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, Feb. 15, 2023 (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, 2022.

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 page 39 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

Results from the Company's Russian and Ghanaian assets have been excluded from its 2022 continuing results, along with 2021 comparative figures, due to the classification of these assets as discontinued as at December 31, 2022.

2022 Q4 and full-year highlights and outlook:

Production ramped up quarter-after-quarter, with the strongest production and lowest costs of the year in the fourth quarter.
As part of the Great Bear initial resource estimate, the Company has added 2.7 million Au oz. of measured and indicated mineral resources, and added 2.3 million ounces to its inferred mineral resource. See the Great Bear news release here: Great Bear Initial Resource news release. View an interactive 3D model here: Great Bear 3D model.
Tasiast achieved record production in Q4 2022 at lower quarter-over-quarter costs with record grades.
Paracatu achieved its second highest production quarter on record, driven by high grades and strong recoveries.
La Coipa production and throughput increased substantially quarter-over-quarter.
In 2022, Kinross returned $455 million in capital to shareholders consisting of approximately $155 million in dividends and $300 million as part of its enhanced share buyback program. The Company expects to continue its dividend and share buyback programs in 2023 and 2024.
Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on March 23, 2023 to shareholders of record at the close of business on March 8, 2023.
Kinross expects to increase production to 2.1 million attributable1 Au eq. oz. in 2023 and 2024 and approximately 2 million attributable1 Au eq. oz. in 2025.
2022 Q4 and year-end financial results from continuing operations:

Production of 595,683 Au eq. oz. in Q4 2022, and 1,957,237 Au eq. oz. in 2022.
Production cost of sales 2 of $848 per Au eq. oz. in Q4 2022, and $937 per Au eq. oz. in 2022.
All-in sustaining cost 3 of $1,236 per Au eq. oz. sold in Q4 2022, and $1,271 per Au eq. oz. sold in 2022.
Margins 4 of $883 per Au eq. oz. sold in Q4 2022, and $856 for 2022.
Operating cash flow 5 of $474.3 million in Q4 2022, and $1,002.5 million in 2022.
Adjusted operating cash flow 3 was $496.1 million in Q4 2022, and $1,256.5 million in 2022.
Free cash flow 3 was $157.5 million in Q4 2022, and $238.3 million in 2022.
Reported net loss 6 of $106.0 million in Q4 2022, or $0.08 per share, and reported net earnings6 of $31.9 million, or $0.02 per share, in 2022.
Adjusted net earnings 3 , 7 of $108.2 million, or $0.09 per share in Q4 2022, and $283.1 million, or $0.22 per share, in 2022.
Cash and cash equivalents of $418.1 million, and totalliquidity8 of $1.8 billion at December 31, 2022.
Exploration and mineral reserves and resources update:

Excluding the divestitures, Kinross’ total proven and probable mineral reserve estimates decreased by 7.5%, or 2.1 million Au oz., to 25.5 million Au oz., primarily driven by depletion.
Excluding the divestitures, total measured and indicated resource estimates increased by 2%, or 459 Au koz., as the new 2.7 million Au resource estimate at Great Bear more than offset cost pressures. Inferred resource estimates increased by 26% or 2.2 million Au oz. driven by a 2.3 million Au increase at Great Bear.
Manh Choh added 698 Au koz. to its reserve estimates following the completion of the project feasibility study in July 2022.
________________________
1 Attributable production guidance includes Kinross' share of Manh Choh (70%) production.
2 “Production cost of sales from continuing operations 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 from continuing operations.
3 These figures are non-GAAP financial measures and ratios, as applicable, and are defined and reconciled on pages 20 to 25 of this news release. Non-GAAP financial measures and ratios have no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers.
4 “Margins” from continuing operations per equivalent ounce sold is defined as average realized gold price per ounce from continuing operations less production cost of sales from continuing operations per equivalent ounce sold.
5 Operating cash flow figures in this release represent “Net cash flow of continuing operations provided from operating activities,” as reported on the consolidated statements of cash flows.
6 Reported net earnings (loss) figures in this release represent “Net earnings (loss) from continuing operations attributable to common shareholders,” as reported on the consolidated statements of operations.
7 Adjusted net earnings figures in this news release represent “Adjusted net earnings from continuing operations attributable to common shareholders.”
8 “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, 2022).

CEO Commentary:
J. Paul Rollinson, President and CEO, made the following comments in relation to 2022 fourth-quarter and year-end results:

“Reflecting on 2022, it was a challenging year with significant change. I am proud of our global team who came together to address the challenges we faced and am pleased to note that we finished each quarter stronger than the last. As we have exited from Russia and Ghana, and are developing our Great Bear project in Red Lake, Ontario, our portfolio is now more weighted in the Americas. We are excited about the Great Bear initial mineral resource estimate, which we announced earlier this week. We believe we have a world-class development project at Great Bear and two cornerstone production assets, Tasiast and Paracatu, that together produce over 50 per cent of our gold.

“We introduced an enhanced share buyback program which, along with our quarterly dividend, saw us return $455 million to shareholders in 2022, which represented about 8 per cent of our market cap. We expect to continue with our dividend and dynamic buyback program in 2023 and 2024.

“We are proud to be a consistent leader in ESG performance and expect to publish our 2022 Sustainability Report in May. We strengthened Board oversight of ESG and advanced strategy, awareness and programming across the Company, focusing on achieving our targets and metrics to maintain our strong performance. In 2022 we:

Were awarded the Alaska Miners Association Environmental Stewardship Award for our Abandoned Mine Restoration initiative.
Advanced our commitment to diversity, equity and inclusion by working to embed inclusive behaviours into everyday interactions across the Company.
Made more than $10 million of monetary and in-kind contributions through site investments, and provided humanitarian support in Mauritania to help the country manage the impact of extreme weather events.
Advanced our green energy targets with the construction of the Tasiast solar plant, which is expected to come online in the second half of 2023.”
Financial results

Summary of financial and operating results

see & read more on
https://www.kinross.com/news-and-investors/news-releases/press-release-details/2023/Kinross-reports-2022-fourth-quarter-and-full-year-results/default.aspx

and
Kinross declares quarterly dividend
February 15, 2023
Download News Release(PDF 89 KB)
TORONTO, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX:K; NYSE:KGC) (the “Company”) today announced that the Company’s Board of Directors has declared a dividend of US$0.03 per common share for the fourth quarter of 2022.

The dividend is payable on March 23, 2023, to shareholders of record as of the close of business on March 8, 2023. This dividend qualifies as an “eligible dividend” for Canadian income tax purposes while dividends paid to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.

About Kinross Gold Corporation

Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).