Kinross reports 2024 fourth-quarter and full-year results

TORONTO, Feb. 12, 2025 Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the fourth quarter and year ended December 31, 2024¹.

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.

2024 full-year results and 2025 guidance:

	2024 guidance (+/- 5%)	Q4 2024 results	2024 full-year results	2025 guidance (+/- 5%)
Gold equivalent production1 (ounces)	2.1 million	501,209	2.13 million	2.0 million
Production cost of sales2 Attributable production cost of sales1 ($ per Au eq. oz.)	– $1,020	$1,098 $1,096	$1,020 $1,021	– $1,120
Attributable all-in sustaining cost1 ($ per Au eq. oz.)	$1,360	$1,510	$1,388	$1,500
Capital expenditures3 Attributable capital expenditures1 (million)	– $1,050	$281 $279	$1,076 $1,051	– $1,150

• Kinross has forecasted stable production guidance of approximately 2.0 million attributable Au eq. oz. (+/- 5%) in 2026 and 2027.

2024 Q4 and full-year highlights:

• Margins⁴ of $1,565 per Au eq. oz. sold in Q4 2024, and $1,373 for 2024.
• Operating cash flow⁵ of $734.5 million in Q4 2024, and $2,446.4 million in 2024.
• Attributable free cash flow¹ was $434.4 million in Q4 2024, and $1,340.2 million in 2024, both of which are Company records.
• Reported net earnings⁶ of $275.6 million in Q4 2024, or $0.22 per share, and $948.8 million, or $0.77 per share, in 2024.
• Adjusted net earnings^7,8 of $240.0 million, or $0.20 per share in Q4 2024, and $838.3 million, or $0.68 per share, in 2024.
• Cash and cash equivalents of $611.5 million, and total liquidity⁹ of $2.3 billion at December 31, 2024. The Company also continued to prioritize debt reduction, repaying the remaining balance on its term loan on February 10, 2025.
• Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on March 20, 2025, to shareholders of record at the close of business on March 5, 2025.
• Catherine McLeod-Seltzer has announced that she will not be standing for election. Kelly Osborne, a Board member since 2015, has been approved as Chair of the Board, effective upon his re-election.

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 25 to 31 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 “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, 2024).

Operational highlights:

• Tasiast delivered record throughput, production and cash flow in 2024, and was the highest-margin operation.
• Paracatu had another strong year, delivering over 500,000 gold ounces for the 7^th consecutive year.
• Fort Knox significantly increased annual production as a result of first gold from Manh Choh in Q3 2024.

Development project and exploration highlights:

• At Great Bear, the Advanced Exploration (AEX) program is making strong progress with early works underway.
• At Bald Mountain, approved the Redbird pit, extending mine life and adding ~1 million gold ounces to reserves.
• At Lobo-Marte, the dedicated project team is progressing baseline studies to support permitting.
• At Round Mountain Phase X, wide, high-grade intercepts in upper and lower targets, confirming exploration thesis.
• At Curlew, exploration efforts resulted in high-grade, high-quality resource growth.

CEO Commentary:
J. Paul Rollinson, CEO, made the following comments in relation to 2024 fourth-quarter and year-end results:

“2024 marked another excellent year for Kinross and we have, once again, met our production and cost guidance. We delivered record free cash flow⁷ of $1.3 billion, which more than doubled year-over-year, repaid $800 million of debt, and grew our margins by 37%, significantly outpacing the rise in gold price.

“Three years ago, in February 2022, we acquired Great Bear through a combination of cash and shares. I’m proud to say that, since then, we have fully repaid the debt associated with that acquisition and have fewer shares outstanding due to our share buyback program. We have also outlined a high-grade resource and published an attractive Preliminary Economic Assessment demonstrating top-tier, high-margin production potential.

“We converted nearly 1 million resource ounces to reserves at Bald Mountain, which, coupled with the receipt of our Juniper permit in 2024, resulted in the decision to proceed with mining at Redbird.

“In Sustainability, we advanced environmental, social and governance initiatives across our host countries and look forward to publishing our detailed 2024 Sustainability Report in May. Highlights from 2024 include:

• Completed more than 15 energy efficiency projects across the portfolio and on track to achieve 30% reduction in emissions intensity by 2030;
• Provided flood relief aid to communities in the south of both Mauritania and Brazil; and
• Recognized as the top gold company and in the top 10% overall in The Globe and Mail’s corporate governance ranking.

“We are forecasting another strong year of production of approximately 2.0 million gold equivalent ounces while maintaining our consistent operational performance. Our operational focus in 2025 will be on cost control, capital discipline and delivering on planned grades. We are also anticipating additional returns of capital to shareholders later in 2025.”

Financial results

Summary of financial and operating results

	Three months ended				Years ended
(in millions of U.S. dollars, except ounces, per share amounts, and per ounce amounts)	December 31,				December 31,
		2024		2023		2024			2023
Operating Highlights(a)
Total gold equivalent ounces(b)
Produced		514,355		546,513		2,170,791			2,153,020
Sold		531,729		565,389		2,153,212			2,179,936
Attributable gold equivalent ounces(b)
Produced		501,209		546,513		2,128,052			2,153,020
Sold		517,980		565,389		2,111,688			2,179,936
Earnings(a)
Metal sales	$	1,415.8	$	1,115.7	$	5,148.8		$	4,239.7
Production cost of sales	$	583.8	$	552.0	$	2,197.1		$	2,054.4
Depreciation, depletion and amortization	$	284.8	$	271.7	$	1,147.5		$	986.8
Impairment charge (reversal)	$	–	$	38.9	$	(74.1	)	$	38.9
Operating earnings	$	501.1	$	193.5	$	1,540.3		$	801.4
Net earnings attributable to common shareholders	$	275.6	$	65.4	$	948.8		$	416.3
Basic and diluted earnings per share attributable to common shareholders	$	0.22	$	0.06	$	0.77		$	0.34
Adjusted net earnings attributable to common shareholders(c)	$	240.0	$	140.0	$	838.3		$	539.8
Adjusted net earnings per share(c)	$	0.20	$	0.11	$	0.68		$	0.44
Cash Flow(a)
Net cash flow provided from operating activities	$	734.5	$	410.9	$	2,446.4		$	1,605.3
Attributable adjusted operating cash flow(c)	$	614.1	$	409.6	$	2,143.1		$	1,676.7
Capital expenditures(d)	$	280.7	$	311.3	$	1,075.5		$	1,098.3
Attributable capital expenditures(c)	$	278.8	$	297.7	$	1,050.9		$	1,055.0
Attributable free cash flow(c)	$	434.4	$	116.7	$	1,340.2		$	559.7
Per Ounce Metrics(a)
Average realized gold price per ounce(e)	$	2,663	$	1,974	$	2,393		$	1,945
Attributable average realized gold price per ounce(c)	$	2,665	$	1,974	$	2,391		$	1,945
Production cost of sales per equivalent ounce(b) sold(f)	$	1,098	$	976	$	1,020		$	942
Attributable production cost of sales per equivalent ounce(b) sold(c)	$	1,096	$	976	$	1,021		$	942
Attributable production cost of sales per ounce sold on a by-product basis(c)	$	1,069	$	936	$	988		$	892
Attributable all-in sustaining cost per equivalent ounce(b) sold(c)	$	1,510	$	1,353	$	1,388		$	1,316
Attributable all-in sustaining cost per ounce sold on a by-product basis(c)	$	1,490	$	1,328	$	1,365		$	1,284
Attributable all-in cost per equivalent ounce(b) sold(c)	$	1,868	$	1,709	$	1,739		$	1,634
Attributable all-in cost per ounce sold on a by-product basis(c)	$	1,854	$	1,699	$	1,725		$	1,619

(a)   All measures and ratios include 100% of the results from Manh Choh, except measures and ratios denoted as “attributable.” “Attributable” measures and ratios include Kinross’ 70% share of Manh Choh production, sales, cash flow, capital expenditures and costs, as applicable.
(b)   “Gold equivalent ounces” include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for each period. The ratio for the fourth quarter and full year 2024 was 84.67:1 and 84.43:1, respectively (fourth quarter and full year 2023 – 85.00:1 and 83.13:1, respectively).
(c)   The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 25 to 31 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.
(d)   “Capital expenditures” is as reported as “Additions to property, plant and equipment” on the consolidated statements of cash flows.
(e)   “Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold.
(f)   “Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.

The following operating and financial results are based on fourth-quarter and year-end 2024 gold equivalent production:

Production: Kinross produced 501,209 Au eq. oz. in Q4 2024, compared with 546,513 Au eq. oz. in Q4 2023.

Over the full year, Kinross produced 2,128,052 Au eq. oz., largely in line with full-year 2023 production of 2,153,020 Au eq. oz.

Average realized gold price¹⁰: The average realized gold price in Q4 2024 was $2,663 per ounce, compared with $1,974 per ounce in Q4 2023. For full-year 2024, the average realized gold price per ounce was $2,393, compared with $1,945 per ounce for full-year 2023.

Revenue: During the fourth quarter, revenue increased to $1,415.8 million, compared with $1,115.7 million during Q4 2023. Revenue increased to $5,148.8 million for full-year 2024, compared with $4,239.7 million for full-year 2023. The 21% year-over-year increase is primarily due to the increase in the average realized gold price.

Production cost of sales: Production cost of sales per Au eq. oz.² sold was $1,098 for Q4 2024, compared with $976 in Q4 2023. Production cost of sales per Au eq. oz.² sold was $1,020 for full-year 2024, compared with $942 for full-year 2023.

Attributable production cost of sales per Au eq. oz. sold¹ was $1,096 in Q4 2024, compared with $976 in Q4 2023, based on attributable gold sales of 517,980 ounces. Attributable production cost of sales per Au eq. oz. sold¹ was $1,021 for full-year 2024, compared with $942 for full-year 2023, based on attributable gold sales of 2,111,688.

Margins⁴: Kinross’ margin per Au eq. oz. sold was $1,565 for Q4 2024, compared with the Q4 2023 margin of $998. Full-year 2024 margin per Au eq. oz. sold was $1,373, compared with $1,003 for full-year 2023.

Attributable all-in sustaining cost¹: Attributable all-in sustaining cost per Au eq. oz. sold was $1,510 in Q4 2024, compared with $1,353 in Q4 2023. Full-year attributable all-in sustaining cost per Au eq. oz. sold was $1,388, compared with $1,316 for full-year 2023.

In Q4 2024, attributable all-in sustaining cost per Au oz. sold on a by-product basis¹ was $1,490, compared with $1,328 in Q4 2023. Attributable all-in sustaining cost per Au oz. sold on a by-product basis¹ was $1,365 for full-year 2024, compared with $1,284 in 2023.

Operating cash flow⁵: Operating cash flow was $734.5 million for Q4 2024, compared with $410.9 million for Q4 2023. Operating cash flow for full-year 2024 was $2,446.4 million, compared with $1,605.3 million for full-year 2023, primarily due to the increase in margins and favourable working capital movements.

Attributable adjusted operating cash flow¹ for Q4 2024 was $614.1 million, compared with $409.6 million for Q4 2023. Attributable adjusted operating cash flow¹ for full-year 2024 was $2,143.1 million, compared with $1,676.7 million in 2023.

Attributable free cash flow¹: Record attributable free cash flow was $434.4 million in Q4 2024, compared with $116.7 million in Q4 2023. Record attributable free cash flow for full-year 2024 was $1,340.2 million compared with attributable free cash flow of $559.7 million in 2023.

Earnings⁶: Reported net earnings were $275.6 million for Q4 2024, or $0.22 per share, compared with reported net earnings of $65.4 million, or $0.06 per share, for Q4 2023. Full year reported net earnings in 2024 were $948.8 million, or $0.77 per share, compared with reported net earnings of $416.3 million, or $0.34 per share, in 2023.

Adjusted net earnings^{7, 8} were $240.0 million, or $0.20 per share, for Q4 2024, compared with $140.0 million, or $0.11 per share, for Q4 2023. Full-year adjusted net earnings^{7, 8} were $838.3 million, or $0.68 per share, compared with $539.8 million, or $0.44 per share, for full-year 2023.

Attributable capital expenditures¹: Attributable capital expenditures were $278.8 million for Q4 2024, compared with $297.7 million for Q4 2023. Attributable capital expenditures for full-year 2024 were $1,050.9 million, compared with $1,055.0 million in 2023, which included the start of Phase S development at Round Mountain, continued work at Great Bear, and increased capital development at Tasiast for West Branch 5.

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