Strong start to the year with robust margins driving strong free cash flow
Development projects on track
Well positioned to meet annual guidance

TORONTO, May 07, 2024 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the first quarter ended March 31, 2024.

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 27 and 28 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

2024 first-quarter highlights:

Production of 527,399 gold equivalent ounces (Au eq. oz.), a 13% year-over-year increase.
Production cost of sales1, 2 of $982 per Au eq. oz. sold and all-in sustaining cost2, 3 of $1,310 per Au eq. oz. sold, both of which are in line with Q1 2023.
Margins4 increased by 20% to $1,088 per Au eq. oz. sold, outpacing the rise in the average realized gold price.
Operating cash flow5 of $374.4 million and adjusted operating cash flow3 of $424.9 million. Attributable6 free cash flow3 of $145.3 million.
Reported net earnings7 of $107.0 million, or $0.09 per share, with adjusted net earnings3, 8 of $124.9 million, or $0.10 per share3.
Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on June 13, 2024, to shareholders of record at the close of business on May 30, 2024.
On track to meet annual guidance: On an attributable basis6, Kinross expects to produce 2.1 million Au eq. oz. (+/- 5%) at a production cost of sales per Au eq. oz.1 of $1,020 (+/- 5%) and all-in sustaining cost3 of $1,360 (+/- 5%) per ounce sold for 2024. Total attributable6 capital expenditures3 are forecast to be approximately $1,050 million (+/- 5%).
Balance sheet strength: Kinross has improved its debt metrics and continues to maintain its investment grade credit ratings. As of March 31, 2024, Kinross had cash and cash equivalents of $406.9 million, for total liquidity9 of approximately $2 billion.
Operations:
Kinross’ three largest producing mines – Tasiast, Paracatu and La Coipa – delivered 68% of total production, with production cost of sales of $821 per Au eq. oz. sold1 and margins4 of $1,251 per Au eq. oz. sold.
Tasiast achieved record quarterly throughput as the mine continued its strong performance since the completion of the 24k project.
Paracatu achieved record quarterly throughput and La Coipa continued to deliver high margin production.
Development projects:
Kinross’ pipeline of development projects continues to advance on plan.
At Great Bear, the drilling campaign made strong progress in Q1 2024 and continues to successfully target extensions of the resource at depth.
At Manh Choh, operations are ramping up and the project is on track for first production in early Q3 2024.
At Round Mountain, Phase S mining is on plan, and the exploration decline at Phase X is progressing well, with approximately 1,800 metres developed to date.
Sustainability Report: Kinross expects to publish its 2023 Sustainability Report later this month, providing a comprehensive summary of its performance over the past year.
CEO commentary:
J. Paul Rollinson, CEO, made the following comments in relation to 2024 first-quarter results:

“We have had a strong start to the year and are well positioned to meet our annual guidance. Our portfolio of mines performed well, driven by strong operational performance, disciplined cost management and higher gold prices. The Company delivered a 20% increase in margins to $1,088 per ounce sold, which is approximately double the percentage increase in the gold price over the same period. As a result, free cash flow more than tripled over Q1 2023.

“With the strong sustained gold price, we will continue to prioritize our financial discipline and operational excellence. We will focus on maintaining our margins and cost profile, prudent capital allocation and debt reduction.

“Our development projects are all proceeding as planned. At Great Bear, we made excellent progress on our 2024 drilling campaign, which continued to successfully target extensions of the resource at depth, and we remain on track to release a preliminary economic assessment (PEA) in the second half of the year. At Round Mountain, Phase S and Phase X are advancing well. We are also looking forward to first production at Manh Choh early in the third quarter. At Tasiast, our solar power plant is complete and generating power at full capacity.

“Kinross’ commitment to Sustainability is deeply rooted in our values and culture, and we are proud of our consistent high rankings in our industry. We are looking forward to publishing our 2023 Sustainability Report later this month, marking our 16th year of reporting in this important area.”

Summary of financial and operating results
see & read more on
https://www.kinross.com/news-and-investors/news-releases/press-release-details/2024/Kinross-reports-2024-first-quarter-results/default.aspx

Kinross declares quarterly dividend
May 7, 2024
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TORONTO, May 07, 2024 (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 first quarter of 2024.

The dividend is payable on June 13, 2024, to shareholders of record as of the close of business on May 30, 2024. 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.