Disciplined cost management supports robust margins and over $725 million in free cash flow

Returned ~40% of free cash flow to shareholders totalling over $600 million year-to-date

Development pipeline on track and compelling Lobo-Marte update

Kinross Gold Corporation (TSX: K) (NYSE: KGC) announced its results for the second quarter ended June 30, 2026.

2026 second-quarter highlights:

• Production¹ of 492,326 gold equivalent ounces.
• Production cost of sales² of $1,352 per Au eq. oz. sold and attributable production cost of sales¹ of $1,336 per Au eq. oz. sold.
• Attributable all-in sustaining cost¹ of $1,821 per Au eq. oz. sold.
• Operating cash flow³ of $1,145.9 million.
• Attributable free cash flow¹ of $726.8 million.
• Margins⁴ increased by 42% to $3,131 per Au eq. oz. sold compared with Q2 2025.
• Reported earnings⁵ of $844.2 million, or $0.71 per share, with adjusted net earnings⁶ of $847.8 million, or $0.71 per share.
• On track to meet annual guidance: On an attributable basis¹, Kinross expects to produce 2.0 million Au eq. oz. (+/- 5%) at a production cost of sales per Au eq. oz. sold¹ of $1,360 (+/- 5%) and all-in sustaining cost¹ of $1,730 (+/- 5%) per ounce sold for 2026. Total attributable capital expenditures¹ are forecast to be $1,500 million (+/- 5%).
• Cash and cash equivalents increased to $2.7 billion and net cash⁷ increased to $1.9 billion at June 30, 2026.

Return of capital to shareholders:

• Kinross is on track to return 40% of its free cash flow to shareholders in 2026. During the first half of the year, the Company repurchased $480 million in shares, and an additional $40 million in July. Including its quarterly dividend, Kinross has returned approximately $615 million in capital to shareholders year-to-date as of July 29, 2026.
• Since April 2025, Kinross returned over $1.1 billion of capital through share repurchases, representing approximately 4% of its shares outstanding.
• Kinross’ Board of Directors declared a quarterly dividend of $0.04 per common share payable on September 3, 2026, to shareholders of record at the close of business on August 20, 2026.

Operational highlights:

• Paracatu continued its strong operating performance as the highest producing mine in the portfolio.
• Tasiast delivered higher production quarter-over-quarter and year-over-year.

Development project highlights:

• Kinross announced a Lobo-Marte project economics refresh highlighting its potential to become a long-life, low-cost cornerstone asset. Lobo-Marte is expected to produce an average of ~350,000 Au oz. per year during steady state operations at a low all-in sustaining cost (“AISC”) of approximately $1,000 per ounce⁶ with an attractive Net Present Value (“NPV”)⁸ of $4.3 billion at a $4,100 per ounce gold price.
• Great Bear’s Advanced Exploration (“AEX”) construction is approximately 93% complete and the first blast of the exploration decline was completed on July 27, 2026. Detailed engineering is approximately 50% complete, with permitting and procurement progressing as planned for the Main Project.
• At Round Mountain Phase X, underground development is advancing slightly ahead of schedule. Engineering and procurement for site and underground infrastructure is progressing on plan.
• At Kettle River-Curlew (“Curlew”), underground development continued ahead of schedule, while site infrastructure advanced substantially and mill refurbishment activities commenced.
• At Bald Mountain Redbird, mining is advancing well and the heap leach pad expansion continued ahead of schedule. Engineering and procurement activities advanced well for mining and processing infrastructure, including progressing basic engineering for the Sulphidization, Acidification, Recycling and Thickening (“SART”) plant.

Sustainability:

• Consistent with Kinross’ commitment to responsible mining, its 2025 Sustainability Report was published during the second quarter, marking its 18^th edition. The report provides a comprehensive summary of the Company’s sustainability performance over 2025 and outlines the Company’s sustainability priorities.

CEO commentary:

1. Paul Rollinson, CEO, made the following comments in relation to 2026 second-quarter results:

“Kinross delivered a strong second quarter, generating over $725 million of free cash flow supported by solid production, disciplined cost management and strong margins. We returned more than $275 million to shareholders through share repurchases and dividends, and we remain on track to achieve our commitment of returning 40% of annual free cash flow to shareholders in 2026. Our balance sheet remains in excellent shape and was further strengthened during the quarter, providing significant flexibility to continue advancing our high-quality development pipeline while returning capital to shareholders.

“Our project pipeline continues to advance well. We were pleased to announce a Lobo-Marte project update, highlighting its potential to produce approximately 350,000 gold ounces per year at $1,000 per ounce AISC with robust economics, building on our nearly 30-year history in Chile. Alongside continued progress at Great Bear and our U.S. projects, Lobo-Marte reinforces the significant value embedded in our project portfolio. Together, these projects support our delivery of sustainable long-term value through disciplined growth and the execution of our grade enhancement strategy.

“As we advance our operations and development projects, responsible mining remains at the core of our approach. This quarter, we published our 18^th Sustainability Report, highlighting progress across key priorities including biodiversity conservation, water stewardship and community partnerships. These efforts support our commitment to creating long-term value for shareholders while making positive contributions for our stakeholders.

“Looking ahead, we are focused on maintaining our operational momentum, holding the line on costs and delivering robust margins and free cash flow. With a strong balance sheet, attractive return-of-capital framework, and compelling pipeline of development and exploration opportunities, Kinross remains well positioned to continue responsibly delivering value for our shareholders.”

The following operating and financial results are based on second-quarter gold equivalent production:

Production: Kinross produced 492,326 Au eq. oz. in Q2 2026, compared with 512,574 Au eq. oz. in Q2 2025, a decrease of 4%. Higher production from Tasiast and Paracatu was offset by lower production from Bald Mountain, Round Mountain and Fort Knox.

Average realized gold price⁹: The average realized gold price during the quarter was $4,483 per ounce, compared with $3,284 per ounce in Q2 2025, a 37% increase year-over-year.

Revenue: Revenue increased to $2,238.1 million in the second quarter, compared with $1,728.5 million during Q2 2025. The 29% year-over-year increase was due to the increase in the average realized gold price.

Production cost of sales: Production cost of sales per Au eq. oz. sold² increased to $1,352 in the second quarter, compared with $1,080 in Q2 2025. Attributable production cost of sales per Au eq. oz. sold¹ increased to $1,336 for the quarter, compared with $1,074 in Q2 2025. The increases were mainly due to higher fuel costs, higher royalty costs as a result of the higher average realized gold price, as well as higher labour costs.

Attributable production cost of sales per Au oz. sold on a by-product basis¹ was $1,253 in the second quarter of 2026, compared with $1,044 in the second quarter of 2025, based on attributable gold sales of 477,879 ounces and silver sales of 761,479 ounces.

Margins⁴: Kinross’ margin per Au eq. oz. sold increased by 42% to $3,131 for the second quarter, compared with the Q2 2025 margin of $2,204.

Attributable all-in sustaining cost¹: Attributable all-in sustaining cost per Au eq. oz. sold was $1,821 in Q2 2026, compared with $1,493 in Q2 2025.

Attributable all-in sustaining cost per Au oz. sold on a by-product basis was $1,751 in the second quarter, compared with $1,469 in Q2 2025.

Operating cash flow³: Operating cash flow increased to $1,145.9 million for Q2 2026, compared with $992.4 million for Q2 2025.

Attributable adjusted operating cash flow¹ for Q2 2026 was $1,111.9 million, compared with $883.4 million for Q2 2025.

Attributable free cash flow¹: Attributable free cash flow increased to $726.8 million in Q2 2026, compared with $646.6 million in Q2 2025.

Reported net earnings⁵: Reported net earnings increased by 59% to $844.2 million during the quarter, or $0.71 per share, compared with reported net earnings of $530.7 million, or $0.43 per share, for Q2 2025.

Adjusted net earnings⁶ increased to $847.8 million, or $0.71 per share, for Q2 2026, compared with $541.0 million, or $0.44 per share, for Q2 2025.

Capital expenditures¹⁰: Capital expenditures increased to $411.0 million for Q2 2026, compared with $306.1 million in Q2 2025, driven by a ramp-up of development activities at Curlew, Round Mountain Phase X, Bald Mountain Redbird and Great Bear as well as an increase in capital expenditures at Paracatu mainly due to timing.

Attributable capital expenditures¹ were $406.2 million for Q2 2026, compared with $301.8 million for Q2 2025.

Balance sheet

Kinross continued to strengthen its balance sheet in the second quarter, adding approximately $470 million to its cash position after returning over $275 million in capital to shareholders. As of June 30, 2026, Kinross had cash and cash equivalents of $2.7 billion and net cash⁷ of $1.9 billion, compared with $2.2 billion and $1.4 billion, respectively, at the end of the first quarter.

The Company had additional available credit¹¹ of $1.7 billion and total liquidity¹² of approximately $4.4 billion as of June 30, 2026, with no debt maturities until 2033.

Return of capital to shareholders

Kinross continues to advance its 2026 buyback strategy, having repurchased and cancelled approximately $230 million in shares during the quarter, representing 7.9 million shares. Including its quarterly dividend, Kinross returned over $275 million to shareholders in Q2.

Year-to-date, approximately $520 million in shares have been repurchased in 2026, representing 17.3 million shares. Including its quarterly dividend, Kinross has returned over $600 million in capital to shareholders to date in 2026. Since April 2025, Kinross has repurchased approximately $1.1 billion in shares, reducing our share count by approximately 4%, and returned approximately $1.3 billion in capital to shareholders.

As part of its quarterly dividend program, the Company also declared a dividend of $0.04 per common share payable on September 3, 2026, to shareholders of record on August 20, 2026.

Operating results

Mine-by-mine summaries for 2026 second-quarter operating results may be found on pages 10 and 14 of this news release. Highlights include the following:

At Tasiast, production increased quarter-over-quarter and year-over-year primarily driven by higher throughput and timing of ounces processed through the mill. Cost of sales per ounce sold were in-line with the prior quarter, and increased year-over-year primarily due to higher royalties, fuel and labour costs.

At Paracatu, production was in-line quarter-over-quarter and increased year-over-year as a result of higher mill grades and recoveries, partially offset by a decrease in tonnes processed. Cost of sales per ounce sold were in-line with the prior quarter, and increased compared with Q2 2025 due to the strengthening of the Brazilian real and higher royalty costs, as well as planned increased drilling and blasting.

At La Coipa, production increased quarter-over-quarter as a result of higher planned grades and higher throughput. Compared with Q2 2025, production increased primarily due to higher tonnes processed and gold grades, partially offset by expected gold recoveries. Quarter-over-quarter, cost of sales per ounce sold decreased due to the increase in production, and was comparable year-over-year.

At Fort Knox, production was in-line quarter-over-quarter and cost of sales per ounce sold decreased due to the timing of ounces processed through the mill. Production was lower year-over-year primarily due to the timing of ounces processed through the mill, and cost of sales per ounce sold increased due to higher fuel, power and contractor costs as well as lower-grade, lower-recovery ore tonnes processed through the mill.

Round Mountain is currently in a phase of higher waste mining and lower-grade, lower-volume ore supply as it is stripping Phase S. Higher-grade, higher recovery ore is expected from Phase S in the second half of the year.

At Bald Mountain, production was in-line with Q1 2026, and decreased year-over-year due to grades and the timing of ounces recovered from the heap leach pads. Quarter-over-quarter, cost of sales per ounce sold decreased due to the ramp-up of capital development at Redbird in Q2 and higher ounces placed on the heap leach pads, and increased year-over-year due to the decrease in production and higher reagent and fuel costs.

Development projects

Lobo-Marte

Kinross announced an updated view of the economics for its Lobo-Marte project, based on a refresh of the 2021 feasibility study economics, reaffirming its potential to become a long-life, low-cost cornerstone asset in the Company’s portfolio. Based on the initial mine plan, Lobo-Marte is expected to produce an average of ~350,000 Au oz. per year during steady state operations, with a low estimated AISC of approximately $1,000 per ounce⁶.

The initial mine plan includes approximately 6.7 Moz. of proven and probable reserves with significant potential for mine life extension through the 2.8 Moz. of Measured and Indicated resource and 670,000 oz. inferred resource, as well as on the wider prospective land package at Lobo-Marte.

The project has an estimated NPV⁸ of $4.3 billion, Internal Rate of Return¹³ of 26% and payback of 2.3 years at a $4,100 per ounce gold price.

The Company continues to advance permitting, engineering and execution planning with the project’s Environmental Impact Assessment currently progressing through Chile’s permitting process.

Great Bear

At Great Bear, Kinross continues to progress its AEX program alongside permitting, detailed engineering, and procurement activities for the Main Project.

Following receipt of the AEX permits in April, construction continued on the final earthworks and liner installation for the remaining ponds and the stockpile pads. Surface construction is now 93% complete, and the first blast of the exploration decline was completed on July 27, 2026. Underground development at AEX is designed to provide access for infill drilling of the resource and exploration drilling to further delineate extensions of mineralization.

For the Main Project, detailed engineering is approximately 50% complete. Procurement of major equipment continues to advance, with contracts awarded for the process plant, power, and paste plant equipment. Requests for Proposals for the camp, administration, and process buildings are ongoing. Selection of the open pit mining fleet is nearing completion.

Main Project permitting activities are progressing as planned. Federally, Great Bear entered the Information Request phase of the Impact Assessment process following submission of the third and final phase of its Impact Statement to the Impact Assessment Agency of Canada (“IAAC”) in March 2026. Kinross is working with IAAC to respond to the third-party comments collected by IAAC during the Information Request phase.

Provincially, the Ministry of Energy and Mines deemed the final One Project, One Process Project Definition complete in early May, and subsequently issued the Integrated Authorization and Permitting Plan for the Main Project. Kinross has submitted and is awaiting finalization of the Integrated Plan for Indigenous Consultation and advancing submitted permit applications in accordance with the Integrated Authorization and Permitting Plan. 

We are pleased to report that Great Bear has recently signed a confidential Community Benefits Agreement with the Northwestern Ontario Métis Community, which is part of the Métis Nation of Ontario. Among other matters, the agreement outlines the key economic terms and includes financial accommodation, among other benefits, to the community. As previously disclosed, a Memorandum of Understanding was signed with Lac Seul and Wabauskang First Nations to facilitate the Impact and Benefits Agreement that the parties continue to advance.

Drilling at the Strider Zone continued in Q2, stepping out over 2.7 kilometres from the Viggo Pit and extending the footprint of LP-style, high-grade mineralization on strike. Currently, the Strider Zone has been delineated to a vertical depth of 150 metres, with the next phase of drilling focused on testing the extents both along strike and at depth.

Key intercepts from Q2 include:

• REG-26-186: 1.5m @ 15.98 g/t Au
• REG-26-193: 1.1m @ 27.6 g/t Au
• REG-26-191: 1.0m @ 6.03 g/t Au

Round Mountain Phase X

Underground development at Phase X is advancing slightly ahead of schedule, with over 8,400 metres developed to date. Engineering work is progressing well and site planning for surface and underground infrastructure is well advanced. Procurement of long lead items including mining equipment is on schedule.

Curlew

At Curlew, construction of the tailings dewatering plant building is complete and installation of mechanical equipment is underway. The mill refurbishment contractor has onboarded and activities are ramping up. The underground mine development continues to advance ahead of schedule, including the construction of collars to support raise boring activities commencing in Q3.

Bald Mountain Redbird

At Redbird, mining is ongoing and development activities continued to progress ahead of plan during the quarter. Key milestones included the completion of heap leach pad earthworks, and the delivery and commissioning of mining equipment. Basic engineering of the SART plant is approximately 50% complete and the detailed engineering contractor has been selected.

Sustainability

In June, Kinross published its 2025 Sustainability Report, highlighting the Company’s continued focus on responsible mining, environmental stewardship, strong governance and creating long-term value for stakeholders. The report details Kinross’ progress across key Sustainability priorities, including advancing climate and water management initiatives, supporting local employment and procurement, and investing in community partnerships across its operating regions.

In the Sustainability Report, the Company highlighted several biodiversity and nature-related initiatives. In Brazil, Kinross continued its efforts to protect the Cerrado biome and advance spring protection programs near Paracatu, supporting ecosystem conservation and responsible water stewardship. In Mauritania, the Company continued to advance the Tasiast Green Project as part of its ongoing commitment to environmental performance and climate-related initiatives. Across its portfolio, Kinross remains focused on maintaining its strong Sustainability performance, including its focus on biodiversity conservation, responsible resource management and minimizing environmental impacts.

During the second quarter of 2026, Tasiast provided humanitarian support to communities in the Inchiri region of Mauritania. Kinross also funded a full-time dentist position in Tonopah, Nevada, to improve access to healthcare services in the community. In governance, the Company published its refreshed Procurement Policy and continued implementation of its Responsible Use of Artificial Intelligence Policy.

Senior Management update

Kinross is pleased to announce the appointment of Bernard Wessels as Chief Operating Officer to succeed Claude Schimper, who will be retiring later this year. Mr. Schimper will remain with the Company for a transition period, supporting business continuity as part of a structured succession plan.

Mr. Wessels is a seasoned mining engineer with over 25 years of operations management experience, and most recently served as Group Head, Health, Safety and Security at Newmont Corporation. During his time at Newmont, he also held the roles of Managing Director, North America, and General Manager at the Peñasquito and Ahafo mines. Before joining Newmont in 2017, he held a variety of senior operational positions at companies such as Sibanye-Stillwater, Harmony Gold and a joint venture between Atlatsa Resources and Anglo American Platinum. He holds a Baccalaureus Degree in Mining Engineering from the University of Johannesburg as well as Leadership and Project Management certificates from the University of Witwatersrand and the University of Pretoria.

Mr. Schimper joined Kinross in 2010, and before being appointed COO in July 2022, led the Company’s Russia and West Africa regions. A steadfast champion of health and safety he led the evolution of Kinross’ operating culture, including the development of the Safety Excellence program and the launch of Safeground, the Company’s global health and safety program. His drive for continuous improvement helped deliver strong operational performance across the portfolio, including the successful ramp up of the Tasiast mine, record production achievements and the advancement of key growth projects that will continue to benefit the Company.

Board update

On July 29, 2026, Kinross appointed Alice Wong to its Board of Directors. Ms. Wong brings more than 35 years of leadership experience in the nuclear fuel, mining and energy sectors, including senior executive roles at Cameco Corporation. She currently serves on the board of Hecla Mining Company and chairs its Corporate Governance, Nominating and Sustainability Committee. Ms. Wong holds a Master of Arts in Economics and a Bachelor of Commerce from the University of Saskatchewan.

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).

Review of operations

Consolidated balance sheets

Consolidated statements of operations

Consolidated statements of cash flows