Delivered on all key guidance metrics, maintains three-year outlook of 2.0 million Au eq. oz. per year
Record free cash flow of $2.5 billion and returned $1.5 billion to debt and equity holders in 2025
Targeting 40% of free cash flow in return of capital to shareholders in 2026
TORONTO, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) ("Kinross" or the "Company") today announced its results for the fourth quarter and year ended December 31, 20251-
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 41 and 42 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.
2025 full-year results and 2026 guidance:
| 2025 guidance (+/- 5%) | Q4 2025 results | 2025 full-year results | 2026 guidance (+/- 5%) | |
| Gold equivalentproduction1 (ounces) | 2.0 million | 483,582 | 2.0 million | 2.0 million |
| Production cost of sales2 Attributable production cost of sales1 | - $1,120 | $1,297 $1,289 | $1,140 $1,135 | - $1,360 |
| ($ per Au eq. oz.) | ||||
| Attributable all-in sustaining cost1 ($ per Au eq. oz.) | $1,500 | $1,825 | $1,571 | $1,730 |
| Capital expenditures3 Attributablecapital expenditures1 | - $1,150 | $368 $362 | $1,194 $1,175 | - $1,500 |
| (million) |
- Kinross has forecasted stable production guidance of approximately 2.0 million attributable Au eq. oz.
(ounces) (ounces) ($ millions) ($/ounce) ($ millions) ($ millions) West Africa Tasiast Q4 2025 3,120 2,252 - 1.87 - 94 - 125,625 118,912 - 119.2 - 1,002 - 28.6 - 80.5 Q3 2025 1,685 2,181 - 1.78 - 94 - 120,934 116,251 - 103.4 - 889 - 47.6 - 102.0 Q2 2025 1,921 1,730 - 2.11 - 95 - 119,241 121,745 - 102.6 - 843 - 23.1 - 89.7 Q1 2025 1,812 1,932 - 2.15 - 95 - 137,629 129,493 - 105.0 - 811 - 13.7 - 80.1 Q4 2024 1,824 2,205 - 2.13 - 94 - 139,411 144,041 - 104.4 - 725 - 33.7 - 105.4 Americas Paracatu Q4 2025 10,929 12,395 - 0.45 - 83 - 155,048 154,565 - 165.0 - 1,068 - 67.6 - 67.6 Q3 2025 12,958 13,214 - 0.44 - 82 - 150,367 149,903 - 139.9 - 933 - 58.2 - 58.2 Q2 2025 13,497 14,527 - 0.39 - 82 - 149,264 148,787 - 142.6 - 958 - 38.4 - 38.4 Q1 2025 13,318 12,507 - 0.43 - 83 - 146,639 146,855 - 139.6 - 951 - 24.4 - 24.4 Q4 2024 12,944 13,116 - 0.40 - 80 - 123,899 124,690 - 131.6 - 1,055 - 35.1 - 35.1 La Coipa(f) Q4 2025 1,219 1,203 - 2.42 - 74 - 67,319 71,419 - 80.7 - 1,130 - 31.7 - 31.7 Q3 2025 1,006 932 - 2.36 - 76 - 57,997 57,544 - 69.0 - 1,199 - 18.5 - 18.5 Q2 2025 580 911 - 1.77 - 78 - 54,139 50,400 - 70.4 - 1,397 - 25.0 - 25.0 Q1 2025 1,265 971 - 2.19 - 80 - 52,315 55,870 - 64.1 - 1,147 - 15.6 - 15.6 Q4 2024 1,385 1,017 - 1.98 - 79 - 58,533 57,852 - 68.2 - 1,179 - 26.6 - 26.6 Fort Knox (100%)(g) Q4 2025 11,056 1,645 8,805 1.02 0.23 88 - 71,523 74,294 - 125.8 - 1,693 - 38.0 - 38.0 Q3 2025 8,140 1,511 6,538 1.86 0.23 90 - 112,181 117,500 - 159.7 - 1,359 - 45.0 - 45.0 Q2 2025 7,639 1,636 5,529 1.72 0.23 88 - 115,064 113,200 - 141.3 - 1,248 - 43.0 - 43.0 Q1 2025 6,530 1,071 4,790 2.77 0.19 91 - 112,054 112,110 - 131.8 - 1,176 - 28.2 - 28.2 Q4 2024 7,692 1,524 6,664 1.51 0.21 82 - 104,901 108,512 - 141.0 - 1,299 - 53.3 - 54.0 Fort Knox (attributable)(g) Q4 2025 11,001 1,597 8,805 0.93 0.23 87 - 65,434 67,882 - 113.6 - 1,673 - 31.5 - 31.5 Q3 2025 8,056 1,425 6,538 1.55 0.23 89 - 95,742 100,878 - 138.4 - 1,372 - 40.4 - 40.4 Q2 2025 7,535 1,567 5,529 1.47 0.23 87 - 97,561 95,277 - 118.8 - 1,247 - 38.7 - 38.7 Q1 2025 6,445 982 4,790 2.35 0.19 90 - 94,281 94,585 - 111.1 - 1,175 - 24.6 - 24.6 Q4 2024 7,619 1,483 6,664 1.28 0.21 81 - 91,755 94,763 - 125.1 - 1,320 - 51.1 - 52.1 Round Mountain Q4 2025 737 966 1,110 0.49 0.29 67 - 31,754 31,641 - 86.6 - 2,737 - 8.6 - 41.5 Q3 2025 1,659 914 1,113 0.66 0.32 72 - 37,297 37,274 - 78.1 - 2,095 - 4.5 - 33.0 Q2 2025 2,881 856 1,682 0.72 0.30 80 - 38,665 37,864 - 52.1 - 1,376 - 5.7 - 32.8 Q1 2025 1,927 856 2,163 0.66 0.27 77 - 35,686 35,960 - 57.0 - 1,585 - 2.8 - 29.6 Q4 2024 3,111 768 1,736 1.05 0.22 82 - 42,969 45,342 - 80.0 - 1,764 - 4.4 - 33.9 Bald Mountain Q4 2025 3,165 - 3,165 - 0.30 nm 38,402 37,141 - 55.4 - 1,492 - 13.1 - 51.6 Q3 2025 2,182 - 2,182 - 0.31 nm 41,525 42,261 - 48.5 - 1,148 - 5.3 - 27.9 Q2 2025 1,578 - 1,578 - 1.07 nm 53,704 54,227 - 59.4 - 1,095 - 12.7 - 40.4 Q1 2025 5,803 - 5,803 - 0.35 nm 45,538 43,801 - 49.2 - 1,123 - 6.9 - 17.8 Q4 2024 7,622 - 7,622 - 0.46 nm 44,642 51,291 - 58.7 - 1,144 - 4.6 - 6.4 (a) Due to the nature of heap leach operations, recovery rates at Bald Mountain cannot be accurately measured on a quarterly basis. Recovery rates at Fort Knox and Round Mountain represent mill recovery only. (b) "nm" means not meaningful. (c) Gold equivalent ounces include silver ounces produced and sold converted to a gold equivalent based on the ratio of the average spot market prices for the commodities for each period. The ratios for the quarters presented are as follows: Q4 2025: 76.34:1; Q3 2025: 87.73:1; Q2 2025: 97.41:1; Q1 2025: 89.69:1; Q4 2024: 84.67:1. (d) "Production cost of sales per equivalent ounce sold" is defined as production cost of sales divided by total gold equivalent ounces sold. (e) "Total Cap Ex" is "Additions to property, plant and equipment" on the consolidated statements of cash flows. "Cap Ex - sustaining" is a non-GAAP financial measure. The definition and reconciliation of this non-GAAP financial measure is included on page [•] of this news release. (f) La Coipa silver grade and recovery were as follows: Q4 2025: 33.21 g/t, 41%; Q3 2025: 41.34 g/t, 49%; Q2 2025: 28.89 g/t, 50%; Q1 2025: 31.97 g/t, 60%; Q4 2024: 42.57 g/t, 43%. (g) The Fort Knox segment is composed of Fort Knox and Manh Choh. Manh Choh tonnes of ore processed and grade were as follows: Q4 2025: 158,016 tonnes, 4.08 g/t; Q3 2025: 286,496 tonnes, 7.05 g/t; Q2 2025: 231,451 tonnes, 7.39 g/t; Q1 2025: 294,238 tonnes, 7.39 g/t; Q4 2024: 138,937 tonnes, 9.58 g/t. The attributable results for Fort Knox include 100% of Fort Knox and 70% of Manh Choh. Reconciliation of non-GAAP financial measures and ratios
The Company has included certain non-GAAP financial measures and ratios in this document. These financial measures and ratios are not defined under IFRS and should not be considered in isolation. The Company believes that these financial measures and ratios, together with financial measures and ratios determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures and ratios is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures and ratios are not necessarily standard and therefore may not be comparable to other issuers.
Adjusted Net Earnings and Adjusted Net Earnings per Share
Adjusted net earnings and adjusted net earnings per share are non-GAAP financial measures and ratios which determine the performance of the Company, excluding certain impacts which the Company believes are not reflective of the Company's underlying performance for the reporting period, such as the impact of foreign exchange gains and losses, reassessment of prior year taxes and/or taxes otherwise not related to the current period, impairment charges (reversals), gains and losses and other one-time costs related to acquisitions, dispositions and other transactions, and non-hedge derivative gains and losses. Although some of the items are recurring, the Company believes that they are not reflective of the underlying operating performance of its current business and are not necessarily indicative of future operating results. Management believes that these measures and ratios, which are used internally to assess performance and in planning and forecasting future operating results, provide investors with the ability to better evaluate underlying performance, particularly since the excluded items are typically not included in public guidance. However, adjusted net earnings and adjusted net earnings per share measures and ratios are not necessarily indicative of net earnings and earnings per share measures and ratios as determined under IFRS.
The following table provides a reconciliation of net earnings to adjusted net earnings for the periods presented:
(expressed in millions of U.S. dollars, except per share amounts) Three months ended Years ended December 31, December 31, 2025 2024 2025 2024 Net earnings attributable to common shareholders - as reported - 906.5 - 275.6 - 2,390.1 - 948.8 Adjusting items: Foreign exchange (gains) losses (7.1 - (22.2 - 21.5 (27.3 - Foreign exchange losses (gains) on translation of tax basis and foreign exchange on deferred income taxes within income tax expense 0.2 54.4 (36.4 - 86.4 Taxes in respect of prior periods (21.5 - (37.8 - (22.8 - (60.7 - Impairment reversal (116.1 - - (116.1 - (74.1 - Loss on sale of assets 11.5 3.5 16.5 6.0 Gain on sale of Asante holdings(a) - - (53.0 - - Tasiast mill fire related costs - - 13.0 - Insurance recoveries - - - (22.9 - Collective labour agreements 55.6 - 55.6 - Settlement provisions - (5.6 - - 2.6 Reclamation expense (recovery) (56.1 - 6.9 (56.1 - 6.9 Other adjustments related to prior periods - (27.8 - - (27.8 - Other(b) 7.7 (10.4 - 7.0 (4.9 - Tax effects of the above adjustments 28.6 3.4 24.6 5.3 (97.2 - (35.6 - (146.2 - (110.5 - Adjusted net earnings - 809.3 - 240.0 - 2,243.9 - 838.3 Weighted average number of common shares outstanding - Basic 1,206.7 1,229.1 1,219.5 1,228.9 Adjusted net earnings per share - 0.67 - 0.20 - 1.84 - 0.68 Basic earnings per share attributable to common shareholders - as reported - 0.75 - 0.22 - 1.96 - 0.77 (a) The gain on sale of Asante holdings includes interest income of $21.8 million related to prior periods. (b) Other includes various impacts, such as one-time costs and credits at sites, restructuring costs, and gains and losses on hedges, which the Company believes are not reflective of the Company's underlying performance for the reporting period.
Attributable Free Cash FlowAttributable free cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities less attributable capital expenditures and non-controlling interest included in net cash flows provided from operating activities. The Company believes that this measure, which is used internally to evaluate the Company's underlying cash generation performance and the ability to repay creditors and return cash to shareholders, provides investors with the ability to better evaluate the Company's underlying performance. However, this measure is not necessarily indicative of operating earnings or net cash flow provided from operating activities as determined under IFRS.
The following table provides a reconciliation of attributable free cash flow for the periods presented:
Three months ended Years ended (expressed in millions of U.S. dollars) December 31, December 31, 2025 2024 2025 2024 Net cash flow provided from operating activities - as reported - 1,146.9 - 734.5 - 3,760.5 - 2,446.4 Adjusting items: Attributable(a)capital expenditures (361.7 - (278.8 - (1,175.2 - (1,050.9 - Non-controlling interest(b)cash flow from operating activities (15.8 - (21.3 - (111.8 - (55.3 - Attributable(a)free cash flow - 769.4 - 434.4 - 2,473.5 - 1,340.2 See pages 33 and 34 for details of the footnotes referenced within the table above.
Attributable Adjusted Operating Cash Flow
Attributable adjusted operating cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities excluding changes in working capital, certain impacts which the Company believes are not reflective of the Company's regular operating cash flow, and net cash flows provided from operating activities, net of working capital changes, relating to non-controlling interests. Working capital is excluded given that numerous factors can result in it being volatile. The Company uses attributable adjusted operating cash flow internally as a measure of the underlying operating cash flow performance and future operating cash flow-generating capability of the Company. However, the attributable adjusted operating cash flow measure is not necessarily indicative of net cash flow provided from operating activities as determined under IFRS.
The following table provides a reconciliation of attributable adjusted operating cash flow for the periods presented:
(expressed in millions of U.S. dollars) Three months ended Years ended December 31, December 31, 2025 2024(m) 2025 2024(m) Net cash flow provided from operating activities - as reported - 1,146.9 - 734.5 - 3,760.5 - 2,446.4 Adjusting items: Insurance proceeds received in respect of prior years - - - (22.9 - Working capital changes: Accounts receivable and other assets (18.2 - (30.9 - (9.5 - (27.5 - Inventories 34.5 (17.4 - 83.9 (14.3 - Accounts payable and accrued liabilities (13.8 - 10.9 (114.1 - (26.0 - 1,149.4 697.1 3,720.8 2,355.7 Non-controlling interest(b)cash flow from operating activities, net of working capital changes (13.4 - (20.1 - (115.6 - (61.8 - Attributable(a)adjusted operating cash flow - 1,136.0 - 677.0 - 3,605.2 - 2,293.9 See pages 33 and 34 for details of the footnotes referenced within the table above.
Attributable Average Realized Gold Price per Ounce
Attributable average realized gold price per ounce is a non-GAAP ratio which calculates the average price realized from gold sales attributable to the Company. The Company believes that this measure provides a more accurate measure with which to compare the Company's gold sales performance to market gold prices. The following table provides a reconciliation of attributable average realized gold price per ounce for the periods presented:
(expressed in millions of U.S. dollars, except ounces and average realized gold price per ounce) Three months ended Years ended December 31, December 31, 2025 2024 2025 2024 Metal sales - as reported - 2,023.0 - 1,415.8 - 7,051.1 - 5,148.8 Less: silver revenue(c) (36.8 - (24.6 - (114.2 - (121.9 - Less: non-controlling interest(b)gold revenue (25.5 - (35.5 - (191.4 - (103.0 - Attributable(a)gold revenue - 1,960.7 - 1,355.7 - 6,745.5 - 4,923.9 Gold ounces sold 479,347 522,389 2,026,570 2,100,621 Less: non-controlling interest(b)gold ounces sold (6,254 - (13,649 - (57,829 - (41,325 - Attributable(a)gold ounces sold 473,093 508,740 1,968,741 2,059,296 Attributable(a)average realized gold price per ounce - 4,144 - 2,665 - 3,426 - 2,391 Average realized gold price per ounce(d) - 4,144 - 2,663 - 3,423 - 2,393 See pages 33 and 34 for details of the footnotes referenced within the table above.
Attributable Production Cost of Sales per Equivalent Ounce Sold
Production cost of sales per equivalent ounce sold is defined as production cost of sales, as reported on the consolidated statement of operations, divided by the total number of gold equivalent ounces sold. This measure converts the Company's non-gold production into gold equivalent ounces and credits it to total production.
Attributable production cost of sales per equivalent ounce sold is a non-GAAP ratio and is defined as attributable production cost of sales divided by the attributable number of gold equivalent ounces sold. This measure converts the Company's attributable non-gold production into gold equivalent ounces and credits it to total attributable production. Management uses this measure to monitor and evaluate the performance of its operating properties that are attributable to its shareholders.
The following table provides a reconciliation of production cost of sales and attributable production cost of sales per equivalent ounce sold for the periods presented:
(expressed in millions of U.S. dollars, except ounces and production cost of sales per equivalent ounce) Three months ended Years ended December 31, December 31, 2025 2024 2025 2024 Production cost of sales - as reported - 632.7 - 583.8 - 2,346.4 - 2,197.1 Less: non-controlling interest(b)production cost of sales (12.2 - (15.9 - (76.7 - (40.8 - Attributable(a)production cost of sales - 620.5 - 567.9 - 2,269.7 - 2,156.3 Gold equivalent ounces sold 487,972 531,729 2,059,017 2,153,212 Less: non-controlling interest(b)gold equivalent ounces sold (6,412 - (13,749 - (58,482 - (41,524 - Attributable(a)gold equivalent ounces sold 481,560 517,980 2,000,535 2,111,688 Attributable(a)production cost of sales per equivalent ounce sold - 1,289 - 1,096 - 1,135 - 1,021 Production cost of sales per equivalent ounce sold(e) - 1,297 - 1,098 - 1,140 - 1,020 See pages 33 and 34 for details of the footnotes referenced within the table above.
Attributable Production Cost of Sales per Ounce Sold on a By-Product Basis
Attributable production cost of sales per ounce sold on a by-product basis is a non-GAAP ratio which calculates the impact of the Company's non-gold production as a credit against its per ounce production costs, rather than converting its non-gold production into gold equivalent ounces and crediting it to total production, as is the case in co-product accounting. Management believes that this ratio provides investors with the ability to better evaluate Kinross' production cost of sales per ounce on a comparable basis with other major gold producers who routinely calculate their cost of sales per ounce using by-product accounting rather than co-product accounting.
The following table provides a reconciliation of attributable production cost of sales per ounce sold on a by-product basis for the periods presented:
(expressed in millions of U.S. dollars, except ounces and production cost of sales per ounce) Three months ended Years ended December 31, December 31, 2025 2024 2025 2024 Production cost of sales - as reported - 632.7 - 583.8 - 2,346.4 - 2,197.1 Less: non-controlling interest(b)production cost of sales (12.2 - (15.9 - (76.7 - (40.8 - Less: attributable(a)impact of silver by-product(n) (36.1 - (24.2 - (111.9 - (121.4 - Attributable(a)production cost of sales on a by-product basis - 584.4 - 543.7 - 2,157.8 - 2,034.9 Gold ounces sold 479,347 522,389 2,026,570 2,100,621 Less: non-controlling interest(b)gold ounces sold (6,254 - (13,649 - (57,829 - (41,325 - Attributable(a)gold ounces sold 473,093 508,740 1,968,741 2,059,296 Attributable(a)production cost of sales per ounce sold on a by-product basis - 1,235 - 1,069 - 1,096 - 988 Production cost of sales per equivalent ounce sold(e) - 1,297 - 1,098 - 1,140 - 1,020 See pages 33 and 34 for details of the footnotes referenced within the table above.
Attributable All-In Sustaining Cost and All-In Cost per Ounce Sold on a By-Product Basis
Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are non-GAAP financial measures and ratios, as applicable, calculated based on guidance published by the World Gold Council ("WGC"). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies including Kinross. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost and all-in cost metrics is voluntary and not necessarily standard, and therefore, these measures and ratios presented by the Company may not be comparable to similar measures and ratios presented by other issuers. The Company believes that the all-in sustaining cost and all-in cost measures complement existing measures and ratios reported by Kinross.
All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. The impact of silver sold is deducted from the total production cost of sales as it is considered residual production, i.e. a by-product. Sustaining operating costs represent expenditures incurred at current operations that are considered necessary to maintain current production. Sustaining capital represents capital expenditures at existing operations comprising mine development costs, including capitalized development, and ongoing replacement of mine equipment and other capital facilities, and does not include capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.
All-in cost is comprised of all-in sustaining cost as well as operating expenditures incurred at locations with no current operation, or costs related to other non-sustaining activities, and capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.
Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are calculated by adjusting production cost of sales, as reported on the consolidated statements of operations, as follows:
(expressed in millions of U.S. dollars, except ounces and costs per ounce) Three months ended Years ended December 31, December 31, 2025 2024 2025 2024 Production cost of sales - as reported - 632.7 - 583.8 - 2,346.4 - 2,197.1 Less: non-controlling interest(b)production cost of sales (12.2 - (15.9 - (76.7 - (40.8 - Less: attributable(a)impact of silver by-product(n) (36.1 - (24.2 - (111.9 - (121.4 - Attributable(a)production cost of sales on a by-product basis - 584.4 - 543.7 - 2,157.8 - 2,034.9 Adjusting items on an attributable(a)basis: General and administrative(f) 37.9 31.9 134.4 122.2 Other operating (income) expense - sustaining(g) (1.7 - (0.9 - (0.2 - 4.0 Reclamation and remediation - sustaining(h) 20.7 15.3 87.1 71.4 Exploration and business development - sustaining(i) 18.3 10.1 56.8 42.5 Additions to property, plant and equipment - sustaining(j) 181.2 155.9 587.8 523.5 Lease payments - sustaining(k) 1.9 1.9 6.3 11.8 All-in Sustaining Cost on a by-product basis - attributable(a) - 842.7 - 757.9 - 3,030.0 - 2,810.3 Adjusting items on an attributable(a)basis: Other operating expense - non-sustaining(g) 35.5 20.3 95.0 53.1 Reclamation and remediation - non-sustaining(h) 2.3 1.7 9.2 6.8 Exploration and business development - non-sustaining(i) 30.8 40.4 144.6 153.4 Additions to property, plant and equipment - non-sustaining(j) 180.5 122.9 587.4 527.4 Lease payments - non-sustaining(k) 0.3 0.1 0.9 0.3 All-in Cost on a by-product basis - attributable(a) - 1,092.1 - 943.3 - 3,867.1 - 3,551.3 Gold ounces sold 479,347 522,389 2,026,570 2,100,621 Less: non-controlling interest(b)gold ounces sold (6,254 - (13,649 - (57,829 - (41,325 - Attributable(a)gold ounces sold 473,093 508,740 1,968,741 2,059,296 Attributable(a)all-in sustaining cost per ounce sold on a by-product basis - 1,781 - 1,490 - 1,539 - 1,365 Attributable(a)all-in cost per ounce sold on a by-product basis - 2,308 - 1,854 - 1,964 - 1,725 Production cost of sales per equivalent ounce sold(e) - 1,297 - 1,098 - 1,140 - 1,020 See pages 33 and 34 for details of the footnotes referenced within the table above.
Attributable All-In Sustaining Cost and All-In Cost per Equivalent Ounce Sold
The Company also assesses its attributable all-in sustaining cost and all-in cost on a gold equivalent ounce basis. Under these non-GAAP financial measures and ratios, the Company's production of silver is converted into gold equivalent ounces and credited to total production.
Attributable all-in sustaining cost and all-in cost per equivalent ounce sold are calculated by adjusting production cost of sales, as reported on the consolidated statements of operations, as follows:
(expressed in millions of U.S. dollars, except ounces and costs per ounce) Three months ended Years ended December 31, December 31, 2025 2024 2025 2024 Production cost of sales - as reported - 632.7 - 583.8 - 2,346.4 - 2,197.1 Less: non-controlling interest(b)production cost of sales (12.2 - (15.9 - (76.7 - (40.8 - Attributable(a)production cost of sales - 620.5 - 567.9 - 2,269.7 - 2,156.3 Adjusting items on an attributable(a)basis: General and administrative(f) 37.9 31.9 134.4 122.2 Other operating (income) expense - sustaining(g) (1.7 - (0.9 - (0.2 - 4.0 Reclamation and remediation - sustaining(h) 20.7 15.3 87.1 71.4 Exploration and business development - sustaining(i) 18.3 10.1 56.8 42.5 Additions to property, plant and equipment - sustaining(j) 181.2 155.9 587.8 523.5 Lease payments - sustaining(k) 1.9 1.9 6.3 11.8 All-in Sustaining Cost - attributable(a) - 878.8 - 782.1 - 3,141.9 - 2,931.7 Adjusting items on an attributable(a)basis: Other operating expense - non-sustaining(g) 35.5 20.3 95.0 53.1 Reclamation and remediation - non-sustaining(h) 2.3 1.7 9.2 6.8 Exploration and business development - non-sustaining(i) 30.8 40.4 144.6 153.4 Additions to property, plant and equipment - non-sustaining(j) 180.5 122.9 587.4 527.4 Lease payments - non-sustaining(k) 0.3 0.1 0.9 0.3 All-in Cost - attributable(a) - 1,128.2 - 967.5 - 3,979.0 - 3,672.7 Gold equivalent ounces sold 487,972 531,729 2,059,017 2,153,212 Less: non-controlling interest(b)gold equivalent ounces sold (6,412 - (13,749 - (58,482 - (41,524 - Attributable(a)gold equivalent ounces sold 481,560 517,980 2,000,535 2,111,688 Attributable(a)all-in sustaining cost per equivalent ounce sold - 1,825 - 1,510 - 1,571 - 1,388 Attributable(a)all-in cost per equivalent ounce sold - 2,343 - 1,868 - 1,989 - 1,739 Production cost of sales per equivalent ounce sold(e) - 1,297 - 1,098 - 1,140 - 1,020 See pages 33 and 34 for details of the footnotes referenced within the table above-
Capital Expenditures and Attributable Capital Expenditures
Capital expenditures are classified as either sustaining capital expenditures or non-sustaining capital expenditures, depending on the nature of the expenditure. Sustaining capital expenditures typically represent capital expenditures at existing operations including capitalized exploration costs and capitalized development unless related to major projects, ongoing replacement of mine equipment and other capital facilities and other capital expenditures and is calculated as total additions to property, plant and equipment (as reported on the consolidated statements of cash flows), less non-sustaining capital expenditures. Non-sustaining capital expenditures represent capital expenditures for major projects, including major capital development projects at existing operations that are expected to materially benefit the operation, as well as enhancement capital for significant infrastructure improvements at existing operations. Management believes the distinction between sustaining capital expenditures and non-sustaining expenditures is a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of attributable all-in sustaining costs per ounce and attributable all-in costs per ounce. The categorization of sustaining capital expenditures and non-sustaining capital expenditures is consistent with the definitions under the WGC all-in cost standard. Sustaining capital expenditures and non-sustaining capital expenditures are not defined under IFRS, however, the sum of these two measures total to additions to property, plant and equipment as disclosed under IFRS on the consolidated statements of cash flows.
Additions to property, plant and equipment per the consolidated statements of cash flows includes 100% of capital expenditures for Manh Choh. Attributable capital expenditures is a non-GAAP financial measure and includes Kinross' 70% share of capital expenditures for Manh Choh. Management believes this to be a useful indicator of Kinross' cash resources utilized for capital expenditures.
The following table provides a reconciliation of the classification of capital expenditures for the periods presented:
(expressed in millions of U.S. dollars) Three months ended December 31, 2025 Tasiast (Mauritania) Paracatu (Brazil) La Coipa (Chile) Fort Knox(l) (USA) Round Mountain (USA) Bald Mountain (USA) Total USA Other Total Sustaining capital expenditures - 28.6 - 67.6 - 31.7 - 38.0 - 8.6 - 13.1 - 59.7 - 0.2 - 187.8 Non-sustaining capital expenditures 51.9 - - - 32.9 38.5 71.4 57.1 180.4 Additions to property, plant and equipment - per cash flow - 80.5 - 67.6 - 31.7 - 38.0 - 41.5 - 51.6 - 131.1 - 57.3 - 368.2 Less: Non-controlling interest(b) - - - - - - - (6.5 - - - - - - (6.5 - - - - (6.5 - Attributable(a) capital expenditures - 80.5 - 67.6 - 31.7 - 31.5 - 41.5 - 51.6 - 124.6 - 57.3 - 361.7 Three months ended December 31, 2024 Sustaining capital expenditures - 33.7 - 35.1 - 26.6 - 53.3 - 4.4 - 4.6 - 62.3 - 0.3 - 158.0 Non-sustaining capital expenditures 71.7 - - 0.7 29.5 1.8 32.0 19.0 122.7 Additions to property, plant and equipment - per cash flow - 105.4 - 35.1 - 26.6 - 54.0 - 33.9 - 6.4 - 94.3 - 19.3 - 280.7 Less: Non-controlling interest(b) - - - - - - - (1.9 - - - - - - (1.9 - - - - (1.9 - Attributable(a) capital expenditures - 105.4 - 35.1 - 26.6 - 52.1 - 33.9 - 6.4 - 92.4 - 19.3 - 278.8 (expressed in millions of U.S. dollars) Years ended December 31, 2025 Tasiast (Mauritania) Paracatu (Brazil) La Coipa (Chile) Fort Knox(l) (USA) Round Mountain (USA) Bald Mountain (USA) Total USA Other Total Sustaining capital expenditures - 113.0 - 188.6 - 90.8 - 154.2 - 21.6 - 38.0 - 213.8 - 0.6 - 606.8 Non-sustaining capital expenditures 239.3 - - - 115.3 99.7 215.0 133.1 587.4 Additions to property, plant and equipment - per cash flow - 352.3 - 188.6 - 90.8 - 154.2 - 136.9 - 137.7 - 428.8 - 133.7 - 1,194.2 Less: Non-controlling interest(b) - - - - - - - (19.0 - - - - - - (19.0 - - - - (19.0 - Attributable(a) capital expenditures - 352.3 - 188.6 - 90.8 - 135.2 - 136.9 - 137.7 - 409.8 - 133.7 - 1,175.2 Years ended December 31, 2024 Sustaining capital expenditures - 64.3 - 140.5 - 65.8 - 195.2 - 15.4 - 46.4 - 257.0 - (0.7 - - 526.9 Non-sustaining capital expenditures 279.6 - 3.6 97.0 110.9 3.1 211.0 54.4 548.6 Additions to property, plant and equipment - per cash flow - 343.9 - 140.5 - 69.4 - 292.2 - 126.3 - 49.5 - 468.0 - 53.7 - 1,075.5 Less: Non-controlling interest(b) - - - - - - - (24.6 - - - - - - (24.6 - - - - (24.6 - Attributable(a) capital expenditures - 343.9 - 140.5 - 69.4 - 267.6 - 126.3 - 49.5 - 443.4 - 53.7 - 1,050.9 See pages 33 and 34 for details of the footnotes referenced within the tables above.
Endnotes
(a) "Attributable" measures and ratios include Kinross' share of Manh Choh (70%) sales, costs, cash flows and capital expenditures. (b) "Non-controlling interest" represents the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company's interest is less than 100% for cash flow from operating activities, costs, sales and capital expenditures, as appropriate. (c) "Silver revenue" represents the portion of metal sales realized from the production of secondary or by-product metal (i.e. silver), which is produced as a by-product of the process used to produce gold. (d) "Average realized gold price per ounce" is defined as gold revenue divided by total gold ounces sold. (e) "Production cost of sales per equivalent ounce sold" is defined as production cost of sales divided by total gold equivalent ounces sold. (f) "General and administrative" expenses are as reported on the consolidated statements of operations, excluding certain impacts which the Company believes are not reflective of the Company's underlying performance for the reporting period. General and administrative expenses are considered sustaining costs as they are required to be absorbed on a continuing basis for the effective operation and governance of the Company. (g) "Other operating (income) expense - sustaining" is calculated as "Other operating expense" as reported on the consolidated statements of operations, less the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company's interest is less than 100% and other operating and reclamation and remediation expenses related to non-sustaining activities as well as other items not reflective of the underlying operating performance of the Company. Other operating expenses are classified as either sustaining or non-sustaining based on the type and location of the expenditure incurred. The majority of other operating expenses that are incurred at existing operations are considered costs necessary to sustain operations, and are therefore, classified as sustaining. Other operating expenses incurred at locations where there is no current operation or related to other non-sustaining activities are classified as non-sustaining. (h) "Reclamation and remediation - sustaining" is calculated as current period accretion related to reclamation and remediation obligations plus current period amortization of the corresponding reclamation and remediation assets, less the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company's interest is less than 100%, and is intended to reflect the periodic cost of reclamation and remediation for currently operating mines. Reclamation and remediation costs for development projects or closed mines are excluded from this amount and classified as non-sustaining. (i) "Exploration and business development - sustaining" is calculated as "Exploration and business development" expenses as reported on the consolidated statements of operations, less the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company's interest is less than 100% and non-sustaining exploration and business development expenses. Exploration expenses are classified as either sustaining or non-sustaining based on a determination of the type and location of the exploration expenditure. Exploration expenditures within the footprint of operating mine plans are considered costs required to sustain current operations and are therefore included in sustaining costs. Exploration expenditures focused on new ore bodies near existing mines (i.e. brownfield), new exploration projects (i.e. greenfield) or for other generative exploration activity not linked to existing mining operations are classified as non-sustaining. Business development expenses are classified as either sustaining or non-sustaining based on a determination of the type of expense and requirement for general or growth-related operations. (j) "Additions to property, plant and equipment - sustaining" and "non-sustaining" are as presented on pages 32 and 33 of this news release and include Kinross' share of Manh Choh's (70%) sustaining and non-sustaining capital expenditures. (k) "Lease payments - sustaining" represents the majority of lease payments as reported on the consolidated statements of cash flows and is made up of the principal and financing components of such cash payments, less the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company's interest is less than 100%, and non-sustaining lease payments. Lease payments for development projects or closed mines are classified as non-sustaining. (l) The Fort Knox segment is composed of Fort Knox and Manh Choh for all periods presented. (m) Attributable adjusted operating cash flow for the three months and year ended December 31, 2024 have been presented in accordance with the current year's presentation. (n) "Impact of silver by-product" represents the costs allocated to the production of secondary or by-product metal (i.e. silver), which is produced as a by-product of the process used to produce gold. 2025 Annual Mineral Reserve and Resource Statement
Proven and Probable Mineral Reserves MINERAL RESERVE AND MINERAL RESOURCE STATEMENT GOLD PROVEN AND PROBABLE MINERAL RESERVES (1,2,3,4,5,6) Kinross Gold Corporation's Share at December 31, 2025 Kinross Proven Probable Proven and Probable Location Interest Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (%) (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) NORTH AMERICA Bald Mountain USA 100% 0 0.0 0 66,306 0.6 1,225 66,306 0.6 1,225 Fort Knox USA 100% 1,846 0.8 46 81,094 0.4 930 82,940 0.4 976 Manh Choh USA 70% 368 4.0 47 1,665 7.4 396 2,033 6.8 444 Round Mountain 7 USA 100% 5,365 0.3 59 39,690 1.4 1,829 45,055 1.3 1,888 SUBTOTAL 7,579 0.6 153 188,754 0.7 4,380 196,334 0.7 4,533 SOUTH AMERICA La Coipa 8 Chile 100% 591 2.5 47 6,750 1.8 388 7,342 1.8 436 Lobo Marte Chile 100% 0 0.0 0 160,702 1.3 6,733 160,702 1.3 6,733 Paracatu Brazil 100% 287,864 0.4 3,897 111,778 0.3 943 399,642 0.4 4,839 SUBTOTAL 288,455 0.4 3,944 279,231 0.9 8,065 567,686 0.7 12,008 AFRICA Tasiast Mauritania 100% 55,584 1.0 1,806 47,181 1.7 2,595 102,765 1.3 4,401 SUBTOTAL 55,584 1.0 1,806 47,181 1.7 2,595 102,765 1.3 4,401 TOTAL GOLD 351,618 0.5 5,903 515,166 0.9 15,040 866,785 0.8 20,942 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT SILVER PROVEN AND PROBABLE MINERAL RESERVES (1,2,3,4,5,6) Kinross Gold Corporation's Share at December 31, 2025 Location Kinross Proven Probable Proven and Probable Interest Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (%) (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) NORTH AMERICA Manh Choh USA 70% 368 11.8 139 1,665 11.3 604 2,033 11.4 743 SUBTOTAL 368 11.8 139 1,665 11.3 604 2,033 11.4 743 SOUTH AMERICA La Coipa 8 Chile 100% 591 37.6 714 6,750 46.7 10,124 7,342 45.9 10,839 SUBTOTAL 591 37.6 714 6,750 46.7 10,124 7,342 45.9 10,839 TOTAL SILVER 959 27.7 853 8,415 39.7 10,728 9,374 38.4 11,581 See pages 38 and 39 of this news release for details of the footnotes referenced within the table above. Measured and Indicated Mineral Resources MINERAL RESERVE AND MINERAL RESOURCE STATEMENT GOLD MEASURED AND INDICATED MINERAL RESOURCES (2,3,4,5,6,9,10,11) Kinross Gold Corporation's Share at December 31, 2025 Kinross Measured Indicated Measured and Indicated Location Interest Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (%) (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) NORTH AMERICA Bald Mountain USA 100% 5,678 1.0 188 139,266 0.5 2,360 144,944 0.5 2,548 Fort Knox USA 100% 0 0.0 0 233,082 0.3 2,400 233,082 0.3 2,400 Great Bear CAN 100% 2,578 2.3 189 28,155 2.8 2,523 30,733 2.7 2,713 Curlew Basin 12 USA 100% 0 0.0 0 1,993 6.4 409 1,993 6.4 409 Manh Choh USA 70% 435 2.0 27 268 2.1 18 703 2.0 46 Round Mountain 7 USA 100% 0 0.0 0 81,275 0.6 1,446 81,275 0.6 1,446 SUBTOTAL 8,691 1.4 405 484,039 0.6 9,156 492,730 0.6 9,561 SOUTH AMERICA La Coipa 8 Chile 100% 6,440 1.7 356 39,561 1.4 1,772 46,001 1.4 2,128 Lobo Marte Chile 100% 0 0.0 0 120,762 0.7 2,752 120,762 0.7 2,752 Maricunga Chile 100% 71,946 0.7 1,602 278,454 0.6 5,538 350,400 0.6 7,140 Paracatu Brazil 100% 145,708 0.5 2,123 183,489 0.2 1,399 329,197 0.3 3,522 SUBTOTAL 224,093 0.6 4,081 622,266 0.6 11,460 846,360 0.6 15,542 AFRICA Tasiast Mauritania 100% 21,277 0.7 446 57,790 1.0 1,950 79,067 0.9 2,396 SUBTOTAL 21,277 0.7 446 57,790 1.0 1,950 79,067 0.9 2,396 TOTAL GOLD 254,062 0.6 4,932 1,164,095 0.6 22,567 1,418,157 0.6 27,499 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT SILVER MEASURED AND INDICATED MINERAL RESOURCES (2,3,4,5,6,9,10,11) Kinross Gold Corporation's Share at December 31, 2025 Location Kinross Measured Indicated Measured and Indicated Interest Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (%) (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) NORTH AMERICA Manh Choh USA 70% 435 11.9 166 268 6.6 57 703 9.8 222 SUBTOTAL 435 11.9 166 268 6.6 57 703 9.8 222 SOUTH AMERICA La Coipa 8 Chile 100% 6,440 28.5 5,909 39,561 36.3 46,234 46,001 35.3 52,143 SUBTOTAL 6,440 28.5 5,909 39,561 36.3 46,234 46,001 35.3 52,143 TOTAL SILVER 6,875 27.5 6,075 39,829 36.1 46,291 46,704 34.9 52,365 See pages 38 and 39 of this news release for details of the footnotes referenced within the table above. Inferred Mineral Resources
MINERAL RESERVE AND MINERAL RESOURCE STATEMENT GOLD INFERRED MINERAL RESOURCES (2,3,4,5,6,9,10,11) Kinross Gold Corporation's Share at December 31, 2025 Kinross Inferred Location Interest Tonnes Grade Ounces (%) (kt) (g/t) (koz) NORTH AMERICA Bald Mountain USA 100% 78,862 0.3 790 Fort Knox USA 100% 47,909 0.4 599 Great Bear CAN 100% 32,396 4.1 4,291 Curlew Basin 12 USA 100% 4,151 6.3 838 Round Mountain 7 USA 100% 61,269 1.0 1,960 SUBTOTAL 224,586 1.2 8,478 SOUTH AMERICA La Coipa 8 Chile 100% 4,799 1.2 188 Lobo Marte Chile 100% 32,911 0.6 670 Maricunga Chile 100% 284,711 0.5 4,876 Paracatu Brazil 100% 6,383 0.2 44 SUBTOTAL 328,805 0.5 5,778 AFRICA Tasiast Mauritania 100% 35,950 2.1 2,377 SUBTOTAL 35,950 2.1 2,377 TOTAL GOLD 589,341 0.9 16,633 MINERAL RESERVE AND MINERAL RESOURCE STATEMENT SILVER INFERRED MINERAL RESOURCES (2,3,4,5,6,9,10,11) Kinross Gold Corporation's Share at December 31, 2025 Kinross Inferred Location Interest Tonnes Grade Ounces (%) (kt) (g/t) (koz) NORTH AMERICA Round Mountain 7 USA 100% 36,648 6.9 8,117 SUBTOTAL 36,648 6.9 8,117 SOUTH AMERICA La Coipa 8 Chile 100% 4,799 41.2 6,358 SUBTOTAL 4,799 41.2 6,358 TOTAL SILVER 41,448 10.9 14,475
Mineral Reserve and Mineral Resource Statement Notes(1) Unless otherwise noted, the Company's mineral reserves are estimated using appropriate cut-off grades based on an assumed gold price of $2,000 per ounce and a silver price of $23.53 per ounce. Mineral reserves are estimated using appropriate process recoveries, operating costs and mine plans that are unique to each property and include estimated allowances for dilution and mining recovery. Mineral reserve estimates are reported in contained units based on Kinross' interest and are estimated based on the following foreign exchange rates:
Canadian Dollar to $US 1.38
Chilean Peso to $US 940.00
Brazilian Real to $US 5.25
Mauritanian Ouguiya to $US 40.00(2) The Company's mineral reserve and mineral resource estimates as at December 31, 2025 are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") "CIM Definition Standards For Mineral Resources and Mineral Reserves" adopted by the CIM Council (as amended, the "CIM Definition Standards") in accordance with the requirements of National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("NI 43-101"). Mineral reserve and mineral resource estimates reflect the Company's reasonable expectation that all necessary permits and approvals will be obtained and maintained.
(3) Cautionary note to U.S. investors concerning estimates of mineral reserves and mineral resources. These estimates have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States' securities laws. Unless otherwise indicated, mining terms used herein and in any document incorporated by reference but not otherwise defined have the meanings set forth in NI 43-101. The terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are Canadian mining terms as defined in accordance with NI 43-101 and the CIM Definition Standards. These definitions differ from the definitions in subpart 1300 of Regulation S-K ("Subpart 1300"). While the definitions in Subpart 1300 are similar to the definitions in NI 43-101 and the CIM Definitions Standard, the definitions in Subpart 1300 differ from the requirements of, and the definitions in, NI 43-101 and the CIM Definition Standards. U.S. investors are cautioned that while the above terms are "substantially similar" to CIM Definitions, there are differences in the definitions in Subpart 1300 and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the mineral reserve or mineral resource estimates under the standards set forth in Subpart 1300. U.S. investors are also cautioned that while the United States Securities and Exchange Commission ("SEC") recognizes "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under Subpart 1300, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable. Further, "inferred mineral resources" have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the "inferred mineral resources" exist. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies, except in rare cases. As a foreign private issuer that files its annual report on Form 40-F with the SEC pursuant to the multi-jurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the Subpart 1300 provisions and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards. If the Company ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the multi-jurisdictional disclosure system, then the Company will be subject to reporting pursuant to the Subpart 1300 provisions, which differ from the requirements of NI 43-101 and the CIM Definition Standards.
For the above reasons, the mineral reserve and mineral resource estimates and related information herein may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
(4) The Company's mineral resource and mineral reserve estimates were prepared under the supervision of and verified by Mr. Nicos Pfeiffer, who is a qualified person as defined by NI 43-101.
(5) The Company's normal data verification procedures have been used in collecting, compiling, interpreting and processing the data used to estimate mineral reserves and mineral resource.
(6) Rounding of values to the 000s may result in apparent discrepancies.
(7) Round Mountain refers to the Round Mountain project, which includes the Round Mountain deposit and the Gold Hill deposit. The Round Mountain deposit does not contain silver and all silver resources at Round Mountain are contained exclusively within the Gold Hill deposit. Disclosure of gold mineral reserves and mineral resources reflect both the Round Mountain deposit and the Gold Hill deposit. Disclosure of silver mineral reserves and mineral resources reflect only the Gold Hill deposit.
(8) Includes mineral resources and mineral reserves from the Puren deposit in which the Company holds a 65% interest; as well as mineral resources from the Catalina deposit, in which the Company holds a 50% interest.
(9) Mineral resources are exclusive of mineral reserves.
(10) Unless otherwise noted, the Company's mineral resources are estimated using appropriate cut-off grades based on a gold price of $2,500 per ounce and a silver price of $29.41 per ounce. Mineral resource estimates are reported in contained units based on Kinross' interest. Foreign exchange rates for estimating mineral resources were the same as for mineral reserves.
(11) Mineral resources that are not mineral reserves do not have to demonstrate economic viability. Mineral resources are subject to infill drilling, permitting, mine planning, mining dilution and recovery losses, among other things, to be converted into mineral reserves. Due to the uncertainty associated with inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to indicated or measured mineral resources, including as a result of continued exploration.
(12) The mineral resource estimates for Curlew assume a $2,000 per ounce gold price.
Mineral Reserve and Mineral Resource Statement Definitions
A 'Mineral Resource' is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.
An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.
A 'Measured Mineral Resource' is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.
A 'Mineral Reserve' is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The reference point at which Mineral Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported. The public disclosure of a Mineral Reserve must be demonstrated by a Pre-Feasibility Study or Feasibility Study.
A 'Probable Mineral Reserve' is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve.
A 'Proven Mineral Reserve' is the economically mineable part of a Measured Mineral Resource. A Proven Mineral Reserve implies a high degree of confidence in the Modifying Factors.
Cautionary statement on forward-looking information
All statements, other than statements of historical fact, contained or incorporated by reference in this news release including, but not limited to, any information as to the future financial or operating performance of Kinross, constitute "forward-looking information" or "forward-looking statements" within the meaning of certain 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 news release. Forward-looking statements contained in this news release, include, but are not limited to, those under the headings (or headings that include) "2025 full-year results and 2026 guidance", "2025 Q4 and full-year highlights", "Development project and mineral reserves and resources highlights", "CEO commentary", "Return of capital", "Development projects" and "Company Guidance", as well as statements with respect to our guidance for production, cost guidance, including production costs of sales, all-in sustaining cost of sales, and capital expenditures; anticipated returns of capital to shareholders, including the declaration, payment, increase and sustainability of the Company's dividends; the size, scope and execution of the proposed share buybacks and the anticipated timing thereof, including the Company's statement targeting share buybacks for 2026 of 40% of free cash flow; identification of additional resources and reserves or the conversion of resources to reserves; the Company's liquidity; the forecast production, mine life impact and economics of the Phase X, Curlew and Redbird 2 projects; the Company's debt levels; the schedules budgets, and forecast economics for the Company's development projects; budgets for and future plans for exploration, development and operation at the Company's operations and projects, including the Great Bear project; planned timing for the submission of permits and impact statements; potential mine life extensions at the Company's operations; the Company's balance sheet and liquidity outlook, as well as references to other possible events including, the future price of gold and silver, costs of production, operating costs; price inflation; 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, development and mining, currency fluctuations, capital requirements, project studies, government regulation, permit applications, environmental risks and proceedings, and resolution of pending litigation. The words "advance", "believe", "continue", "expects", "focus", "goal", "guidance", "on plan", "on track", "opportunity", "plan", "potential", "priority", "progress", "prospective", "target", "upside", or variations of or similar such words and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result and similar such 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 and competitive uncertainties and contingencies. The estimates, models and assumptions of Kinross referenced, contained or incorporated by reference in this news release, 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 year ended December 31, 2025, and the Annual Information Form dated March 27, 2025 as well as: (1) there being no significant disruptions affecting the operations of the Company, whether due to extreme weather events and other or related natural disasters, labour disruptions (including but not limited to strikes or workforce reductions), supply disruptions, power disruptions, damage to equipment, pit wall slides or otherwise; (2) permitting, development, operations and production from the Company's operations and development projects being consistent with Kinross' current expectations including, without limitation: the maintenance of existing permits and approvals and the timely receipt of all permits and authorizations necessary for construction and operations; water and power supply and continued operation of the tailings reprocessing facility at Paracatu; permitting of the Great Bear project (including the consultation process with Indigenous groups), permitting and development of the Lobo-Marte project; in each case in a manner consistent with the Company's expectations; and the successful completion of exploration consistent with the Company's expectations at the Company's projects; (3) political regulatory and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, restrictions or penalties imposed, or actions taken, by any government, including but not limited to amendments to the mining laws and tailings facility regulations in Brazil (including those related to financial assurance requirements), potential amendments to water laws and/or other water use restrictions and regulatory actions in Chile, dam safety regulations, potential amendments to minerals and mining laws and energy levies laws, new regulations relating to work permits, potential amendments to customs and mining laws (including but not limited to amendments to the VAT) and the potential application of the tax code in Mauritania, potential amendments to and enforcement of tax laws in Mauritania (including, but not limited to, the interpretation, implementation, application and enforcement of any such laws and amendments thereto), substantial changes to the federal and/or provincial regulatory and permitting regimes in Canada, potential third party legal challenges to existing permits, and the impact of any trade tariffs being consistent with Kinross' current expectations; (4) the completion of studies and the results of those studies being consistent with Kinross' current expectations; (5) the exchange rate between the Canadian dollar, Brazilian real, Chilean peso, Mauritanian ouguiya and the U.S. dollar being approximately consistent with current levels; (6) certain price assumptions for gold and silver which includes, as it relates to share repurchases, assumptions that prices for gold and silver remain approximately consistent with current levels; (7) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with the Company's expectations; (8) attributable production and cost of sales forecasts for the Company meeting expectations; (9) the accuracy of the current mineral reserve and mineral resource estimates of the Company and Kinross' analysis thereof being consistent with expectations (including but not limited to ore tonnage and ore grade estimates), future mineral resource and mineral reserve estimates being consistent with preliminary work undertaken by the Company, mine plans for the Company's current and future mining operations, and the Company's internal models; (10) labour and materials costs increasing on a basis consistent with Kinross' current expectations; (11) the terms and conditions of the legal and fiscal stability agreements for Tasiast being interpreted and applied in a manner consistent with their intent and Kinross' expectations and without material amendment or formal dispute (including without limitation the application of tax, customs and duties exemptions and royalties); (12) asset impairment potential; (13) the regulatory and legislative regime regarding mining, electricity production and transmission (including rules related to power tariffs) in Brazil being consistent with Kinross' current expectations; (14) access to capital markets, including but not limited to maintaining our current credit ratings consistent with the Company's current expectations; (15) potential direct or indirect operational impacts resulting from infectious diseases or pandemics; (16) changes in national and local government legislation or other government actions, including Ontario environmental regulations and the Canadian federal impact assessment regime; (17) litigation, regulatory proceedings and audits, and the potential ramifications thereof, being concluded in a manner consistent with the Company's expectations (including without limitation litigation in Chile relating to the alleged damage of wetlands and the scope of any remediation plan or other environmental obligations arising therefrom); (18) the Company's financial results, cash flows and future prospects being consistent with Company expectations in amounts sufficient to permit sustained dividend payments; (19) the impacts of potential geotechnical instability being consistent with the Company's expectations; and (20) the impacts of groundwater inflows at the La Coipa pit being consistent with the Company's expectations. 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, tariffs, 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 and maintaining 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. All of the forward-looking statements made in this news release are qualified by this cautionary statement and those made in our other filings with the securities regulators of Canada and the United States including, but not limited to, the cautionary statements made in the "Risk Analysis" section of our MD&A for the year ended December 31, 2025, and the "Risk Factors" set forth in the Company's Annual Information Form dated March 27, 2025. 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.
Key Sensitivities
Approximately 70%-80% of the Company's costs are denominated in U.S. dollars.
A 10% change in foreign currency exchange rates would be expected to result in an approximate $30 impact on attributable production cost of sales per equivalent ounce sold1- 17-
Specific to the Brazilian real, a 10% change in the exchange rate would be expected to result in an approximate $50 impact on Brazilian attributable production cost of sales per equivalent ounce sold1-
Specific to the Chilean peso, a 10% change in the exchange rate would be expected to result in an approximate $50 impact on Chilean attributable production cost of sales per equivalent ounce sold1-
A $10 per barrel change in the price of oil would be expected to result in an approximate $3 impact on attributable production cost of sales per equivalent ounce sold1-
A $100 change in the price of gold would be expected to result in an approximate $5 impact on attributable production cost of sales per equivalent ounce sold1 as a result of a change in royalties.
Other information
Where we say "we", "us", "our", the "Company", or "Kinross" in this news release, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable.
The technical information about the Company's mineral properties contained in this news release has been prepared under the supervision of Mr. Nicos Pfeiffer, an officer of the Company who is a "qualified person" within the meaning of National Instrument 43-101.
Source: Kinross Gold Corporation
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1 Unless otherwise stated, production figures in this news release are on an attributable basis. "Attributable" includes Kinross' 70% share of Manh Choh production, costs and capital expenditures. Financial figures include 100% of Manh Choh results except when denoted as attributable. Attributable figures are non-GAAP financial measures and ratios. Refer to footnote 7.
2 "Production cost of sales per equivalent ounce sold" is defined as production cost of sales, as reported on the consolidated statements of operations, divided by total gold equivalent ounces sold.
3 Capital expenditures is reported as "Additions to property, plant and equipment" on the consolidated statements of cash flows.
4 "Margins" per equivalent ounce sold is defined as average realized gold price per ounce less production cost of sales per equivalent ounce sold.
5 Operating cash flow figures in this release represent "Net cash flow provided from operating activities," as reported on the consolidated statements of cash flows.
6 Earnings, net earnings, and reported net earnings figures in this release represent "Net earnings attributable to common shareholders," as reported on the consolidated statements of operations.
7 These figures are non-GAAP financial measures and ratios, as applicable. They are defined and actual results are reconciled on pages 27 to 33 of this news release. Non-GAAP financial measures and ratios have no standardized meaning under International Financial Reporting Standards ("IFRS") and therefore, may not be comparable to similar measures presented by other issuers.
8 Adjusted net earnings figures in this news release represent "Adjusted net earnings attributable to common shareholders."
9 Net cash is calculated as cash and cash equivalents of $1,742.3 million less long-term debt of $738.2 million as reported on the Company's consolidated balance sheet as at December 31, 2025.
10 "Total liquidity" is defined as the sum of cash and cash equivalents, as reported on the 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 year ended December 31, 2025).
11 "Average realized gold price per ounce" is defined as gold revenue divided by total gold ounces sold.
12 "Available credit" is defined as available credit under the Company's credit facilities and is calculated in Section 6 Liquidity and Capital Resources of Kinross' MD&A for the year ended December 31, 2025.
13 The economic analysis of the projects were carried out using a discounted cash flow approach on an after-tax basis, based on a long-term gold price of $4,500/oz. in USD. The IRR on total investment that is presented in the economic analysis was calculated assuming 100% equity financing.
14 The NPV was calculated from the after-tax cash flow generated by the project, based on a discount rate of 5% and a valuation date of January 1, 2026.
15 Attributable gold equivalent ounce production guidance for 2026 includes approximately 3.3 million ounces of silver.
16 The percentages are calculated based on the mid-point of country 2025 forecast production.
17 Refers to all of the currencies in the countries where the Company has mining operations, fluctuating simultaneously by 10% in the same direction, either appreciating or depreciating, taking into consideration the impact of hedging and the weighting of each currency within our consolidated cost structure.
18 Forecast 2026 sustaining, non-sustaining and total forecast capital expenditures are on an attributable basis and include Kinross' share of Manh Choh (70%) capital expenditures. Actual results as reported for the year ended December 31, 2025, for sustaining, non-sustaining and total capital expenditures (refer to footnote 3) are on a total basis and include 100% of Manh Choh capital expenditures. Sustaining, non-sustaining and attributable capital expenditures are non-GAAP financial measures (refer to footnote 7) and are defined and reconciled on pages 32 and 33 of this news release.
19 The forecast ETR range for 2026 assumes gold price, foreign exchange and tax rates in the jurisdictions in which the Company operates remain stable and within 2026 guidance assumptions. The ETR does not include the impact of items which the Company believes are not reflective of the Company's underlying performance, such as the impact of net foreign currency translations on tax deductions and taxes related to prior periods. Management believes that the ETR range provides investors with the ability to better evaluate the Company's underlying performance. However, the ETR range is not necessarily an indicator of tax expense recognized under IFRS. The rate is sensitive to the relative proportion of sales between the Company's various tax jurisdictions and realized gold prices.
20 DD&A ($/oz) is defined as depreciation, depletion and amortization, as reported on the consolidated statements of operations, divided by total gold equivalent ounces sold.
21 Please see pages 38 and 39 for Mineral Reserve and Mineral Resource Statements and Notes.
22 Rounding of values to the 000s may result in apparent discrepancies.
