Kinross Gold Corporation (TSX: K) (NYSE: KGC) today announced its results for the third quarter ended September 30, 2026.
^{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 22 and 24 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.}

2026 third-quarter highlights:

• Production¹ of 424,693 gold equivalent ounces.
• Production cost of sales² of $1,502 per Au eq. oz. sold and attributable production cost of sales¹ of $1,485 per Au eq. oz. sold.
• Attributable all-in sustaining cost¹ of $1,947 per Au eq. oz. sold.
• Operating cash flow³ of $714.4 million and attributable adjusted operating cash flow¹ of $830.9 million.
• Attributable free cash flow¹ of $281.3 million and attributable adjusted free cash flow¹ of $391.4 million.
• Margins⁴ increased by 19% to $2,747 per Au eq. oz. sold compared with Q3 2025.
• Reported earnings⁵ of $583.2 million, or $0.49 per share, with adjusted net earnings⁶ of $591.3 million, or $0.50 per share.
• Cash and cash equivalents of $2.6 billion and net cash⁷ of $1.9 billion at September 30, 2026.

Return of capital to shareholders: 

• Reflecting its strong cash flow and balance sheet strength, Kinross increased its 2026 return of capital commitment from 40% to 50% of free cash flow. During the first three quarters of 2026, the Company repurchased $710 million in shares, and an additional $100 million to date in October. Including its quarterly dividend, Kinross has returnedover $950 million in capital to shareholders year-to-date as of October 28, 2026.
• Since April 2025, Kinross returned over $1.4 billion of capital through share repurchases, representing approximately 5% of its shares outstanding.
• Kinross’ Board of Directors declared a quarterly dividend of $0.04 per common share payable on December 3, 2026, to shareholders of record at the close of business on November 19, 2026.

Operational highlights:

• At La Coipa, mining and milling activities have stabilized as weather has improved and operational improvement initiatives have progressed.
• At Round Mountain, operations have made progress towards stability, with higher mill grades from Phase S and improved recoveries contributing to higher production quarter-over-quarter.
• Kinross’ broader portfolio performed well, led by Paracatu and Tasiast that together accounted for more than half of the Q3 production while remaining the two lowest-cost operations.

Development project highlights:

• At Great Bear, underground development for Advanced Exploration continued to advance, with the North and South declines reaching over 500 metres combined as of late-October. AEX surface construction is substantially complete, with supporting infrastructure now in place. Detailed engineering for the Main Project progressed to over 55% complete.
• At Round Mountain Phase X, underground development is advancing well and is approximately 8% ahead of plan, with more than 9,600 metres completed to date. Positive infill drilling results were received in the early stoping horizons, while infrastructure development and operational-readiness activities are progressing well to support planned first production in 2028.
• At Kettle River-Curlew, underground development continued ahead of schedule, and construction of the tailings dewatering plant and mill refurbishment progressed substantially. Exploration drilling also extended the prospective mineralized zones in the North Stealth, Roadrunner and K5 areas.
• First gold was poured from Bald Mountain Redbird 1 in early October, while Redbird 2 continues to progress well with initial leach pad construction activities nearing completion, and detailed engineering and procurement for the Sulphidization, Acidification, Recycling and Thickening plant well underway.
• At Lobo-Marte, permitting continues to progress, detailed engineering has commenced and first production remains targeted for the early 2030s.

CEO commentary:
J. Paul Rollinson, CEO, made the following comments in relation to 2026 third-quarter results: 

“Kinross’ portfolio demonstrated its resilience in Q3. Our largest operations, Paracatu and Tasiast, continued to make significant contributions and we maintained disciplined cost management. We remain on track for our updated guidance, supported by operational improvements at Round Mountain and La Coipa. We are focused on maintaining this momentum and driving continuous improvement across our operations.

“We continue to make strong progress across our development pipeline. At Great Bear, AEX underground development is well underway and AEX surface construction is substantially complete. Round Mountain Phase X and Curlew are advancing well, and first gold was poured at Redbird in early October. At Lobo-Marte, permitting continues to progress and detailed engineering has commenced. These projects underpin our grade enhancement strategy and, together with the opportunities across our significant resource inventory, contribute to our long-term production profile.

“Our strong financial position and ability to generate significant free cash flow provide us with flexibility to advance these opportunities while continuing to return robust capital to shareholders. During the quarter, we increased our 2026 return of capital target to 50% of full-year free cash flow and have returned over $950 million to shareholders year-to-date. Since April 2025, we have repurchased approximately 5% of our shares outstanding.

“Looking ahead, we remain focused on optimizing our cash flow across the business and allocating capital in a disciplined manner to advance our project pipeline, deliver operational excellence and maximize shareholder value.”

Summary of financial and operating results

(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 third quarter and first nine months of 2026 was 68.10:1 and 62.05:1, respectively (third quarter and first nine months of 2025 – 87.73:1 and 91.33:1, respectively).
(c)   The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 15 to 21 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 “Additions to property, plant and equipment” on the interim condensed 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 third-quarter gold equivalent production:

Production: Kinross produced 424,693 Au eq. oz. in Q3 2026, compared with 503,862 Au eq. oz. in Q3 2025. The decrease is a result of planned lower production from Fort Knox and Bald Mountain as well as a reduction in production at La Coipa and Round Mountain, while Tasiast and Paracatu remained stable.

Average realized gold price⁸: The average realized gold price in the third quarter was $4,249 per ounce, compared with $3,460 per ounce in Q3 2025, a 23% increase year-over-year.

Revenue: Revenue was $1,774.7 million in Q3 2026, compared with $1,802.1 million during Q3 2025. The 2% decrease year-over-year was due to the decrease in production and ounces sold.

Production cost of sales: Production cost of sales per Au eq. oz. sold² increased to $1,502 in Q3 2026, compared with $1,150 in Q3 2025. Attributable production cost of sales per Au eq. oz. sold¹ increased to $1,485 for Q3 2026, compared with $1,145 in Q3 2025, primarily due to higher energy, contractor and reagent costs, lower production and an increase in royalty costs as a result of the higher gold prices.

Attributable production cost of sales per Au oz. sold on a by-product basis¹ was $1,449 in the third quarter of 2026, compared with $1,102 in the third quarter of 2025, based on attributable gold sales of 405,030 ounces and silver sales of 355,178 ounces.

Margins⁴: Kinross’ margin per Au eq. oz. sold increased by 19% to $2,747 in Q3 2026, compared with the Q3 2025 margin of $2,310.

Attributable all-in sustaining cost¹: Attributable all-in sustaining cost per Au eq. oz. sold was $1,947 in Q3 2026, compared with $1,622 in Q3 2025.

Attributable all-in sustaining cost per Au oz. sold on a by-product basis was $1,917 in the third quarter, compared with $1,588 in Q3 2025.

Operating cash flow³: Operating cash flow was $714.4 million in the third quarter, compared with $1,024.1 million for Q3 2025.

Attributable adjusted operating cash flow¹ in Q3 2026 was $830.9 million, compared with $965.5 million for Q3 2025.

Attributable free cash flow¹: Attributable free cash flow was $281.3 million in the quarter, compared with $686.7 million in Q3 2025. Excluding working capital, attributable adjusted free cash flow was $391.4 million in the quarter, compared with $657.9 million in Q3 2025. Both metrics were impacted by timing of sales and higher capital expenditure spending in Q3 2026.

Reported net earnings⁵: Reported net earnings were $583.2 million during the quarter, or $0.49 per share, in line with reported net earnings of $584.9 million, or $0.48 per share, for Q3 2025.

Adjusted net earnings⁶ increased to $591.3 million, or $0.50 per share, for Q3 2026, compared with $529.6 million, or $0.44 per share, for Q3 2025.

Capital expenditures⁹: Capital expenditures increased to $439.6 million in the third quarter, compared with $312.2 million in Q3 2025, driven by a ramp-up of development activities at Curlew, Bald Mountain Redbird, Great Bear and Round Mountain Phase X, partially offset by a decrease in spending at Manh Choh.

Attributable capital expenditures¹ were $439.5 million for Q3 2026, compared with $307.6 million for Q3 2025.

Balance sheet 

As of September 30, 2026, Kinross had cash and cash equivalents of $2.6 billion and net cash⁷ of $1.9 billion, comparable with the second quarter of 2026.

The Company had additional available credit¹⁰ of $1.7 billion and total liquidity¹¹ of approximately $4.4 billion as of September 30, 2026, with no debt maturities until 2033. In August, S&P Global Ratings upgraded Kinross’ long-term issuer credit rating and issue-level rating on the Company’s unsecured debt to ‘BBB’ from ‘BBB-‘, with a stable outlook.

Return of capital to shareholders

Kinross continues to advance its 2026 buyback strategy, having repurchased approximately $230 million in shares during the quarter, representing 8.6 million shares. Including its quarterly dividend, Kinross returned over $275 million to shareholders in Q3.

Year-to-date, approximately $810 million in shares have been repurchased, representing 28.5 million shares. Including its quarterly dividend, Kinross returned over $950 million in capital to shareholders to date in 2026 and 46% of free cash flow over the first nine months of 2026.

Since April 2025, Kinross has repurchased approximately $1.4 billion in shares, representing approximately 5% of its shares outstanding, and returned a total of approximately $1.7 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 December 3, 2026, to shareholders of record on November 19, 2026.

Operating results

Mine-by-mine summaries for 2026 third-quarter operating results may be found on pages 9 and 13 of this news release. Unless otherwise noted, commentary in this section is relative to the previous quarter.

Tasiast delivered another solid quarter, with strong mining and processing performance supporting production in line with the mine plan. Higher throughput helped offset the impact of anticipated lower grades and recoveries. Cost of sales per ounce sold reflected the planned production profile for the quarter and was impacted by higher fuel and maintenance supply costs.

Paracatu performed in line with expectations during the quarter, supported by strong mining and processing performance. Higher ore tonnes mined helped offset the impact of planned lower grades and recoveries associated with mine sequencing. Cost of sales per ounce sold reflected the planned production profile and was affected by higher energy costs.

La Coipa‘s performance was impacted by unprecedented winter weather that disrupted mining and milling activities during the quarter. Improved weather conditions resulted in higher mining rates, improved throughput and the ability to resume ore blending towards the end of Q3. Actions to enhance plant performance and recovery also delivered positive results, positioning the operation for improved performance going forward. Cost of sales per ounce sold was affected by lower production during the quarter.

Fort Knox’s production reflected mill maintenance activities and planned lower grades during the quarter, partially offset by improved mill recoveries. Cost of sales per ounce sold was impacted by lower production and higher reagent and blasting supply costs.

Round Mountain delivered improved production during the quarter, supported by higher mill grades and recoveries, and increased tonnes placed on the heap leach pads. The operation continues to advance initiatives to improve recovery and mining rates, including targeted mill circuit enhancements and increased selective mining. Cost of sales per ounce sold benefited from higher production during the quarter and stockpiling of ore for future use, offset by higher fuel and maintenance costs.

Bald Mountain production benefited from increased tonnes placed on the heap leach pads and the timing of ounces recovered. The operation continued to ramp-up ore delivery from Redbird and achieved an important milestone with the first gold pour from this deposit in early October. Cost of sales per ounce sold continued to improve as a result of higher production.

Development projects

Great Bear 

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

AEX surface construction is now substantially complete and all infrastructure required to support the underground development is in place. The North and South underground declines continue to progress, with a combined total of over 500 metres of development completed to date.

For the Main Project, detailed engineering has progressed to over 55% complete to date. Manufacturing activities are underway on several long-lead equipment packages, including the mill motors, transformers, and power plant generators. Contracts for the camp complex and the administration building have been awarded. Construction readiness planning is underway.

The Main Project permitting process is well advanced. The Impact Assessment Agency of Canada issued its first round of formal information requests at the end of July, and Kinross’ responses were formally provided to IAAC.

Provincially, the integrated One Project, One Process is progressing well and Kinross’ permit applications continue to advance in accordance with the permitting plan to maintain Kinross’ overall project permitting timeline. Responses have been provided to the technical comments received from the Ministry of the Environment, Conservation and Parks to date, and the provincial technical review is expected to be complete by the end of the year.

Kinross continued to advance negotiations of the Impact Benefits Agreement with Wabauskang and Lac Seul First Nations. Following the previously signed Memorandum of Understanding that captures the key economic compensatory and procurement elements, the parties are currently progressing the non-financial aspects of the Agreement.

At Great Bear, drilling in Q3 has focused primarily on near-mine targets, where multiple infill holes have confirmed the down-dip extensions of mineralization at Viggo for an additional 150 metres. This drilling reaffirms the exploration belief that these high-grade chutes remain open at depth below the known resource.

Round Mountain Phase X

At Round Mountain Phase X, underground development continues to advance ahead of schedule, with over 9,600 metres developed to date, approximately 8% ahead of plan. Infill drilling also progressed for the early stoping horizons, indicating higher ounces than expected driven by improved continuity of mineralization on the back of tighter drill spacing. In addition, extensional drilling approximately 300 metres down dip of the current resource intersected 11.7 g/t over 27.5 metres, highlighting the potential for mineralization to continue at depth.

Engineering, procurement and early works for surface and underground infrastructure are progressing well. Operational-readiness activities are also ramping up to support a smooth transition to operations and the planned start of production in 2028.

Curlew

At Curlew, construction of the Tailings Dewatering Plant and the mill refurbishment progressed substantially. At the TDP, exterior works on tanks and the thickener are largely complete while interior structural steel and mechanical equipment installation is progressing. At the mill, removal of equipment that will not be reutilized continues and the installation of new carbon-in-leach tanks has commenced. At the mine, construction of a new administrative and dry facility is nearing completion and underground development continues to advance ahead of schedule, with over 3,600 metres of horizontal development completed as of September 30, raise collars completed, and raise-boring activities advancing.

Bald Mountain Redbird

First gold was poured from Redbird 1 in early October, while Redbird 2 construction continued to advance on plan, with pre-stripping well underway and earthworks and lining activities for the first phase of the Bald Heap Leach Pad expansion nearing completion. Procurement and engineering activities for the SART plant also progressed substantially, with detailed engineering approximately 30% complete. The Redbird 2 satellite pits are now fully permitted.

Lobo-Marte

At Lobo-Marte, permitting continues to progress well following the acceptance of the project’s Environmental Impact Assessment for review by Chile’s Environmental Assessment Service in the second quarter. Detailed engineering has commenced and execution planning continues to advance, with first production targeted in the early 2030s.

Sustainability

Health and Safety: In September 2026, two unrelated safety incidents occurred at Bald Mountain. As a result, one business partner employee suffered fatal injuries on site, and another was seriously injured. The second business partner employee later passed away in hospital. Kinross extends its deepest condolences to their families, friends and colleagues. Following these incidents, Kinross held company-wide Safety Stand Downs to reinforce safety practices and controls.

Alaska: At Fort Knox, Trout Unlimited and Kinross, together with other partners and supporters, launched the Cripple Creek Restoration Project, the second project under the Alaska Abandoned Mine Restoration Initiative, building on the first restoration project at Resurrection Creek near Anchorage in 2022. The initiative focuses on restoring waterways and fish habitat impacted by historic mining.

The Manh Choh Community Foundation completed its second grant cycle for initiatives across five local communities. Kinross has also supported recovery efforts following the Tok wildfire, including emergency assistance for families whose homes were rendered uninhabitable.

Mauritania: At Tasiast, new community infrastructure in Benichab, including a modern communal market and meat processing facility, was handed over in August. The infrastructure was delivered through the Tasiast Fund to support sustainable development in the mine’s impact area. Tasiast also made further contributions to community health capacity through its long-term partnership with the Ministry of Health and Project C.U.R.E.

Chile: Kinross Chile received the Award for Commitment to Territories and Education from the Mining Foundation of Chile, recognizing the Company’s contributions over three decades in support of education, training and opportunities for communities in the Atacama region.

Sustainability ratings: Kinross received a leading score of 70 from the S&P CSA assessment, currently ranking in the 97^th percentile, up one point from its 2025 assessment. This assessment represents a comprehensive view of the company’s governance, management, and performance in sustainability.

Conference call details 

In connection with this news release, Kinross will hold a conference call and audio webcast on October 29, 2026, at 8:00 a.m. EDT to discuss the results, followed by a question-and-answer session. To access the call, please dial:

Canada & US toll-free – (888) 596-4144; Conference ID: 9425112
Outside of Canada & US – +1 (646) 968-2525; Conference ID: 9425112

Replay (available up to 14 days after the call):

Canada & US toll-free – +1 (800) 770-2030; Conference ID: 9425112 #
Outside of Canada & US – +1 (609) 800-9909; Conference ID: 9425112 #

You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The audio webcast will be archived on www.kinross.com.

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).

Media Contact 
Samantha Sheffield
Senior Director, Corporate Communications
phone: 416-365-3034
Samantha.Sheffield@Kinross.com

Investor Relations Contact
David Shaver
Executive Vice-President, Investor Relations & Communications
phone: 416-365-2854
InvestorRelations@Kinross.com