Increased production at Tasiast, Paracatu, and La Coipa drives robust free cash flow
Tasiast 24k construction and initial commissioning complete leading to record quarterly production

TORONTO, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the second-quarter ended June 30, 2023.

This news release contains forward-looking information about expected future events and financial and operating performance of the Company. Please refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 26 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

Q2 2023 highlights from continuing operations:

Production of 555,036 gold equivalent ounces (Au eq. oz.), a 22% year-over-year increase.
Production cost of sales 1 of $900 per Au eq. oz. sold and all-in sustaining cost2 of $1,296 per Au eq. oz. sold.
Margins 3 of $1,076 per Au eq. oz. sold.
Operating cash flow 4 of $528.6 million and adjusted operating cash flow2 of $459.1 million.
Reported net earnings 5 of $151.0 million, or $0.12 per share, with adjusted net earnings2, 6 of $167.6 million, or $0.14 per share2.
Cash and cash equivalents of $478.4 million, and totalliquidity7 of approximately $1.9 billion at June 30, 2023.
Guidance reaffirmed: Kinross expects to produce 2.1 million Au eq. oz. (+/- 5%) and is on track to meet its 2023 guidance for production cost of sales, all-in sustaining cost and attributable capital expenditures.
Debt refinancing: In July, Kinross issued $500.0 million in Senior Notes to refinance its 2024 Notes, extending the maturity to 2033.
Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on September 8, 2023 to shareholders of record at the close of business on August 24, 2023.
Kinross published its 2022 Climate Report on July 21, 2023, detailing its Climate Change Strategy and a comprehensive summary of its progress over the past year with a target to be a net-zero greenhouse gas emissions Company by 2050.
Operational and development project highlights:

Tasiast achieved record quarterly production and sales driven by strong grades and higher recoveries. The Tasiast 24k expansion project achieved a major milestone as construction and initial commissioning are now complete with the ramp-up process underway.
Paracatu delivered another strong quarter with higher production and lower costs both quarter-over-quarter and year-over-year.
La Coipa delivered higher quarterly and year-over-year production, and the lowest costs in the portfolio.
Manh Choh received its key operating permits in May and remains on track for initial production in the second half of 2024.
At Great Bear, Kinross recently signed an Advanced Exploration Agreement with the Wabauskang and Lac Seul First Nations as the Company moves from surface exploration to underground exploration. The Company is using directional core drilling to more efficiently target the resource, and is progressing studies and permitting for its advanced exploration program.
CEO commentary:
J. Paul Rollinson, President and CEO, made the following comments in relation to 2023 second-quarter results:

“Our portfolio of mines performed well during the quarter contributing to a strong first half of the year. Our margins grew by 27%, operating earnings were significantly higher, and free cash flow more than doubled compared with the same period last year. Tasiast, Paracatu and La Coipa delivered approximately 70% of our production and our lowest costs for the quarter, including record production at Tasiast, and we remain on track to meet our annual production and cost outlook for 2023.

“Our pipeline of projects continued to make strong progress. During the quarter, construction and initial commissioning was completed at the Tasiast 24k project, on schedule and on budget. The Tasiast 24k project is expected to increase production and lower costs while generating significant free cash flow. Manh Choh is advancing on plan to come online in the second half of 2024 following the receipt of its key operating permits in May.

“At Great Bear, we are pleased to have recently signed an Advanced Exploration Agreement with our partners the Wabauskang and Lac Seul First Nations on whose traditional territories the project is located. We recognize that respect, collaboration and consideration for our First Nation partners is central to our license to operate in the area. We are committed to developing a project that honours Indigenous rights and brings long-term socio-economic benefits, consistent with how Kinross operates in all of our host communities.

“We also released our annual Climate Report, which provides a transparent and comprehensive account of our reporting in this important area. We advanced our climate change strategy in 2022 as well as a number of energy-efficiency projects that support our goal of achieving net-zero emissions by 2050. The solar plant at Tasiast is on schedule to come online by the end of the year and is expected to reduce greenhouse gas emissions by approximately 530,000 tonnes over the life of mine.”

Summary of financial and operating results

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TORONTO, Aug. 02, 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 second quarter of 2023.

The dividend is payable on September 8, 2023, to shareholders of record as of the close of business on August 24, 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

Dividend.
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).