Q1 2026

Results

FY 2026

Guidance

(+/- 5%)

FY 2027

Guidance

(+/- 5%)

FY 2028

Guidance

(+/- 5%)

Attributable Production

492,563

2.0 million

$1,360

2.0 million

(Au eq. oz.)1

Production Cost of Sales

$1,397

(per Au eq. oz. sold)2

Attributable Production Cost of Sales

$1,380

(per Au eq. oz. sold)1,3

Attributable All-in Sustaining Cost

(per Au eq. oz. sold)1,3

$1,732

$1,730

Capital Expenditures4

$283

(millions)

Attributable Capital Expenditures1,3

(millions)

$279

$1,500

$1,5005

Forecast 2026-2028 production, costs and capital expenditures is attributable and includes Kinross' share of Manh Choh (70%).

Refer to endnote #2.

Refer to endnote #3.

Refer to endnote #4. 10

Subject to ongoing inflation and project advancement

2026 fuel sensitivities1

Direct crude oil impact on refined fuel products

(2026 Sensitivity)

Impact on cost of sales per ounce per

$10/barrel change in oil price

$3/oz

Impact on full-year guidance of

$100/barrel from April 1 forward

Refining, distribution, taxes impact on refined fuel products $7/oz

Total fuel cost sensitivity $10/oz $20/oz (~1% of AISC2,3)

Potential additional secondary cost sensitivity

(Impacts related to freight and other consumables)

2026 Cost Guidance4 is based on $70 per barrel oil price

+ ~$4/oz + ~$10/oz

(~0.5% of AISC2,3)

Oil Hedges5 as of March 31, 2026

2026 Maturities

2027 Maturities

WTI Oil Swap Contracts (bbls)

816,300

681,996

Average Price ($/bbl)

$61.54

$61.43

Taking into account existing oil hedges.

"AISC" represents attributable all-in sustaining cost per equivalent ounce sold.

Refer to Appendix A for 2026 Guidance. 11

Refer to Section 6 Liquidity and Capital Resource of Kinross' Management's Discussion and Analysis for the three months ended March 31, 2026.

Kinross Gold Corporation (TSX:K; NYSE: KGC) First Quarter 2026

Equipping Our People With The Right Skills:

Practical Leadership Training, and

Prevention of High Potential Incidents

Largest producer in Q1 driving substantial free cash flow

Record recoveries driven by continuous improvement

CIL circuit enhancements and

gravity circuit implementation

On track to meet 2026 guidance

Operating Results

Q1/26

FY26

Guidance1

Production

(Au eq. oz.)

160,583

600,000

Production cost of sales

($/oz.)2

$1,119

$1,240

Represents 2026 Guidance and reflects a range of +/- 5%. Refer to endnote #1

Refer to endnote #2

Increased production and lower cost of sales over prior quarter

Due to higher grades with consistent recoveries

23% of site power provided by the

solar facility

Operating Results

Q1/26

FY26

Guidance1

Production

(Au eq. oz.)

130,014

505,000

Production cost of sales

($/oz.)2

$990

$1,050

On track to meet 2026 guidance

Represents 2026 Guidance and reflects a range of +/- 5%. Refer to endnote #1

Refer to endnote #2

Link to Tasiast VRIFY Model on Kinross Website

Production was according to plan

Successfully completed 16-day planned mill maintenance shutdown

Improvement initiatives to increase mill

reliability

Higher grades from Phase 7 Ore expected in Q2 and Q3

On track to meet 2026 guidance

Operating Results

Q1/26

FY26

Guidance1

Production

(Au eq. oz.)

54,211

210,000

Production cost of sales

($/oz.)2

$1,526

$1,320

Represents 2026 Guidance and reflects a range of +/- 5%. Refer to endnote #1

Refer to endnote #2

Fort Knox, Alaska1 Bald Mountain, Nevada Round Mountain, Nevada

$1,700

$1,982

Attributable3 production cost of sales ($/oz.)5

$2,005

Production cost of sales ($/oz.)4

685,000

147,755

Attributable3 production

(Au eq. oz.)

FY26 Guidance2

Q1/26

United States Total

The Fort Knox segment is composed of Fort Knox and Manh Choh.

Refer to endnote #1. 2026 Guidance reflects a range of +/- 5%.

"Attributable" includes Kinross' 70% share of Manh Choh production and costs, as applicable.

Refer to endnote #2. 17

This is a non-GAAP financial ratio with no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers. Refer to endnote #3.

Fort Knox, Alaska1 Bald Mountain, Nevada Round Mountain, Nevada

Strong contribution from both Fort Knox and Manh Choh, increasing over prior quarter

Cost of sales increased over prior quarter due to timing of ounces from the mill and the heap leach

Production decreased over prior quarter due to timing of ounces recovered from the heap leach

Cost of sales increased due to fewer ounces produced

Production decreased over prior quarter due to processing of lower-grade, lower-recovery stockpile feed

Continue to transition towards higher-grade, high-recovery Phase S ore later in the year

Operating Results

Q1/26

Attributable2 production

(Au eq. oz.)

93,994

Production cost of sales ($/oz.)3

$1,817

Attributable2 production cost of sales ($/oz.)4

$1,761

Operating Results Q1/26

Production 27,561

(Au eq. oz.)

Production cost of sales $1,934 ($/oz.)3

Operating Results Q1/26

Production 26,200

(Au eq. oz.)

Production cost of sales $2,776 ($/oz.)3

The Fort Knox segment is composed of Fort Knox and Manh Choh.

"Attributable" includes Kinross' 70% share of Manh Choh production and costs, as applicable.

Refer to endnote #2. 18

This is a non-GAAP financial ratio with no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers. Refer to endnote #3.

Kinross Gold Corporation (TSX:K; NYSE: KGC) First Quarter 2026

Significant resource base for potential extensions at existing operations

New growth projects that potentially contribute to the production profile through the end of the decade and beyond

Extensions at Current Operations

$2,000/oz Au $2,500/oz Au

Reserves

Resources

Growth Opportunities

Potential 2027-30

Impact

Potential 2030+

Impact

M&I

Inferred

Paracatu, Brazil

4.8

3.5

0.0 Resource extensions via NW layback and

footwall extensions

Tasiast, Mauritania

4.4

2.4

2.4 West Branch 6, Satellite Open Pits, Underground Optionality

Round Mtn, U.S.A

1.9

1.4

2.0 Phase X plus depth Extensions, Other Open Pit

Optionality

Fort Knox, U.S.A

1.4

2.4

0.6 Phase 11 Open Pit Extension; Gil Extensions

Bald Mtn, U.S.A

1.2

2.5

0.8 Redbird, Top Pit, and other Satellite Pits

La Coipa, Chile

0.4

2.1

0.2 Oxide Open Pit Extensions

Curlew, U.S.A.

0.4

0.8

Curlew project; Roadrunner, Stealth and other UG extensions

Great Bear, Canada

2.7

4.3

Expected to drive meaningful production and cash flow through the 2030s

Lobo-Marte, Chile

6.7

2.8

0.7

Open Pit Heap Leach with strong heap leach grade (1.3 g/t) and low strip ratio (2:1)

Maricunga, Chile

7.1

4.9

Open Pit Heap Leach with significant scale and potential margin at current gold prices

Total Gold1,2(Moz)

20.9

27.5

16.6

Growth Project Optionality

Total Gold includes Manh Choh at 70% attributable: 444koz of 2P; 46koz of M&I; 0koz of Inferred 20

See Appendix B

Disclaimer

Kinross Gold Corporation published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 11:33 UTC.