Kinross Gold Corporation (KGC) Earnings

Management highlights

### Leadership Transition - Claude Schimper, current COO, will retire later in 2026 after 16+ years with Kinross, and will remain to support a seamless transition - Bernard Wessels, incoming COO with 25+ years of global mining operational leadership experience, joins Kinross from Newmont ### Financial Performance - Q2 2026 attributable free cash flow of $727 million, bringing H1 2026 free cash flow to over $1.5 billion - Adjusted earnings of $0.71 per share; adjusted operating cash flow over $1.1 billion - Ended Q2 with record cash balance of $2.7 billion and net cash of $1.9 billion - Returned $275 million to shareholders in Q2 via $230 million in share buybacks and ~$50 million in dividends; H1 2026 capital return equals ~37% of attributable free cash flow, on track to hit the 40% full-year target - Since Q2 2025, Kinross has repurchased over $1.1 billion in shares (≈4% of outstanding shares), and returned ~$1.4 billion total since the start of 2025 ### Operational & Continuous Improvement Highlights - Paracatu completed CIL circuit, gravity concentrator, and process control improvements that have delivered higher gold recoveries and stronger operating performance - Tasiast achieved a record monthly tonnage mined in May 2026; operational improvements reduced equipment changeout time by 50% and improved mill reliability. The on-site solar facility provides 23% of the site's power, reducing exposure to elevated oil prices - U.S. operations delivered fuel savings of ~6.4 million liters via haul route and dispatching optimization, and reduced Fort Knox haul cycle times by 7 minutes - All sites deploy AI and machine learning for predictive maintenance, scheduling, and mine planning to drive efficiency and offset inflation ### Project Development - U.S. near-term projects: Phase X (Round Mountain) underground development is slightly ahead of schedule, with first production targeted for 2028; Redbird (Bald Mountain) mining is advancing, with production ramping through H2 2026; Curlew tailings dewatering plant construction is complete, with underground development ahead of schedule - Great Bear (Canada): Advanced Exploration Decline (AEX) permits are fully received, first blast of the exploration decline is complete, and 50% of main project detailed engineering is complete. Permitting for the main project is progressing on schedule for first production in late 2029; a community benefits agreement has been signed with the Northwestern Ontario Metis community, and negotiations continue with First Nations on whose territory the project sits - Lobo-Marte (Chile): The updated feasibility study refreshes 2021 economics to account for inflation, with an initial 15-year mine life, average annual steady-state production of 350,000 ounces, all-in sustaining cost of $1,000 per ounce, initial capital expenditure of $1.8 billion, an NPV of $4.3 billion (at $4,100/oz gold), and an IRR of 26%. The environmental impact assessment (EIA) was accepted by Chilean regulators in April 2026, with the permitting process expected to take 2-3 years, and first production targeted for the early 2030s. There is significant upside optionality for mine life extension from additional existing resources, with production potentially extending into the 2040s ### Sustainability - Kinross published its 2026 annual sustainability report in Q2; the company delivered humanitarian food support to remote drought-affected farming communities in Mauritania during the quarter

Guidance

- Full-year 2026 production guidance is maintained at approximately 2 million ounces; Q3 2026 production is expected to be in line with the first two quarters, with higher production expected in Q4 as the Round Mountain Phase S transition completes - Full-year cost guidance is maintained: cost of sales of $1,360 per ounce, all-in sustaining costs (AISC) of $1,730 per ounce. Modestly higher H2 2026 costs are expected due to a greater contribution from U.S. operations, but full-year costs will remain within guidance ranges - Full-year capital expenditure guidance is maintained at $1.5 billion - Kinross' existing fuel hedging program provides meaningful protection against elevated oil prices through 2026 and 2027; if recent higher oil prices persist for the rest of the year, the impact on full-year AISC would be less than 2%, which remains within guidance - No material supply disruptions for fuel or key consumables have been experienced across operations

Segment performance

Kinross produced 492,000 gold equivalent ounces in Q2 2026, with contributions from its operating mines as follows: - Paracatu: 158,000 ounces (32.1% of total production), cost of sales of $1,108 per ounce, on track to hit full-year guidance of 600,000 ounces at $1,240 per ounce - Tasiast: 133,000 ounces (27.0% of total production), cost of sales of $990 per ounce, on track to hit full-year guidance of 505,000 ounces at $1,050 per ounce - La Coipa: 59,000 ounces (12.0% of total production), cost of sales of $1,395 per ounce, on track to hit full-year guidance of 210,000 ounces at $1,320 per ounce - Combined U.S. Operations (Fort Knox, Bald Mountain, Round Mountain): 142,000 ounces (28.9% of total production), cost of sales of $1,871 per ounce - Fort Knox: 95,000 ounces, cost of sales of $1,596 per ounce - Bald Mountain: 27,000 ounces, cost of sales of $1,770 per ounce - Round Mountain: Production was lower QoQ due to waste stripping for Phase S, with higher-grade ore expected in H2 2026

Risks & headwinds

- Higher oil prices create modest incremental cost pressure, though the impact is fully manageable within existing guidance due to hedging and energy efficiency initiatives - The Nevada (U.S.) market continues to experience a tight labor market, creating modest ongoing wage pressure, which has been accounted for in guidance - Alaska (U.S.) is experiencing higher power costs, which has also been accounted for in existing guidance - Permitting risk remains for large development projects (Great Bear and Lobo-Marte), though permitting processes are currently progressing on schedule against targeted production timelines - Inflationary pressures across labor, power, and consumables persist globally, though continuous improvement and grade enhancement initiatives are expected to offset most impacts

Analyst Q&A

• Q: What are the next steps for Lobo-Marte, the timing of capital spending relative to Great Bear, and when will pit redesigns for higher current gold prices happen? /

  A: The immediate critical path is the ongoing Chilean EIA permitting process, which is expected to take 2-3 years. Construction will begin after permitting completes, so peak capital spending for Lobo-Marte will come after peak spending for Great Bear. The existing 15-year high-quality base mine plan is sufficient for the current permitting phase, and pit redesign and mine life extension work will be prioritized after the project enters operations.

• Q: Beyond broad inflation, what drove the increase in Lobo-Marte's capital cost from the 2021 feasibility study to the 2026 refresh? /

  A: Most of the increase is due to general industry inflation between 2021 and 2026. An additional ~$100 million comes from the decision to purchase new equipment rather than reusing existing equipment from the nearby Maricunga mine, to retain that equipment for Maricunga operations and create a higher-quality long-term mine plan. Contingency was also increased from 14% to 19% to account for the time elapsed since the 2021 detailed estimates, bringing total initial capital to $1.8 billion.

• Q: With a growing net cash balance and a 40% free cash flow payout commitment, is there a target maximum cash balance that would trigger higher returns, and what is the current outlook for M&A? /

  A: Management is comfortable with the current growing cash balance to support the pipeline of development projects and ongoing tax liabilities, and will stick to the 40% payout commitment for now while reassessing next year. Kinross prioritizes organic development of its own large existing resource inventory, which already provides abundant high-value opportunities. Management remains disciplined on M&A, watches the market for opportunities, and will only pursue transactions that deliver clear value creation for shareholders.

• Q: How is Round Mountain production tracking relative to prior targets, and what grades can we expect from Phase S in H2 2026? /

  A: Round Mountain is ramping up production as waste stripping for Phase S completes, and full-year 2026 production is targeted at 120,000 to 130,000 ounces, building to an average of 150,000 ounces annually in subsequent years, reaching close to 200,000 ounces when Phase X comes online. The average grade of Phase S is slightly below 1 gram, with higher-grade 1 gram ore found deeper in the phase, which will be accessed in later production.