TORONTO, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX:K, NYSE:KGC) (the "Company") will release its 2023 fourth-quarter and full-year financial statements and operating results on Wednesday, February 14, 2024, after market close. The Company will also provide its full-year 2024 guidance, mineral reserve, and mineral resource statement as of December 31, 2023, and an exploration and project update. Kinross will hold a conference call and audio webcast on Thursday, February 15, 2024, at 8 a ...

Core Insights - Zacks Premium offers tools for investors to enhance their stock market engagement and confidence through various resources like daily updates, research reports, and stock screens [1] Zacks Style Scores - The Zacks Style Scores categorize stocks into four ratings: A, B, C, D, or F, with A being the highest and indicating a better chance of outperforming the market [2] - The four categories of Style Scores include: - **Value Score**: Identifies attractive and discounted stocks using ratios like P/E and Price/Sales [2] - **Growth Score**: Focuses on a company's financial health and future outlook based on earnings and sales projections [2] - **Momentum Score**: Targets stocks with upward or downward trends in price or earnings, using factors like price change and earnings estimate changes [3] - **VGM Score**: Combines the three Style Scores to find stocks with the best value, growth, and momentum [4] Zacks Rank and Style Scores Integration - The Zacks Rank is a proprietary model that uses earnings estimate revisions to help investors build successful portfolios, with 1 (Strong Buy) stocks averaging a 25.41% annual return since 1988, outperforming the S&P 500 [5] - To maximize returns, investors should focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B, while being cautious with 3 (Hold) ranked stocks [6] Company Spotlight: Kinross Gold (KGC) - Kinross Gold Corporation, based in Ontario, Canada, is a leading gold mining company with 2022 production of approximately 2 million gold equivalent ounces, primarily in the Americas [7] - KGC holds a Zacks Rank of 3 (Hold) and a VGM Score of B, with a Value Style Score of B due to a forward P/E ratio of 14.18 [7] - Recent upward revisions in earnings estimates by analysts have increased the Zacks Consensus Estimate for KGC to $0.41 per share, with an average earnings surprise of 40.9% [7][8]

Financial Data and Key Metrics Changes - The company generated nearly $1.2 billion of operating cash flow in the first nine months of 2023, with over $400 million of free cash flow after reinvestment [5][10] - In Q3 2023, the company produced 585,000 ounces of gold, with an average realized gold price of $1,929 per ounce, and cost of sales at $911 per ounce [11][12] - Adjusted earnings per share for Q3 was $0.12, and adjusted operating cash flow per share was $0.38 [13][14] Business Line Data and Key Metrics Changes - Tasiast produced a record 171,000 ounces in Q3, with a cost of sales of $666 per ounce, while Paracatu produced 172,000 ounces at a cost of $845 per ounce [16][17] - La Coipa produced 66,000 ounces at a cost of sales of $629 per ounce, making it the lowest cost operation [16][17] - US operations saw improved production across all sites, with Fort Knox producing approximately 72,000 ounces and Round Mountain producing approximately 64,000 ounces [17][18] Market Data and Key Metrics Changes - The company expects to finish 2023 in the lower half of its cost guidance range, below $970 per ounce [12][13] - The average realized gold price in Q3 was in line with the average spot gold price, indicating stable market conditions [11] Company Strategy and Development Direction - The company is focused on delivering strong cash flow and maintaining a competitive dividend while advancing projects that will contribute to future growth [10][25] - The approval of Phase S at Round Mountain is expected to secure meaningful production scale through the end of the decade, with a focus on optimizing design and reducing capital expenditures [19][20] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year guidance, with strong year-to-date performance and a robust production profile [10][25] - The company is committed to responsible mining and has made significant progress in ESG initiatives, including a solar facility at Tasiast to reduce carbon emissions [9][10] Other Important Information - The company ended Q3 with $465 million in cash and approximately $2 billion in total liquidity, with a net debt to EBITDA ratio of 1.1 times [14] - The construction of the solar power plant at Tasiast is nearly complete, expected to reduce carbon emissions by over half a million tons [9] Q&A Session Summary Question: Can you elaborate on the pit design at Round Mountain? - Management confirmed that optimization work has reduced the strip ratio from 2.3 to 2.1, improving overall project economics [27][29] Question: What are the grades and tons for Phase S and Phase W? - Phase S is estimated to contain around 800,000 ounces with grades close to 0.8 grams per ton, while Phase W has about 150,000 ounces remaining [34][41] Question: How are the ramp-ups at Tasiast and La Coipa going into Q4? - Management indicated that Tasiast is on track for production in the 21,000 to 22,000 ounce range for Q4, with La Coipa also showing steady improvements [52][53] Question: What is the expected CapEx for Phase S? - The company plans to spend approximately $125 million on Phase S in 2024 and $60 million in 2025 [46][60] Question: What are the expectations for the Great Bear project? - Management anticipates a resource increase at Great Bear, with a target of around one million ounces by year-end 2023 [73][74]

Third Quarter 2023 Results November 9th, 2023 Delivering Value. Conference Call Participants ...

[Q2 2023 Performance Overview](index=1&type=section&id=Q2%202023%20Performance%20Overview) Kinross achieved strong Q2 2023 results with a 22% increase in gold equivalent production, robust operating cash flow, and significant adjusted net earnings, reaffirming full-year guidance and declaring a dividend [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Kinross reported strong Q2 2023 financial and operational results, including a 22% increase in gold equivalent production and a 105% rise in operating cash flow, while reaffirming full-year guidance Q2 2023 Key Metrics from Continuing Operations | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Production | 555,036 Au eq. oz. | 22% Increase | | Production Cost of Sales | $900 per Au eq. oz. sold | 12% Decrease | | All-in Sustaining Cost | $1,296 per Au eq. oz. sold | 3% Decrease | | Operating Cash Flow | $528.6 million | 105% Increase | | Adjusted Net Earnings | $167.6 million ($0.14/share) | 348% Increase | | Reported Net Earnings | $151.0 million ($0.12/share) | N/A (from loss) | - The company reaffirmed its full-year 2023 production guidance of **2.1 million Au eq. oz.** (+/- 5%) and is on track to meet its cost and capital expenditure targets[8](index=8&type=chunk) - A quarterly dividend of **$0.03 per common share** was declared, payable on September 8, 2023[8](index=8&type=chunk) - The Tasiast 24k expansion project's construction and initial commissioning were completed, leading to record quarterly production at the site[8](index=8&type=chunk) [CEO Commentary](index=3&type=section&id=CEO%20Commentary) CEO J. Paul Rollinson highlighted strong first-half performance, record production at Tasiast, and progress on key projects, emphasizing the company's commitment to operational excellence and ESG principles - The Tasiast, Paracatu, and La Coipa mines delivered approximately **70% of the quarter's production** at the lowest costs in the portfolio[10](index=10&type=chunk) - The Tasiast 24k project is complete and expected to increase production, lower costs, and generate significant free cash flow[11](index=11&type=chunk) - An Advanced Exploration Agreement was signed with the Wabauskang and Lac Seul First Nations for the Great Bear project, underscoring the company's commitment to collaboration with Indigenous partners[12](index=12&type=chunk) - The Tasiast solar plant is on schedule for completion by year-end, expected to reduce GHG emissions by approximately **530,000 tonnes** over the life of the mine[13](index=13&type=chunk) [Financial Results Analysis](index=4&type=section&id=Financial%20Results%20Analysis) This section details Kinross's significant financial improvements in Q2 2023, including increased revenue, expanded margins, and strengthened liquidity, alongside capital allocation decisions [Summary of Financial and Operating Results](index=4&type=section&id=Summary%20of%20Financial%20and%20Operating%20Results) Kinross significantly improved its Q2 2023 financial performance with a 33% revenue increase, a swing to net profit, and more than doubled free cash flow compared to the prior year Financial Highlights from Continuing Operations (Three months ended June 30) | Metric (in millions USD, except per share/oz) | 2023 | 2022 | | :--- | :--- | :--- | | Metal Sales | $1,092.3 | $821.5 | | Operating Earnings | $237.8 | $64.0 | | Net Earnings (attributable to common shareholders) | $151.0 | $(9.3) | | Diluted EPS | $0.12 | $(0.01) | | Adjusted Net Earnings | $167.6 | $37.4 | | Adjusted EPS | $0.14 | $0.03 | | Net Operating Cash Flow | $528.6 | $257.1 | | Free Cash Flow | $246.7 | $107.7 | | Average Realized Gold Price | $1,976/oz | $1,872/oz | [Detailed Financial Performance](index=5&type=section&id=Detailed%20Financial%20Performance) Kinross's Q2 2023 saw a 22% production increase and higher gold prices, boosting revenue by 33% and expanding margins, leading to a strong net profit turnaround - Revenue increased by **33% YoY to $1,092.3 million**, driven by a **26% increase in gold equivalent ounces sold** and a **5.6% increase in the average realized gold price**[22](index=22&type=chunk)[23](index=23&type=chunk) - Production cost of sales per Au eq. oz. sold decreased by **12% YoY to $900**, primarily due to the increase in gold equivalent ounces sold[23](index=23&type=chunk) - Margins per Au eq. oz. sold expanded by **27% YoY to $1,076** from $845 in Q2 2022[26](index=26&type=chunk) - Reported net earnings from continuing operations were **$151.0 million ($0.12/share)**, compared to a net loss of $9.3 million ($0.01/share) in Q2 2022, mainly due to higher margins[29](index=29&type=chunk) [Balance Sheet and Liquidity](index=6&type=section&id=Balance%20Sheet%20and%20Liquidity) Kinross maintained strong liquidity of approximately $1.9 billion as of June 30, 2023, and strategically refinanced debt to extend maturities - Total liquidity stood at approximately **$1.9 billion** as of June 30, 2023, comprising **$478.4 million in cash** and **$1.5 billion in available credit**[31](index=31&type=chunk)[33](index=33&type=chunk) - In July 2023, the company completed a **$500.0 million debt offering** to redeem its Senior Notes due in March 2024, extending debt maturity[31](index=31&type=chunk) - The company received the final **$40.0 million payment** from the 2022 divestiture of its Russian assets during the quarter[32](index=32&type=chunk) [Return of Capital](index=6&type=section&id=Return%20of%20Capital) Kinross declared a quarterly dividend of $0.03 per share while pausing share repurchases to prioritize near-term debt reduction - A quarterly dividend of **$0.03 per common share** was declared, payable on September 8, 2023[34](index=34&type=chunk) - Share repurchases have been paused to prioritize near-term debt reduction[34](index=34&type=chunk) [Operational Performance and Project Updates](index=7&type=section&id=Operational%20Performance%20and%20Project%20Updates) This section outlines strong mine-by-mine operating results and significant progress on key development and exploration projects, including Tasiast, Great Bear, and Manh Choh [Mine-by-Mine Operating Results](index=7&type=section&id=Mine-by-Mine%20Operating%20Results) Key mines like Tasiast, Paracatu, and La Coipa delivered strong Q2 2023 production and lower costs, while U.S. operations showed mixed results but remained on track - **Tasiast:** Achieved record quarterly production and sales, driven by strong grades, higher recoveries, and the ongoing ramp-up to **24k tonnes per day**[37](index=37&type=chunk) - **Paracatu:** Performed well with increased quarterly and year-over-year production and lower costs, attributed to strong grades and recoveries[38](index=38&type=chunk) - **La Coipa:** Delivered higher production both quarter-over-quarter and year-over-year, with the lowest costs in the portfolio, as the mill ramped up successfully[39](index=39&type=chunk) - **U.S. Operations:** Fort Knox production decreased YoY. Round Mountain production increased slightly YoY. Bald Mountain production was lower YoY due to heavy snowfall, but mining rates have since ramped up and the site is on track for full-year guidance[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [Development Projects and Exploration Update](index=7&type=section&id=Development%20Projects%20and%20Exploration%20Update) Kinross is advancing key development projects, including the Tasiast 24k expansion and solar plant, Great Bear exploration, and Manh Choh's path to production, alongside other exploration efforts [Tasiast](index=7&type=section&id=Tasiast) The Tasiast 24k expansion project is complete and ramping up, with the 34MW solar power plant on schedule for year-end completion - The Tasiast 24k expansion project's construction and initial commissioning are complete, on schedule and on budget, with the ramp-up process underway[43](index=43&type=chunk) - The **34MW Tasiast solar power plant** is advancing on schedule for completion by the end of the year[44](index=44&type=chunk) [Great Bear](index=8&type=section&id=Great%20Bear) The Great Bear project is progressing with extensive drilling, an updated Advanced Exploration Agreement, and plans for an underground decline - Approximately **56,000 metres** were drilled in Q2 as part of an exploration and infill program, with a focus on delineating the deposit at depth. A resource update is expected at year-end[47](index=47&type=chunk) - An updated Advanced Exploration Agreement was signed with the Wabauskang and Lac Seul First Nations, reflecting the project's shift towards underground development[51](index=51&type=chunk) - The company is progressing studies and permitting for an advanced exploration program to establish an underground decline, with surface construction targeted for 2024[50](index=50&type=chunk) [Manh Choh](index=10&type=section&id=Manh%20Choh) The 70%-owned Manh Choh project received key operating permits and is on schedule for initial production in H2 2024, adding significant attributable gold equivalent ounces - The **70%-owned project** received its key operating permits in May and remains on schedule and on budget[63](index=63&type=chunk) - Initial production is expected in H2 2024, adding approximately **640,000 attributable Au eq. oz.** over its **~4.5-year mine life**[64](index=64&type=chunk) [Round Mountain and Gold Hill](index=10&type=section&id=Round%20Mountain%20and%20Gold%20Hill) Optimization work on Round Mountain's Phase S open pit is improving economics, while exploration at Gold Hill confirmed significant high-grade extensions - Optimization work on the Phase S open pit has shown positive initial results, improving economics. The company is also progressing the Phase X exploration decline, with definition drilling planned for early 2024[65](index=65&type=chunk)[66](index=66&type=chunk) - The 2023 drill program at Gold Hill confirmed an **800m west strike extension** with multiple high-grade intercepts[69](index=69&type=chunk) [Other Projects (Chile & Curlew Basin)](index=11&type=section&id=Other%20Projects%20%28Chile%20%26%20Curlew%20Basin%29) Activities in Chile focus on La Coipa and potential mine life extensions, while Curlew Basin exploration continues to confirm high-grade vein extensions - **Chile:** Activities are focused on La Coipa and potential mine life extensions, with the Lobo-Marte project providing long-term optionality[71](index=71&type=chunk) - **Curlew Basin:** Underground exploration drilling continues to confirm vein extensions, with recent results including the best intercept in 10 years[72](index=72&type=chunk)[73](index=73&type=chunk) [Outlook and Corporate Updates](index=11&type=section&id=Outlook%20and%20Corporate%20Updates) This section covers Kinross's reaffirmed full-year guidance, stable production outlook, and corporate updates, including leadership changes and progress on ESG goals [Company Guidance](index=11&type=section&id=Company%20Guidance) Kinross reaffirmed its full-year 2023 production and cost guidance, with stable production expected through 2024 and 2025 Production Outlook (Attributable Au eq. oz. +/- 5%) | Year | Production Guidance (million Au eq. oz.) | | :--- | :--- | | 2023 | 2.1 | | 2024 | 2.1 | | 2025 | 2.0 | - The company is on track to meet its 2023 guidance for production cost of sales, all-in sustaining cost, and attributable capital expenditures[80](index=80&type=chunk) [Corporate and ESG Updates](index=12&type=section&id=Corporate%20and%20ESG%20Updates) Kinross announced Senior Leadership Team restructuring and published its 2022 Climate Report, reaffirming its net-zero GHG emissions goal by 2050 - The Senior Leadership Team is being restructured, with technical services split into two roles: SVP of Technical Services and SVP of Global Projects[81](index=81&type=chunk)[82](index=82&type=chunk) - The company published its 2022 Climate Report, reaffirming its goal to be a net-zero GHG emissions company by 2050[85](index=85&type=chunk) - The Climate Change Strategy aims to reduce Scope 1 and Scope 2 GHG emissions intensity per ounce produced by **30% by 2030** (from a 2021 baseline)[85](index=85&type=chunk) [Financial Statements and Non-GAAP Reconciliation](index=14&type=section&id=Financial%20Statements%20and%20Non-GAAP%20Reconciliation) This section presents Kinross's unaudited interim consolidated financial statements and detailed reconciliations of non-GAAP measures for Q2 2023 [Review of Operations](index=14&type=section&id=Review%20of%20Operations) This section provides a detailed breakdown of Q2 2023 production, sales, and cost of sales for each mine, highlighting Tasiast and Paracatu as major contributors Q2 2023 Production and Cost of Sales by Mine (Continuing Operations) | Mine | Production (Au eq. oz.) | Cost of Sales ($/eq. oz. sold) | | :--- | :--- | :--- | | Tasiast | 157,844 | $652 | | Paracatu | 164,243 | $825 | | La Coipa | 66,744 | $647 | | Fort Knox | 69,438 | $1,146 | | Round Mountain | 57,446 | $1,489 | | Bald Mountain | 39,321 | $1,292 | [Consolidated Financial Statements](index=15&type=section&id=Consolidated%20Financial%20Statements) The report includes unaudited interim condensed consolidated financial statements, providing a comprehensive view of Kinross's financial position and performance as of June 30, 2023 - The Interim Condensed Consolidated Balance Sheet shows Total Assets of **$10.55 billion** and Total Equity of **$6.09 billion** as of June 30, 2023[96](index=96&type=chunk) - The Interim Condensed Consolidated Statement of Operations for the three months ended June 30, 2023, shows Revenue of **$1.09 billion** and Net Earnings from continuing operations attributable to common shareholders of **$151.0 million**[98](index=98&type=chunk) - The Interim Condensed Consolidated Statement of Cash Flows for the three months ended June 30, 2023, shows Net Cash Flow from continuing operating activities of **$528.6 million**[99](index=99&type=chunk) [Reconciliation of Non-GAAP Measures](index=19&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles non-GAAP financial measures like adjusted net earnings, free cash flow, and all-in sustaining cost, providing clarity on underlying operational performance - Adjusted net earnings from continuing operations for Q2 2023 were **$167.6 million**, reconciled from reported net earnings of $151.0 million by adjusting for items like foreign exchange impacts and prior period taxes[110](index=110&type=chunk) - Free cash flow from continuing operations for Q2 2023 was **$246.7 million**, calculated by subtracting additions to property, plant, and equipment (**$281.9 million**) from net operating cash flow (**$528.6 million**)[111](index=111&type=chunk)[113](index=113&type=chunk) - All-in sustaining cost (AISC) and attributable all-in cost are reconciled from production cost of sales by adding sustaining capital, general & administrative, and other sustaining costs. AISC for Q2 2023 was **$1,296 per equivalent ounce sold**[116](index=116&type=chunk)[121](index=121&type=chunk) [Appendices and Disclosures](index=25&type=section&id=Appendices%20and%20Disclosures) This section includes detailed exploration assay results from the Great Bear project and important cautionary statements regarding forward-looking information and financial sensitivities [Appendices (Exploration Results)](index=25&type=section&id=Appendices%20%28Exploration%20Results%29) The appendices provide detailed assay results and visual diagrams from recent drilling at the Great Bear project's LP Fault zone - Appendix A contains a comprehensive table of recent assay results from the LP Fault zone at the Great Bear project[127](index=127&type=chunk)[128](index=128&type=chunk) - Appendix B presents a long section diagram of the LP Fault zone, showing the location of new drill composites[134](index=134&type=chunk)[135](index=135&type=chunk) [Forward-Looking Statements and Sensitivities](index=29&type=section&id=Forward-Looking%20Statements%20and%20Sensitivities) This section outlines cautionary statements regarding forward-looking information and provides key financial sensitivities to commodity prices and exchange rates - The report includes a detailed cautionary statement on forward-looking information, highlighting numerous risks and uncertainties inherent in the business, such as commodity price fluctuations, political risks, and operational challenges[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) Key Financial Sensitivities (Impact on Production Cost of Sales per eq. oz.) | Factor | Change | Approximate Impact ($) | | :--- | :--- | :--- | | Foreign Exchange Rates | 10% | $20 | | Brazilian Real | 10% | $30 (on Brazil costs) | | Oil Price | $10/barrel | $3 | | Gold Price (Royalties) | $100/oz | $4 |

Financial Data and Key Metrics Changes - The company produced 555,000 ounces of gold in Q2 2023, benefiting from seasonal factors and mine sequencing, with gold sales of 553,000 ounces [12] - The average realized gold price was $1,976 per ounce, with cost of sales at $900 per ounce, lower than the previous quarter due to higher production [12] - All-in sustaining costs (AISC) were $1,296 per ounce in Q2, a decrease from the prior quarter, primarily due to lower cost of sales [12] - The company ended the quarter with $478 million in cash and approximately $1.9 billion of liquidity, both improving from Q1 [13] Business Line Data and Key Metrics Changes - Tasiast produced 158,000 ounces at a cost of sales of $652 per ounce, with throughput ramp-up progressing well [16] - La Coipa was the lowest cost, highest margin mine, tracking well against full year production guidance [18] - Paracatu saw improvements in production and costs due to increased grades and recoveries, with Q3 expected to be the strongest for the year [18] Market Data and Key Metrics Changes - The company has produced over 1 million ounces year-to-date and remains on track to meet full year production and cost guidance [8] - The company repaid $220 million of debt in Q2 and plans to repay the remaining $100 million drawn on its revolver in the coming months [8] Company Strategy and Development Direction - The company is focusing on debt repayment and has paused share buybacks due to a change in credit outlook [8] - The construction of the Manh Choh project is on schedule and on budget, expected to contribute high-grade ore in the second half of next year [5] - The company is committed to advancing its ESG initiatives, including a solar project at Tasiast expected to deliver 34 megawatts of renewable energy [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full year guidance and highlighted strong cash flow generation [8] - The company anticipates cost increases in the second half of the year due to inventory accounting impacts but expects costs to decline in 2024 [15][52] - Management remains optimistic about exploration potential at Great Bear and other projects, expecting resource increases by year-end [26][68] Other Important Information - The company has repurchased $400 million of shares since the beginning of 2023, representing 8% of shares outstanding [8] - The company reaffirmed its full year guidance for production in the range of 2.1 million ounces and cost of sales of $970 per ounce [15] Q&A Session Summary Question: Potential design changes at Great Bear - Management indicated that the resource growth is an extension rather than a design change, with a focus on transitioning to a full underground mine [32] Question: Outlook for Tasiast grades - Management noted that while grades are strong, a drop-off is expected in Q4, with adjustments to mine sequencing being considered [34] Question: Debt reduction targets - Management aims to reduce net debt to below 1 times EBITDA, with a focus on repaying the remaining $100 million on the credit facility [36][38] Question: Paracatu grades in the second half - Management expects grades to be slightly higher than the first half but lower than previous years due to mining sequences [42] Question: Cost structure and inflationary pressures - Management acknowledged some relief in certain areas but overall costs are expected to align with the previously factored 5% increase [75]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Kinross Gold Corporation delivered strong Q1 2023 results, exceeding production targets and advancing key development projects while maintaining a strong financial position and commitment to ESG principles [Q1 2023 Highlights](index=1&type=section&id=Q1%202023%20highlights%20from%20continuing%20operations) Kinross Gold Corporation reported strong first-quarter 2023 results, with all sites on plan and the company on track to meet its annual production and cost guidance - The Company is **on track** to meet its 2023 annual guidance[9](index=9&type=chunk) | Metric | Q1 2023 | Q1 2022 | Change (%) | | :----------------------------------- | :------ | :------ | :--------- | | Production (Au eq. oz.) | **466,022** | 378,421 | **+23%** | | Sales (Au eq. oz.) | **490,330** | 373,728 | **+31%** | | Production cost of sales ($/Au eq. oz. sold) | **$987** | $972 | **+1.5%** | | All-in sustaining cost ($/Au eq. oz. sold) | **$1,321** | $1,231 | **+7.3%** | | Margins ($/Au eq. oz. sold) | **$907** | $904 | **+0.3%** | | Operating cash flow ($ millions) | **$259.0** | $97.9 | **+164.6%** | | Adjusted operating cash flow ($ millions) | **$358.2** | $249.1 | **+43.8%** | | Reported net earnings ($ millions) | **$90.2** | $81.3 | **+10.9%** | | Reported net earnings ($/share) | **$0.07** | $0.06 | **+16.7%** | | Adjusted net earnings ($ millions) | **$87.6** | $68.8 | **+27.3%** | | Adjusted net earnings ($/share) | **$0.07** | $0.05 | **+40.0%** | | Cash and cash equivalents ($ millions) | **$471.0** | N/A | N/A | | Total liquidity ($ billions) | **$1.7** | N/A | N/A | | Quarterly dividend ($/share) | **$0.03** | N/A | N/A | - Tasiast achieved two **record-production months** in January and March, driven by **record grades**, and its 24k expansion project remains **on budget and on schedule** to reach **24,000 tonnes per day** throughput in mid-2023[9](index=9&type=chunk) - Paracatu was a **solid contributor** with **higher year-over-year production at lower costs**[9](index=9&type=chunk) - La Coipa achieved **record grades** and recoveries since restarting operations last year and generated **strong cash flow**[9](index=9&type=chunk) - The exploration program at Great Bear in Red Lake, Ontario, continues to make **excellent progress**, with drilling results confirming gold mineralization at good widths and high grades, including at depths of **1.3 kilometres**[9](index=9&type=chunk) [CEO Commentary](index=2&type=section&id=CEO%20commentary) CEO J. Paul Rollinson highlighted a strong first quarter with a **23%** year-over-year production increase, driven by Tasiast, La Coipa, and Paracatu - Kinross delivered a **strong first quarter** with a **23%** increase in year-over-year production, with Tasiast, La Coipa, and Paracatu being **strong contributors**[11](index=11&type=chunk) - **Excellent progress** is being made on development and exploration projects, including the Tasiast 24k project **on schedule** for mid-year capacity and the Tasiast solar power plant expected online by year-end[12](index=12&type=chunk) - The company is **well-positioned to meet annual production and cost guidance**, maintaining **financial strength, excellent liquidity**, and continuing its **return of capital program**[13](index=13&type=chunk) - Kinross published its 2022 Sustainability and ESG Report, reinforcing its **commitment to responsible mining** and a **goal to reduce greenhouse gas emission intensity by 30%** by 2030[14](index=14&type=chunk) [ESG Performance](index=2&type=section&id=ESG%20Performance) Kinross demonstrated **strong ESG performance** in 2022 and Q1 2023, achieving high ratings, improving safety, and contributing significantly to host communities and environmental goals [2022 Sustainability and ESG Report](index=2&type=section&id=2022%20Sustainability%20and%20ESG%20Report) Kinross published its 2022 Sustainability and ESG Report, detailing a refreshed ESG strategy focused on Workforce and Community, Natural Capital, and Climate and Energy - Kinross published its 2022 Sustainability and ESG Report on May 9, 2023, outlining a **refreshed ESG strategy** with three key pillars: Workforce and Community, Natural Capital, and Climate and Energy[16](index=16&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - The company achieved its **highest S&P ESG Global rating** in 2022 (**97th percentile**) and **maintained an 'A' position with MSCI** for the third consecutive year[77](index=77&type=chunk) - **Safety improvements** included a 'Critical Risk Management Blitz' and a new Global Safety Learning Forum[81](index=81&type=chunk) - In 2022, Kinross **generated $2.9 billion in economic benefits** in host countries and advanced its Diversity, Equity and Inclusion (DEI) strategy, achieving the **highest percentage of women employees** (including **15%** in STEM roles and **33%** on the Senior Leadership Team) in five years[81](index=81&type=chunk) - Bald Mountain was awarded the 2022 **Reclamation Award** for 'Leadership in Concurrent Mine Reclamation'[16](index=16&type=chunk)[82](index=82&type=chunk) [Q1 2023 ESG Performance](index=10&type=section&id=Q1%202023%20ESG%20Performance) In Q1 2023, Kinross continued its **strong ESG performance** by establishing a **Corporate Human Rights Task Force** and contributing over **$1.3 million** in monetary and in-kind support to host communities - In Q1 2023, Kinross maintained **strong ESG performance**, including setting up a cross-functional **Corporate Human Rights Task Force**[82](index=82&type=chunk) - Over **$1.3 million** in **monetary and in-kind contributions** were made to host communities through site community investment strategies[82](index=82&type=chunk) - **Close engagement with Indigenous communities** continued, with discussions on long-lasting benefits for the Great Bear project and a **$300,000** grant for training at Manh Choh[83](index=83&type=chunk) [Summary of Financial and Operating Results](index=3&type=section&id=Summary%20of%20financial%20and%20operating%20results) Kinross reported **significant increases** in Q1 2023 production, sales, and operating cash flow, maintaining **stable margins** and a **strong balance sheet** while increasing capital expenditures for development [Operating Highlights](index=3&type=section&id=Operating%20Highlights) Kinross' Q1 2023 operating highlights show a **significant year-over-year increase** in gold equivalent ounces produced and sold, primarily driven by the **ramp-up of La Coipa** and **higher production at Paracatu, Round Mountain, and Fort Knox** | Operating Metric | Q1 2023 | Q1 2022 | YoY Change | | :----------------------------------- | :------ | :------ | :--------- | | Total gold equivalent ounces produced | **466,022** | 378,421 | **+23%** | | Total gold equivalent ounces sold | **490,330** | 373,728 | **+31%** | - The **23%** year-over-year increase in production was primarily due to the **ramp-up of production at La Coipa** in 2022 and **higher production at Paracatu, Round Mountain, and Fort Knox**[20](index=20&type=chunk) - The **increase in sales** was primarily due to **higher production and timing of gold equivalent ounces sold**[21](index=21&type=chunk) [Financial Highlights](index=3&type=section&id=Financial%20Highlights%20from%20Continuing%20Operations) Kinross reported a **substantial increase in revenue and operating cash flow** in Q1 2023, driven by **higher sales volume and a slight increase in the average realized gold price** | Financial Metric | Q1 2023 ($ millions) | Q1 2022 ($ millions) | YoY Change (%) | | :----------------------------------- | :------------------- | :------------------- | :------------- | | Metal sales | **$929.3** | $700.9 | **+32.6%** | | Production cost of sales | **$483.9** | $363.1 | **+33.3%** | | Operating earnings | **$143.9** | $102.5 | **+40.4%** | | Net earnings (attributable to common shareholders) | **$90.2** | $81.3 | **+10.9%** | | Basic EPS (attributable to common shareholders) | **$0.07** | $0.06 | **+16.7%** | | Adjusted net earnings (attributable to common shareholders) | **$87.6** | $68.8 | **+27.3%** | | Adjusted net earnings per share | **$0.07** | **$0.05** | **+40.0%** | | Net cash flow from operating activities | **$259.0** | $97.9 | **+164.6%** | | Adjusted operating cash flow | **$358.2** | $249.1 | **+43.8%** | | Capital expenditures | **$221.2** | $100.7 | **+119.7%** | | Free cash flow | **$37.8** | ($2.8) | N/A | | Average realized gold price ($/ounce) | **$1,894** | $1,876 | **+1.0%** | | Production cost of sales ($/Au eq. oz. sold) | **$987** | $972 | **+1.5%** | | All-in sustaining cost ($/Au eq. oz. sold) | **$1,321** | $1,231 | **+7.3%** | - Revenue increased by **33%** due to higher gold equivalent ounces sold and an increase in average realized gold price[23](index=23&type=chunk) - Production cost of sales per Au eq. oz. sold increased slightly to **$987**, mainly due to higher costs at Nevada operations, partially offset by increased production[24](index=24&type=chunk) - Margins per Au eq. oz. sold remained **stable at $907**[25](index=25&type=chunk) - Capital expenditures **increased significantly to $221.2 million**, primarily due to **increased capital stripping** at Tasiast, Fort Knox, and Bald Mountain, and **development activities at Manh Choh**[31](index=31&type=chunk) [Balance Sheet](index=4&type=section&id=Balance%20sheet) As of March 31, 2023, Kinross maintained a **strong financial position** with **increased cash and cash equivalents** and **substantial total liquidity** | Balance Sheet Item | March 31, 2023 ($ millions) | December 31, 2022 ($ millions) | Change ($ millions) | | :----------------------------------- | :-------------------------- | :----------------------------- | :------------------ | | Cash and cash equivalents | **$471.0** | $418.1 | **+$52.9** | | Total liquidity | **~$1,700.0** | N/A | N/A | - The Company had **additional available credit of approximately $1.3 billion**[33](index=33&type=chunk) [Return of Capital](index=5&type=section&id=Return%20of%20capital) Kinross **declared a quarterly dividend of $0.03 per common share** - A **quarterly dividend of $0.03 per common share** was declared, payable on June 15, 2023[9](index=9&type=chunk)[37](index=37&type=chunk) - **No share repurchases were made** in Q1 2023; the company **expects to repurchase shares in the second half of the year** based on excess cash flow[38](index=38&type=chunk) [Operating Results (Mine-by-Mine)](index=5&type=section&id=Operating%20results) Kinross' Q1 2023 mine-by-mine operating results show varied production and cost trends across sites, with **strong performance at Paracatu and Tasiast** despite planned shutdowns and seasonal impacts [Fort Knox](index=5&type=section&id=Fort%20Knox) Fort Knox experienced **lower quarter-over-quarter production** due to **seasonal effects on heap leach pads** but saw a **year-over-year increase driven by higher mill production from improved grades** - **Production was lower quarter-over-quarter** due to **seasonal effects on heap leach pads**[41](index=41&type=chunk) - **Year-over-year production increased** due to higher mill production from higher grades processed[41](index=41&type=chunk) - **Production cost of sales per ounce sold was lower year-over-year** due to higher production[41](index=41&type=chunk) | Metric | Q1 2023 | Q1 2022 | YoY Change | | :----------------------------------- | :------ | :------ | :--------- | | Gold equivalent ounces produced | **65,387** | 54,803 | **+19.3%** | | Gold equivalent ounces sold | **65,404** | 52,813 | **+23.8%** | | Production cost of sales ($ millions) | **$77.6** | $67.4 | **+15.1%** | | Production cost of sales/equivalent ounce sold ($/ounce) | **$1,186** | $1,276 | **-7.0%** | [Round Mountain](index=5&type=section&id=Round%20Mountain) Round Mountain's production was **slightly lower quarter-over-quarter** due to **fewer ounces recovered from heap leach pads** but **increased year-over-year** - **Production was slightly lower quarter-over-quarter** due to **fewer ounces recovered from heap leach pads**[42](index=42&type=chunk) - **Production increased year-over-year** due to an increase in ounces recovered from heap leach pads[42](index=42&type=chunk) - **Cost of sales per ounce sold increased quarter-over-quarter** due to lower production and lower capital development, and **year-over-year** due to inflationary cost pressures and lower capital development[42](index=42&type=chunk) | Metric | Q1 2023 | Q1 2022 | YoY Change | | :----------------------------------- | :------ | :------ | :--------- | | Gold equivalent ounces produced | **58,832** | 45,319 | **+29.8%** | | Gold equivalent ounces sold | **58,226** | 46,959 | **+24.0%** | | Production cost of sales ($ millions) | **$96.5** | $52.3 | **+84.5%** | | Production cost of sales/equivalent ounce sold ($/ounce) | **$1,657** | $1,114 | **+48.7%** | [Bald Mountain](index=5&type=section&id=Bald%20Mountain) Bald Mountain experienced a **quarter-over-quarter production decrease** due to **fewer ounces recovered from heap leach pads** and a **year-over-year decrease from fewer tonnes placed and lower grades** - **Production decreased quarter-over-quarter** mainly due to **fewer ounces recovered from heap leach pads** and lower tonnes placed[43](index=43&type=chunk) - **Year-over-year production decreased** due to fewer tonnes placed on heap leach pads and lower grades[43](index=43&type=chunk) - **Cost of sales per ounce sold increased quarter-over-quarter** due to lower production and **year-over-year** due to higher reagent costs and royalties[43](index=43&type=chunk) - **Unprecedented winter snowfall impacted mining and stacking activities**, but the site **met quarterly production targets and is catching up**[43](index=43&type=chunk) | Metric | Q1 2023 | Q1 2022 | YoY Change | | :----------------------------------- | :------ | :------ | :--------- | | Gold equivalent ounces produced | **33,828** | 36,071 | **-6.2%** | | Gold equivalent ounces sold | **47,283** | 41,017 | **+15.3%** | | Production cost of sales ($ millions) | **$58.0** | $40.3 | **+43.9%** | | Production cost of sales/equivalent ounce sold ($/ounce) | **$1,227** | $983 | **+24.8%** | [Paracatu](index=5&type=section&id=Paracatu) Paracatu's **production was on plan**, **increasing year-over-year due to higher throughput, grades, and recoveries**, but decreased quarter-over-quarter due to expected lower grades and recoveries from planned mine sequencing - **Production was on plan** and **increased year-over-year** primarily due to higher throughput, grades, and recoveries[40](index=40&type=chunk) - **Production decreased quarter-over-quarter** mainly due to expected lower grades and recoveries from planned mine sequencing[40](index=40&type=chunk) - **Cost of sales per ounce sold was lower year-over-year** due to increased production[40](index=40&type=chunk) | Metric | Q1 2023 | Q1 2022 | YoY Change | | :----------------------------------- | :------ | :------ | :--------- | | Gold equivalent ounces produced | **123,334** | 108,009 | **+14.2%** | | Gold equivalent ounces sold | **128,344** | 101,886 | **+25.9%** | | Production cost of sales ($ millions) | **$118.0** | $106.6 | **+10.7%** | | Production cost of sales/equivalent ounce sold ($/ounce) | **$919** | $1,046 | **-12.3%** | [La Coipa](index=5&type=section&id=La%20Coipa) La Coipa's **production decreased quarter-over-quarter** due to a planned mill shutdown for reliability, despite **higher grades and strong recoveries** - **Production was lower quarter-over-quarter** mainly due to a planned mill shutdown to increase mill reliability, resulting in lower throughput[44](index=44&type=chunk) - The lower throughput was partially offset by **higher grades and strong recoveries**[44](index=44&type=chunk) - **Cost of sales per ounce sold increased quarter-over-quarter** mainly due to lower production[44](index=44&type=chunk) - **Production at La Coipa remains on plan for the year**, with a focus on **optimizing the plant and maintaining recovery outperformance**[44](index=44&type=chunk) | Metric | Q1 2023 | Q1 2022 | YoY Change | | :----------------------------------- | :------ | :------ | :--------- | | Gold equivalent ounces produced | **53,596** | 524 | **+10190.0%** | | Gold equivalent ounces sold | **61,780** | - | N/A | | Production cost of sales ($ millions) | **$44.9** | - | N/A | | Production cost of sales/equivalent ounce sold ($/ounce) | **$727** | - | N/A | [Tasiast](index=5&type=section&id=Tasiast) Tasiast's **production was lower quarter-over-quarter and year-over-year** due to a planned shutdown for the 24k expansion project, which **impacted throughput** - **Production was lower quarter-over-quarter and year-over-year** primarily due to lower throughput from a planned shutdown in February for the Tasiast 24k project[39](index=39&type=chunk) - **Monthly production records were achieved in January and March**, partially offsetting lower throughput due to **improving recoveries and record-high grades**[39](index=39&type=chunk) - **Cost of sales per ounce sold was higher quarter-over-quarter** due to lower production, but **lower year-over-year** mainly due to lower operating waste mined[39](index=39&type=chunk) | Metric | Q1 2023 | Q1 2022 | YoY Change | | :----------------------------------- | :------ | :------ | :--------- | | Gold equivalent ounces produced | **131,045** | 133,695 | **-2.0%** | | Gold equivalent ounces sold | **128,479** | 130,195 | **-1.3%** | | Production cost of sales ($ millions) | **$88.4** | $95.8 | **-7.7%** | | Production cost of sales/equivalent ounce sold ($/ounce) | **$688** | $736 | **-6.6%** | [Development Projects and Exploration Update](index=6&type=section&id=Development%20projects%20and%20exploration%20update) Kinross made **significant progress** on key development projects like Tasiast 24k and Manh Choh, while advancing exploration at Great Bear and other sites to expand resources and future production [Tasiast 24k Project & Solar Plant](index=6&type=section&id=Tasiast) The Tasiast 24k project is **on budget and schedule** to reach **24,000 t/d** throughput by mid-year, with **pre-commissioning underway** - The Tasiast 24k project is **on budget and on schedule** to reach designed throughput of **24,000 t/d** by mid-year[47](index=47&type=chunk) - A planned shutdown in February successfully put into operation a new vibrating screen and upgraded SAG primary cyclone cluster, with **pre-commissioning** of the pre-classification circuit having commenced in April[47](index=47&type=chunk) - The **34MW** Tasiast solar power plant is **on schedule** for completion by the end of the year, with all photovoltaic modules arrived and installation started in April[48](index=48&type=chunk) [Great Bear Project](index=6&type=section&id=Great%20Bear) Kinross continues to make **excellent progress** at the Great Bear project, drilling approximately **38,000 metres** in Q1 2023, focusing on delineating the deposit at depth and adding inferred resource ounces - Approximately **38,000 metres** were drilled in Q1 2023, focusing on inferred drilling half a kilometre to one kilometre below surface to delineate the deposit at depth and add inferred resource ounces[49](index=49&type=chunk) - Drilling results continue to support a **high-grade deposit**, with notable intersections including **9.6m at 10.5 g/t gold** at a vertical depth of **1.3 kilometres** (Hole BR-695) and **38m at 5.2 g/t gold** (Hole BR-697A)[50](index=50&type=chunk)[54](index=54&type=chunk) - Studies and permitting are progressing for an **advanced exploration program** to establish an underground decline, with potential surface construction starting as early as 2024[51](index=51&type=chunk) - Kinross plans to release the results of technical studies and permitting activities in the form of a **preliminary economic assessment** in 2024[52](index=52&type=chunk) [Selected Great Bear Drill Results](index=7&type=section&id=Selected%20Great%20Bear%20Drill%20Results) Recent drill results from the Great Bear project's LP Fault and Limb zones continue to demonstrate **high-grade gold mineralization at various depths**, reinforcing the potential for a **large, long-life mining complex** | Hole ID | From (m) | To (m) | Width (m) | True Width (m) | Au (g/t) | Target | | :------ | :------- | :----- | :-------- | :------------- | :------- | :----- | | BR-695 | **1,556.5** | **1,567.0** | **10.6** | **9.6** | **10.46** | Yuma | | BR-695 | including | **1,561.4** | **1,565.0** | **3.7** | **3.3** | **24.38** | Yuma | | BR-697A | **1,004.2** | **1,046.2** | **42.1** | **38.0** | **5.24** | Yuma | | BR-697A | including | **1,027.4** | **1,032.0** | **4.7** | **4.2** | **32.35** | Yuma | | BR-735 | **120.0** | **123.0** | **3.0** | **2.6** | **73.18** | Viggo | | DL-132 | **1,059.9** | **1,066.7** | **6.8** | **5.9** | **7.75** | Limb | - Hole BR-695, the deepest hole to date, intersected **9.6m at 10.5 g/t gold** at a vertical depth of **1.3 kilometres**[50](index=50&type=chunk)[54](index=54&type=chunk) - Hole BR-697A intersected broad zones of mineralization, including **38m at 5.2 g/t gold** with a **4.2m interval of 32.4 g/t gold** at **800m** depth[50](index=50&type=chunk)[54](index=54&type=chunk) [Manh Choh Project](index=8&type=section&id=Manh%20Choh) The **70%** owned Manh Choh project **remains on schedule and on budget**, with **early works completed and the camp operational** - The **70%** owned Manh Choh project **remains on schedule and on budget**, with the **early works program successfully completed and the camp operational**[61](index=61&type=chunk) - The **permitting process is on track**, and construction ramp-up is planned with a focus on safety, environment, and community relationships[61](index=61&type=chunk) - **Initial production is expected in the second half of 2024**, projected to add approximately **640,000 attributable Au eq. oz.** to the Company's production profile over its approximately **4.5-year** life-of-mine[62](index=62&type=chunk) [Chile (Lobo-Marte)](index=8&type=section&id=Chile) Kinross' activities in Chile are currently **focused on La Coipa and potential mine life extensions** - Activities in Chile are **focused on La Coipa and potential opportunities to extend its mine life**[63](index=63&type=chunk) - The Lobo-Marte project provides optionality as a potential **large, low-cost mine** upon the conclusion of mining at La Coipa[63](index=63&type=chunk) - The Company continues to engage with communities and government stakeholders related to Lobo-Marte[63](index=63&type=chunk) [Curlew Basin Exploration](index=8&type=section&id=Curlew%20Basin%20exploration) At the Curlew Basin exploration project in Washington State, **underground exploration drilling continues to confirm vein extensions and continuity** within **high-priority target areas**, with the **goal of building on the resource** - **Underground exploration drill results continue to confirm vein extensions and continuity** within **high priority target areas**[64](index=64&type=chunk) - Exploration drilling is underway and will continue throughout the remainder of the year with the **goal of building on the resource**[64](index=64&type=chunk) - Exploration drill results received during the quarter include **high-grade intersections** such as **3.0m @ 37.3 g/t Au** (LP) and **2.3m @ 24.2 g/t Au** (K5N)[65](index=65&type=chunk)[70](index=70&type=chunk) [Round Mountain Phase X and Gold Hill Exploration](index=8&type=section&id=Round%20Mountain%20Phase%20X%20and%20Gold%20Hill%20exploration) Kinross is advancing **higher-margin underground opportunities** at Phase X and Gold Hill - **Construction of the exploration decline at Phase X has begun**, with underground development progressing for **definition drilling expected in early 2024**[66](index=66&type=chunk) - Studies and permitting for a potential underground mine at Phase X are advancing in parallel[66](index=66&type=chunk) - At Gold Hill, **drilling commenced early this year** with four drill rigs, focusing on **extending the Jersey vein and testing continuity of the Mid-Atlantic vein zone**[68](index=68&type=chunk) - **Permitting for an underground decline at Gold Hill is progressing**[68](index=68&type=chunk) [Company Guidance](index=9&type=section&id=Company%20Guidance) Kinross is **on track to meet its 2023 annual production guidance of 2.1 million gold equivalent ounces**, with expected increases after Q1 from Tasiast, La Coipa, and seasonal impacts - The Company is **on track to meet its 2023 production guidance of 2.1 million Au eq. oz.** (**+/- 5%**)[73](index=73&type=chunk) - Production is expected to increase after Q1, driven by higher production at Tasiast and La Coipa, and seasonal impacts on mining at Paracatu and US heap leach operations[73](index=73&type=chunk) - Annual production is expected to remain **stable at 2.1 million and 2.0 million attributable Au eq. oz.** (**+/- 5%**) in 2024 and 2025, respectively[73](index=73&type=chunk) - Kinross is **on track to meet its 2023 guidance for production cost of sales, all-in sustaining cost, and attributable capital expenditures**[74](index=74&type=chunk) [Financial Statements](index=13&type=section&id=Financial%20Statements) Kinross' Q1 2023 financial statements reflect **increased metal sales, gross profit, and operating cash flow**, alongside a strengthened balance sheet and higher capital expenditures for growth [Interim Condensed Consolidated Balance Sheets](index=13&type=section&id=Interim%20condensed%20consolidated%20balance%20sheets) Kinross' balance sheet as of March 31, 2023, shows an **increase in total assets and equity** compared to December 31, 2022 | Item | March 31, 2023 ($ millions) | December 31, 2022 ($ millions) | | :----------------------------------- | :-------------------------- | :----------------------------- | | **Assets** | | | | Cash and cash equivalents | **$471.0** | $418.1 | | Inventories | **$1,138.9** | $1,072.2 | | Total current assets | **$1,940.8** | $1,852.6 | | Property, plant and equipment | **$7,793.1** | $7,741.4 | | Total assets | **$10,500.4** | $10,396.4 | | **Liabilities** | | | | Accounts payable and accrued liabilities | **$479.3** | $550.0 | | Current portion of long-term debt and credit facilities | **$535.3** | $36.0 | | Total current liabilities | **$1,126.4** | $751.5 | | Long-term debt and credit facilities | **$2,158.9** | $2,556.9 | | Total liabilities | **$4,544.6** | $4,514.2 | | **Equity** | | | | Total common shareholders' equity | **$5,887.0** | $5,823.7 | | Total equity | **$5,955.8** | $5,882.2 | - Current portion of long-term debt and credit facilities **increased significantly from $36.0 million to $535.3 million**[97](index=97&type=chunk) [Interim Condensed Consolidated Statements of Operations](index=14&type=section&id=Interim%20condensed%20consolidated%20statements%20of%20operations) Kinross' Q1 2023 operations statement shows a **substantial increase in metal sales and gross profit** compared to Q1 2022 | Item | Q1 2023 ($ millions) | Q1 2022 ($ millions) | | :----------------------------------- | :------------------- | :------------------- | | Metal sales | **$929.3** | $700.9 | | Production cost of sales | **$483.9** | $363.1 | | Depreciation, depletion and amortization | **$211.9** | $166.5 | | Total cost of sales | **$695.8** | $529.6 | | Gross profit | **$233.5** | $171.3 | | Operating earnings | **$143.9** | $102.5 | | Earnings from continuing operations before tax | **$130.2** | $76.8 | | Net earnings from continuing operations attributable to common shareholders | **$90.2** | $81.3 | | Basic earnings per share from continuing operations attributable to common shareholders | **$0.07** | $0.06 | - Metal sales increased by **$228.4 million**, or **32.6%**, year-over-year[99](index=99&type=chunk) - Gross profit increased by **$62.2 million**, or **36.3%**, year-over-year[99](index=99&type=chunk) - Net earnings from continuing operations attributable to common shareholders increased by **$8.9 million**, or **10.9%**, year-over-year[99](index=99&type=chunk) [Interim Condensed Consolidated Statements of Cash Flows](index=15&type=section&id=Interim%20condensed%20consolidated%20statements%20of%20cash%20flows) Kinross' Q1 2023 cash flow statement shows a **significant increase in net cash flow from continuing operating activities**, driven by higher earnings and favorable adjustments | Item | Q1 2023 ($ millions) | Q1 2022 ($ millions) | | :----------------------------------- | :------------------- | :------------------- | | Net cash flow of continuing operations provided from operating activities | **$259.0** | $97.9 | | Net cash flow of continuing operations used in investing activities | **($242.3)** | ($1,153.3) | | Net cash flow of continuing operations provided from financing activities | **$30.7** | $1,034.5 | | Increase in cash and cash equivalents | **$52.9** | $56.7 | | Cash and cash equivalents, end of period | **$471.0** | $454.2 | - Net cash flow from continuing operating activities increased by **$161.1 million**, or **164.6%**, year-over-year[101](index=101&type=chunk) - Additions to property, plant and equipment increased to **$221.2 million** from **$100.7 million** in Q1 2022[101](index=101&type=chunk) - Proceeds from drawdown of debt were **$100.0 million** in Q1 2023, significantly lower than **$1,097.6 million** in Q1 2022[101](index=101&type=chunk) [Reconciliation of Non-GAAP Financial Measures and Ratios](index=17&type=section&id=Reconciliation%20of%20non-GAAP%20financial%20measures%20and%20ratios) This section reconciles key non-GAAP financial measures, including adjusted net earnings, free cash flow, and various cost metrics, providing a comprehensive view of Kinross' underlying financial and operating performance [Adjusted Net Earnings](index=17&type=section&id=Adjusted%20net%20earnings%20from%20continuing%20operations%20attributable%20to%20common%20shareholders%20and%20adjusted%20net%20earnings%20from%20continuing%20operations%20per%20share) Adjusted net earnings from continuing operations, a non-GAAP measure, **increased significantly year-over-year**, excluding certain non-recurring or non-operational impacts such as foreign exchange gains/losses and prior period tax adjustments | Item | Q1 2023 ($ millions) | Q1 2022 ($ millions) | | :----------------------------------- | :------------------- | :------------------- | | Net earnings from continuing operations attributable to common shareholders - as reported | **$90.2** | $81.3 | | Adjusting items (net) | **($2.6)** | ($12.5) | | Adjusted net earnings from continuing operations attributable to common shareholders | **$87.6** | $68.8 | | Adjusted net earnings from continuing operations per share | **$0.07** | $0.05 | - Adjusting items primarily include foreign exchange gains/losses, foreign exchange gains on tax basis, taxes in respect of prior periods, and reclamation expense/recovery[111](index=111&type=chunk) [Free Cash Flow](index=18&type=section&id=Free%20cash%20flow%20from%20continuing%20operations) Free cash flow from continuing operations **turned positive in Q1 2023**, reflecting **improved operating cash flow despite increased capital expenditures** | Item | Q1 2023 ($ millions) | Q1 2022 ($ millions) | | :----------------------------------- | :------------------- | :------------------- | | Net cash flow of continuing operations provided from operating activities - as reported | **$259.0** | $97.9 | | Less: Additions to property, plant and equipment | **($221.2)** | ($100.7) | | Free cash flow from continuing operations | **$37.8** | ($2.8) | - Free cash flow improved from a net outflow of **$2.8 million** in Q1 2022 to a net inflow of **$37.8 million** in Q1 2023[114](index=114&type=chunk) [Adjusted Operating Cash Flow](index=18&type=section&id=Adjusted%20operating%20cash%20flow%20from%20continuing%20operations) Adjusted operating cash flow from continuing operations **significantly increased year-over-year**, excluding the volatility of working capital changes | Item | Q1 2023 ($ millions) | Q1 2022 ($ millions) | | :----------------------------------- | :------------------- | :------------------- | | Net cash flow of continuing operations provided from operating activities - as reported | **$259.0** | $97.9 | | Adjusting items: Total working capital changes | **$99.2** | $151.2 | | Adjusted operating cash flow from continuing operations | **$358.2** | $249.1 | - Adjusted operating cash flow increased by **$109.1 million**, or **43.8%**, year-over-year[115](index=115&type=chunk) [Production Cost of Sales per Ounce Sold (By-Product Basis)](index=19&type=section&id=Production%20cost%20of%20sales%20from%20continuing%20operations%20per%20ounce%20sold%20on%20a%20by-product%20basis) Production cost of sales per ounce sold on a by-product basis **decreased year-over-year**, reflecting the **benefit of silver revenue as a credit against production costs** | Item | Q1 2023 ($ millions, except ounces) | Q1 2022 ($ millions, except ounces) | | :----------------------------------- | :---------------------------------- | :---------------------------------- | | Production cost of sales from continuing operations - as reported | **$483.9** | $363.1 | | Less: silver revenue | **($54.9)** | ($4.4) | | Production cost of sales from continuing operations net of silver by-product revenue | **$429.0** | $358.7 | | Gold ounces sold from continuing operations | **461,696** | 371,335 | | Production cost of sales from continuing operations per ounce sold on a by-product basis | **$929** | $966 | - Production cost of sales per ounce sold on a by-product basis decreased by **$37**, or **3.8%**, year-over-year[117](index=117&type=chunk) [All-in Sustaining Cost & Attributable All-in Cost (By-Product Basis)](index=19&type=section&id=All-in%20sustaining%20cost%20and%20attributable%20all-in%20cost%20from%20continuing%20operations%20per%20ounce%20sold%20on%20a%20by-product%20basis) All-in sustaining cost (AISC) and attributable all-in cost (AIC) per ounce sold on a by-product basis both **increased year-over-year** | Item | Q1 2023 ($ millions, except ounces) | Q1 2022 ($ millions, except ounces) | | :----------------------------------- | :---------------------------------- | :---------------------------------- | | Production cost of sales from continuing operations net of silver by-product revenue | **$429.0** | $358.7 | | Adjusting items (sustaining) | **$147.3** | $91.6 | | All-in Sustaining Cost on a by-product basis | **$592.6** | $455.5 | | Adjusting items (non-sustaining) | **$153.7** | $88.8 | | All-in Cost on a by-product basis - attributable | **$746.3** | $544.3 | | Gold ounces sold from continuing operations | **461,696** | 371,335 | | All-in sustaining cost from continuing operations per ounce sold on a by-product basis | **$1,284** | $1,227 | | Attributable all-in cost from continuing operations per ounce sold on a by-product basis | **$1,616** | $1,466 | - All-in sustaining cost per ounce sold on a by-product basis increased by **$57**, or **4.6%**, year-over-year[122](index=122&type=chunk) - Attributable all-in cost per ounce sold on a by-product basis increased by **$150**, or **10.2%**, year-over-year[122](index=122&type=chunk) [All-in Sustaining Cost & Attributable All-in Cost (Equivalent Ounce Basis)](index=21&type=section&id=All-in%20sustaining%20cost%20and%20attributable%20all-in%20cost%20from%20continuing%20operations%20per%20equivalent%20ounce%20sold) All-in sustaining cost (AISC) and attributable all-in cost (AIC) per equivalent ounce sold both **increased year-over-year** | Item | Q1 2023 ($ millions, except ounces) | Q1 2022 ($ millions, except ounces) | | :----------------------------------- | :---------------------------------- | :---------------------------------- | | Production cost of sales from continuing operations - as reported | **$483.9** | $363.1 | | Adjusting items (sustaining) | **$189.6** | $96.8 | | All-in Sustaining Cost | **$647.5** | $459.9 | | Adjusting items (non-sustaining) | **$153.7** | $88.8 | | All-in Cost - attributable | **$801.2** | $548.7 | | Gold equivalent ounces sold from continuing operations | **490,330** | 373,728 | | All-in sustaining cost from continuing operations per equivalent ounce sold | **$1,321** | $1,231 | | Attributable all-in cost from continuing operations per equivalent ounce sold | **$1,634** | $1,468 | - All-in sustaining cost per equivalent ounce sold increased by **$90**, or **7.3%**, year-over-year[125](index=125&type=chunk) - Attributable all-in cost per equivalent ounce sold increased by **$166**, or **11.3%**, year-over-year[125](index=125&type=chunk) [Capital Expenditures Classification](index=22&type=section&id=Capital%20expenditures%20from%20continuing%20operations%20are%20classified%20as%20either%20sustaining%20capital%20expenditures%20or%20non-sustaining%20capital%20expenditures,%20depending%20on%20the%20nature%20of%20the%20expenditure.) Kinross classifies capital expenditures into sustaining and non-sustaining categories, consistent with World Gold Council standards | Item | Q1 2023 ($ millions) | Q1 2022 ($ millions) | | :----------------------------------- | :------------------- | :------------------- | | Sustaining capital expenditures | **$96.5** | $41.4 | | Non-sustaining capital expenditures | **$124.7** | $59.3 | | Additions to property, plant and equipment - per cash flow | **$221.2** | $100.7 | - Non-sustaining capital expenditures increased by **$65.4 million**, or **110.3%**, year-over-year, reflecting investments in major projects[128](index=128&type=chunk) - Key non-sustaining capital expenditures in Q1 2023 included Manh Choh (**$28.7M**), Bald Mountain (**$19.1M**), La Coipa (**$23.8M**), and Tasiast (**$50.0M**)[128](index=128&type=chunk) [Corporate Information](index=10&type=section&id=Corporate%20Information) This section provides essential corporate details, including conference call information, annual meeting specifics, and an overview of Kinross Gold Corporation's global operations and strategic focus [Conference Call Details](index=10&type=section&id=Conference%20call%20details) Kinross held a conference call and audio webcast on May 10, 2023, to discuss Q1 2023 results, with replay and webcast archives available - A conference call and audio webcast were held on Wednesday, May 10, 2023, at **7:45 a.m. EDT**[84](index=84&type=chunk) - Replay and archived webcast are available on www.kinross.com[84](index=84&type=chunk) [Virtual Annual Meeting of Shareholders](index=11&type=section&id=Virtual%20Annual%20Meeting%20of%20Shareholders) Kinross' Annual Meeting of Shareholders was held virtually on May 10, 2023, to provide **enhanced flexibility and participation for shareholders** - The Annual Meeting of Shareholders was held virtually on Wednesday, May 10, 2023, at **10:00 a.m. EDT**[88](index=88&type=chunk) - The virtual format was chosen to provide **enhanced flexibility and opportunity for shareholder participation**[89](index=89&type=chunk) [About Kinross Gold Corporation](index=11&type=section&id=About%20Kinross%20Gold%20Corporation) Kinross Gold Corporation is a **Canadian-based global senior gold mining company** with operations and projects in the United States, Brazil, Mauritania, Chile, and Canada, focusing on responsible mining, operational excellence, disciplined growth, and balance sheet strength - Kinross is a **Canadian-based global senior gold mining company**[92](index=92&type=chunk) - Operations and projects are located in the United States, Brazil, Mauritania, Chile, and Canada[92](index=92&type=chunk) - The company's focus is on delivering value based on **responsible mining, operational excellence, disciplined growth, and balance sheet strength**[92](index=92&type=chunk) [Appendices](index=23&type=section&id=Appendices) The appendices provide **detailed drill assay results** and a long section map for the Great Bear project's LP Fault zone, supporting the reported exploration findings [Appendix A: Recent LP Fault Zone Assay Results](index=23&type=section&id=APPENDIX%20A) Appendix A provides a **detailed table of recent assay results** from the LP Fault zone at the Great Bear project, including drill hole IDs, depths, widths, and gold grades, supporting the **high-grade nature of the mineralization** - The appendix contains a full list of significant, composited assay results from **52** fully assayed drill holes at the LP Fault zone and **8** at the Limb zone[141](index=141&type=chunk) - Composites are generated using a **0.3 g/t** minimum grade and a maximum linear internal dilution of **5.0 m**[141](index=141&type=chunk) | Hole ID | From (m) | To (m) | Width (m) | True Width (m) | Au (g/t) | Target | | :------ | :------- | :----- | :-------- | :------------- | :------- | :----- | | BR-655 | **577.8** | **585.9** | **8.1** | **5.9** | **12.09** | Discovery | | BR-697A | **1,027.4** | **1,032.0** | **4.7** | **4.2** | **32.35** | Yuma | | BR-735 | **120.0** | **123.0** | **3.0** | **2.6** | **73.18** | Viggo | | BR-794 | **964.0** | **972.0** | **8.0** | **7.0** | **24.38** | Yauro | | DL-132 | **1,060.9** | **1,061.5** | **0.6** | **0.5** | **76.40** | Limb | [Appendix B: LP Fault Zone Long Section](index=27&type=section&id=APPENDIX%20B) Appendix B provides a **long section of the LP Fault zone, visually representing the geological structure and drill intersections**, **complementing the detailed assay results** in Appendix A - Appendix B provides a visual representation of the LP Fault zone[140](index=140&type=chunk) - It complements Appendix A by showing composites generated from drill intersections received since the February 13, 2023 news release[141](index=141&type=chunk) [Disclosures](index=28&type=section&id=Disclosures) This section outlines cautionary statements regarding forward-looking information, key sensitivities to market factors, and other important corporate disclosures [Cautionary Statement on Forward-Looking Information](index=28&type=section&id=Cautionary%20statement%20on%20forward-looking%20information) This section provides a **comprehensive cautionary statement regarding forward-looking information** contained in the news release, outlining the **inherent uncertainties, estimates, and assumptions** that could **cause actual results to differ materially from projections** - All statements regarding future financial or operating performance constitute 'forward-looking information' and are based on expectations, estimates, and projections as of the news release date[144](index=144&type=chunk) - Forward-looking statements are subject to **significant business, economic, and competitive uncertainties and contingencies**, including **risks related to extreme weather, labor disruptions, permitting, political developments, and market fluctuations**[144](index=144&type=chunk)[145](index=145&type=chunk) - Kinross disclaims any intention or obligation to update or revise any forward-looking statements, except as required by applicable law[145](index=145&type=chunk) [Key Sensitivities](index=30&type=section&id=Key%20Sensitivities) This section **details the sensitivity of Kinross' production cost of sales per equivalent ounce sold** to changes in foreign currency exchange rates, oil prices, and gold prices, providing **quantitative impacts for each variable** - Approximately **70%-80%** of the Company's costs are denominated in U.S. dollars[148](index=148&type=chunk) | Factor | Change | Impact on Production Cost of Sales per Au Eq. Oz. Sold | | :----------------------------------- | :----- | :--------------------------------------------------- | | Foreign currency exchange rates (all currencies) | **10%** change | **~$20** impact | | Brazilian real exchange rate | **10%** change | **~$30** impact (on Brazilian costs) | | Chilean peso exchange rate | **10%** change | **~$50** impact (on Chilean costs) | | Price of oil | **$10/barrel** change | **~$3** impact | | Price of gold | **$100** change | **~$4** impact (due to royalties) | [Other Information](index=30&type=section&id=Other%20information) This section **clarifies the terminology used** in the news release, confirms that **technical information is prepared by a qualified person**, and states that **all dollar amounts are expressed in U.S. dollars** unless otherwise noted - The terms 'we', 'us', 'our', the 'Company', or 'Kinross' refer to Kinross Gold Corporation and/or its subsidiaries[151](index=151&type=chunk) - Technical information about mineral properties has been prepared under the supervision of Mr. John Sims, a 'qualified person' under National Instrument 43-101[151](index=151&type=chunk) - **All dollar amounts are expressed in U.S. dollars**, unless otherwise noted[152](index=152&type=chunk)

Kinross Gold Corporation (NYSE:KGC) Q1 2023 Earnings Conference Call May 10, 2023 7:45 AM ET Company Participants Chris Lichtenheldt - VP, IR Paul Rollinson - President & CEO Andrea Freeborough - EVP & CFO Claude Schimper - EVP & COO Ned Jalil - SVP, Technical Services Conference Call Participants Ralph Profiti - Eight Capital Anita Soni - CIBC Operator Good morning, my name is Rob and I will be your conference operator today. At this time, I would like to welcome everyone to the Kinross Gold First Quarter ...

Exhibit 99.1 Kinross Gold Corporation 25 York Street, 17th Floor Toronto, ON Canada M5J 2V5 For more information, please see Kinross' 2022 Q4/year-end Financial Statements and MD&A at www.kinross.com NEWS RELEASE Kinross reports 2022 fourth-quarter and full-year results Portfolio had highest production and lowest costs in Q4 Maintains strong expected production of 2.0 million ounces or above in 2023, 2024 and 2025 Returned $455 million to shareholders in 2022 Toronto, Ontario – February 15, 2023 – Kinross G ...

Fourth Quarter and Year-end 2022 Results February 16th, 2023 Delivering Value. Kinross Gold Corporation Conference Call Participants ...