Kinross reports strong 2025 third-quarter results

Press Release

TORONTO, Nov. 04, 2025 Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the third quarter ended September 30, 2025.

This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on pages 24 and 25 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

2025 third-quarter highlights:

• Production¹ of 503,862 gold equivalent ounces (Au eq. oz.).
• Production cost of sales² of $1,150 per Au eq. oz. sold and attributable production cost of sales¹ of $1,145 per Au eq. oz. sold.
• Attributable all-in sustaining cost¹ of $1,622 per Au eq. oz. sold.
• Operating cash flow³ of $1,024.1 million.
• Attributable free cash flow¹ record of $686.7 million.
• Margins⁴ increased by 54% to $2,310 per Au eq. oz. sold compared with Q3 2024, outpacing the rise in the average realized gold price.
• Reported earnings⁵ of $584.9 million, or $0.48 per share, with adjusted net earnings⁶ of $529.6 million, or $0.44 per share.
• Balance sheet strength: Kinross has achieved a net cash⁷ position of $485 million, with approximately $1.7 billion in cash and cash equivalents and total liquidity⁸ of approximately $3.4 billion at September 30, 2025.
• Debt repayment: Kinross announced today the early redemption of its $500 million in Senior Notes due in 2027.
• Guidance reaffirmed: Kinross remains on track to meet its 2025 annual guidance for production, cost of sales per ounce, all-in sustaining cost and attributable capital expenditures, including the impacts of higher royalties due to strong gold prices.

Return of capital to shareholders:

• Since reactivating its share buyback program in April 2025, the Company has repurchased approximately $405 million in shares as of November 4, 2025. Further, the Company has increased its target by 20% and now aims to repurchase $600 million in shares in 2025.
• Including its quarterly dividend, Kinross has returned approximately $515 million in capital to shareholders as of November 4, 2025.
• Kinross’ Board of Directors has also approved a 17% increase to the quarterly dividend to $0.035 per common share, which would amount to $0.14 per common share on an annualized basis. The third quarter dividend, having been approved by the Board of Directors, is payable on December 10, 2025, to shareholders of record at the close of business on November 26, 2025.

Operations highlights:

• Paracatu delivered another solid quarter driven by higher grades and strong recoveries, and was, once again, the highest producing mine in the portfolio.
• Tasiast continued to perform well driven by strong mill performance and high recoveries.
• At La Coipa, production increased and costs decreased quarter-over-quarter as mining transitioned into higher-grade ore from Phase 7.

Development and exploration projects:

• Great Bear’s Advanced Exploration (“AEX”) program continues to progress, with key infrastructure – including the camp and natural gas pipeline – now complete and commissioned. For the Main Project, detailed engineering is advancing well, initial procurement is underway, and phased Impact Statement submissions are on track.
• Round Mountain Phase X development is progressing well, with over 5,200 metres developed to date. Extensive underground drilling has been completed in both the upper and lower mineralized zones, with results continuing to show strong widths and grades. Technical studies and detailed engineering are also progressing well to support a production decision.
• Mining at Bald Mountain Redbird is advancing on schedule. Studies, detailed engineering and exploration related to the potential Phase 2 extension are all progressing well.
• At Curlew, results from infill drilling are showing high grades and good mining widths, supporting the resource estimate. Kinross completed the initial development of the exploration decline at Roadrunner and further extension of the North Stealth development, enabling access for high-grade target drilling.
• At Lobo-Marte, the dedicated project team continues to progress baseline studies to support permitting.

CEO commentary:

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

“Kinross delivered another excellent quarter, underscoring the strength of our operating portfolio, which together with disciplined cost management, produced robust margins and record free cash flow of approximately $700 million. With free cash flow exceeding $1.7 billion in the first three quarters of the year, and the further strengthening of our balance sheet to a net cash position, we are well positioned to continue generating strong returns for our shareholders.

“We are also pleased to announce enhancements to our return of capital program as a result of our robust financial position and strong free cash flow, and are now aiming to return approximately $750 million through both share buybacks and dividends. We have increased our share buybacks by 20% and are now aiming to repurchase $600 million in shares this year, with approximately $405 million repurchased to date in 2025. We are also increasing our longstanding quarterly dividend by 17% to $0.14 per share annually.

“Looking ahead, we’re excited by the progress across our growth pipeline. This includes strong drill results at Phase X and Curlew, continued progress at Great Bear, study and engineering advancement at Redbird Phase 2, and ongoing baseline studies at Lobo-Marte. These projects reflect our strategy to extend mine life, contain costs and enhance long-term value across our portfolio. We look forward to providing more details about Phase X, Redbird and Curlew, including economics, in Q1 2026.

“Our commitment to sustainability continues to drive meaningful impact in our host communities – including advancing education in Mauritania, award-winning reclamation work in Nevada, and ISO energy management system certification in Chile. In Brazil, our tailings facilities received the top-level AA classification for management and monitoring, reflecting the site’s strong safety practices. These initiatives reflect our dedication to responsible mining and the creation of opportunities in our communities.”

Summary of financial and operating results

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