Delivers on 2023 guidance, strong 2024 outlook of 2.1 million Au eq. oz.
Tasiast and La Coipa projects completed driving significant free cash flow
Great Bear exceeds expectations and adds more than one million high-grade inferred ounces

TORONTO, Feb. 14, 2024 (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, 2023.

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

2023 full-year results and 2024 guidance:

2023 guidance
(+/- 5%) Q4 2023 results 2023 full-year results 2024 guidance
(attributable) 1
(+/- 5%)
Gold equivalent production 1
(ounces) 2.1 million 546,513 2.15 million 2.1 million
Production cost of sales 1, 2
($ per Au eq. oz.) $970 $976 $942 $1,020
All-in sustaining cost 1, 2, 3
($ per Au eq. oz.) $1,320 $1,353 $1,316 $1,360
Attributable 1 capital expenditures 4 (million) $1,000 million $298 million
(Capital expenditures of $311 million4) $1,055 million
(Capital expenditures of $1,098 million4) $1,050 million
Attributable1 production in 2024 is expected to be 2.1 million Au eq. oz. Kinross has forecasted stable production guidance of approximately 2.0 million attributable Au eq. oz. in each of 2025 and 2026.
Operational, development project and exploration highlights:

Tasiast had record throughput in Q4 2023 and achieved record full-year production. It remains well-positioned to deliver another strong year in 2024.
La Coipa achieved record quarterly production driven by strong throughput and grades.
Paracatu delivered another year of steady production including record recovery in 2023.
Tasiast, Paracatu and La Coipa represented nearly 70% of production and were the lowest cost mines in the portfolio, contributing significant free cash flow.
Great Bear increased its year-over-year inferred resource estimate by 45%, adding more than one million ounces primarily driven by high-grade underground additions. Kinross has increased Great Bear’s mineral resource estimate to approximately 2.8 million Au oz. of measured and indicated mineral resources, and to approximately 3.3 million ounces of inferred mineral resources.
At Manh Choh, mining activities are well underway including the commencement of ore mining and stockpiling. The project remains on budget and on schedule for initial production in the second half of 2024.
At Round Mountain, mining of Phase S has commenced. Development of the Phase X exploration decline is approaching the target mineralization, with drilling activities having commenced in early 2024 and set to ramp up through the year.
2023 Q4 and full-year highlights:
see & read more on
https://www.kinross.com/news-and-investors/news-releases/press-release-details/2024/Kinross-reports-2023-fourth-quarter-and-full-year-results/