Kinross Gold : First Quarter 2024 Results Conference Call & Webcast

First Quarter 2024 Results

May 8th, 2024

Delivering Value.

Conference Call Participants

	Paul		Andrea	Claude		William	Geoff
	Rollinson		Freeborough	Schimper		Dunford	Gold
	Chief Executive Officer		EVP & Chief Financial	EVP & Chief Operating		SVP, Technical	President
			Officer	Officer		Services

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First Quarter 2024

Cautionary Statement on Forward-Looking Information

All statements, other than statements of historical fact, contained or incorporated by reference in or made in giving this presentation and responses to questions, including but not limited to any information as to the future performance of Kinross, constitute "forward looking statements" within the meaning of applicable 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: the identification of future mineral resources; the schedules for the Company's development projects including the Great Bear advanced exploration project; the declaration, payment and sustainability of the Company's dividends; our guidance for production, production costs of sales, cash flow, free cash flow, all-in sustaining cost of sales, and capital expenditures; the anticipated success of the Company's exploration programs; future production estimates; throughput rates at the Company's operations; the future of the Company's liquidity, balance sheet and credit ratings; the implementation and effectiveness of the Company's ESG and climate strategy; as well as references to other possible events, the future price of gold and silver, the timing and amount of estimated future production, costs of production, operating costs; 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 programs, development and mining, currency fluctuations, capital requirements, project studies, government regulation, permit applications, restarting suspended or disrupted operations, environmental risks and legal proceedings, and resolution of pending litigation. The words "advance", "aim", "conceptual", "expect", "focus", "forecast", "future", "guidance", "opportunity", "outlook", "on schedule", "on track", "plan", "positioned", "potential", "prospective", "target", "upside" or "vision", or variations of or similar such words and phrases or statements that certain actions, events or results may, can, could, would, should, might, indicates, or will be taken, 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. The estimates, models and assumptions of Kinross referenced, contained or incorporated by reference in this presentation, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our Management's Discussion and Analysis ("MD&A") for the period ended March 31, 2024, the Annual Information Form dated March 27, 2024 and the "Cautionary Statement on Forward-Looking Information" in our news release dated May 7, 2024, 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.

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.

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

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

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Q1/24 Recap

Strong Start to 2024

• All assets remain on track for full-year targets
• Significant Free Cash Flow

High-Margin Production

• Tasiast, La Coipa and Paracatu delivered ~70% of production at strong AISC

Development Progress in US

• US operations on track
• Round Mountain Phase S and underground opportunities progressing on plan
• Manh Choh on track for production in early Q3

Progress at Great Bear

• Exploration success ongoing
• AEX and Main Project advancing well
• PEA planned for 2nd half of 2024

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Sustainability - Core to our Business

Strong Outlook

Stable multi-year production(1)

Strong Free Cash Flow

Strengthening balance sheet

Disciplined capital allocation

strategy

Production Outlook(1)

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

2.1	2.0	2.0

2024

2025

2026

(1) Refer to endnote #1.	6

Financial Results

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First Quarter 2024

First Quarter Results

		Q1 2024		Q1 2023
		Results		Results
Production (Au eq. oz)		527,399		466,022
Cost of Sales (per Au eq. oz. sold)(1)(6)	$982		$987
All-in Sustaining Cost (per Au eq. oz. sold)(2)(6)	$1,310		$1,321
Operating Cash Flow (millions)(4)	$374		$259
Adj. Operating Cash Flow (millions)(2)	$425		$358
Attributable Free Cash Flow (millions)(2)(3)	$145		$48
Capital Expenditures (millions)(4)	$242		$221
Attributable Capital Expenditures (millions)(2)(3)	$232		$212
Earnings Per Share(5)		$0.09		$0.07
Adj. Net Earnings Per Share(2)	$0.10		$0.07
(1)	Refer to endnote #2.
(2)	These 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.
(3)	Attributable free cash flow and Attributable capital expenditures includes Kinross' share of Manh Choh (70%).
(4)	Refer to endnote #4.			8
(5)	Refer to endnote #5.
(6)	Refer to endnote #6.

First Quarter 2024

Balance Sheet Continues to Strengthen

Liquidity Position(1)

As at March 31st

~$2.0B

Financial Flexibility

• Total liquidity(1) of ~$2.0 billion, including $407 million of cash and cash equivalents
• Improved Net Debt position as of quarter-end
• Net Debt to EBITDA improved as of quarter-end
• Net Debt to EBITDA forecast to further improve this year at current gold prices

Cash & cash equivalents Available credit (1)

(1) "Liquidity Position" and "Total liquidity" are 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 period	9
ended March 31st, 2024).

First Quarter 2024

Guidance and Outlook

On Track to Meet Guidance & Strong Multi-Year Outlook

	Q1/24	2024	2025 Guidance	2026 Guidance
	Results	Guidance	(+/- 5%)	(+/- 5%)
		(+/- 5%)
Attributable Production	527,399	2.1 million	2.0 million	2.0 million
(Au eq. oz.)(1)
Production cost of sales	$982	$1,020	-	-
(per Au eq. oz. sold)(2)(5)
All-in sustaining cost	$1,310	$1,360	-	-
(per Au eq. oz. sold)(3)(5)
Attributable Capital	$232
expenditures(1)(3)	(Capital expenditures	$1,050	$850	$650
(millions)	$242(4))

1. Forecast 2024-2026 production and capital expenditures is attributable and includes Kinross' share of Manh Choh (70%).
2. Refer to endnote #2.
3. Refer to endnote #3.
4. Refer to endnote #4.
5. Refer to endnote #6.

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