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Like an **ExxonMobil, but for gold**, focused on extracting the precious metal from large-scale mines globally.

Think of them as an **Alcoa for gold**, specializing in digging up the raw material rather than manufacturing finished goods.

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• Gold: The primary precious metal extracted from Kinross Gold's global mining operations and sold on the open market.
• Silver: A precious metal often produced as a significant by-product during the company's gold mining activities.

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Kinross Gold (KGC) is a gold mining company. As a producer of a raw commodity, its business model involves extracting gold and silver and selling these precious metals on the global market.

The company sells primarily to other companies, specifically to a limited number of **third-party refiners and bullion dealers**. These entities act as intermediaries in the precious metals market. They take Kinross's doré bars (a semi-pure alloy of gold and silver) or refined metals, further process them, and then distribute them to a wide range of end-users including central banks, commercial banks, institutional investors, industrial consumers, and jewelry manufacturers worldwide.

Due to the nature of the global precious metals market and the fungible characteristic of gold as a commodity, Kinross Gold's annual reports (such as its 10-K filings with the SEC) typically do not identify specific refiners or bullion dealers as "major customers" accounting for a significant percentage (e.g., 10% or more) of its revenue. This indicates that the company does not have a high concentration of sales to any single customer or a small group of customers, which is common for producers of globally traded commodities.

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J. Paul Rollinson, Chief Executive Officer

Paul Rollinson was appointed Chief Executive Officer of Kinross Gold on August 1, 2012, having initially joined the company as Executive Vice-President, New Investments, in September 2008. Prior to Kinross, he had a lengthy career in investment banking, most recently serving as Deputy Head of Investment Banking at Scotia Capital. In this role, he was responsible for sectors including mining, power/utilities, forestry, and industrials. He began his career as an exploration geologist. Rollinson holds an Honours BSc in Geology from Laurentian University and a MEng in Mining from McGill University.

Andrea S. Freeborough, Executive Vice-President and Chief Financial Officer

Andrea S. Freeborough was appointed Chief Financial Officer on May 1, 2019, and became Executive Vice-President in October 2021. She joined Kinross in 2009 and has held various positions within the Finance function, including Vice-President, Investor Relations and Corporate Development. Freeborough leads Kinross' Finance function and oversees Information Technology and Investor Relations. She is recognized as a finance mining executive with a strong background in financial reporting, business processes, mergers and acquisitions (M&A), and investor relations. From 1998 to 2009, she held increasingly senior roles at KPMG, including Associate Partner, working in their Toronto, London (UK), and New Jersey/New York offices. Andrea is a Chartered Public Accountant and Chartered Accountant.

Geoffrey P. Gold, President

Geoffrey P. Gold was appointed President in January 2024. He joined Kinross in May 2006 and was appointed Executive Vice-President and Chief Legal Officer in March 2008. Gold has over 30 years of experience in the mining industry, including more than 10 years as Vice-President, Assistant Secretary, and Associate General Counsel for Placer Dome before joining Kinross. He also spent six years in private practice with the Vancouver law firm of Bull, Housser & Tupper LLP. His past directorships include Aurelian Resources Inc., Sage Gold Inc., and Underworld Resources Inc. Gold earned his Bachelor of Laws and Bachelor of Commerce (with Honours) from the University of British Columbia.

Claude Schimper, Executive Vice-President and Chief Operating Officer

Claude Schimper was appointed Chief Operating Officer in July 2022. He first joined Kinross in 2010 and has held several senior operational roles within the Company, most recently leading its Russia and West Africa regions. Prior to that, he was Vice-President and General Manager of Kupol. Schimper has more than 30 years of mining experience and previously served as Chief Operating Officer for Balkan Resources Inc. He also held positions at Placer Dome, Canada, and various South African mines, including AngloGold Ashanti's Mponeng gold mine. He received a South African National Higher Diploma in Metalliferous Mining from Technikon Witwatersrand.

Ryan Latinovich, Executive Vice-President, Corporate Development

Ryan Latinovich was appointed Executive Vice-President, Corporate Development in February 2025, overseeing all corporate development activities for Kinross. He is a Certified Management Accountant (CMA), a Chartered Professional Accountant (CPA), and holds the Chartered Financial Analyst (CFA) designation. Latinovich earned an MBA from Queen's University, an M.A. in International Politics and Economics from the Norman Paterson School of International Affairs, and a B.A. in Business from the Royal Military College of Canada.

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The key risks to Kinross Gold's business include:

1. Commodity Price Volatility: Kinross Gold's financial performance is heavily influenced by fluctuations in the price of gold. A significant decline in gold prices would directly and immediately impact the company's revenue and profitability. For instance, the company's revenue growth in the twelve months ending September 30, 2025, was primarily driven by a substantial increase in gold prices, rather than production volume.
2. Operational Headwinds and Cost Inflation: The company faces challenges related to operational efficiency and increasing costs. While Kinross is on track to meet its 2025 annual guidance, this comes with higher all-in sustaining costs (AISC) per gold equivalent ounce. Operational disruptions and cost pressures are noted as near-term risks. Additionally, permitting delays for significant development projects, such as the AEX program at Great Bear in Canada, could extend future production timelines and affect capital returns.
3. Depleting Production and Reserve Replacement: A long-term risk for Kinross Gold, as with other mining companies, is the potential inability to consistently replace depleting mineral reserves through exploration or acquisition. Failure to do so could lead to a decrease in future production capacity.

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The clear emerging threat to Kinross Gold (KGC) stems from the increasing mainstream acceptance and institutional adoption of cryptocurrencies, particularly Bitcoin, as an alternative store of value and inflation hedge, often referred to as "digital gold."

Historically, gold has served as a primary safe-haven asset, store of value, and hedge against inflation and economic uncertainty. However, the maturation of the cryptocurrency market, the launch of spot Bitcoin ETFs, and the growing narrative around Bitcoin's finite supply and decentralized nature position it as a direct competitor to gold in these roles. This trend could potentially divert capital flows that traditionally sought physical gold or gold-backed investments, leading to a long-term erosion of demand for gold. While gold and Bitcoin possess different characteristics and appeal to different investor segments, the emerging perception and infrastructure positioning Bitcoin as a viable alternative represent a significant challenge to gold's traditional market position and, by extension, to gold mining companies like Kinross Gold.

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• Gold Mining: The global gold mining market was valued between approximately USD 215.49 billion and USD 267.87 billion in 2024. Projections indicate growth to a range of approximately USD 314.68 billion by 2035 to USD 402.34 billion by 2034.
• Silver Mining: The global silver mining market is projected to grow from approximately USD 23.83 billion in 2024 to USD 60.76 billion by 2035.

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Expected Drivers of Future Revenue Growth for Kinross Gold (KGC)

• Increased Production from Key Development Projects and Mine Expansions: Kinross Gold is focused on organic growth opportunities, with significant contributions expected from key development projects. The Great Bear project in Ontario, for instance, is anticipated to produce over 500,000 ounces of gold per year for at least a decade once fully developed. Other important projects, such as Round Mountain Phase X in Nevada, the Lobo-Marte project in Chile, and the Manh Choh project at Fort Knox, are also progressing and are expected to contribute to increased production. The company aims to maintain an annual production level of approximately 2 million attributable gold equivalent ounces through 2026 and 2027.
• Favorable Gold Price Environment: Kinross Gold has demonstrated its ability to capitalize on strong gold prices, which directly impacts revenue. The company's Q3 2025 performance highlighted its capacity to benefit from a robust gold market, with revenue increasing by 25.8% year over year due to a stronger realized gold price. Margins also saw a significant increase, outpacing the rise in the average realized gold price, indicating that continued high gold prices will be a substantial driver of future revenue growth.
• Enhanced Operational Efficiency and Cost Management: The company's strategic focus on optimizing margins and cash flow through improved operational efficiency and disciplined cost management is expected to positively impact revenue growth. Efforts include technology-driven mining processes and enhanced safety protocols, which aim to reduce costs and ensure sustainable operations. This focus on efficiency has contributed to a positive trend in operating cash flow, indicating improved profitability that can support sustained or increased production volumes.
• Ongoing Exploration and Resource Expansion: Kinross is leveraging ongoing exploration efforts to augment its broader resource base and support future production. A positive outlook for future exploration projects, with drilling progressing well, suggests the potential to extend the life of its existing portfolio and discover new reserves. This sustained investment in exploration and resource development provides a foundation for long-term production and revenue stability.

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Share Repurchases

• In September 2022, Kinross announced an enhanced share buyback program, committing to repurchase $300 million in shares for the remainder of 2022, and allocating 75% of excess cash to repurchases in 2023 and 2024.
• Kinross was authorized to repurchase up to 108,440,227 common shares (approximately 10% of its public float) from August 9, 2023, to August 8, 2024.
• The company renewed its Normal Course Issuer Bid (NCIB) program in March 2025, authorizing the repurchase of up to 110,350,160 common shares (10% of its public float) between March 24, 2025, and March 23, 2026, with a target of at least $500 million for 2025, later increased to $600 million.

Share Issuance

• In February 2022, Kinross acquired 100% of Great Bear Resources Ltd. for approximately $1.4 billion (C$1.8 billion) through a combination of cash and Kinross common shares.

Outbound Investments

• In September 2020, Kinross acquired a 70% interest in the Peak Gold project in Alaska for a total cash consideration of $93.7 million.
• Kinross acquired 100% of Great Bear Resources Ltd. in February 2022 for approximately $1.4 billion (C$1.8 billion).
• In April 2024, Kinross Gold invested C$10 million in AbraSilver Resource Corp., acquiring approximately 4.0% of its outstanding shares and forming a regional partnership for exploration in Argentina.

Capital Expenditures

• Kinross Gold's capital expenditures averaged $1.341 billion from fiscal years ending December 2020 to 2024.
• Capital expenditures peaked in December 2024 at $1.679 billion and reached a 5-year low of $1.094 billion in December 2022.
• For 2025, Kinross forecasts attributable capital expenditures of $1.150 billion (+/- 5%), with a focus including sustaining capital expenditures and spending for the Manh Choh project.