2024 ANNUAL REPORT
KINROSS GOLD CORPORATION
DELIVERING
VALUE
PROMISING
FUTURE
TSX: K
Toronto Stock Exchange
NYSE: KGC
New York Stock Exchange
Contents
Corporate Profile
Letter to Shareholders
1
2024 Sustainability Highlights
4
Directors + Senior Leadership
6
Financial Summary
7
Financial Review
7
Cautionary Statement on
Forward-Looking Information
50
* Top tier defined as assets with Life of Mine (LOM) into the next decade and annual production averaging greater than
500 koz. and AISC3 < $1,000/oz. (2025 nominal dollars).
All figures in this report are in U.S. dollars unless otherwise stated.
1. See Endnotes 3 and 9 on page 53.
OUR
CORE
VALUES
Putting
people
first.
Outstanding
corporate
citizenship.
High
performance
culture.
Rigorous
financial
discipline.
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.
P
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Kinross Operations and Projects
Toronto, Canada
Bald Mountain, U.S.A.
Great Bear, Canada
Curlew, U.S.A.
Round Mountain, U.S.A.
Fort Knox, U.S.A.
Paracatu, Brazil
La Coipa, Chile
Lobo-Marte, Chile
Tasiast, Mauritania
Manh Choh, U.S.A.
Operations
Development Projects
Head Office
STABLE PRODUCTION
PROFILE
COMMITTED TO
MINING RESPONSIBLY
INVESTMENT GRADE
BALANCE SHEET
DIVERSIFIED
ASSET BASE
ROBUST PROJECT
PIPELINE
• Portfolio of mines produced
2.1 million Au eq. oz. in 2024
• Delivered record attributable
free cash flow1 of $1.3 billion
in 2024
• Sizeable reserve base
• Consistent top performer
in sustainability
• Advancing toward
30% reduction in GHG
emissions intensity by 2030
• Total liquidity1 of ~$2.3 billion
in 2024
• Repaid $800 million in debt
in 2024
• Disciplined capital allocation
strategy and competitive dividend
• >50% of production from
two top tier assets*, Tasiast
and Paracatu
• Americas region accounts
for ~71% of production
• Great Bear is a world-class
development project in Canada
• Extensive brownfield and
Minex exploration effort
across all jurisdictions
1. Refer to Endnotes 3 and 9 on page 53.
Dear Shareholders,
2024 was an exceptional year for Kinross. We, once
again, met our production, cost and capital expenditure
market guidance, strengthened our balance sheet and
furthered our track record of responsible mining. We
also made significant progress advancing our exploration
and development projects and our share price increased
by over 65% during the course of the year. These strong
accomplishments are a reflection of our employees’
focus and dedication.
In 2024, we delivered record attributable free cash flow1
of more than $1.3 billion – which more than doubled
year-over-year – and repaid $800 million in debt. This
was achieved by our ability to deliver strong production
results, maintain costs and grow our operating margins
by 37%, significantly outpacing the increase in gold price.
Across the Company, we continue to be grounded in our
core values that are fundamental to delivering long-term
value in our business: putting people first, outstanding
corporate citizenship, high performance culture, and
rigorous financial discipline. With these values at our
forefront, we are well positioned for another excellent
year in 2025.
Operational Performance
Once again, we met our production guidance, producing
approximately 2.1 million Au eq. oz. from our six mines
in 2024.
Letter to Shareholders
Both of our top-tier assets, Tasiast in Mauritania and
Paracatu in Brazil, had another impressive year and
together accounted for approximately 1.2 million Au eq. oz.
of production. Tasiast delivered record annual production
and cash flow. Paracatu delivered continued strong
production and exceeded 500,000 gold ounces for the
seventh consecutive year.
In the United States, our combined operations met
guidance and delivered full year attributable production
of over 730,000 ounces of gold. This was led by Fort Knox
in Alaska which increased production significantly
compared with 2023, primarily due to the higher-grade
ore from Manh Choh in the second half of 2024.
In Chile, La Coipa delivered on full year production
guidance as work continued on the optimization
of the mill.
Financial Discipline and Balance
Sheet Strength
In 2024, we demonstrated rigorous financial discipline
and finished the year with total liquidity1 of $2.3 billion.
We met our cost guidance and generated record free
cash flow, paid down $800 million of debt, and further
strengthened our investment-grade balance sheet.
Furthermore, as of February 10, 2025, our $1 billion
term loan has been fully repaid.
Our strong cash flow, driven by steady operational
performance, has supported our stated intentions on
capital allocation. Looking forward, we plan to maintain
an attractive dividend and plan on returning additional
capital to shareholders in 2025.
Advancing Our Development Portfolio
We made significant progress across our strong portfolio
of organic growth and development projects in 2024.
At Great Bear in Ontario, Canada we published an
attractive Preliminary Economic Assessment (PEA)
in September which guides to a top-tier, high-margin
asset. The Project is expected to produce over
500,000 ounces per year with an all-in sustaining cost
(AISC) of approximately $800 per ounce during the first
eight years of operation. In parallel, we released an
updated mineral resource estimate increasing the inferred
resource estimate by 568 koz. to 3.9 Moz. which was in
addition to the Measured & Indicated resource estimate
of 2.7 Moz. In November, early works commenced on
the infrastructure required for the Advanced Exploration
J. Paul Rollinson
Chief Executive Officer
2024 ANNUAL REPORT KINROSS GOLD
1
(AEX) decline. Also, since acquiring the project in
February 2022, for a combination of cash and shares,
I am proud to say we have now fully repaid the term
loan associated with the acquisition and reduced our
total outstanding share count.
In the United States, at Bald Mountain, we added
approximately one million gold ounces to mineral
reserves. We have approved mining of Phase 1 at Redbird
and plan to make a decision on Phase 2 by year end.
At Round Mountain, we are continuing to see strong
results at Phase X with underground development
progressing well. With over 3,300 metres of underground
development and 21 kilometres of drilling completed last
year, we have reaffirmed our vision for a high-productivity,
low-cost underground mining operation at Phase X.
At Curlew, exploration efforts resulted in continued
high-grade high-quality resource growth, further
enhancing the potential of the project.
In Chile, we are progressing baseline studies to
support the Environmental Impact Assessment for
the Lobo-Marte project, which has the potential
to be a large, low-cost mine.
Track Record of Responsible Mining and
Commitment to Sustainability
We remain focused on integrating our sustainability
commitments into all aspects of our business. We
are committed to continuous improvement to meet
or exceed evolving sustainability standards and
reporting requirements.
Health and Safety remains our top priority, and we
continue to advance our leading safety performance.
In 2024, we implemented our new internally developed
and tailored Safety Excellence Program across all our
sites. The program empowers our employees and
business partners to take ownership of safety. We
are proud that over 84% of our workforce, including
employees and business partners, have completed the
training. In addition, we launched our global Safeground
principles to promote a respectful, inclusive, and
proactive safety culture.
Our 2024 Sustainability Report is expected to be
published in May and will provide a detailed review
of our performance and initiatives.
Some highlights from the year include the implementation
of 19 energy efficiency projects, which are expected
to help reduce our greenhouse gas (GHG) emissions.
As a result, we are on track to reduce our Scope 1 and
Scope 2 emissions intensity by 30% by 2030. We have
also advanced our estimation of Scope 3 GHG emissions
and began outreach to our suppliers who represent
the majority of our total spend to understand their
approaches to emissions reduction.
Across our operations and projects, we are committed
to supporting our host communities by creating positive
economic and social benefits and improving the overall
quality of people’s lives. In 2024, we made approximately
$13 million of monetary and in-kind contributions through
site investments and corporate contributions. As an
example, we donated $500,000 in flood relief aid to
communities in both Mauritania and Brazil, including
essential food supplies and emergency shelters.
We are proud that Bald Mountain has won two awards
for leadership in concurrent reclamation in the past two
years, which continues our track record of progressive
reclamation. Paracatu was featured by the World Gold
Council and published a video demonstrating the positive
impact of community partnerships to support programs
and projects that enhance the well-being of local people,
with a particular focus on sustainability after mine closure.
For the seventh consecutive year, Kinross was named one
of Greater Toronto’s Top Employers. We were proud to see
Kinross rank 34th in the large Company category on the list
of Brazil’s Best Places to Work, out of 527 companies that
registered to participate in the industry ranking.
Celebrating the first gold
pour at Manh Choh in July
2024. Pictured here are
members of the Tetlin Village
Council, including Village
of Tetlin Chief Michael
Sam, Alaska’s Lt. Governor
Dahlstrom, and Rick Van
Nieuwenhuyse, along with
Kinross leadership.
2
2024 ANNUAL REPORT KINROSS GOLD
In 2024, we were also recognized with an award for
Business Achievement in Sustainability by the Canadian
Council for the Americas. In addition, Kinross was tied as
the highest scoring gold mining company and top 10%
overall in The Globe and Mail’s annual ‘Board Games’
governance rating.
Retirement of Our Board Chair
Following 20 years on our Board of Directors, including
serving as our Chair since 2019, Catherine McLeod-Seltzer
is retiring from the Board. Over her tenure, the Board
has kept pace with increasingly rigorous governance
expectations and practices.
Catherine has made numerous and significant
contributions to Kinross, including the dramatic reshaping
of Kinross’ portfolio as we exited and entered new
operating jurisdictions, the acquisition of Great Bear,
and leading the strong focus on debt reduction and
returning capital to shareholders. During her tenure,
Catherine has been a champion of diversity at all levels of
the organization, including at the Board level and senior
leadership team. She drove a results-based focus on
sustainability performance and also oversaw a number
of key governance initiatives including an effective Board
succession program that has added six new Directors
during her tenure as Chair.
Catherine has always supported us through each new
challenge. She has provided our senior leadership team
with clear direction and guidance and has been central
to Kinross’ growth over the last 20 years. I would like to
personally thank Catherine for her leadership and counsel
throughout our years working together.
I look forward to working with our new Chair, Kelly Osborne,
who has been an independent Director of Kinross since
2015. I look forward to his guidance and stewardship as
we continue to deliver value for our shareholders.
Looking Forward
For 2025, our operational focus will continue to be
on delivering on our guidance with a focus on costs,
capital discipline and delivering project pipelines. We
plan on maintaining our attractive dividend and are also
anticipating additional returns of capital to our shareholders
this year. Overall, we are well positioned to further Kinross’
track record of delivering impressive results.
In closing, I want to thank our employees, Board, partners
and stakeholders for an outstanding year in 2024. I look
forward to a prosperous and safe 2025.
J. Paul Rollinson
CEO, Kinross Gold Corporation
The dedication and commitment of Kinross employees from across the Company were instrumental to our success in 2024. Pictured here, two
employees at our Great Bear project.
2024 ANNUAL REPORT KINROSS GOLD
3
2024 Sustainability Highlights
Kinross’ strong record of sustainability performance continued in 2024. With a robust
governance framework and a focus on our foundational priorities, we made progress
across our three pillars of sustainability, Workforce and Communities, Natural Capital,
and Climate and Energy.
Our steadfast commitment to First Priorities contributed to solid performance on the ground
across all areas of health and safety, environment and in our communities. We continued to
evolve our sustainability reporting strategy to keep pace with evolving regulatory frameworks
and the expectations of our stakeholders. Our goal remains unchanged – to be a partner of
choice for our employees, communities, Indigenous Peoples, investors, governments,
suppliers, and broader stakeholders.
As a measure of performance, we maintained strong rankings and ratings with external
entities. Kinross was the top scoring gold mining company in The Globe and Mail’s annual
corporate governance ranking with a score of 93 points, an increase by four points from 2023,
ranking in the top 10% of Canadian companies overall. Our S&P Corporate Sustainability
Score (CSA) for 2024, which was in the top 15% of our industry, resulted in Kinross’ inclusion
in the S&P Global Sustainability Yearbook 2025. Our relative performance across other
sustainability ratings is consistently strong within the mining and metals sector. Kinross
was also recognized with a 2024 award for Business Achievement in Sustainability by the
Canadian Council for the Americas.
(Left) Kinross’ Bald Mountain site is a recognized industry leader for its successful concurrent reclamation program. Pictured here is one view
of the Nevada-based site. (Right) Over 12,000 people have completed the Safety Excellence program since 2023. Pictured here is one cohort
of participants from the Corporate Office who completed the training in 2024.
4
2024 ANNUAL REPORT KINROSS GOLD
ROBUST CORPORATE GOVERNANCE
CLIMATE AND ENERGY
NATURAL CAPITAL
WORKFORCE AND COMMUNITIES
Top 10%
Standing in The Globe and Mail’s annual
survey of Canadian corporate governance
6
New directors since 2019 as part
of active board refresh program
7 Years
Average director tenure for
the third consecutive year
100%
Of operations sourced part
of their electrical power from
renewable sources
150
Top suppliers were engaged in
our Scope 3 emissions outreach
representing 83% of 2023 spend
19 Projects
To improve energy efficiency,
providing 15 million litres in fuel
and $13 million in cost savings
1
T
o
r
1
O
o
r
74%
Water recycle rate
across our operations.
All of our operating sites
recycle process water
84%
Of our employees and business
partners completed safety
excellence training
7th
Consecutive year as one of
Greater Toronto’s Top Employers
22%
Female employees across all
management positions; the
highest to date for Kinross
7th
14%
Female employees
at Kinross
>550
Local businesses in host
communities provided goods
and services to Kinross
99%
Of employees hired from within
host countries, including ~89%
of management
~770,000
Beneficiaries of Kinross’
more than 400 community
programs company-wide
~$2.5 billion
Spent on goods and services
in our host countries
~$13 million
In monetary and in-kind social
investments in host communities
and corporate contributions
9
Active tailings facilities;
maintained 32-year
record of zero reportable
tailings incidents
100%
Operating sites have
developed water balance
models and met their water
supply inventory targets
2 Awards
For leadership in
concurrent reclamation
at Bald Mountain in the
past two years
2024 ANNUAL REPORT KINROSS GOLD
5
(left to right)
Catherine McLeod-Seltzer H 1
Chair
George V. Albino CR 2
Corporate Director
Kerry D. Dyte A,CGN
Corporate Director
Glenn A. Ives A,H
Corporate Director
Ave G. Lethbridge CGN,H
Corporate Director
Michael A. Lewis CGN,CR
Corporate Director
Elizabeth D. McGregor A,CR
Corporate Director
Kelly J. Osborne CG,CR 3
Corporate Director
(Incoming Chair)
George N. Paspalas CR,H
Corporate Director
David A. Scott A,CR
Corporate Director
J. Paul Rollinson
Chief Executive Officer
A
Audit and Risk Committee
CGN Corporate Governance and
Nominating Committee
CR
Corporate Responsibility and
Technical Committee
H
Human Resources and
Compensation Committee
1
Catherine McLeod-Seltzer, an
independent Board member
since 2005 and Chair of the Board
since 2019, will not be standing
for re-election at the Company’s
Annual Meeting of shareholders
on May 7, 2025.
2
Effective January 1, 2025.
3
Kelly Osborne has been approved
as Chair of the Board effective
upon his re-election as an
independent director at the
Company’s Annual Meeting
of shareholders on May 7, 2025.
Board of Directors
Robust corporate governance enriched by new perspectives and breadth of experience
Senior Leadership Team
Experienced leaders delivering high performance
Leadership Advisory Team
Top talent bringing experienced leadership and functional expertise
Yves Breau
Vice-President,
Metallurgy & Engineering
Stephen Kerrigan
Senior Vice-President,
Information Technology
and Artificial Intelligence
Ian Ross
Vice-President,
Global Health and Safety
Luke Crosby
Senior Vice-President,
General Counsel
Nicos Pfeiffer
Vice-President, Geology &
Technical Evaluations
Laurence Davies
Senior Vice-President,
Finance Operations
Julie Robertson
Senior Vice-President,
Finance
(left to right)
J. Paul Rollinson
Chief Executive Officer
Geoffrey P. Gold
President
Andrea S. Freeborough
Executive Vice-President
and Chief Financial Officer
Ryan Latinovich
Executive Vice-President,
Corporate Development
Claude Schimper
Executive Vice-President,
and Chief Operating Officer
William D. Dunford
Senior Vice-President,
Technical Services
Kathleen Grandy
Senior Vice-President,
Human Resources
Ben Little
Senior Vice-President,
External Affairs
David Shaver
Senior Vice-President, Investor
Relations and Communications
6
2024 ANNUAL REPORT KINROSS GOLD
2024
2023
20221
Metal sales
$
5,148.8
$
4,239.7
$
3,455.1
Net cash flow provided from operating activities
$
2,446.4
$
1,605.3
$
1,002.5
Attributable2 adjusted operating cash flow*3
$
2,143.1
$
1,676.7
$
1,257.7
Impairment (reversal) charge
$
(74.1)
$
38.9
$
350.0
Net earnings attributable to common shareholders
$
948.8
$
416.3
$
31.9
Basic and diluted earnings per share attributable to common shareholders
$
0.77
$
0.34
$
0.02
Adjusted net earnings attributable to common shareholders*3
$
838.3
$
539.8
$
283.1
Adjusted net earnings per share*3
$
0.68
$
0.44
$
0.22
Production cost of sales per equivalent ounce4 sold5
$
1,020
$
942
$
937
Attributable2 production cost of sales per equivalent ounce4 sold*3
$
1,021
$
942
$
937
Attributable2 all-in sustaining cost per equivalent ounce4 sold*3
$
1,388
$
1,316
$
1,271
Capital expenditures6
$
1,075.5
$
1,098.3
$
764.2
Attributable2 capital expenditures*3
$
1,050.9
$
1,055.0
$
755.0
Attributable2 free cash flow*3
$
1,340.2
$
559.7
$
247.3
Average realized gold price per ounce7
$
2,393
$
1,945
$
1,793
Attributable2 average realized gold price per ounce*3
$
2,391
$
1,945
$
1,793
Total gold equivalent ounces4 produced
2,170,791
2,153,020
1,957,237
Attributable2 gold equivalent ounces4 produced
2,128,052
2,153,020
1,957,237
Financial Review
Management’s Discussion and Analysis
MDA 1
Management’s Responsibility for Financial Statements
FS 1
Report of Independent Registered Public Accounting Firm
FS 3
Consolidated Financial Statements and Notes
FS 5
Mineral Reserve and Mineral Resource Statement
44
Summarized Five-Year Review
49
Kinross Share Trading Data
49
Financial Summary
(In millions, except ounces, per share amounts and per ounce amounts)
* These figures are non-GAAP financial measures or ratios, as applicable.
Refer to Endnotes on page 53 for further details.
2024 ANNUAL REPORT KINROSS GOLD
7
2024 ANNUAL REPORT KINROSS GOLD
1 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
This management's discussion and analysis ("MD&A"), prepared as of February 12, 2025, relates to the financial condition and results
of operations of Kinross Gold Corporation together with its wholly owned subsidiaries, as at December 31, 2024 and for the year then
ended, and is intended to supplement and complement Kinross Gold Corporation’s audited annual consolidated financial statements
for the year ended December 31, 2024 and the notes thereto (the “financial statements”). Readers are cautioned that the MD&A
contains forward-looking statements about expected future events and financial and operating performance of the Company, and that
actual events may vary from management's expectations. Readers are encouraged to read the Cautionary Statement on Forward
Looking Information included with this MD&A and to consult Kinross Gold Corporation's financial statements and corresponding notes
to the financial statements which are available on the Company's web site at www.kinross.com and on www.sedarplus.ca. The financial
statements and MD&A are presented in U.S. dollars. The financial statements have been prepared in accordance with International
Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). This discussion addresses
matters we consider important for an understanding of our financial condition and results of operations as at and for the year ended
December 31, 2024, as well as our outlook.
This MD&A contains forward-looking statements and should be read in conjunction with the risk factors described in "Risk Analysis" on
pages 32 – 44 and in the “Cautionary Statement on Forward-Looking Information” on pages 53 – 54 of this MD&A. For additional
discussion of risk factors, please refer to the Company's Annual Information Form for the year ended December 31, 2023, which is
available on the Company's website www.kinross.com and on www.sedarplus.ca. In certain instances, references are made to relevant
notes in the financial statements for additional information.
This MD&A references adjusted net earnings attributable to common shareholders, adjusted net earnings per share, attributable
adjusted operating cash flow, attributable free cash flow, attributable all-in sustaining cost per equivalent ounce sold and per ounce
sold on a by-product basis, attributable all-in cost per equivalent ounce sold and per ounce sold on a by-product basis, attributable
average realized gold price per ounce, and attributable production cost of sales per equivalent ounce sold, all of which are non-GAAP
financial measures or ratios. The definitions and reconciliations of these non-GAAP financial measures and ratios are included in Section
11 of this MD&A.
Where we say "we", "us", "our", the "Company" or "Kinross", we mean Kinross Gold Corporation or Kinross Gold Corporation and/or
one or more or all of its subsidiaries, as it may apply. Where we refer to the "industry", we mean the gold mining industry.
2024 ANNUAL REPORT KINROSS GOLD
MDA 2
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
1.
DESCRIPTION OF THE BUSINESS
Kinross is engaged in gold mining and related activities, including exploration and acquisition of gold-bearing properties, the extraction
and processing of gold-containing ore, and reclamation of gold mining properties. Kinross’ gold production and exploration activities
are carried out principally in Canada, the United States, Brazil, Chile, Mauritania and Finland. Gold is produced in the form of doré,
which is shipped to refineries for final processing. Kinross also produces and sells a quantity of silver.
The profitability and operating cash flow of Kinross are affected by various factors, including the amount of gold and silver produced,
the market prices of gold and silver, operating costs, interest rates, regulatory and environmental compliance, the level of exploration
activity and capital expenditures, general and administrative costs, and other discretionary costs and activities. Kinross is also exposed
to fluctuations in currency exchange rates, political risks, and varying levels of taxation that can impact profitability and cash flow.
Kinross seeks to manage the risks associated with its business operations; however, many of the factors affecting these risks are
beyond the Company’s control.
Commodity prices continue to be volatile as economies around the world continue to experience economic challenges along with
political changes and uncertainties. Volatility in the price of gold and silver impacts the Company's revenue, while volatility in the price
of input costs, such as oil, and foreign exchange rates, particularly the Brazilian real, Chilean peso, Mauritanian ouguiya and Canadian
dollar, may have an impact on the Company's operating costs and capital expenditures.
Segment Profile
Each of the Company's significant operating mines is generally considered to be a separate segment. The reportable segments are
those operations whose operating results are reviewed by the chief operating decision maker to make decisions about resources to
be allocated to the segment and assess its performance.
Operating Segments
Operator
Location
2024
2023
Tasiast
Kinross
Mauritania
100%
100%
Paracatu
Kinross
Brazil
100%
100%
La Coipa
Kinross
Chile
100%
100%
Fort Knox(a)
Kinross
USA
100%/70%
100%/70%
Round Mountain
Kinross
USA
100%
100%
Bald Mountain
Kinross
USA
100%
100%
Ownership percentage at December 31,
(a)
The Fort Knox segment includes the 100%-owned Fort Knox mine and 70%-owned Manh Choh mine.
2024 ANNUAL REPORT KINROSS GOLD
3 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Consolidated Financial and Operating Highlights
2024
2023
2022(g)
Change
% Change(h)
Change
% Change(h)
Operating Highlights(a)
Total gold equivalent ounces(b)
Produced
2,170,791
2,153,020
1,957,237
17,771
1%
195,783
10%
Sold
2,153,212
2,179,936
1,927,818
(26,724)
(1%)
252,118
13%
Attributable gold equivalent ounces(b)
Produced
2,128,052
2,153,020
1,957,237
(24,968)
(1%)
195,783
10%
Sold
2,111,688
2,179,936
1,927,818
(68,248)
(3%)
252,118
13%
Earnings(a)
Metal sales
5,148.8
$
4,239.7
$
3,455.1
$
909.1
$
21%
784.6
$
23%
Production cost of sales
2,197.1
$
2,054.4
$
1,805.7
$
142.7
$
7%
248.7
$
14%
Depreciation, depletion and amortization
1,147.5
$
986.8
$
784.0
$
160.7
$
16%
202.8
$
26%
Impairment (reversal) charge
(74.1)
$
38.9
$
350.0
$
(113.0)
$
nm
(311.1)
$
(89%)
Operating earnings
1,540.3
$
801.4
$
117.7
$
738.9
$
92%
683.7
$
nm
948.8
$
416.3
$
31.9
$
532.5
$
128%
384.4
$
nm
0.77
$
0.34
$
0.02
$
0.43
$
126%
0.32
$
nm
838.3
$
539.8
$
283.1
$
298.5
$
55%
256.7
$
91%
0.68
$
0.44
$
0.22
$
0.24
$
55%
0.22
$
100%
Cash Flow(a)
2,446.4
$
1,605.3
$
1,002.5
$
841.1
$
52%
602.8
$
60%
2,143.1
$
1,676.7
$
1,257.7
$
466.4
$
28%
419.0
$
33%
1,075.5
$
1,098.3
$
764.2
$
(22.8)
$
(2%)
334.1
$
44%
1,050.9
$
1,055.0
$
755.0
$
(4.1)
$
(0%)
300.0
$
40%
1,340.2
$
559.7
$
247.3
$
780.5
$
139%
312.4
$
126%
Per Ounce Metrics(a)
2,393
$
1,945
$
1,793
$
448
$
23%
152
$
8%
2,391
$
1,945
$
1,793
$
446
$
23%
152
$
8%
1,020
$
942
$
937
$
78
$
8%
5
$
1%
1,021
$
942
$
937
$
79
$
8%
5
$
1%
988
$
892
$
912
$
96
$
11%
(20)
$
(2%)
1,388
$
1,316
$
1,271
$
72
$
5%
45
$
4%
1,365
$
1,284
$
1,255
$
81
$
6%
29
$
2%
1,739
$
1,634
$
1,545
$
105
$
6%
89
$
6%
1,725
$
1,619
$
1,538
$
106
$
7%
81
$
5%
Attributable all-in sustaining cost per ounce sold on a by-product basis(c)
Attributable all-in sustaining cost per equivalent ounce(b) sold(c)
Attributable capital expenditures(c)
Attributable free cash flow(c)
Attributable production cost of sales per equivalent ounce(b) sold(c)
Attributable average realized gold price per ounce(c)
Capital expenditures(d)
Attributable all-in cost per ounce sold on a by-product basis(c)
2023 vs. 2022
Years ended December 31,
2024 vs. 2023
(in millions, except ounces, per share amounts and per ounce amounts)
Production cost of sales per equivalent ounce(b) sold(f)
Attributable all-in cost per equivalent ounce(b) sold(c)
Attributable production cost of sales per ounce sold on a by-product basis(c)
Adjusted net earnings attributable to common shareholders(c)
Adjusted net earnings per share(c)
Net cash flow provided from operating activities
Attributable adjusted operating cash flow(c)
Average realized gold price per ounce(e)
Net earnings attributable to common shareholders
Basic and diluted earnings per share attributable to common shareholders
(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 2024 was 84.43:1 (2023 – 83.13:1 and 2022 – 82.90:1).
(c)
The definition and reconciliation of these non-GAAP financial measures and ratios is included in Section 11. 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.
(g)
Results for the year ended December 31, 2022 are from continuing operations and exclude results from the Company’s Chirano and Russian
operations due to the classification of these operations as discontinued and their sale in 2022.
(h)
“nm” means not meaningful.
2024 ANNUAL REPORT KINROSS GOLD
MDA 4
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Consolidated Financial Performance
2024 vs. 2023
Kinross’ 2024 production of 2,170,791 gold equivalent ounces was comparable to 2023. Higher production from Fort Knox, with the
commencement of higher-grade, higher-recovery ore feed from Manh Choh, and higher production from Bald Mountain due to higher
grade ore, was offset by lower production from Paracatu due to lower grade ore, in accordance with planned mine sequencing, fewer
ounces recovered from the heap leach pads at Round Mountain, as well as lower silver grades and throughput at La Coipa.
Metal sales in 2024 increased by 21% to $5,148.8 million compared to 2023, due to a 23% increase in the average realized gold price
to $2,393 per ounce in 2024, from $1,945 per ounce in the prior year. Total gold equivalent ounces sold in 2024 were comparable to
2023.
Production cost of sales and production cost of sales per equivalent ounce sold in 2024 were $2,197.1 million and $1,020, respectively,
an increase of 7% and 8%, respectively, compared to 2023, mainly due to the production and sales mix, including higher production at
Fort Knox as well as lower production from Paracatu and Round Mountain. Also contributing to the increase were higher royalties as
a result of higher realized metal prices, a lower proportion of mining activities related to capital development and higher mill
maintenance costs at La Coipa, and higher input costs at Paracatu. These increases were partially offset by favourable foreign exchange
rates in Brazil and Chile.
Attributable all-in sustaining cost per equivalent ounce sold and per ounce sold on a by-product basis increased by 5% and 6%,
respectively, and attributable all-in cost per equivalent ounce sold and per ounce sold on a by-product basis increased by 6% and 7%,
respectively, compared to 2023. The increases were primarily as a result of the increase in production cost of sales per equivalent
ounce sold.
Depreciation, depletion and amortization increased by 16% compared to 2023, primarily due to a higher depreciable asset base at
Tasiast and Bald Mountain, the increase in gold equivalent ounces sold at Fort Knox, and a decrease in mineral reserves for Round
Mountain Phase W at the end of 2023. These increases were partially offset by a decrease at La Coipa.
In the third quarter of 2024, the Company recorded an after-tax impairment reversal of $73.4 million, related to property, plant and
equipment at Round Mountain. In the fourth quarter of 2023, the Company recorded an after-tax impairment charge of $35.8 million
related to inventory at Fort Knox. The impairment reversal in 2024 was net of an income tax expense of $0.7 million while the
impairment charge in 2023 was net of an income tax recovery of $3.1 million.
The Company recorded income tax expense of $487.4 million in 2024, an increase of $194.2 million compared to 2023 primarily due
to differences in the level of income in the Company’s operating jurisdictions. Kinross' combined federal and provincial statutory tax
rate for both 2024 and 2023 was 26.5%.
Net earnings attributable to common shareholders in 2024 were $948.8 million, or $0.77 per share, compared to $416.3 million, or
$0.34 per share, in the prior year. The increase in net earnings was primarily a result of an increase in margins as metal sales increased
by 21% while production cost of sales increased by only 7%. The impairment reversal at Round Mountain also contributed to the
increase, partially offset by the increases in depreciation, depletion and amortization and income tax expense, as noted above.
Adjusted net earnings attributable to common shareholders in 2024 were $838.3 million, or $0.68 per share, compared to $539.8
million, or $0.44 per share, in 2023. The increase was primarily due to the increase in net earnings attributable to common
shareholders, net of the after-tax changes in impairment.
Net cash flow provided from operating activities increased to $2,446.4 million in 2024 from $1,605.3 million in 2023, primarily due to
the increase in margins and favourable working capital movements.
Attributable adjusted operating cash flow increased to $2,143.1 million in 2024 from $1,676.7 million in 2023, primarily due to the
increase in margins, partially offset by an increase in current income tax expense.
Capital expenditures and attributable capital expenditures in 2024 were $1,075.5 million and $1,050.9 million, respectively, consistent
with the prior year. Capital expenditures in 2024 included the start of Phase S capital development at Round Mountain, continued
spending at Great Bear and increased capital development at Tasiast for West Branch 5. These were offset by reduced spending on
the construction of Manh Choh, which was completed in 2024, and the completion of heap leach pad expansions at Bald Mountain at
the end of 2023.
2024 ANNUAL REPORT KINROSS GOLD
5 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Attributable free cash flow increased by 139%, to $1,340.2 million in 2024 from $559.7 million in 2023, primarily due to the increase
in net cash flow provided from operating activities, as the Company managed operating and capital costs as metal sales increased in
the year.
2023 vs. 2022
Kinross’ 2023 production increased by 10% compared to 2022, primarily due to higher production at La Coipa due to the restart and
ramp up of operations in the second half of 2022 and higher mill grades, recoveries, and throughput at Tasiast. These increases were
partially offset by lower production at Bald Mountain due to lower grades and the timing of ounces recovered from the heap leach
pads, consistent with the mine plan.
Metal sales increased by 23% compared to 2022, due to increases in gold equivalent ounces sold and average metal prices realized.
Gold equivalent ounces sold increased to 2,179,936 ounces in 2023 compared to 1,927,818 ounces in 2022. The average realized gold
price was $1,945 per ounce in 2023 compared to $1,793 per ounce in 2022.
Production cost of sales increased by 14% in 2023 compared to 2022, largely as a result of the restart and ramp up of operations at La
Coipa and an increase in gold equivalent ounces sold at Round Mountain, Paracatu and Tasiast. Production cost of sales per equivalent
ounce sold was comparable to 2022.
Attributable all-in sustaining cost per equivalent ounce sold and per ounce sold on a by-product basis increased by 4% and 2%,
respectively, compared to 2022. Attributable all-in cost per equivalent ounce sold and per ounce sold on a by-product basis increased
by 6% and 5%, respectively, compared to 2022. These increases were primarily due to the increases in production cost of sales, as
described above, and an increase in capital expenditures, partially offset by the increase in ounces sold.
In 2023, depreciation, depletion and amortization increased by 26% compared to 2022, primarily due to the increase in gold equivalent
ounces sold and changes to the life-of-mine plan at Round Mountain in the fourth quarter of 2022, partially offset by lower gold
equivalent ounces sold at Bald Mountain.
During the year ended December 31, 2023, the Company recorded an after-tax impairment charge of $35.8 million related to inventory
at Fort Knox. During the year ended December 31, 2022, the Company recorded after-tax impairment charges related to metal
inventory and property, plant and equipment at Round Mountain of $87.9 million and $201.4 million, respectively. The impairment
charges in 2023 and 2022 were net of income tax recoveries of $3.1 million and $60.7 million, respectively.
During the year ended December 31, 2023, the Company recorded an income tax expense of $293.2 million, an increase of $217.1
million compared to 2022 primarily due to differences in the level of income in the Company’s operating jurisdictions. Kinross'
combined federal and provincial statutory tax rate for both 2023 and 2022 was 26.5%.
Net earnings attributable to common shareholders in 2023 were $416.3 million, or $0.34 per share, compared to $31.9 million, or
$0.02 per share, in 2022. The change was primarily a result of an increase in margins (metal sales less production cost of sales) and
lower impairment charges in 2023, partially offset by the increase in income tax expense and depreciation, depletion and amortization
in 2023.
Adjusted net earnings attributable to common shareholders in 2023 were $539.8 million, or $0.44 per share, compared to $283.1
million, or $0.22 per share, in 2022. The increase was primarily due to the increase in net earnings attributable to common
shareholders, as described above, net of the decrease in after-tax impairment.
Net cash flow provided from operating activities increased to $1,605.3 million in 2023 from $1,002.5 million 2022, primarily due to
the increase in margins and a favourable change in working capital compared to the prior year.
Attributable adjusted operating cash flow increased to $1,676.7 million compared to $1,257.7 million in 2022, primarily due to the
increase in margins.
In 2023, capital expenditures and attributable capital expenditures increased to $1,098.3 million and $1,055.0 million, respectively,
primarily due to an increase in capital development at Tasiast and Fort Knox and increased development activities at Manh Choh.
Attributable free cash flow increased to $559.7 million from $247.3 million in 2022, due to the increase in net cash flow provided from
operating activities, partially offset by higher capital expenditures, as described above.
2024 ANNUAL REPORT KINROSS GOLD
MDA 6
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Mineral Reserves1
Kinross’ total estimated proven and probable gold reserves at December 31, 2024 were approximately 21.9 million ounces, a decrease
of 0.9 million ounces from 22.8 million ounces at December 31, 2023. The decrease in estimated gold reserves was mainly a result of
production depletion. Amongst the operating sites, 1.5 million ounces were also added to proven and probable reserves, mainly at
Bald Mountain, Tasiast and Paracatu.
Proven and probable silver reserves at December 31, 2024 were approximately 16.9 million ounces, a decrease of 6.8 million ounces
from 23.7 million ounces at December 31, 2023, primarily due to production depletion at La Coipa.
2.
IMPACT OF KEY ECONOMIC TRENDS
Price of Gold
Source: Bloomberg – based on daily closing prices
The price of gold is the single largest factor in determining profitability and cash flow from operations. Therefore, the financial
performance of the Company has been, and is expected to continue to be, closely linked to the price of gold. Historically, the price of
gold has been subject to volatile price movements over short periods of time and is affected by numerous macroeconomic and industry
factors that are beyond the Company’s control. Major influences on the gold price include currency exchange rate fluctuations and
the relative strength of the U.S. dollar, the supply of and demand for gold and macroeconomic factors such as the level of interest
rates and inflation expectations. During 2024, the price of gold fluctuated between a low of $1,985 per ounce in February and a high
of $2,778 per ounce in October, with an average price for the year based on the LBMA Gold Price PM benchmark of $2,386 per ounce,
compared to the 2023 average price of $1,941 per ounce. Major influences on the gold price during 2024 included market expectations
of interest rate cuts, a stronger USD, ongoing geopolitical tensions, trade risks and otherwise general market volatility around the
United States presidential election.
1 For details concerning mineral reserve and mineral resource estimates, refer to the Mineral Reserves and Mineral Resources tables and notes in the Company's news release
filed with Canadian and U.S. regulators on February 12, 2025.
$1,400
$1,600
$1,800
$2,000
$2,200
$2,400
$2,600
$2,800
Jan-20
Jul-20
Jan-21
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
USD per Ounce
Gold Price History
2024 ANNUAL REPORT KINROSS GOLD
7 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
In 2024, Kinross’ attributable average realized gold price2 of $2,391 per ounce compared to the average LBMA Gold Price PM
benchmark of $2,386 per ounce.
Source: London Bullion Marketing Association London PM Benchmark
2 These figures are non-GAAP financial measures and ratios, as applicable, and are defined, and actual results for the year ended December 31, 2024 are reconciled, in Section 11
of this MD&A. 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.
$1,400
$1,600
$1,800
$2,000
$2,200
$2,400
$2,600
$2,800
2020
2021
2022
2023
2024
USD per Ounce
Kinross' Attributable Average Realized Gold Price2 vs Average PM
Benchmark
Average
Realized
2024 ANNUAL REPORT KINROSS GOLD
MDA 8
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Gold Supply and Demand Fundamentals
Source: World Gold Council Gold Demand Trends: Full Year 2024 report
According to the World Gold Council, total gold supply in 2024 increased by approximately 1% compared to 2023, driven by mine
production and recycling.
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
2020
2021
2022
2023
2024
Tonnes
Gold Supply
Mine production
Recycled gold
Net producer hedging
2024 ANNUAL REPORT KINROSS GOLD
9 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Source: World Gold Council Gold Demand Trends: Full Year 2024 report
According to the World Gold Council, annual gold demand increased in 2024 by approximately 1% compared to 2023, as central bank
demand continued to be strong and ETF holdings increased in the second half of 2024.
-500
500
1,500
2,500
3,500
4,500
5,500
2020
2021
2022
2023
2024
Tonnes
Gold Demand
Jewelry
Central banks and other institutions
Bar and coin
Technology
ETFs and similar products
2024 ANNUAL REPORT KINROSS GOLD
MDA 10
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Cost Sensitivity
The Company’s profitability is subject to industry-wide cost pressures on development and operating costs with respect to labour,
energy, capital expenditures and consumables in general. Since mining is generally an energy intensive activity, especially in open pit
mining, energy prices have a significant impact on operations.
The cost of fuel as a percentage of operating costs varies amongst the Company’s mines, and overall, fuel prices in 2024 were weaker
compared to 2023. Fluctuations in fuel prices are primarily due to geopolitical risk and demand and supply dynamics. Kinross manages
its exposure to fuel costs by entering into various hedge positions from time to time – refer to Section 6 – Liquidity and Capital
Resources for details.
Source: Bloomberg
In order to mitigate the impact of higher consumable prices, the Company continues to focus on continuous improvement, both by
promoting more efficient use of materials and supplies, and by pursuing more advantageous pricing, whilst increasing performance
and without compromising operational integrity.
-$60
-$40
-$20
$0
$20
$40
$60
$80
$100
$120
$140
Jan-20
Jul-20
Jan-21
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
USD per Barrel
West Texas Intermediate Crude Oil Price History
2024 ANNUAL REPORT KINROSS GOLD
11 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Currency Fluctuations
Source: Bloomberg
At the Company’s non-U.S. mining operations and exploration activities, which are primarily located in Brazil, Chile, Mauritania, and
Canada, a portion of operating costs and capital expenditures are denominated in their respective local currencies. Generally, as the
U.S. dollar strengthens, these currencies weaken, and as the U.S. dollar weakens, these foreign currencies strengthen. These currencies
were subject to market volatility over the course of the year. Approximately 65% of the Company’s expected production in 2025 is
forecast to come from operations outside the U.S. and costs will continue to be exposed to foreign exchange movements. In order to
manage this risk, the Company uses currency hedges for certain foreign currency exposures – refer to Section 6 – Liquidity and Capital
Resources for details.
3.
OUTLOOK
The following section of this MD&A represents forward-looking information and users are cautioned that actual results may vary. We
refer to the risks and assumptions contained in the Cautionary Statement on Forward-Looking Information on pages 53 – 54 of this
MD&A.
Attributable3 Production Guidance
In 2025, Kinross expects to produce 2.0 million attributable gold equivalent ounces4 (+/- 5%) from its operations. Production is
expected to remain stable at 2.0 million attributable gold equivalent ounces (+/- 5%) for each of 2026 and 2027.
3 Attributable guidance and results include Kinross’ 70% share of Manh Choh production, costs and capital expenditures. Attributable figures are non-GAAP financial measures
and ratios. Refer to footnote 2.
4 Attributable gold equivalent ounce production guidance for 2025 includes approximately 4.3 million ounces of silver.
50%
60%
70%
80%
90%
100%
110%
120%
130%
140%
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Currency Exchange Rate Relative Performance Against U.S. Dollar
Gold
Brazil
Chile
Canada
Mauritania
2024 ANNUAL REPORT KINROSS GOLD
MDA 12
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Attributable3 Cost Guidance
2025
2024
Guidance
Full-Year
(+/- 5%)
Results
Attributable production cost of sales per equivalent ounce sold2
1,120
$
1,021
$
Attributable all-in sustaining cost per equivalent ounce sold2
1,500
$
1,388
$
Production cost of sales per equivalent ounce sold5
1,020
$
Attributable production cost of sales2 is expected to be $1,120 per equivalent ounce sold (+/- 5%) for 2025. In 2024, production cost
of sales5 and attributable production cost of sales2 were $1,020 per equivalent ounce sold and $1,021 per equivalent ounce sold,
respectively. The moderate year-over-year increase in 2025 is mainly due to lower overall production with a change in sales mix,
including lower production at Tasiast, and inflationary impacts.56
The Company expects its attributable all-in sustaining cost2 to be $1,500 per equivalent ounce sold (+/- 5%) for 2025. In 2024,
attributable all-in sustaining cost2 was $1,388 per equivalent ounce sold. The expected increase in 2025 is largely a result of the
increase in attributable production cost of sales, as noted above.
Material assumptions used to forecast 2025 attributable production cost of sales2 are: a gold price of $2,500 per ounce, a silver price
of $30 per ounce, an oil price of $80 per barrel, and foreign exchange rates of 5.25 Brazilian reais to the U.S. dollar, 900 Chilean pesos
to the U.S. dollar, 37.50 Mauritanian ouguiyas to the U.S. dollar and 1.35 Canadian dollars to the U.S. dollar.
Taking into account existing currency and oil hedges, a 10% change in all foreign currency exchange rates would be expected to result
in an approximate $25 impact on attributable production cost of sales per equivalent ounce sold2; and specific to the Brazilian real
and Chilean peso, a 10% change in these exchange rates would be expected to result in impacts of approximately $45 and $50 on
Brazilian and Chilean attributable production cost of sales per equivalent ounce sold2, respectively. A $10 per barrel change in the
price of oil would be expected to result in an approximate $3 impact on fuel consumption costs on attributable production cost of
sales per equivalent ounce sold2, and a $100 change in the price of gold would be expected to result in an approximate $5 impact on
attributable production cost of sales per equivalent ounce sold2 as a result of a change in royalties.
Attributable3 Capital Expenditures2 Guidance
2025
2024
Guidance
Full-Year
(+/- 5%)
Results
Attributable sustaining capital expenditures
535.0
$
523.5
$
Attributable non-sustaining capital expenditures
615.0
$
527.4
$
Total attributable capital expenditures2
1,150.0
$
1,050.9
$
Total capital expenditures6
1,075.5
$
Attributable capital expenditures for 2025 are forecasted to be approximately $1,150 million (+/- 5%). Of this amount, sustaining
capital expenditures are expected to be approximately $535 million, with non-sustaining capital expenditures of approximately $615
million. Non-sustaining capital expenditures include stripping at Tasiast West Branch 5, Round Mountain Phase S, and Bald Mountain
Redbird, project studies and Advanced Exploration (“AEX”) construction at Great Bear, as well as other growth projects and studies.
Kinross’ attributable capital expenditures outlook for 2026 and 2027 is expected to be in-line with 2025, subject to ongoing inflationary
impacts.
5 “Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.
6 “Capital expenditures” is as reported as “Additions to property, plant and equipment” on the consolidated statements of cash flows.
2024 ANNUAL REPORT KINROSS GOLD
13 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Other 2025 Guidance
The 2025 forecast for exploration and business development is $200 million (+/-5%), which includes approximately $175 million (+/-
5%) of exploration expenditures, mainly at Round Mountain, Curlew, Tasiast, La Coipa and Fort Knox.
The 2025 forecast for general and administrative expense is $125 million (+/-5%).
Other operating costs for 2025 are expected to be between $125 and $150 million, which primarily relates to studies and permitting
activities that do not meet the criteria for capitalization, as well as care and maintenance and reclamation activities at non-operating
sites.
Taxes paid are expected to be $330 million in 2025, based on a gold price of $2,500 per ounce, and are expected to increase by
approximately $4 million for every $100 per ounce movement in the realized gold prices. The forecast effective tax rate (“ETR”)7 for
2025 is expected to be in the range of 32% - 37%.
Depreciation, depletion and amortization is forecast to be approximately $540 (+/-5%) per equivalent ounce sold8, compared to $533
per equivalent ounce sold8 in 2024.
The 2025 forecast for interest paid is $75 million, $55 million of which is expected to be expensed and $20 million capitalized. In 2024,
$128.2 million of interest was paid with $92.6 million capitalized and $35.6 million expensed. The 2025 forecast for interest expense
excludes accretion of the Company’s reclamation and remediation obligations, as well as lease liabilities, which for 2024 totaled $42.3
million.
4.
PROJECT UPDATES AND NEW DEVELOPMENTS
Great Bear
At Great Bear, Kinross continues to progress its AEX program and Main Project permitting.
For the AEX program, early works, including tree clearing and earthworks, has commenced with the necessary permits received for all
current activities. The two remaining permits required for full AEX completion and operation are under review by the regulatory
authorities and are expected to be received later in the year, when they are required. Detailed engineering and procurement continue
to advance.
The Company is focused on progressing AEX activities including construction of the exploration decline planned to commence in late
2025.
For the Main Project, Kinross is advancing detailed engineering and execution planning. The selection of design partners is well
underway and work is planned to commence in the first quarter of 2025. This work will provide key engineering information for
permitting and construction.
The Company continues to work with the Impact Assessment Agency of Canada on advancing its Impact Statement, which is planned
to be submitted later in 2025. Consultation continues with designated Indigenous communities, including discussions to finalize related
agreements.
In 2025, Kinross has shifted from deep underground resource drilling to regional exploration work with the goal of identifying new
open pit and underground deposits.
Kinross released its Preliminary Economic Assessment for Great Bear on September 10, 2024. The Project is expected to produce over
500,000 ounces per year at an all-in sustaining cost of approximately $800 per ounce during the first 8 years through a conventional,
modest capital 10,000 tonne per day mill. In parallel, Kinross also released an updated mineral resource estimate increasing the
7 The forecast ETR range for 2025 assumes gold price, foreign exchange and tax rates in the jurisdictions in which the Company operates remain stable and within 2025 guidance
assumptions. The ETR does not include the impact of items which the Company believes are not reflective of the Company’s underlying performance, such as the impact of net
foreign currency translations on tax deductions and taxes related to prior periods. Management believes that the ETR range provides investors with the ability to better evaluate
the Company’s underlying performance. However, the ETR range is not necessarily an indicator of tax expense recognized under IFRS. The rate is sensitive to the relative
proportion of sales between the Company’s various tax jurisdictions and realized gold prices.
8 Depreciation, depletion and amortization per equivalent ounce sold is defined as depreciation, depletion and amortization, as reported on the consolidated statements of
operations, divided by total gold equivalent ounces sold.
2024 ANNUAL REPORT KINROSS GOLD
MDA 14
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
inferred resource estimate by 568 thousand ounces to 3.9 million ounces which was in addition to the measured and indicated
resource estimate of 2.7 million ounces.
Bald Mountain Redbird
Kinross is pleased to announce plans to proceed with mining at the Redbird pit at Bald Mountain, which contains approximately 1
million ounces of gold reserve, following the receipt of the Juniper permit in the second half of 2024.
Kinross has approved mining of Phase 1 at Redbird, which contains 270 thousand ounces and is expected to produce approximately
175 thousand ounces, extending production into 2028. Phase 2, unlocking another 680 thousand ounces contained, could begin in
2026 and extend production from Bald Mountain through 2031.
Phase 1 lowers the initial capital risk by leveraging existing heap leach infrastructure, pulls forward production into 2027, and can
progress in 2025 while work continues on optimizing the design and execution plan for Phase 2.
Phase 1 initial capex of $120 million is primarily pre-strip mining cost, and the project has an all-in sustaining cost of approximately
$1,500/oz.
Lobo-Marte
Kinross is progressing baseline studies to support the Environmental Impact Assessment for the Lobo-Marte project. Lobo-Marte
continues to be a potential large, low-cost mine and Kinross is committed to progressing next steps to advance the project.
2024 ANNUAL REPORT KINROSS GOLD
15 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
5.
CONSOLIDATED RESULTS OF OPERATIONS
Operating Highlights
2024
2023
2022(d)
Change
% Change(e)
Change
% Change(e)
Operating Statistics(a)
Total gold equivalent ounces(b)
Produced
2,170,791
2,153,020
1,957,237
17,771
1%
195,783
10%
Sold
2,153,212
2,179,936
1,927,818
(26,724)
(1%)
252,118
13%
Attributable gold equivalent ounces(b)
Produced
2,128,052
2,153,020
1,957,237
(24,968)
(1%)
195,783
10%
Sold
2,111,688
2,179,936
1,927,818
(68,248)
(3%)
252,118
13%
Gold ounces - sold
2,100,621
2,074,989
1,872,342
25,632
1%
202,647
11%
Silver ounces - sold (000's)
4,467
8,718
4,647
(4,251)
(49%)
4,071
88%
Average realized gold price per ounce(c)
2,393
$
1,945
$
1,793
$
448
$
23%
152
$
8%
Earnings(a)
Metal sales
5,148.8
$
4,239.7
$
3,455.1
$
909.1
$
21%
784.6
$
23%
Production cost of sales
2,197.1
$
2,054.4
$
1,805.7
$
142.7
$
7%
248.7
$
14%
Depreciation, depletion and amortization
1,147.5
$
986.8
$
784.0
$
160.7
$
16%
202.8
$
26%
Impairment (reversal) charge
(74.1)
$
38.9
$
350.0
$
(113.0)
$
nm
(311.1)
$
(89%)
Operating earnings
1,540.3
$
801.4
$
117.7
$
738.9
$
92%
683.7
$
nm
948.8
$
416.3
$
31.9
$
532.5
$
128%
384.4
$
nm
(in millions, except ounces and per ounce amounts)
2023 vs. 2022
Years ended December 31,
2024 vs. 2023
Net earnings attributable to common shareholders
(a)
All measures and ratios include 100% of the results from Manh Choh, except measures denoted as “attributable.” “Attributable” measures include
Kinross’ 70% share of Manh Choh production and sales, as appropriate.
(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 2024 was 84.43:1 (2023 – 83.13:1, 2022 – 82.90:1).
(c)
“Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold.
(d)
Results for the year ended December 31, 2022 are from continuing operations and exclude results from the Company’s Chirano and Russian
operations due to the classification of these operations as discontinued and their sale in 2022.
(e)
“nm” means not meaningful.
Operating Earnings (Loss) by Segment
(in millions)
2024
2023
2022(c)
Change
% Change(d)
Change
% Change(d)
Operating segments
Tasiast
696.0
$
549.6
$
299.5
$
146.4
$
27%
250.1
$
84%
Paracatu
505.6
407.5
330.9
98.1
24%
76.6
23%
La Coipa
210.8
147.2
81.8
63.6
43%
65.4
80%
Fort Knox(a)
307.0
65.1
55.0
241.9
nm
10.1
18%
Round Mountain
15.0
(100.3)
(327.6)
115.3
nm
227.3
nm
Bald Mountain
68.0
13.9
(5.6)
54.1
nm
19.5
nm
Non-operating segments
Great Bear
(43.8)
(49.9)
(61.7)
6.1
nm
11.8
nm
Corporate and other(b)
(218.3)
(231.7)
(254.6)
13.4
nm
22.9
nm
Total
1,540.3
$
801.4
$
117.7
$
738.9
$
92%
683.7
$
nm
2023 vs. 2022
Years ended December 31,
2024 vs. 2023
(a)
The Fort Knox segment includes Manh Choh, which was aggregated with Fort Knox during 2024. Results for all periods include 100% for Manh
Choh. Comparative results are presented in accordance with the current year’s presentation.
(b)
“Corporate and other” includes operating costs which are not directly related to individual mining properties such as overhead expenses, insurance
recoveries, gains and losses on disposal of assets and investments, and other costs relating to corporate, shutdown and other non-operating assets
(including Kettle River-Buckhorn, Lobo-Marte, and Maricunga).
(c)
Results for the year ended December 31, 2022 are from continuing operations and exclude results from the Company’s Chirano and Russian
operations due to the classification of these operations as discontinued and their sale in 2022.
(d)
“nm” means not meaningful.
2024 ANNUAL REPORT KINROSS GOLD
MDA 16
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Mining Operations
Tasiast – Mauritania
2024
2023
Change
% Change(c)
Operating Statistics
Tonnes ore mined (000's)
7,601
9,801
(2,200)
(22%)
Tonnes processed (000's)
8,642
6,723
1,919
29%
Grade (grams/tonne)
2.44
3.19
(0.75)
(24%)
Recovery
92.1%
92.3%
(0.2%)
(0%)
Gold equivalent ounces(a):
Produced
622,394
620,793
1,601
0%
Sold
609,614
615,065
(5,451)
(1%)
Earnings (in millions)
Metal sales
1,456.5
$
1,200.8
$
255.7
$
21%
Production cost of sales
415.4
406.8
8.6
2%
Depreciation, depletion and amortization
357.1
244.4
112.7
46%
684.0
549.6
134.4
24%
Other operating income
(21.6)
(3.9)
(17.7)
nm
Exploration and business development
9.6
3.9
5.7
146%
Segment operating earnings
696.0
$
549.6
$
146.4
$
27%
Production cost of sales per equivalent ounce(a) sold(b)
681
$
661
$
20
$
3%
Years ended December 31,
(a)
“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 2024 was 84.43:1 (2023 – 83.13:1).
(b)
“Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.
(c)
“nm” means not meaningful.
Kinross acquired its 100% interest in the Tasiast mine on September 17, 2010 upon completing its acquisition of Red Back Mining Inc.
The Tasiast mine is an open pit operation located in north-western Mauritania and is approximately 300 kilometres north of the capital,
Nouakchott.
2024 vs. 2023
Gold equivalent ounces produced and sold in 2024 were comparable to 2023. Mining at Tasiast in 2024 decreased at West Branch 4
and capital development increased at West Branch 5, resulting in a 22% decrease in tonnes of ore mined compared to 2023. Mill
grades decreased by 24% in 2024 compared to 2023 as a result of mine sequencing, blending ore from West Branch 4 with ore from
stockpiles. Mill throughput increased by 29% in 2024 compared to 2023 as Tasiast continued to achieve higher throughput levels after
the completion of the 24k project in the second half of 2023, which modified the grinding circuit, added new leaching and thickening
capacity, and improved onsite power generation and water supply.
Metal sales increased by 21% compared to 2023, due to the 23% increase in average metal prices realized. Production cost of sales
increased by 2% in 2024, compared to 2023, primarily due to higher royalties as a result of the increase in average metal prices and
higher labour costs, largely offset by a higher proportion of costs allocated to capital development. Production cost of sales per
equivalent ounce sold increased by 3% in 2024 compared to 2023 as a result of the increase in production cost of sales. Depreciation,
depletion and amortization increased by 46% in 2024, primarily due to an increase in the depreciable asset base and the inclusion of
ore from stockpiles with a higher depreciation cost.
2024 ANNUAL REPORT KINROSS GOLD
17 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Paracatu – Brazil
2024
2023
Change
% Change
Operating Statistics
Tonnes ore mined (000's)
54,243
53,845
398
1%
Tonnes processed (000's)
58,329
60,182
(1,853)
(3%)
Grade (grams/tonne)
0.36
0.39
(0.03)
(8%)
Recovery
80.2%
79.1%
1.1%
1%
Gold equivalent ounces(a):
Produced
528,574
587,999
(59,425)
(10%)
Sold
528,209
592,224
(64,015)
(11%)
Earnings (in millions)
Metal sales
1,258.9
$
1,149.6
$
109.3
$
10%
Production cost of sales
548.6
538.6
10.0
2%
Depreciation, depletion and amortization
189.3
186.6
2.7
1%
521.0
424.4
96.6
23%
Other operating expense
7.5
11.3
(3.8)
(34%)
Exploration and business development
7.9
5.6
2.3
41%
Segment operating earnings
505.6
$
407.5
$
98.1
$
24%
Production cost of sales per equivalent ounce(a) sold(b)
1,039
$
909
$
130
$
14%
Years ended December 31,
(a)
“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 2024 was 84.43:1 (2023 – 83.13:1).
(b)
“Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.
The Company acquired a 49% ownership interest in the Paracatu open pit mine, located in the State of Minas Gerais, Brazil, upon the
acquisition of TVX Gold Inc. on January 31, 2003. On December 31, 2004, the Company purchased the remaining 51% of Paracatu from
Rio Tinto Plc.
2024 vs. 2023
Gold equivalent ounces produced and sold in 2024 decreased by 10% and 11%, respectively, compared to 2023 primarily due to lower
grades and throughput, as a result of changes in ore hardness, consistent with Paracatu’s planned mine sequencing.
Metal sales increased by 10% compared to 2023, due to the 23% increase in average metal prices realized, partially offset by the
decrease in gold equivalent ounces sold. Production cost of sales increased by 2% compared to 2023, due to higher drilling contractor
and blasting supply costs, partially offset by favourable foreign exchange rates and lower gold equivalent ounces sold. Production cost
of sales per equivalent ounce sold increased by 14% in 2024 compared to 2023 as a result of the decrease in gold equivalent ounces
produced and increase in production cost of sales. Depreciation, depletion and amortization increased by 1% compared to 2023,
primarily due to an increase in the depreciable asset base and a decrease in mineral reserves at the end of 2023, partially offset by the
decrease in gold equivalent ounces sold.
2024 ANNUAL REPORT KINROSS GOLD
MDA 18
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
La Coipa – Chile
2024
2023
Change
% Change(c)
Operating Statistics
Tonnes ore mined (000's)
3,896
4,345
(449)
(10%)
Tonnes processed (000's)
3,535
3,867
(332)
(9%)
Grade (grams/tonne):
Gold
2.05
1.74
0.31
18%
Silver
60.12
107.68
(47.56)
(44%)
Recovery:
Gold
82.5%
81.3%
1.2%
1%
Silver
51.8%
56.5%
(4.7%)
(8%)
Gold equivalent ounces(a):
Produced
246,131
260,138
(14,007)
(5%)
Sold
241,077
268,491
(27,414)
(10%)
Silver ounces:
Produced (000's)
3,831
7,670
(3,839)
(50%)
Sold (000's)
3,780
8,021
(4,241)
(53%)
Earnings (in millions)
Metal sales
573.3
$
522.6
$
50.7
$
10%
Production cost of sales
231.3
182.8
48.5
27%
Depreciation, depletion and amortization
118.3
187.8
(69.5)
(37%)
223.7
152.0
71.7
47%
Other operating expense (income)
9.6
(8.2)
17.8
nm
Exploration and business development
3.3
13.0
(9.7)
(75%)
Segment operating earnings
210.8
$
147.2
$
63.6
$
43%
Production cost of sales per equivalent ounce(a) sold(b)
959
$
681
$
278
$
41%
Years ended December 31,
(a)
“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 2024 was 84.43:1 (2023 – 83.13:1).
(b)
“Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.
(c)
“nm” means not meaningful.
Kinross acquired its 100% interest in the La Coipa open pit mine, located in the Atacama region in Chile, in 2007. In February 2022, the
mine poured its first gold bar after restarting operations following the suspension of activities since October 2013.
2024 vs. 2023
Gold equivalent ounces produced in 2024 decreased by 5% compared to 2023, due to a decrease in silver grades and throughput,
partially offset by an increase in gold grades. Planned mine sequencing at La Coipa, with an increased focus on Phase 7 and capital
development of the Puren 2 pit, resulted in an 18% increase in gold grades, a 44% decrease in silver grades, and a 10% decrease in
tonnes of ore mined in 2024 compared to 2023. Tonnes processed in 2024 were 9% lower compared to 2023, due to increased
maintenance activity in 2024. Gold equivalent ounces sold decreased by 10% compared to 2023, due to the decrease in production
and the timing of sales in 2023.
Metal sales increased by 10% compared to 2023, due to the 23% increase in average metal prices realized, partially offset by the
decrease in gold equivalent ounces sold. Production cost of sales increased by 27% compared to 2023, primarily due to a lower
proportion of mining activities related to capital development in 2024 and higher mill maintenance costs, partially offset by favourable
foreign exchange rates and the decrease in gold equivalent ounces sold. Production cost of sales per equivalent ounce sold increased
by 41% in 2024 compared to 2023 as a result of the increase in production cost of sales and decrease in gold equivalent ounces
produced. Depreciation, depletion and amortization decreased by 37% compared to 2023, due to the decrease in gold equivalent
ounces sold and an adjustment recorded in the period.
2024 ANNUAL REPORT KINROSS GOLD
19 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Fort Knox (100% basis) – USA(a)
2024
2023
Change
% Change(f)
Operating Statistics
Tonnes ore mined (000's)
33,672
32,705
967
3%
Tonnes processed (000's)(b)
34,131
36,826
(2,695)
(7%)
Grade (grams/tonne)(c)
1.49
0.77
0.72
94%
Recovery(c)
85.4%
79.9%
5.5%
7%
Gold equivalent ounces(d):
Produced
377,258
290,651
86,607
30%
Sold
375,402
287,532
87,870
31%
Earnings (in millions)
Metal sales
912.5
$
557.9
$
354.6
$
64%
Production cost of sales
452.5
343.5
109.0
32%
Depreciation, depletion and amortization
140.9
96.8
44.1
46%
Impairment charge
-
38.9
(38.9)
nm
319.1
78.7
240.4
nm
Other operating expense
0.5
0.8
(0.3)
(38%)
Exploration and business development
11.6
12.8
(1.2)
(9%)
Segment operating earnings
307.0
$
65.1
$
241.9
$
nm
Production cost of sales per equivalent ounce(d) sold(e)
1,205
$
1,195
$
10
$
1%
Years ended December 31,
(a)
The Fort Knox segment includes Manh Choh, which was aggregated with Fort Knox during the year ended December 31, 2024. Results for all
periods include 100% for Manh Choh. Comparative results are presented in accordance with the current year’s presentation.
(b)
Includes 27,649,000 tonnes placed on the heap leach pad during 2024 (2023 – 28,700,000 tonnes).
(c)
Amount represents mill grade and recovery only. Ore placed on the heap leach pads had an average grade of 0.22 grams per tonne during 2024
(2023 – 0.22 grams per tonne). Due to the nature of heap leach operations, point-in-time recovery rates are not meaningful.
(d)
“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 2024 was 84.43:1 (2023 – 83.13:1).
(e)
“Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.
(f)
“nm” means not meaningful.
The Company has been operating the Fort Knox open pit mine, located near Fairbanks, Alaska, since it was acquired in 1998. In
September 2020, the Company acquired a 70% ownership interest in Manh Choh, located approximately 400 kilometres southeast of
the Fort Knox mine. Construction and commissioning of the Fort Knox mill modifications were completed in the third quarter of 2024,
with production from the open pit Manh Choh mine having commenced in July 2024.
2024 vs. 2023
Gold equivalent ounces produced and sold in 2024 increased by 30% and 31%, respectively, compared to 2023, primarily due to the
production of higher-grade, higher-recovery ore from Manh Choh in the second half of 2024. Tonnes of ore mined and mill grades
increased by 3% and 94%, respectively, compared to 2023, due to the ramp up of mining at Manh Choh and planned mine sequencing
at Fort Knox, which included Phase 9 leachable ore and the advancement of Phase 10. This was partially offset by a decrease in mill
throughput as the higher-grade Manh Choh ore requires a longer retention time in the leach circuit, as well as reduced gravity circuit
availability and leaching circuit performance in the first quarter of 2024.
Metal sales increased by 64% compared to 2023, due to the increase in gold equivalent ounces sold and the 23% increase in average
metal prices realized. Production cost of sales increased by 32% compared to 2023, primarily due to the increase in gold equivalent
ounces sold, as well as higher contractor, royalty and reagent costs, largely related to the start of Manh Choh production. Production
cost of sales per equivalent ounce sold in 2024 was comparable to 2023. Depreciation, depletion, and amortization increased by 46%
in 2024 compared to 2023 due to the increase in gold equivalent ounces sold as well as an increase in the depreciable asset base with
the addition of Manh Choh, and a decrease in mineral reserves at the end of 2023.
During the year ended December 31, 2023, the Company recorded an impairment charge of $38.9 million related to a reduction in the
estimate of recoverable ounces on the heap leach pads due to changes in estimated recovery rates. The tax impact of the impairment
charge was an income tax recovery of $3.1 million.
2024 ANNUAL REPORT KINROSS GOLD
MDA 20
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Round Mountain – USA
2024
2023
Change
% Change(e)
Operating Statistics
Tonnes ore mined (000's)
13,271
28,655
(15,384)
(54%)
Tonnes processed (000's)(a)
10,890
28,462
(17,572)
(62%)
Grade (grams/tonne)(b)
1.07
0.78
0.29
37%
Recovery(b)
76.3%
74.0%
2.3%
3%
Gold equivalent ounces(c):
Produced
215,387
235,690
(20,303)
(9%)
Sold
214,996
234,064
(19,068)
(8%)
Earnings (in millions)
Metal sales
506.8
$
454.4
$
52.4
$
12%
Production cost of sales
328.3
357.7
(29.4)
(8%)
Depreciation, depletion and amortization
193.2
157.2
36.0
23%
Impairment reversal
(74.1)
-
(74.1)
nm
59.4
(60.5)
119.9
nm
Other operating (income) expense
(9.7)
4.1
(13.8)
nm
Exploration and business development
54.1
35.7
18.4
52%
Segment operating earnings (loss)
15.0
$
(100.3)
$
115.3
$
nm
Production cost of sales per equivalent ounce(c) sold(d)
1,527
$
1,528
$
(1)
$
(0%)
Years ended December 31,
(a)
Includes 7,566,000 tonnes placed on the heap leach pads during 2024 (2023 – 24,768,000 tonnes).
(b)
Amount represents mill grade and recovery only. Ore placed on the heap leach pads had an average grade of 0.32 grams per tonne in 2024 (2023
– 0.39 grams per tonne). Due to the nature of heap leach operations, point-in-time recovery rates are not meaningful.
(c)
“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 2024 was 84.43:1 (2023 – 83.13:1).
(d)
“Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.
(e)
"nm" means not meaningful.
The Company acquired a 50% ownership interest in the Round Mountain open pit mine, located in Nye County, Nevada, with the
acquisition of Echo Bay Mines Ltd. on January 31, 2003. On January 11, 2016, the Company acquired the remaining 50% interest in
Round Mountain, along with the Bald Mountain gold mine, from Barrick Gold Corporation (“Barrick”).
2024 vs. 2023
Gold equivalent ounces produced and sold in 2024 decreased by 9% and 8%, respectively, compared to 2023, due to fewer ounces
recovered from the heap leach pads, partially offset by higher mill grades. Tonnes of ore mined decreased by 54% in 2024 compared
to 2023, due to planned mine sequencing, which included deeper, higher-grade ore benches of Phase W2 and the start of Phase S
capital development in early 2024. Tonnes processed decreased by 62%, compared to 2023, due to the decrease in tonnes of ore
mined and placed on the heap leach pads. During 2024, mill grades increased by 37% as a result of mining the deeper, higher-grade
benches of Phase W2.
Metal sales increased by 12% in 2024 compared to 2023, due to the 23% increase in average metal prices realized, partially offset by
the decrease in gold equivalent ounces sold. Production cost of sales decreased by 8% compared to 2023 primarily due to a higher
proportion of costs allocated to capital development, related to the start of Phase S development in early 2024, and the decrease in
gold equivalent ounces sold, partially offset by higher royalties as a result of the increase in average metal prices. Production cost of
sales per equivalent ounce sold in 2024 was comparable to 2023. Depreciation, depletion and amortization increased by 23% in 2024
compared to 2023 due to a decrease in mineral reserves at Phase W at the end of 2023 and a higher depreciable asset base as a result
of the impairment reversal recognized in the third quarter of 2024, as discussed below, partially offset by the decrease in gold
equivalent ounces sold.
In 2024, the Company recognized an after-tax reversal of a previously recorded impairment charge of $73.4 million related to property,
plant and equipment, as a result of an increase in the Company’s estimates of future gold prices. The tax impact of the impairment
reversal at Round Mountain was an income tax expense of $0.7 million.
Exploration activity at Round Mountain was higher in 2024 compared to 2023, focusing primarily on the continued development of
the Phase X underground exploration decline, which began late in the first quarter of 2023, as well as exploration drilling in between
the open pit and the underground target.
2024 ANNUAL REPORT KINROSS GOLD
21 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Bald Mountain – USA
2024
2023
Change
% Change(d)
Operating Statistics
Tonnes ore mined (000's)
18,392
17,312
1,080
6%
Tonnes processed (000's)
18,392
17,306
1,086
6%
Grade (grams/tonne)(a)
0.48
0.42
0.06
14%
Gold equivalent ounces(b):
Produced
181,047
157,749
23,298
15%
Sold
182,760
180,139
2,621
1%
Earnings (in millions)
Metal sales
438.2
$
349.6
$
88.6
$
25%
Production cost of sales
220.3
223.5
(3.2)
(1%)
Depreciation, depletion and amortization
143.0
107.8
35.2
33%
74.9
18.3
56.6
nm
Other operating expense
0.9
1.2
(0.3)
(25%)
Exploration and business development
6.0
3.2
2.8
88%
68.0
$
13.9
$
54.1
$
nm
Production cost of sales per equivalent ounce(b) sold(c)
1,205
$
1,241
$
(36)
$
(3%)
Segment operating earnings
Years ended December 31,
(a)
Due to the nature of heap leach operations, point-in-time recovery rates are not meaningful.
(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 2024 was 84.43:1 (2023 – 83.13:1).
(c)
“Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.
(d)
“nm” means not meaningful.
The Company completed the acquisition of 100% of the Bald Mountain open pit mine on January 11, 2016 from Barrick, which includes
a large associated land package. On October 2, 2018, the Company acquired the remaining 50% interest in the Bald Mountain
exploration joint venture that it did not already own from Barrick, giving Kinross 100% ownership of the Bald Mountain land package.
2024 vs. 2023
Gold equivalent ounces produced in 2024 increased by 15% compared to 2023 due to higher grades. Planned mine sequencing at Bald
Mountain focused primarily on the development and mining of Saga 6, resulting in a 6% increase in tonnes of ore mined and processed,
and a 14% increase in grade in 2024 compared to 2023. Gold equivalent ounces sold in 2024 were comparable to 2023 and were higher
than production due to the timing of sales.
Metal sales increased by 25% compared to 2023, primarily due to the increases in average metal prices realized. Production cost of
sales were comparable to 2023, as lower supplies costs were offset by a lower proportion of mining activities related to capital
development. Production cost of sales per equivalent ounce sold decreased by 3% in 2024 compared to 2023 as a result of the increase
in gold equivalent ounces produced and the slight decrease in production cost of sales. Depreciation, depletion and amortization
increased by 33% compared to 2023, primarily due to an increase in the depreciable asset base, largely related to the completion of
Saga 6 capital development in the first quarter of 2024.
2024 ANNUAL REPORT KINROSS GOLD
MDA 22
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Consolidated Results
Impairment (Reversal) Charge
(in millions)
2024
2023
Change
% Change(a)
Property, plant and equipment
(74.1)
$
-
$
(74.1)
$
nm
Inventories
-
38.9
(38.9)
nm
(74.1)
$
38.9
$
(113.0)
$
nm
Years ended December 31,
(a)
“nm” means not meaningful.
In the third quarter of 2024, the Company recorded a reversal of a previously recorded impairment charge of $74.1 million, related
entirely to property, plant and equipment at Round Mountain, as a result of an increase in the Company’s estimates of future gold
prices. The reversal was limited to the carrying value that would have been determined, net of any applicable depreciation, had no
impairment charge been previously recognized, and represents the full reversal of the impairment charge previously recorded in 2022.
The tax impact of the impairment reversal was an income tax expense of $0.7 million.
In the fourth quarter of 2023, the Company recognized an impairment charge of $38.9 million related to a reduction in the estimate
of recoverable ounces on the Fort Knox heap leach pads due to changes in estimated recovery rates. The tax impact of the impairment
was an income tax recovery of $3.1 million.
Exploration and Business Development
(in millions)
2024
2023
Change
% Change
Exploration and business development
197.8
$
185.0
$
12.8
$
7%
Years ended December 31,
Included in total exploration and business development expense are expenditures on exploration and technical evaluations totaling
$166.4 million compared to $158.9 million in 2023. The increase was primarily as a result of higher spending at Round Mountain Phase
X, partially offset by lower spending at Great Bear.
Capitalized exploration and evaluation expenditures, which relate to Lobo-Marte and Great Bear and include capitalized interest,
totaled $92.1 million compared to $93.4 million in 2023. Total expensed and capitalized exploration and evaluation expenditures were
$258.5 million in 2024 compared to $252.3 million in 2023.
General and Administrative
(in millions)
2024
2023
Change
% Change
General and administrative(a)
126.2
$
108.7
$
17.5
$
16%
Years ended December 31,
(a)
Included within general and administrative expenses is $11.5 million (2023 – $8.7 million) relating to share-based compensation.
General and administrative expenses include costs related to the overall management of the business which are not part of direct
mine operating costs. These costs are incurred at corporate offices located in Canada, the United States, Brazil, Chile, the Netherlands,
and Spain.
Finance Expense
(in millions)
2024
2023
Change
% Change
Interest expense, including accretion of lease liabilities
50.5
$
69.0
$
(18.5)
$
(27%)
Accretion of reclamation and remediation obligations
40.9
37.0
3.9
11%
Finance expense
91.4
$
106.0
$
(14.6)
$
(14%)
Years ended December 31,
Interest expense decreased by $18.5 million compared to 2023. Interest capitalized in 2024 was $88.2 million, compared to $108.9
million 2023. Total interest decreased in 2024 compared to 2023, primarily due to repayments of debt in the second half of 2023 and
throughout 2024.
Accretion of reclamation and remediation obligations increased by $3.9 million compared to 2023 primarily as a result of increases in
the cost estimates for the Company’s reclamation and remediation obligations.
2024 ANNUAL REPORT KINROSS GOLD
23 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Income and Other Taxes
Kinross is subject to tax in various jurisdictions including Canada, the United States, Brazil, Chile and Mauritania.
The Company recorded an income tax expense of $487.4 million in 2024 (2023 – $293.2 million), including a $86.4 million deferred tax
expense in 2024 (2023 – $29.3 million) resulting from the net foreign currency translation of tax deductions related to the Company’s
operations in Brazil and Mauritania. Income tax expense in 2024 is also net of a $32.6 million deferred tax recovery as a result of a
change in uncertain tax positions. Kinross' combined federal and provincial statutory tax rate for both 2024 and 2023 was 26.5%.
There are a number of factors that can significantly impact the Company’s effective tax rate, including geographical distribution of
income, varying rates in different jurisdictions, the non-recognition of tax assets, mining allowance, mining specific taxes, foreign
currency exchange movements, changes in tax laws, and the impact of specific transactions and assessments.
Kinross’ tax records, transactions and filing positions may be subject to examination by the tax authorities in the countries in which
the Company has operations. The tax authorities may review the Company’s transactions in respect of the year, or multiple years,
which they have chosen for examination. The tax authorities may interpret the tax implications of a transaction, in form or in fact,
differently from the interpretation reached by the Company.
In circumstances where the Company and the tax authority cannot reach a consensus on the tax impact, there are processes and
procedures which both parties may undertake in order to reach a resolution, which may span many years in the future. The Company
assesses the expected outcome of examination of transactions by the tax authorities and accrues the expected outcome in accordance
with IFRS.
Uncertainty in the interpretation and application of applicable tax laws, regulations or the relevant sections of Mining Conventions by
the tax authorities, or the failure of relevant Governments or tax authorities to honour tax laws, regulations or the relevant sections
of Mining Conventions could adversely affect Kinross.
Due to the number of factors that can potentially impact the effective tax rate and the sensitivity of the tax provision to these factors,
as discussed above, it is expected that the Company's effective tax rate will fluctuate in future periods.
The Global Minimum Tax Act (“GMTA”) was enacted in Canada on June 20, 2024. The GMTA includes a 15% global minimum tax (“top-
up tax”) that applies to large multinational enterprise groups with global consolidated revenues over €750 million. As a result, the
Company will be subject to the top-up tax rules for its 2024 taxation year. The GMTA did not have a material impact on the Company
in 2024 and is not expected to have a material impact going forward, as none of the Company’s jurisdictions are expected to be subject
to any material top up tax amounts for 2024 and onwards.
Discontinued Operations
Chirano discontinued operations
On August 10, 2022, the Company announced that it had completed the sale of its 90% interest in the Chirano mine in Ghana to Asante
Gold Corporation (“Asante”) for total consideration of $225.0 million in cash and shares. In accordance with the sale agreement, which
was amended on February 10, 2023, the Company received $60.0 million in cash and 34,962,584 Asante shares on closing, and the
remaining cash consideration of $128.8 million was to be received over the two-year period subsequent to closing. The total deferred
consideration is secured through pledges by Asante of equity interests in certain acquired entities holding an indirect interest in the
Chirano mine. The Company’s Chirano operations were classified as discontinued operations in 2022.
During the year ended December 31, 2024, the Company received $10.0 million (year ended December 31, 2023 – $5.0 million) in
respect of the deferred payment consideration, which was recognized as net cash flow in discontinued operations from investing
activities. As at December 31, 2024, the fair value of the remaining deferred payment consideration is $100.0 million (December 31,
2023 – $107.9 million) and is classified as a current receivable.
Russian discontinued operations
On June 15, 2022, the Company announced that it had completed the sale of its Russian operations to the Highland Gold Mining group
of companies for total cash consideration of $340.0 million, of which $300.0 million was received on closing and the remaining $40.0
million was received during the second quarter of 2023 and recognized as net cash flow in discontinued operations from investing
activities.
2024 ANNUAL REPORT KINROSS GOLD
MDA 24
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
6.
LIQUIDITY AND CAPITAL RESOURCES
The following table summarizes Kinross’ cash flow activity:
(in millions)
2024
2023
Change
% Change(b)
Net cash flow provided from operating activities
2,446.4
$
1,605.3
$
841.1
$
52%
Net cash flow of continuing operations used in investing activities
(1,189.9)
(1,167.2)
(22.7)
nm
Net cash flow of discontinued operations provided from investing activities(a)
10.0
45.0
(35.0)
(78%)
Net cash flow used in financing activities
(1,005.9)
(549.0)
(456.9)
nm
(1.5)
0.2
(1.7)
nm
Increase (decrease) in cash and cash equivalents
259.1
(65.7)
324.8
nm
Cash and cash equivalents, beginning of period
352.4
418.1
(65.7)
(16%)
Cash and cash equivalents, end of period
611.5
$
352.4
$
259.1
$
74%
Effect of exchange rate changes on cash and cash equivalents
Years ended December 31,
(a)
The cash inflows in 2024 represent proceeds in respect of the sale of the Company’s Chirano operations, while the cash inflows in 2023 represent
proceeds received in respect of the sale of the Company’s Russian and Chirano operations. The Chirano and Russian operations were both classified
as discontinued in 2022.
(b)
“nm” means not meaningful.
Cash and cash equivalent balances increased by $259.1 million compared to a decrease of $65.7 million in 2023. Detailed discussions
regarding cash flow movements are noted below.
Operating Activities
2024 vs. 2023
Net cash flow provided from operating activities increased by $841.1 million compared to 2023, primarily due to the increase in
margins and favourable working capital movements.
Investing Activities
2024 vs. 2023
Net cash flow of continuing operations used in investing activities was $1,189.9 million in 2024, compared to $1,167.2 million in 2023.
Cash was primarily used for capital expenditures of $1,075.5 million (2023 – $1,098.3 million) and interest paid capitalized to property,
plant and equipment of $92.6 million (2023 – $114.1 million).
The following table presents a breakdown of capital expenditures(a) on a cash basis:
(in millions)
2024
2023
Change
% Change(d)
Operating segments
Tasiast
343.9
$
309.0
$
34.9
$
11%
Paracatu
140.5
167.5
(27.0)
(16%)
La Coipa
69.4
74.8
(5.4)
(7%)
Fort Knox(b)
292.2
368.4
(76.2)
(21%)
Round Mountain
126.3
30.5
95.8
nm
Bald Mountain
49.5
120.3
(70.8)
(59%)
Non-operating segments
Great Bear
43.9
24.8
19.1
77%
Corporate and other(c)
9.8
3.0
6.8
nm
Total
1,075.5
$
1,098.3
(22.8)
$
(2%)
Years ended December 31,
(a)
“Capital expenditures” is as reported as “Additions to property, plant and equipment” on the consolidated statements of cash flows.
(b)
The Fort Knox segment includes Manh Choh, which was aggregated with Fort Knox during 2024. Results for all periods include 100% for Manh
Choh. Comparative results are presented in accordance with the current year’s presentation.
(c)
“Corporate and other” includes corporate and other non-operating assets (including Kettle River-Buckhorn, Lobo-Marte, and Maricunga).
(d)
“nm” means not meaningful.
2024 ANNUAL REPORT KINROSS GOLD
25 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Capital expenditures in 2024 were $1,075.5 million, consistent with the prior year. Capital expenditures in 2024 included the start of
Phase S capital development at Round Mountain, continued spending at Great Bear and increased capital development at Tasiast for
West Branch 5. These were offset by reduced spending on the construction of Manh Choh, which was completed in 2024, and the
completion of heap leach pad expansions at Bald Mountain at the end of 2023.
Financing Activities
2024 vs. 2023
Net cash flow used in financing activities was $1,005.9 million compared with $549.0 million in 2023. Cash outflows in 2024 included
total term loan repayments of $800.0 million, dividends paid to common shareholders of $147.5 million and interest paid of $35.6
million. In 2023, net cash flow used in financing activities included total debt repayments of $960.0 million, of which $500.0 million
was for the 5.950% senior notes due March 15, 2024, $300.0 million was for the revolving credit facility and $160.0 million was for the
Tasiast loan. These cash outflows were partially offset by net proceeds received from the issuance of $500.0 million 6.250% senior
notes due in 2033 and drawings of $100.0 million on the revolving credit facility. In addition, cash outflows in 2023 included dividends
paid to common shareholders of $147.3 million and interest paid of $53.2 million.
Balance Sheets
(in millions)
2024
2023
2022
Cash and cash equivalents
611.5
$
352.4
$
418.1
$
Current assets
2,126.7
$
1,802.3
$
1,852.6
$
Total assets
10,865.6
$
10,543.3
$
10,396.4
$
Current liabilities, including current portion of long-term debt
1,060.1
$
685.5
$
751.5
$
Total debt and credit facilities, including current portion
1,435.4
$
2,232.6
$
2,592.9
$
Total liabilities
3,865.0
$
4,357.6
$
4,514.2
$
Common shareholders' equity
6,861.6
$
6,083.7
$
5,823.7
$
Non-controlling interests
139.0
$
102.0
$
58.5
$
As at December 31,
Current assets and total assets increased by $324.4 million and $322.3 million, respectively, primarily due to the increase in cash and
cash equivalents and an increase in inventories. Current liabilities increased by $374.6 million to $1,060.1 million, primarily due to the
reclassification of the $1.0 billion term loan from long-term to current, offset by repayments of $800.0 million of that term loan in
2024, as well as an increase in current income tax payable. Total liabilities decreased by $492.6 million to $3,865.0 million, primarily
due to the term loan repayments, partially offset by the increase in current income tax payable, an increase in reclamation and
remediation obligations and an increase in deferred tax liabilities.
As at December 31, 2023, Kinross had cash and cash equivalents of $352.4 million, a decrease of $65.7 million from the prior year. The
decrease is primarily due to additions to property, plant and equipment of $1,098.3 million, interest paid of $167.3 million, net
repayment of debt of $371.9 million, and dividend payments of $147.3 million, partially offset by net cash flow provided from
operating activities of $1,605.3 million. Current assets at December 31, 2023 of $1,802.3 million is comparable to the prior year. Total
assets increased by $146.9 million to $10,543.3 million mainly due to an increase in property, plant and equipment. Current liabilities
decreased by $66.0 million to $685.5 million, primarily due to the repayment of debt and decreases in accounts payable and accrued
liabilities. Total liabilities decreased by $156.6 million to $4,357.6 million, mainly due to net repayment of debt in 2023, partially offset
by an increase in provisions and deferred tax liabilities.
As of February 11, 2025, there were 1,229.1 million common shares of the Company issued and outstanding. In addition, at the same
date, the Company had 34.6 thousand share purchase options outstanding under its share option plan as well as 6.2 million restricted
share units and 4.2 million restricted performance share units outstanding under its restricted share unit plans.
On February 12, 2025, the Board of Directors declared a dividend of $0.03 per common share payable on March 20, 2025, to
shareholders of record on March 5, 2025.
2024 ANNUAL REPORT KINROSS GOLD
MDA 26
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Financings and Credit Facilities
The total carrying amount of debt of $1,435.4 million as at December 31, 2024 consists of $1,235.5 million for the senior notes, which
are classified as long-term, and $199.9 million for the term loan, which is classified as current.
Senior notes
The Company’s senior notes consist of $500.0 million principal amount of 4.50% notes due in 2027, $500.0 million principal amount
of 6.250% notes due in 2033 and $250.0 million principal amount of 6.875% notes due in 2041.
The senior notes (collectively, the “notes”) pay interest semi-annually. Except as noted below, the notes are redeemable by the
Company, in whole or part, for cash at any time prior to maturity, at a redemption price equal to the greater of 100% of the principal
amount or the sum of the present value of the remaining scheduled principal and interest payments on the notes discounted at the
applicable treasury rate, as defined in the indentures, plus a premium of between 45 and 50 basis points, plus accrued interest, if any.
Within three months of maturity of the notes due in 2027 and 2033, and within six months of maturity of the notes due in 2041, the
Company can redeem the notes at 100% of the principal amount plus accrued interest, if any. In addition, the Company is required to
make an offer to repurchase the notes prior to maturity upon certain fundamental changes at a repurchase price equal to 101% of the
principal amount of the notes plus accrued and unpaid interest to the repurchase date, if any.
Revolving credit facility and term loan
As at December 31, 2024, the Company had utilized $6.9 million (December 31, 2023 – $6.8 million) of its $1,500.0 million revolving
credit facility, entirely for letters of credit.
On October 28, 2024, the Company amended its $1,500.0 million revolving credit facility to extend the maturity by two years to
October 2029, restoring a five-year term.
The term loan, maturing on March 7, 2025, has no mandatory amortization payments and can be repaid at any time prior to maturity.
During the year ended December 31, 2024, the Company repaid $800.0 million of the outstanding balance on the term loan, with
$200.0 million in principal outstanding as of December 31, 2024. On February 10, 2025, the Company repaid the remaining $200.0
million outstanding balance on the term loan.
Loan interest on the revolving credit facility and term loan is variable and is dependent on the Company’s credit rating. Based on the
Company’s credit rating at December 31, 2024, interest charges and fees are as follows:
Type of credit
Revolving credit facility
SOFR plus 1.45%
Term loan
SOFR plus 1.25%
Letters of credit
0.967-1.45%
Standby fee applicable to unused availability
0.29%
The revolving credit facility agreement and the term loan agreement contain various covenants including limits on indebtedness, asset
sales and liens. The Company was in compliance with its financial covenant in the credit agreements as at December 31, 2024.
Other
Effective July 1, 2024, the Company entered into an amendment to increase the Letter of Credit guarantee facility with Export
Development Canada (“EDC”) from $300.0 million to $400.0 million and extended the maturity date from June 30, 2024 to June 30,
2026. Total fees related to letters of credit under this facility were 0.75% of the utilized amount. As at December 31, 2024, $247.2
million (December 31, 2023 – $235.7 million) was utilized under this facility.
In addition, as at December 31, 2024, the Company had $738.9 million (December 31, 2023 – $617.9 million) in letters of credit and
surety bonds outstanding in respect of its operations in Brazil, Mauritania, the United States and Chile, as well as its discontinued
operations in Ghana, which have been issued pursuant to arrangements with certain international banks and insurance companies
and incur average fees of approximately 0.63%.
2024 ANNUAL REPORT KINROSS GOLD
27 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
The following table outlines the credit facility utilizations and availabilities:
December 31,
December 31,
(in millions)
2024
2023
Utilization of revolving credit facility
(6.9)
$
(6.8)
$
Utilization of EDC facility
(247.2)
(235.7)
Borrowings
(254.1)
$
(242.5)
$
Available under revolving credit facility
1,493.1
$
1,493.2
$
Available under EDC credit facility
152.8
64.3
Available credit
1,645.9
$
1,557.5
$
As at,
Liquidity Outlook
As at December 31, 2024, debt obligations in the next 12 months include debt repayments for the remaining principal balance of
$200.0 million on the term loan and estimated interest payments of approximately $75.0 million relating to the senior notes and term
loan. On February 10, 2025, the Company repaid the remaining $200.0 million outstanding balance on the term loan.
We believe that the Company’s existing cash and cash equivalents balance of $611.5 million, available credit of $1,645.9 million, and
expected operating cash flows based on current assumptions (noted in Section 3 – Outlook) will be sufficient to fund operations, our
forecasted exploration and capital expenditures (noted in Section 3 – Outlook), principal and interest payments noted above,
reclamation and remediation obligations, lease liabilities, and working capital requirements currently estimated for the next 12
months. Prior to any capital investments, consideration is given to the cost and availability of various sources of capital resources.
With respect to longer term capital expenditure funding requirements, the Company continues to have discussions with lending
institutions that have been active in the jurisdictions in which the Company’s development projects are located. Some of the
jurisdictions in which the Company operates have seen the participation of additional lenders that include export credit agencies,
development banks and multi-lateral agencies. The Company believes the capital from these institutions combined with traditional
bank loans and capital available through debt capital market transactions may fund a portion of the Company’s longer term capital
expenditure requirements. Another possible source of capital could be proceeds from the sale of non-core assets. These capital
sources together with operating cash flow and the Company’s active management of its operations and development activities will
enable the Company to maintain an appropriate overall liquidity position.
Contractual Obligations and Commitments
The following table summarizes our contractual obligations and commitments as at December 31, 2024:
(a)
Debt repayments are based on amounts due pursuant to the terms of existing indebtedness. The $200.0 million in 2025 was repaid on February
10, 2025, as noted above.
(b)
Includes both capital and operating commitments, of which $420.3 million relates to commitments for capital expenditures.
The Company manages its exposure to fluctuations in input commodity prices, currency exchange rates and interest rates, by entering
into derivative financial instruments from time to time, in accordance with the Company's risk management policy.
(in millions)
Total
2025
2026-2029
2030 & thereafter
Debt(a)
1,450.0
$
200.0
$
500.0
$
750.0
$
Lease liability obligations
21.2
4.7
14.1
2.4
Operating lease obligations
34.3
19.3
12.8
2.2
Purchase obligations(b)
2,419.0
1,405.4
959.1
54.5
Reclamation and remediation obligations
1,688.3
58.6
374.4
1,255.3
Other liabilities and provisions
24.7
6.8
7.1
10.8
Interest and other fees
694.8
84.0
274.9
335.9
Total
6,332.3
$
1,778.8
$
2,142.4
$
2,411.1
$
2024 ANNUAL REPORT KINROSS GOLD
MDA 28
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
The following table provides a summary of derivative contracts outstanding at December 31, 2024 and their respective maturities:
The Company enters into total return swaps (“TRS”) as economic hedges of the Company’s deferred share units and cash-settled
restricted share units. Hedge accounting was not applied to the TRSs. At December 31, 2024, 4,365,000 TRS units were outstanding.
In order to manage short-term metal price risk, the Company may enter into derivative contracts in relation to metal sales that it
believes are highly likely to occur within a given quarter. No such contracts were outstanding at December 31, 2024 or December 31,
2023.
Fair value of derivative instruments
The fair values of derivative instruments are noted in the table below:
December 31,
December 31,
(in millions)
2024
2023
Asset (liability)
Foreign currency forward and collar contracts
(17.7)
$
7.4
$
Energy swap contracts
1.8
1.0
Other contracts
1.4
6.9
(14.5)
$
15.3
$
As at
Other legal matters
The Company is, from time to time, involved in legal proceedings, arising in the ordinary course of its business. Typically, the amount
of ultimate liability with respect to these actions will not, in the opinion of management, materially affect Kinross’ financial position,
results of operations or cash flows.
Maricunga regulatory proceedings
In May 2015, Chilean environmental enforcement authority (“SMA”) commenced an administrative proceeding against Compania
Minera Maricunga (“CMM”) alleging that pumping of groundwater to support the Maricunga operation had impacted area wetlands
and, on March 18, 2016, issued a resolution alleging that CMM’s pumping was impacting the “Valle Ancho” wetland. Beginning in May
2016, the SMA issued a series of resolutions ordering CMM to temporarily curtail pumping from its wells.
In response, CMM suspended mining and crushing activities and reduced water consumption to minimal levels. CMM contested these
resolutions, but its efforts were unsuccessful and, except for a short period of time in July 2016, CMM’s operations have remained
suspended. On June 24, 2016, the SMA amended its initial sanction (the “Amended Sanction”) and effectively required CMM to cease
operations and close the mine, with water use from its wells curtailed to minimal levels. On July 9, 2016, CMM appealed the sanctions
and, on August 30, 2016, submitted a request to the Environmental Tribunal that it issue an injunction suspending the effectiveness
of the Amended Sanction pending a final decision on the merits of CMM’s appeal. On September 16, 2016, the Environmental Tribunal
rejected CMM’s injunction request and on August 7, 2017, upheld the SMA’s Amended Sanction and curtailment orders on procedural
grounds. On October 9, 2018, the Supreme Court affirmed the Environmental Tribunal’s ruling on procedural grounds and dismissed
CMM’s appeal.
2025
2026
Foreign currency
Brazilian real zero cost collars (in millions of U.S. dollars)
167.8
$
84.0
$
Average put strike (Brazilian real)
5.16
5.50
Average call strike (Brazilian real)
6.64
7.94
Canadian dollar forward buy contracts (in millions of U.S. dollars)
139.2
$
60.0
$
Average forward rate (Canadian dollar)
1.36
1.37
Chilean peso zero cost collars (in millions of U.S. dollars)
80.0
$
-
$
Average put strike (Chilean peso)
880
-
Average call strike (Chilean peso)
1,052
-
Energy
WTI oil swap contracts (barrels)
1,105,200
300,000
Average price
68.23
$
65.30
$
2024 ANNUAL REPORT KINROSS GOLD
29 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
On June 2, 2016, CMM was served with two separate lawsuits filed by the Chilean State Defense Counsel (“CDE”). Both lawsuits, filed
with the Environmental Tribunal, alleged that pumping from the Maricunga groundwater wells caused environmental damage to area
wetlands. One action relates to the “Pantanillo” wetland and the other action relates to the Valle Ancho wetland (described above).
On November 23, 2018, the Tribunal ruled in favor of CMM in the Pantanillo case and against CMM in the Valle Ancho case. In the
Valle Ancho case, the Tribunal required CMM to, among other things, submit a restoration plan to the SMA for approval. CMM
appealed the Valle Ancho ruling to the Supreme Court. The CDE appealed to the Supreme Court in both cases and asserted in the Valle
Ancho matter that the Environmental Tribunal erred by not ordering a complete shutdown of Maricunga’s groundwater wells. On
January 7, 2022, the Supreme Court annulled the Tribunal’s rulings in both cases on procedural grounds and remanded the matters to
the Tribunal for further proceedings. In parallel, in December 2020, CMM began discussions with the CDE to resolve the case through
the filing of a reparation plan (“PdR”). The PdR is aimed at supporting the natural recovery that the wetlands have sustained since
pumping stopped, as well as implementing other supplemental value enhancement actions in the basin. The cases before the Tribunal
are currently stayed pending ongoing settlement discussions.
Kettle River-Buckhorn regulatory proceedings
Crown Resources Corporation (“Crown”) is the holder of a waste discharge permit (the “Permit”) in respect of the Buckhorn Mine,
which authorizes and regulates mine-related discharges from the mine and its water treatment plant. On February 27, 2014, the
Washington Department of Ecology (the “WDOE”) renewed Buckhorn Mine’s National Pollution Discharge Elimination System Permit
(the “Renewed Permit”), with an effective date of March 1, 2014. The Renewed Permit contained conditions that were more restrictive
than the original discharge permit. In addition, Crown felt that the Renewed Permit was internally inconsistent, technically unworkable
and inconsistent with existing agreements in place with the WDOE, including a settlement agreement previously entered into by Crown
and the WDOE in June 2013 (the “Settlement Agreement”). On February 28, 2014, Crown filed an appeal of the Renewed Permit with
the Washington Pollution Control Hearings Board (“PCHB”). In addition, on January 15, 2015, Crown filed a lawsuit against the WDOE
in Ferry County Superior Court, Washington, claiming that the WDOE breached the Settlement Agreement by including various
unworkable compliance terms in the Renewed Permit (the “Crown Action”). On July 30, 2015, the PCHB upheld the Renewed Permit.
Crown filed a Petition for Review in Ferry County Superior Court, Washington, on August 27, 2015, seeking to have the PCHB decision
overturned. On March 13, 2017, the Ferry County Superior Court upheld the PCHB’s decision. On April 12, 2017, Crown appealed the
Ferry County Superior Court’s ruling to the State of Washington Court of Appeals. On October 8, 2019, the Court of Appeals affirmed
the Superior Court’s decision and the PCHB’s decision. On December 31, 2019, the Court of Appeals denied Crown’s Motion for
Reconsideration and to Supplement the Record. Crown did not petition the Washington Supreme Court for review and, as a result,
appeal of this matter has been exhausted.
On July 19, 2016, the WDOE issued an Administrative Order (“AO”) to Crown and Kinross Gold Corporation asserting that the
companies had exceeded the discharge limits in the Renewed Permit a total of 931 times and has also failed to maintain the capture
zone required under the Renewed Permit. The AO orders the companies to develop an action plan to capture and treat water escaping
the capture zone, undertake various investigations and studies, revise its Adaptive Management Plan, and report findings by various
deadlines in the fourth quarter 2016. The companies timely made the required submittals. On August 17, 2016, the companies filed
an appeal of the AO with the PCHB (the “AO Appeal”). Because the AO Appeal raises many of the same issues that have been raised
in the Appeal and Crown Action, the companies and the WDOE agreed to stay the AO Appeal indefinitely to allow these matters to be
resolved. The PCHB granted the request for stay on August 26, 2016, which stay has been subsequently extended. On June 2, 2020,
the PCHB dismissed the appeal based on a Joint Stipulation of Voluntary Dismissal filed by the parties. The basis for the dismissal was
the exhaustion of appeals as to the Renewed Permit and Crown’s satisfaction of the AO.
On November 30, 2017, the WDOE issued a Notice of Violation (“NOV”) to Crown and Kinross asserting that the companies had
exceeded the discharge limits in the Permit a total of 113 times during the third quarter of 2017 and also failed to maintain the capture
zone as required under the Permit. The NOV ordered the companies to file a report with the WDOE identifying the steps which have
been and are being taken to “control such waste or pollution or otherwise comply with this determination,” which report was timely
filed. Following its review of this report, the WDOE may issue an AO or other directives to the Company.
Beginning in April 2018, the WDOE has issued a NOV to Crown and, on one occasion, also to Kinross, asserting that the companies had
exceeded the discharge limits in the Permit and have failed to maintain the capture zone as required under the Permit. The most
recent NOV, dated May 10, 2021, asserted 133 alleged violations had occurred in the first quarter of 2021. The NOVs order the
companies to file a report with WDOE within 30 days identifying the steps which have been and are being taken to “control such waste
or pollution or otherwise comply with this determination,” which reports have been timely filed. Following its review of these reports,
WDOE may issue an AO or other directives to the Company. The NOVs are not immediately appealable, but any subsequent AO or
other directive relating to the NOV may be appealed, as appropriate.
2024 ANNUAL REPORT KINROSS GOLD
MDA 30
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
On April 10, 2020, the Okanogan Highlands Alliance (“OHA”) filed a citizen’s suit against Crown and Kinross Gold U.S.A., Inc. (“KGUSA”)
under the Clean Water Act (“CWA”) for alleged failure to adequately capture and treat mine-impacted groundwater and surface water
at the site in violation of the Permit and renewed Permit. The suit seeks injunctive relief and civil penalties in the amount of up to
$55,800 per day per violation. Crown filed a counterclaim seeking an accounting of how OHA spent funds paid out under a prior
settlement. OHA succeeded in obtaining a dismissal of this claim. Crown refiled the claim in state court where proceedings have been
stayed by mutual agreement of the parties. On May 7, 2020, the Attorney General for the State of Washington filed suit against Crown
and KGUSA under the CWA and the state Water Pollution Control Act alleging the same alleged permit violations and seeking similar
relief as OHA. These lawsuits have been consolidated. On June 16, 2021, the Court granted the plaintiffs’ motion for partial summary
judgment as to certain of Crown and KGUSA’s defenses. On July 9, 2021, Crown and KGUSA filed a motion for certification of this ruling
for immediate appeal, which motion was denied on November 30, 2021. On October 18, 2022, the Court granted a stipulated motion
finding Crown liable under the CWA for certain exceedances of the Permit. The Order provides that Crown maintains its right to appeal
the Court’s June 16, 2021 order and to contest penalties for these Permit exceedances. On April 19, 2023, the Court stayed the action
pending further order of the Court to enable the parties to pursue settlement through a court-ordered mediation which process
continued until March 29, 2024, when OHA and the Attorney General advised the Court that they would like to discontinue the
mediation process and requested that the Court lift the stay. Based thereon, the Court lifted the stay and entered a Scheduling Order.
On September 19, 2024, Crown, KGUSA and OHA filed a Joint Motion for Entry of [Proposed] Consent Decree, which seeks Court
approval of a proposed settlement of OHA’s claims in the lawsuit. On October 31, 2024, the Court entered the Consent Decree
approving the settlement among KGUSA, Crown and OHA. Under the settlement, KGUSA and Crown paid a total of $5.4 million,
inclusive of attorneys’ fees and payments towards supplemental environmental projects in the local area by conservation
organizations. The State of Washington was not a party to this settlement. On November 22, 2024, KGUSA and Crown moved for
judgment on the pleadings against the State of Washington, which motion was granted on February 4, 2025, and the State’s Amended
Complaint was dismissed with prejudice.
Kinross Brasil Mineração S.A. (“KBM”)
On February 27, 2023, the State Public Attorney (“SPA”) in Brazil filed a civil action against KBM seeking, among other things, to compel
KBM to cease depositing mine tailings into its two onsite tailings facilities (“TSFs”), decommission the TSFs and to obtain 100 million
Brazilian Reals (approximately $20.0 million) from KBM to ensure money is available to address the requested relief. The SPA sought
an immediate injunction to obtain this relief, which was denied by the Lower Court. In its ruling, the Lower Court found that the TSFs
are properly permitted, regularly monitored and inspected, and that the SPA produced no evidence, technical or otherwise, that the
TSFs are unsafe. The Lower Court further noted that a generalized concern about the size of the TSFs does not provide a legal basis for
the relief sought. On March 17, 2023, the SPA filed an interlocutory appeal before the Appellate Court of the State of Minas Gerais
challenging the Lower Court’s Decision. The interlocutory appeal was denied by the Appellate Court on March 27, 2023. Thereafter,
proceedings were stayed at the request of the parties to allow them to discuss a potential resolution of the matter. KBM and the SPA
recently reached a settlement. Under the settlement agreement, KBM agrees to: (i) confirm its timeline for de-characterization
(closure) of the TSFs; (ii) hire a third-party expert for the SPA and other relevant authorities to keep them informed about KBM’s
execution of the de-characterization projects and (iii) pay a total of approximately $7 million, to be paid in annual installments over a
10-year period to support socio-environmental projects. In the third quarter of 2024, a judge ratified the settlement agreement and
this matter is now closed.
Manh Choh litigation
Kinross Gold Corporation is the beneficial owner of KG Mining (Alaska), Inc. (“KG Mining”). KG Mining is a 70% owner and managing
member of Peak Gold, LLC (“Peak Gold”), which operates the Manh Choh mine near Tok, Alaska. Ore from the mine is to be trucked
to Fort Knox for processing on public roadways in state-of-the-art trucks carrying legal loads. Certain owners of vacation homes along
the ore haul route and others claiming potential impact have organized a group to oppose the ore haul plan and disrupt the project.
These efforts have included administrative appeals of certain state mine permits unrelated to ore haul. To date, those appeals have
been unsuccessful.
On October 20, 2023, the Committee for Safe Communities, an Alaskan non-profit corporation inclusive of this same group of objectors
and formed for the purpose of opposing the project, filed suit in the Superior Court in Fairbanks, Alaska against the State of Alaska
Department of Transportation and Public Facilities (“DOT”). The Complaint seeks injunctive relief against the DOT with respect to its
oversight of Peak Gold’s ore haul plan. The Complaint alleges that the DOT has approved a haul route and trucking plan that violates
DOT regulations, DOT’s actions have created an unreasonable risk to public safety constituting an attractive public nuisance, and DOT
has aided and abetted the offense of negligent driving. On November 2, 2023, the plaintiff filed a motion for a preliminary injunction
against the DOT and sought expedited consideration of its motion. If granted, the motion could impact Peak Gold’s ore haul plans. On
November 9, 2023, the Court denied the plaintiff’s motion for expedited consideration. On November 15, 2023, the Court granted
Peak Gold, LLC’s motion to intervene. On January 15, 2024, Peak Gold and DOT jointly moved for judgment on the pleadings and to
stay all discovery. On May 14, 2024, the Court issued an Order denying the plaintiff’s motion for preliminary injunction and staying
2024 ANNUAL REPORT KINROSS GOLD
31 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
discovery. On June 24, 2024, the Court issued an Order granting judgment on the pleadings as to three of the four claims for relief
alleged in the Complaint and denying relief as to the claim for public nuisance. The Order further lifted the stay of discovery. On July
3, 2024, the DOT filed motion for reconsideration as to the Court’s Order on the motion for judgment on the pleadings, which Peak
Gold joined. On September 13, 2024, the Court entered an Order denying this motion. The case is set for trial on August 11, 2025.
On July 1, 2024, the Village of Dot Lake, a federally recognized Indian Tribe, located approximately 50 miles from the Manh Choh mine
on the ore haul route along the Alaska Highway (“Dot Lake”), filed a Complaint in the U.S. District Court for the District of Alaska against
U.S. Army Corps of Engineers (the “Corps”) and Lt. General Scott A. Spellmon, in his official capacity as Chief of Engineers and
Commanding General of the Corps. The Complaint seeks declaratory and injunctive relief based on the Corps’ alleged failure to consult
with Dot Lake and to undertake an adequate environmental review with respect to the Corps’ issuance in September 2022 of a
wetlands disturbance permit in connection with the overall permitting of the Manh Choh mine as to approximately 5 acres of wetlands
located on Tetlin Village land. Peak Gold is not named as a defendant in the Complaint and, on August 20, 2024, Peak Gold moved to
intervene in the action, which Dot Lake has opposed. On October 10, 2024, the Court granted intervention to Peak Gold. On October
18, 2024, Peak Gold joined the partial motion to dismiss that the Corps filed on August 23, 2024, which motion remains pending.
7.
SUMMARY OF QUARTERLY INFORMATION
(in millions, except per share amounts)
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Metal sales
1,415.8
$
1,432.0
$
1,219.5
$
1,081.5
$
1,115.7
$
1,102.4
$
1,092.3
$
929.3
$
275.6
$
355.3
$
210.9
$
107.0
$
65.4
$
109.7
$
151.0
$
90.2
$
0.22
$
0.29
$
0.17
$
0.09
$
0.06
$
0.09
$
0.12
$
0.07
$
734.5
$
733.5
$
604.0
$
374.4
$
410.9
$
406.8
$
528.6
$
259.0
$
2023
Net cash flow provided from operating
activities
Net earnings attributable to common
shareholders
Basic and diluted earnings per share
attributable to common shareholders
2024
The Company’s results over the past several quarters have been driven primarily by fluctuations in the gold price, input costs and
changes in gold equivalent ounces sold. Fluctuations in the silver price and foreign exchange rates have also affected results.
During the fourth quarter of 2024, revenue was $1,415.8 million on sales of 531,729 total gold equivalent ounces compared to $1,115.7
million on sales of 565,389 total gold equivalent ounces during the fourth quarter of 2023. The average gold price realized in the fourth
quarter of 2024 was $2,663 per ounce compared to $1,974 per ounce in the fourth quarter of 2023.
Production cost of sales in the fourth quarter of 2024 increased by 6% compared to the fourth quarter of 2023, due to higher royalties
as a result of higher metal prices realized, and the production and sales mix, including higher production from Fort Knox, as well as
lower production from Tasiast and Paracatu.
Depreciation, depletion and amortization varied between each of the above quarters largely due to changes in gold equivalent ounces
sold and depreciable asset bases. In addition, changes in mineral reserves as well as impairment charges and reversals thereof during
some of these periods affected depreciation, depletion and amortization for quarters in subsequent periods.
In the third quarter of 2024, the Company recorded an after-tax impairment reversal of $73.4 million, related to property, plant and
equipment at Round Mountain. In the fourth quarter of 2023, the Company recorded an after-tax impairment charge of $35.8 million
related to inventory at Fort Knox. The impairment reversal in 2024 was net of an income tax expense of $0.7 million while the
impairment charge in 2023 was net of an income tax recovery of $3.1 million.
Net cash flow provided from operating activities increased to $734.5 million in the fourth quarter of 2024 from $410.9 million in the
fourth quarter of 2023, primarily due to an increase in margins and favourable working capital movements.
2024 ANNUAL REPORT KINROSS GOLD
MDA 32
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
8.
DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING
Pursuant to regulations adopted by the U.S. Securities and Exchange Commission, under the U.S. Sarbanes-Oxley Act of 2002 (“SOX”)
and those of the Canadian Securities Administrators, Kinross' management evaluates the effectiveness of the design and operation of
the Company's disclosure controls and procedures, and internal control over financial reporting. This evaluation is done under the
supervision of, and with the participation of, the Chief Executive Officer and the Chief Financial Officer.
As of the end of the period covered by this MD&A and the accompanying financial statements, Kinross’ management evaluated the
effectiveness of its internal control over financial reporting. In making this assessment, management used the criteria specified in
Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that Kinross’ internal control over
financial reporting was effective as at December 31, 2024.
During 2024, the Company completed the implementation of a new consolidation accounting system. The implementation of the new
consolidation accounting system did not result in any material changes in internal controls during 2024. Management employed
appropriate procedures to ensure internal controls were in place during and after the implementation.
Limitations of Controls and Procedures
Kinross’ management, including the Chief Executive Officer and the Chief Financial Officer, believes that any disclosure controls and
procedures and internal control over financial reporting, no matter how well designed and operated, can have inherent limitations.
Therefore, even those systems determined to be effective can provide only reasonable assurance that the objectives of the control
system are met.
9.
CRITICAL ACCOUNTING POLICIES, ESTIMATES AND ACCOUNTING CHANGES
Critical Accounting Policies and Estimates
Critical accounting policies and estimates are disclosed in Note 3 and 5, respectively, of the financial statements.
Accounting Changes
On January 1, 2024, the Company adopted amendments to IAS 1 “Presentation of Financial Statements”, IFRS 16 “Leases” and IAS 7
“Statement of Cash Flows” as disclosed in Note 4 of the financial statements.
10. RISK ANALYSIS
The business of Kinross contains significant risk due to the nature of mining, exploration, and development activities. Certain risk
factors, including but not limited to those listed below, are similar across the mining industry while others are specific to Kinross. The
risk factors below may include details of how Kinross seeks to mitigate these risks where possible. For additional discussion of risk
factors, please refer to the Company’s Annual Information Form for the year ended December 31, 2023, which is available on the
Company's website www.kinross.com and on www.sedarplus.ca or is available upon request from the Company, and to the Company’s
Annual Information Form for the year ended December 31, 2024, which will be filed on SEDAR+ on or about March 31, 2025.
Gold Price and Silver Price
The profitability of Kinross’ operations is significantly affected by changes in the market price of gold and silver. Gold and silver prices
fluctuate on a daily basis and are affected by numerous factors beyond the control of Kinross. The price of gold and/or silver can be
subject to volatile price movements and future significant price declines could cause continued commercial production to be
uneconomical. Depending on the prices of gold and silver, cash flow from mining operations may not be sufficient to cover costs of
production and capital expenditures. If, as a result of a decline in gold and/or silver prices, revenues from metal sales were to fall
below cash operating costs, production may be discontinued. The factors that may affect the price of gold and silver include: industrial
and jewelry demand; the level of demand for the metal as an investment; central bank demand, sales and purchases of the metal;
speculative trading; and costs of and levels of global production by producers of the metal. Gold and silver prices may also be affected
by macroeconomic factors, including: expectations of the future rate of inflation; the strength of, and confidence in, the U.S. dollar,
the currency in which the price of the metal is generally quoted, and other currencies; interest rates; and global or regional political
or economic uncertainties.
2024 ANNUAL REPORT KINROSS GOLD
33 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
In 2024, the Company’s attributable average realized gold price increased to $2,391 per ounce from $1,945 per ounce in 2023. If the
market price of gold and/or silver were to drop and the prices realized by Kinross on gold and/or silver sales were to decrease
substantially and remain at such a level for any substantial period, Kinross’ profitability and cash flow would be negatively affected. In
such circumstances, Kinross may determine that it is not economically feasible to continue commercial production at some or all of its
operations or the development of some or all of its current projects, which could have an adverse impact on Kinross’ financial
performance and results of operations, possibly materially. Kinross may curtail or suspend some or all of its exploration activities, with
the result that depleted mineral reserves are not replaced. In addition, the market value of Kinross’ gold and/or silver inventory may
be reduced and existing mineral reserves and resource estimates may be reduced to the extent that ore cannot be mined and
processed economically at the prevailing prices.
Nature of Mineral Exploration and Mining
The exploration and development of mineral deposits involves significant financial and other risks over an extended period of time
which may not be eliminated even with careful evaluation, experience and knowledge. While discovery of gold-bearing geological
structures may result in substantial rewards, few properties explored are ultimately developed into producing mines. Major
expenditures are required to establish reserves by drilling and to construct mining and processing facilities at a site. It is impossible to
ensure that the current or proposed exploration programs on properties in which Kinross has an interest will result in profitable
commercial mining operations.
The operations of Kinross are subject to the hazards and risks normally incidental to exploration, development and production
activities of precious metals mining properties, any of which could result in damage to life or property, or environmental damage, and
possible legal liability for such damage. The activities of Kinross may be subject to prolonged disruptions due to weather conditions
depending on the location of operations in which it has interests. Hazards and risks, such as unusual or unexpected formations, faults
and other geologic structures, rock bursts, pressures, cave-ins, flooding, pit wall instability or failures, heap leach failures, tailings dam
failures, ground and slope failures or other conditions, may be encountered in the drilling, processing and removal of material, and
could have an adverse impact on Kinross’ operations. While Kinross may obtain insurance against certain risks, potential claims could
exceed policy limits or could be excluded from coverage. There are also risks against which Kinross cannot or may elect not to insure,
such as where insurance cannot be obtained at a reasonable cost. The potential costs which could be associated with any liabilities
not covered by insurance or in excess of insurance coverage or compliance with applicable laws and regulations may cause substantial
delays and require significant capital outlays, adversely affecting the future earnings and competitive position of Kinross and,
potentially, its financial viability.
Whether a mineral deposit will be commercially viable depends on a number of factors, some of which include the particular attributes
of the deposit, such as its size and grade, costs and efficiency of the recovery methods that can be employed, proximity to
infrastructure, access to water, financing costs and governmental regulations, including regulations relating to prices, taxes,
permitting, royalties, infrastructure, land and water use, importing and exporting of gold and environmental protection. The effect of
these factors cannot be accurately predicted, but the combination of these factors may result in Kinross not receiving an adequate
return on its invested capital.
Mining, processing, development, and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable
roads, bridges, power sources, and water supply are important determinants which affect capital and operating costs. Lack of such
infrastructure or unusual or infrequent weather phenomena, sabotage, war, terrorism, government, or other interference in the
maintenance or provision of such infrastructure could adversely affect Kinross’ operations, financial condition, and results of
operations.
Available insurance does not cover all the potential risks associated with a mining company’s operations. Kinross may also be unable
to maintain insurance to cover insurable risks at economically feasible premiums, and insurance coverage may not be available in the
future or may not be adequate to cover various resulting losses.
Moreover, insurance against risks such as the validity and ownership of unpatented mining claims and mill sites and environmental
pollution or other hazards as a result of exploration and production may not be generally available to Kinross or to other companies
in the mining industry on acceptable terms. Kinross might become subject to liability for environmental damage or other hazards for
which it is completely or partially uninsured or for which it elects not to insure because of premium costs or other reasons. Losses
from these events may cause Kinross to incur significant costs that could have a material adverse effect upon its financial condition
and results of operations. Kinross reviews its insurance coverage at least annually to ensure that, where available, appropriate and
cost-effective coverage is obtained.
2024 ANNUAL REPORT KINROSS GOLD
MDA 34
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Environmental Impact and Related Regulatory Risk
Mining, like many other extractive natural resource industries, is subject to potential risks and liabilities associated with the effects on
the environment resulting from mineral exploration and production. The Company may be held responsible for the costs of addressing
contamination at, or arising from, current or former activities. Environmental liability may result from activities conducted by others
prior to the ownership of a property by Kinross. In addition, Kinross may be liable to third parties for exposure to hazardous materials
or substances, or may otherwise be involved in civil litigation related to environmental claims. The costs associated with such
responsibilities and liabilities may be substantial. The payment of such liabilities would reduce funds otherwise available and could
have a material adverse effect on Kinross. Should Kinross be unable to fully fund the cost of remedying an environmental problem,
Kinross might be required to suspend operations or enter into interim compliance measures pending completion of the required
remedy, which could have a material adverse effect on the operations and business of Kinross.
Kinross’ operations and exploration activities are subject to various laws and regulations governing the protection of the environment,
exploration, development, production, imports/exports, taxes, labour standards, occupational health, waste disposal, toxic
substances, mine closure, mine safety, public health and other matters. The legal and political circumstances outside of North America
cause these risks to be different from, and in many cases, greater than, comparable risks associated with operations within North
America. New laws and regulations, amendments to existing laws and regulations, interpretations by Governments, or more stringent
enforcement of existing laws and regulations could have a material adverse impact on Kinross, increase costs, cause a reduction in
levels of production and/or delay or prevent the development of new mining properties. Compliance with these laws and regulations
is part of the business and requires significant expenditures. Changes in laws and regulations, interpretations or enforcement including
those pertaining to taxes, the rights of leaseholders or the payment of royalties, net profit interest or similar obligations, could
adversely affect Kinross’ operations or substantially increase the costs associated with those operations. Kinross is unable to predict
what new legislation or revisions may be proposed that might affect its business or when any such proposals, if enacted, might become
effective.
In light of tailings dam incidents in Brazil in 2015 and 2019, Brazilian lawmakers have passed and proposed further legislation aimed
at addressing risks of future tailings dam failures. While there are a variety of measures under consideration, approved legislation at
the federal and state level includes the increase of technical requirements relating to the granting of permits, increased financial
assurance requirements, increased regulatory inspections, increased fines and penalties for environmental damages and requirements
for companies to further address risks to residents and employees living and working downstream. State and federal laws and
regulations could significantly increase the costs associated with Kinross’ operations.
Certain operations of the Company are the subject of ongoing regulatory review and evaluation by governmental authorities. These
may result in additional regulatory actions against the affected operating subsidiaries, and may have an adverse effect on the
Company’s future operations and/or financial condition. For further details refer to Section 6 - Other legal matters.
Reclamation Costs and Financial Assurance
The Company is required, or may be required in the future, to provide financial assurances covering reclamation costs, cleanup costs
or other actual or potential liabilities arising out of its activities or ownership. These costs and liabilities may be significant and may
exceed the provisions the Company has made in respect of these costs and liabilities. In some jurisdictions, bonds, letters of credit or
other forms of financial assurance are required, or may be required in the future, as security for these costs and liabilities, such as the
financial assurances required in Brazil under the tailings dam legislation. The amount and nature of financial assurance is dependent
upon a number of factors, including the Company’s financial condition, cost estimates and thresholds set by applicable governments
or legislation. Kinross may be required to replace or supplement existing financial assurances, or source new financial assurances with
more expensive forms, which might include cash deposits, which would reduce its cash available for operating, investing and financing
activities. There can be no guarantee that Kinross will be able to maintain or add to its current level of financial assurance or meet the
requirements set by regulatory authorities in the future. These new requirements may include, but are not limited to, financial
assurances intended to cover potential environmental cleanup costs or potential liabilities associated with the Company’s mine sites,
including its tailings facilities and other infrastructure. To the extent that Kinross is or becomes unable to post and maintain sufficient
financial assurance covering these requirements, it could potentially result in closure of one or more of the Company’s operations,
which could have a material adverse effect on the financial condition of the Company. In such a case, Kinross would remain responsible
for any reclamation costs, cleanup costs and other liabilities.
Kinross is generally required to submit for government approval a reclamation plan and to pay for the reclamation of its mine sites
upon the completion of mining activities. Kinross estimates the net present value of future cash outflows for reclamation and
remediation costs under IFRS at $948.6 million as at December 31, 2024 based on information available as of that date. Any significant
increases over the current estimates of these costs could have a material adverse effect on Kinross.
2024 ANNUAL REPORT KINROSS GOLD
35 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Internal Controls
Kinross has invested resources to document and assess its system of internal control over financial reporting and undertakes
continuous evaluation of such internal controls. Internal control over financial reporting are procedures designed to provide
reasonable assurance that transactions are properly authorized, assets are safeguarded against unauthorized or improper use, and
transactions are properly recorded and reported. A control system, no matter how well designed and operated, can provide only
reasonable, not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation.
Kinross is required to satisfy the requirement of Section 404 of SOX, which requires an annual assessment by management of the
effectiveness of Kinross’ internal control over financial reporting and an attestation report by Kinross’ independent auditors addressing
the operating effectiveness of Kinross’ internal control over financial reporting.
If Kinross fails to maintain the adequacy of its internal control over financial reporting, as such standards are modified, supplemented,
or amended from time to time, Kinross may not be able to ensure that it can conclude on an ongoing basis that it has effective internal
control over financial reporting in accordance with Section 404 of SOX. Kinross’ failure to satisfy SOX requirements on an ongoing,
timely basis could result in the loss of investor confidence in the reliability of its financial statements, which in turn could harm Kinross’
business and negatively impact the trading price of its common shares. In addition, any failure to implement required new or improved
controls, or difficulties encountered in their implementation, could harm Kinross’ operating results or cause it to fail to meet its
reporting obligations.
Although Kinross is committed to ensure ongoing compliance, Kinross cannot be certain that it will be successful in complying with
Section 404 of SOX.
Indebtedness and an Inability to Satisfy Repayment Obligations
Although Kinross has been successful in repaying debt historically, there can be no assurance that it can continue to do so. Kinross’
level of indebtedness could have important and potentially adverse consequences for its operations and the value of its common
shares including: (a) limiting Kinross’ ability to borrow additional amounts for working capital, capital expenditures, debt service
requirements, execution of Kinross’ growth strategy or other purposes; (b) limiting Kinross’ ability to use operating cash flow in other
areas because of its obligations to service debt; (c) increasing Kinross’ vulnerability to general adverse economic and industry
conditions, including increases in interest rates and reductions in the market price of gold and/or silver; (d) limiting Kinross’ ability to
capitalize on business opportunities and to react to competitive pressures and adverse changes in government regulation; and (e)
limiting Kinross’ ability or increasing the costs to refinance indebtedness.
Kinross expects to obtain the funds to pay its expenditures and to pay principal and interest on its debt by utilizing cash flow from
operations. Kinross’ ability to meet these payment obligations will depend on its future financial performance, which will be affected
by financial, business, economic, legal and other factors. Kinross will not be able to control many of these factors, such as economic
conditions in the markets in which it operates. Kinross cannot be certain that its future cash flows from operations will be sufficient to
allow it to pay principal and interest on Kinross’ debt and meet its other obligations. If cash flows from operations are insufficient or
if there is a contravention of its debt covenant(s), Kinross may be required to refinance all or part of its existing debt, sell assets,
borrow more money or issue additional equity. There can be no assurance that Kinross will be able to refinance all or part of its existing
debt on terms that are commercially reasonable.
Mineral Reserve and Mineral Resource Estimates
The figures for mineral reserves and mineral resources presented herein are estimates, and no assurance can be given that the
anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. Such estimates are, in large
part, based on interpretations of geological data obtained from drill holes and other sampling techniques. Actual mineralization or
formations may be different from those predicted. It may also take many years from the initial phase of drilling before production is
possible, and during that time the economic feasibility of exploiting a deposit may change. Reserve and resource estimates are
materially dependent on prevailing gold and silver prices and price assumptions used in those estimates, and the cost of recovering
and processing minerals at the individual mine sites. Market fluctuations in metal prices may render the mining of mineral reserves
and mineral resources uneconomical and require Kinross to take a write-down of an asset or to discontinue development or
production. Moreover, short-term operating factors relating to the mineral reserves, such as the need for orderly development of the
ore body or the processing of new or different ore grades, may cause a mining operation to be unprofitable in any particular accounting
period.
2024 ANNUAL REPORT KINROSS GOLD
MDA 36
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Proven and probable mineral reserves at Kinross’ mines and development projects were estimated as of December 31, 2024, based
upon an assumed gold price of $1,600 per ounce.
Prolonged declines in the market price of gold below the above noted level or in silver may render mineral reserves containing
relatively lower grades of gold and/or silver mineralization uneconomic to exploit and could materially reduce Kinross’ mineral reserve
estimates. In addition, changes in legislation, permitting or title over land or mineral interests may result in mineral reserves or mineral
resources being reclassified or ceasing to meet the definition of mineral reserve or mineral resource. Should such events occur,
material write-downs of Kinross’ investments in mining properties or the discontinuation of development or production might be
required, and there could be material delays in the development of new projects, reduced income or increased losses and reduced
cash flow. There is no assurance that Kinross will achieve indicated levels of gold or silver recovery or obtain the prices assumed in
determining the mineral reserves.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured,
indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves.
Kinross’s mineral reserve and resource estimates have been prepared in accordance with the requirements of Canadian securities
laws, which differ from the requirements of United States’ securities laws and other jurisdictions.
There are numerous uncertainties inherent in estimating proven and probable mineral reserves. The estimates in this document are
based on various assumptions relating to metal prices and exchange rates during the expected life of production, mineralization of
the area to be mined, the projected cost of mining and the results of additional planned development work. Actual future production
rates and amounts, revenues, taxes, operating expenses, environmental and regulatory compliance expenditures, development
expenditures and recovery rates may vary substantially from those assumed in the estimates. Any significant change in these
assumptions, including changes that result from variances between projected and actual results, could result in a material downward
or upward revision of current estimates.
Development Projects
Kinross must continually replace and expand its mineral reserves in order to maintain or grow its total mineral reserve base as they
are depleted by production at its operations. Similarly, the Company’s ability to increase or maintain present gold and silver production
levels is dependent in part on the successful development of new mines and/or expansion of existing mining operations. Kinross is
dependent on future growth from development projects. Development projects rely on the accuracy of predicted factors including:
capital and operating costs; metallurgical recoveries; mineral reserve estimates; and future metal prices. Once a site with
mineralization is discovered, it may take several years from the initial phases of drilling until production is possible. Development
projects are subject to accurate feasibility studies, the acquisition of surface or land rights and the issuance of necessary governmental
permits and approvals. Unforeseen circumstances, including those related to the amount and nature of the mineralization at the
development site, technological impediments to extraction and processing, legal requirements, governmental intervention,
infrastructure limitations, environmental issues, disputes with local communities or other events, could result in one or more of our
planned developments becoming impractical or uneconomic. Any such occurrence could have an adverse impact on Kinross’ financial
condition and results of operations.
In addition, as a result of the substantial expenditures involved, development projects are at significant risk of material cost overruns
versus budget. The capital expenditures and time required to develop new mines are considerable and changes in cost or construction
schedules can significantly increase both the time and capital required to build the project. The project development schedules are
also dependent on obtaining the governmental permits and approvals necessary for the operation of a project. The timeline to obtain
these permits and approvals and meet permit requirements, are often beyond the control of Kinross. It is not unusual in the mining
industry for new mining operations to experience unexpected problems during the start-up phase, resulting in delays and requiring
more capital than anticipated.
Production and Cost Estimates
The Company prepares estimates of future production, operating costs and capital costs for its operations. Despite the Company’s
best efforts to budget and estimate such costs, as a result of the substantial expenditures involved in the development of mineral
projects and the fluctuation and increase of costs over time, development projects may be prone to material cost overruns. Kinross’
actual production and costs may vary from estimates for a variety of reasons, including: increased competition for resources and
development inputs; cost inflation affecting the mining industry in general; actual ore mined varying from estimates of grade, tonnage,
dilution and metallurgical and other characteristics; a lower than expected recovery rate; short term operating factors including
relating to the ore mineral reserves, such as the need for sequential development of ore bodies and the processing of new or different
ore grades; revisions to mine plans; difficulties with supply chain management, including the implementation and management of
enterprise resource planning software; risks and hazards associated with development, mining and processing; natural phenomena,
2024 ANNUAL REPORT KINROSS GOLD
37 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
such as inclement weather conditions, tariffs and trade disputes between countries, water availability (such as in Chile), floods, fires,
earthquakes, and pandemics; and unexpected labour shortages, strikes or other disruptions. Costs of production may also be affected
by a variety of factors, including: ore grade, ore hardness, metallurgy, changing waste-to-ore ratios, labour costs, cost of services,
commodities (such as power and fuel) and other inputs, general inflationary pressures and currency exchange rates. Many of these
factors are beyond Kinross’ control. No assurance can be given that Kinross’ cost estimates will be achieved. Failure to achieve
production or cost estimates or material increases in costs could have an adverse impact on Kinross’ future cash flows, profitability,
results of operations and financial condition.
Shortages and Price Volatility of Input Commodities, Services and Other Inputs
The Company is dependent on various input commodities (such as fuel, explosives, electricity, natural gas, steel, concrete and cyanide),
labour, and equipment (including parts) to conduct its mining operations and development projects. A shortage of, or inability to
procure, such input commodities, labour, or equipment or a significant increase in their costs could have a material adverse effect on
the Company’s ability to carry out its operations and therefore limit, or increase the cost of, production. The Company is also
dependent on access to and supply of water and electricity to carry out its mining operations, and such access and supply may not be
readily available, especially at the Company’s operations in Chile and Brazil. Market prices of input commodities can be subject to
inflation, new taxes or tariffs and volatile price movements which can be material, occur over short periods of time and are affected
by factors that are beyond the Company’s control. An increase in the cost, or decrease in the availability, of input commodities, labour,
or equipment due to factors beyond the Company’s control such as conflicts, a pandemic or a similar public health threat, may affect
the timely conduct and cost of Kinross’ operations and development projects. If the costs of certain input commodities consumed or
otherwise used in connection with Kinross’ operations and development projects were to increase significantly, and remain at such
levels for a substantial period, the Company may determine that it is not economically feasible to continue commercial production at
some or all of its operations or the development of some or all of its current projects, which could have an adverse impact on the
Company’s financial performance and results of operations. From time to time, Kinross transacts in energy hedging to reduce the risk
associated with fuel price increases.
Uncertainty in Mauritania
Kinross is subject to political, economic and security risks which, should they materialize, may adversely affect the Company’s ability
to operate its Tasiast mine in Mauritania. These risks include but are not limited to the following: (1) the potential that the government
may attempt to renegotiate current mining conventions, revoke existing stability provisions in those conventions or breach those
conventions; (2) political instability; (3) the security situation in the country may deteriorate; (4) a lack of transparency in the operation
of the government and development of new laws; (5) the potential for laws and regulations to be changed or inconsistently applied;
(6) disputes under the application of the mining convention; (7) potential legal and practical difficulties with enforcement of the mining
convention or relating to the definitive agreement entered into by the Company and the Government of Mauritania on July 15, 2021;
(8) application of tax laws including potential re-assessments of historical tax filings; and (9) the potential for the government to seek
increased economic benefits from the Company’s operations. These issues include, but are not limited to, the long-term stability in
the Company’s relationship with the workers’ union, the application of a clear, comprehensive, legally certain and enforceable VAT
exemption for the mining industry, labour force management and flexible labour practices and the timely issuance of work permits
for the non-national workforce. There can be no assurance that disputes will not arise between the parties including disputes with
respect to the matters addressed by the definitive agreement, or the Company’s mining convention.
U.S. Environmental Liability Risk
In the United States, certain mining wastes from extraction and processing of ores that would otherwise be considered hazardous
waste under the Resource Conservation and Recovery Act (“RCRA”) and state law equivalents, are currently exempt from certain U.S.
Environmental Protection Agency regulations governing hazardous waste. If mine wastes from the Company’s U.S. mining operations
are not exempt, and are treated as hazardous waste under the RCRA, material expenditures could be required for waste management
and/or the construction of additional waste disposal facilities. In addition, the Company’s activities and ownership interests potentially
expose the Company to liability under Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and its
state law equivalents. Under CERCLA and its state law equivalents, subject to certain defenses, any present or past owners or operators
of a facility, and any parties that disposed or arranged for the disposal of hazardous substances at such a facility, could be held jointly
and severally liable for cleanup costs and may be forced to undertake remedial cleanup actions or to pay for the cleanup efforts in
response to unpermitted releases of hazardous substances. Such parties may also be liable to governmental entities for the cost of
damages to natural resources, which may be substantial. Additional regulations or requirements may also be imposed upon the
Company’s operations, tailings, and waste disposal areas as well as upon mine closure under federal and state environmental laws
and regulations, including, without limitation, the U.S. Clean Water Act and state law equivalents. Air emissions in the U.S. are subject
2024 ANNUAL REPORT KINROSS GOLD
MDA 38
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
to the Clean Air Act and its state equivalents as well. Additionally, the Company is subject to other federal and state environmental
laws, and potential claims existing under common law, relating to the operation and closure of the Company’s U.S. mine sites.
Political, Security, Legal and Economic Risk
The Company has mining and exploration operations in various regions of the world, including the United States, Brazil, Chile,
Mauritania, Canada and Finland and such operations are exposed to various levels of political, security, legal, economic, health and
safety and other risks and uncertainties. These risks and uncertainties vary from country to country and include, but are not limited
to: war; military conflicts, terrorism; hostage taking; crime, including organized criminal enterprise; thefts, armed robberies and illegal
incursions on property (as may occur at Paracatu and Tasiast from time to time) which could result in serious security and operational
issues, including the endangerment of life and property; criminal or regulatory investigations, extreme fluctuations in currency
exchange rates; high rates of inflation; labour unrest; the risks of civil unrest; unstable governments or political systems; expropriation
and nationalization; renegotiation or nullification of existing concessions, conventions, licenses, permits and contracts (including work
permits for non-nationals at Tasiast); illegal mining (including at Tasiast) could result in serious environmental, social, political, security
and operational issues, including the endangerment of life and property; adequacy, response and training of local law enforcement;
political regime change or instability; changes to policies and regulations impacting the mining sector; restrictions on foreign exchange
and repatriation of funds; restrictions on the movement of personnel or importation of goods and equipment, global health crises or
pandemics; and changing political conditions, currency controls, and governmental regulations that favour or require the awarding of
contracts to local contractors or require foreign contractors to employ citizens of, or purchase supplies from, a particular jurisdiction.
Changes in political leadership or other future political and economic conditions in these countries may result in these governments
adopting different policies with respect to foreign investment, taxation, development and ownership of mineral resources and the
legality of mining generally. Any changes in such policies may result in changes in laws affecting ownership of assets, the ability to
operate, foreign investment, mining exploration and development, taxation (including value added and withholding taxes), royalties,
currency exchange rates, gold sales, environmental protection, labour relations, price controls, repatriation of income, and return of
capital, which may have a material adverse affect on the financial performance of the Company. Such changes may also affect both
the ability of Kinross to undertake exploration and development activities in respect of future properties in the manner currently
contemplated, as well as its ability to continue to explore, develop, and operate those properties to which it has rights relating to
exploration, development, and operation. Future governments in these countries may adopt substantially different policies from those
currently in effect, which might extend to, as an example, expropriation or nationalization of assets.
The tax regimes in these countries may be subject to differing interpretations or levels of enforcement and are subject to change from
time to time. Kinross’ interpretation of taxation law as applied to its transactions and activities may not coincide with that of the tax
authorities in a given country. As a result, transactions may be challenged by tax authorities and Kinross’ operations may be assessed,
which could result in significant additional taxes, penalties and interest. In addition, in certain jurisdictions (such as Brazil and
Mauritania) Kinross may be required to pay refundable VAT on certain purchases. There can be no assurance that the Company will
be able to collect all, or part, of the amount of VAT refunds which are owed to the Company.
Governmental efforts to increase revenue from taxes and royalties have escalated in recent years. There can be no assurance that
current government royalty and mining tax rates will remain static in future periods. The increasing intensity of government efforts to
increase revenues may result in future audits, tax reassessment and claims for increased payments of royalties, income tax,
withholding taxes or additional forms of revenue. The results of such audits or reassessments may result in claims, fines or penalties
that are material to the Company.
Anti-bribery Legislation
The Foreign Corrupt Practices Act (United States) and the Corruption of Foreign Public Officials Act (Canada), and similar anti-bribery
legislation prohibit companies and their intermediaries from making improper payments for the purpose of obtaining or retaining
business or other commercial advantage. Company policies mandate strict compliance with applicable anti-bribery legislation. Kinross
operates in jurisdictions that have experienced governmental and private sector corruption to some degree. There can be no assurance
that Kinross’ internal control and compliance policies and procedures will always protect it from reckless or other inappropriate acts
committed by the Company’s affiliates, employees or agents. Allegations of any violations of anti-bribery legislation may result in
costly and time-consuming investigations. Violations of such legislation could result in fines or penalties and have a material adverse
effect on Kinross’ reputation and social license to operate.
2024 ANNUAL REPORT KINROSS GOLD
39 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Licenses and Permits
The development projects and operations of Kinross require licenses and permits from various governmental authorities. However,
such licenses and permits are subject to challenge and change in various circumstances. Applicable governmental authorities may
revoke or refuse to issue, amend or renew necessary permits. The authorities may also require a more rigorous and time-consuming
assessment of a requested permit than anticipated in the form of an Environmental Impact Statement. The loss of such permits, the
requirements of such permits, third-party challenges to such permits, delays in the permitting process or the inability to obtain such
permits may hinder or delay Kinross’ ability to operate and could have a material effect on Kinross’ financial performance, project
timelines and results of operations. There can be no guarantee that Kinross will be able to obtain or maintain or comply with all
necessary licenses and permits that may be required to explore and develop its properties, commence construction of or operation of
mining facilities, or to maintain continued operations that economically justify the cost. Kinross endeavors to be in compliance with
these licenses and permits, and underlying laws and regulations, at all times.
Title to Properties, Community Relations and Indigenous Groups
The validity of mining rights, including mining claims which constitute most of Kinross’ property holdings, may, in certain cases, be
uncertain and subject to being contested. Kinross’ mining rights, claims and other land titles, particularly title to undeveloped
properties, may be defective and open to being challenged by governmental authorities, local communities and other third parties.
Certain of Kinross’ United States mineral rights consist of unpatented mining claims. Unpatented mining claims present unique title
risks due to the rules for validity and the opportunities for third-party challenge. These rights may also be impacted by changes in
applicable laws and regulations relating to mining claims in the United States.
Certain of Kinross’ mining properties are subject to various royalty and land payment agreements. Failure by Kinross to meet its
payment obligations under these agreements could result in the loss of related property interests.
Certain of Kinross’ properties may be subject to the rights or the asserted rights of various community stakeholders, including
Indigenous people. The assertion of such rights may trigger various international and national laws, codes, resolutions, conventions,
guidelines, or impose obligations on governments and the Company to respect the rights of Indigenous people. These obligations may,
among other things, require the government or the Company to consult, or enter into agreements, with communities near the
Company’s mines, development projects or exploration activities regarding actions affecting local stakeholders, prior to granting the
Company mining rights, permits, approvals or other authorizations.
Consultation and other rights of First Nations or other Indigenous peoples may require accommodation including undertakings
regarding employment, revenue sharing, procurement, other financial payments and other matters. This may affect the Company’s
ability to acquire effective mineral title, permits or licences in these jurisdictions, including in some parts of Canada, in which title or
other rights are claimed by First Nations and other Indigenous peoples, and may affect the timetable and costs of development and
operation of mineral properties in these jurisdictions.
There is an increasing level of public concern relating to the perceived effect of mining activities on Indigenous communities. The
evolving expectations related to human rights, Indigenous rights and environmental protection may result in opposition to the
Company’s current or future activities. Such opposition may be directed through legal or administrative proceedings, against the
government and/or the Company, or expressed in manifestations such as protests, delayed or protracted consultations, blockades or
other forms of public expression against the Company’s activities or against the government’s position. There can be no assurance
that these relationships can be successfully managed. Intervention by the aforementioned groups may have a material adverse effect
on the Company’s reputation, results of operations and financial performance.
Competition
The mineral exploration and mining business is competitive in all of its phases. In the search for and the acquisition of attractive
mineral properties, Kinross competes with numerous other companies and individuals, including competitors with greater financial,
technical and other resources than Kinross. The ability of the Company to operate successfully in the future will depend not only on
its ability to develop its present properties, but also on its ability to select and acquire suitable new producing properties or prospects
for mineral exploration. Kinross may be unable to compete successfully with its competitors in acquiring such properties or prospects
on terms it considers acceptable, if at all.
2024 ANNUAL REPORT KINROSS GOLD
MDA 40
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Disclosures about Market Risks
To determine its market risk sensitivities, Kinross uses an internally generated financial forecast model that is sensitized to, among
other things, various gold prices, currency exchange rates, interest rates and energy prices. The variable with the greatest impact is
the gold price, and Kinross prepares a base case scenario and then sensitizes it by a 10% increase and decrease in the gold price. For
2025, sensitivity to a 10% change in the gold price is estimated to have an approximate $475 million impact on pre-tax earnings.
Kinross’ financial forecast covers the projected life of its mines. In each year, gold is produced according to the mine plan. Additionally,
for 2025, sensitivity to a 10% change in the silver price is estimated to have an approximate $13 million impact on pre-tax earnings.
Costs are estimated based on current production costs plus the impact of any major changes to the operation during its life.
Foreign Currency Exchange Risk
Currency fluctuations may affect the revenues which the Company will realize from its operations since gold and silver are sold in U.S.
dollars. Kinross’ costs are incurred principally in Canadian dollars, U.S. dollars, Chilean pesos, Brazilian reais and Mauritanian ouguiyas.
The appreciation of non-U.S. dollar currencies against the U.S. dollar increases the cost of production and capital expenditures in U.S.
dollar terms. Kinross’ costs are positively affected when the U.S. dollar strengthens against these foreign currencies and are adversely
affected when the U.S. dollar weakens against these foreign currencies. Where possible, Kinross’ cash and cash equivalents balances
are primarily held in U.S. dollars. From time to time, Kinross transacts currency hedging to reduce the risk associated with currency
fluctuations. While the Chilean peso and Brazilian real are currently convertible into Canadian and U.S. dollars, they may not always
be convertible in the future. The Mauritanian ouguiya is convertible into Canadian and U.S. dollars, but conversion may be subject to
regulatory and/or central bank approval.
The sensitivity of the Company’s pre-tax earnings to changes in foreign currencies relative to the U.S. dollar is disclosed in Section 3 –
Outlook of this MD&A and Note 9 of the Company’s financial statements for the year ended December 31, 2024.
Litigation Risk
Legal proceedings may be brought against Kinross, for example, litigation based on its business activities, environmental laws, tax
matters, volatility in its stock price or failure to comply with its disclosure obligations, which could have a material adverse effect on
Kinross’ financial condition or prospects. Regulatory and government agencies may bring legal proceedings in connection with the
enforcement of applicable laws and regulations, and as a result Kinross may be subject to expenses of investigations and defense,
fines or penalties for violations if proven, and potentially costs and expenses to remediate, increased operating costs or changes to
operations, and cessation of operations if ordered to do so or required in order to resolve such proceedings. The Company may become
party to disputes governed by the rules of international arbitration. Kinross may also be the subject of legal claims in Canada in respect
of its activities in a foreign jurisdiction. In the event of a dispute arising at Kinross’ foreign operations, Kinross may be subject to the
exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of courts in Canada.
Kinross’ inability to enforce its rights or being found in contravention of any applicable laws and regulations could have an adverse
effect on its future cash flows, earnings, results of operations and financial condition.
Counterparty and Liquidity Risk
Credit risk relates to cash and cash equivalents, accounts receivable, and derivative contracts and arises from the possibility that a
counterparty to an instrument fails to perform. Counterparty risk is the risk that a third party might fail to fulfill its performance
obligations under the terms of a financial instrument. The Company is subject to counterparty risk and may be affected, in the event
that a counterparty becomes insolvent. To manage both counterparty and credit risk, the Company proactively manages its exposure
to individual counterparties. The Company only transacts with highly-rated counterparties. A limit on contingent exposure has been
established for each counterparty based on the counterparty’s credit rating, and the Company monitors the financial condition of each
counterparty.
Liquidity risk is the risk that the Company may not have sufficient cash resources available to meet its payment obligations. To manage
liquidity risk, the Company maintains cash positions and has financing in place that the Company expects will be sufficient to meet its
operating and capital expenditure requirements. Potential sources for liquidity could include, but are not limited to: the Company’s
current cash position, existing credit facilities, future operating cash flow, and potential private and public financing. Additionally, the
Company reviews its short-term operational forecasts regularly and long-term budgets to determine its cash requirements.
2024 ANNUAL REPORT KINROSS GOLD
41 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Credit Ratings and Debt Markets
The mining, processing, development, and exploration of Kinross’ properties, as well as the acquisition of gold-bearing properties, may
require substantial additional financing. Failure to obtain sufficient financing may result in the delay or indefinite postponement of
exploration, development or production on any or all of Kinross’ properties, or even a loss of property interest. Additional capital or
other types of financing may not be available if needed or, if available, the terms of such financing may be unfavourable to Kinross.
The Company’s ability to access investment grade debt markets and the related cost of debt financing is dependent upon maintaining
investment grade credit ratings. The Company has investment grade credit ratings from Fitch Ratings, Moody’s and S&P. There is no
assurance that these credit ratings will remain in effect for any given period of time or that such ratings will not be revised or withdrawn
entirely by the rating agencies. Real or anticipated changes in credit ratings can affect the price of the Company’s existing debt as well
as the Company’s ability to access the capital markets and the cost of such debt financing.
If the Company is unable to maintain its indebtedness and financial ratios at levels acceptable to the rating agencies, or should the
Company’s business prospects deteriorate, the credit ratings currently assigned to the Company by the rating agencies could be
downgraded, which could adversely affect the value of the Company’s outstanding securities and existing debt, its ability to obtain
new financing on favourable terms, and increase the Company’s borrowing costs.
Acquisition and Disposition Strategy Risks and Potential for Incurring Unexpected Costs or Liabilities as a Result of
Acquisitions
As part of Kinross’ business strategy, it has sought, and may continue to seek, to acquire new mining and development opportunities
in the mining industry, along with assets to support its business operations or dispose of assets it currently owns. Any acquisition or
disposition that Kinross may choose to complete which may be of a significant size, may change the scale of Kinross’ business and
operations, and may expose Kinross to new geographical, political, operational, financial and geological risks. Kinross’ acquisition
success depends on its ability to identify appropriate acquisition candidates, negotiate acceptable arrangements, including
arrangements to finance acquisitions, and to integrate the acquired businesses and their personnel. Kinross may be unable to complete
any acquisition, disposition or other business arrangement that it pursues on favourable terms. Any acquisitions, dispositions or other
business arrangements completed may not ultimately benefit Kinross’ business and could impair its results of operations, profitability
and financial results. Acquisitions, dispositions and other business arrangements are accompanied by risks including, without
limitation: a significant change in commodity prices after Kinross has committed to complete the transaction and established the
purchase price or exchange ratio; an acquired material ore body may prove to be below expectations; Kinross may have difficulty
integrating and assimilating the operations, technologies and personnel of any acquired companies, realizing anticipated synergies
and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and
controls across the organization to support the expansion of Kinross’ operations resulting from these acquisitions; the integration of
the acquired business or assets or sales process may divert management’s attention and disrupt Kinross’ ongoing business and its
relationships with employees, customers, suppliers and contractors; the acquired business or assets may have unknown liabilities
which may be significant; a purchaser may be unable to pay all or part of any purchase price due after closing; and Kinross may become
subject to litigation, which could result in substantial costs and damages and divert management’s attention and resources.
Additionally, although the Company conducts due diligence in connection with acquisitions, risks remain regarding any undisclosed or
unknown liabilities associated with any such acquisitions, and the Company may discover that it has acquired substantial undisclosed
liabilities. The Company may have little recourse against the seller or purchaser if any of the representations or warranties provided
in connection with an acquisition or disposition proves to be inaccurate or if the purchaser is unable to pay all or part of the purchase
price due after closing. Should these or other risks develop, Kinross may suffer significant financial losses or be required to write-down
the value of the assets acquired (see Risk Analysis related to impairment, below).
In addition, in the event that Kinross chooses to raise debt capital to finance any such acquisition, Kinross’ leverage will be increased.
If Kinross chooses to use equity as consideration for such acquisition, existing shareholders may suffer dilution. Alternatively, Kinross
may choose to finance any such acquisition with its existing resources.
There can be no assurance that Kinross would be successful in overcoming these risks or any other problems encountered in
connection with such acquisitions or dispositions.
2024 ANNUAL REPORT KINROSS GOLD
MDA 42
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Global Financial Condition
The volatility and challenges that global economies continue to experience affect the profitability and liquidity of businesses in many
industries, which in turn has resulted in the following conditions that may have an effect on the profitability and cash flows of the
Company:
x
Volatility in commodity prices, foreign exchange rates and interest rates;
x
Tightening of credit markets;
x
Counterparty risk; and
x
Volatility in the prices of publicly traded entities.
The volatility in commodity prices, foreign exchange rates and interest rates directly impact the Company’s revenues, earnings and
cash flows, as noted above in the sections titled “Gold Price and Silver Price” and “Foreign Currency Exchange Risk”.
Although tighter credit markets could restrict the ability of certain companies to access capital, to date this has not affected the
Company’s liquidity.
As at December 31, 2024, the Company had $1,645.9 million available under its credit facility arrangements. However, tightening of
credit markets may affect the ability of the Company to obtain equity or debt financing in the future on terms favourable to the
Company.
The Company has not experienced any difficulties to date relating to the counterparties it transacts with. The counterparties continue
to be highly rated, and as noted above, the Company has employed measures to reduce the impact of counterparty risk.
Continued volatility in equity markets may affect the value of publicly listed companies in Kinross’ equity portfolio.
Market Price Risk
Kinross’ common shares are listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”). The price of
Kinross’ common shares is likely to be significantly affected by changes in the gold price or in its financial condition or results of
operations as reflected in its quarterly earnings reports or forward-looking information included in the Company’s outlook. Other
factors unrelated to the performance of Kinross that may have an effect on the price of the Kinross common shares include the
following: a material reduction in analytical coverage of Kinross by investment banks with research capabilities; increased political risk
or actions by governments in countries where the Company operates; a drop in trading volume and general market interest in the
securities of Kinross may adversely affect an investor’s ability to liquidate an investment and consequently an investor’s interest in
acquiring a significant stake in Kinross; a failure of Kinross to meet the reporting and other obligations under Canadian and U.S.
securities laws or imposed by the exchanges could result in a delisting of the Kinross common shares; and a substantial decline in the
price of the Kinross common shares that persists for a significant period of time could cause the Kinross common shares to be delisted
from the TSX or NYSE further reducing market liquidity.
As a result of any of these factors, the market price of Kinross’ common shares at any given point in time may not accurately reflect
Kinross’ long-term value. Securities class action litigation has been commenced against companies, including Kinross, following periods
of volatility or significant decline in the market price of their securities. Securities litigation could result in substantial costs and
damages and divert management’s attention and resources. Any decision resulting from any such litigation that is adverse to the
Company could have a negative impact on the Company’s financial position.
Impairment
The carrying value of property, plant and equipment is reviewed at each reporting period end to determine whether there is any
indication of impairment or reversal of impairment. If any such indication exists, then the cash generating unit (“CGU”) or asset’s
recoverable amount is estimated. If the carrying amount of the CGU or asset exceeds its recoverable amount, an impairment is
considered to exist and an impairment loss is recognized to reduce the CGU or asset’s carrying value to its recoverable amount. For
property, plant and equipment and other long-lived assets, a previously recognized impairment loss is reversed if there has been a
change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. The
recoverable amounts, or fair values, of the Company’s CGUs are based, in part, on certain factors that may be partially or totally
outside of Kinross’ control. Kinross’ fair value estimates are based on numerous assumptions, some of which may be subjective, and
it is possible that actual fair value could be significantly different than those estimates.
2024 ANNUAL REPORT KINROSS GOLD
43 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Climate Risks
A number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to the
potential impacts of climate change. Where legislation already exists, regulation relating to emission levels and energy efficiency is
becoming more stringent. Future changes in legislation and regulation will likely increase the Company’s compliance costs and may
have an adverse effect on the Company’s reputation if it is unsuccessful in complying with such requirements.
In addition, the physical risks of climate change may also have an adverse effect at some of Kinross’ operations. These may include
extreme weather events, changes in rainfall patterns, water shortages, and changing temperatures. These physical impacts could
require the Company to curtail or close mining production and could prevent the Company from pursuing expansion opportunities.
These effects may adversely impact the cost, production and financial performance of the Company’s operations.
Operations at Paracatu are dependent on rainfall and river water capture as the primary source of process water, which is then
complemented by groundwater from boreholes. During the rainy season, the mine channels surface runoff water to temporary storage
ponds from where it is pumped to the process plants. Similarly, surface runoff and rain water and water captured from the river is
stored in the tailings impoundment, which constitutes the main water reservoir for the process plants. The objective is to capture and
store as much water as possible during the rainy season to ensure adequate water supply during the dry season.
Accordingly, prolonged periods without adequate rainfall may adversely impact the Company’s operations. As a result, production
may fall below historic or forecast levels and Kinross may incur significant costs or experience significant delays that could have a
material effect on Kinross’ financial performance, liquidity and results of operations.
Excessive rainfall, snowfall, flooding or extreme weather events caused by increased variation in weather patterns, may also adversely
affect operations. Excess rainfall can result in operational difficulties including geotechnical instability, increased dewatering demands,
and additional water management requirements. Extended periods of above average rainfall at a site may result in increased costs or
production disruptions that could have a material effect on Kinross’ financial performance, liquidity and results of operations.
We can provide no assurance that efforts to mitigate the risks of climate changes will be effective and that the physical risks of climate
change will not have an adverse effect on the Company’s operations and profitability.
Human Resources
Production at Kinross’ mines is dependent upon the efforts of, and maintaining good relationships with, employees of Kinross.
Relations between Kinross and its employees may be impacted by changes in labour relations which may be introduced by, among
others, employee groups, unions, and the relevant governmental authorities in whose jurisdictions Kinross carries on business.
Adverse changes in such legislation or in the relationship between Kinross and its employees may have a material adverse effect on
Kinross’ business, results of operations, and financial condition.
In order to operate successfully, Kinross must find and retain qualified employees. Kinross and other companies in the mining industry
compete for personnel and Kinross is not always able to fill positions in a timely manner. One factor that has contributed to an
increased turnover rate is the aging workforce and it is expected that this factor will further increase the turnover rate in upcoming
years. If Kinross is unable to attract and retain qualified personnel or fails to establish adequate succession planning strategies, Kinross’
operations could be adversely affected.
In addition, Kinross has a relatively small executive management team and in the event that the services of a number of these
executives are no longer available, Kinross and its business could be adversely affected. Kinross does not carry key-person life insurance
with respect to its executives.
Cybersecurity and Data Privacy Risks
The Company relies heavily on its information technology systems including, without limitation, its networks, equipment, hardware,
software, telecommunications, and other information technology (collectively, “IT systems”), and the IT systems of its vendors and
third-party service providers, to operate its business as a whole including mining operations and development projects. IT systems are
subject to an increasing threat of continually evolving cybersecurity risks including, without limitation, computer viruses, security
breaches, and cyberattacks. In addition, the Company is subject to the risk of unauthorized access to its IT systems or its information
through fraud or other means. Kinross’ operations also depend on the timely maintenance, upgrade and replacement of its IT systems,
as well as pre-emptive expenses to mitigate cybersecurity risks and other IT systems disruptions.
2024 ANNUAL REPORT KINROSS GOLD
MDA 44
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Although Kinross has not experienced any material losses to date relating to cybersecurity, or other IT systems disruptions, there can
be no assurance that Kinross will not incur such losses in the future. Despite the Company’s mitigation efforts including following an
IT security risk management framework, the risk and exposure to these threats cannot be fully mitigated because of, among other
things, the evolving nature of cybersecurity threats. As a result, cybersecurity and the continued development and enhancement of
controls, processes and practices designed to protect IT systems from cybersecurity threats remain a priority. As these threats continue
to evolve, the Company, its vendors and third-party service providers, including IT service providers, may be required to expend
additional resources to continue to modify or enhance protective measures or to investigate and remediate any cybersecurity
vulnerabilities. While Kinross carries cyber insurance, such insurance does not cover all the potential risks associated with such threats.
Any cybersecurity incidents or other IT systems disruption could result in production downtimes, operational delays, destruction or
corruption of data, security breaches, financial losses from remedial actions, the theft or other compromising of confidential or
otherwise protected information, fines and lawsuits, or damage to the Company’s reputation. Any such occurrence could have an
adverse impact on Kinross’ financial condition and results of operations.
The Company is subject to privacy and data security regulations in several of the jurisdictions that it operates in, such as Canada, Brazil,
the United States and the European Union (“EU”). The Company could incur substantial costs in complying with these various
regulations as a result of having to make changes to prior business practices in a manner adverse to our business. Such developments
may also require the Company to make system changes and develop new processes, further affecting our compliance costs. In addition,
violations of privacy-related regulations can result in significant lawsuits, penalties and reputational harm, which in turn could
adversely impact the Company’s business and results of operations.
Refining Capacity
The Company engages third-party refineries to refine doré into good delivery gold and silver bars, which are in turn sold into open
markets. The refineries are located in Canada, Switzerland and the United States. The loss of any one refiner could have a material
adverse effect on the Company if alternative refineries are unavailable. There can be no guarantee that alternative refineries would
be available if the need for them were to arise or that it would not experience delays or disruptions in sales that would materially and
adversely affect results of operations. In addition, the Company has doré inventory at refineries and could incur a loss arising from the
refineries’ failure to fulfill their contractual obligations. The Company has legally binding agreements in place for such refining services
and also purchases bullion insurance, but there is a risk that a refinery will not satisfy its delivery obligations. In such a case, the
Company may pursue all remedies available, as appropriate, to enforce any outstanding delivery obligations. If such delivery
obligations are not fulfilled by the refinery, remedied by a court in a specific performance or damages judgment or insurance proceeds
are not received, the Company will incur a one-time non-cash charge related to the carrying value of the inventory.
Outbreak of Infectious Disease or Pandemic
An outbreak of infectious disease, pandemic or a similar public health threat, such as the COVID-19 pandemic, and the response
thereto, could adversely impact the Company, both operationally and financially. The extent to which COVID-19 and any other
pandemic or public health crisis impacts our business, affairs, operations, financial condition, liquidity, availability of credit and results
of operations will depend on future developments that are highly uncertain and cannot be accurately predicted.
Illegal Mining
Illegal mining activities occur near, and occasionally on some of the Company’s properties in Africa and Brazil. Illegal mining is
associated with a number of negative impacts, including environmental degradation, human rights abuse, child labour and funding of
conflict. In addition, substantial illegal mining activities on the Company’s properties or properties that the Company may seek to
acquire in the future may deplete mineral reserves or mineral resources and the economic benefits of those properties. It is difficult
for the Company to control illegal mining activities on and around its properties. The Company relies on government support and
enforcement to manage illegal mining activities near its operations; however, enforcement is often lacking or inconsistent.
2024 ANNUAL REPORT KINROSS GOLD
45 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
11. SUPPLEMENTAL INFORMATION
Reconciliation of Non-GAAP Financial Measures and Ratios
The Company has included certain non-GAAP financial measures and ratios in this document. These financial measures and ratios are
not defined under IFRS and should not be considered in isolation. The Company believes that these financial measures and ratios,
together with financial measures and ratios determined in accordance with IFRS, provide investors with an improved ability to evaluate
the underlying performance of the Company. The inclusion of these financial measures and ratios is meant to provide additional
information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial
measures and ratios are not necessarily standard and therefore may not be comparable to other issuers.
All the non-GAAP financial measures and ratios for the year ended December 31, 2022 in this document are from continuing operations
and exclude results from the Company’s Chirano and Russian operations due to the classification of these operations as discontinued
and their sale in 2022.
Adjusted Net Earnings Attributable to Common Shareholders and Adjusted Net Earnings per Share
Adjusted net earnings attributable to common shareholders and adjusted net earnings per share are non-GAAP financial measures
and ratios which determine the performance of the Company, excluding certain impacts which the Company believes are not reflective
of the Company’s underlying performance for the reporting period, such as the impact of foreign exchange gains and losses,
reassessment of prior year taxes and/or taxes otherwise not related to the current period, impairment charges (reversals), gains and
losses and other one-time costs related to acquisitions, dispositions and other transactions, and non-hedge derivative gains and losses.
Although some of the items are recurring, the Company believes that they are not reflective of the underlying operating performance
of its current business and are not necessarily indicative of future operating results. Management believes that these measures and
ratios, which are used internally to assess performance and in planning and forecasting future operating results, provide investors
with the ability to better evaluate underlying performance, particularly since the excluded items are typically not included in public
guidance. However, adjusted net earnings and adjusted net earnings per share measures and ratios are not necessarily indicative of
net earnings and earnings per share measures and ratios as determined under IFRS.
The following table provides a reconciliation of net earnings to adjusted net earnings for the periods presented:
(in millions, except per share amounts)
2024
2023
2022
Net earnings attributable to common shareholders - as reported
948.8
$
416.3
$
31.9
$
Adjusting items:
Foreign exchange (gains) losses
(27.3)
1.9
(0.8)
Foreign exchange losses (gains) on translation of tax basis and foreign exchange on deferred
income taxes within income tax expense
86.4
29.3
(25.5)
Taxes in respect of prior periods
(60.7)
13.9
16.2
Impairment (reversal) charge
(74.1)
38.9
350.0
Loss on sale of assets
6.0
14.8
14.3
Insurance recoveries
(22.9)
(1.2)
(79.9)
Settlement provisions
2.6
30.0
-
Reclamation expense (recovery)
6.9
(19.2)
23.5
Other adjustments related to prior years
(27.8)
-
-
Other(a)
(4.9)
19.3
14.2
Tax effects of the above adjustments
5.3
(4.2)
(60.8)
(110.5)
123.5
251.2
838.3
$
539.8
$
283.1
$
Weighted average number of common shares outstanding - Basic
1,228.9
1,227.0
1,280.5
Adjusted net earnings per share
0.68
$
0.44
$
0.22
$
0.77
$
0.34
$
0.02
$
Adjusted net earnings attributable to common shareholders
Years ended December 31,
Basic earnings per share attributable to common shareholders - as reported
(a)
Other includes various impacts, such as one-time costs and recoveries at sites, restructuring costs, as well as gains and losses on hedges, which
the Company believes are not reflective of the Company’s underlying performance for the reporting period.
2024 ANNUAL REPORT KINROSS GOLD
MDA 46
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Attributable Free Cash Flow
Attributable free cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities less
attributable capital expenditures and non-controlling interest included in net cash flows provided from operating activities. The
Company believes that this measure, which is used internally to evaluate the Company’s underlying cash generation performance and
the ability to repay creditors and return cash to shareholders, provides investors with the ability to better evaluate the Company’s
underlying performance. However, this measure is not necessarily indicative of operating earnings or net cash flow provided from
operating activities as determined under IFRS.
The following table provides a reconciliation of attributable free cash flow for the periods presented:
(in millions)
2024
2023
2022
2,446.4
$
1,605.3
$
1,002.5
$
Adjusting items:
Attributable(a) capital expenditures
(1,050.9)
(1,055.0)
(755.0)
Non-controlling interest(b) cash flow (from) used in operating activities
(55.3)
9.4
(0.2)
Attributable(a) free cash flow
1,340.2
$
559.7
$
247.3
$
Years ended December 31,
Net cash flow provided from operating activities - as reported
See page 52 of this MD&A for details of the footnotes referenced within the table above.
Attributable Adjusted Operating Cash Flow
Attributable adjusted operating cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating
activities excluding changes in working capital, certain impacts which the Company believes are not reflective of the Company’s regular
operating cash flow, and net cash flows provided from operating activities, net of working capital changes, relating to non-controlling
interests. Working capital can be volatile due to numerous factors, including the timing of tax payments. The Company uses
attributable adjusted operating cash flow internally as a measure of the underlying operating cash flow performance and future
operating cash flow-generating capability of the Company. However, the attributable adjusted operating cash flow measure is not
necessarily indicative of net cash flow provided from operating activities as determined under IFRS.
The following table provides a reconciliation of attributable adjusted operating cash flow for the periods presented:
(in millions)
2024
2023
2022
2,446.4
$
1,605.3
$
1,002.5
$
Adjusting items:
Insurance proceeds received in respect of prior years
(22.9)
-
-
Working capital changes:
Accounts receivable and other assets
(11.7)
(68.7)
(17.9)
Inventories
(14.3)
91.4
261.6
Accounts payable and other liabilities, including income taxes paid
(192.6)
41.9
10.3
2,204.9
1,669.9
1,256.5
Non-controlling interest(b) cash flow (from) used in operating activities, net of working capital changes
(61.8)
6.8
1.2
Attributable(a) adjusted operating cash flow
2,143.1
$
1,676.7
$
1,257.7
$
Years ended December 31,
Net cash flow provided from operating activities - as reported
See page 52 of this MD&A for details of the footnotes referenced within the table above.
2024 ANNUAL REPORT KINROSS GOLD
47 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Attributable Average Realized Gold Price per Ounce
Attributable average realized gold price per ounce is a non-GAAP ratio which calculates the average price realized from gold sales
attributable to the Company. The Company believes that this measure provides a more accurate measure with which to compare the
Company's gold sales performance to market gold prices. The following table provides a reconciliation of attributable average realized
gold price per ounce for the periods presented:
(in millions, except ounces and average realized gold price per ounce)
2024
2023
2022
Metal sales - as reported
5,148.8
$
4,239.7
$
3,455.1
$
Less: silver revenue(c)
(121.9)
(204.3)
(98.9)
Less: non-controlling interest(b) gold revenue
(103.0)
-
-
4,923.9
$
4,035.4
$
3,356.2
$
Gold ounces sold
2,100,621
2,074,989
1,872,342
Less: non-controlling interest(b) gold ounces sold
(41,325)
-
-
2,059,296
2,074,989
1,872,342
2,391
$
1,945
$
1,793
$
2,393
$
1,945
$
1,793
$
Years ended December 31,
Attributable(a) gold revenue
Attributable(a) gold ounces sold
Attributable(a) average realized gold price per ounce
Average realized gold price per ounce(d)
See page 52 of this MD&A for details of the footnotes referenced within the table above.
Attributable Production Cost of Sales per Equivalent Ounce Sold
Production cost of sales per equivalent ounce sold is defined as production cost of sales, as reported on the consolidated statement
of operations, divided by the total number of gold equivalent ounces sold. This measure converts the Company’s non-gold production
into gold equivalent ounces and credits it to total production.
Attributable production cost of sales per equivalent ounce sold is a non-GAAP ratio and is defined as attributable production cost of
sales divided by the attributable number of gold equivalent ounces sold. This measure converts the Company’s attributable non-gold
production into gold equivalent ounces and credits it to total attributable production. Management uses this measure to monitor and
evaluate the performance of its operating properties that are attributable to its shareholders.
The following table provides a reconciliation of production cost of sales and attributable production cost of sales per equivalent ounce
sold for the periods presented:
(in millions, except ounces and production cost of sales per ounce)
2024
2023
2022
Production cost of sales - as reported
2,197.1
$
2,054.4
$
1,805.7
$
Less: non-controlling interest(b) production cost of sales
(40.8)
-
-
2,156.3
$
2,054.4
$
1,805.7
$
Gold equivalent ounces sold
2,153,212
2,179,936
1,927,818
Less: non-controlling interest(b) gold equivalent ounces sold
(41,524)
-
-
2,111,688
2,179,936
1,927,818
1,021
$
942
$
937
$
1,020
$
942
$
937
$
Production cost of sales per equivalent ounce sold(e)
Attributable(a) production cost of sales per equivalent ounce sold
Attributable(a) gold equivalent ounces sold
Years ended December 31,
Attributable(a) production cost of sales
See page 52 of this MD&A for details of the footnotes referenced within the table above.
2024 ANNUAL REPORT KINROSS GOLD
MDA 48
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Attributable Production Cost of Sales per Ounce Sold on a By-Product Basis
Attributable production cost of sales per ounce sold on a by-product basis is a non-GAAP ratio which calculates the Company’s non-
gold production as a credit against its per ounce production costs, rather than converting its non-gold production into gold equivalent
ounces and crediting it to total production, as is the case in co-product accounting. Management believes that this ratio provides
investors with the ability to better evaluate Kinross’ production cost of sales per ounce on a comparable basis with other major gold
producers who routinely calculate their cost of sales per ounce using by-product accounting rather than co-product accounting.
The following table provides a reconciliation of attributable production cost of sales per ounce sold on a by-product basis for the
periods presented:
(in millions, except ounces and production cost of sales per ounce)
2024
2023
2022
Production cost of sales - as reported
2,197.1
$
2,054.4
$
1,805.7
$
Less: non-controlling interest(b) production cost of sales
(40.8)
-
-
Less: attributable(a) silver revenue(c)
(121.4)
(204.3)
(98.9)
2,034.9
$
1,850.1
$
1,706.8
$
Gold ounces sold
2,100,621
2,074,989
1,872,342
Less: non-controlling interest(b) gold ounces sold
(41,325)
-
-
Attributable(a) gold ounces sold
2,059,296
2,074,989
1,872,342
988
$
892
$
912
$
1,020
$
942
$
937
$
Attributable(a) production cost of sales per ounce sold on a by-product basis
Attributable(a) production cost of sales net of silver by-product revenue
Production cost of sales per equivalent ounce sold(e)
Years ended December 31,
See page 52 of this MD&A for details of the footnotes referenced within the table above.
2024 ANNUAL REPORT KINROSS GOLD
49 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Attributable All-In Sustaining Cost and All-In Cost per Ounce Sold on a By-Product Basis
Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are non-GAAP financial measures and ratios, as
applicable, calculated based on guidance published by the World Gold Council (“WGC”). The WGC is a market development
organization for the gold industry and is an association whose membership comprises leading gold mining companies including Kinross.
Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these
metrics. Adoption of the all-in sustaining cost and all-in cost metrics is voluntary and not necessarily standard, and therefore, these
measures and ratios presented by the Company may not be comparable to similar measures and ratios presented by other issuers.
The Company believes that the all-in sustaining cost and all-in cost measures complement existing measures and ratios reported by
Kinross.
All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. The value of
silver sold is deducted from the total production cost of sales as it is considered residual production, i.e. a by-product. Sustaining
operating costs represent expenditures incurred at current operations that are considered necessary to maintain current production.
Sustaining capital represents capital expenditures at existing operations comprising mine development costs, including capitalized
development, and ongoing replacement of mine equipment and other capital facilities, and does not include capital expenditures for
major growth projects or enhancement capital for significant infrastructure improvements at existing operations.
All-in cost is comprised of all-in sustaining cost as well as operating expenditures incurred at locations with no current operation, or
costs related to other non-sustaining activities, and capital expenditures for major growth projects or enhancement capital for
significant infrastructure improvements at existing operations.
Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are calculated by adjusting production cost of
sales, as reported on the consolidated statements of operations, as follows:
(in millions, except ounces and costs per ounce)
2024
2023
2022
Production cost of sales - as reported
2,197.1
$
2,054.4
$
1,805.7
$
Less: non-controlling interest(b) production cost of sales
(40.8)
-
-
Less: attributable(a) silver revenue(c)
(121.4)
(204.3)
(98.9)
Attributable(a) production cost of sales net of silver by-product revenue
2,034.9
$
1,850.1
$
1,706.8
$
Adjusting items on an attributable(a) basis:
General and administrative(f)
122.2
106.9
116.8
Other operating expense - sustaining(g)
4.0
23.0
28.5
Reclamation and remediation - sustaining(h)
71.4
63.1
42.7
Exploration and business development - sustaining(i)
42.5
38.3
30.6
Additions to property, plant and equipment - sustaining(j)
523.5
554.3
402.6
Lease payments - sustaining(k)
11.8
29.5
22.4
All-in Sustaining Cost on a by-product basis - attributable(a)
2,810.3
$
2,665.2
$
2,350.4
$
Adjusting items on an attributable(a) basis:
Other operating expense - non-sustaining(g)
53.1
38.5
45.1
Reclamation and remediation - non-sustaining(h)
6.8
7.7
8.0
Exploration and business development - non-sustaining(i)
153.4
145.9
122.3
Additions to property, plant and equipment - non-sustaining(j)
527.4
500.7
352.4
Lease payments - non-sustaining(k)
0.3
0.7
0.8
All-in Cost on a by-product basis - attributable(a)
3,551.3
$
3,358.7
$
2,879.0
$
Gold ounces sold
2,100,621
2,074,989
1,872,342
Less: non-controlling interest(b) gold ounces sold
(41,325)
-
-
Attributable(a) gold ounces sold
2,059,296
2,074,989
1,872,342
Attributable(a) all-in sustaining cost per ounce sold on a by-product basis
1,365
$
1,284
$
1,255
$
Attributable(a) all-in cost per ounce sold on a by-product basis
1,725
$
1,619
$
1,538
$
Production cost of sales per equivalent ounce sold(e)
1,020
$
942
$
937
$
Years ended December 31,
See page 52 of this MD&A for details of the footnotes referenced within the table above.
2024 ANNUAL REPORT KINROSS GOLD
MDA 50
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Attributable All-In Sustaining Cost and All-In Cost per Equivalent Ounce Sold
The Company also assesses its attributable all-in sustaining cost and all-in cost on a gold equivalent ounce basis. Under these non-
GAAP financial measures and ratios, the Company’s production of silver is converted into gold equivalent ounces and credited to total
production.
Attributable all-in sustaining cost and all-in cost per equivalent ounce sold are calculated by adjusting production cost of sales, as
reported on the consolidated statements of operations, as follows:
(in millions, except ounces and costs per equivalent ounce)
2024
2023
2022
Production cost of sales - as reported
2,197.1
$
2,054.4
$
1,805.7
$
Less: non-controlling interest(b) production cost of sales
(40.8)
-
-
Attributable(a) production cost of sales
2,156.3
$
2,054.4
$
1,805.7
$
Adjusting items on an attributable(a) basis:
General and administrative(f)
122.2
106.9
116.8
Other operating expense - sustaining(g)
4.0
23.0
28.5
Reclamation and remediation - sustaining(h)
71.4
63.1
42.7
Exploration and business development - sustaining(i)
42.5
38.3
30.6
Additions to property, plant and equipment - sustaining(j)
523.5
554.3
402.6
Lease payments - sustaining(k)
11.8
29.5
22.4
All-in Sustaining Cost - attributable(a)
2,931.7
$
2,869.5
$
2,449.3
$
Adjusting items on an attributable(a) basis:
Other operating expense - non-sustaining(g)
53.1
38.5
45.1
Reclamation and remediation - non-sustaining(h)
6.8
7.7
8.0
Exploration and business development - non-sustaining(i)
153.4
145.9
122.3
Additions to property, plant and equipment - non-sustaining(j)
527.4
500.7
352.4
Lease payments - non-sustaining(k)
0.3
0.7
0.8
All-in Cost - attributable(a)
3,672.7
$
3,563.0
$
2,977.9
$
Gold equivalent ounces sold
2,153,212
2,179,936
1,927,818
Less: non-controlling interest(b) gold equivalent ounces sold
(41,524)
-
-
Attributable(a) gold equivalent ounces sold
2,111,688
2,179,936
1,927,818
Attributable(a) all-in sustaining cost per equivalent ounce sold
1,388
$
1,316
$
1,271
$
Attributable(a) all-in cost per equivalent ounce sold
1,739
$
1,634
$
1,545
$
Production cost of sales per equivalent ounce sold(e)
1,020
$
942
$
937
$
Years ended December 31,
See page 52 of this MD&A for details of the footnotes referenced within the table above.
2024 ANNUAL REPORT KINROSS GOLD
51 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Capital Expenditures and Attributable Capital Expenditures
Capital expenditures are classified as either sustaining capital expenditures or non-sustaining capital expenditures, depending on the
nature of the expenditure. Sustaining capital expenditures typically represent capital expenditures at existing operations including
capitalized exploration costs and capitalized development unless related to major projects, ongoing replacement of mine equipment
and other capital facilities and other capital expenditures and is calculated as total additions to property, plant and equipment (as
reported on the consolidated statements of cash flows), less non-sustaining capital expenditures. Non-sustaining capital expenditures
represent capital expenditures for major projects, including major capital development projects at existing operations that are
expected to materially benefit the operation, as well as enhancement capital for significant infrastructure improvements at existing
operations. Management believes the distinction between sustaining capital expenditures and non-sustaining expenditures is a useful
indicator of the purpose of capital expenditures and this distinction is an input into the calculation of attributable all-in sustaining costs
per ounce and attributable all-in costs per ounce. The categorization of sustaining capital expenditures and non-sustaining capital
expenditures is consistent with the definitions under the WGC all-in cost standard. Sustaining capital expenditures and non-sustaining
capital expenditures are not defined under IFRS, however, the sum of these two measures total to additions to property, plant and
equipment as disclosed under IFRS on the consolidated statements of cash flows.
Additions to property, plant and equipment per the consolidated statements of cash flows includes 100% of capital expenditures for
Manh Choh. Attributable capital expenditures includes Kinross' 70% share of capital expenditures for Manh Choh. Management
believes this to be a useful indicator of Kinross’ cash resources utilized for capital expenditures.
The following table provides a reconciliation of the classification of capital expenditures for the periods presented:
Year ended December 31, 2024
Tasiast
(Mauritania)
Paracatu
(Brazil)
La Coipa
(Chile)
Fort Knox(l)
(USA)
Round
Mountain
(USA)
Bald
Mountain
(USA)
Total USA
Other
Total
Sustaining capital expenditures
64.3
$
140.5
$
65.8
$
195.2
$
15.4
$
46.4
$
257.0
$
(0.7)
$
526.9
$
Non-sustaining capital expenditures
279.6
$
-
$
3.6
$
97.0
$
110.9
$
3.1
$
211.0
$
54.4
$
548.6
$
Additions to property, plant and equipment - per cash flow
343.9
$
140.5
$
69.4
$
292.2
$
126.3
$
49.5
$
468.0
$
53.7
$
1,075.5
$
Less: Non-controlling interest(b)
-
$
-
$
-
$
(24.6)
$
-
$
-
$
(24.6)
$
-
$
(24.6)
$
Attributable(a) capital expenditures
343.9
$
140.5
$
69.4
$
267.6
$
126.3
$
49.5
$
443.4
$
53.7
$
1,050.9
$
Year ended December 31, 2023
Sustaining capital expenditures
45.6
$
167.5
$
36.0
$
193.4
$
30.2
$
79.5
$
303.1
$
2.1
$
554.3
$
Non-sustaining capital expenditures
263.4
$
-
$
38.8
$
175.0
$
0.3
$
40.8
$
216.1
$
25.7
$
544.0
$
Additions to property, plant and equipment - per cash flow
309.0
$
167.5
$
74.8
$
368.4
$
30.5
$
120.3
$
519.2
$
27.8
$
1,098.3
$
Less: Non-controlling interest(b)
-
$
-
$
-
$
(43.3)
$
-
$
-
$
(43.3)
$
-
$
(43.3)
$
Attributable(a) capital expenditures
309.0
$
167.5
$
74.8
$
325.1
$
30.5
$
120.3
$
475.9
$
27.8
$
1,055.0
$
Year ended December 31, 2022
Sustaining capital expenditures
52.7
$
124.7
$
7.8
$
78.7
$
102.2
$
35.3
$
216.2
$
1.2
$
402.6
$
Non-sustaining capital expenditures
114.7
$
-
$
147.7
$
40.6
$
0.2
$
52.3
$
93.1
$
6.1
$
361.6
$
Additions to property, plant and equipment - per cash flow
167.4
$
124.7
$
155.5
$
119.3
$
102.4
$
87.6
$
309.3
$
7.3
$
764.2
$
Less: Non-controlling interest(b)
-
$
-
$
-
$
(9.2)
$
-
$
-
$
(9.2)
$
-
$
(9.2)
$
Attributable(a) capital expenditures
167.4
$
124.7
$
155.5
$
110.1
$
102.4
$
87.6
$
300.1
$
7.3
$
755.0
$
See page 52 of this MD&A for details of the footnotes referenced within the tables above.
2024 ANNUAL REPORT KINROSS GOLD
MDA 52
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
(a)
“Attributable” measures and ratios include Kinross’ share of Manh Choh (70%) cash flows, costs, sales and capital expenditures.
(b)
“Non-controlling interest” represents the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company’s
interest is less than 100% for cash flow from operating activities, costs, sales and capital expenditures, as appropriate.
(c)
“Silver revenue” represents the portion of metal sales realized from the production of the secondary or by-product metal (i.e. silver). Revenue from
the sale of silver, which is produced as a by-product of the process used to produce gold, effectively reduces the cost of gold production.
(d)
“Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold.
(e)
“Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.
(f)
“General and administrative” expenses are as reported on the consolidated statements of operations, excluding certain impacts which the
Company believes are not reflective of the Company’s underlying performance for the reporting period. General and administrative expenses are
considered sustaining costs as they are required to be absorbed on a continuing basis for the effective operation and governance of the Company.
(g)
“Other operating expense – sustaining” is calculated as “Other operating expense” as reported on the consolidated statements of operations, less
the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company’s interest is less than 100% and other
operating and reclamation and remediation expenses related to non-sustaining activities as well as other items not reflective of the underlying
operating performance of our business. Other operating expenses are classified as either sustaining or non-sustaining based on the type and
location of the expenditure incurred. The majority of other operating expenses that are incurred at existing operations are considered costs
necessary to sustain operations, and are therefore, classified as sustaining. Other operating expenses incurred at locations where there is no
current operation or related to other non-sustaining activities are classified as non-sustaining.
(h)
“Reclamation and remediation – sustaining” is calculated as current period accretion related to reclamation and remediation obligations plus
current period amortization of the corresponding reclamation and remediation assets, less the non-controlling interest portion in Manh Choh
(30%) and other subsidiaries for which the Company’s interest is less than 100%, and is intended to reflect the periodic cost of reclamation and
remediation for currently operating mines. Reclamation and remediation costs for development projects or closed mines are excluded from this
amount and classified as non-sustaining.
(i)
“Exploration and business development – sustaining” is calculated as “Exploration and business development” expenses as reported on the
consolidated statements of operations, less the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the
Company’s interest is less than 100% and non-sustaining exploration and business development expenses. Exploration expenses are classified as
either sustaining or non-sustaining based on a determination of the type and location of the exploration expenditure. Exploration expenditures
within the footprint of operating mines are considered costs required to sustain current operations and are therefore included in sustaining costs.
Exploration expenditures focused on new ore bodies near existing mines (i.e. brownfield), new exploration projects (i.e. greenfield) or for other
generative exploration activity not linked to existing mining operations are classified as non-sustaining. Business development expenses are
classified as either sustaining or non-sustaining based on a determination of the type of expense and requirement for general or growth-related
operations.
(j)
“Additions to property, plant and equipment – sustaining” and “non-sustaining” are as presented on page 51 of this MD&A and include Kinross’
share of Manh Choh’s (70%) sustaining and non-sustaining capital expenditures.
(k)
“Lease payments – sustaining” represents the majority of lease payments as reported on the consolidated statements of cash flows and is made
up of the principal and financing components of such cash payments, less the non-controlling interest portion in Manh Choh (30%) and other
subsidiaries for which the Company’s interest is less than 100%, and non-sustaining lease payments. Lease payments for development projects or
closed mines are classified as non-sustaining.
(l)
The Fort Knox segment is composed of Fort Knox and Manh Choh for all periods presented.
2024 ANNUAL REPORT KINROSS GOLD
53 MDA
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained or incorporated by reference in this MD&A including, but not limited to, any information as to
the future financial or operating performance of Kinross, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain
securities laws, including the provisions of the Securities Act (Ontario) and the provisions for “safe harbor” under the United States Private Securities Litigation
Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this MD&A. Forward-looking statements contained in this MD&A,
include, but are not limited to, those under the headings (or headings that include) “Outlook”, “Project Updates and New Developments”, and “Liquidity Outlook”
and include, without limitation, statements with respect to our guidance for production, cost guidance, including production costs of sales, all-in sustaining cost
of sales, and capital expenditures; statements with respect to our forecasts for cash flow and free cash flow; the declaration, payment and sustainability of the
Company’s dividends; the implementation of a share buyback; identification of additional resources and reserves or the conversion of resources to reserves; the
Company’s liquidity; the Company’s plan to reduce debt; the schedules budgets, and forecast economics for the Company’s development projects; budgets for
and future plans for exploration, development and operation at the Company’s operations and projects, including the Great Bear project; the projected yearly
gold production profile from both open pit and underground operations, all-in sustaining costs, mill throughput and average grades at the Great Bear project;
potential mine life extensions at the Company’s operations; the Company’s balance sheet and liquidity outlook, as well as references to other possible events
including, the future price of gold and silver, costs of production, operating costs; price inflation; capital expenditures, costs and timing of the development of
projects and new deposits, estimates and the realization of such estimates (such as mineral or gold reserves and resources or mine life), success of exploration,
development and mining, currency fluctuations, capital requirements, project studies, government regulation, permit applications, environmental risks and
proceedings, and resolution of pending litigation. The words “advance”, “continue”, “expects”, “focus”, “goal”, “guidance”, “on plan”, “on track”, “opportunity”,
“plan”, “potential”, “priority”, “progress”, “target”, “upside”, “view”, or variations of or similar such words and phrases or statements that certain actions, events
or results may, could, should or will be achieved, received or taken, or will occur or result and similar such expressions identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Kinross as of the date of
such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates, models and assumptions
of Kinross referenced, contained or incorporated by reference in this MD&A, which may prove to be incorrect, include, but are not limited to, the various
assumptions set forth herein, and the Annual Information Form dated March 27, 2024 as well as: (1) there being no significant disruptions affecting the operations
of the Company, whether due to extreme weather events (including, without limitation, excessive snowfall, excessive or lack of rainfall) and other or related
natural disasters, labour disruptions (including but not limited to strikes or workforce reductions), supply disruptions, power disruptions, damage to equipment,
pit wall slides or otherwise; (2) permitting, development, operations and production from the Company’s operations and development projects being consistent
with Kinross’ current expectations including, without limitation: the maintenance of existing permits and approvals and the timely receipt of all permits and
authorizations necessary for construction and operations; water and power supply and continued operation of the tailings reprocessing facility at Paracatu;
permitting of the Great Bear project (including the consultation process with Indigenous groups), permitting and development of the Lobo-Marte project; in each
case in a manner consistent with the Company’s expectations; and the successful completion of exploration consistent with the Company’s expectations at the
Company’s projects; (3) political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including,
without limitation, restrictions or penalties imposed, or actions taken, by any government, including but not limited to amendments to the mining laws, and
potential power rationing and tailings facility regulations in Brazil (including those related to financial assurance requirements), potential amendments to water
laws and/or other water use restrictions and regulatory actions in Chile, new dam safety regulations, potential amendments to minerals and mining laws and
energy levies laws, new regulations relating to work permits, potential amendments to customs and mining laws (including but not limited to amendments to the
VAT) and the potential application of the tax code in Mauritania, potential amendments to and enforcement of tax laws in Mauritania (including, but not limited
to, the interpretation, implementation, application and enforcement of any such laws and amendments thereto), potential third party legal challenges to existing
permits, and the impact of any trade tariffs being consistent with Kinross’ current expectations; (4) the completion of studies and the results of those studies being
consistent with Kinross’ current expectations; (5) the exchange rate between the Canadian dollar, Brazilian real, Chilean peso, Mauritanian ouguiya and the U.S.
dollar being approximately consistent with current levels; (6) certain price assumptions for gold and silver; (7) prices for diesel, natural gas, fuel oil, electricity and
other key supplies being approximately consistent with the Company’s expectations; (8) attributable production and cost of sales forecasts for the Company
meeting expectations; (9) the accuracy of the current mineral reserve and mineral resource estimates of the Company and Kinross’ analysis thereof being
consistent with expectations (including but not limited to ore tonnage and ore grade estimates), future mineral resource and mineral reserve estimates being
consistent with preliminary work undertaken by the Company, mine plans for the Company’s current and future mining operations, and the Company’s internal
models; (10) labour and materials costs increasing on a basis consistent with Kinross’ current expectations; (11) the terms and conditions of the legal and fiscal
stability agreements for Tasiast being interpreted and applied in a manner consistent with their intent and Kinross’ expectations and without material amendment
or formal dispute (including without limitation the application of tax, customs and duties exemptions and royalties); (12) asset impairment potential; (13) the
regulatory and legislative regime regarding mining, electricity production and transmission (including rules related to power tariffs) in Brazil being consistent with
Kinross’ current expectations; (14) access to capital markets, including but not limited to maintaining our current credit ratings consistent with the Company’s
current expectations; (15) potential direct or indirect operational impacts resulting from infectious diseases or pandemics; (16) changes in national and local
government legislation or other government actions, including the Canadian federal impact assessment regime; (17) litigation, regulatory proceedings and audits,
and the potential ramifications thereof, being concluded in a manner consistent with the Company’s expectations (including without limitation litigation in Chile
relating to the alleged damage of wetlands and the scope of any remediation plan or other environmental obligations arising therefrom); (18) the Company’s
financial results, cash flows and future prospects being consistent with Company expectations in amounts sufficient to permit sustained dividend payments; and
(19) the impacts of geotechnical instability at Round Mountain and Bald Mountain being consistent with the Company’s expectations. Known and unknown factors
could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: the inaccuracy
of any of the foregoing assumptions; fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such
as fuel and electricity); price inflation of goods and services; changes in the discount rates applied to calculate the present value of net future cash flows based on
country-specific real weighted average cost of capital; changes in the market valuations of peer group gold producers and the Company, and the resulting impact
on market price to net asset value multiples; changes in various market variables, such as interest rates, foreign exchange rates, gold or silver prices and lease
rates, or global fuel prices, that could impact the mark-to-market value of outstanding derivative instruments and ongoing payments/receipts under any financial
obligations; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); changes in national and local
government legislation, taxation (including but not limited to income tax, advance income tax, stamp tax, withholding tax, capital tax, tariffs, value-added or
sales tax, capital outflow tax, capital gains tax, windfall or windfall profits tax, production royalties, excise tax, customs/import or export taxes/duties, asset taxes,
asset transfer tax, property use or other real estate tax, together with any related fine, penalty, surcharge, or interest imposed in connection with such taxes),
controls, tariffs, policies and regulations; the security of personnel and assets; political or economic developments in Canada, the United States, Chile, Brazil,
Mauritania or other countries in which Kinross does business or may carry on business; business opportunities that may be presented to, or pursued by, us; our
ability to successfully integrate acquisitions and complete divestitures; operating or technical difficulties in connection with mining, development or refining
activities; employee relations; litigation or other claims against, or regulatory investigations and/or any enforcement actions, administrative orders or sanctions
2024 ANNUAL REPORT KINROSS GOLD
MDA 54
KINROSS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended December 31, 2024
in respect of the Company (and/or its directors, officers, or employees) including, but not limited to, securities class action litigation in Canada and/or the United
States, environmental litigation or regulatory proceedings or any investigations, enforcement actions and/or sanctions under any applicable anti-corruption,
international sanctions and/or anti-money laundering laws and regulations in Canada, the United States or any other applicable jurisdiction; the speculative
nature of gold exploration and development including, but not limited to, the risks of obtaining and maintaining necessary licenses and permits; diminishing
quantities or grades of reserves; adverse changes in our credit ratings; and contests over title to properties, particularly title to undeveloped properties. In addition,
there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance,
to cover these risks). Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, Kinross’ actual results to differ materially
from those expressed or implied in any forward-looking statements made by, or on behalf of, Kinross, including but not limited to resulting in an impairment
charge on goodwill and/or assets. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about
management’s expectations and plans relating to the future. All of the forward-looking statements made in this MD&A are qualified by this cautionary statement
and those made in our other filings with the securities regulators of Canada and the United States including, but not limited to, the cautionary statements made
in the “Risk Analysis” section of this MD&A, and the “Risk Factors” set forth in the Company’s Annual Information Form dated March 27, 2024. These factors are
not intended to represent a complete list of the factors that could affect Kinross. Kinross disclaims any intention or obligation to update or revise any forward-
looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required
by applicable law.
Key Sensitivities
Approximately 70%-80% of the Company's costs are denominated in U.S. dollars.
A 10% change in foreign currency exchange rates would be expected to result in an approximate $25 impact on attributable production cost of sales per equivalent
ounce sold2,9.
Specific to the Brazilian real, a 10% change in the exchange rate would be expected to result in an approximate $45 impact on Brazilian attributable production
cost of sales per equivalent ounce sold2.
Specific to the Chilean peso, a 10% change in the exchange rate would be expected to result in an approximate $50 impact on Chilean attributable production
cost of sales per equivalent ounce sold2.
A $10 per barrel change in the price of oil would be expected to result in an approximate $3 impact on attributable production cost of sales per equivalent ounce
sold2.
A $100 change in the price of gold would be expected to result in an approximate $5 impact on attributable production cost of sales per equivalent ounce sold2 as
a result of a change in royalties.
Other information
Where we say ‘‘we’’, ‘‘us’’, ‘‘our’’, the ‘‘Company’’, or ‘‘Kinross’’ in this MD&A, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as
may be applicable.
The technical information about the Company’s mineral properties contained in this MD&A has been prepared under the supervision of Mr. Nicos Pfeiffer who is
a “qualified person” within the meaning of National Instrument 43-101.
9 Refers to all of the currencies in the countries where the Company has mining operations, fluctuating simultaneously by 10% in the same direction, either appreciating or
depreciating, taking into consideration the impact of hedging and the weighting of each currency within our consolidated cost structure.
2024 ANNUAL REPORT KINROSS GOLD
1 FS
DE' D Ed͛^Z ^WKE^//>/dz&KZ
&/EE/>^dd D Ed^
The consolidated financial statements, the notes thereto, and other financial information contained in the Management’s Discussion and Analysis have
been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and are the
responsibility of the management of Kinross Gold Corporation (the “Company”). The financial information presented elsewhere in the Management’s
Discussion and Analysis is consistent with the data that is contained in the consolidated financial statements. The consolidated financial statements,
where necessary, include amounts which are based on the best estimates and judgment of management.
In order to discharge management’s responsibility for the integrity of the financial statements, the Company maintains a system of internal accounting
controls. These controls are designed to provide reasonable assurance that the Company’s assets are safeguarded, transactions are executed and
recorded in accordance with management’s authorization, proper records are maintained and relevant and reliable financial information is produced.
These controls include maintaining quality standards in hiring and training of employees, policies and procedures manuals, a corporate code of conduct
and ensuring that there is proper accountability for performance within appropriate and well-defined areas of responsibility. The system of internal controls
is further supported by a compliance function, which is designed to ensure that we and our employees comply with securities legislation and conflict of
interest rules.
The Board of Directors is responsible for overseeing management’s performance of its responsibilities for financial reporting and internal control. The
Audit and Risk Committee, which is composed of non-executive directors, meets with management as well as the external auditors to ensure that
management is properly fulfilling its financial reporting responsibilities to the Directors who approve the consolidated financial statements. The external
auditors have full and unrestricted access to the Audit and Risk Committee to discuss the scope of their audits, the adequacy of the system of internal
controls and review financial reporting issues.
The consolidated financial statements have been audited by KPMG LLP, independent registered public accounting firm, in accordance with the standards
of the Public Company Accounting Oversight Board (United States).
/s/ J. Paul Rollinson
/s/ Andrea S. Freeborough
:͘Wh>ZK>>/E^KE
EZ ^͘&Z KZKh',
Chief Executive Officer
Toronto, Canada
February 12, 2025
Executive Vice-President and Chief Financial Officer
Toronto, Canada
February 12, 2025
2024 ANNUAL REPORT KINROSS GOLD
FS 2
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The Management of Kinross Gold Corporation (“Kinross”) is responsible for establishing and maintaining adequate internal control over financial reporting,
and have designed such internal control over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with International Financial Reporting Standards (“IFRS”) as issued by the
International Accounting Standards Board.
Management has used the Internal Control—Integrated Framework (2013) to evaluate the effectiveness of internal control over financial reporting, which
is a recognized and suitable framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
Management has evaluated the design and operation of Kinross’ internal control over financial reporting as of December 31, 2024, and has concluded
that such internal control over financial reporting is effective.
The effectiveness of Kinross’ internal control over financial reporting as of December 31, 2024 has been audited by KPMG LLP, independent registered
public accounting firm, as stated in their report that appears herein.
/s/ J. Paul Rollinson
/s/ Andrea S. Freeborough
:͘Wh>ZK>>/E^KE
EZ ^͘&Z KZKh',
Chief Executive Officer
Toronto, Canada
February 12, 2025
Executive Vice-President and Chief Financial Officer
Toronto, Canada
February 12, 2025
2024 ANNUAL REPORT KINROSS GOLD
3 FS
Z WKZdK&/E W E EdZ '/^d Z Wh>/KhEd/E'&/ZD
To the Shareholders and Board of Directors of Kinross Gold Corporation
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Kinross Gold Corporation (the Company) as of December 31, 2024 and 2023, the
related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years then ended, and the related notes
(collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the
financial position of the Company as of December 31, 2024 and 2023 and its financial performance and its cash flows for each of the years then ended,
in conformity with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s
internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued
by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 12, 2025, expressed an unqualified opinion
on the effectiveness of the Company’s internal control over financial reporting.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these
consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent
with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits
included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable
basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was
communicated or required to be communicated to the audit and risk committee and that: (1) relates to accounts or disclosures that are material to the
consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit
matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical
audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Assessment of the recoverable amount of property, plant and equipment of the Lobo-Marte cash generating unit
As discussed in Note 6iv. to the consolidated financial statements, the carrying value of the Company’s property, plant and equipment was $7,968.6
million as of December 31, 2024. As discussed in note 5(b) to the consolidated financial statements, the assessment of fair values for potential impairment
or reversal of impairment, require the use of estimates and assumptions for recoverable production, future capital requirements and operating
performance, as contained in the Company’s life of mine plans, as well as future and long-term commodity prices, discount rates and foreign exchange
rates. As discussed in Note 7i. to the consolidated financial statements, key assumptions used in determining the recoverable amount of Lobo-Marte
included estimated 2024, 2025, 2026 and long-term gold prices of $2,300, $2,300, $2,200 and $2,000 per ounce, respectively. The discount rate applied
to present value the net future cash flows was 10.40% for Lobo-Marte.
We identified the assessment of the recoverable amount of property, plant and equipment of the Lobo-Marte cash generating unit as a critical audit
matter. Significant auditor judgment was required to assess the significant assumptions of future and long-term gold prices, discount rate, recoverable
production, and costs used to determine the future cash flows. In addition, auditor judgment was required to assess the mineral reserves and resources
which form the basis of the life of mine plan.
The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating
effectiveness of certain internal controls over the Company’s process to determine the recoverable amount of the cash generating unit. This included
controls over the determination of future cash flows in the life of mine model used to estimate the recoverable amount of the cash generating unit and
the development of the significant assumptions. We assessed the estimates of recoverable production and cost assumptions used in the life of mine plan
by comparing them to published technical reports and comparable operating sites. We assessed the competence, capabilities and objectivity of the
Company’s personnel who prepared the historical reserve and resource information, including the industry and regulatory standards they applied. We
involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the future and long-term gold prices by comparing to
third party estimates and evaluating the discount rate assumption by comparing to an estimate that was independently developed using publicly available
third-party sources.
/s/ KPMG LLP
Chartered Professional Accountants, Licensed Public Accountants
We have served as the Company’s auditor since 2005.
Toronto, Canada
February 12, 2025
2024 ANNUAL REPORT KINROSS GOLD
FS 4
Z WKZdK&/E W E EdZ '/^d Z Wh>/KhEd/E'&/ZD
To the Shareholders and Board of Directors of Kinross Gold Corporation:
Opinion on Internal Control Over Financial Reporting
We have audited Kinross Gold Corporation’s (the Company) internal control over financial reporting as of December 31, 2024, based on criteria
established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In
our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on
criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated
balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, equity,
and cash flows for each of the years then ended and the related notes (collectively, the consolidated financial statements), and our report dated February
12, 2025 expressed an unqualified opinion on those consolidated financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness
of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our
responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm
registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over
financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such
other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal
control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material
effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
/s/ KPMG LLP
Chartered Professional Accountants, Licensed Public Accountants
Toronto, Canada
February 12, 2025
2024 ANNUAL REPORT KINROSS GOLD
5 FS
KZWKZd/KE
KE^K>/d >E ^, d^
;ĞdžƉƌĞƐƐĞĚŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ĞdžĐĞƉƚƐŚĂƌĞĂŵŽƵŶƚƐͿ
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Ψ
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;ϴϳ͘ϰͿ
;ϲϭ͘ϯͿ
dŽƚĂůĐŽŵŵŽŶƐŚĂƌĞŚŽůĚĞƌƐΖĞƋƵŝƚLJ
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dŽƚĂůĞƋƵŝƚLJ
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Ψ
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Ψ
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Ψ
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Ψ
ŽŵŵŽŶƐŚĂƌĞƐ
ƵƚŚŽƌŝnjĞĚ
hŶůŝŵŝƚĞĚ
hŶůŝŵŝƚĞĚ
/ƐƐƵĞĚĂŶĚŽƵƚƐƚĂŶĚŝŶŐ
EŽƚĞϭϮ
ϭ͕ϮϮϵ͕ϭϮϱ͕ϲϬϲ
ϭ͕ϮϮϳ͕ϴϯϳ͕ϵϳϰ
ƐĂƚ
dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĂƌĞĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
^ŝŐŶĞĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ͗
ͬƐͬ'ůĞŶŶ͘/ǀĞƐ
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'ůĞŶŶ͘/ǀĞƐ
<ĞƌƌLJ͘LJƚĞ
ŝƌĞĐƚŽƌ
ŝƌĞĐƚŽƌ
2024 ANNUAL REPORT KINROSS GOLD
FS 6
KZWKZd/KE
KE^K>/d ^dd D Ed^K&KW Zd/KE^
;ĞdžƉƌĞƐƐĞĚŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ĞdžĐĞƉƚƉĞƌƐŚĂƌĞĂŵŽƵŶƚƐͿ
ĞĐĞŵďĞƌϯϭ͕
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϰ
ϮϬϮϯ
ZĞǀĞŶƵĞ
DĞƚĂůƐĂůĞƐ
ϱ͕ϭϰϴ͘ϴ
Ψ
ϰ͕Ϯϯϵ͘ϳ
Ψ
ŽƐƚŽĨƐĂůĞƐ
WƌŽĚƵĐƚŝŽŶĐŽƐƚŽĨƐĂůĞƐ
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EĞƚĞĂƌŶŝŶŐƐ
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Ψ
ϰϭϱ͘ϰ
Ψ
EĞƚĞĂƌŶŝŶŐƐ;ůŽƐƐͿĂƚƚƌŝďƵƚĂďůĞƚŽ͗
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
ϰϱ͘Ϯ
Ψ
;Ϭ͘ϵͿ
Ψ
ŽŵŵŽŶƐŚĂƌĞŚŽůĚĞƌƐ
ϵϰϴ͘ϴ
Ψ
ϰϭϲ͘ϯ
Ψ
ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĂƚƚƌŝďƵƚĂďůĞƚŽĐŽŵŵŽŶƐŚĂƌĞŚŽůĚĞƌƐ
ĂƐŝĐ
Ϭ͘ϳϳ
Ψ
Ϭ͘ϯϰ
Ψ
ŝůƵƚĞĚ
Ϭ͘ϳϳ
Ψ
Ϭ͘ϯϰ
Ψ
zĞĂƌƐĞŶĚĞĚ
dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĂƌĞĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
2024 ANNUAL REPORT KINROSS GOLD
7 FS
KZWKZd/KE
KE^K>/d ^dd D Ed^K&KDWZ , E^/s /EKD
;ĞdžƉƌĞƐƐĞĚŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐͿ
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ĞĐĞŵďĞƌϯϭ͕
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ϮϬϮϯ
EĞƚĞĂƌŶŝŶŐƐ
ϵϵϰ͘Ϭ
Ψ
ϰϭϱ͘ϰ
Ψ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;ůŽƐƐͿ͕ŶĞƚŽĨƚĂdž͗
/ƚĞŵƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĨŝĞĚƚŽƉƌŽĨŝƚŽƌůŽƐƐ͗
ƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŝŶĐŽŵĞ;Η&sK/ΗͿͲŶĞƚĐŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞ;ĂͿ
;ϴ͘ϲͿ
;ϳ͘ϮͿ
/ƚĞŵƐƚŚĂƚĂƌĞŽƌŵĂLJďĞƌĞĐůĂƐƐŝĨŝĞĚƚŽƉƌŽĨŝƚŽƌůŽƐƐŝŶƐƵďƐĞƋƵĞŶƚ
ƉĞƌŝŽĚƐ͗
ĂƐŚĨůŽǁŚĞĚŐĞƐͲĞĨĨĞĐƚŝǀĞƉŽƌƚŝŽŶŽĨĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞ;ďͿ
;ϭϱ͘ϯͿ
ϲ͘ϰ
ĂƐŚĨůŽǁŚĞĚŐĞƐͲƌĞĐůĂƐƐŝĨŝĞĚŽƵƚŽĨĂĐĐƵŵƵůĂƚĞĚŽƚŚĞƌ
ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;ΗK/ΗͿ;ĐͿ
;Ϯ͘ϮͿ
;ϭϴ͘ϴͿ
;Ϯϲ͘ϭͿ
;ϭϵ͘ϲͿ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
ϵϲϳ͘ϵ
Ψ
ϯϵϱ͘ϴ
Ψ
ƚƚƌŝďƵƚĂďůĞƚŽŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
ϰϱ͘Ϯ
Ψ
;Ϭ͘ϵͿ
Ψ
ƚƚƌŝďƵƚĂďůĞƚŽĐŽŵŵŽŶƐŚĂƌĞŚŽůĚĞƌƐ
ϵϮϮ͘ϳ
Ψ
ϯϵϲ͘ϳ
Ψ
zĞĂƌƐĞŶĚĞĚ
(a)
EĞƚŽĨƚĂdžƌĞĐŽǀĞƌLJŽĨΨϬ͘ϭ;ϮϬϮϯͲΨŶŝůͿ͘
(b)
EĞƚŽĨƚĂdž;ƌĞĐŽǀĞƌLJͿĞdžƉĞŶƐĞŽĨΨ;ϰ͘ϴͿŵŝůůŝŽŶ;ϮϬϮϯͲΨϯ͘ϬŵŝůůŝŽŶͿ͘
(c)
EĞƚŽĨƚĂdžƌĞĐŽǀĞƌLJŽĨΨϬ͘ϱŵŝůůŝŽŶ;ϮϬϮϯͲΨϲ͘ϲŵŝůůŝŽŶͿ͘
dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĂƌĞĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
2024 ANNUAL REPORT KINROSS GOLD
FS 8
KZWKZd/KE
KE^K>/d ^dd D Ed^K&^,&>Kt^
;ĞdžƉƌĞƐƐĞĚŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐͿ
ĞĐĞŵďĞƌϯϭ͕
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϰ
ϮϬϮϯ
EĞƚŝŶĨůŽǁ;ŽƵƚĨůŽǁͿŽĨĐĂƐŚƌĞůĂƚĞĚƚŽƚŚĞĨŽůůŽǁŝŶŐĂĐƚŝǀŝƚŝĞƐ͗
KƉĞƌĂƚŝŶŐ͗
EĞƚĞĂƌŶŝŶŐƐ
ϵϵϰ͘Ϭ
Ψ
ϰϭϱ͘ϰ
Ψ
ĚũƵƐƚŵĞŶƚƐƚŽƌĞĐŽŶĐŝůĞŶĞƚĞĂƌŶŝŶŐƐƚŽŶĞƚĐĂƐŚƉƌŽǀŝĚĞĚĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ͗
ĞƉƌĞĐŝĂƚŝŽŶ͕ĚĞƉůĞƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ
ϭ͕ϭϰϳ͘ϱ
ϵϴϲ͘ϴ
/ŵƉĂŝƌŵĞŶƚ;ƌĞǀĞƌƐĂůͿĐŚĂƌŐĞ
EŽƚĞϳ
;ϳϰ͘ϭͿ
ϯϴ͘ϵ
^ŚĂƌĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞ
ϵ͘Ϭ
ϲ͘ϳ
&ŝŶĂŶĐĞĞdžƉĞŶƐĞ
EŽƚĞϲ
ϵϭ͘ϰ
ϭϬϲ͘Ϭ
ĞĨĞƌƌĞĚƚĂdžĞdžƉĞŶƐĞ
ϭϭϮ͘Ϯ
ϭϰϯ͘ϵ
&ŽƌĞŝŐŶĞdžĐŚĂŶŐĞŐĂŝŶƐĂŶĚŽƚŚĞƌ
;ϱϵ͘ϭͿ
;ϴ͘ϲͿ
ZĞĐůĂŵĂƚŝŽŶĞdžƉĞŶƐĞ;ƌĞĐŽǀĞƌLJͿ
EŽƚĞϭϭ
ϲ͘ϵ
;ϭϵ͘ϮͿ
ŚĂŶŐĞƐŝŶŽƉĞƌĂƚŝŶŐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͗
ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞĂŶĚŽƚŚĞƌĂƐƐĞƚƐ
ϭϭ͘ϳ
ϲϴ͘ϳ
/ŶǀĞŶƚŽƌŝĞƐ
ϭϰ͘ϯ
;ϵϭ͘ϰͿ
ĐĐŽƵŶƚƐƉĂLJĂďůĞĂŶĚĂĐĐƌƵĞĚůŝĂďŝůŝƚŝĞƐ
ϯϳϬ͘ϴ
ϵϱ͘ϱ
ĂƐŚĨůŽǁƉƌŽǀŝĚĞĚĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
Ϯ͕ϲϮϰ͘ϲ
ϭ͕ϳϰϮ͘ϳ
/ŶĐŽŵĞƚĂdžĞƐƉĂŝĚ
;ϭϳϴ͘ϮͿ
;ϭϯϳ͘ϰͿ
EĞƚĐĂƐŚĨůŽǁƉƌŽǀŝĚĞĚĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
Ϯ͕ϰϰϲ͘ϰ
ϭ͕ϲϬϱ͘ϯ
/ŶǀĞƐƚŝŶŐ͗
ĚĚŝƚŝŽŶƐƚŽƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
;ϭ͕Ϭϳϱ͘ϱͿ
;ϭ͕Ϭϵϴ͘ϯͿ
/ŶƚĞƌĞƐƚƉĂŝĚĐĂƉŝƚĂůŝnjĞĚƚŽƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
EŽƚĞϭϬ
;ϵϮ͘ϲͿ
;ϭϭϰ͘ϭͿ
EĞƚ;ĂĚĚŝƚŝŽŶƐͿĚŝƐƉŽƐĂůƐƚŽůŽŶŐͲƚĞƌŵŝŶǀĞƐƚŵĞŶƚƐĂŶĚŽƚŚĞƌĂƐƐĞƚƐ
;ϯϴ͘ϰͿ
ϭ͘ϳ
;/ŶĐƌĞĂƐĞͿĚĞĐƌĞĂƐĞŝŶƌĞƐƚƌŝĐƚĞĚĐĂƐŚͲŶĞƚ
;Ϭ͘ϰͿ
Ϯϱ͘ϯ
/ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚĂŶĚŽƚŚĞƌͲŶĞƚ
ϭϳ͘Ϭ
ϭϴ͘Ϯ
EĞƚĐĂƐŚĨůŽǁŽĨĐŽŶƚŝŶƵŝŶŐŽƉĞƌĂƚŝŽŶƐƵƐĞĚŝŶŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
;ϭ͕ϭϴϵ͘ϵͿ
;ϭ͕ϭϲϳ͘ϮͿ
EĞƚĐĂƐŚĨůŽǁŽĨĚŝƐĐŽŶƚŝŶƵĞĚŽƉĞƌĂƚŝŽŶƐƉƌŽǀŝĚĞĚĨƌŽŵŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
EŽƚĞϭϲ
ϭϬ͘Ϭ
ϰϱ͘Ϭ
&ŝŶĂŶĐŝŶŐ͗
ZĞƉĂLJŵĞŶƚŽĨĚĞďƚ
EŽƚĞϭϬ
;ϴϬϬ͘ϬͿ
;ϵϲϬ͘ϬͿ
WƌŽĐĞĞĚƐĨƌŽŵŝƐƐƵĂŶĐĞŽƌĚƌĂǁĚŽǁŶŽĨĚĞďƚ
EŽƚĞϭϬ
Ͳ
ϱϴϴ͘ϭ
/ŶƚĞƌĞƐƚƉĂŝĚ
EŽƚĞϭϬ
;ϯϱ͘ϲͿ
;ϱϯ͘ϮͿ
WĂLJŵĞŶƚŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐ
EŽƚĞϭϬ
;ϭϮ͘ϭͿ
;ϯϬ͘ϮͿ
&ƵŶĚŝŶŐĨƌŽŵŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ
ϯϭ͘ϯ
ϰϲ͘Ϯ
ŝƐƚƌŝďƵƚŝŽŶƐƉĂŝĚƚŽŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ
;ϰϬ͘ϱͿ
Ͳ
ŝǀŝĚĞŶĚƐƉĂŝĚƚŽĐŽŵŵŽŶƐŚĂƌĞŚŽůĚĞƌƐ
EŽƚĞϭϮ
;ϭϰϳ͘ϱͿ
;ϭϰϳ͘ϯͿ
KƚŚĞƌͲŶĞƚ
;ϭ͘ϱͿ
ϳ͘ϰ
EĞƚĐĂƐŚĨůŽǁƵƐĞĚŝŶĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ
;ϭ͕ϬϬϱ͘ϵͿ
;ϱϰϵ͘ϬͿ
ĨĨĞĐƚŽĨĞdžĐŚĂŶŐĞƌĂƚĞĐŚĂŶŐĞƐŽŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
;ϭ͘ϱͿ
Ϭ͘Ϯ
/ŶĐƌĞĂƐĞ;ĚĞĐƌĞĂƐĞͿŝŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
Ϯϱϵ͘ϭ
;ϲϱ͘ϳͿ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕ďĞŐŝŶŶŝŶŐŽĨƉĞƌŝŽĚ
ϯϱϮ͘ϰ
ϰϭϴ͘ϭ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕ĞŶĚŽĨƉĞƌŝŽĚ
Ψϲϭϭ͘ϱ
ΨϯϱϮ͘ϰ
zĞĂƌƐĞŶĚĞĚ
dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĂƌĞĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
2024 ANNUAL REPORT KINROSS GOLD
9 FS
KZWKZd/KE
KE^K>/d ^dd D Ed^K& Yh/dz
;ĞdžƉƌĞƐƐĞĚŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐͿ
ĞĐĞŵďĞƌϯϭ͕
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϰ
ϮϬϮϯ
ŽŵŵŽŶƐŚĂƌĞĐĂƉŝƚĂů
ĂůĂŶĐĞĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚ
ϰ͕ϰϴϭ͘ϲ
Ψ
ϰ͕ϰϰϵ͘ϱ
Ψ
dƌĂŶƐĨĞƌĨƌŽŵĐŽŶƚƌŝďƵƚĞĚƐƵƌƉůƵƐŽŶĞdžĞƌĐŝƐĞŽĨƌĞƐƚƌŝĐƚĞĚƐŚĂƌĞƐ
ϰ͘ϵ
ϱ͘ϭ
KƉƚŝŽŶƐĞdžĞƌĐŝƐĞĚ͕ŝŶĐůƵĚŝŶŐĐĂƐŚ
Ϭ͘ϴ
Ϯϳ͘Ϭ
ĂůĂŶĐĞĂƚƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚ
EŽƚĞϭϮ
ϰ͕ϰϴϳ͘ϯ
Ψ
ϰ͕ϰϴϭ͘ϲ
Ψ
ŽŶƚƌŝďƵƚĞĚƐƵƌƉůƵƐ
ĂůĂŶĐĞĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚ
ϭϬ͕ϲϰϲ͘Ϭ
Ψ
ϭϬ͕ϲϲϳ͘ϱ
Ψ
^ŚĂƌĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶ
ϵ͘Ϭ
ϲ͘ϳ
dƌĂŶƐĨĞƌŽĨĨĂŝƌǀĂůƵĞŽĨĞdžĞƌĐŝƐĞĚŽƉƚŝŽŶƐĂŶĚƌĞƐƚƌŝĐƚĞĚƐŚĂƌĞƐ
;ϭϭ͘ϬͿ
;Ϯϴ͘ϭͿ
KƚŚĞƌ
;ϭ͘ϬͿ
;Ϭ͘ϭͿ
ĂůĂŶĐĞĂƚƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚ
ϭϬ͕ϲϰϯ͘Ϭ
Ψ
ϭϬ͕ϲϰϲ͘Ϭ
Ψ
ĐĐƵŵƵůĂƚĞĚĚĞĨŝĐŝƚ
ĂůĂŶĐĞĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚ
;ϴ͕ϵϴϮ͘ϲͿ
Ψ
;ϵ͕Ϯϱϭ͘ϲͿ
Ψ
ŝǀŝĚĞŶĚƐƉĂŝĚ
EŽƚĞϭϮ
;ϭϰϳ͘ϱͿ
;ϭϰϳ͘ϯͿ
EĞƚĞĂƌŶŝŶŐƐĂƚƚƌŝďƵƚĂďůĞƚŽĐŽŵŵŽŶƐŚĂƌĞŚŽůĚĞƌƐ
ϵϰϴ͘ϴ
ϰϭϲ͘ϯ
ĂůĂŶĐĞĂƚƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚ
;ϴ͕ϭϴϭ͘ϯͿ
Ψ
;ϴ͕ϵϴϮ͘ϲͿ
Ψ
ĐĐƵŵƵůĂƚĞĚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐ
ĂůĂŶĐĞĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚ
;ϲϭ͘ϯͿ
Ψ
;ϰϭ͘ϳͿ
Ψ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐ͕ŶĞƚŽĨƚĂdž
;Ϯϲ͘ϭͿ
;ϭϵ͘ϲͿ
ĂůĂŶĐĞĂƚƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚ
;ϴϳ͘ϰͿ
Ψ
;ϲϭ͘ϯͿ
Ψ
dŽƚĂůĂĐĐƵŵƵůĂƚĞĚĚĞĨŝĐŝƚĂŶĚĂĐĐƵŵƵůĂƚĞĚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐ
;ϴ͕Ϯϲϴ͘ϳͿ
Ψ
;ϵ͕Ϭϰϯ͘ϵͿ
Ψ
dŽƚĂůĐŽŵŵŽŶƐŚĂƌĞŚŽůĚĞƌƐΖĞƋƵŝƚLJ
ϲ͕ϴϲϭ͘ϲ
Ψ
ϲ͕Ϭϴϯ͘ϳ
Ψ
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
ĂůĂŶĐĞĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚ
ϭϬϮ͘Ϭ
Ψ
ϱϴ͘ϱ
Ψ
EĞƚĞĂƌŶŝŶŐƐ;ůŽƐƐͿĂƚƚƌŝďƵƚĂďůĞƚŽŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
ϰϱ͘Ϯ
;Ϭ͘ϵͿ
&ƵŶĚŝŶŐĨƌŽŵŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ
ϯϮ͘ϯ
ϰϰ͘ϰ
ŝƐƚƌŝďƵƚŝŽŶƐƉĂŝĚƚŽŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ
;ϰϬ͘ϱͿ
Ͳ
ĂůĂŶĐĞĂƚƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚ
ϭϯϵ͘Ϭ
Ψ
ϭϬϮ͘Ϭ
Ψ
dŽƚĂůĞƋƵŝƚLJ
ϳ͕ϬϬϬ͘ϲ
Ψ
ϲ͕ϭϴϱ͘ϳ
Ψ
zĞĂƌƐĞŶĚĞĚ
dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĂƌĞĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
2024 ANNUAL REPORT KINROSS GOLD
FS 10
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ϭ͘
^Z/Wd/KEK&h^/E ^^EEdhZ K&KW Zd/KE^
<ŝŶƌŽƐƐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ;ĐŽůůĞĐƚŝǀĞůLJ͕͞<ŝŶƌŽƐƐ͟ŽƌƚŚĞ͞ŽŵƉĂŶLJ͟ͿĂƌĞĞŶŐĂŐĞĚ
ŝŶ ŐŽůĚ ŵŝŶŝŶŐ ĂŶĚ ƌĞůĂƚĞĚ ĂĐƚŝǀŝƚŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ŐŽůĚͲďĞĂƌŝŶŐ ƉƌŽƉĞƌƚŝĞƐ͕ ĞdžƚƌĂĐƚŝŽŶ ĂŶĚ
ƉƌŽĐĞƐƐŝŶŐŽĨŐŽůĚͲĐŽŶƚĂŝŶŝŶŐŽƌĞĂŶĚƌĞĐůĂŵĂƚŝŽŶŽĨŐŽůĚŵŝŶŝŶŐƉƌŽƉĞƌƚŝĞƐ͘<ŝŶƌŽƐƐ'ŽůĚŽƌƉŽƌĂƚŝŽŶ͕ƚŚĞƵůƚŝŵĂƚĞƉĂƌĞŶƚ͕
ŝƐĂƉƵďůŝĐĐŽŵƉĂŶLJŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚĚŽŵŝĐŝůĞĚŝŶĂŶĂĚĂǁŝƚŚŝƚƐƌĞŐŝƐƚĞƌĞĚŽĨĨŝĐĞĂƚϮϱzŽƌŬ^ƚƌĞĞƚ͕ϭϳƚŚĨůŽŽƌ͕dŽƌŽŶƚŽ͕
KŶƚĂƌŝŽ͕ĂŶĂĚĂ͕Dϱ:Ϯsϱ͘<ŝŶƌŽƐƐ͛ŐŽůĚƉƌŽĚƵĐƚŝŽŶĂŶĚĞdžƉůŽƌĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĂƌĞĐĂƌƌŝĞĚŽƵƚƉƌŝŶĐŝƉĂůůLJŝŶĂŶĂĚĂ͕ƚŚĞ
hŶŝƚĞĚ^ƚĂƚĞƐ͕ƌĂnjŝů͕ŚŝůĞ͕DĂƵƌŝƚĂŶŝĂĂŶĚ&ŝŶůĂŶĚ͘'ŽůĚŝƐƉƌŽĚƵĐĞĚŝŶƚŚĞĨŽƌŵŽĨĚŽƌĠ͕ǁŚŝĐŚŝƐƐŚŝƉƉĞĚƚŽƌĞĨŝŶĞƌŝĞƐĨŽƌ
ĨŝŶĂůƉƌŽĐĞƐƐŝŶŐ͘<ŝŶƌŽƐƐĂůƐŽƉƌŽĚƵĐĞƐĂŶĚƐĞůůƐĂƋƵĂŶƚŝƚLJŽĨƐŝůǀĞƌ͘dŚĞŽŵƉĂŶLJŝƐůŝƐƚĞĚŽŶƚŚĞdŽƌŽŶƚŽ^ƚŽĐŬ džĐŚĂŶŐĞ
;͞d^y͟ͿĂŶĚƚŚĞEĞǁzŽƌŬ^ƚŽĐŬ džĐŚĂŶŐĞ͘
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶLJĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰǁĞƌĞĂƵƚŚŽƌŝnjĞĚĨŽƌŝƐƐƵĞŝŶ
ĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƌĞƐŽůƵƚŝŽŶŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽŶ&ĞďƌƵĂƌLJϭϮ͕ϮϬϮϱ͘
Ϯ͘
^/^K&WZ ^ Edd/KE
dŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ;͞ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͟ͿŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚ
ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ;͞/&Z^͟ͿĂƐŝƐƐƵĞĚďLJƚŚĞ/ŶƚĞƌŶĂƚŝŽŶĂůĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐ
ŽĂƌĚ͘
dŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞƉƌĞƉĂƌĞĚŽŶĂŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐƵŶĚĞƌƚŚĞŚŝƐƚŽƌŝĐĂůĐŽƐƚŵĞƚŚŽĚĞdžĐĞƉƚĨŽƌĐĞƌƚĂŝŶ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͘dŚĞŽŵƉĂŶLJ͛ƐŵĂƚĞƌŝĂůĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĂƌĞƉƌĞƐĞŶƚĞĚ
ŝŶEŽƚĞϯĂŶĚŚĂǀĞďĞĞŶĐŽŶƐŝƐƚĞŶƚůLJĂƉƉůŝĞĚŝŶĞĂĐŚŽĨƚŚĞƉĞƌŝŽĚƐƉƌĞƐĞŶƚĞĚŽƚŚĞƌƚŚĂŶĂƐŶŽƚĞĚŝŶEŽƚĞϰ͘^ŝŐŶŝĨŝĐĂŶƚ
ĂĐĐŽƵŶƚŝŶŐũƵĚŐĞŵĞŶƚƐ͕ĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚŽƌĞdžĞƌĐŝƐĞĚďLJŵĂŶĂŐĞŵĞŶƚŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶEŽƚĞϱ͘
2024 ANNUAL REPORT KINROSS GOLD
11 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ϯ͘
^hDDZzK&Dd Z/>KhEd/E'WK>// ^
ŝ͘
WƌŝŶĐŝƉůĞƐŽĨĐŽŶƐŽůŝĚĂƚŝŽŶ
dŚĞƐŝŐŶŝĨŝĐĂŶƚŵŝŶŝŶŐƉƌŽƉĞƌƚŝĞƐĂŶĚĞŶƚŝƚŝĞƐŽĨ<ŝŶƌŽƐƐĂƌĞůŝƐƚĞĚďĞůŽǁ͘ůůŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐŝŶǀŽůǀĞŐŽůĚŵŝŶŝŶŐĂŶĚ
ĞdžƉůŽƌĂƚŝŽŶ͘ ĂĐŚŽĨƚŚĞƐŝŐŶŝĨŝĐĂŶƚĞŶƚŝƚŝĞƐŚĂƐĂĞĐĞŵďĞƌϯϭLJĞĂƌͲĞŶĚ͘
ĞĐĞŵďĞƌϯϭ͕
ĞĐĞŵďĞƌϯϭ͕
ŶƚŝƚLJ
WƌŽƉĞƌƚLJ
>ŽĐĂƚŝŽŶ
ϮϬϮϰ
ϮϬϮϯ
^ƵďƐŝĚŝĂƌŝĞƐ;ŽŶƐŽůŝĚĂƚĞĚͿ͗
dĂƐŝĂƐƚDĂƵƌŝƚĂŶŝĞ>ƚĚ͘^͘͘
dĂƐŝĂƐƚ
DĂƵƌŝƚĂŶŝĂ
ϭϬϬй
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WĂƌĂĐĂƚƵ
ƌĂnjŝů
ϭϬϬй
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>ĂŽŝƉĂĂŶĚ
>ŽďŽͲDĂƌƚĞ
ŚŝůĞ
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<'DŝŶŝŶŐ;ZŽƵŶĚDŽƵŶƚĂŝŶͿ/ŶĐ͘
ZŽƵŶĚDŽƵŶƚĂŝŶ
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ĂŶĂĚĂ
ϭϬϬй
ϭϬϬй
ŽŵƉĂŶŝĂDŝŶĞƌĂDĂƌŝĐƵŶŐĂ;ΗDDΗͿ
DĂƌŝĐƵŶŐĂ
ŚŝůĞ
ϭϬϬй
ϭϬϬй
ĐŚŽĂLJDŝŶĞƌĂůƐŽŵƉĂŶLJ
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^ŽĐŝĞĚĂĚŽŶƚƌĂĐƚƵĂůDŝŶĞƌĂWƵƌĞŶ
WƵƌĞŶ
ŚŝůĞ
ϲϱй
ϲϱй
ƐĂƚ
^ƵďƐŝĚŝĂƌŝĞƐĂƌĞĞŶƚŝƚŝĞƐĐŽŶƚƌŽůůĞĚďLJƚŚĞŽŵƉĂŶLJ͘ŽŶƚƌŽůĞdžŝƐƚƐǁŚĞŶĂŶŝŶǀĞƐƚŽƌŝƐĞdžƉŽƐĞĚ͕ŽƌŚĂƐƌŝŐŚƚƐ͕ƚŽǀĂƌŝĂďůĞ
ƌĞƚƵƌŶƐĨƌŽŵŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚĂŶŝŶǀĞƐƚĞĞĂŶĚŚĂƐƚŚĞĂďŝůŝƚLJƚŽĂĨĨĞĐƚƚŚŽƐĞƌĞƚƵƌŶƐƚŚƌŽƵŐŚŝƚƐƉŽǁĞƌŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞ͘
^ƵďƐŝĚŝĂƌŝĞƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨƌŽŵƚŚĞĚĂƚĞĐŽŶƚƌŽůŝƐŽďƚĂŝŶĞĚƵŶƚŝůƚŚĞĚĂƚĞĐŽŶƚƌŽů
ĐĞĂƐĞƐ͘tŚĞƌĞƚŚĞŽŵƉĂŶLJ͛ƐŝŶƚĞƌĞƐƚŝŶĂƐƵďƐŝĚŝĂƌLJŝƐůĞƐƐƚŚĂŶϭϬϬй͕ƚŚĞŽŵƉĂŶLJƌĞĐŽŐŶŝnjĞƐŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ͘
ůůŝŶƚĞƌĐŽŵƉĂŶLJďĂůĂŶĐĞƐ͕ƚƌĂŶƐĂĐƚŝŽŶƐ͕ŝŶĐŽŵĞ͕ĞdžƉĞŶƐĞƐ͕ƉƌŽĨŝƚƐĂŶĚůŽƐƐĞƐ͕ŝŶĐůƵĚŝŶŐƵŶƌĞĂůŝnjĞĚŐĂŝŶƐĂŶĚůŽƐƐĞƐŚĂǀĞ
ďĞĞŶĞůŝŵŝŶĂƚĞĚŽŶĐŽŶƐŽůŝĚĂƚŝŽŶ͘
ŝŝ͘
&ƵŶĐƚŝŽŶĂůĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶĐƵƌƌĞŶĐLJ
dŚĞĨƵŶĐƚŝŽŶĂůĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶĐƵƌƌĞŶĐLJŽĨƚŚĞŽŵƉĂŶLJĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐŝƐƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌ͘
dƌĂŶƐĂĐƚŝŽŶƐĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƌĞƚƌĂŶƐůĂƚĞĚŝŶƚŽƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌĂƐĨŽůůŽǁƐ͗
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DŽŶĞƚĂƌLJĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞƚƌĂŶƐůĂƚĞĚĂƚƚŚĞƌĂƚĞƐŽĨĞdžĐŚĂŶŐĞŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞ͖
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EŽŶͲŵŽŶĞƚĂƌLJĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞƚƌĂŶƐůĂƚĞĚĂƚŚŝƐƚŽƌŝĐĂůĞdžĐŚĂŶŐĞƌĂƚĞƐƉƌĞǀĂŝůŝŶŐĂƚĞĂĐŚƚƌĂŶƐĂĐƚŝŽŶĚĂƚĞ͖
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ZĞǀĞŶƵĞĂŶĚĞdžƉĞŶƐĞƐĂƌĞƚƌĂŶƐůĂƚĞĚĂƚƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞĂƚƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶ͕ĞdžĐĞƉƚĚĞƉƌĞĐŝĂƚŝŽŶ͕
ĚĞƉůĞƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ͕ǁŚŝĐŚĂƌĞƚƌĂŶƐůĂƚĞĚĂƚƚŚĞƌĂƚĞƐŽĨĞdžĐŚĂŶŐĞĂƉƉůŝĐĂďůĞƚŽƚŚĞƌĞůĂƚĞĚĂƐƐĞƚƐ͕ĂŶĚ
ƐŚĂƌĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞ͕ǁŚŝĐŚŝƐƚƌĂŶƐůĂƚĞĚĂƚƚŚĞƌĂƚĞƐŽĨĞdžĐŚĂŶŐĞĂƉƉůŝĐĂďůĞŽŶƚŚĞĚĂƚĞŽĨŐƌĂŶƚ
ŽĨƚŚĞƐŚĂƌĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͖ĂŶĚ
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džĐŚĂŶŐĞŐĂŝŶƐĂŶĚůŽƐƐĞƐŽŶƚƌĂŶƐůĂƚŝŽŶĂƌĞŝŶĐůƵĚĞĚŝŶĞĂƌŶŝŶŐƐ͘
tŚĞŶƚŚĞŐĂŝŶŽƌůŽƐƐŽŶĐĞƌƚĂŝŶŶŽŶͲŵŽŶĞƚĂƌLJŝƚĞŵƐ͕ƐƵĐŚĂƐůŽŶŐͲƚĞƌŵŝŶǀĞƐƚŵĞŶƚƐĐůĂƐƐŝĨŝĞĚĂƐĂŶĚŵĞĂƐƵƌĞĚĂƚ&sK/͕
ŝƐƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;͞K/͟Ϳ͕ƚŚĞƌĞůĂƚĞĚƚƌĂŶƐůĂƚŝŽŶĚŝĨĨĞƌĞŶĐĞƐĂƌĞĂůƐŽƌĞĐŽŐŶŝnjĞĚŝŶK/͘
2024 ANNUAL REPORT KINROSS GOLD
FS 12
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ŝŝŝ͘
ƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ
ďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶŝƐĂƚƌĂŶƐĂĐƚŝŽŶŽƌŽƚŚĞƌĞǀĞŶƚŝŶǁŚŝĐŚĐŽŶƚƌŽůŽǀĞƌŽŶĞŽƌŵŽƌĞďƵƐŝŶĞƐƐĞƐŝƐŽďƚĂŝŶĞĚ͘
ďƵƐŝŶĞƐƐŝƐĚĞĨŝŶĞĚĂƐĂŶŝŶƚĞŐƌĂƚĞĚƐĞƚŽĨĂĐƚŝǀŝƚŝĞƐĂŶĚĂƐƐĞƚƐƚŚĂƚŝƐĐĂƉĂďůĞŽĨďĞŝŶŐĐŽŶĚƵĐƚĞĚĂŶĚŵĂŶĂŐĞĚĨŽƌƚŚĞ
ƉƵƌƉŽƐĞŽĨƉƌŽǀŝĚŝŶŐŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐƚŽĐƵƐƚŽŵĞƌƐ͕ŐĞŶĞƌĂƚŝŶŐŝŶǀĞƐƚŵĞŶƚŝŶĐŽŵĞ;ƐƵĐŚĂƐĚŝǀŝĚĞŶĚƐŽƌŝŶƚĞƌĞƐƚͿŽƌ
ŐĞŶĞƌĂƚŝŶŐ ŽƚŚĞƌ ŝŶĐŽŵĞ ĨƌŽŵ ŽƌĚŝŶĂƌLJ ĂĐƚŝǀŝƚŝĞƐ͘ /Ŷ ĚĞƚĞƌŵŝŶŝŶŐ ǁŚĞƚŚĞƌ Ă ƉĂƌƚŝĐƵůĂƌ ƐĞƚ ŽĨ ĂĐƚŝǀŝƚŝĞƐ ĂŶĚ ĂƐƐĞƚƐ ŝƐ Ă
ďƵƐŝŶĞƐƐ͕ƚŚĞŽŵƉĂŶLJĂƐƐĞƐƐĞƐǁŚĞƚŚĞƌƚŚĞƐĞƚŽĨĂƐƐĞƚƐĂŶĚĂĐƚŝǀŝƚŝĞƐĂĐƋƵŝƌĞĚŝŶĐůƵĚĞƐ͕ĂƚĂŵŝŶŝŵƵŵ͕ĂŶŝŶƉƵƚĂŶĚĂ
ƐƵďƐƚĂŶƚŝǀĞƉƌŽĐĞƐƐĂŶĚǁŚĞƚŚĞƌƚŚĞĂĐƋƵŝƌĞĚƐĞƚŚĂƐƚŚĞĂďŝůŝƚLJƚŽĐŽŶƚƌŝďƵƚĞƚŽƚŚĞĐƌĞĂƚŝŽŶŽĨŽƵƚƉƵƚƐ͘/ĨƚŚĞŝŶƚĞŐƌĂƚĞĚ
ƐĞƚŽĨĂĐƚŝǀŝƚŝĞƐĂŶĚĂƐƐĞƚƐŝƐŝŶƚŚĞĞdžƉůŽƌĂƚŝŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚƐƚĂŐĞ͕ĂŶĚƚŚƵƐ͕ŵĂLJŶŽƚŚĂǀĞŽƵƚƉƵƚƐ͕ƚŚĞŽŵƉĂŶLJ
ĐŽŶƐŝĚĞƌƐŽƚŚĞƌĨĂĐƚŽƌƐƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌƚŚĞƐĞƚŽĨĂĐƚŝǀŝƚŝĞƐĂŶĚĂƐƐĞƚƐŝƐĂďƵƐŝŶĞƐƐ͘dŚŽƐĞĨĂĐƚŽƌƐŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚ
ůŝŵŝƚĞĚƚŽ͕ǁŚĞƚŚĞƌƚŚĞƐĞƚŽĨĂĐƚŝǀŝƚŝĞƐĂŶĚĂƐƐĞƚƐ͗
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ŚĂƐďĞŐƵŶƉůĂŶŶĞĚƉƌŝŶĐŝƉĂůĂĐƚŝǀŝƚŝĞƐ͖
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ŚĂƐĞŵƉůŽLJĞĞƐ͕ŝŶƚĞůůĞĐƚƵĂůƉƌŽƉĞƌƚLJĂŶĚŽƚŚĞƌŝŶƉƵƚƐĂŶĚƉƌŽĐĞƐƐĞƐƚŚĂƚĐŽƵůĚďĞĂƉƉůŝĞĚƚŽƚŚŽƐĞŝŶƉƵƚƐƚŽĐƌĞĂƚĞ
ŽƵƚƉƵƚƐŽƌŚĂǀĞƚŚĞĂďŝůŝƚLJƚŽĐŽŶƚƌŝďƵƚĞƚŽƚŚĞĐƌĞĂƚŝŽŶŽĨŽƵƚƉƵƚƐ͖
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ŝƐƉƵƌƐƵŝŶŐĂƉůĂŶƚŽƉƌŽĚƵĐĞŽƵƚƉƵƚƐ͖ĂŶĚ
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ǁŝůůďĞĂďůĞƚŽŽďƚĂŝŶĂĐĐĞƐƐƚŽĐƵƐƚŽŵĞƌƐƚŚĂƚǁŝůůƉƵƌĐŚĂƐĞƚŚĞŽƵƚƉƵƚƐ͘
EŽƚĂůůŽĨƚŚĞĂďŽǀĞĨĂĐƚŽƌƐŶĞĞĚƚŽďĞƉƌĞƐĞŶƚĨŽƌĂƉĂƌƚŝĐƵůĂƌŝŶƚĞŐƌĂƚĞĚƐĞƚŽĨĂĐƚŝǀŝƚŝĞƐĂŶĚĂƐƐĞƚƐŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚ
ƐƚĂŐĞƚŽƋƵĂůŝĨLJĂƐĂďƵƐŝŶĞƐƐ͘
dŚĞŽŵƉĂŶLJĂůƐŽŚĂƐĂŶŽƉƚŝŽŶƚŽĂƉƉůLJĂ͚ĐŽŶĐĞŶƚƌĂƚŝŽŶƚĞƐƚ͛ƚŚĂƚƉĞƌŵŝƚƐĂƐŝŵƉůŝĨŝĞĚĂƐƐĞƐƐŵĞŶƚŽĨǁŚĞƚŚĞƌĂŶĂĐƋƵŝƌĞĚ
ƐĞƚŽĨĂĐƚŝǀŝƚŝĞƐĂŶĚĂƐƐĞƚƐŝƐŶŽƚĂďƵƐŝŶĞƐƐ͘/ĨƐƵďƐƚĂŶƚŝĂůůLJĂůůŽĨƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞŐƌŽƐƐĂƐƐĞƚƐĂĐƋƵŝƌĞĚŝƐĐŽŶĐĞŶƚƌĂƚĞĚ
ŝŶĂƐŝŶŐůĞŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚŽƌŐƌŽƵƉŽĨƐŝŵŝůĂƌŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐ͕ƚŚĞĐŽŶĐĞŶƚƌĂƚŝŽŶƚĞƐƚŝƐŵĞƚ͕ĂŶĚƚŚĞƚƌĂŶƐĂĐƚŝŽŶŝƐ
ĚĞƚĞƌŵŝŶĞĚŶŽƚƚŽďĞĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶ͘
/ĨƚŚĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂƌĞŶŽƚĂďƵƐŝŶĞƐƐ͕ƚŚĞƚƌĂŶƐĂĐƚŝŽŶŝƐĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂŶĂƐƐĞƚĂĐƋƵŝƐŝƚŝŽŶ͘
ŝǀ͘
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐŝŶĐůƵĚĞĐĂƐŚĂŶĚŚŝŐŚůLJůŝƋƵŝĚŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚĂŵĂƚƵƌŝƚLJŽĨƚŚƌĞĞŵŽŶƚŚƐŽƌůĞƐƐĂƚƚŚĞĚĂƚĞŽĨ
ĂĐƋƵŝƐŝƚŝŽŶ͘ZĞƐƚƌŝĐƚĞĚĐĂƐŚŝƐĐĂƐŚŚĞůĚŝŶďĂŶŬƐŽƌŝŶĞƐĐƌŽǁƚŚĂƚŝƐŶŽƚĂǀĂŝůĂďůĞĨŽƌŐĞŶĞƌĂůĐŽƌƉŽƌĂƚĞƵƐĞ͘ZĞƐƚƌŝĐƚĞĚĐĂƐŚ
ŝƐƚŽďĞĐůĂƐƐŝĨŝĞĚĂƐĐƵƌƌĞŶƚŽƌůŽŶŐͲƚĞƌŵďĂƐĞĚŽŶƚŚĞƵŶĚĞƌůLJŝŶŐŝŶƐƚƌƵŵĞŶƚŽƌŽďůŝŐĂƚŝŽŶƚŽǁŚŝĐŚŝƚƌĞůĂƚĞƐ͘ĂƐŚĂŶĚĐĂƐŚ
ĞƋƵŝǀĂůĞŶƚƐ͕ĂŶĚƌĞƐƚƌŝĐƚĞĚĐĂƐŚĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĂŶĚŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚ͘
ǀ͘
/ŶǀĞŶƚŽƌŝĞƐ
/ŶǀĞŶƚŽƌŝĞƐĐŽŶƐŝƐƚŝŶŐŽĨŵĞƚĂůŝŶĐŝƌĐƵŝƚŽƌĞ͕ŵĞƚĂůŝŶͲƉƌŽĐĞƐƐĂŶĚĨŝŶŝƐŚĞĚŵĞƚĂůĂƌĞǀĂůƵĞĚĂƚƚŚĞůŽǁĞƌŽĨĐŽƐƚŽƌŶĞƚ
ƌĞĂůŝnjĂďůĞǀĂůƵĞ;͞EZs͟Ϳ͘EZsŝƐĐĂůĐƵůĂƚĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞƉƌĞǀĂŝůŝŶŐŽƌůŽŶŐͲƚĞƌŵŵĞƚĂůƉƌŝĐĞĞƐƚŝŵĂƚĞƐ͕ĂŶĚ
ĞƐƚŝŵĂƚĞĚĐŽƐƚƐƚŽĐŽŵƉůĞƚĞƉƌŽĚƵĐƚŝŽŶŝŶƚŽĂƐĂůĞĂďůĞĨŽƌŵĂŶĚĞƐƚŝŵĂƚĞĚĐŽƐƚƐƚŽƐĞůů͘
DĞƚĂůŝŶĐŝƌĐƵŝƚŝƐĐŽŵƉƌŝƐĞĚŽĨŽƌĞŝŶƐƚŽĐŬƉŝůĞƐĂŶĚŽƌĞŽŶŚĞĂƉůĞĂĐŚƉĂĚƐ͘KƌĞŝŶƐƚŽĐŬƉŝůĞƐŝƐĐŽĂƌƐĞŽƌĞƚŚĂƚŚĂƐďĞĞŶ
ĞdžƚƌĂĐƚĞĚĨƌŽŵƚŚĞŵŝŶĞĂŶĚŝƐĂǀĂŝůĂďůĞĨŽƌĨƵƌƚŚĞƌƉƌŽĐĞƐƐŝŶŐ͘ŽƐƚƐĂƌĞĂĚĚĞĚƚŽƐƚŽĐŬƉŝůĞƐďĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚŵŝŶŝŶŐ
ĐŽƐƚƉĞƌƚŽŶŶĞĂŶĚƌĞŵŽǀĞĚĂƚƚŚĞĂǀĞƌĂŐĞĐŽƐƚƉĞƌƚŽŶŶĞ͘ŽƐƚƐĂƌĞĂĚĚĞĚƚŽŽƌĞŽŶƚŚĞŚĞĂƉůĞĂĐŚƉĂĚƐďĂƐĞĚŽŶĐƵƌƌĞŶƚ
ŵŝŶŝŶŐĐŽƐƚƐĂŶĚƌĞŵŽǀĞĚĨƌŽŵƚŚĞŚĞĂƉůĞĂĐŚƉĂĚƐĂƐŽƵŶĐĞƐĂƌĞƌĞĐŽǀĞƌĞĚ͕ďĂƐĞĚŽŶƚŚĞĂǀĞƌĂŐĞĐŽƐƚƉĞƌƌĞĐŽǀĞƌĂďůĞ
ŽƵŶĐĞŽĨŐŽůĚŽŶƚŚĞůĞĂĐŚƉĂĚ͘KƌĞŝŶƐƚŽĐŬƉŝůĞƐŶŽƚĞdžƉĞĐƚĞĚƚŽďĞƉƌŽĐĞƐƐĞĚŝŶƚŚĞŶĞdžƚƚǁĞůǀĞŵŽŶƚŚƐŝƐĐůĂƐƐŝĨŝĞĚĂƐ
ůŽŶŐͲƚĞƌŵ͘
dŚĞƋƵĂŶƚŝƚŝĞƐŽĨƌĞĐŽǀĞƌĂďůĞŐŽůĚƉůĂĐĞĚŽŶƚŚĞůĞĂĐŚƉĂĚƐĂƌĞƌĞĐŽŶĐŝůĞĚďLJĐŽŵƉĂƌŝŶŐƚŚĞŐƌĂĚĞƐŽĨŽƌĞƉůĂĐĞĚŽŶƚŚĞ
ůĞĂĐŚ ƉĂĚƐ ƚŽ ƚŚĞ ƋƵĂŶƚŝƚŝĞƐ ŽĨ ŐŽůĚ ƌĞĐŽǀĞƌĞĚ ;ŵĞƚĂůůƵƌŐŝĐĂů ďĂůĂŶĐŝŶŐͿ͖ ŚŽǁĞǀĞƌ͕ ƚŚĞ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ůĞĂĐŚŝŶŐ ƉƌŽĐĞƐƐ
ŝŶŚĞƌĞŶƚůLJůŝŵŝƚƐƚŚĞĂďŝůŝƚLJƚŽƉƌĞĐŝƐĞůLJŵŽŶŝƚŽƌŝŶǀĞŶƚŽƌLJůĞǀĞůƐ͘ƐĂƌĞƐƵůƚ͕ƚŚĞŵĞƚĂůůƵƌŐŝĐĂůďĂůĂŶĐŝŶŐƉƌŽĐĞƐƐŝƐĐŽŶƐƚĂŶƚůLJ
ŵŽŶŝƚŽƌĞĚĂŶĚƚŚĞĞŶŐŝŶĞĞƌŝŶŐĞƐƚŝŵĂƚĞƐĂƌĞƌĞĨŝŶĞĚďĂƐĞĚŽŶĂĐƚƵĂůƌĞƐƵůƚƐŽǀĞƌƚŝŵĞ͘sĂƌŝĂŶĐĞƐďĞƚǁĞĞŶĂĐƚƵĂůĂŶĚ
ĞƐƚŝŵĂƚĞĚƋƵĂŶƚŝƚŝĞƐƌĞƐƵůƚŝŶŐĨƌŽŵĐŚĂŶŐĞƐŝŶĂƐƐƵŵƉƚŝŽŶƐĂŶĚĞƐƚŝŵĂƚĞƐƚŚĂƚĚŽŶŽƚƌĞƐƵůƚŝŶǁƌŝƚĞĚŽǁŶƐƚŽEZsĂƌĞ
ĂĐĐŽƵŶƚĞĚĨŽƌŽŶĂƉƌŽƐƉĞĐƚŝǀĞďĂƐŝƐ͘dŚĞƵůƚŝŵĂƚĞƌĞĐŽǀĞƌLJŽĨŐŽůĚĨƌŽŵĂůĞĂĐŚƉĂĚǁŝůůŶŽƚďĞŬŶŽǁŶƵŶƚŝůƚŚĞůĞĂĐŚŝŶŐ
ƉƌŽĐĞƐƐŚĂƐĐŽŶĐůƵĚĞĚ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞŽŵƉĂŶLJĚĞƚĞƌŵŝŶĞƐ͕ďĂƐĞĚŽŶĞŶŐŝŶĞĞƌŝŶŐĞƐƚŝŵĂƚĞƐ͕ƚŚĂƚĂƋƵĂŶƚŝƚLJŽĨŐŽůĚ
ĐŽŶƚĂŝŶĞĚŝŶŽƌĞŽŶůĞĂĐŚƉĂĚƐŝƐƚŽďĞƌĞĐŽǀĞƌĞĚŽǀĞƌĂƉĞƌŝŽĚĞdžĐĞĞĚŝŶŐƚǁĞůǀĞŵŽŶƚŚƐ͕ƚŚĂƚƉŽƌƚŝŽŶŝƐĐůĂƐƐŝĨŝĞĚĂƐůŽŶŐͲ
ƚĞƌŵ͘
/ŶͲƉƌŽĐĞƐƐŝŶǀĞŶƚŽƌŝĞƐƌĞƉƌĞƐĞŶƚŵĂƚĞƌŝĂůƐƚŚĂƚĂƌĞŝŶƚŚĞƉƌŽĐĞƐƐŽĨďĞŝŶŐĐŽŶǀĞƌƚĞĚƚŽĂƐĂůĞĂďůĞƉƌŽĚƵĐƚ͘
DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐĂƌĞǀĂůƵĞĚĂƚƚŚĞůŽǁĞƌŽĨĂǀĞƌĂŐĞĐŽƐƚĂŶĚEZs͘
2024 ANNUAL REPORT KINROSS GOLD
13 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
tƌŝƚĞͲĚŽǁŶƐŽĨŝŶǀĞŶƚŽƌLJĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨŽƉĞƌĂƚŝŽŶƐŝŶƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚ͘dŚĞŽŵƉĂŶLJ
ƌĞǀĞƌƐĞƐŝŶǀĞŶƚŽƌLJǁƌŝƚĞĚŽǁŶƐŝŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞƌĞŝƐĂƐƵďƐĞƋƵĞŶƚŝŶĐƌĞĂƐĞŝŶEZs͘
ǀŝ͘
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂƌĞƌĞĐŽƌĚĞĚĂƚĐŽƐƚĂŶĚĐĂƌƌŝĞĚŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ͕ĚĞƉůĞƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ
ĂŶĚĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘dŚĞŝŶŝƚŝĂůĐŽƐƚŽĨĂŶĂƐƐĞƚĐŽŵƉƌŝƐĞƐŝƚƐƉƵƌĐŚĂƐĞƉƌŝĐĞŽƌĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚ͕ĂŶLJĐŽƐƚƐ
ĚŝƌĞĐƚůLJ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ďƌŝŶŐŝŶŐ ƚŚĞ ĂƐƐĞƚ ŝŶƚŽ ŽƉĞƌĂƚŝŽŶ͕ ƚŚĞ ĞƐƚŝŵĂƚĞ ŽĨ ƌĞĐůĂŵĂƚŝŽŶ ĂŶĚ ƌĞŵĞĚŝĂƚŝŽŶ ĐŽƐƚƐ͕ ĂŶĚ͕ ĨŽƌ
ƋƵĂůŝĨLJŝŶŐĂƐƐĞƚƐ͕ĐĂƉŝƚĂůŝnjĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ͘
ŽƐƚƐƚŽĂĐƋƵŝƌĞŵŝŶĞƌĂůƉƌŽƉĞƌƚŝĞƐĂƌĞĐĂƉŝƚĂůŝnjĞĚĂŶĚƌĞƉƌĞƐĞŶƚƚŚĞƉƌŽƉĞƌƚLJ͛ƐĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚĂƚƚŚĞƚŝŵĞŝƚǁĂƐĂĐƋƵŝƌĞĚ͕
ĞŝƚŚĞƌĂƐĂŶŝŶĚŝǀŝĚƵĂůĂƐƐĞƚƉƵƌĐŚĂƐĞŽƌĂƐƉĂƌƚŽĨĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶ͘
ĐƋƵŝƌĞĚŽƌĐĂƉŝƚĂůŝnjĞĚĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶ;͞ Θ ͟ͿĐŽƐƚƐŵĂLJďĞŝŶĐůƵĚĞĚǁŝƚŚŝŶŵŝŶĞƌĂůŝŶƚĞƌĞƐƚƐŝŶĚĞǀĞůŽƉŵĞŶƚ
ĂŶĚŽƉĞƌĂƚŝŶŐƉƌŽƉĞƌƚŝĞƐŽƌƉƌĞͲĚĞǀĞůŽƉŵĞŶƚƉƌŽƉĞƌƚŝĞƐĚĞƉĞŶĚŝŶŐƵƉŽŶƚŚĞŶĂƚƵƌĞŽĨƚŚĞƉƌŽƉĞƌƚLJƚŽǁŚŝĐŚƚŚĞĐŽƐƚƐ
ƌĞůĂƚĞ͘
ZĞƉĂŝƌƐ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ĐŽƐƚƐ ĂƌĞ ĞdžƉĞŶƐĞĚ ĂƐ ŝŶĐƵƌƌĞĚ͘ ,ŽǁĞǀĞƌ͕ ĞdžƉĞŶĚŝƚƵƌĞƐ ŽŶ ŵĂũŽƌ ŵĂŝŶƚĞŶĂŶĐĞ ƌĞďƵŝůĚƐ Žƌ
ŽǀĞƌŚĂƵůƐĂƌĞĐĂƉŝƚĂůŝnjĞĚǁŚĞŶŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚŚĞĞdžƉĞŶĚŝƚƵƌĞƐǁŝůůĞdžƚĞŶĚƚŚĞƉƌŽĚƵĐƚŝǀĞĐĂƉĂĐŝƚLJŽƌƵƐĞĨƵůůŝĨĞŽĨĂŶ
ĂƐƐĞƚ͘
;ĂͿ
ƐƐĞƚĐĂƚĞŐŽƌŝĞƐ
dŚĞŽŵƉĂŶLJĐĂƚĞŐŽƌŝnjĞƐƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚďĂƐĞĚŽŶƚŚĞƚLJƉĞŽĨĂƐƐĞƚĂŶĚͬŽƌƚŚĞƐƚĂŐĞŽĨŽƉĞƌĂƚŝŽŶŽƌ
ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚLJ͘
>ĂŶĚ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝŶĐůƵĚĞƐůĂŶĚ͕ŵŽďŝůĞĂŶĚƐƚĂƚŝŽŶĂƌLJĞƋƵŝƉŵĞŶƚ͕ĂŶĚƌĞĨŝŶŝŶŐĂŶĚƉƌŽĐĞƐƐŝŶŐĨĂĐŝůŝƚŝĞƐĨŽƌĂůů
ƉƌŽƉĞƌƚŝĞƐƌĞŐĂƌĚůĞƐƐŽĨƚŚĞŝƌƐƚĂŐĞŽĨĚĞǀĞůŽƉŵĞŶƚŽƌŽƉĞƌĂƚŝŽŶ͘
DŝŶĞƌĂůŝŶƚĞƌĞƐƚƐĐŽŶƐŝƐƚŽĨ͗
x
ĞǀĞůŽƉŵĞŶƚĂŶĚŽƉĞƌĂƚŝŶŐƉƌŽƉĞƌƚŝĞƐ͕ǁŚŝĐŚŝŶĐůƵĚĞĐĂƉŝƚĂůŝnjĞĚĚĞǀĞůŽƉŵĞŶƚĂŶĚƐƚƌŝƉƉŝŶŐĐŽƐƚƐ͕ĐŽƐƚŽĨĂƐƐĞƚƐ
ƵŶĚĞƌ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ Θ ĐŽƐƚƐ ĂŶĚ ŵŝŶĞƌĂů ŝŶƚĞƌĞƐƚƐ ĨŽƌ ƚŚŽƐĞ ƉƌŽƉĞƌƚŝĞƐ ĐƵƌƌĞŶƚůLJ ŝŶ ŽƉĞƌĂƚŝŽŶ͕ ĨŽƌ ǁŚŝĐŚ
ĚĞǀĞůŽƉŵĞŶƚŚĂƐĐŽŵŵĞŶĐĞĚ͕ŽƌĨŽƌǁŚŝĐŚƉƌŽǀĞŶĂŶĚƉƌŽďĂďůĞƌĞƐĞƌǀĞƐŚĂǀĞďĞĞŶĚĞĐůĂƌĞĚ͖ĂŶĚ
x
WƌĞͲĚĞǀĞůŽƉŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞ Θ ĐŽƐƚƐ ĂŶĚ ŵŝŶĞƌĂů ŝŶƚĞƌĞƐƚƐ ĨŽƌ ƚŚŽƐĞ ƉƌŽƉĞƌƚŝĞƐ ĨŽƌ ǁŚŝĐŚ
ĚĞǀĞůŽƉŵĞŶƚŚĂƐŶŽƚĐŽŵŵĞŶĐĞĚ͘
;ďͿ
ĞƉƌĞĐŝĂƚŝŽŶ͕ĚĞƉůĞƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ
&ŽƌƉůĂŶƚĂŶĚŽƚŚĞƌĨĂĐŝůŝƚŝĞƐ͕ƐƚƌŝƉƉŝŶŐĐŽƐƚƐ͕ƌĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶĐŽƐƚƐ͕ƉƌŽĚƵĐƚŝŽŶƐƚĂŐĞŵŝŶĞƌĂůŝŶƚĞƌĞƐƚƐĂŶĚ
ƉůĂŶƚĞdžƉĂŶƐŝŽŶĐŽƐƚƐ͕ƚŚĞŽŵƉĂŶLJƵƐĞƐƚŚĞƵŶŝƚƐͲŽĨͲƉƌŽĚƵĐƚŝŽŶ;͞hKW͟ͿŵĞƚŚŽĚĨŽƌĚĞƚĞƌŵŝŶŝŶŐĚĞƉƌĞĐŝĂƚŝŽŶ͕ĚĞƉůĞƚŝŽŶ
ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ͕ŶĞƚŽĨƌĞƐŝĚƵĂůǀĂůƵĞ͘dŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝǀĞƐƵƐĞĚŝŶƚŚĞhKWĐĂůĐƵůĂƚŝŽŶƐĂƌĞĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƚŚĞ
ĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŵŝŶĞƌĂůŝŶƚĞƌĞƐƚ͘dŚĞŽŵƉĂŶLJĞǀĂůƵĂƚĞƐƚŚĞƉƌŽǀĞŶĂŶĚƉƌŽďĂďůĞƌĞƐĞƌǀĞƐĂƚ
ůĞĂƐƚŽŶĂŶĂŶŶƵĂůďĂƐŝƐĂŶĚĂĚũƵƐƚƐƚŚĞhKWĐĂůĐƵůĂƚŝŽŶƚŽĐŽƌƌĞƐƉŽŶĚǁŝƚŚƚŚĞĐŚĂŶŐĞƐŝŶƌĞƐĞƌǀĞƐ͘dŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵů
ůŝĨĞƵƐĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐhKWĚŽĞƐŶŽƚĞdžĐĞĞĚƚŚĞĞƐƚŝŵĂƚĞĚůŝĨĞŽĨƚŚĞŽƌĞďŽĚLJďĂƐĞĚŽŶƌĞĐŽǀĞƌĂďůĞŽƵŶĐĞƐƚŽďĞŵŝŶĞĚ
ĨƌŽŵĞƐƚŝŵĂƚĞĚƉƌŽǀĞŶĂŶĚƉƌŽďĂďůĞƌĞƐĞƌǀĞƐ͘ŶLJĐŚĂŶŐĞƐŝŶĞƐƚŝŵĂƚĞƐŽĨƵƐĞĨƵůůŝǀĞƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌƉƌŽƐƉĞĐƚŝǀĞůLJĨƌŽŵ
ƚŚĞĚĂƚĞŽĨƚŚĞĐŚĂŶŐĞ͘
^ƚƌŝƉƉŝŶŐ ĂŶĚ ŽƚŚĞƌ ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ŝŶ Ă Ɖŝƚ ĞdžƉĂŶƐŝŽŶ ĂƌĞ ĐĂƉŝƚĂůŝnjĞĚ ĂŶĚ ĂŵŽƌƚŝnjĞĚ ƵƐŝŶŐ ƚŚĞ hKW ŵĞƚŚŽĚ ďĂƐĞĚ ŽŶ
ƌĞĐŽǀĞƌĂďůĞŽƵŶĐĞƐƚŽďĞŵŝŶĞĚĨƌŽŵĞƐƚŝŵĂƚĞĚƉƌŽǀĞŶĂŶĚƉƌŽďĂďůĞƌĞƐĞƌǀĞƐƚŚĂƚďĞŶĞĨŝƚĞĚĨƌŽŵƚŚĞƉŝƚĞdžƉĂŶƐŝŽŶ͘
>ĂŶĚŝƐŶŽƚĚĞƉƌĞĐŝĂƚĞĚ͘
DŽďŝůĞĂŶĚŽƚŚĞƌĞƋƵŝƉŵĞŶƚĂƌĞŐĞŶĞƌĂůůLJĚĞƉƌĞĐŝĂƚĞĚ͕ŶĞƚŽĨƌĞƐŝĚƵĂůǀĂůƵĞ͕ƵƐŝŶŐƚŚĞƐƚƌĂŝŐŚƚͲůŝŶĞŵĞƚŚŽĚ͕ŽǀĞƌƚŚĞ
ĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞĂƐƐĞƚ͘hƐĞĨƵůůŝǀĞƐĨŽƌŵŽďŝůĞĂŶĚŽƚŚĞƌĞƋƵŝƉŵĞŶƚƌĂŶŐĞĨƌŽŵϮƚŽϭϬLJĞĂƌƐ͕ďƵƚĚŽŶŽƚĞdžĐĞĞĚ
ƚŚĞƌĞůĂƚĞĚĞƐƚŝŵĂƚĞĚŵŝŶĞůŝĨĞďĂƐĞĚŽŶƉƌŽǀĞŶĂŶĚƉƌŽďĂďůĞƌĞƐĞƌǀĞƐ͘
dŚĞŽŵƉĂŶLJƌĞǀŝĞǁƐƵƐĞĨƵůůŝǀĞƐĂŶĚĞƐƚŝŵĂƚĞĚƌĞƐŝĚƵĂůǀĂůƵĞƐŽĨŝƚƐƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂŶŶƵĂůůLJ͘
ĐƋƵŝƌĞĚŽƌĐĂƉŝƚĂůŝnjĞĚ Θ ĐŽƐƚƐĂŶĚĂƐƐĞƚƐƵŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶĂƌĞŶŽƚĚĞƉƌĞĐŝĂƚĞĚ͘dŚĞƐĞĂƐƐĞƚƐĂƌĞĚĞƉƌĞĐŝĂƚĞĚǁŚĞŶ
ƚŚĞLJĂƌĞƌĞĂĚLJĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƵƐĞ͘
2024 ANNUAL REPORT KINROSS GOLD
FS 14
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
;ĐͿ
ĞƌĞĐŽŐŶŝƚŝŽŶ
dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĂŶŝƚĞŵŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐĚĞƌĞĐŽŐŶŝnjĞĚŽŶĚŝƐƉŽƐĂůŽĨƚŚĞĂƐƐĞƚŽƌǁŚĞŶŶŽĨƵƚƵƌĞ
ĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐĂƌĞĞdžƉĞĐƚĞĚƚŽĂĐĐƌƵĞƚŽƚŚĞŽŵƉĂŶLJĨƌŽŵŝƚƐĐŽŶƚŝŶƵĞĚƵƐĞ͘ŶLJŐĂŝŶŽƌůŽƐƐĂƌŝƐŝŶŐŽŶĚĞƌĞĐŽŐŶŝƚŝŽŶ
ŝƐŝŶĐůƵĚĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨŽƉĞƌĂƚŝŽŶƐŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞĂƐƐĞƚŝƐĚĞƌĞĐŽŐŶŝnjĞĚ͘dŚĞŐĂŝŶŽƌůŽƐƐŝƐ
ĚĞƚĞƌŵŝŶĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞĂŶĚƚŚĞŶĞƚƉƌŽĐĞĞĚƐŽŶƚŚĞƐĂůĞŽĨƚŚĞĂƐƐĞƚƐ͕ŝĨĂŶLJ͕ĂƚƚŚĞƚŝŵĞ
ŽĨĚŝƐƉŽƐĂů͘
ǀŝŝ͘
džƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĐŽƐƚƐ
Θ ĐŽƐƚƐĂƌĞƚŚŽƐĞĐŽƐƚƐƌĞƋƵŝƌĞĚƚŽĨŝŶĚĂŵŝŶĞƌĂůƉƌŽƉĞƌƚLJĂŶĚĚĞƚĞƌŵŝŶĞŝƚƐĐŽŵŵĞƌĐŝĂůǀŝĂďŝůŝƚLJ͘ Θ ĐŽƐƚƐŝŶĐůƵĚĞĐŽƐƚƐ
ƚŽĞƐƚĂďůŝƐŚĂŶŝŶŝƚŝĂůŵŝŶĞƌĂůƌĞƐŽƵƌĐĞĂŶĚĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌŝŶĨĞƌƌĞĚŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐĐĂŶďĞƵƉŐƌĂĚĞĚƚŽŵĞĂƐƵƌĞĚĂŶĚ
ŝŶĚŝĐĂƚĞĚ ŵŝŶĞƌĂů ƌĞƐŽƵƌĐĞƐ ĂŶĚ ǁŚĞƚŚĞƌ ŵĞĂƐƵƌĞĚ ĂŶĚ ŝŶĚŝĐĂƚĞĚ ŵŝŶĞƌĂů ƌĞƐŽƵƌĐĞƐ ĐĂŶ ďĞ ĐŽŶǀĞƌƚĞĚ ƚŽ ƉƌŽǀĞŶ ĂŶĚ
ƉƌŽďĂďůĞƌĞƐĞƌǀĞƐ͘
Θ ĐŽƐƚƐĐŽŶƐŝƐƚŽĨ͗
x
ŐĂƚŚĞƌŝŶŐĞdžƉůŽƌĂƚŝŽŶĚĂƚĂƚŚƌŽƵŐŚƚŽƉŽŐƌĂƉŚŝĐĂůĂŶĚŐĞŽůŽŐŝĐĂůƐƚƵĚŝĞƐ͖
x
ĞdžƉůŽƌĂƚŽƌLJĚƌŝůůŝŶŐ͕ƚƌĞŶĐŚŝŶŐĂŶĚƐĂŵƉůŝŶŐ͖
x
ĚĞƚĞƌŵŝŶŝŶŐƚŚĞǀŽůƵŵĞĂŶĚŐƌĂĚĞŽĨƚŚĞƌĞƐŽƵƌĐĞ͖
x
ƚĞƐƚǁŽƌŬŽŶŐĞŽůŽŐLJ͕ŵĞƚĂůůƵƌŐLJ͕ŵŝŶŝŶŐ͕ŐĞŽƚĞĐŚŶŝĐĂůĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂů͖ĂŶĚ
x
ĐŽŶĚƵĐƚŝŶŐĞŶŐŝŶĞĞƌŝŶŐ͕ŵĂƌŬĞƚŝŶŐĂŶĚĨŝŶĂŶĐŝĂůƐƚƵĚŝĞƐ͘
WƌŽũĞĐƚĐŽƐƚƐŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƐĞĂĐƚŝǀŝƚŝĞƐĂƌĞĞdžƉĞŶƐĞĚĂƐŝŶĐƵƌƌĞĚƵŶƚŝůƐƵĐŚƚŝŵĞĂƐƚŚĞŽŵƉĂŶLJĞdžƉĞĐƚƐƚŚĂƚŵŝŶĞƌĂů
ƌĞƐŽƵƌĐĞƐǁŝůůďĞĐŽŶǀĞƌƚĞĚƚŽŵŝŶĞƌĂůƌĞƐĞƌǀĞƐǁŝƚŚŝŶĂƌĞĂƐŽŶĂďůĞƉĞƌŝŽĚ͘dŚĞƌĞĂĨƚĞƌ͕ĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚĂƌĞĐĂƉŝƚĂůŝnjĞĚ
ƉƌŽƐƉĞĐƚŝǀĞůLJĂƐĐĂƉŝƚĂůŝnjĞĚ Θ ĐŽƐƚƐŝŶƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ͘
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞĂƚƚƌŝďƵƚĂďůĞƚŽ Θ ƋƵĂůŝĨLJŝŶŐĂƐƐĞƚƐŝƐĐĂƉŝƚĂůŝnjĞĚƵŶƚŝůƚŚĞƉƌŽũĞĐƚĚĞŵŽŶƐƚƌĂƚĞƐƚĞĐŚŶŝĐĂůĨĞĂƐŝďŝůŝƚLJĂŶĚ
ĐŽŵŵĞƌĐŝĂůǀŝĂďŝůŝƚLJ͘
dŚĞŽŵƉĂŶLJĂůƐŽƌĞĐŽŐŶŝnjĞƐ Θ ĐŽƐƚƐĂƐĂƐƐĞƚƐǁŚĞŶĂĐƋƵŝƌĞĚĂƐƉĂƌƚŽĨĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶ͕ŽƌĂƐƐĞƚƉƵƌĐŚĂƐĞ͘dŚĞƐĞ
ĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂƚĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚ͘ĐƋƵŝƌĞĚ Θ ĐŽƐƚƐĐŽŶƐŝƐƚŽĨƚŚĞƉƌŝĐĞƉĂŝĚĨŽƌ͗
x
ĞƐƚŝŵĂƚĞĚƉŽƚĞŶƚŝĂůŽƵŶĐĞƐ͕ĂŶĚ
x
ĞdžƉůŽƌĂƚŝŽŶƉƌŽƉĞƌƚŝĞƐ͘
ĐƋƵŝƌĞĚŽƌĐĂƉŝƚĂůŝnjĞĚ Θ ĐŽƐƚƐĨŽƌĂƉƌŽũĞĐƚĂƌĞĐůĂƐƐŝĨŝĞĚĂƐƐƵĐŚƵŶƚŝůƚŚĞƉƌŽũĞĐƚĚĞŵŽŶƐƚƌĂƚĞƐƚĞĐŚŶŝĐĂůĨĞĂƐŝďŝůŝƚLJĂŶĚ
ĐŽŵŵĞƌĐŝĂů ǀŝĂďŝůŝƚLJ͘ hƉŽŶ ĚĞŵŽŶƐƚƌĂƚŝŶŐ ƚĞĐŚŶŝĐĂů ĨĞĂƐŝďŝůŝƚLJ ĂŶĚ ĐŽŵŵĞƌĐŝĂů ǀŝĂďŝůŝƚLJ͕ ĂŶĚ ƐƵďũĞĐƚ ƚŽ ĂŶ ŝŵƉĂŝƌŵĞŶƚ
ĂŶĂůLJƐŝƐ͕ ĐĂƉŝƚĂůŝnjĞĚ Θ ĐŽƐƚƐĂƌĞƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ĐĂƉŝƚĂůŝnjĞĚĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐǁŝƚŚŝŶ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͘
dĞĐŚŶŝĐĂůĨĞĂƐŝďŝůŝƚLJĂŶĚĐŽŵŵĞƌĐŝĂůǀŝĂďŝůŝƚLJŐĞŶĞƌĂůůLJĐŽŝŶĐŝĚĞƐǁŝƚŚƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨƉƌŽǀĞŶĂŶĚƉƌŽďĂďůĞŵŝŶĞƌĂů
ƌĞƐĞƌǀĞƐ͖ŚŽǁĞǀĞƌ͕ƚŚŝƐĚĞƚĞƌŵŝŶĂƚŝŽŶŵĂLJďĞŝŵƉĂĐƚĞĚďLJŵĂŶĂŐĞŵĞŶƚ͛ƐĂƐƐĞƐƐŵĞŶƚŽĨĐĞƌƚĂŝŶŵŽĚŝĨLJŝŶŐĨĂĐƚŽƌƐŝŶĐůƵĚŝŶŐ͕
ůĞŐĂů͕ĞŶǀŝƌŽŶŵĞŶƚĂů͕ƐŽĐŝĂůĂŶĚŐŽǀĞƌŶŵĞŶƚĂůĨĂĐƚŽƌƐ͘
ǀŝŝŝ͘
ŽƌƌŽǁŝŶŐĐŽƐƚƐ
ŽƌƌŽǁŝŶŐĐŽƐƚƐĂƌĞŐĞŶĞƌĂůůLJĞdžƉĞŶƐĞĚĂƐŝŶĐƵƌƌĞĚĞdžĐĞƉƚǁŚĞƌĞƚŚĞLJƌĞůĂƚĞƚŽƚŚĞĨŝŶĂŶĐŝŶŐŽĨƋƵĂůŝĨLJŝŶŐĂƐƐĞƚƐƚŚĂƚƌĞƋƵŝƌĞ
ĂƐƵďƐƚĂŶƚŝĂůƉĞƌŝŽĚŽĨƚŝŵĞƚŽŐĞƚƌĞĂĚLJĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƵƐĞ͘YƵĂůŝĨLJŝŶŐĂƐƐĞƚƐŝŶĐůƵĚĞƚŚĞĐŽƐƚŽĨĚĞǀĞůŽƉŝŶŐŵŝŶŝŶŐ
ƉƌŽƉĞƌƚŝĞƐĂŶĚĐŽŶƐƚƌƵĐƚŝŶŐŶĞǁĨĂĐŝůŝƚŝĞƐ͘ŽƌƌŽǁŝŶŐĐŽƐƚƐƌĞůĂƚĞĚƚŽƋƵĂůŝĨLJŝŶŐĂƐƐĞƚƐĂƌĞĐĂƉŝƚĂůŝnjĞĚƵƉƚŽƚŚĞĚĂƚĞǁŚĞŶ
ƚŚĞĂƐƐĞƚŝƐƌĞĂĚLJĨŽƌŝƚƐŝŶƚĞŶĚĞĚƵƐĞ͘
tŚĞƌĞĨƵŶĚƐĂƌĞďŽƌƌŽǁĞĚƐƉĞĐŝĨŝĐĂůůLJƚŽĨŝŶĂŶĐĞĂƉƌŽũĞĐƚ͕ƚŚĞĂŵŽƵŶƚĐĂƉŝƚĂůŝnjĞĚƌĞƉƌĞƐĞŶƚƐƚŚĞĂĐƚƵĂůďŽƌƌŽǁŝŶŐĐŽƐƚƐ
ŝŶĐƵƌƌĞĚŶĞƚŽĨĂŶLJŝŶǀĞƐƚŵĞŶƚŝŶĐŽŵĞĞĂƌŶĞĚŽŶƚŚĞŝŶǀĞƐƚŵĞŶƚŽĨƚŚŽƐĞďŽƌƌŽǁŝŶŐƐ͘tŚĞƌĞƚŚĞĨƵŶĚƐƵƐĞĚƚŽĨŝŶĂŶĐĞĂ
ƉƌŽũĞĐƚĨŽƌŵƉĂƌƚŽĨŐĞŶĞƌĂůďŽƌƌŽǁŝŶŐƐ͕ƚŚĞĂŵŽƵŶƚĐĂƉŝƚĂůŝnjĞĚŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐĂǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŽĨƌĂƚĞƐĂƉƉůŝĐĂďůĞ
ƚŽƌĞůĞǀĂŶƚŐĞŶĞƌĂůďŽƌƌŽǁŝŶŐƐŽĨƚŚĞŽŵƉĂŶLJĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘
ŝdž͘
sĂůƵĂƚŝŽŶŽĨ>ŽŶŐͲůŝǀĞĚƐƐĞƚƐ
dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐƌĞǀŝĞǁĞĚĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌƚŚĞƌĞŝƐĂŶLJ
ŝŶĚŝĐĂƚŝŽŶŽĨŝŵƉĂŝƌŵĞŶƚŽƌƌĞǀĞƌƐĂůŽĨŝŵƉĂŝƌŵĞŶƚ͘/ĨĂŶLJƐƵĐŚŝŶĚŝĐĂƚŝŽŶĞdžŝƐƚƐ͕ƚŚĞŶƚŚĞĂƐƐĞƚ͛ƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐ
ĞƐƚŝŵĂƚĞĚ͘&ŽƌƐƵĐŚŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ͕ƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐĚĞƚĞƌŵŝŶĞĚĨŽƌĂŶŝŶĚŝǀŝĚƵĂůĂƐƐĞƚƵŶůĞƐƐƚŚĞĂƐƐĞƚĚŽĞƐ
ŶŽƚŐĞŶĞƌĂƚĞĐĂƐŚŝŶĨůŽǁƐƚŚĂƚĂƌĞŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚŽƐĞŐĞŶĞƌĂƚĞĚĨƌŽŵŽƚŚĞƌĂƐƐĞƚƐŽƌŐƌŽƵƉƐŽĨĂƐƐĞƚƐ͕ŝŶǁŚŝĐŚĐĂƐĞ͕ƚŚĞ
ŝŶĚŝǀŝĚƵĂůĂƐƐĞƚƐĂƌĞŐƌŽƵƉĞĚƚŽŐĞƚŚĞƌŝŶƚŽĐĂƐŚŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐ;͞'hƐ͟ͿĨŽƌŝŵƉĂŝƌŵĞŶƚƚĞƐƚŝŶŐƉƵƌƉŽƐĞƐ͘
2024 ANNUAL REPORT KINROSS GOLD
15 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
/ĨƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞ'hŽƌĂƐƐĞƚĞdžĐĞĞĚƐŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͕ĂŶŝŵƉĂŝƌŵĞŶƚŝƐĐŽŶƐŝĚĞƌĞĚƚŽĞdžŝƐƚĂŶĚĂŶ
ŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨŽƉĞƌĂƚŝŽŶƐƚŽƌĞĚƵĐĞƚŚĞ'hŽƌĂƐƐĞƚ͛ƐĐĂƌƌLJŝŶŐǀĂůƵĞƚŽŝƚƐ
ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘
/ĨƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞ'hŽƌĂƐƐĞƚǁŝƚŚĂƉƌĞǀŝŽƵƐůLJƌĞĐŽŐŶŝnjĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐůĞƐƐƚŚĂŶŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͕
ĂŶŝŵƉĂŝƌŵĞŶƚƌĞǀĞƌƐĂůŝƐĐŽŶƐŝĚĞƌĞĚƚŽĞdžŝƐƚĂŶĚĂŶŝŵƉĂŝƌŵĞŶƚƌĞǀĞƌƐĂůŝƐƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨ
ŽƉĞƌĂƚŝŽŶƐƚŽŝŶĐƌĞĂƐĞƚŚĞ'hŽƌĂƐƐĞƚ͛ƐĐĂƌƌLJŝŶŐǀĂůƵĞƚŽŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͕ŶĞƚŽĨĂŶLJĂƉƉůŝĐĂďůĞĚĞƉƌĞĐŝĂƚŝŽŶ͕ŚĂĚ
ŶŽŝŵƉĂŝƌŵĞŶƚĐŚĂƌŐĞďĞĞŶƌĞĐŽŐŶŝnjĞĚƉƌĞǀŝŽƵƐůLJ͘
dŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨĂ'hŽƌĂƐƐĞƚŝƐƚŚĞŚŝŐŚĞƌŽĨŝƚƐĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚŽĨĚŝƐƉŽƐĂůĂŶĚŝƚƐǀĂůƵĞŝŶƵƐĞ͘
&Ăŝƌ ǀĂůƵĞ ŝƐ ƚŚĞ ĂŵŽƵŶƚ ƚŚĂƚ ǁŽƵůĚ ďĞ ŽďƚĂŝŶĞĚ ĨƌŽŵ ƚŚĞ ƐĂůĞ ŽĨ ƚŚĞ ĂƐƐĞƚ ŝŶ ĂŶ Ăƌŵ͛Ɛ ůĞŶŐƚŚ ƚƌĂŶƐĂĐƚŝŽŶ ďĞƚǁĞĞŶ
ŬŶŽǁůĞĚŐĞĂďůĞĂŶĚǁŝůůŝŶŐƉĂƌƚŝĞƐ͘&ĂŝƌǀĂůƵĞĨŽƌŵŝŶĞƌĂůĂƐƐĞƚƐŝƐŐĞŶĞƌĂůůLJĚĞƚĞƌŵŝŶĞĚĂƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĞƐƚŝŵĂƚĞĚ
ĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĞdžƉĞĐƚĞĚƚŽĂƌŝƐĞĨƌŽŵƚŚĞĐŽŶƚŝŶƵĞĚƵƐĞŽĨƚŚĞĂƐƐĞƚ͕ŝŶĐůƵĚŝŶŐĂŶLJĞdžƉĂŶƐŝŽŶƉƌŽƐƉĞĐƚƐ͕ĂŶĚŝƚƐĞǀĞŶƚƵĂů
ĚŝƐƉŽƐĂů͕ƵƐŝŶŐĂƐƐƵŵƉƚŝŽŶƐƚŚĂƚĂŶŝŶĚĞƉĞŶĚĞŶƚŵĂƌŬĞƚƉĂƌƚŝĐŝƉĂŶƚŵĂLJƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚ͘dŚĞƐĞĐĂƐŚĨůŽǁƐĂƌĞĚŝƐĐŽƵŶƚĞĚ
ďLJĂŶĂƉƉƌŽƉƌŝĂƚĞĚŝƐĐŽƵŶƚƌĂƚĞƚŽĂƌƌŝǀĞĂƚĂŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŽƌŶĞƚĂƐƐĞƚǀĂůƵĞ;͞Es͟ͿŽĨƚŚĞĂƐƐĞƚ͘
sĂůƵĞŝŶƵƐĞŝƐĚĞƚĞƌŵŝŶĞĚĂƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĞdžƉĞĐƚĞĚƚŽĂƌŝƐĞĨƌŽŵƚŚĞĐŽŶƚŝŶƵĞĚƵƐĞ
ŽĨƚŚĞĂƐƐĞƚŝŶŝƚƐƉƌĞƐĞŶƚĨŽƌŵĂŶĚŝƚƐĞǀĞŶƚƵĂůĚŝƐƉŽƐĂů͘sĂůƵĞŝŶƵƐĞŝƐĚĞƚĞƌŵŝŶĞĚďLJĂƉƉůLJŝŶŐĂƐƐƵŵƉƚŝŽŶƐƐƉĞĐŝĨŝĐƚŽƚŚĞ
ŽŵƉĂŶLJ͛ƐĐŽŶƚŝŶƵĞĚƵƐĞŽĨƚŚĞĂƐƐĞƚĂŶĚĚŽĞƐŶŽƚƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚĂƐƐƵŵƉƚŝŽŶƐŽĨƐŝŐŶŝĨŝĐĂŶƚĨƵƚƵƌĞĞŶŚĂŶĐĞŵĞŶƚƐŽĨĂŶ
ĂƐƐĞƚ͛ƐƉĞƌĨŽƌŵĂŶĐĞŽƌĐĂƉĂĐŝƚLJƚŽǁŚŝĐŚƚŚĞŽŵƉĂŶLJŝƐŶŽƚĐŽŵŵŝƚƚĞĚ͘
ƐƚŝŵĂƚĞƐ ŽĨ ĞdžƉĞĐƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ƌĞĨůĞĐƚ ĞƐƚŝŵĂƚĞƐ ŽĨ ĨƵƚƵƌĞ ƌĞǀĞŶƵĞƐ͕ ĐĂƐŚ ĐŽƐƚƐ ŽĨ ƉƌŽĚƵĐƚŝŽŶ ĂŶĚ ĐĂƉŝƚĂů
ĞdžƉĞŶĚŝƚƵƌĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞŽŵƉĂŶLJ͛ƐůŽŶŐͲƚĞƌŵůŝĨĞŽĨŵŝŶĞ;͞>KD͟ͿƉůĂŶƐ͕ǁŚŝĐŚĂƌĞƵƉĚĂƚĞĚĨŽƌĞĂĐŚ'hŽŶĂŶ
ĂŶŶƵĂůďĂƐŝƐ͘
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ƚŚĞLJĂƌĞŚĞůĚ͘KŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕ĂĨŝŶĂŶĐŝĂůĂƐƐĞƚŝƐĐůĂƐƐŝĨŝĞĚĂƐ͗ĂŵŽƌƚŝnjĞĚĐŽƐƚ͕ĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚĂŶĚůŽƐƐ;͞&sW>͟Ϳ
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ŝƚƐĐŽŶƚƌĂĐƚƵĂůƚĞƌŵƐŐŝǀĞƌŝƐĞŽŶƐƉĞĐŝĨŝĞĚĚĂƚĞƐƚŽĐĂƐŚĨůŽǁƐƚŚĂƚĂƌĞƐŽůĞůLJƉĂLJŵĞŶƚƐŽĨƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚ
ŽŶƚŚĞƉƌŝŶĐŝƉĂůĂŵŽƵŶƚŽƵƚƐƚĂŶĚŝŶŐ͘
KŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽĨĂŶĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƚŚĂƚŝƐŶŽƚŚĞůĚĨŽƌƚƌĂĚŝŶŐ͕ƚŚĞŽŵƉĂŶLJŵĂLJŝƌƌĞǀŽĐĂďůLJĞůĞĐƚƚŽŵĞĂƐƵƌĞ
ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ Ăƚ &sK/ ǁŚĞƌĞďLJ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ͛Ɛ ĨĂŝƌ ǀĂůƵĞ ;ƌĞĂůŝnjĞĚ ĂŶĚ ƵŶƌĞĂůŝnjĞĚͿ ǁŝůů ďĞ ƌĞĐŽŐŶŝnjĞĚ
ƉĞƌŵĂŶĞŶƚůLJŝŶK/ǁŝƚŚŶŽƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƚŽƉƌŽĨŝƚŽƌůŽƐƐ͘dŚĞĞůĞĐƚŝŽŶŝƐŵĂĚĞŽŶĂŶŝŶǀĞƐƚŵĞŶƚͲďLJͲŝŶǀĞƐƚŵĞŶƚďĂƐŝƐ͘
ůůĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŶŽƚĐůĂƐƐŝĨŝĞĚĂƐĂŵŽƌƚŝnjĞĚĐŽƐƚŽƌ&sK/ĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĂŶĚŵĞĂƐƵƌĞĚĂƚ&sW>͘KŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕Ă
ĨŝŶĂŶĐŝĂůĂƐƐĞƚ ƚŚĂƚŽƚŚĞƌǁŝƐĞŵĞĞƚƐƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐƚŽďĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚŽƌ&sK/ŵĂLJďĞŝƌƌĞǀŽĐĂďůLJ
ĚĞƐŝŐŶĂƚĞĚĂƐ&sW>ŝĨĚŽŝŶŐƐŽĞůŝŵŝŶĂƚĞƐŽƌƐŝŐŶŝĨŝĐĂŶƚůLJƌĞĚƵĐĞƐĂŶĂĐĐŽƵŶƚŝŶŐŵŝƐŵĂƚĐŚƚŚĂƚǁŽƵůĚŽƚŚĞƌǁŝƐĞĂƌŝƐĞ͘
&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞŵĞĂƐƵƌĞĚŽŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶĂƚĨĂŝƌǀĂůƵĞ͕ƉůƵƐ͕ŝŶƚŚĞĐĂƐĞŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŽƚŚĞƌƚŚĂŶ
ƚŚŽƐĞĐůĂƐƐŝĨŝĞĚĂƐ&sW>͕ĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚƌĂŶƐĂĐƚŝŽŶ ĐŽƐƚƐ͘DĞĂƐƵƌĞŵĞŶƚ ŽĨ ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝŶƐƵďƐĞƋƵĞŶƚ ƉĞƌŝŽĚƐ
ĚĞƉĞŶĚƐŽŶǁŚĞƚŚĞƌƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚŚĂƐďĞĞŶĐůĂƐƐŝĨŝĞĚĂƐĂŵŽƌƚŝnjĞĚĐŽƐƚ͕&sW>Žƌ&sK/͘DĞĂƐƵƌĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂů
ůŝĂďŝůŝƚŝĞƐƐƵďƐĞƋƵĞŶƚƚŽŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶĚĞƉĞŶĚƐŽŶǁŚĞƚŚĞƌƚŚĞLJĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĂŵŽƌƚŝnjĞĚĐŽƐƚŽƌ&sW>͘&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ
ĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĐůĂƐƐŝĨŝĞĚĂƐĂŵŽƌƚŝnjĞĚĐŽƐƚĂƌĞŵĞĂƐƵƌĞĚƐƵďƐĞƋƵĞŶƚƚŽŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚ
ŵĞƚŚŽĚ͘
>ŽƐƐĂůůŽǁĂŶĐĞƐĨŽƌ͚ĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐ͛ĂƌĞƌĞĐŽŐŶŝnjĞĚŽŶĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚ͕ĐŽŶƚƌĂĐƚĂƐƐĞƚƐ
ĂŶĚŝŶǀĞƐƚŵĞŶƚƐŝŶĚĞďƚŝŶƐƚƌƵŵĞŶƚƐŵĞĂƐƵƌĞĚĂƚ&sK/͕ďƵƚŶŽƚƚŽĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐ͘ůŽƐƐĞǀĞŶƚŝƐŶŽƚƌĞƋƵŝƌĞĚƚŽŚĂǀĞ
ŽĐĐƵƌƌĞĚďĞĨŽƌĞĂĐƌĞĚŝƚůŽƐƐŝƐƌĞĐŽŐŶŝnjĞĚ͘
dŚĞŽŵƉĂŶLJĐŽŵƉůĞƚĞƐĂŶĂƐƐĞƐƐŵĞŶƚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌƚŚĞƌĞŚĂƐďĞĞŶĂƐŝŐŶŝĨŝĐĂŶƚŝŶĐƌĞĂƐĞ
ŝŶĐƌĞĚŝƚƌŝƐŬĨŽƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƐƵĐŚƚŚĂƚĂŶĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐ;͞ >͟ͿƐŚŽƵůĚďĞƌĞĐŽŐŶŝnjĞĚ͘&ŽƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝŶǁŚŝĐŚ
ƚŚĞĐƌĞĚŝƚƌŝƐŬŚĂƐŶŽƚŝŶĐƌĞĂƐĞĚƐŝŐŶŝĨŝĐĂŶƚůLJƐŝŶĐĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕ƚŚĞ >ŝƐŵĞĂƐƵƌĞĚĂƚĂŶĂŵŽƵŶƚĞƋƵĂůƚŽƚŚĞƚǁĞůǀĞͲ
ŵŽŶƚŚĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐ͘/ĨƚŚĞĐƌĞĚŝƚƌŝƐŬŚĂƐŝŶĐƌĞĂƐĞĚƐŝŐŶŝĨŝĐĂŶƚůLJƐŝŶĐĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕ƚŚĞ >ŝƐŵĞĂƐƵƌĞĚĂƚĂŶ
ĂŵŽƵŶƚĞƋƵĂůƚŽƚŚĞĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐŽǀĞƌƚŚĞůŝĨĞƚŝŵĞŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚ͘
2024 ANNUAL REPORT KINROSS GOLD
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KZWKZd/KE
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&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
>ƐĂƌĞĐĂůĐƵůĂƚĞĚƵƐŝŶŐĂƉƌŽďĂďŝůŝƚLJͲǁĞŝŐŚƚĞĚĞƐƚŝŵĂƚĞŽĨĐƌĞĚŝƚůŽƐƐĞƐ͘ƌĞĚŝƚůŽƐƐĞƐĂƌĞŵĞĂƐƵƌĞĚĂƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞ
ŽĨƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĐĂƐŚĨůŽǁƐĚƵĞƚŽƚŚĞĞŶƚŝƚLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚĂŶĚƚŚĞĐĂƐŚĨůŽǁƐƚŚĂƚƚŚĞ
ŽŵƉĂŶLJĞdžƉĞĐƚƐƚŽƌĞĐĞŝǀĞ͘
dŚĞŽŵƉĂŶLJŚĂƐĐůĂƐƐŝĨŝĞĚĂŶĚŵĞĂƐƵƌĞĚŝƚƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƐĚĞƐĐƌŝďĞĚďĞůŽǁ͗
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ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂŶĚƌĞƐƚƌŝĐƚĞĚĐĂƐŚĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĂŶĚŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚ͘
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ĂƐĂŶĚŵĞĂƐƵƌĞĚĂƚ&sK/͘
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ĐĐŽƵŶƚƐƉĂLJĂďůĞĂŶĚĂĐĐƌƵĞĚůŝĂďŝůŝƚŝĞƐĂŶĚůŽŶŐͲƚĞƌŵĚĞďƚĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĂŶĚŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚ͘
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ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶĐůƵĚŝŶŐĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚĚŽŶŽƚƋƵĂůŝĨLJĂƐŚĞĚŐĞƐ͕ŽƌĂƌĞŶŽƚ
ĚĞƐŝŐŶĂƚĞĚĂƐŚĞĚŐĞƐ͕ĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĂŶĚŵĞĂƐƵƌĞĚĂƚ&sW>͘
ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚƋƵĂůŝĨLJĂŶĚĂƌĞĚĞƐŝŐŶĂƚĞĚĂƐŚĞĚŐĞƐ͕ŚĂǀĞ
ĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞƐƌĞĐŽƌĚĞĚŝŶK/͕ŶĞƚŽĨƚĂdž͕ĂŶĚĂƌĞŝŶĐůƵĚĞĚŝŶĞĂƌŶŝŶŐƐǁŚĞŶƚŚĞƵŶĚĞƌůLJŝŶŐŚĞĚŐĞĚƚƌĂŶƐĂĐƚŝŽŶŝƐ
ĐŽŵƉůĞƚĞĚ͘ŶLJŝŶĞĨĨĞĐƚŝǀĞƉŽƌƚŝŽŶŽĨĂŚĞĚŐĞƌĞůĂƚŝŽŶƐŚŝƉŝƐƌĞĐŽŐŶŝnjĞĚŝŵŵĞĚŝĂƚĞůLJŝŶĞĂƌŶŝŶŐƐ͘
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^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐ
dŚĞŽŵƉĂŶLJŚĂƐĂŶƵŵďĞƌŽĨĞƋƵŝƚLJͲƐĞƚƚůĞĚĂŶĚĐĂƐŚͲƐĞƚƚůĞĚƐŚĂƌĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶƐƵŶĚĞƌǁŚŝĐŚƚŚĞŽŵƉĂŶLJ
ŝƐƐƵĞƐĞŝƚŚĞƌĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐŽƌŵĂŬĞƐĐĂƐŚƉĂLJŵĞŶƚƐďĂƐĞĚŽŶƚŚĞǀĂůƵĞŽĨƚŚĞƵŶĚĞƌůLJŝŶŐĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚŽĨƚŚĞ
ŽŵƉĂŶLJ͘dŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶƐĂƌĞĐŽŵƉƌŝƐĞĚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗
ZĞƐƚƌŝĐƚĞĚ^ŚĂƌĞWůĂŶ͗ZĞƐƚƌŝĐƚĞĚƐŚĂƌĞƵŶŝƚƐ;͞Z^hƐ͟ͿĂŶĚZĞƐƚƌŝĐƚĞĚƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƵŶŝƚƐ;͞ZW^hƐ͟ͿĂƌĞŐƌĂŶƚĞĚƵŶĚĞƌ
ƚŚĞZĞƐƚƌŝĐƚĞĚ^ŚĂƌĞWůĂŶ͘
ZĞƐƚƌŝĐƚĞĚ^ŚĂƌĞhŶŝƚWůĂŶ;ĂƐŚͲ^ĞƚƚůĞĚͿ͗ĂƐŚͲƐĞƚƚůĞĚZ^hƐĂƌĞŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞZĞƐƚƌŝĐƚĞĚ^ŚĂƌĞhŶŝƚWůĂŶ;ĂƐŚͲ^ĞƚƚůĞĚͿ͘
ƵƌƌĞŶƚůLJ͕ďŽƚŚZ^hƐĂŶĚZW^hƐĂƌĞĂǁĂƌĚĞĚƚŽĐĞƌƚĂŝŶĞŵƉůŽLJĞĞƐĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨůŽŶŐͲƚĞƌŵŝŶĐĞŶƚŝǀĞĂǁĂƌĚƐ͘
;ĂͿ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞůĞǀĂŶƚƉůĂŶ͕Z^hƐĂƌĞĞŝƚŚĞƌĞƋƵŝƚLJŽƌĐĂƐŚͲƐĞƚƚůĞĚĂŶĚĂƌĞƌĞĐŽƌĚĞĚĂƚĨĂŝƌǀĂůƵĞďĂƐĞĚŽŶƚŚĞ
ŵĂƌŬĞƚǀĂůƵĞŽĨƚŚĞƐŚĂƌĞƐĂƚƚŚĞŐƌĂŶƚĚĂƚĞ͘dŚĞŽŵƉĂŶLJ͛ƐĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞŝƐƌĞĐŽŐŶŝnjĞĚŽǀĞƌƚŚĞǀĞƐƚŝŶŐ
ƉĞƌŝŽĚďĂƐĞĚŽŶƚŚĞŶƵŵďĞƌŽĨƵŶŝƚƐĞƐƚŝŵĂƚĞĚƚŽǀĞƐƚ͘DĂŶĂŐĞŵĞŶƚĞƐƚŝŵĂƚĞƐƚŚĞŶƵŵďĞƌŽĨĂǁĂƌĚƐůŝŬĞůLJƚŽǀĞƐƚŽŶ
ŐƌĂŶƚĂŶĚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞƵƉƚŽƚŚĞǀĞƐƚŝŶŐĚĂƚĞ͘dŚĞĞƐƚŝŵĂƚĞĚĨŽƌĨĞŝƚƵƌĞƌĂƚĞŝƐĂĚũƵƐƚĞĚĨŽƌĂĐƚƵĂůĨŽƌĨĞŝƚƵƌĞƐ
ŝŶĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘KŶǀĞƐƚŝŶŐŽĨĞƋƵŝƚLJͲƐĞƚƚůĞĚZ^hƐ͕ƐŚĂƌĞƐĂƌĞŐĞŶĞƌĂůůLJŝƐƐƵĞĚĨƌŽŵƚƌĞĂƐƵƌLJ͘ĂƐŚͲƐĞƚƚůĞĚ
Z^hƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂůŝĂďŝůŝƚLJĂƚĨĂŝƌǀĂůƵĞĂŶĚƌĞͲŵĞĂƐƵƌĞĚĞĂĐŚƉĞƌŝŽĚďĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚŵĂƌŬĞƚǀĂůƵĞŽĨ
ƚŚĞƵŶĚĞƌůLJŝŶŐƐƚŽĐŬĂƚƉĞƌŝŽĚĞŶĚ͕ǁŝƚŚĐŚĂŶŐĞƐŝŶƚŚĞůŝĂďŝůŝƚLJƌĞĐŽƌĚĞĚĂƐĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞĞĂĐŚƉĞƌŝŽĚ͘
;ďͿ ZW^hƐĂƌĞĞƋƵŝƚLJͲƐĞƚƚůĞĚĂŶĚĂƌĞƐƵďũĞĐƚƚŽĐĞƌƚĂŝŶǀĞƐƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐďĂƐĞĚŽŶƉĞƌĨŽƌŵĂŶĐĞĐƌŝƚĞƌŝĂŽǀĞƌƚŚĞǀĞƐƚŝŶŐ
ƉĞƌŝŽĚĞƐƚĂďůŝƐŚĞĚďLJƚŚĞŽŵƉĂŶLJ͘ZW^hƐĂƌĞƌĞĐŽƌĚĞĚĂƚĨĂŝƌǀĂůƵĞĂƐĨŽůůŽǁƐ͗dŚĞƉŽƌƚŝŽŶŽĨƚŚĞZW^hƐƌĞůĂƚĞĚƚŽ
ŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐĂƌĞƌĞĐŽƌĚĞĚĂƚĨĂŝƌǀĂůƵĞďĂƐĞĚŽŶƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨĂDŽŶƚĞĂƌůŽƉƌŝĐŝŶŐŵŽĚĞůĂƚƚŚĞĚĂƚĞŽĨ
ŐƌĂŶƚĂŶĚƚŚĞƉŽƌƚŝŽŶƌĞůĂƚĞĚƚŽŶŽŶͲŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐĂƌĞƌĞĐŽƌĚĞĚĂƚƚŚĞŵĂƌŬĞƚǀĂůƵĞŽĨƚŚĞƐŚĂƌĞƐĂƚƚŚĞĚĂƚĞŽĨ
ŐƌĂŶƚ͘dŚĞŽŵƉĂŶLJ͛ƐĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞŝƐ ƌĞĐŽŐŶŝnjĞĚŽǀĞƌƚŚĞǀĞƐƚŝŶŐƉĞƌŝŽĚďĂƐĞĚŽŶƚŚĞŶƵŵďĞƌŽĨƵŶŝƚƐ
ĞƐƚŝŵĂƚĞĚƚŽǀĞƐƚ͘DĂŶĂŐĞŵĞŶƚĞƐƚŝŵĂƚĞƐƚŚĞŶƵŵďĞƌŽĨĂǁĂƌĚƐůŝŬĞůLJƚŽǀĞƐƚŽŶŐƌĂŶƚĂŶĚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞƵƉ
ƚŽƚŚĞǀĞƐƚŝŶŐĚĂƚĞ͘dŚĞĞƐƚŝŵĂƚĞĚĨŽƌĨĞŝƚƵƌĞƌĂƚĞŝƐĂĚũƵƐƚĞĚĨŽƌĂĐƚƵĂůĨŽƌĨĞŝƚƵƌĞƐŝŶĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘KŶǀĞƐƚŝŶŐ
ŽĨZW^hƐ͕ƐŚĂƌĞƐĂƌĞŐĞŶĞƌĂůůLJŝƐƐƵĞĚĨƌŽŵƚƌĞĂƐƵƌLJ͘
ĞĨĞƌƌĞĚ^ŚĂƌĞhŶŝƚWůĂŶ͗ĞĨĞƌƌĞĚƐŚĂƌĞƵŶŝƚƐ;͞^hƐ͟ͿĂƌĞĐĂƐŚͲƐĞƚƚůĞĚĂŶĚĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂůŝĂďŝůŝƚLJĂƚĨĂŝƌǀĂůƵĞǁŚŝĐŚ
ŝƐďĂƐĞĚŽŶƚŚĞŵĂƌŬĞƚǀĂůƵĞŽĨƚŚĞƐŚĂƌĞƐĂƚƚŚĞŐƌĂŶƚĚĂƚĞ͘dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞůŝĂďŝůŝƚLJŝƐƌĞͲŵĞĂƐƵƌĞĚĞĂĐŚƉĞƌŝŽĚďĂƐĞĚ
ŽŶ ƚŚĞ ĐƵƌƌĞŶƚ ŵĂƌŬĞƚ ǀĂůƵĞ ŽĨ ƚŚĞ ƵŶĚĞƌůLJŝŶŐ ƐƚŽĐŬ Ăƚ ƉĞƌŝŽĚ ĞŶĚ ĂŶĚ ĂŶLJ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ůŝĂďŝůŝƚLJ ĂƌĞ ƌĞĐŽƌĚĞĚ ĂƐ
ĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞĞĂĐŚƉĞƌŝŽĚ͘
ŵƉůŽLJĞĞ^ŚĂƌĞWƵƌĐŚĂƐĞWůĂŶ͗dŚĞŽŵƉĂŶLJ͛ƐĐŽŶƚƌŝďƵƚŝŽŶƚŽƚŚĞĞŵƉůŽLJĞĞ^ŚĂƌĞWƵƌĐŚĂƐĞWůĂŶ;͞^WW͟ͿŝƐƌĞĐŽƌĚĞĚĂƐ
ĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞŽŶĂƉĂLJƌŽůůĐLJĐůĞďĂƐŝƐĂƐƚŚĞĞŵƉůŽLJĞƌ͛ƐŽďůŝŐĂƚŝŽŶƚŽĐŽŶƚƌŝďƵƚĞŝƐŝŶĐƵƌƌĞĚ͘dŚĞĐŽƐƚŽĨƚŚĞĐŽŵŵŽŶ
ƐŚĂƌĞƐƉƵƌĐŚĂƐĞĚƵŶĚĞƌƚŚĞ^WWĂƌĞĞŝƚŚĞƌďĂƐĞĚŽŶƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĐůŽƐŝŶŐƉƌŝĐĞŽĨƚŚĞůĂƐƚĨŝǀĞƚƌĂĚŝŶŐƐĞƐƐŝŽŶƐƉƌŝŽƌ
ƚŽƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚĨŽƌƐŚĂƌĞƐŝƐƐƵĞĚĨƌŽŵƚƌĞĂƐƵƌLJŽƌĂƌĞďĂƐĞĚŽŶƚŚĞƉƌŝĐĞƉĂŝĚĨŽƌĐŽŵŵŽŶƐŚĂƌĞƐƉƵƌĐŚĂƐĞĚŝŶƚŚĞ
ŽƉĞŶŵĂƌŬĞƚ͘
2024 ANNUAL REPORT KINROSS GOLD
17 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
džŝŝ͘
WƌŽǀŝƐŝŽŶĨŽƌƌĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶ
dŚĞ ŽŵƉĂŶLJ ƌĞĐŽƌĚƐ Ă ůŝĂďŝůŝƚLJ ĂŶĚ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ĂƐƐĞƚ ĨŽƌ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĐŽƐƚƐ ŽĨ ůĞŐĂů ĂŶĚ
ĐŽŶƐƚƌƵĐƚŝǀĞŽďůŝŐĂƚŝŽŶƐĨŽƌĨƵƚƵƌĞƐŝƚĞƌĞĐůĂŵĂƚŝŽŶĂŶĚĐůŽƐƵƌĞĂĐƚŝǀŝƚŝĞƐǁŚĞƌĞƚŚĞůŝĂďŝůŝƚLJŝƐŵŽƌĞůŝŬĞůLJƚŚĂŶŶŽƚƚŽĞdžŝƐƚ͕
ĂŶĚĂƌĞĂƐŽŶĂďůĞĞƐƚŝŵĂƚĞĐĂŶďĞŵĂĚĞŽĨƚŚĞŽďůŝŐĂƚŝŽŶ͘dŚĞĞƐƚŝŵĂƚĞĚƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞŽďůŝŐĂƚŝŽŶŝƐƌĞĂƐƐĞƐƐĞĚŽŶĂŶ
ĂŶŶƵĂůďĂƐŝƐŽƌǁŚĞŶŶĞǁŵĂƚĞƌŝĂůŝŶĨŽƌŵĂƚŝŽŶďĞĐŽŵĞƐĂǀĂŝůĂďůĞ͘/ŶĐƌĞĂƐĞƐŽƌĚĞĐƌĞĂƐĞƐƚŽƚŚĞŽďůŝŐĂƚŝŽŶƵƐƵĂůůLJĂƌŝƐĞĚƵĞ
ƚŽĐŚĂŶŐĞƐŝŶůĞŐĂůŽƌƌĞŐƵůĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐ͕ƚŚĞĞdžƚĞŶƚŽĨĞŶǀŝƌŽŶŵĞŶƚĂůƌĞŵĞĚŝĂƚŝŽŶƌĞƋƵŝƌĞĚ͕ŵĞƚŚŽĚƐŽĨƌĞĐůĂŵĂƚŝŽŶ͕
ĐŽƐƚĞƐƚŝŵĂƚĞƐ͕ŽƌĚŝƐĐŽƵŶƚƌĂƚĞƐ͘ŚĂŶŐĞƐƚŽƚŚĞƉƌŽǀŝƐŝŽŶĨŽƌƌĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐƌĞůĂƚĞĚƚŽŽƉĞƌĂƚŝŶŐ
ŵŝŶĞƐ͕ǁŚŝĐŚĂƌĞŶŽƚƚŚĞƌĞƐƵůƚŽĨĐƵƌƌĞŶƚƉƌŽĚƵĐƚŝŽŶŽĨŝŶǀĞŶƚŽƌLJ͕ĂƌĞƌĞĐŽƌĚĞĚǁŝƚŚĂŶŽĨĨƐĞƚƚŝŶŐĐŚĂŶŐĞƚŽƚŚĞƌĞůĂƚĞĚ
ĂƐƐĞƚ͘&ŽƌƉƌŽƉĞƌƚŝĞƐǁŚĞƌĞŵŝŶŝŶŐĂĐƚŝǀŝƚŝĞƐŚĂǀĞĐĞĂƐĞĚ͕ŚĂǀĞĂƐŚŽƌƚƌĞŵĂŝŶŝŶŐŵŝŶĞůŝĨĞ͕ŽƌĂƌĞŝŶƌĞĐůĂŵĂƚŝŽŶ͕ĐŚĂŶŐĞƐ
ĂƌĞƌĞĐŽƌĚĞĚĚŝƌĞĐƚůLJƚŽĞĂƌŶŝŶŐƐ͘dŚĞƉƌĞƐĞŶƚǀĂůƵĞŝƐĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶĐƵƌƌĞŶƚŵĂƌŬĞƚĂƐƐĞƐƐŵĞŶƚƐŽĨƚŚĞƚŝŵĞǀĂůƵĞ
ŽĨŵŽŶĞLJƵƐŝŶŐĚŝƐĐŽƵŶƚƌĂƚĞƐƐƉĞĐŝĨŝĐƚŽƚŚĞĐŽƵŶƚƌLJŝŶǁŚŝĐŚƚŚĞĂƐƐĞƚŽƌƌĞĐůĂŵĂƚŝŽŶƐŝƚĞŝƐůŽĐĂƚĞĚĂŶĚŝƐĚĞƚĞƌŵŝŶĞĚĂƐ
ƚŚĞƌŝƐŬͲĨƌĞĞƌĂƚĞŽĨďŽƌƌŽǁŝŶŐĂƉƉƌŽdžŝŵĂƚĞĚďLJƚŚĞLJŝĞůĚŽŶƐŽǀĞƌĞŝŐŶĚĞďƚĨŽƌƚŚĂƚĐŽƵŶƚƌLJ͕ǁŝƚŚĂŵĂƚƵƌŝƚLJĂƉƉƌŽdžŝŵĂƚŝŶŐ
ƚŚĞƚŝŵŝŶŐŽĨĐĂƐŚĨůŽǁƐ͘dŚĞƉĞƌŝŽĚŝĐƵŶǁŝŶĚŝŶŐŽĨƚŚĞĚŝƐĐŽƵŶƚĞĚŽďůŝŐĂƚŝŽŶŝƐƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨ
ŽƉĞƌĂƚŝŽŶƐĂƐĂĨŝŶĂŶĐĞĞdžƉĞŶƐĞ͘
džŝŝŝ͘
DĞƚĂůƐĂůĞƐ
DĞƚĂůƐĂůĞƐŝŶĐůƵĚĞƐĂůĞƐŽĨƌĞĨŝŶĞĚŐŽůĚĂŶĚƐŝůǀĞƌĂŶĚĚŽƌĠ͕ǁŚŝĐŚĂƌĞŐĞŶĞƌĂůůLJƉŚLJƐŝĐĂůůLJĚĞůŝǀĞƌĞĚƚŽĐƵƐƚŽŵĞƌƐŝŶƚŚĞ
ƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞLJĂƌĞƉƌŽĚƵĐĞĚ͕ǁŝƚŚƚŚĞŝƌƐĂůĞƐƉƌŝĐĞďĂƐĞĚŽŶƉƌĞǀĂŝůŝŶŐƐƉŽƚŵĂƌŬĞƚŵĞƚĂůƉƌŝĐĞƐ͘/ŶŽƌĚĞƌƚŽŵĂŶĂŐĞ
ƐŚŽƌƚͲƚĞƌŵŵĞƚĂůƉƌŝĐĞƌŝƐŬ͕ƚŚĞŽŵƉĂŶLJŵĂLJĞŶƚĞƌŝŶƚŽĚĞƌŝǀĂƚŝǀĞĐŽŶƚƌĂĐƚƐŝŶƌĞůĂƚŝŽŶƚŽŵĞƚĂůƐĂůĞƐƚŚĂƚŝƚďĞůŝĞǀĞƐĂƌĞ
ŚŝŐŚůLJůŝŬĞůLJƚŽŽĐĐƵƌǁŝƚŚŝŶĂŐŝǀĞŶƉĞƌŝŽĚ͘EŽƐƵĐŚĐŽŶƚƌĂĐƚƐǁĞƌĞŽƵƚƐƚĂŶĚŝŶŐĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰŽƌĞĐĞŵďĞƌϯϭ͕
ϮϬϮϯ͘
ZĞǀĞŶƵĞĨƌŽŵŵĞƚĂůƐĂůĞƐŝƐƌĞĐŽŐŶŝnjĞĚǁŚĞŶĐŽŶƚƌŽůŽǀĞƌƚŚĞŵĞƚĂůŝƐƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞĐƵƐƚŽŵĞƌ͘dƌĂŶƐĨĞƌŽĨĐŽŶƚƌŽů
ŐĞŶĞƌĂůůLJŽĐĐƵƌƐǁŚĞŶƚŚĞƌĞĨŝŶĞĚŐŽůĚ͕ƐŝůǀĞƌŽƌĚŽƌĠŚĂƐďĞĞŶĂĐĐĞƉƚĞĚďLJƚŚĞĐƵƐƚŽŵĞƌ͘KŶĐĞƚŚĞĐƵƐƚŽŵĞƌŚĂƐĂĐĐĞƉƚĞĚ
ƚŚĞŵĞƚĂůƐ͕ƚŚĞƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉŚĂǀĞƚLJƉŝĐĂůůLJďĞĞŶƚƌĂŶƐĨĞƌƌĞĚĂŶĚƚŚĞĐƵƐƚŽŵĞƌŝƐĂďůĞƚŽĚŝƌĞĐƚ
ƚŚĞƵƐĞŽĨĂŶĚŽďƚĂŝŶƐƵďƐƚĂŶƚŝĂůůLJĂůůŽĨƚŚĞƌĞŵĂŝŶŝŶŐďĞŶĞĨŝƚƐĨƌŽŵƚŚĞŵĞƚĂůƐ͘KŶƚƌĂŶƐĨĞƌŽĨĐŽŶƚƌŽů͕ƌĞǀĞŶƵĞĂŶĚƌĞůĂƚĞĚ
ĐŽƐƚƐĐĂŶďĞŵĞĂƐƵƌĞĚƌĞůŝĂďůLJĂŶĚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚŚĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƚƌĂŶƐĂĐƚŝŽŶǁŝůůĨůŽǁƚŽƚŚĞ
ŽŵƉĂŶLJĂƐƉĂLJŵĞŶƚŝƐƌĞĐĞŝǀĞĚŽŶƚŚĞĚĂƚĞŽĨŽƌǁŝƚŚŝŶĂĨĞǁĚĂLJƐŽĨƚƌĂŶƐĨĞƌŽĨĐŽŶƚƌŽů͘
džŝǀ͘
/ŶĐŽŵĞƚĂdž
dŚĞŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞŽƌďĞŶĞĨŝƚĨŽƌƚŚĞƉĞƌŝŽĚĐŽŶƐŝƐƚƐŽĨƚǁŽĐŽŵƉŽŶĞŶƚƐ͗ĐƵƌƌĞŶƚĂŶĚĚĞĨĞƌƌĞĚ͘/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞŝƐ
ƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨŽƉĞƌĂƚŝŽŶƐĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚŝƚƌĞůĂƚĞƐƚŽĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶŽƌŝƚĞŵƐ
ƌĞĐŽŐŶŝnjĞĚĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJ͘
ƵƌƌĞŶƚƚĂdžŝƐƚŚĞĞdžƉĞĐƚĞĚƚĂdžƉĂLJĂďůĞŽƌƌĞĐĞŝǀĂďůĞŽŶƚŚĞƚĂdžĂďůĞƉƌŽĨŝƚŽƌůŽƐƐĨŽƌƚŚĞLJĞĂƌ͘ƵƌƌĞŶƚƚĂdžŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐ
ƚĂdžƌĂƚĞƐĂŶĚůĂǁƐƚŚĂƚǁĞƌĞĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƚŝǀĞůLJĞŶĂĐƚĞĚĂƚƚŚĞďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞŝŶĞĂĐŚŽĨƚŚĞũƵƌŝƐĚŝĐƚŝŽŶƐĂŶĚ
ŝŶĐůƵĚĞƐĂŶLJĂĚũƵƐƚŵĞŶƚƐĨŽƌƚĂdžĞƐƉĂLJĂďůĞŽƌƌĞĐŽǀĞƌLJŝŶƌĞƐƉĞĐƚŽĨƉƌŝŽƌƉĞƌŝŽĚƐ͘
ĞĨĞƌƌĞĚƚĂdžŝƐƌĞĐŽŐŶŝnjĞĚŝŶƌĞƐƉĞĐƚŽĨƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶƚŚĞ
ĐŽŶƐŽůŝĚĂƚĞĚďĂůĂŶĐĞƐŚĞĞƚĂŶĚƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƚĂdžďĂƐĞƐƵƐĞĚŝŶƚŚĞĐŽŵƉƵƚĂƚŝŽŶŽĨƚĂdžĂďůĞƉƌŽĨŝƚ͘ĞĨĞƌƌĞĚƚĂdžŝƐ
ĐĂůĐƵůĂƚĞĚďĂƐĞĚŽŶƚŚĞĞdžƉĞĐƚĞĚŵĂŶŶĞƌŽĨƌĞĂůŝnjĂƚŝŽŶŽƌƐĞƚƚůĞŵĞŶƚŽĨƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͕ƵƐŝŶŐ
ƚĂdž ƌĂƚĞƐ ƚŚĂƚ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ĂƉƉůLJ ŝŶ ƚŚĞ LJĞĂƌ ŽĨ ƌĞĂůŝnjĂƚŝŽŶ Žƌ ƐĞƚƚůĞŵĞŶƚ ďĂƐĞĚ ŽŶ ƚĂdž ƌĂƚĞƐ ĂŶĚ ůĂǁƐ ĞŶĂĐƚĞĚ Žƌ
ƐƵďƐƚĂŶƚŝǀĞůLJĞŶĂĐƚĞĚĂƚƚŚĞďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞ͘
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂƌĞŐĞŶĞƌĂůůLJƌĞĐŽŐŶŝnjĞĚĨŽƌĂůůƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ͘ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚ
ĨŽƌƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂƌŝƐŝŶŐŽŶŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĞdžĐĞƉƚǁŚĞƌĞƚŚĞ
ƌĞǀĞƌƐĂů ŽĨ ƚŚĞ ƚĞŵƉŽƌĂƌLJ ĚŝĨĨĞƌĞŶĐĞ ĐĂŶ ďĞ ĐŽŶƚƌŽůůĞĚ͕ ĂŶĚ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ǁŝůů ŶŽƚ ƌĞǀĞƌƐĞ ŝŶ ƚŚĞ
ĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚĨŽƌĂůůĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ͕ĐĂƌƌLJĨŽƌǁĂƌĚŽĨƵŶƵƐĞĚƚĂdžĐƌĞĚŝƚƐĂŶĚƵŶƵƐĞĚ
ƚĂdžůŽƐƐĞƐƚŽƚŚĞĞdžƚĞŶƚŝƚŝƐƉƌŽďĂďůĞĨƵƚƵƌĞƚĂdžĂďůĞƉƌŽĨŝƚƐǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚĞLJĐĂŶďĞƵƚŝůŝnjĞĚ͘dŚĞĐĂƌƌLJŝŶŐ
ĂŵŽƵŶƚŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŝƐƌĞǀŝĞǁĞĚĂƚĞĂĐŚďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞĂŶĚƌĞĚƵĐĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐŶŽůŽŶŐĞƌƉƌŽďĂďůĞ
ƚŚĂƚƐƵĨĨŝĐŝĞŶƚƚĂdžĂďůĞƉƌŽĨŝƚƐǁŝůůďĞĂǀĂŝůĂďůĞƚŽĂůůŽǁĂůůŽƌƉĂƌƚŽĨƚŚĞĂƐƐĞƚƚŽďĞƌĞĐŽǀĞƌĞĚ͘
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞŽĨĨƐĞƚǁŚĞƌĞƚŚĞLJƌĞůĂƚĞƚŽŝŶĐŽŵĞƚĂdžĞƐůĞǀŝĞĚďLJƚŚĞƐĂŵĞƚĂdžĂƚŝŽŶĂƵƚŚŽƌŝƚLJĂŶĚƚŚĞ
ŽŵƉĂŶLJŚĂƐƚŚĞůĞŐĂůƌŝŐŚƚĂŶĚŝŶƚĞŶƚƚŽŽĨĨƐĞƚ͘
2024 ANNUAL REPORT KINROSS GOLD
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EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
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ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ
ĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ĐĂůĐƵůĂƚŝŽŶƐ ĂƌĞ ďĂƐĞĚ ŽŶ ƚŚĞ ǁĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ŶƵŵďĞƌ ŽĨ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ĂŶĚ ĐŽŵŵŽŶ ƐŚĂƌĞ
ĞƋƵŝǀĂůĞŶƚƐŝƐƐƵĞĚĂŶĚŽƵƚƐƚĂŶĚŝŶŐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘ĂƐŝĐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĂŵŽƵŶƚƐĂƌĞĐĂůĐƵůĂƚĞĚďLJĚŝǀŝĚŝŶŐ ŶĞƚ
ĞĂƌŶŝŶŐƐ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ĐŽŵŵŽŶ ƐŚĂƌĞŚŽůĚĞƌƐ ĨŽƌ ƚŚĞ ƉĞƌŝŽĚ ďLJ ƚŚĞ ǁĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ŶƵŵďĞƌ ŽĨ ĐŽŵŵŽŶ ƐŚĂƌĞƐ
ŽƵƚƐƚĂŶĚŝŶŐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘ŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĂŵŽƵŶƚƐĂƌĞĐĂůĐƵůĂƚĞĚďLJĚŝǀŝĚŝŶŐŶĞƚĞĂƌŶŝŶŐƐĂƚƚƌŝďƵƚĂďůĞƚŽ
ĐŽŵŵŽŶƐŚĂƌĞŚŽůĚĞƌƐĨŽƌƚŚĞƉĞƌŝŽĚďLJƚŚĞĚŝůƵƚĞĚǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘
ŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞƚƌĞĂƐƵƌLJŵĞƚŚŽĚ͘dŚĞƚƌĞĂƐƵƌLJŵĞƚŚŽĚ͕ǁŚŝĐŚĂƐƐƵŵĞƐƚŚĂƚŽƵƚƐƚĂŶĚŝŶŐ
ƐƚŽĐŬŽƉƚŝŽŶƐ͕ǁĂƌƌĂŶƚƐ͕Z^hƐĂŶĚZW^hƐǁŝƚŚĂŶĂǀĞƌĂŐĞĞdžĞƌĐŝƐĞƉƌŝĐĞďĞůŽǁƚŚĞŵĂƌŬĞƚƉƌŝĐĞŽĨƚŚĞƵŶĚĞƌůLJŝŶŐƐŚĂƌĞƐ͕
ĂƌĞĞdžĞƌĐŝƐĞĚĂŶĚƚŚĞĂƐƐƵŵĞĚƉƌŽĐĞĞĚƐĂƌĞƵƐĞĚƚŽƌĞƉƵƌĐŚĂƐĞĐŽŵŵŽŶƐŚĂƌĞƐŽĨƚŚĞŽŵƉĂŶLJĂƚƚŚĞĂǀĞƌĂŐĞŵĂƌŬĞƚ
ƉƌŝĐĞŽĨƚŚĞĐŽŵŵŽŶƐŚĂƌĞƐĨŽƌƚŚĞƉĞƌŝŽĚ͘
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ŚĂŶŐĞƐŝŶDĂƚĞƌŝĂůĐĐŽƵŶƚŝŶŐWŽůŝĐŝĞƐ
KŶ:ĂŶƵĂƌLJϭ͕ϮϬϮϰ͕ƚŚĞŽŵƉĂŶLJĂĚŽƉƚĞĚĂŵĞŶĚŵĞŶƚƐƚŽ/^ϭ͞WƌĞƐĞŶƚĂƚŝŽŶŽĨ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͟;͞/^ϭ͟ͿǁŚŝĐŚ
ĐůĂƌŝĨLJƚŚĂƚƚŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨůŝĂďŝůŝƚŝĞƐĂƐĐƵƌƌĞŶƚŽƌŶŽŶͲĐƵƌƌĞŶƚƐŚŽƵůĚďĞďĂƐĞĚŽŶƌŝŐŚƚƐƚŚĂƚĞdžŝƐƚĂƚƚŚĞĞŶĚŽĨƚŚĞ
ƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂŶĚƚŚĂƚĐůĂƐƐŝĨŝĐĂƚŝŽŶŝƐƵŶĂĨĨĞĐƚĞĚďLJĞdžƉĞĐƚĂƚŝŽŶƐĂďŽƵƚǁŚĞƚŚĞƌĂŶĞŶƚŝƚLJǁŝůůĞdžĞƌĐŝƐĞŝƚƐƌŝŐŚƚƚŽĚĞĨĞƌ
ƐĞƚƚůĞŵĞŶƚŽĨĂůŝĂďŝůŝƚLJ͘&ŽƌůŝĂďŝůŝƚŝĞƐǁŝƚŚĐŽǀĞŶĂŶƚƐ͕ƚŚĞĂŵĞŶĚŵĞŶƚƐĐůĂƌŝĨLJƚŚĂƚŽŶůLJĐŽǀĞŶĂŶƚƐǁŝƚŚǁŚŝĐŚĂŶĞŶƚŝƚLJŝƐ
ƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJŽŶŽƌďĞĨŽƌĞƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞĂĨĨĞĐƚƚŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶĂƐĐƵƌƌĞŶƚŽƌŶŽŶͲĐƵƌƌĞŶƚ͘dŚĞĂŵĞŶĚŵĞŶƚƐĚŝĚ
ŶŽƚŚĂǀĞĂŶŝŵƉĂĐƚŽŶƚŚĞŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƚŚĞĐŽŵƉĂƌĂƚŝǀĞƉĞƌŝŽĚŽŶƚŚĞĚĂƚĞŽĨĂĚŽƉƚŝŽŶ͘
ŝŝ͘
ZĞĐĞŶƚĐĐŽƵŶƚŝŶŐWƌŽŶŽƵŶĐĞŵĞŶƚƐĚŽƉƚĞĚ
KŶ:ĂŶƵĂƌLJϭ͕ϮϬϮϰ͕ƚŚĞŽŵƉĂŶLJĂĚŽƉƚĞĚĂŵĞŶĚŵĞŶƚƐƚŽ/&Z^ϭϲ͞>ĞĂƐĞƐ͟;͞/&Z^ϭϲ͟ͿǁŚŝĐŚĂĚĚƐƵďƐĞƋƵĞŶƚŵĞĂƐƵƌĞŵĞŶƚ
ƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƐĂůĞĂŶĚůĞĂƐĞďĂĐŬƚƌĂŶƐĂĐƚŝŽŶƐ͕ƉĂƌƚŝĐƵůĂƌůLJƚŚŽƐĞǁŝƚŚǀĂƌŝĂďůĞůĞĂƐĞƉĂLJŵĞŶƚƐ͘dŚĞĂŵĞŶĚŵĞŶƚƐƌĞƋƵŝƌĞ
ƚŚĞƐĞůůĞƌͲůĞƐƐĞĞƚŽƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞůĞĂƐĞůŝĂďŝůŝƚŝĞƐŝŶĂǁĂLJƐƵĐŚƚŚĂƚŝƚĚŽĞƐŶŽƚƌĞĐŽŐŶŝnjĞĂŶLJŐĂŝŶŽƌůŽƐƐƌĞůĂƚŝŶŐ
ƚŽƚŚĞƌŝŐŚƚŽĨƵƐĞŝƚƌĞƚĂŝŶƐ͘dŚĞĂŵĞŶĚŵĞŶƚƐĚŝĚŶŽƚŚĂǀĞĂŶŝŵƉĂĐƚŽŶƚŚĞŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽŶƚŚĞĚĂƚĞŽĨ
ĂĚŽƉƚŝŽŶ͘
KŶ:ĂŶƵĂƌLJϭ͕ϮϬϮϰ͕ƚŚĞŽŵƉĂŶLJĂĚŽƉƚĞĚĂŵĞŶĚŵĞŶƚƐƚŽ/^ϳ͞^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐ͟;͞/^ϳ͟ͿƌĞƋƵŝƌŝŶŐĞŶƚŝƚŝĞƐƚŽ
ƉƌŽǀŝĚĞ ƋƵĂůŝƚĂƚŝǀĞ ĂŶĚ ƋƵĂŶƚŝƚĂƚŝǀĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞŝƌ ƐƵƉƉůŝĞƌ ĨŝŶĂŶĐĞ ĂƌƌĂŶŐĞŵĞŶƚƐ͘ /Ŷ ĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ ƚŚĞ
ĂŵĞŶĚŵĞŶƚƐƚŽ/^ϳ͕ƚŚĞ/^ĂůƐŽŝƐƐƵĞĚĂŵĞŶĚŵĞŶƚƐƚŽ/&Z^ϳ͞&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ͗ŝƐĐůŽƐƵƌĞƐ͟;͞/&Z^ϳ͟ͿƌĞƋƵŝƌŝŶŐ
ĞŶƚŝƚŝĞƐƚŽĚŝƐĐůŽƐĞǁŚĞƚŚĞƌƚŚĞLJŚĂǀĞĂĐĐĞƐƐĞĚ͕ŽƌŚĂǀĞĂĐĐĞƐƐƚŽ͕ƐƵƉƉůŝĞƌĨŝŶĂŶĐĞĂƌƌĂŶŐĞŵĞŶƚƐƚŚĂƚǁŽƵůĚƉƌŽǀŝĚĞƚŚĞ
ĞŶƚŝƚLJǁŝƚŚĞdžƚĞŶĚĞĚƉĂLJŵĞŶƚƚĞƌŵƐŽƌƚŚĞƐƵƉƉůŝĞƌƐǁŝƚŚĞĂƌůLJƉĂLJŵĞŶƚƚĞƌŵƐ͘dŚĞĂŵĞŶĚŵĞŶƚƐĚŝĚŶŽƚŚĂǀĞĂŶŝŵƉĂĐƚ
ŽŶƚŚĞŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽŶƚŚĞĚĂƚĞŽĨĂĚŽƉƚŝŽŶ͘
ŝŝŝ͘
ZĞĐĞŶƚĐĐŽƵŶƚŝŶŐWƌŽŶŽƵŶĐĞŵĞŶƚƐ/ƐƐƵĞĚEŽƚzĞƚĚŽƉƚĞĚ
KŶƵŐƵƐƚϭϱ͕ϮϬϮϯ͕ƚŚĞ/^ŝƐƐƵĞĚĂŵĞŶĚŵĞŶƚƐƚŽ/^Ϯϭ͞dŚĞ ĨĨĞĐƚƐŽĨŚĂŶŐĞƐŝŶ&ŽƌĞŝŐŶ džĐŚĂŶŐĞ͟;͞/^Ϯϭ͟ͿƚŽƐƉĞĐŝĨLJ
ŚŽǁƚŽĂƐƐĞƐƐǁŚĞƚŚĞƌĂĐƵƌƌĞŶĐLJŝƐĞdžĐŚĂŶŐĞĂďůĞĂŶĚŚŽǁƚŽĚĞƚĞƌŵŝŶĞƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞǁŚĞŶŝƚŝƐŶŽƚĞdžĐŚĂŶŐĞĂďůĞ͘
dŚĞ ĂŵĞŶĚŵĞŶƚƐ ƐƉĞĐŝĨLJ ƚŚĂƚ Ă ĐƵƌƌĞŶĐLJ ŝƐ ĞdžĐŚĂŶŐĞĂďůĞ ǁŚĞŶ ŝƚ ĐĂŶ ďĞ ĞdžĐŚĂŶŐĞĚ ƚŚƌŽƵŐŚ ŵĂƌŬĞƚ Žƌ ĞdžĐŚĂŶŐĞ
ŵĞĐŚĂŶŝƐŵƐƚŚĂƚĐƌĞĂƚĞĞŶĨŽƌĐĞĂďůĞƌŝŐŚƚƐĂŶĚŽďůŝŐĂƚŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂƚƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞĂŶĚƚŚĞƐƉĞĐŝĨŝĞĚ
ƉƵƌƉŽƐĞ͘&ŽƌŶŽŶͲĞdžĐŚĂŶŐĞĂďůĞĐƵƌƌĞŶĐŝĞƐ͕ĂŶĞŶƚŝƚLJŝƐƌĞƋƵŝƌĞĚƚŽĞƐƚŝŵĂƚĞƚŚĞƐƉŽƚĞdžĐŚĂŶŐĞƌĂƚĞĂƐƚŚĞƌĂƚĞƚŚĂƚǁŽƵůĚ
ŚĂǀĞĂƉƉůŝĞĚƚŽĂŶŽƌĚĞƌůLJĞdžĐŚĂŶŐĞƚƌĂŶƐĂĐƚŝŽŶďĞƚǁĞĞŶŵĂƌŬĞƚƉĂƌƚŝĐŝƉĂŶƚƐĂƚƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞƵŶĚĞƌƉƌĞǀĂŝůŝŶŐ
ĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐ͘dŚĞĂŵĞŶĚŵĞŶƚƐĂƌĞĞĨĨĞĐƚŝǀĞŽŶ:ĂŶƵĂƌLJϭ͕ϮϬϮϱĂŶĚĂƌĞŶŽƚĞdžƉĞĐƚĞĚƚŽŚĂǀĞĂŶŝŵƉĂĐƚŽŶƚŚĞ
ŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
KŶƉƌŝůϵ͕ϮϬϮϰ͕ƚŚĞ/^ŝƐƐƵĞĚ/&Z^ϭϴ͞WƌĞƐĞŶƚĂƚŝŽŶĂŶĚŝƐĐůŽƐƵƌĞŝŶƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͟;͞/&Z^ϭϴ͟ͿƌĞƉůĂĐŝŶŐ/^
ϭ͘/&Z^ϭϴŝŶƚƌŽĚƵĐĞƐĐĂƚĞŐŽƌŝĞƐĂŶĚĚĞĨŝŶĞĚƐƵďƚŽƚĂůƐŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĨŝƚŽƌůŽƐƐ͕ĚŝƐĐůŽƐƵƌĞƐŽŶŵĂŶĂŐĞŵĞŶƚͲĚĞĨŝŶĞĚ
ƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐ͕ĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐƚŽŝŵƉƌŽǀĞƚŚĞĂŐŐƌĞŐĂƚŝŽŶĂŶĚĚŝƐĂŐŐƌĞŐĂƚŝŽŶŽĨŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐ͘ƐĂƌĞƐƵůƚŽĨ/&Z^ϭϴ͕ĂŵĞŶĚŵĞŶƚƐƚŽ/^ϳǁĞƌĞĂůƐŽŝƐƐƵĞĚƚŽƌĞƋƵŝƌĞƚŚĂƚĞŶƚŝƚŝĞƐƵƐĞƚŚĞŽƉĞƌĂƚŝŶŐƉƌŽĨŝƚ
ƐƵďƚŽƚĂůĂƐƚŚĞƐƚĂƌƚŝŶŐƉŽŝŶƚĨŽƌƚŚĞŝŶĚŝƌĞĐƚŵĞƚŚŽĚŽĨƌĞƉŽƌƚŝŶŐĐĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐĂŶĚĂůƐŽƚŽƌĞŵŽǀĞ
ƉƌĞƐĞŶƚĂƚŝŽŶĂůƚĞƌŶĂƚŝǀĞƐĨŽƌŝŶƚĞƌĞƐƚĂŶĚĚŝǀŝĚĞŶĚƐƉĂŝĚĂŶĚƌĞĐĞŝǀĞĚ͘^ŝŵŝůĂƌůLJ͕ĂŵĞŶĚŵĞŶƚƐƚŽ/^ϯϯ͞ ĂƌŶŝŶŐƐƉĞƌ^ŚĂƌĞ͟
ǁĞƌĞŝƐƐƵĞĚƚŽƉĞƌŵŝƚĚŝƐĐůŽƐƵƌĞŽĨĂĚĚŝƚŝŽŶĂůĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĨŝŐƵƌĞƐƵƐŝŶŐĂŶLJŽƚŚĞƌĐŽŵƉŽŶĞŶƚŽĨƚŚĞƐƚĂƚĞŵĞŶƚŽĨ
ƉƌŽĨŝƚŽƌůŽƐƐ͕ƉƌŽǀŝĚĞĚƚŚĞŶƵŵĞƌĂƚŽƌŝƐĂƚŽƚĂůŽƌƐƵďƚŽƚĂůĚĞĨŝŶĞĚƵŶĚĞƌ/&Z^ϭϴ͘/&Z^ϭϴŝƐĞĨĨĞĐƚŝǀĞĨŽƌĂŶŶƵĂůƌĞƉŽƌƚŝŶŐ
2024 ANNUAL REPORT KINROSS GOLD
19 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐŽŶŽƌĂĨƚĞƌ:ĂŶƵĂƌLJϭ͕ϮϬϮϳ͕ĂŶĚŝƐƚŽďĞĂƉƉůŝĞĚƌĞƚƌŽƐƉĞĐƚŝǀĞůLJ͕ǁŝƚŚĞĂƌůLJĂĚŽƉƚŝŽŶƉĞƌŵŝƚƚĞĚ͘dŚĞ
ŽŵƉĂŶLJŝƐĐƵƌƌĞŶƚůLJĂƐƐĞƐƐŝŶŐƚŚĞŝŵƉĂĐƚŽĨƚŚĞƐƚĂŶĚĂƌĚŽŶŝƚƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
KŶDĂLJϯϬ͕ϮϬϮϰ͕ƚŚĞ/^ŝƐƐƵĞĚŶĂƌƌŽǁƐĐŽƉĞĂŵĞŶĚŵĞŶƚƐƚŽ/&Z^ϵ͞&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ͟;͞/&Z^ϵ͟ͿĂŶĚ/&Z^ϳ͘dŚĞ
ĂŵĞŶĚŵĞŶƚƐŝŶĐůƵĚĞƚŚĞĐůĂƌŝĨŝĐĂƚŝŽŶŽĨƚŚĞĚĂƚĞŽĨŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽƌĚĞƌĞĐŽŐŶŝƚŝŽŶŽĨĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐ
ĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚĂƌĞƐĞƚƚůĞĚŝŶĐĂƐŚƵƐŝŶŐĂŶĞůĞĐƚƌŽŶŝĐƉĂLJŵĞŶƚƐLJƐƚĞŵ͘dŚĞĂŵĞŶĚŵĞŶƚƐĂůƐŽŝŶƚƌŽĚƵĐĞĂĚĚŝƚŝŽŶĂů
ĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐƚŽĞŶŚĂŶĐĞƚƌĂŶƐƉĂƌĞŶĐLJƌĞŐĂƌĚŝŶŐŝŶǀĞƐƚŵĞŶƚƐŝŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐĚĞƐŝŐŶĂƚĞĚĂƚ&sK/ĂŶĚ
ĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐǁŝƚŚĐŽŶƚŝŶŐĞŶƚĨĞĂƚƵƌĞƐ͘dŚĞĂŵĞŶĚŵĞŶƚƐĂƌĞĞĨĨĞĐƚŝǀĞĨŽƌĂŶŶƵĂůƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐŽŶŽƌĂĨƚĞƌ
:ĂŶƵĂƌLJ ϭ͕ ϮϬϮϲ͕ ǁŝƚŚ ĞĂƌůLJ ĂĚŽƉƚŝŽŶ ƉĞƌŵŝƚƚĞĚ ĂŶĚ ĂƌĞ ŶŽƚ ĞdžƉĞĐƚĞĚ ƚŽ ŚĂǀĞ ĂŶ ŝŵƉĂĐƚ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐ͘
KŶĞĐĞŵďĞƌϭϴ͕ϮϬϮϰ͕ƚŚĞ/^ŝƐƐƵĞĚƚĂƌŐĞƚĞĚĂŵĞŶĚŵĞŶƚƐƚŽ/&Z^ϵĂŶĚ/&Z^ϳƚŽŚĞůƉĐŽŵƉĂŶŝĞƐďĞƚƚĞƌƌĞƉŽƌƚƚŚĞ
ĨŝŶĂŶĐŝĂůĞĨĨĞĐƚƐŽĨŶĂƚƵƌĞͲĚĞƉĞŶĚĞŶƚĞůĞĐƚƌŝĐŝƚLJĐŽŶƚƌĂĐƚƐ͘dŚĞĂŵĞŶĚŵĞŶƚƐĐůĂƌŝĨLJƚŚĞĨĂĐƚŽƌƐĂŶĞŶƚŝƚLJǁŽƵůĚĐŽŶƐŝĚĞƌ
ǁŚĞŶĂƐƐĞƐƐŝŶŐǁŚĞƚŚĞƌĂƌĞŶĞǁĂďůĞĞůĞĐƚƌŝĐŝƚLJĐŽŶƚƌĂĐƚƋƵĂůŝĨŝĞƐĨŽƌƚŚĞŽǁŶͲƵƐĞĞdžĞŵƉƚŝŽŶƵŶĚĞƌ/&Z^ϵ͕ĂƐǁĞůůĂƐŚĞĚŐĞ
ĂĐĐŽƵŶƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌǁŚĞŶĂƌĞŶĞǁĂďůĞĞůĞĐƚƌŝĐŝƚLJĐŽŶƚƌĂĐƚŝƐĚĞƐŝŐŶĂƚĞĚĂƐƚŚĞŚĞĚŐŝŶŐŝŶƐƚƌƵŵĞŶƚŝŶĂĐĂƐŚĨůŽǁ
ŚĞĚŐĞŽĨĨŽƌĞĐĂƐƚĞĚƐĂůĞƐŽƌƉƵƌĐŚĂƐĞƐŽĨĞůĞĐƚƌŝĐŝƚLJ͘dŚĞĂŵĞŶĚŵĞŶƚƐĂƌĞĞĨĨĞĐƚŝǀĞĨŽƌĂŶŶƵĂůƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐ
ŽŶŽƌĂĨƚĞƌ:ĂŶƵĂƌLJϭ͕ϮϬϮϲ͕ǁŝƚŚĞĂƌůLJĂĚŽƉƚŝŽŶƉĞƌŵŝƚƚĞĚ͘dŚĞĂŵĞŶĚŵĞŶƚƐƐŚĂůůďĞĂƉƉůŝĞĚƌĞƚƌŽƐƉĞĐƚŝǀĞůLJ͕ŚŽǁĞǀĞƌƉƌŝŽƌ
ƉĞƌŝŽĚƐŶĞĞĚŶŽƚďĞƌĞƐƚĂƚĞĚƚŽƌĞĨůĞĐƚƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨƚŚĞĂŵĞŶĚŵĞŶƚƐ͘dŚĞĂŵĞŶĚŵĞŶƚƐĂƌĞŶŽƚĞdžƉĞĐƚĞĚƚŽŚĂǀĞĂ
ƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚŽŶƚŚĞŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ϱ͘
^/'E/&/Ed:h'D Ed^͕ ^d/Dd ^E^^hDWd/KE^
dŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĐŽŶĨŽƌŵŝƚLJǁŝƚŚ/&Z^ƌĞƋƵŝƌĞƐŵĂŶĂŐĞŵĞŶƚƚŽŵĂŬĞũƵĚŐŵĞŶƚƐ͕
ĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐƚŚĂƚĂĨĨĞĐƚƚŚĞƌĞƉŽƌƚĞĚĂŵŽƵŶƚƐŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂŶĚĚŝƐĐůŽƐƵƌĞƐŽĨĐŽŶƚŝŶŐĞŶƚĂƐƐĞƚƐ
ĂŶĚ ůŝĂďŝůŝƚŝĞƐĂƚƚŚĞĚĂƚĞŽĨ ƚŚĞĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐĂŶĚƚŚĞƌĞƉŽƌƚĞĚĂŵŽƵŶƚƐŽĨ ƌĞǀĞŶƵĞƐ ĂŶĚĞdžƉĞŶƐĞƐĚƵƌŝŶŐ ƚŚĞ
ƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘ ƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐĂƌĞĐŽŶƚŝŶƵĂůůLJĞǀĂůƵĂƚĞĚĂŶĚĂƌĞďĂƐĞĚŽŶŵĂŶĂŐĞŵĞŶƚ͛ƐĞdžƉĞƌŝĞŶĐĞĂŶĚ
ŽƚŚĞƌĨĂĐƚŽƌƐ͕ŝŶĐůƵĚŝŶŐĞdžƉĞĐƚĂƚŝŽŶƐŽĨĨƵƚƵƌĞĞǀĞŶƚƐƚŚĂƚĂƌĞďĞůŝĞǀĞĚƚŽďĞƌĞĂƐŽŶĂďůĞƵŶĚĞƌƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ĐƚƵĂů
ƌĞƐƵůƚƐĐŽƵůĚĚŝĨĨĞƌĨƌŽŵƚŚĞƐĞĞƐƚŝŵĂƚĞƐ͘
dŚĞĂƌĞĂƐǁŚŝĐŚƌĞƋƵŝƌĞŵĂŶĂŐĞŵĞŶƚƚŽŵĂŬĞƐŝŐŶŝĨŝĐĂŶƚũƵĚŐŵĞŶƚƐ͕ĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐŝŶĂƉƉůLJŝŶŐƚŚĞŽŵƉĂŶLJ͛Ɛ
ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĂŶĚĚĞƚĞƌŵŝŶŝŶŐĐĂƌƌLJŝŶŐǀĂůƵĞƐŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ͗
;ĂͿ ĞƚĞƌŵŝŶĂƚŝŽŶŽĨDŝŶĞƌĂůZĞƐĞƌǀĞƐĂŶĚDŝŶĞƌĂůZĞƐŽƵƌĐĞƐ
dŚĞŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚŝŶŐƚŽƚŚĞŐĞŽůŽŐŝĐĂůĚĂƚĂŽŶƚŚĞƐŝnjĞ͕ĚĞƉƚŚĂŶĚƐŚĂƉĞŽĨƚŚĞŽƌĞďŽĚLJƌĞƋƵŝƌĞƐĐŽŵƉůĞdžŐĞŽůŽŐŝĐĂů
ũƵĚŐŵĞŶƚƐ ƚŽ ŝŶƚĞƌƉƌĞƚ ƚŚĞ ĚĂƚĂ͘ WƌŽǀĞŶ ĂŶĚ ƉƌŽďĂďůĞ ŵŝŶĞƌĂů ƌĞƐĞƌǀĞƐ ĂƌĞ ƚŚĞ ĞĐŽŶŽŵŝĐĂůůLJ ŵŝŶĞĂďůĞ ƉĂƌƚƐ ŽĨ ƚŚĞ
ŽŵƉĂŶLJ͛ƐŵĞĂƐƵƌĞĚĂŶĚŝŶĚŝĐĂƚĞĚŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐĚĞŵŽŶƐƚƌĂƚĞĚďLJĂƚůĞĂƐƚĂƉƌĞůŝŵŝŶĂƌLJĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJ͘dŚĞŽŵƉĂŶLJ
ĞƐƚŝŵĂƚĞƐŝƚƐƉƌŽǀĞŶĂŶĚƉƌŽďĂďůĞŵŝŶĞƌĂůƌĞƐĞƌǀĞƐĂŶĚŵĞĂƐƵƌĞĚĂŶĚŝŶĚŝĐĂƚĞĚĂŶĚŝŶĨĞƌƌĞĚŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐďĂƐĞĚŽŶ
ŝŶĨŽƌŵĂƚŝŽŶĐŽŵƉŝůĞĚďLJĂƉƉƌŽƉƌŝĂƚĞůLJƋƵĂůŝĨŝĞĚƉĞƌƐŽŶƐ͘dŚĞĞƐƚŝŵĂƚŝŽŶŽĨĨƵƚƵƌĞĐĂƐŚĨůŽǁƐƌĞůĂƚĞĚƚŽƉƌŽǀĞŶĂŶĚƉƌŽďĂďůĞ
ŵŝŶĞƌĂů ƌĞƐĞƌǀĞƐ ŝƐ ďĂƐĞĚ ƵƉŽŶ ĨĂĐƚŽƌƐ ƐƵĐŚ ĂƐ ĞƐƚŝŵĂƚĞƐ ŽĨ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͕ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ͕ ĨƵƚƵƌĞ ĐĂƉŝƚĂů
ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƉƌŽĚƵĐƚŝŽŶĐŽƐƚƐĂůŽŶŐǁŝƚŚŐĞŽůŽŐŝĐĂůĂƐƐƵŵƉƚŝŽŶƐĂŶĚũƵĚŐŵĞŶƚƐŵĂĚĞŝŶĞƐƚŝŵĂƚŝŶŐƚŚĞƐŝnjĞĂŶĚŐƌĂĚĞ
ŽĨƚŚĞŽƌĞďŽĚLJ͘ŚĂŶŐĞƐŝŶƚŚĞƉƌŽǀĞŶĂŶĚƉƌŽďĂďůĞŵŝŶĞƌĂůƌĞƐĞƌǀĞƐŽƌŵĞĂƐƵƌĞĚĂŶĚŝŶĚŝĐĂƚĞĚĂŶĚŝŶĨĞƌƌĞĚŵŝŶĞƌĂů
ƌĞƐŽƵƌĐĞƐ ĞƐƚŝŵĂƚĞƐ ŵĂLJ ŝŵƉĂĐƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͕ ƌĞĐůĂŵĂƚŝŽŶ ĂŶĚ ƌĞŵĞĚŝĂƚŝŽŶ
ŽďůŝŐĂƚŝŽŶƐ͕ƌĞĐŽŐŶŝƚŝŽŶŽĨĚĞĨĞƌƌĞĚƚĂdžĂŵŽƵŶƚƐĂŶĚĚĞƉƌĞĐŝĂƚŝŽŶ͕ĚĞƉůĞƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ͘
;ďͿ
sĂůƵĂƚŝŽŶŽĨůŽŶŐͲůŝǀĞĚĂƐƐĞƚƐ
dŚĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĨĂŝƌǀĂůƵĞƐŽĨůŽŶŐͲůŝǀĞĚĂƐƐĞƚƐĨŽƌƉŽƚĞŶƚŝĂůŝŵƉĂŝƌŵĞŶƚŽƌƌĞǀĞƌƐĂůŽĨŝŵƉĂŝƌŵĞŶƚ͕ƌĞƋƵŝƌĞƚŚĞƵƐĞŽĨ
ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ĨŽƌ ƌĞĐŽǀĞƌĂďůĞ ƉƌŽĚƵĐƚŝŽŶ͕ ĨƵƚƵƌĞ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ŽƉĞƌĂƚŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ͕ ĂƐ
ĐŽŶƚĂŝŶĞĚŝŶƚŚĞ ŽŵƉĂŶLJ͛Ɛ>KDƉůĂŶƐ͕ĂƐǁĞůůĂƐĨƵƚƵƌĞĂŶĚůŽŶŐͲƚĞƌŵ ĐŽŵŵŽĚŝƚLJƉƌŝĐĞƐ͕ĚŝƐĐŽƵŶƚ ƌĂƚĞƐ ĂŶĚ ĨŽƌĞŝŐŶ
ĞdžĐŚĂŶŐĞƌĂƚĞƐ͘ŚĂŶŐĞƐŝŶĂŶLJŽĨƚŚĞĂƐƐƵŵƉƚŝŽŶƐŽƌĞƐƚŝŵĂƚĞƐƵƐĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞĨĂŝƌǀĂůƵĞŽĨŽƚŚĞƌůŽŶŐͲůŝǀĞĚĂƐƐĞƚƐ
ĐŽƵůĚŝŵƉĂĐƚƚŚĞŝŵƉĂŝƌŵĞŶƚĂŶĂůLJƐŝƐ͘
dŚĞŽŵƉĂŶLJ͛Ɛ>KDƉůĂŶƐĂƌĞďĂƐĞĚŽŶĚĞƚĂŝůĞĚƌĞƐĞĂƌĐŚ͕ĂŶĂůLJƐŝƐĂŶĚŵŽĚĞůŝŶŐƚŽŵĂdžŝŵŝnjĞƚŚĞEsŽĨĞĂĐŚ'h͘ƐƐƵĐŚ͕
ƚŚĞƐĞƉůĂŶƐĐŽŶƐŝĚĞƌ ƚŚĞŽƉƚŝŵĂůůĞǀĞůŽĨŝŶǀĞƐƚŵĞŶƚ͕ŽǀĞƌĂůůƉƌŽĚƵĐƚŝŽŶůĞǀĞůƐĂŶĚƐĞƋƵĞŶĐĞŽĨĞdžƚƌĂĐƚŝŽŶ͕ƚĂŬŝŶŐŝŶƚŽ
ĂĐĐŽƵŶƚĂůůƌĞůĞǀĂŶƚĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞŽƌĞďŽĚLJ͕ŝŶĐůƵĚŝŶŐǁĂƐƚĞƚŽŽƌĞƌĂƚŝŽƐ͕ŽƌĞŐƌĂĚĞƐ͕ŚĂƵůĚŝƐƚĂŶĐĞƐ͕ĐŚĞŵŝĐĂůĂŶĚ
ŵĞƚĂůůƵƌŐŝĐĂůƉƌŽƉĞƌƚŝĞƐŝŵƉĂĐƚŝŶŐƉƌŽĐĞƐƐƌĞĐŽǀĞƌŝĞƐ͕ĐĂƉĂĐŝƚŝĞƐŽĨĂǀĂŝůĂďůĞĞdžƚƌĂĐƚŝŽŶ͕ŚĂƵůĂŐĞĂŶĚƉƌŽĐĞƐƐŝŶŐĞƋƵŝƉŵĞŶƚ͕
ĂŶĚŽƚŚĞƌĨĂĐƚŽƌƐ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞ>KDƉůĂŶŝƐĂŶĂƉƉƌŽƉƌŝĂƚĞďĂƐŝƐĨŽƌĨŽƌĞĐĂƐƚŝŶŐƉƌŽĚƵĐƚŝŽŶŽƵƚƉƵƚŝŶĞĂĐŚĨƵƚƵƌĞLJĞĂƌĂŶĚ
2024 ANNUAL REPORT KINROSS GOLD
FS 20
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ƚŚĞƌĞůĂƚĞĚƉƌŽĚƵĐƚŝŽŶĐŽƐƚƐĂŶĚĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ͘dŚĞ>KDƉůĂŶƐŚĂǀĞďĞĞŶĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐĐĂƐŚĨůŽǁƉƌŽũĞĐƚŝŽŶƐ
ĨƌŽŵĨŝŶĂŶĐŝĂůďƵĚŐĞƚƐĂƉƉƌŽǀĞĚďLJƐĞŶŝŽƌŵĂŶĂŐĞŵĞŶƚ͘
WƌŽũĞĐƚĞĚĨƵƚƵƌĞƌĞǀĞŶƵĞƐƌĞĨůĞĐƚƚŚĞĨŽƌĞĐĂƐƚĨƵƚƵƌĞƉƌŽĚƵĐƚŝŽŶůĞǀĞůƐĂƚĞĂĐŚŽĨƚŚĞŽŵƉĂŶLJ͛Ɛ'hƐĂƐĚĞƚĂŝůĞĚŝŶƚŚĞ
>KDƉůĂŶƐ͘dŚĞƐĞĨŽƌĞĐĂƐƚƐŵĂLJŝŶĐůƵĚĞƚŚĞƉƌŽĚƵĐƚŝŽŶŽĨŵŝŶĞƌĂůŝnjĞĚŵĂƚĞƌŝĂůƚŚĂƚĚŽĞƐŶŽƚĐƵƌƌĞŶƚůLJƋƵĂůŝĨLJĨŽƌŝŶĐůƵƐŝŽŶ
ŝŶĂŵŝŶĞƌĂůƌĞƐĞƌǀĞŽƌŵŝŶĞƌĂůƌĞƐŽƵƌĐĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ͘dŚŝƐŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŵĞƚŚŽĚŽůŽŐLJƵƐĞĚƚŽŵĞĂƐƵƌĞǀĂůƵĞďĞLJŽŶĚ
ƉƌŽǀĞŶĂŶĚƉƌŽďĂďůĞƌĞƐĞƌǀĞƐǁŚĞŶĂůůŽĐĂƚŝŶŐƚŚĞƉƵƌĐŚĂƐĞƉƌŝĐĞŽĨĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƚŽĂĐƋƵŝƌĞĚŵŝŶŝŶŐĂƐƐĞƚƐ͘dŚĞ
ĨĂŝƌǀĂůƵĞĂƌƌŝǀĞĚĂƚ͕ĂƐĚĞƐĐƌŝďĞĚĂďŽǀĞ͕ŝƐƚŚĞŽŵƉĂŶLJ͛ƐĞƐƚŝŵĂƚĞŽĨĨĂŝƌǀĂůƵĞĨŽƌĂĐĐŽƵŶƚŝŶŐƉƵƌƉŽƐĞƐĂŶĚŝƐŶŽƚĂ
͞ƉƌĞůŝŵŝŶĂƌLJ ĂƐƐĞƐƐŵĞŶƚ͕͟ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ĂŶĂĚŝĂŶ ^ĞĐƵƌŝƚŝĞƐ ĚŵŝŶŝƐƚƌĂƚŽƌƐ͛ EĂƚŝŽŶĂů /ŶƐƚƌƵŵĞŶƚ ϰϯͲϭϬϭ ͞^ƚĂŶĚĂƌĚƐ ŽĨ
ŝƐĐůŽƐƵƌĞĨŽƌDŝŶĞƌĂůWƌŽũĞĐƚƐ͘͟
WƌŽũĞĐƚĞĚĨƵƚƵƌĞƌĞǀĞŶƵĞƐĂůƐŽƌĞĨůĞĐƚƚŚĞŽŵƉĂŶLJ͛ƐĞƐƚŝŵĂƚĞƐŽĨĨƵƚƵƌĞŵĞƚĂůƐƉƌŝĐĞƐ͕ǁŚŝĐŚĂƌĞĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶ
ĐƵƌƌĞŶƚƉƌŝĐĞƐ͕ĨŽƌǁĂƌĚƉƌŝĐĞƐĂŶĚĨŽƌĞĐĂƐƚƐŽĨĨƵƚƵƌĞƉƌŝĐĞƐƉƌĞƉĂƌĞĚďLJŝŶĚƵƐƚƌLJĂŶĂůLJƐƚƐ͘dŚĞƐĞĞƐƚŝŵĂƚĞƐŽĨƚĞŶĚŝĨĨĞƌĨƌŽŵ
ĐƵƌƌĞŶƚƉƌŝĐĞůĞǀĞůƐ͕ďƵƚƚŚĞŵĞƚŚŽĚŽůŽŐLJƵƐĞĚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚŚŽǁĂŵĂƌŬĞƚƉĂƌƚŝĐŝƉĂŶƚǁŽƵůĚĂƐƐĞƐƐĨƵƚƵƌĞŵĞƚĂůƐƉƌŝĐĞƐ͘
dŚĞŽŵƉĂŶLJ͛ƐĞƐƚŝŵĂƚĞƐŽĨĨƵƚƵƌĞĐĂƐŚĐŽƐƚƐŽĨƉƌŽĚƵĐƚŝŽŶĂŶĚĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐĂƌĞďĂƐĞĚŽŶƚŚĞ>KDƉůĂŶƐĨŽƌĞĂĐŚ
'h͘ŽƐƚƐŝŶĐƵƌƌĞĚŝŶĐƵƌƌĞŶĐŝĞƐŽƚŚĞƌƚŚĂŶƚŚĞh͘^͘ĚŽůůĂƌĂƌĞƚƌĂŶƐůĂƚĞĚƚŽh͘^͘ĚŽůůĂƌĞƋƵŝǀĂůĞŶƚƐďĂƐĞĚŽŶůŽŶŐͲƚĞƌŵ
ĨŽƌĞĐĂƐƚƐŽĨĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐ͕ŽŶĂĐƵƌƌĞŶĐLJďLJĐƵƌƌĞŶĐLJďĂƐŝƐ͕ŽďƚĂŝŶĞĚĨƌŽŵŝŶĚĞƉĞŶĚĞŶƚƐŽƵƌĐĞƐŽĨĞĐŽŶŽŵŝĐĚĂƚĂ͘
KŝůƉƌŝĐĞƐĂƌĞĂƐŝŐŶŝĨŝĐĂŶƚĐŽŵƉŽŶĞŶƚŽĨĐĂƐŚĐŽƐƚƐŽĨƉƌŽĚƵĐƚŝŽŶĂŶĚĂƌĞĞƐƚŝŵĂƚĞĚďĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚƉƌŝĐĞ͕ĨŽƌǁĂƌĚ
ƉƌŝĐĞƐ͕ĂŶĚĨŽƌĞĐĂƐƚƐŽĨĨƵƚƵƌĞƉƌŝĐĞƐĨƌŽŵƚŚŝƌĚƉĂƌƚLJƐŽƵƌĐĞƐ͘
dŚĞĚŝƐĐŽƵŶƚƌĂƚĞĂƉƉůŝĞĚƚŽƉƌĞƐĞŶƚǀĂůƵĞƚŚĞŶĞƚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐŝƐďĂƐĞĚŽŶĂƌĞĂůǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĐŽƐƚŽĨĐĂƉŝƚĂůďLJ
ĐŽƵŶƚƌLJƚŽĂĐĐŽƵŶƚĨŽƌŐĞŽƉŽůŝƚŝĐĂůƌŝƐŬ͘
;ĐͿ
/ŶǀĞŶƚŽƌŝĞƐ
džƉĞŶĚŝƚƵƌĞƐŝŶĐƵƌƌĞĚ͕ĂŶĚĚĞƉƌĞĐŝĂƚŝŽŶ͕ĚĞƉůĞƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶŽĨĂƐƐĞƚƐƵƐĞĚŝŶŵŝŶŝŶŐĂŶĚƉƌŽĐĞƐƐŝŶŐĂĐƚŝǀŝƚŝĞƐĂƌĞ
ĚĞĨĞƌƌĞĚĂŶĚĂĐĐƵŵƵůĂƚĞĚĂƐƚŚĞĐŽƐƚŽĨŽƌĞŝŶƐƚŽĐŬƉŝůĞƐ͕ŽƌĞŽŶůĞĂĐŚƉĂĚƐ͕ŝŶͲƉƌŽĐĞƐƐĂŶĚĨŝŶŝƐŚĞĚŵĞƚĂůŝŶǀĞŶƚŽƌŝĞƐ͘
dŚĞƐĞĚĞĨĞƌƌĞĚĂŵŽƵŶƚƐĂƌĞĐĂƌƌŝĞĚĂƚƚŚĞůŽǁĞƌŽĨĂǀĞƌĂŐĞĐŽƐƚŽƌEZs͘tƌŝƚĞͲĚŽǁŶƐ͕ĂŶĚƐƵďƐĞƋƵĞŶƚƌĞǀĞƌƐĂůƐƚŚĞƌĞŽĨ͕
ŽĨ ŽƌĞ ŝŶ ƐƚŽĐŬƉŝůĞƐ͕ ŽƌĞ ŽŶ ůĞĂĐŚ ƉĂĚƐ͕ ŝŶͲƉƌŽĐĞƐƐ ĂŶĚ ĨŝŶŝƐŚĞĚ ŵĞƚĂů ŝŶǀĞŶƚŽƌŝĞƐ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ EZs ŝŵƉĂŝƌŵĞŶƚƐ ĂƌĞ
ƌĞƉŽƌƚĞĚĂƐĂĐŽŵƉŽŶĞŶƚŽĨĐƵƌƌĞŶƚƉĞƌŝŽĚĐŽƐƚƐ͘dŚĞƉƌŝŵĂƌLJĨĂĐƚŽƌƐƚŚĂƚŝŶĨůƵĞŶĐĞƚŚĞŶĞĞĚƚŽƌĞĐŽƌĚǁƌŝƚĞͲĚŽǁŶƐĂŶĚ
ƌĞůĂƚĞĚƌĞǀĞƌƐĂůƐŝŶĐůƵĚĞƉƌĞǀĂŝůŝŶŐĂŶĚůŽŶŐͲƚĞƌŵŵĞƚĂůƉƌŝĐĞƐĂŶĚƉƌĞǀĂŝůŝŶŐĐŽƐƚƐĨŽƌƉƌŽĚƵĐƚŝŽŶŝŶƉƵƚƐƐƵĐŚĂƐůĂďŽƵƌ͕ĨƵĞů
ĂŶĚĞŶĞƌŐLJ͕ŵĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ͕ĂƐǁĞůůĂƐƌĞĂůŝnjĞĚŽƌĞŐƌĂĚĞƐĂŶĚĂĐƚƵĂůƉƌŽĚƵĐƚŝŽŶůĞǀĞůƐ͘
ŽƐƚƐĂƌĞ ĂƚƚƌŝďƵƚĞĚƚŽƚŚĞ ůĞĂĐŚƉĂĚƐ ďĂƐĞĚŽŶĐƵƌƌĞŶƚŵŝŶŝŶŐĐŽƐƚƐ͕ ŝŶĐůƵĚŝŶŐĂƉƉůŝĐĂďůĞ ĚĞƉƌĞĐŝĂƚŝŽŶ͕ ĚĞƉůĞƚŝŽŶ ĂŶĚ
ĂŵŽƌƚŝnjĂƚŝŽŶƌĞůĂƚŝŶŐƚŽŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐŝŶĐƵƌƌĞĚƵƉƚŽƚŚĞƉŽŝŶƚŽĨƉůĂĐŝŶŐƚŚĞŽƌĞŽŶƚŚĞƉĂĚ͘ŽƐƚƐĂƌĞƌĞŵŽǀĞĚĨƌŽŵ
ƚŚĞůĞĂĐŚƉĂĚďĂƐĞĚŽŶƚŚĞĂǀĞƌĂŐĞĐŽƐƚƉĞƌƌĞĐŽǀĞƌĂďůĞŽƵŶĐĞŽĨŐŽůĚŽŶƚŚĞůĞĂĐŚƉĂĚĂƐƚŚĞŐŽůĚŝƐƌĞĐŽǀĞƌĞĚ͘ ƐƚŝŵĂƚĞƐ
ŽĨƌĞĐŽǀĞƌĂďůĞŐŽůĚŽŶƚŚĞůĞĂĐŚƉĂĚƐĂƌĞĐĂůĐƵůĂƚĞĚĨƌŽŵƚŚĞƋƵĂŶƚŝƚŝĞƐŽĨŽƌĞƉůĂĐĞĚŽŶƚŚĞƉĂĚƐ͕ƚŚĞŐƌĂĚĞŽĨŽƌĞƉůĂĐĞĚ
ŽŶƚŚĞůĞĂĐŚƉĂĚƐĂŶĚĂŶĞƐƚŝŵĂƚĞĚƉĞƌĐĞŶƚĂŐĞŽĨƌĞĐŽǀĞƌLJ͘dŝŵŝŶŐĂŶĚƵůƚŝŵĂƚĞĂĐƚƵĂůƌĞĐŽǀĞƌLJŽĨŐŽůĚĐŽŶƚĂŝŶĞĚŽŶůĞĂĐŚ
ƉĂĚƐĐĂŶǀĂƌLJƐŝŐŶŝĨŝĐĂŶƚůLJĨƌŽŵƚŚĞĞƐƚŝŵĂƚĞƐ͘dŚĞƋƵĂŶƚŝƚŝĞƐŽĨƌĞĐŽǀĞƌĂďůĞŐŽůĚƉůĂĐĞĚŽŶƚŚĞůĞĂĐŚƉĂĚƐĂƌĞƌĞĐŽŶĐŝůĞĚƚŽ
ƚŚĞƋƵĂŶƚŝƚŝĞƐŽĨŐŽůĚĂĐƚƵĂůůLJƌĞĐŽǀĞƌĞĚ;ŵĞƚĂůůƵƌŐŝĐĂůďĂůĂŶĐŝŶŐͿ͕ďLJĐŽŵƉĂƌŝŶŐƚŚĞŐƌĂĚĞƐŽĨŽƌĞƉůĂĐĞĚŽŶƚŚĞůĞĂĐŚƉĂĚƐ
ƚŽĂĐƚƵĂůŽƵŶĐĞƐƌĞĐŽǀĞƌĞĚ͘dŚĞŶĂƚƵƌĞŽĨƚŚĞůĞĂĐŚŝŶŐƉƌŽĐĞƐƐŝŶŚĞƌĞŶƚůLJůŝŵŝƚƐƚŚĞĂďŝůŝƚLJƚŽƉƌĞĐŝƐĞůLJŵŽŶŝƚŽƌŝŶǀĞŶƚŽƌLJ
ůĞǀĞůƐ͘ƐĂƌĞƐƵůƚ͕ƚŚĞŵĞƚĂůůƵƌŐŝĐĂůďĂůĂŶĐŝŶŐƉƌŽĐĞƐƐŝƐĐŽŶƐƚĂŶƚůLJŵŽŶŝƚŽƌĞĚĂŶĚƚŚĞĞŶŐŝŶĞĞƌŝŶŐĞƐƚŝŵĂƚĞƐĂƌĞƌĞĨŝŶĞĚ
ďĂƐĞĚŽŶĂĐƚƵĂůƌĞƐƵůƚƐĂƐǁĞůůĂƐĨŽƌĐŚĂŶŐĞƐƚŽƚŚĞŵŝŶĞƉůĂŶŽǀĞƌƚŝŵĞ͘dŚĞƵůƚŝŵĂƚĞĂĐƚƵĂůƌĞĐŽǀĞƌLJŽĨŐŽůĚĨƌŽŵĂƉĂĚ
ǁŝůůŶŽƚďĞŬŶŽǁŶƵŶƚŝůƚŚĞůĞĂĐŚŝŶŐƉƌŽĐĞƐƐŝƐĐŽŵƉůĞƚĞĚ͘
dŚĞĂůůŽĐĂƚŝŽŶŽĨĐŽƐƚƐƚŽŽƌĞŝŶƐƚŽĐŬƉŝůĞƐ͕ŽƌĞŽŶůĞĂĐŚƉĂĚƐĂŶĚŝŶͲƉƌŽĐĞƐƐŝŶǀĞŶƚŽƌŝĞƐĂŶĚƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨEZs
ŝŶǀŽůǀĞ ƚŚĞ ƵƐĞ ŽĨ ĞƐƚŝŵĂƚĞƐ͘ dŚĞƌĞ ŝƐ Ă ŚŝŐŚ ĚĞŐƌĞĞ ŽĨ ũƵĚŐŵĞŶƚ ŝŶ ĞƐƚŝŵĂƚŝŶŐ ĨƵƚƵƌĞ ĐŽƐƚƐ͕ ĨƵƚƵƌĞ ƉƌŽĚƵĐƚŝŽŶ ůĞǀĞůƐ͕
ĨŽƌĞĐĂƐƚĞĚƵƐĂŐĞŽĨƐƵƉƉůŝĞƐŝŶǀĞŶƚŽƌLJ͕ƉƌŽǀĞŶĂŶĚƉƌŽďĂďůĞƌĞƐĞƌǀĞƐĞƐƚŝŵĂƚĞƐ͕ŐŽůĚĂŶĚƐŝůǀĞƌƉƌŝĐĞƐ͕ĂŶĚƚŚĞƵůƚŝŵĂƚĞ
ĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌLJĨŽƌŽƌĞŽŶůĞĂĐŚƉĂĚƐ͘dŚĞƌĞĐĂŶďĞŶŽĂƐƐƵƌĂŶĐĞƚŚĂƚĂĐƚƵĂůƌĞƐƵůƚƐǁŝůůŶŽƚĚŝĨĨĞƌƐŝŐŶŝĨŝĐĂŶƚůLJĨƌŽŵ
ĞƐƚŝŵĂƚĞƐƵƐĞĚŝŶƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨŝŶǀĞŶƚŽƌŝĞƐ͘
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WƌŽǀŝƐŝŽŶĨŽƌƌĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶ
dŚĞŽŵƉĂŶLJĂƐƐĞƐƐĞƐŝƚƐƉƌŽǀŝƐŝŽŶĨŽƌƌĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶŽŶĂŶĂŶŶƵĂůďĂƐŝƐŽƌǁŚĞŶŶĞǁŵĂƚĞƌŝĂůŝŶĨŽƌŵĂƚŝŽŶ
ďĞĐŽŵĞƐĂǀĂŝůĂďůĞ͘DŝŶŝŶŐĂŶĚĞdžƉůŽƌĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĂƌĞƐƵďũĞĐƚƚŽǀĂƌŝŽƵƐůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐŐŽǀĞƌŶŝŶŐƚŚĞƉƌŽƚĞĐƚŝŽŶŽĨ
ƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘/ŶŐĞŶĞƌĂů͕ƚŚĞƐĞůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐĂƌĞĐŽŶƚŝŶƵĂůůLJĐŚĂŶŐŝŶŐĂŶĚƚŚĞŽŵƉĂŶLJŚĂƐŵĂĚĞ͕ĂŶĚŝŶƚĞŶĚƐ
ƚŽŵĂŬĞŝŶƚŚĞĨƵƚƵƌĞ͕ĞdžƉĞŶĚŝƚƵƌĞƐƚŽĐŽŵƉůLJǁŝƚŚƐƵĐŚůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ĐĐŽƵŶƚŝŶŐĨŽƌƌĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶ
ŽďůŝŐĂƚŝŽŶƐƌĞƋƵŝƌĞƐŵĂŶĂŐĞŵĞŶƚƚŽŵĂŬĞĞƐƚŝŵĂƚĞƐŽĨƚŚĞĨƵƚƵƌĞĐŽƐƚƐƚŚĞŽŵƉĂŶLJǁŝůůŝŶĐƵƌƚŽĐŽŵƉůĞƚĞƚŚĞƌĞĐůĂŵĂƚŝŽŶ
ĂŶĚƌĞŵĞĚŝĂƚŝŽŶǁŽƌŬƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚĞdžŝƐƚŝŶŐůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐĂƚĞĂĐŚŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶ͘ĐƚƵĂůĐŽƐƚƐŝŶĐƵƌƌĞĚ
ŵĂLJĚŝĨĨĞƌĨƌŽŵƚŚŽƐĞĂŵŽƵŶƚƐĞƐƚŝŵĂƚĞĚ͘ůƐŽ͕ĨƵƚƵƌĞĐŚĂŶŐĞƐƚŽĞŶǀŝƌŽŶŵĞŶƚĂůůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐĐŽƵůĚĐŚĂŶŐĞƚŚĞ
ĞdžƚĞŶƚŽĨƌĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶǁŽƌŬƌĞƋƵŝƌĞĚƚŽďĞƉĞƌĨŽƌŵĞĚďLJƚŚĞŽŵƉĂŶLJ͘ŚĂŶŐĞƐŝŶĨƵƚƵƌĞĐŽƐƚƐĐŽƵůĚ
2024 ANNUAL REPORT KINROSS GOLD
21 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ŵĂƚĞƌŝĂůůLJ ŝŵƉĂĐƚ ƚŚĞ ĂŵŽƵŶƚƐ ĐŚĂƌŐĞĚ ƚŽ ŽƉĞƌĂƚŝŽŶƐ ĨŽƌ ƌĞĐůĂŵĂƚŝŽŶ ĂŶĚ ƌĞŵĞĚŝĂƚŝŽŶ͘ dŚĞ ƉƌŽǀŝƐŝŽŶ ƌĞƉƌĞƐĞŶƚƐ
ŵĂŶĂŐĞŵĞŶƚ͛ƐďĞƐƚĞƐƚŝŵĂƚĞŽĨƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĨƵƚƵƌĞƌĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶŽďůŝŐĂƚŝŽŶ͘dŚĞĂĐƚƵĂůĨƵƚƵƌĞ
ĞdžƉĞŶĚŝƚƵƌĞƐŵĂLJĚŝĨĨĞƌĨƌŽŵƚŚĞĂŵŽƵŶƚƐĐƵƌƌĞŶƚůLJƉƌŽǀŝĚĞĚ͘
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dĂdžĞƐ
dŚĞŽŵƉĂŶLJŝƐƐƵďũĞĐƚƚŽŝŶĐŽŵĞƚĂdžĞƐŝŶ ŶƵŵĞƌŽƵƐũƵƌŝƐĚŝĐƚŝŽŶƐ͘^ŝŐŶŝĨŝĐĂŶƚũƵĚŐŵĞŶƚŝƐƌĞƋƵŝƌĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞ
ƉƌŽǀŝƐŝŽŶĨŽƌŝŶĐŽŵĞƚĂdžĞƐ͕ĚƵĞƚŽƚŚĞĐŽŵƉůĞdžŝƚLJŽĨůĞŐŝƐůĂƚŝŽŶ͘dŚĞƌĞĂƌĞŵĂŶLJƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚĐĂůĐƵůĂƚŝŽŶƐĨŽƌǁŚŝĐŚƚŚĞ
ƵůƚŝŵĂƚĞƚĂdžĚĞƚĞƌŵŝŶĂƚŝŽŶŝƐƵŶĐĞƌƚĂŝŶĚƵƌŝŶŐƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘
dŚĞŽŵƉĂŶLJƌĞĐŽŐŶŝnjĞƐƚŚĞĚĞĨĞƌƌĞĚƚĂdžďĞŶĞĨŝƚƌĞůĂƚĞĚƚŽĚĞĨĞƌƌĞĚŝŶĐŽŵĞĂŶĚƌĞƐŽƵƌĐĞƚĂdžĂƐƐĞƚƐƚŽƚŚĞĞdžƚĞŶƚƌĞĐŽǀĞƌLJ
ŝƐƉƌŽďĂďůĞ͘ƐƐĞƐƐŝŶŐƚŚĞƌĞĐŽǀĞƌĂďŝůŝƚLJŽĨĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĂƐƐĞƚƐƌĞƋƵŝƌĞƐŵĂŶĂŐĞŵĞŶƚƚŽŵĂŬĞĞƐƚŝŵĂƚĞƐŽĨĨƵƚƵƌĞ
ƚĂdžĂďůĞƉƌŽĨŝƚ͘dŽƚŚĞĞdžƚĞŶƚƚŚĂƚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĂŶĚƚĂdžĂďůĞƉƌŽĨŝƚĚŝĨĨĞƌƐŝŐŶŝĨŝĐĂŶƚůLJĨƌŽŵĞƐƚŝŵĂƚĞƐ͕ƚŚĞĂďŝůŝƚLJŽĨƚŚĞ
ŽŵƉĂŶLJƚŽƌĞĂůŝnjĞƚŚĞŶĞƚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐƌĞĐŽƌĚĞĚĂƚƚŚĞďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞĐŽƵůĚďĞŝŵƉĂĐƚĞĚ͘/ŶĂĚĚŝƚŝŽŶ͕ĨƵƚƵƌĞ
ĐŚĂŶŐĞƐŝŶƚĂdžůĂǁƐĐŽƵůĚůŝŵŝƚƚŚĞĂďŝůŝƚLJŽĨƚŚĞŽŵƉĂŶLJƚŽŽďƚĂŝŶƚĂdžĚĞĚƵĐƚŝŽŶƐŝŶĨƵƚƵƌĞƉĞƌŝŽĚƐĨƌŽŵĚĞĨĞƌƌĞĚŝŶĐŽŵĞ
ĂŶĚƌĞƐŽƵƌĐĞƚĂdžĂƐƐĞƚƐ͘
;ĨͿ
ŽŶƚŝŶŐĞŶĐŝĞƐ
ƵĞƚŽƚŚĞƐŝnjĞ͕ĐŽŵƉůĞdžŝƚLJĂŶĚŶĂƚƵƌĞŽĨƚŚĞŽŵƉĂŶLJ͛ƐŽƉĞƌĂƚŝŽŶƐ͕ǀĂƌŝŽƵƐůĞŐĂůĂŶĚƚĂdžŵĂƚƚĞƌƐĂƌĞŽƵƚƐƚĂŶĚŝŶŐĨƌŽŵƚŝŵĞ
ƚŽƚŝŵĞ͘ŽŶƚŝŶŐĞŶĐŝĞƐĐĂŶďĞƉŽƐƐŝďůĞĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐĂƌŝƐŝŶŐĨƌŽŵƉĂƐƚĞǀĞŶƚƐǁŚŝĐŚ͕ďLJƚŚĞŝƌŶĂƚƵƌĞ͕ǁŝůůŽŶůLJďĞƌĞƐŽůǀĞĚ
ǁŚĞŶŽŶĞŽƌŵŽƌĞĨƵƚƵƌĞĞǀĞŶƚƐŶŽƚǁŚŽůůLJǁŝƚŚŝŶŽƵƌĐŽŶƚƌŽůŽĐĐƵƌŽƌĨĂŝůƚŽŽĐĐƵƌ͘dŚĞĂƐƐĞƐƐŵĞŶƚŽĨƐƵĐŚĐŽŶƚŝŶŐĞŶĐŝĞƐ
ŝŶǀŽůǀĞƐƚŚĞƵƐĞŽĨƐŝŐŶŝĨŝĐĂŶƚũƵĚŐŵĞŶƚĂŶĚĞƐƚŝŵĂƚĞƐ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚŵĂŶĂŐĞŵĞŶƚ͛ƐĞƐƚŝŵĂƚĞŽĨƚŚĞĨƵƚƵƌĞƌĞƐŽůƵƚŝŽŶŽĨ
ƚŚĞƐĞŵĂƚƚĞƌƐĐŚĂŶŐĞƐ͕ƚŚĞŽŵƉĂŶLJǁŝůůƌĞĐŽŐŶŝnjĞƚŚĞĞĨĨĞĐƚƐŽĨƚŚĞĐŚĂŶŐĞƐŝŶŝƚƐĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽŶƚŚĞ
ĚĂƚĞƐƵĐŚĐŚĂŶŐĞƐŽĐĐƵƌ͘
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KE^K>/d &/EE/>^dd D Ed d/>^
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ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͗
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ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϰ
ϮϬϮϯ
ĂƐŚ
Ϯϴϭ͘ϲ
Ψ
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ϯϮϵ͘ϵ
ϭϱϰ͘Ϭ
ϲϭϭ͘ϱ
Ψ
ϯϱϮ͘ϰ
Ψ
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ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞĂŶĚƉƌĞƉĂŝĚĂƐƐĞƚƐ͗
ĞĐĞŵďĞƌϯϭ͕
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϰ
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ĞĨĞƌƌĞĚƉĂLJŵĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶ;ĂͿ
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ZĞĐĞŝǀĂďůĞƐ
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ĞƉŽƐŝƚƐ
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Ϯϲϴ͘ϳ
Ψ
;ĂͿ ^ĞĞEŽƚĞϭϲ͘
2024 ANNUAL REPORT KINROSS GOLD
FS 22
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ŝŝŝ͘
/ŶǀĞŶƚŽƌŝĞƐ͗
ĞĐĞŵďĞƌϯϭ͕
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϰ
ϮϬϮϯ
KƌĞŝŶƐƚŽĐŬƉŝůĞƐ;ĂͿ
ϱϭϮ͘ϯ
Ψ
ϰϲϵ͘ϲ
Ψ
KƌĞŽŶůĞĂĐŚƉĂĚƐ;ďͿ;ĐͿ
ϳϬϴ͘ϱ
ϳϬϭ͘ϯ
/ŶͲƉƌŽĐĞƐƐ
ϭϴϲ͘ϵ
ϭϯϵ͘ϱ
&ŝŶŝƐŚĞĚŵĞƚĂů
ϭϵ͘ϰ
ϭϳ͘ϯ
DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ
ϯϳϰ͘ϱ
ϯϲϳ͘ϵ
ϭ͕ϴϬϭ͘ϲ
ϭ͕ϲϵϱ͘ϲ
>ŽŶŐͲƚĞƌŵƉŽƌƚŝŽŶŽĨŽƌĞŝŶƐƚŽĐŬƉŝůĞƐĂŶĚŽƌĞŽŶůĞĂĐŚƉĂĚƐ;ĂͿ;ďͿ;ĐͿ
;ϱϱϴ͘ϰͿ
;ϱϰϮ͘ϲͿ
ϭ͕Ϯϰϯ͘Ϯ
Ψ
ϭ͕ϭϱϯ͘Ϭ
Ψ
;ĂͿ KƌĞŝŶƐƚŽĐŬƉŝůĞƐƌĞůĂƚĞƐƚŽƚŚĞŽŵƉĂŶLJ͛ƐŽƉĞƌĂƚŝŶŐŵŝŶĞƐ͘DĂƚĞƌŝĂůŶŽƚƐĐŚĞĚƵůĞĚĨŽƌƉƌŽĐĞƐƐŝŶŐǁŝƚŚŝŶƚŚĞŶĞdžƚϭϮŵŽŶƚŚƐŝƐŝŶĐůƵĚĞĚ
ŝŶŽƚŚĞƌůŽŶŐͲƚĞƌŵĂƐƐĞƚƐ͘^ĞĞEŽƚĞϲǀ͘
;ďͿ KƌĞŽŶůĞĂĐŚƉĂĚƐƌĞůĂƚĞƐƚŽƚŚĞŽŵƉĂŶLJΖƐĂůĚDŽƵŶƚĂŝŶ͕&Žƌƚ<ŶŽdž͕ĂŶĚZŽƵŶĚDŽƵŶƚĂŝŶŵŝŶĞƐ͘ĂƐĞĚŽŶĐƵƌƌĞŶƚŵŝŶĞƉůĂŶƐ͕ƚŚĞ
ŽŵƉĂŶLJĞdžƉĞĐƚƐƚŽƉůĂĐĞƚŚĞůĂƐƚƚŽŶŶĞŽĨŽƌĞŽŶŝƚƐůĞĂĐŚƉĂĚƐĂƚĂůĚDŽƵŶƚĂŝŶŝŶϮϬϮϳĂŶĚĂƚZŽƵŶĚDŽƵŶƚĂŝŶĂŶĚ&Žƌƚ<ŶŽdžŝŶ
ϮϬϮϴ͘DĂƚĞƌŝĂůŶŽƚƐĐŚĞĚƵůĞĚĨŽƌƉƌŽĐĞƐƐŝŶŐǁŝƚŚŝŶƚŚĞŶĞdžƚϭϮŵŽŶƚŚƐŝƐŝŶĐůƵĚĞĚŝŶŽƚŚĞƌůŽŶŐͲƚĞƌŵĂƐƐĞƚƐ͘^ĞĞEŽƚĞϲǀ͘
;ĐͿ ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ͕ĂŶŝŵƉĂŝƌŵĞŶƚĐŚĂƌŐĞƚŽŝŶǀĞŶƚŽƌŝĞƐǁĂƐƌĞĐŽƌĚĞĚ͘^ĞĞEŽƚĞϳŝŝ͘
ŝǀ͘
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ͗
>ĂŶĚ͕ƉůĂŶƚĂŶĚ
ĞƋƵŝƉŵĞŶƚ;ĂͿ
ĞǀĞůŽƉŵĞŶƚĂŶĚ
ŽƉĞƌĂƚŝŶŐ
ƉƌŽƉĞƌƚŝĞƐ;ďͿ
WƌĞͲĚĞǀĞůŽƉŵĞŶƚ
ƉƌŽƉĞƌƚŝĞƐ;ĐͿ
dŽƚĂů
ŽƐƚ
ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϮϰ
ϭϬ͕ϭϯϴ͘ϲ
Ψ
ϴ͕ϴϱϯ͘ϰ
Ψ
ϭ͕ϰϵϮ͘Ϭ
Ψ
ϮϬ͕ϰϴϰ͘Ϭ
Ψ
ĚĚŝƚŝŽŶƐ
ϰϰϮ͘Ϯ
ϲϵϱ͘Ϯ
ϮϮ͘ϲ
ϭ͕ϭϲϬ͘Ϭ
ĂƉŝƚĂůŝnjĞĚŝŶƚĞƌĞƐƚ
ϭϯ͘ϱ
ϭϵ͘ϭ
ϱϱ͘ϲ
ϴϴ͘Ϯ
ŝƐƉŽƐĂůƐ
;ϲϰ͘ϳͿ
;ϯϰ͘ϮͿ
Ͳ
;ϵϴ͘ϵͿ
ŚĂŶŐĞŝŶƌĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐ;ĚͿ
Ͳ
ϱϯ͘ϭ
Ͳ
ϱϯ͘ϭ
dƌĂŶƐĨĞƌƐĂŶĚŽƚŚĞƌ
ϱϭ͘ϵ
;ϱϮ͘ϮͿ
Ͳ
;Ϭ͘ϯͿ
ĂůĂŶĐĞĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ
ϭϬ͕ϱϴϭ͘ϱ
ϵ͕ϱϯϰ͘ϰ
ϭ͕ϱϳϬ͘Ϯ
Ϯϭ͕ϲϴϲ͘ϭ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ͕ĚĞƉůĞƚŝŽŶ͕ĂŵŽƌƚŝnjĂƚŝŽŶĂŶĚƌĞǀĞƌƐĂůŽĨ
ŝŵƉĂŝƌŵĞŶƚĐŚĂƌŐĞ
ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϮϰ
;ϲ͕ϲϱϮ͘ϭͿ
Ψ
;ϱ͕ϴϲϴ͘ϳͿ
Ψ
Ͳ
Ψ
;ϭϮ͕ϱϮϬ͘ϴͿ
Ψ
ĞƉƌĞĐŝĂƚŝŽŶ͕ĚĞƉůĞƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ
;ϲϱϴ͘ϱͿ
;ϳϬϯ͘ϵͿ
Ͳ
;ϭ͕ϯϲϮ͘ϰͿ
ZĞǀĞƌƐĂůŽĨŝŵƉĂŝƌŵĞŶƚĐŚĂƌŐĞ;ĞͿ
ϱϳ͘ϰ
ϭϲ͘ϳ
Ͳ
ϳϰ͘ϭ
ŝƐƉŽƐĂůƐ
ϱϱ͘Ϯ
ϯϲ͘ϰ
Ͳ
ϵϭ͘ϲ
ĂůĂŶĐĞĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ
;ϳ͕ϭϵϴ͘ϬͿ
;ϲ͕ϱϭϵ͘ϱͿ
Ͳ
;ϭϯ͕ϳϭϳ͘ϱͿ
EĞƚŬǀĂůƵĞ
ϯ͕ϯϴϯ͘ϱ
Ψ
ϯ͕Ϭϭϰ͘ϵ
Ψ
ϭ͕ϱϳϬ͘Ϯ
Ψ
ϳ͕ϵϲϴ͘ϲ
Ψ
ŵŽƵŶƚŝŶĐůƵĚĞĚĂďŽǀĞĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͗
ƐƐĞƚƐƵŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶ
Ϯϳϲ͘ϯ
Ψ
ϯϬϱ͘ϵ
Ψ
ϰϰ͘ϭ
Ψ
ϲϮϲ͘ϯ
Ψ
ƐƐĞƚƐŶŽƚďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ;ĨͿ
ϱϰϯ͘Ϯ
Ψ
ϱϲϴ͘ϲ
Ψ
ϭ͕ϱϳϬ͘Ϯ
Ψ
Ϯ͕ϲϴϮ͘Ϭ
Ψ
DŝŶĞƌĂů/ŶƚĞƌĞƐƚƐ
;ĂͿ
ĚĚŝƚŝŽŶƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰŝŶĐůƵĚĞΨϭ͘ϵŵŝůůŝŽŶŽĨƌŝŐŚƚͲŽĨͲƵƐĞ;͞ZKh͟ͿĂƐƐĞƚƐĨŽƌůĞĂƐĞĂƌƌĂŶŐĞŵĞŶƚƐĞŶƚĞƌĞĚ
ŝŶƚŽ͘ĞƉƌĞĐŝĂƚŝŽŶ͕ĚĞƉůĞƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰŝŶĐůƵĚĞƐĚĞƉƌĞĐŝĂƚŝŽŶĨŽƌZKhĂƐƐĞƚƐŽĨΨϭϮ͘ϲ
ŵŝůůŝŽŶ͘dŚĞŶĞƚŬǀĂůƵĞŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝŶĐůƵĚĞƐZKhĂƐƐĞƚƐǁŝƚŚĂŶĂŐŐƌĞŐĂƚĞŶĞƚŬǀĂůƵĞŽĨΨϮϭ͘ϬŵŝůůŝŽŶĂƐ
ĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͘
;ďͿ
ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ƚŚĞƐŝŐŶŝĨŝĐĂŶƚĚĞǀĞůŽƉŵĞŶƚĂŶĚŽƉĞƌĂƚŝŶŐƉƌŽƉĞƌƚŝĞƐĂƌĞ&Žƌƚ<ŶŽdž;ŝŶĐůƵĚŝŶŐDĂŶŚŚŽŚͿ͕ZŽƵŶĚDŽƵŶƚĂŝŶ͕
ĂůĚDŽƵŶƚĂŝŶ͕WĂƌĂĐĂƚƵ͕dĂƐŝĂƐƚ͕>ĂŽŝƉĂ͕ĂŶĚ>ŽďŽͲDĂƌƚĞ͘
;ĐͿ
ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ƚŚĞƐŝŐŶŝĨŝĐĂŶƚƉƌĞͲĚĞǀĞůŽƉŵĞŶƚƉƌŽƉĞƌƚŝĞƐŝŶĐůƵĚĞƐΨϭ͕ϱϲϰ͘ϰŵŝůůŝŽŶĨŽƌ'ƌĞĂƚĞĂƌ͘
;ĚͿ
^ĞĞEŽƚĞϭϭ͘
;ĞͿ
ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ĂŶŝŵƉĂŝƌŵĞŶƚƌĞǀĞƌƐĂůŽĨΨϳϰ͘ϭŵŝůůŝŽŶǁĂƐƌĞĐŽƌĚĞĚĂƚZŽƵŶĚDŽƵŶƚĂŝŶ͕ĞŶƚŝƌĞůLJƌĞůĂƚĞĚ
ƚŽƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ͘^ĞĞEŽƚĞϳŝ͘
;ĨͿ
ƐƐĞƚƐŶŽƚďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚƌĞůĂƚĞƚŽůĂŶĚ͕ĐĂƉŝƚĂůŝnjĞĚ Θ ĐŽƐƚƐ͕ĂƐƐĞƚƐƵŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶ͕ǁŚŝĐŚƌĞůĂƚĞƚŽĞdžƉĂŶƐŝŽŶƉƌŽũĞĐƚƐ͕ĂŶĚ
ŽƚŚĞƌĂƐƐĞƚƐƚŚĂƚĂƌĞŝŶǀĂƌŝŽƵƐƐƚĂŐĞƐŽĨďĞŝŶŐƌĞĂĚŝĞĚĨŽƌƵƐĞ͘
2024 ANNUAL REPORT KINROSS GOLD
23 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
>ĂŶĚ͕ƉůĂŶƚĂŶĚ
ĞƋƵŝƉŵĞŶƚ;ĂͿ
ĞǀĞůŽƉŵĞŶƚĂŶĚ
ŽƉĞƌĂƚŝŶŐ
ƉƌŽƉĞƌƚŝĞƐ;ďͿ
WƌĞͲĚĞǀĞůŽƉŵĞŶƚ
ƉƌŽƉĞƌƚŝĞƐ;ĐͿ
dŽƚĂů
ŽƐƚ
ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϮϯ
ϵ͕ϱϭϱ͘Ϯ
Ψ
ϴ͕ϮϮϮ͘ϲ
Ψ
ϭ͕ϰϬϮ͘ϵ
Ψ
ϭϵ͕ϭϰϬ͘ϳ
Ψ
ĚĚŝƚŝŽŶƐ
ϲϳϳ͘ϱ
ϱϯϮ͘ϳ
ϮϮ͘ϵ
ϭ͕Ϯϯϯ͘ϭ
ĂƉŝƚĂůŝnjĞĚŝŶƚĞƌĞƐƚ
Ϯϯ͘ϯ
ϭϵ͘ϰ
ϲϲ͘Ϯ
ϭϬϴ͘ϵ
ŝƐƉŽƐĂůƐ
;ϭϭϬ͘ϮͿ
;ϳ͘ϳͿ
Ͳ
;ϭϭϳ͘ϵͿ
ŚĂŶŐĞŝŶƌĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐ;ĚͿ
Ͳ
ϭϬϮ͘ϯ
Ͳ
ϭϬϮ͘ϯ
dƌĂŶƐĨĞƌƐĂŶĚŽƚŚĞƌ
ϯϮ͘ϴ
;ϭϱ͘ϵͿ
Ͳ
ϭϲ͘ϵ
ĂůĂŶĐĞĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ
ϭϬ͕ϭϯϴ͘ϲ
ϴ͕ϴϱϯ͘ϰ
ϭ͕ϰϵϮ͘Ϭ
ϮϬ͕ϰϴϰ͘Ϭ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ͕ĚĞƉůĞƚŝŽŶ͕ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ
ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϮϯ
;ϲ͕ϭϲϱ͘ϱͿ
Ψ
;ϱ͕Ϯϯϯ͘ϴͿ
Ψ
Ͳ
Ψ
;ϭϭ͕ϯϵϵ͘ϯͿ
Ψ
ĞƉƌĞĐŝĂƚŝŽŶ͕ĚĞƉůĞƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ
;ϱϴϵ͘ϯͿ
;ϲϯϰ͘ϵͿ
Ͳ
;ϭ͕ϮϮϰ͘ϮͿ
ŝƐƉŽƐĂůƐ
ϭϬϮ͘ϳ
Ͳ
Ͳ
ϭϬϮ͘ϳ
ĂůĂŶĐĞĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ
;ϲ͕ϲϱϮ͘ϭͿ
;ϱ͕ϴϲϴ͘ϳͿ
Ͳ
;ϭϮ͕ϱϮϬ͘ϴͿ
EĞƚŬǀĂůƵĞ
ϯ͕ϰϴϲ͘ϱ
Ψ
Ϯ͕ϵϴϰ͘ϳ
Ψ
ϭ͕ϰϵϮ͘Ϭ
Ψ
ϳ͕ϵϲϯ͘Ϯ
Ψ
ŵŽƵŶƚŝŶĐůƵĚĞĚĂďŽǀĞĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ͗
ƐƐĞƚƐƵŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶ
ϱϰϮ͘Ϭ
Ψ
Ϯϲϳ͘ϰ
Ψ
Ϯϭ͘ϳ
Ψ
ϴϯϭ͘ϭ
Ψ
ƐƐĞƚƐŶŽƚďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ;ĞͿ
ϴϬϲ͘ϲ
Ψ
ϲϴϯ͘ϵ
Ψ
ϭ͕ϰϵϮ͘Ϭ
Ψ
Ϯ͕ϵϴϮ͘ϱ
Ψ
DŝŶĞƌĂů/ŶƚĞƌĞƐƚƐ
;ĂͿ
ĚĚŝƚŝŽŶƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯŝŶĐůƵĚĞΨϳ͘ϵŵŝůůŝŽŶŽĨZKhĂƐƐĞƚƐĨŽƌůĞĂƐĞĂƌƌĂŶŐĞŵĞŶƚƐĞŶƚĞƌĞĚŝŶƚŽ͘ĞƉƌĞĐŝĂƚŝŽŶ͕
ĚĞƉůĞƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯŝŶĐůƵĚĞƐĚĞƉƌĞĐŝĂƚŝŽŶĨŽƌZKhĂƐƐĞƚƐŽĨΨϭϰ͘ϯŵŝůůŝŽŶ͘dŚĞŶĞƚ
ŬǀĂůƵĞŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝŶĐůƵĚĞƐZKhĂƐƐĞƚƐǁŝƚŚĂŶĂŐŐƌĞŐĂƚĞŶĞƚŬǀĂůƵĞŽĨΨϯϭ͘ϳŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌ
ϯϭ͕ϮϬϮϯ͘
;ďͿ
ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ͕ƚŚĞƐŝŐŶŝĨŝĐĂŶƚĚĞǀĞůŽƉŵĞŶƚĂŶĚŽƉĞƌĂƚŝŶŐƉƌŽƉĞƌƚŝĞƐĂƌĞ&Žƌƚ<ŶŽdž;ŝŶĐůƵĚŝŶŐDĂŶŚŚŽŚͿ͕ZŽƵŶĚDŽƵŶƚĂŝŶ͕
ĂůĚDŽƵŶƚĂŝŶ͕WĂƌĂĐĂƚƵ͕dĂƐŝĂƐƚ͕>ĂŽŝƉĂ͕ĂŶĚ>ŽďŽͲDĂƌƚĞ͘
;ĐͿ
ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ͕ƚŚĞƐŝŐŶŝĨŝĐĂŶƚƉƌĞͲĚĞǀĞůŽƉŵĞŶƚƉƌŽƉĞƌƚŝĞƐŝŶĐůƵĚĞƐΨϭ͕ϰϵϮ͘ϬŵŝůůŝŽŶĨŽƌ'ƌĞĂƚĞĂƌ͘
;ĚͿ
^ĞĞEŽƚĞϭϭ͘
;ĞͿ
ƐƐĞƚƐŶŽƚďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚƌĞůĂƚĞƚŽůĂŶĚ͕ĐĂƉŝƚĂůŝnjĞĚ Θ ĐŽƐƚƐ͕ĂƐƐĞƚƐƵŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶ͕ǁŚŝĐŚƌĞůĂƚĞƚŽĞdžƉĂŶƐŝŽŶƉƌŽũĞĐƚƐ͕ĂŶĚ
ŽƚŚĞƌĂƐƐĞƚƐƚŚĂƚĂƌĞŝŶǀĂƌŝŽƵƐƐƚĂŐĞƐŽĨďĞŝŶŐƌĞĂĚŝĞĚĨŽƌƵƐĞ͘
ĂƉŝƚĂůŝnjĞĚŝŶƚĞƌĞƐƚƉƌŝŵĂƌŝůLJƌĞůĂƚĞƐƚŽƋƵĂůŝĨLJŝŶŐĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐĂƚ'ƌĞĂƚĞĂƌ͕dĂƐŝĂƐƚĂŶĚ&Žƌƚ<ŶŽdž͕ŝŶĐůƵĚŝŶŐDĂŶŚ
ŚŽŚ͕ĂŶĚŚĂĚĂŶĂŶŶƵĂůŝnjĞĚǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞďŽƌƌŽǁŝŶŐƌĂƚĞŽĨϲ͘ϮϲйĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ;ĞĐĞŵďĞƌ
ϯϭ͕ϮϬϮϯʹϲ͘ϱϲйͿ͘
ƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕Ψϭ͕ϲϲϭ͘ϴŵŝůůŝŽŶ;ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϭ͕ϱϲϵ͘ϳŵŝůůŝŽŶͿŽĨ Θ ĂƐƐĞƚƐǁĞƌĞŝŶĐůƵĚĞĚŝŶŵŝŶĞƌĂů
ŝŶƚĞƌĞƐƚƐ͘
Θ ĐŽƐƚƐĚƵƌŝŶŐƚŚĞLJĞĂƌǁĞƌĞƌĞĐŽŐŶŝnjĞĚĂƐĨŽůůŽǁƐ͗
ϮϬϮϰ
ϮϬϮϯ
ĂƉŝƚĂůŝnjĞĚ Θ ĐŽƐƚƐ;ĂͿ
ϵϮ͘ϭ
Ψ
ϵϯ͘ϰ
Ψ
džƉĞŶƐĞĚ Θ ĐŽƐƚƐ;ďͿ
ϭϲϲ͘ϰ
ϭϱϴ͘ϵ
Ϯϱϴ͘ϱ
Ψ
ϮϱϮ͘ϯ
Ψ
zĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕
;ĂͿ
ĂƉŝƚĂůŝnjĞĚ Θ ĐŽƐƚƐĂƌĞŝŶĐůƵĚĞĚŝŶŝŶǀĞƐƚŝŶŐĐĂƐŚĨůŽǁƐ͘ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ĐĂƉŝƚĂůŝnjĞĚ Θ ĐŽƐƚƐŽĨΨϳϴ͘Ϯ
ŵŝůůŝŽŶ;LJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϴϵ͘ϮŵŝůůŝŽŶͿǁĞƌĞƌĞůĂƚĞĚƚŽƉƌĞͲĚĞǀĞůŽƉŵĞŶƚƉƌŽƉĞƌƚŝĞƐ͕ŽĨǁŚŝĐŚΨϱϱ͘ϲŵŝůůŝŽŶ;LJĞĂƌĞŶĚĞĚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϲϲ͘ϯŵŝůůŝŽŶͿƌĞƉƌĞƐĞŶƚƐĐĂƉŝƚĂůŝnjĞĚŝŶƚĞƌĞƐƚ͘
;ďͿ
džƉĞŶƐĞĚ Θ ĐŽƐƚƐĂƌĞŝŶĐůƵĚĞĚŝŶŽƉĞƌĂƚŝŶŐĐĂƐŚĨůŽǁƐ͘ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ĞdžƉĞŶƐĞĚ Θ ĐŽƐƚƐŽĨΨϲϭ͘ϭ
ŵŝůůŝŽŶ;LJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϲϴ͘ϱŵŝůůŝŽŶͿǁĞƌĞƌĞůĂƚĞĚƚŽƉƌĞͲĚĞǀĞůŽƉŵĞŶƚƉƌŽƉĞƌƚŝĞƐ͘
2024 ANNUAL REPORT KINROSS GOLD
FS 24
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ǀ͘
KƚŚĞƌůŽŶŐͲƚĞƌŵĂƐƐĞƚƐ͗
ĞĐĞŵďĞƌϯϭ͕
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϰ
ϮϬϮϯ
>ŽŶŐͲƚĞƌŵƉŽƌƚŝŽŶŽĨŽƌĞŝŶƐƚŽĐŬƉŝůĞƐĂŶĚŽƌĞŽŶůĞĂĐŚƉĂĚƐ;ĂͿ
ϱϱϴ͘ϰ
Ψ
ϱϰϮ͘ϲ
Ψ
>ŽŶŐͲƚĞƌŵƌĞĐĞŝǀĂďůĞƐ
ϳϱ͘ϱ
ϳϱ͘ϰ
ĚǀĂŶĐĞƐĨŽƌƚŚĞƉƵƌĐŚĂƐĞŽĨĐĂƉŝƚĂůĞƋƵŝƉŵĞŶƚ
ϰϲ͘ϲ
ϯϵ͘ϱ
/ŶǀĞƐƚŵĞŶƚŝŶũŽŝŶƚǀĞŶƚƵƌĞͲWƵƌĞŶ;ďͿ
ϭϯ͘ϳ
ϲ͘ϱ
KƚŚĞƌ
ϭϴ͘ϵ
ϰϲ͘ϲ
ϳϭϯ͘ϭ
Ψ
ϳϭϬ͘ϲ
Ψ
;ĂͿ
>ŽŶŐͲƚĞƌŵƉŽƌƚŝŽŶŽĨŽƌĞŝŶƐƚŽĐŬƉŝůĞƐĂŶĚŽƌĞŽŶůĞĂĐŚƉĂĚƐƌĞƉƌĞƐĞŶƚƐŵĂƚĞƌŝĂůŶŽƚƐĐŚĞĚƵůĞĚĨŽƌƉƌŽĐĞƐƐŝŶŐǁŝƚŚŝŶƚŚĞŶĞdžƚϭϮ
ŵŽŶƚŚƐ͘ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ůŽŶŐͲƚĞƌŵŽƌĞŝŶƐƚŽĐŬƉŝůĞƐǁĂƐĂƚƚŚĞŽŵƉĂŶLJ͛ƐWĂƌĂĐĂƚƵ͕dĂƐŝĂƐƚĂŶĚ>ĂŽŝƉĂŵŝŶĞƐ͕ĂŶĚůŽŶŐͲ
ƚĞƌŵŽƌĞŽŶůĞĂĐŚƉĂĚƐǁĂƐĂƚƚŚĞŽŵƉĂŶLJ͛Ɛ&Žƌƚ<ŶŽdžĂŶĚZŽƵŶĚDŽƵŶƚĂŝŶŵŝŶĞƐ͘
;ďͿ
dŚĞŽŵƉĂŶLJ͛ƐWƵƌĞŶũŽŝŶƚǀĞŶƚƵƌĞŝŶǀĞƐƚŵĞŶƚŝƐĂĐĐŽƵŶƚĞĚĨŽƌƵŶĚĞƌƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚ͘dŚĞƌĞĂƌĞŶŽƉƵďůŝĐůLJƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐ
ĨŽƌWƵƌĞŶ͘
ǀŝ͘
ĐĐŽƵŶƚƐƉĂLJĂďůĞĂŶĚĂĐĐƌƵĞĚůŝĂďŝůŝƚŝĞƐ͗
ĞĐĞŵďĞƌϯϭ͕
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϰ
ϮϬϮϯ
dƌĂĚĞƉĂLJĂďůĞƐ
ϴϯ͘ϵ
Ψ
ϭϭϯ͘ϳ
Ψ
ĐĐƌƵĞĚůŝĂďŝůŝƚŝĞƐ;ĂͿ
ϯϬϯ͘Ϭ
Ϯϴϯ͘ϭ
ŵƉůŽLJĞĞƌĞůĂƚĞĚĂĐĐƌƵĞĚůŝĂďŝůŝƚŝĞƐ
ϭϱϲ͘ϭ
ϭϯϰ͘ϳ
ϱϰϯ͘Ϭ
Ψ
ϱϯϭ͘ϱ
Ψ
;ĂͿ
/ŶĐůƵĚĞƐĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚƉĂLJĂďůĞŽĨΨϯϭ͘ϭŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ;ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϯϲ͘ϯŵŝůůŝŽŶͿ͘^ĞĞEŽƚĞϭϬŝǀ͘
ŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚƐŽĨKƉĞƌĂƚŝŽŶƐ
ǀŝŝ͘
KƚŚĞƌŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞ͗
ϮϬϮϰ
ϮϬϮϯ
KƚŚĞƌŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞ
ϭϰ͘Ϭ
Ψ
ϲϰ͘ϱ
Ψ
zĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕
KƚŚĞƌŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰŝŶĐůƵĚĞƐƌĞĐůĂŵĂƚŝŽŶĞdžƉĞŶƐĞ;ƌĞĐŽǀĞƌLJͿĂƚĐůŽƐĞĚŵŝŶĞƐŽƌ
ŵŝŶĞƐƚŚĂƚŚĂǀĞĂƐŚŽƌƚƌĞŵĂŝŶŝŶŐŵŝŶĞůŝĨĞŽĨΨϲ͘ϵŵŝůůŝŽŶ;LJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯʹΨ;ϭϵ͘ϮͿŵŝůůŝŽŶͿĂŶĚŽƚŚĞƌ
ŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐƌĞůĂƚĞĚƚŽŶŽŶͲŽƉĞƌĂƚŝŶŐĂƐƐĞƚƐŽĨΨϴ͘ϱŵŝůůŝŽŶ;LJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϰϲ͘ϴŵŝůůŝŽŶͿ͘
ǀŝŝŝ͘
&ŝŶĂŶĐĞĞdžƉĞŶƐĞ͗
ϮϬϮϰ
ϮϬϮϯ
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ͕ŝŶĐůƵĚŝŶŐĂĐĐƌĞƚŝŽŶŽĨĚĞďƚĂŶĚůĞĂƐĞůŝĂďŝůŝƚŝĞƐ;ĂͿ
;ϱϬ͘ϱͿ
Ψ
;ϲϵ͘ϬͿ
Ψ
ĐĐƌĞƚŝŽŶŽĨƌĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐ
;ϰϬ͘ϵͿ
;ϯϳ͘ϬͿ
;ϵϭ͘ϰͿ
Ψ
;ϭϬϲ͘ϬͿ
Ψ
zĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕
;ĂͿ
ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕Ψϴϴ͘ϮŵŝůůŝŽŶŽĨŝŶƚĞƌĞƐƚǁĂƐĐĂƉŝƚĂůŝnjĞĚƚŽƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ;LJĞĂƌĞŶĚĞĚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϭϬϴ͘ϵŵŝůůŝŽŶͿ͘^ĞĞEŽƚĞϲŝǀ͘
dŽƚĂůŝŶƚĞƌĞƐƚƉĂŝĚ͕ŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚĐĂƉŝƚĂůŝnjĞĚ͕ĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰǁĂƐΨϭϮϴ͘ϮŵŝůůŝŽŶ;LJĞĂƌĞŶĚĞĚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϭϲϳ͘ϯŵŝůůŝŽŶͿ͘^ĞĞEŽƚĞϭϬŝǀ͘
2024 ANNUAL REPORT KINROSS GOLD
25 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ŝdž͘
ŵƉůŽLJĞĞďĞŶĞĨŝƚƐĞdžƉĞŶƐĞƐ͗
dŚĞ ĨŽůůŽǁŝŶŐ ĞŵƉůŽLJĞĞ ďĞŶĞĨŝƚƐ ĞdžƉĞŶƐĞƐ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƉƌŽĚƵĐƚŝŽŶ ĐŽƐƚ ŽĨ ƐĂůĞƐ͕ ŐĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͕ ĂŶĚ
ĞdžƉůŽƌĂƚŝŽŶĂŶĚďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚĞdžƉĞŶƐĞƐ͗
ϮϬϮϰ
ϮϬϮϯ
^ĂůĂƌŝĞƐ͕ƐŚŽƌƚͲƚĞƌŵŝŶĐĞŶƚŝǀĞƐ͕ĂŶĚŽƚŚĞƌďĞŶĞĨŝƚƐ
ϲϳϬ͘ϭ
Ψ
ϲϰϬ͘ϴ
Ψ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐ
ϯϬ͘Ϯ
ϭϴ͘ϵ
KƚŚĞƌ
ϭϵ͘ϰ
ϭϱ͘ϭ
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ĨŽƌǁĂƌĚƉƌŝĐŝŶŐĐƵƌǀĞƐƵƐĞĚƚŽǀĂůƵĞĐƵƌƌĞŶĐLJĂŶĚĐŽŵŵŽĚŝƚLJĐŽŶƚƌĂĐƚƐĂŶĚǀŽůĂƚŝůŝƚLJŵĞĂƐƵƌĞŵĞŶƚƐƵƐĞĚƚŽǀĂůƵĞŽƉƚŝŽŶ
ĐŽŶƚƌĂĐƚƐͿ͕ŽƌŝŶƉƵƚƐƚŚĂƚĂƌĞĚĞƌŝǀĞĚƉƌŝŶĐŝƉĂůůLJĨƌŽŵŽƌĐŽƌƌŽďŽƌĂƚĞĚďLJŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂŽƌŽƚŚĞƌŵĞĂŶƐ͘>ĞǀĞůϯ
2024 ANNUAL REPORT KINROSS GOLD
FS 26
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ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ƚŚĞƌĞǁĞƌĞŶŽƚƌĂŶƐĨĞƌƐďĞƚǁĞĞŶ>ĞǀĞůϭĂŶĚ>ĞǀĞůϮĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐ͕
ĂŶĚŶŽƚƌĂŶƐĨĞƌƐŝŶƚŽŽƌŽƵƚŽĨ>ĞǀĞůϯĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐ͘
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2024 ANNUAL REPORT KINROSS GOLD
27 FS
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ŽŵƉĂŶLJ ŵĂŶĂŐĞƐ ŝƚƐ ĞdžƉŽƐƵƌĞ ƚŽĐŚĂŶŐĞƐ ŝŶ ĐƵƌƌĞŶĐLJĞdžĐŚĂŶŐĞƌĂƚĞƐĂŶĚ ĞŶĞƌŐLJƉƌŝĐĞƐ ďLJƉĞƌŝŽĚŝĐĂůůLJĞŶƚĞƌŝŶŐ ŝŶƚŽ
ĚĞƌŝǀĂƚŝǀĞĐŽŶƚƌĂĐƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĨŽƌŵĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐLJĂƉƉƌŽǀĞĚďLJƚŚĞŽŵƉĂŶLJ͛ƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘
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ĐƌĞĚŝƚĨĂĐŝůŝƚŝĞƐ͕ŝƐƐƵŝŶŐŶĞǁĚĞďƚ͕ĂŶĚƐĞůůŝŶŐŽƌĂĐƋƵŝƌŝŶŐĂƐƐĞƚƐ͘dŚĞŽŵƉĂŶLJĐĂŶĂůƐŽĐŽŶƚƌŽůŚŽǁŵƵĐŚĐĂƉŝƚĂůŝƐƌĞƚƵƌŶĞĚ
ƚŽƐŚĂƌĞŚŽůĚĞƌƐƚŚƌŽƵŐŚĚŝǀŝĚĞŶĚƐĂŶĚƐŚĂƌĞďƵLJďĂĐŬƐ͘
dŚĞŽŵƉĂŶLJŝƐŶŽƚƐƵďũĞĐƚƚŽĂŶLJĞdžƚĞƌŶĂůůLJŝŵƉŽƐĞĚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐ͘
dŚĞ ŽŵƉĂŶLJ͛Ɛ ƋƵĂŶƚŝƚĂƚŝǀĞ ĐĂƉŝƚĂů ŵĂŶĂŐĞŵĞŶƚ ŽďũĞĐƚŝǀĞƐ ĂƌĞ ůĂƌŐĞůLJ ĚƌŝǀĞŶ ďLJ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƵŶĚĞƌ ŝƚƐ ĚĞďƚ
ĂŐƌĞĞŵĞŶƚƐĂƐǁĞůůĂƐĂƚĂƌŐĞƚƚŽƚĂůĚĞďƚƚŽƚŽƚĂůĚĞďƚĂŶĚĐŽŵŵŽŶƐŚĂƌĞŚŽůĚĞƌƐ͛ĞƋƵŝƚLJƌĂƚŝŽĂƐŶŽƚĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͗
ĞĐĞŵďĞƌϯϭ͕
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϰ
ϮϬϮϯ
>ŽŶŐͲƚĞƌŵĚĞďƚ
ϭ͕Ϯϯϱ͘ϱ
Ψ
ΨϮ͕ϮϯϮ͘ϲ
ƵƌƌĞŶƚƉŽƌƚŝŽŶŽĨůŽŶŐͲƚĞƌŵĚĞďƚ
ϭϵϵ͘ϵ
Ͳ
dŽƚĂůĚĞďƚ
ϭ͕ϰϯϱ͘ϰ
Ψ
ΨϮ͕ϮϯϮ͘ϲ
ŽŵŵŽŶƐŚĂƌĞŚŽůĚĞƌƐΖĞƋƵŝƚLJ
Ψϲ͕ϴϲϭ͘ϲ Ψϲ͕Ϭϴϯ͘ϳ
dŽƚĂůĚĞďƚͬƚŽƚĂůĚĞďƚĂŶĚĐŽŵŵŽŶƐŚĂƌĞŚŽůĚĞƌƐΖĞƋƵŝƚLJƌĂƚŝŽ
ϭϳ͘ϯй
Ϯϲ͘ϴй
ŽŵƉĂŶLJƚĂƌŐĞƚ
ϬʹϯϬй
ϬʹϯϬй
ŝŝ͘
'ŽůĚĂŶĚƐŝůǀĞƌƉƌŝĐĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
/ŶŽƌĚĞƌƚŽŵĂŶĂŐĞƐŚŽƌƚͲƚĞƌŵŵĞƚĂůƉƌŝĐĞƌŝƐŬ͕ƚŚĞŽŵƉĂŶLJŵĂLJĞŶƚĞƌŝŶƚŽĚĞƌŝǀĂƚŝǀĞĐŽŶƚƌĂĐƚƐŝŶƌĞůĂƚŝŽŶƚŽŵĞƚĂůƐĂůĞƐ
ƚŚĂƚŝƚďĞůŝĞǀĞƐĂƌĞŚŝŐŚůLJůŝŬĞůLJƚŽŽĐĐƵƌǁŝƚŚŝŶĂŐŝǀĞŶƉĞƌŝŽĚ͘EŽƐƵĐŚĐŽŶƚƌĂĐƚƐǁĞƌĞŽƵƚƐƚĂŶĚŝŶŐĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ
ĂŶĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ͘
ŝŝŝ͘
ƵƌƌĞŶĐLJƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
dŚĞŽŵƉĂŶLJŝƐƉƌŝŵĂƌŝůLJĞdžƉŽƐĞĚƚŽĐƵƌƌĞŶĐLJĨůƵĐƚƵĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽƚŚĞh͘^͘ĚŽůůĂƌŽŶĞdžƉĞŶĚŝƚƵƌĞƐƚŚĂƚĂƌĞĚĞŶŽŵŝŶĂƚĞĚ
ŝŶĂŶĂĚŝĂŶĚŽůůĂƌƐ͕ƌĂnjŝůŝĂŶƌĞĂŝƐ͕ŚŝůĞĂŶƉĞƐŽƐ͕ĂŶĚDĂƵƌŝƚĂŶŝĂŶŽƵŐƵŝLJĂ͘dŚŝƐƌŝƐŬŝƐƌĞĚƵĐĞĚ͕ĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͕ƚŚƌŽƵŐŚ
ƚŚĞƵƐĞŽĨĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJŚĞĚŐŝŶŐĐŽŶƚƌĂĐƚƐƚŽůŽĐŬŝŶƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞƐŽŶĨƵƚƵƌĞŶŽŶͲh͘^͘ĐƵƌƌĞŶĐLJĚĞŶŽŵŝŶĂƚĞĚĐĂƐŚ
ŽƵƚĨůŽǁƐ͘dŚĞŽŵƉĂŶLJŚĂƐĞŶƚĞƌĞĚŝŶƚŽŚĞĚŐŝŶŐĐŽŶƚƌĂĐƚƐƚŽƉƵƌĐŚĂƐĞĂŶĂĚŝĂŶĚŽůůĂƌƐ͕ŚŝůĞĂŶƉĞƐŽƐ͕ĂŶĚƌĂnjŝůŝĂŶƌĞĂŝƐ͕
ĂƐƉĂƌƚŽĨƚŚŝƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚƐƚƌĂƚĞŐLJ͘dŚĞŽŵƉĂŶLJŝƐĂůƐŽĞdžƉŽƐĞĚƚŽƚŚĞŝŵƉĂĐƚŽĨĐƵƌƌĞŶĐLJĨůƵĐƚƵĂƚŝŽŶƐŽŶŝƚƐŵŽŶĞƚĂƌLJ
ĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘dŚĞŽŵƉĂŶLJŵĂLJĨƌŽŵƚŝŵĞƚŽƚŝŵĞŵĂŶĂŐĞƚŚĞĞdžƉŽƐƵƌĞŽŶƚŚĞŶĞƚŵŽŶĞƚĂƌLJŝƚĞŵƐ͘
2024 ANNUAL REPORT KINROSS GOLD
FS 28
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ǁŝƚŚŽƚŚĞƌǀĂƌŝĂďůĞƐƵŶĐŚĂŶŐĞĚ͕ƚŚĞĨŽůůŽǁŝŶŐƌĞƉƌĞƐĞŶƚƐƚŚĞĞĨĨĞĐƚŽĨŵŽǀĞŵĞŶƚƐŝŶĨŽƌĞŝŐŶ
ĐƵƌƌĞŶĐLJĞdžĐŚĂŶŐĞƌĂƚĞƐŽŶƚŚĞŽŵƉĂŶLJΖƐŶĞƚǁŽƌŬŝŶŐĐĂƉŝƚĂů͕ŽŶĞĂƌŶŝŶŐƐďĞĨŽƌĞƚĂdžĞƐĨƌŽŵĂϭϬйĐŚĂŶŐĞŝŶƚŚĞĞdžĐŚĂŶŐĞ
ƌĂƚĞŽĨƚŚĞh͘^͘ĚŽůůĂƌĂŐĂŝŶƐƚƚŚĞƌĂnjŝůŝĂŶƌĞĂů͕ĂŶĂĚŝĂŶĚŽůůĂƌ͕ŚŝůĞĂŶ ƉĞƐŽ͕DĂƵƌŝƚĂŶŝĂŶŽƵŐƵŝLJĂĂŶĚŽƚŚĞƌĨŽƌĞŝŐŶ
ĐƵƌƌĞŶĐŝĞƐ͘
ϭϬйƐƚƌĞŶŐƚŚĞŶŝŶŐŝŶ
h͘^͘ĚŽůůĂƌ
ϭϬйǁĞĂŬĞŶŝŶŐŝŶ
h͘^͘ĚŽůůĂƌ
&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJŶĞƚ
ǁŽƌŬŝŶŐĐĂƉŝƚĂů
ĨĨĞĐƚŽŶĞĂƌŶŝŶŐƐďĞĨŽƌĞ
ƚĂdžĞƐ͕ŐĂŝŶ;ůŽƐƐͿ;ĂͿ
ĨĨĞĐƚŽŶĞĂƌŶŝŶŐƐďĞĨŽƌĞ
ƚĂdžĞƐ͕ŐĂŝŶ;ůŽƐƐͿ;ĂͿ
ƌĂnjŝůŝĂŶƌĞĂŝƐ
;ϭϴϴ͘ϵͿ
Ψ
ϭϳ͘Ϯ
Ψ
;Ϯϭ͘ϬͿ
Ψ
ĂŶĂĚŝĂŶĚŽůůĂƌƐ
;ϲϯ͘ϭͿ
Ψ
ϱ͘ϳ
Ψ
;ϳ͘ϬͿ
Ψ
ŚŝůĞĂŶƉĞƐŽƐ
;ϰϳ͘ϵͿ
Ψ
ϰ͘ϰ
Ψ
;ϱ͘ϲͿ
Ψ
DĂƵƌŝƚĂŶŝĂŶŽƵŐƵŝLJĂ
;ϭϳ͘ϲͿ
Ψ
;Ϭ͘ϰͿ
Ψ
Ϭ͘ϱ
Ψ
KƚŚĞƌ;ďͿ
;ϳ͘ϲͿ
Ψ
Ϭ͘ϳ
Ψ
;Ϭ͘ϴͿ
Ψ
;ĂͿ
ƐĚĞƐĐƌŝďĞĚŝŶEŽƚĞϯŝŝ͕ƚŚĞŽŵƉĂŶLJƚƌĂŶƐůĂƚĞƐŝƚƐŵŽŶĞƚĂƌLJĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶƚŽh͘^͘ĚŽůůĂƌƐĂƚƚŚĞƌĂƚĞƐŽĨĞdžĐŚĂŶŐĞĂƚƚŚĞ
ĐŽŶƐŽůŝĚĂƚĞĚďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞƐ͘'ĂŝŶƐĂŶĚůŽƐƐĞƐŽŶƚƌĂŶƐůĂƚŝŽŶŽĨĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƌĞŝŶĐůƵĚĞĚŝŶĞĂƌŶŝŶŐƐ͘
;ďͿ
/ŶĐůƵĚĞƐ ƵƌŽ͕ƌŝƚŝƐŚƉŽƵŶĚ͕ƵƐƚƌĂůŝĂŶĚŽůůĂƌĂŶĚ^ŽƵƚŚĨƌŝĐĂŶƌĂŶĚ͘
ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ǁŝƚŚŽƚŚĞƌǀĂƌŝĂďůĞƐƵŶĐŚĂŶŐĞĚ͕ƚŚĞĨŽůůŽǁŝŶŐƌĞƉƌĞƐĞŶƚƐƚŚĞĞĨĨĞĐƚŽĨƚŚĞŽŵƉĂŶLJΖƐĨŽƌĞŝŐŶ
ĐƵƌƌĞŶĐLJŚĞĚŐŝŶŐĐŽŶƚƌĂĐƚƐŽŶK/ďĞĨŽƌĞƚĂdžĞƐĨƌŽŵĂϭϬйĐŚĂŶŐĞŝŶƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞŽĨƚŚĞh͘^͘ĚŽůůĂƌĂŐĂŝŶƐƚƚŚĞ
ĂŶĂĚŝĂŶĚŽůůĂƌ͕ƌĂnjŝůŝĂŶƌĞĂů͕ĂŶĚŚŝůĞĂŶƉĞƐŽ͘
ϭϬйƐƚƌĞŶŐƚŚĞŶŝŶŐŝŶ
h͘^͘ĚŽůůĂƌ
ϭϬйǁĞĂŬĞŶŝŶŐŝŶ
h͘^͘ĚŽůůĂƌ
ĨĨĞĐƚŽŶK/ďĞĨŽƌĞ
ƚĂdžĞƐ͕;ůŽƐƐͿ;ĂͿ
ĨĨĞĐƚŽŶK/ďĞĨŽƌĞ
ƚĂdžĞƐ͕ŐĂŝŶ;ĂͿ
ĂŶĂĚŝĂŶĚŽůůĂƌ
;ϭϲ͘ϴͿ
Ψ
ϮϬ͘ϱ
Ψ
ƌĂnjŝůŝĂŶƌĞĂů
;ϭϭ͘ϴͿ
Ψ
ϵ͘Ϭ
Ψ
ŚŝůĞĂŶƉĞƐŽ
;ϰ͘ϬͿ
Ψ
ϯ͘Ϯ
Ψ
;ĂͿ
hƉŽŶŵĂƚƵƌŝƚLJŽĨƚŚĞƐĞĐŽŶƚƌĂĐƚƐ͕ƚŚĞĂŵŽƵŶƚƐŝŶK/ďĞĨŽƌĞƚĂdžĞƐǁŝůůƌĞǀĞƌƐĞĂŐĂŝŶƐƚŚĞĚŐĞĚŝƚĞŵƐƚŚĂƚƚŚĞĐŽŶƚƌĂĐƚƐƌĞůĂƚĞƚŽ͕ǁŚŝĐŚ
ŵĂLJďĞƚŽĞĂƌŶŝŶŐƐŽƌƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ͘
ŝǀ͘
ŶĞƌŐLJƉƌŝĐĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
dŚĞŽŵƉĂŶLJŝƐĞdžƉŽƐĞĚƚŽĐŚĂŶŐĞƐŝŶĞŶĞƌŐLJƉƌŝĐĞƐƚŚƌŽƵŐŚŝƚƐĐŽŶƐƵŵƉƚŝŽŶŽĨĚŝĞƐĞůĂŶĚŽƚŚĞƌĨƵĞůƐ͕ĂŶĚƚŚĞƉƌŝĐĞŽĨ
ĞůĞĐƚƌŝĐŝƚLJŝŶƐŽŵĞĞůĞĐƚƌŝĐŝƚLJ ƐƵƉƉůLJĐŽŶƚƌĂĐƚƐ͘dŚĞ ŽŵƉĂŶLJĞŶƚĞƌĞĚ ŝŶƚŽĞŶĞƌŐLJƐǁĂƉĐŽŶƚƌĂĐƚƐƚŚĂƚƉĂƌƚŝĂůůLJƉƌŽƚĞĐƚ
ĂŐĂŝŶƐƚƚŚĞƌŝƐŬŽĨĨƵĞůƉƌŝĐĞŝŶĐƌĞĂƐĞƐ͘&ƵĞůŝƐĐŽŶƐƵŵĞĚŝŶƚŚĞŽƉĞƌĂƚŝŽŶŽĨŵŽďŝůĞĞƋƵŝƉŵĞŶƚĂŶĚĞůĞĐƚƌŝĐŝƚLJŐĞŶĞƌĂƚŝŽŶ͘
ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ǁŝƚŚŽƚŚĞƌǀĂƌŝĂďůĞƐƵŶĐŚĂŶŐĞĚ͕ƚŚĞĨŽůůŽǁŝŶŐƌĞƉƌĞƐĞŶƚƐƚŚĞĞĨĨĞĐƚŽĨƚŚĞŽŵƉĂŶLJΖƐĞŶĞƌŐLJƐǁĂƉ
ĐŽŶƚƌĂĐƚƐŽŶK/ďĞĨŽƌĞƚĂdžĞƐĨƌŽŵĂϭϬйĐŚĂŶŐĞŝŶtd/ŽŝůƉƌŝĐĞƐ͘
ϭϬйŝŶĐƌĞĂƐĞŝŶ
ƉƌŝĐĞ
ϭϬйĚĞĐƌĞĂƐĞŝŶ
ƉƌŝĐĞ
ĨĨĞĐƚŽŶK/ďĞĨŽƌĞ
ƚĂdžĞƐ͕ŐĂŝŶ;ĂͿ
ĨĨĞĐƚŽŶK/ďĞĨŽƌĞ
ƚĂdžĞƐ͕;ůŽƐƐͿ;ĂͿ
td/Žŝů
ϵ͘ϰ
Ψ
;ϵ͘ϱͿ
Ψ
;ĂͿ
hƉŽŶŵĂƚƵƌŝƚLJŽĨƚŚĞƐĞĐŽŶƚƌĂĐƚƐ͕ƚŚĞĂŵŽƵŶƚƐŝŶK/ďĞĨŽƌĞƚĂdžĞƐǁŝůůƌĞǀĞƌƐĞĂŐĂŝŶƐƚŚĞĚŐĞĚŝƚĞŵƐƚŚĂƚƚŚĞĐŽŶƚƌĂĐƚƐƌĞůĂƚĞƚŽ͕ǁŚŝĐŚ
ŵĂLJďĞƚŽĞĂƌŶŝŶŐƐŽƌƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ͘
2024 ANNUAL REPORT KINROSS GOLD
29 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ǀ͘
>ŝƋƵŝĚŝƚLJƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
dŚĞŽŵƉĂŶLJŵĂŶĂŐĞƐůŝƋƵŝĚŝƚLJƌŝƐŬďLJŵĂŝŶƚĂŝŶŝŶŐĂĚĞƋƵĂƚĞĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚďĂůĂŶĐĞƐ;ĞĐĞŵďĞƌϯϭ͕ϮϬϮϰʹ
Ψϲϭϭ͘ϱŵŝůůŝŽŶŝŶĂŐŐƌĞŐĂƚĞͿ͕ďLJƵƚŝůŝnjŝŶŐŝƚƐůŝŶĞƐŽĨĐƌĞĚŝƚĂŶĚďLJŵŽŶŝƚŽƌŝŶŐĚĞǀĞůŽƉŵĞŶƚƐŝŶƚŚĞĐĂƉŝƚĂůŵĂƌŬĞƚƐ͘dŚĞ
ŽŵƉĂŶLJĐŽŶƚŝŶƵŽƵƐůLJŵŽŶŝƚŽƌƐĂŶĚƌĞǀŝĞǁƐďŽƚŚĂĐƚƵĂůĂŶĚĨŽƌĞĐĂƐƚĞĚĐĂƐŚĨůŽǁƐ͘dŚĞĐŽŶƚƌĂĐƚƵĂůĐĂƐŚĨůŽǁƌĞƋƵŝƌĞŵĞŶƚƐ
ĨŽƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂƌĞĂƐĨŽůůŽǁƐ͗
ϮϬϮϱ
ϮϬϮϲͲϮϬϮϵ
ϮϬϯϬн
dŽƚĂů
tŝƚŚŝŶϭLJĞĂƌ;ďͿ
ϮƚŽϱLJĞĂƌƐ
DŽƌĞƚŚĂŶϱLJĞĂƌƐ
Ğďƚ;ĂͿ
ϭ͕ϰϱϬ͘Ϭ
Ψ
ϮϬϬ͘Ϭ
Ψ
ϱϬϬ͘Ϭ
Ψ
ϳϱϬ͘Ϭ
Ψ
;ĂͿ
/ŶĐůƵĚĞƐƚŚĞĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚĨĂĐĞǀĂůƵĞŽĨƚŚĞƐĞŶŝŽƌŶŽƚĞƐĂŶĚƚĞƌŵůŽĂŶ͘
;ďͿ
KŶ&ĞďƌƵĂƌLJϭϬ͕ϮϬϮϱ͕ƚŚĞŽŵƉĂŶLJƌĞƉĂŝĚƚŚĞƌĞŵĂŝŶŝŶŐΨϮϬϬ͘ϬŵŝůůŝŽŶŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞŽŶƚŚĞƚĞƌŵůŽĂŶ͘
ůůŽƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐĂƌĞĚƵĞƚŽďĞƐĞƚƚůĞĚǁŝƚŚŝŶŽŶĞLJĞĂƌ͘
ǀŝ͘
ƌĞĚŝƚƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
ƌĞĚŝƚƌŝƐŬƌĞůĂƚĞƐƚŽĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕ƌĞĐĞŝǀĂďůĞƐĂŶĚĚĞƌŝǀĂƚŝǀĞĐŽŶƚƌĂĐƚƐĂŶĚĂƌŝƐĞƐĨƌŽŵƚŚĞƉŽƐƐŝďŝůŝƚLJƚŚĂƚĂŶLJ
ĐŽƵŶƚĞƌƉĂƌƚLJƚŽĂŶŝŶƐƚƌƵŵĞŶƚĨĂŝůƐƚŽƉĞƌĨŽƌŵ͘&ŽƌĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕ƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚĚĞƌŝǀĂƚŝǀĞĐŽŶƚƌĂĐƚƐ͕
ƚŚĞŽŵƉĂŶLJŐĞŶĞƌĂůůLJƚƌĂŶƐĂĐƚƐǁŝƚŚŚŝŐŚůLJͲƌĂƚĞĚĐŽƵŶƚĞƌƉĂƌƚŝĞƐ͘ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨĐĂƐŚĂŶĚ
ĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕ƌĞƐƚƌŝĐƚĞĚĐĂƐŚ͕ĂĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ͕ĚĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐ͕ĚĞĨĞƌƌĞĚƉĂLJŵĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚůŽŶŐͲƚĞƌŵ
ƌĞĐĞŝǀĂďůĞƐ͕ŶĞƚŽĨĂŶLJĂůůŽǁĂŶĐĞƐĨŽƌůŽƐƐĞƐ͕ƌĞƉƌĞƐĞŶƚƐƚŚĞŽŵƉĂŶLJ͛ƐŵĂdžŝŵƵŵĞdžƉŽƐƵƌĞƚŽĐƌĞĚŝƚƌŝƐŬ͘
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EŽŵŝŶĂů
ŵŽƵŶƚ
ĞĨĞƌƌĞĚ
&ŝŶĂŶĐŝŶŐ
ŽƐƚƐ;ĂͿ
ĂƌƌLJŝŶŐ
ŵŽƵŶƚ
&Ăŝƌ
sĂůƵĞ;ďͿ
ĂƌƌLJŝŶŐ
ŵŽƵŶƚ;ĂͿ
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sĂůƵĞ;ďͿ
^ĞŶŝŽƌŶŽƚĞƐ
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ϭ͕Ϯϰϯ͘ϰ
Ψ
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Ψ
ϭ͕Ϯϯϱ͘ϱ
Ψ
ϭ͕ϮϳϮ͘ϳ
Ψ
ϭ͕Ϯϯϯ͘ϱ
Ψ
ϭ͕ϮϳϮ͘ϯ
Ψ
dĞƌŵůŽĂŶ
;ŝŝͿ
^K&ZƉůƵƐϭ͘Ϯϱй
ϮϬϬ͘Ϭ
;Ϭ͘ϭͿ
ϭϵϵ͘ϵ
ϮϬϬ͘Ϭ
ϵϵϵ͘ϭ
ϭ͕ϬϬϬ͘Ϭ
dŽƚĂůůŽŶŐͲƚĞƌŵĂŶĚĐƵƌƌĞŶƚĚĞďƚ
ϭ͕ϰϰϯ͘ϰ
Ψ
;ϴ͘ϬͿ
Ψ
ϭ͕ϰϯϱ͘ϰ
Ψ
ϭ͕ϰϳϮ͘ϳ
Ψ
Ϯ͕ϮϯϮ͘ϲ
Ψ
Ϯ͕ϮϳϮ͘ϯ
Ψ
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;ϮϬϬ͘ϬͿ
Ϭ͘ϭ
;ϭϵϵ͘ϵͿ
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Ͳ
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ϭ͕Ϯϰϯ͘ϰ
Ψ
;ϳ͘ϵͿ
Ψ
ϭ͕Ϯϯϱ͘ϱ
Ψ
ϭ͕ϮϳϮ͘ϳ
Ψ
Ϯ͕ϮϯϮ͘ϲ
Ψ
Ϯ͕ϮϳϮ͘ϯ
Ψ
ĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ
ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ
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dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƐĞŶŝŽƌŶŽƚĞƐŝƐƉƌŝŵĂƌŝůLJĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐƋƵŽƚĞĚŵĂƌŬĞƚĚĞƚĞƌŵŝŶĞĚǀĂƌŝĂďůĞƐ͘^ĞĞEŽƚĞϴŝŝŝ͘
^ĐŚĞĚƵůĞĚĚĞďƚƌĞƉĂLJŵĞŶƚƐ
ϮϬϮϱ
ϮϬϮϲ
ϮϬϮϳ
ϮϬϮϴ
ϮϬϮϵ
ϮϬϯϬĂŶĚ
ƚŚĞƌĞĂĨƚĞƌ
dŽƚĂů
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Ͳ
Ψ
Ͳ
Ψ
ϱϬϬ͘Ϭ
Ψ
Ͳ
Ψ
Ͳ
Ψ
ϳϱϬ͘Ϭ
Ψ
ϭ͕ϮϱϬ͘Ϭ
Ψ
dĞƌŵ>ŽĂŶ
;ŝŝͿ
ϮϬϬ͘Ϭ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ϮϬϬ͘Ϭ
dŽƚĂůĚĞďƚƉĂLJĂďůĞ
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Ψ
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Ψ
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Ψ
ϭ͕ϰϱϬ͘Ϭ
Ψ
ŝ͘
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dŚĞŽŵƉĂŶLJ͛ƐƐĞŶŝŽƌŶŽƚĞƐĐŽŶƐŝƐƚŽĨΨϱϬϬ͘ϬŵŝůůŝŽŶƉƌŝŶĐŝƉĂůĂŵŽƵŶƚŽĨϰ͘ϱϬйŶŽƚĞƐĚƵĞŝŶϮϬϮϳ͕ΨϱϬϬ͘ϬŵŝůůŝŽŶƉƌŝŶĐŝƉĂů
ĂŵŽƵŶƚŽĨϲ͘ϮϱϬйŶŽƚĞƐĚƵĞŝŶϮϬϯϯĂŶĚΨϮϱϬ͘ϬŵŝůůŝŽŶƉƌŝŶĐŝƉĂůĂŵŽƵŶƚŽĨϲ͘ϴϳϱйŶŽƚĞƐĚƵĞŝŶϮϬϰϭ͘
dŚĞƐĞŶŝŽƌŶŽƚĞƐ;ĐŽůůĞĐƚŝǀĞůLJ͕ƚŚĞ͞ŶŽƚĞƐ͟ͿƉĂLJŝŶƚĞƌĞƐƚƐĞŵŝͲĂŶŶƵĂůůLJ͘ džĐĞƉƚĂƐŶŽƚĞĚďĞůŽǁ͕ƚŚĞŶŽƚĞƐĂƌĞƌĞĚĞĞŵĂďůĞďLJ
ƚŚĞŽŵƉĂŶLJ͕ŝŶǁŚŽůĞŽƌƉĂƌƚ͕ĨŽƌĐĂƐŚĂƚĂŶLJƚŝŵĞƉƌŝŽƌƚŽŵĂƚƵƌŝƚLJ͕ĂƚĂƌĞĚĞŵƉƚŝŽŶƉƌŝĐĞĞƋƵĂůƚŽƚŚĞŐƌĞĂƚĞƌŽĨϭϬϬйŽĨ
ƚŚĞƉƌŝŶĐŝƉĂůĂŵŽƵŶƚŽƌƚŚĞƐƵŵŽĨƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞƌĞŵĂŝŶŝŶŐƐĐŚĞĚƵůĞĚƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚƉĂLJŵĞŶƚƐŽŶƚŚĞ
ŶŽƚĞƐĚŝƐĐŽƵŶƚĞĚĂƚƚŚĞĂƉƉůŝĐĂďůĞƚƌĞĂƐƵƌLJƌĂƚĞ͕ĂƐĚĞĨŝŶĞĚŝŶƚŚĞŝŶĚĞŶƚƵƌĞƐ͕ƉůƵƐĂƉƌĞŵŝƵŵŽĨďĞƚǁĞĞŶϰϱĂŶĚϱϬďĂƐŝƐ
ƉŽŝŶƚƐ͕ƉůƵƐĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚ͕ŝĨĂŶLJ͘tŝƚŚŝŶƚŚƌĞĞŵŽŶƚŚƐŽĨŵĂƚƵƌŝƚLJŽĨƚŚĞŶŽƚĞƐĚƵĞŝŶϮϬϮϳĂŶĚϮϬϯϯ͕ĂŶĚǁŝƚŚŝŶƐŝdž
ŵŽŶƚŚƐŽĨŵĂƚƵƌŝƚLJŽĨƚŚĞŶŽƚĞƐĚƵĞŝŶϮϬϰϭ͕ƚŚĞŽŵƉĂŶLJĐĂŶƌĞĚĞĞŵƚŚĞŶŽƚĞƐĂƚϭϬϬйŽĨƚŚĞƉƌŝŶĐŝƉĂůĂŵŽƵŶƚƉůƵƐ
ĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚ͕ŝĨĂŶLJ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŽŵƉĂŶLJŝƐƌĞƋƵŝƌĞĚƚŽŵĂŬĞĂŶŽĨĨĞƌƚŽƌĞƉƵƌĐŚĂƐĞƚŚĞŶŽƚĞƐƉƌŝŽƌƚŽŵĂƚƵƌŝƚLJ
2024 ANNUAL REPORT KINROSS GOLD
FS 30
KZWKZd/KE
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&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ƵƉŽŶĐĞƌƚĂŝŶĨƵŶĚĂŵĞŶƚĂůĐŚĂŶŐĞƐĂƚĂƌĞƉƵƌĐŚĂƐĞƉƌŝĐĞĞƋƵĂůƚŽϭϬϭйŽĨƚŚĞƉƌŝŶĐŝƉĂůĂŵŽƵŶƚŽĨƚŚĞŶŽƚĞƐƉůƵƐĂĐĐƌƵĞĚ
ĂŶĚƵŶƉĂŝĚŝŶƚĞƌĞƐƚƚŽƚŚĞƌĞƉƵƌĐŚĂƐĞĚĂƚĞ͕ŝĨĂŶLJ͘
ŝŝ͘
ZĞǀŽůǀŝŶŐĐƌĞĚŝƚĨĂĐŝůŝƚLJĂŶĚƚĞƌŵůŽĂŶ
ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ƚŚĞŽŵƉĂŶLJŚĂĚƵƚŝůŝnjĞĚΨϲ͘ϵŵŝůůŝŽŶ;ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϲ͘ϴŵŝůůŝŽŶͿŽĨŝƚƐΨϭ͕ϱϬϬ͘ϬŵŝůůŝŽŶ
ƌĞǀŽůǀŝŶŐĐƌĞĚŝƚĨĂĐŝůŝƚLJ͕ĞŶƚŝƌĞůLJĨŽƌůĞƚƚĞƌƐŽĨĐƌĞĚŝƚ͘
KŶKĐƚŽďĞƌϮϴ͕ϮϬϮϰ͕ƚŚĞŽŵƉĂŶLJĂŵĞŶĚĞĚŝƚƐΨϭ͕ϱϬϬŵŝůůŝŽŶƌĞǀŽůǀŝŶŐĐƌĞĚŝƚĨĂĐŝůŝƚLJƚŽĞdžƚĞŶĚƚŚĞŵĂƚƵƌŝƚLJďLJƚǁŽLJĞĂƌƐ
ƚŽKĐƚŽďĞƌϮϬϮϵ͕ƌĞƐƚŽƌŝŶŐĂĨŝǀĞͲLJĞĂƌƚĞƌŵ͘
dŚĞƚĞƌŵůŽĂŶ͕ŵĂƚƵƌŝŶŐŽŶDĂƌĐŚϳ͕ϮϬϮϱ͕ŚĂƐŶŽŵĂŶĚĂƚŽƌLJĂŵŽƌƚŝnjĂƚŝŽŶƉĂLJŵĞŶƚƐĂŶĚĐĂŶďĞƌĞƉĂŝĚĂƚĂŶLJƚŝŵĞƉƌŝŽƌƚŽ
ŵĂƚƵƌŝƚLJ͘ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ƚŚĞŽŵƉĂŶLJƌĞƉĂŝĚΨϴϬϬ͘ϬŵŝůůŝŽŶŽĨƚŚĞŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞŽŶƚŚĞ
ƚĞƌŵůŽĂŶ͕ǁŝƚŚΨϮϬϬ͘ϬŵŝůůŝŽŶŝŶƉƌŝŶĐŝƉĂůŽƵƚƐƚĂŶĚŝŶŐĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͘KŶ&ĞďƌƵĂƌLJϭϬ͕ϮϬϮϱ͕ƚŚĞŽŵƉĂŶLJƌĞƉĂŝĚ
ƚŚĞƌĞŵĂŝŶŝŶŐΨϮϬϬ͘ϬŵŝůůŝŽŶŽĨƚŚĞŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞŽŶƚŚĞƚĞƌŵůŽĂŶ͘
>ŽĂŶŝŶƚĞƌĞƐƚŽŶƚŚĞƌĞǀŽůǀŝŶŐĐƌĞĚŝƚĨĂĐŝůŝƚLJĂŶĚƚĞƌŵůŽĂŶŝƐǀĂƌŝĂďůĞĂŶĚŝƐĚĞƉĞŶĚĞŶƚŽŶƚŚĞŽŵƉĂŶLJ͛ƐĐƌĞĚŝƚƌĂƚŝŶŐ͘ĂƐĞĚ
ŽŶƚŚĞŽŵƉĂŶLJ͛ƐĐƌĞĚŝƚƌĂƚŝŶŐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ŝŶƚĞƌĞƐƚĐŚĂƌŐĞƐĂŶĚĨĞĞƐĂƌĞĂƐĨŽůůŽǁƐ:
dLJƉĞŽĨĐƌĞĚŝƚ
ZĞǀŽůǀŝŶŐĐƌĞĚŝƚĨĂĐŝůŝƚLJ
^K&ZƉůƵƐϭ͘ϰϱй
dĞƌŵůŽĂŶ
^K&ZƉůƵƐϭ͘Ϯϱй
>ĞƚƚĞƌƐŽĨĐƌĞĚŝƚ
Ϭ͘ϵϲϳͲϭ͘ϰϱй
^ƚĂŶĚďLJĨĞĞĂƉƉůŝĐĂďůĞƚŽƵŶƵƐĞĚĂǀĂŝůĂďŝůŝƚLJ
Ϭ͘Ϯϵй
dŚĞ ƌĞǀŽůǀŝŶŐ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ ĂŐƌĞĞŵĞŶƚ ĂŶĚ ƚŚĞ ƚĞƌŵ ůŽĂŶ ĂŐƌĞĞŵĞŶƚ ĐŽŶƚĂŝŶ ǀĂƌŝŽƵƐ ĐŽǀĞŶĂŶƚƐ ŝŶĐůƵĚŝŶŐ ůŝŵŝƚƐ ŽŶ
ŝŶĚĞďƚĞĚŶĞƐƐ͕ĂƐƐĞƚƐĂůĞƐĂŶĚůŝĞŶƐ͘dŚĞŽŵƉĂŶLJǁĂƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚŝƚƐĨŝŶĂŶĐŝĂůĐŽǀĞŶĂŶƚŝŶƚŚĞĐƌĞĚŝƚĂŐƌĞĞŵĞŶƚƐĂƐ
ĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͘
ŝŝŝ͘
KƚŚĞƌ
ĨĨĞĐƚŝǀĞ:ƵůLJϭ͕ϮϬϮϰ͕ƚŚĞŽŵƉĂŶLJĞŶƚĞƌĞĚŝŶƚŽĂŶĂŵĞŶĚŵĞŶƚƚŽŝŶĐƌĞĂƐĞƚŚĞ>ĞƚƚĞƌŽĨƌĞĚŝƚŐƵĂƌĂŶƚĞĞĨĂĐŝůŝƚLJǁŝƚŚ
džƉŽƌƚĞǀĞůŽƉŵĞŶƚĂŶĂĚĂ;͞ ͟ͿĨƌŽŵΨϯϬϬ͘ϬŵŝůůŝŽŶƚŽΨϰϬϬ͘ϬŵŝůůŝŽŶĂŶĚĞdžƚĞŶĚĞĚƚŚĞŵĂƚƵƌŝƚLJĚĂƚĞĨƌŽŵ:ƵŶĞϯϬ͕
ϮϬϮϰƚŽ:ƵŶĞϯϬ͕ϮϬϮϲ͘dŽƚĂůĨĞĞƐƌĞůĂƚĞĚƚŽůĞƚƚĞƌƐŽĨĐƌĞĚŝƚƵŶĚĞƌƚŚŝƐĨĂĐŝůŝƚLJǁĞƌĞϬ͘ϳϱйŽĨƚŚĞƵƚŝůŝnjĞĚĂŵŽƵŶƚ͘ƐĂƚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ΨϮϰϳ͘ϮŵŝůůŝŽŶ;ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϮϯϱ͘ϳŵŝůůŝŽŶͿǁĂƐƵƚŝůŝnjĞĚƵŶĚĞƌƚŚŝƐĨĂĐŝůŝƚLJ͘
/ŶĂĚĚŝƚŝŽŶ͕ĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ƚŚĞŽŵƉĂŶLJŚĂĚΨϳϯϴ͘ϵŵŝůůŝŽŶ;ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϲϭϳ͘ϵŵŝůůŝŽŶͿŝŶůĞƚƚĞƌƐŽĨ
ĐƌĞĚŝƚĂŶĚƐƵƌĞƚLJďŽŶĚƐŽƵƚƐƚĂŶĚŝŶŐŝŶƌĞƐƉĞĐƚŽĨŝƚƐŽƉĞƌĂƚŝŽŶƐŝŶƌĂnjŝů͕DĂƵƌŝƚĂŶŝĂ͕ƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĂŶĚŚŝůĞ͕ĂƐǁĞůůĂƐ
ŝƚƐĚŝƐĐŽŶƚŝŶƵĞĚŽƉĞƌĂƚŝŽŶƐŝŶ'ŚĂŶĂ͕ǁŚŝĐŚŚĂǀĞďĞĞŶŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽĂƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚĐĞƌƚĂŝŶŝŶƚĞƌŶĂƚŝŽŶĂůďĂŶŬƐ
ĂŶĚŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶŝĞƐĂŶĚŝŶĐƵƌĂǀĞƌĂŐĞĨĞĞƐŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϬ͘ϲϯй͘
ŝǀ͘
ŚĂŶŐĞƐŝŶůŝĂďŝůŝƚŝĞƐĂƌŝƐŝŶŐĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ
dŽƚĂůĐƵƌƌĞŶƚ
>ĞĂƐĞ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ
ĂŶĚůŽŶŐͲƚĞƌŵĚĞďƚ
ůŝĂďŝůŝƚŝĞƐ
ƉĂLJĂďůĞ;ĂͿ
dŽƚĂů
ĂůĂŶĐĞĂƐĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϮϰ
Ϯ͕ϮϯϮ͘ϲ
Ψ
Ϯϳ͘ϲ
Ψ
ϯϲ͘ϯ
Ψ
Ϯ͕Ϯϵϲ͘ϱ
Ψ
ŚĂŶŐĞƐĨƌŽŵĨŝŶĂŶĐŝŶŐĐĂƐŚĨůŽǁƐ
ĞďƚƌĞƉĂLJŵĞŶƚƐ
;ϴϬϬ͘ϬͿ
Ͳ
Ͳ
;ϴϬϬ͘ϬͿ
/ŶƚĞƌĞƐƚƉĂŝĚ
Ͳ
Ͳ
;ϯϱ͘ϲͿ
;ϯϱ͘ϲͿ
WĂLJŵĞŶƚŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐ
Ͳ
;ϭϮ͘ϭͿ
Ͳ
;ϭϮ͘ϭͿ
ϭ͕ϰϯϮ͘ϲ
ϭϱ͘ϱ
Ϭ͘ϳ
ϭ͕ϰϰϴ͘ϴ
KƚŚĞƌĐŚĂŶŐĞƐ
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞĂŶĚĂĐĐƌĞƚŝŽŶ;ďͿ
Ͳ
Ψ
ϭ͘ϰ
Ψ
ϰϵ͘ϭ
Ψ
ϱϬ͘ϱ
Ψ
ĂƉŝƚĂůŝnjĞĚŝŶƚĞƌĞƐƚ;ĐͿ
Ͳ
Ͳ
ϴϴ͘Ϯ
ϴϴ͘Ϯ
ĂƉŝƚĂůŝnjĞĚŝŶƚĞƌĞƐƚƉĂŝĚ
Ͳ
Ͳ
;ϵϮ͘ϲͿ
;ϵϮ͘ϲͿ
ĚĚŝƚŝŽŶƐŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐ
Ͳ
ϭ͘ϵ
Ͳ
ϭ͘ϵ
KƚŚĞƌ
Ϯ͘ϴ
;ϭ͘ϳͿ
;ϭϰ͘ϯͿ
;ϭϯ͘ϮͿ
Ϯ͘ϴ
ϭ͘ϲ
ϯϬ͘ϰ
ϯϰ͘ϴ
ĂůĂŶĐĞĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ
ϭ͕ϰϯϱ͘ϰ
Ψ
ϭϳ͘ϭ
Ψ
ϯϭ͘ϭ
Ψ
ϭ͕ϰϴϯ͘ϲ
Ψ
2024 ANNUAL REPORT KINROSS GOLD
31 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
dŽƚĂůĐƵƌƌĞŶƚ
>ĞĂƐĞ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ
ĂŶĚůŽŶŐͲƚĞƌŵĚĞďƚ
ůŝĂďŝůŝƚŝĞƐ
ƉĂLJĂďůĞ;ĂͿ
dŽƚĂů
ĂůĂŶĐĞĂƐĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϮϯ
Ϯ͕ϱϵϮ͘ϵ
Ψ
ϰϳ͘ϲ
Ψ
ϰϭ͘ϵ
Ψ
Ϯ͕ϲϴϮ͘ϰ
Ψ
ŚĂŶŐĞƐĨƌŽŵĨŝŶĂŶĐŝŶŐĐĂƐŚĨůŽǁƐ
ĞďƚŝƐƐƵĂŶĐĞĂŶĚĚƌĂǁĚŽǁŶƐ
ϱϴϴ͘ϭ
Ͳ
Ͳ
ϱϴϴ͘ϭ
ĞďƚƌĞƉĂLJŵĞŶƚƐ
;ϵϲϬ͘ϬͿ
Ͳ
Ͳ
;ϵϲϬ͘ϬͿ
/ŶƚĞƌĞƐƚƉĂŝĚ
Ͳ
Ͳ
;ϱϯ͘ϮͿ
;ϱϯ͘ϮͿ
WĂLJŵĞŶƚŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐ
Ͳ
;ϯϬ͘ϮͿ
Ͳ
;ϯϬ͘ϮͿ
Ϯ͕ϮϮϭ͘Ϭ
ϭϳ͘ϰ
;ϭϭ͘ϯͿ
Ϯ͕ϮϮϳ͘ϭ
KƚŚĞƌĐŚĂŶŐĞƐ
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞĂŶĚĂĐĐƌĞƚŝŽŶ;ďͿ
Ͳ
Ψ
Ϯ͘ϭ
Ψ
ϲϲ͘ϵ
Ψ
ϲϵ͘Ϭ
Ψ
ĂƉŝƚĂůŝnjĞĚŝŶƚĞƌĞƐƚ;ĐͿ
Ͳ
Ͳ
ϭϬϴ͘ϵ
ϭϬϴ͘ϵ
ĂƉŝƚĂůŝnjĞĚŝŶƚĞƌĞƐƚƉĂŝĚ
Ͳ
Ͳ
;ϭϭϰ͘ϭͿ
;ϭϭϰ͘ϭͿ
ĚĚŝƚŝŽŶƐŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐ
Ͳ
ϳ͘ϵ
Ͳ
ϳ͘ϵ
KƚŚĞƌ
ϭϭ͘ϲ
Ϭ͘Ϯ
;ϭϰ͘ϭͿ
;Ϯ͘ϯͿ
ϭϭ͘ϲ
ϭϬ͘Ϯ
ϰϳ͘ϲ
ϲϵ͘ϰ
ĂůĂŶĐĞĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ
Ϯ͕ϮϯϮ͘ϲ
Ψ
Ϯϳ͘ϲ
Ψ
ϯϲ͘ϯ
Ψ
Ϯ͕Ϯϵϲ͘ϱ
Ψ
;ĂͿ
/ŶĐůƵĚĞĚŝŶĐĐŽƵŶƚƐƉĂLJĂďůĞĂŶĚĂĐĐƌƵĞĚůŝĂďŝůŝƚŝĞƐ͘^ĞĞEŽƚĞϲǀŝ͘
;ďͿ
/ŶĐůƵĚĞĚŝŶ&ŝŶĂŶĐĞĞdžƉĞŶƐĞ͘^ĞĞEŽƚĞϲǀŝŝŝ͘
;ĐͿ
/ŶĐůƵĚĞĚŝŶWƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ͘^ĞĞEŽƚĞϲŝǀ͘
ϭϭ͘
WZKs/^/KE^
ĞĐĞŵďĞƌϯϭ͕
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϰ
ϮϬϮϯ
ZĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐ;ŝͿ
ϵϰϴ͘ϲ
Ψ
ϴϳϲ͘ϵ
Ψ
KƚŚĞƌ
ϱϱ͘ϰ
ϲϭ͘ϴ
dŽƚĂůƉƌŽǀŝƐŝŽŶƐĂŶĚĐƵƌƌĞŶƚƉƌŽǀŝƐŝŽŶƐ
ϭ͕ϬϬϰ͘Ϭ
Ψ
ϵϯϴ͘ϳ
Ψ
>ĞƐƐ͗ĐƵƌƌĞŶƚƉŽƌƚŝŽŶ
;ϲϮ͘ϱͿ
;ϰϴ͘ϴͿ
EŽŶͲĐƵƌƌĞŶƚƉŽƌƚŝŽŶ
ϵϰϭ͘ϱ
Ψ
ϴϴϵ͘ϵ
Ψ
ŝ͘
ZĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐ
ĞĐĞŵďĞƌϯϭ͕
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϰ
ϮϬϮϯ
ĂůĂŶĐĞĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚ
ϴϳϲ͘ϵ
Ψ
ϳϳϵ͘Ϭ
Ψ
ŚĂŶŐĞŝŶĞƐƚŝŵĂƚĞ
ϲϬ͘Ϭ
ϴϯ͘ϭ
ĐĐƌĞƚŝŽŶ
ϰϬ͘ϵ
ϯϳ͘Ϭ
WĂLJŵĞŶƚƐ
;Ϯϵ͘ϮͿ
;ϮϮ͘ϮͿ
ĂůĂŶĐĞĂƚƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚ
ϵϰϴ͘ϲ
Ψ
ϴϳϲ͘ϵ
Ψ
>ĞƐƐ͗ĐƵƌƌĞŶƚƉŽƌƚŝŽŶ
;ϱϱ͘ϳͿ
;ϰϯ͘ϰͿ
EŽŶͲĐƵƌƌĞŶƚƉŽƌƚŝŽŶ
ϴϵϮ͘ϵ
Ψ
ϴϯϯ͘ϱ
Ψ
dŚĞ ŽŵƉĂŶLJĐŽŶĚƵĐƚƐŝƚƐŽƉĞƌĂƚŝŽŶƐƐŽ ĂƐƚŽƉƌŽƚĞĐƚ ƚŚĞ ƉƵďůŝĐŚĞĂůƚŚĂŶĚƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͕ ĂŶĚƚŽĐŽŵƉůLJǁŝƚŚĂůů
ĂƉƉůŝĐĂďůĞůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐŐŽǀĞƌŶŝŶŐƉƌŽƚĞĐƚŝŽŶŽĨƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘ZĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐĂƌŝƐĞ
ƚŚƌŽƵŐŚŽƵƚƚŚĞůŝĨĞŽĨĞĂĐŚŵŝŶĞ͘dŚĞŽŵƉĂŶLJĞƐƚŝŵĂƚĞƐĨƵƚƵƌĞƌĞĐůĂŵĂƚŝŽŶĐŽƐƚƐďĂƐĞĚŽŶƚŚĞůĞǀĞůŽĨĐƵƌƌĞŶƚŵŝŶŝŶŐ
ĂĐƚŝǀŝƚLJĂŶĚĞƐƚŝŵĂƚĞƐŽĨĐŽƐƚƐƌĞƋƵŝƌĞĚƚŽĨƵůĨŝůůƚŚĞŽŵƉĂŶLJ͛ƐĨƵƚƵƌĞŽďůŝŐĂƚŝŽŶƐ͘dŚĞĂďŽǀĞƚĂďůĞĚĞƚĂŝůƐƚŚĞŝƚĞŵƐƚŚĂƚ
ĂĨĨĞĐƚƚŚĞƌĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐ͘
/ŶĐůƵĚĞĚŝŶŽƚŚĞƌŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰŝƐĂΨϲ͘ϵŵŝůůŝŽŶĞdžƉĞŶƐĞ;LJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌ
ϯϭ͕ ϮϬϮϯͲΨϭϵ͘Ϯ ŵŝůůŝŽŶ ƌĞĐŽǀĞƌLJͿ ƌĞĨůĞĐƚŝŶŐ ƌĞǀŝƐĞĚ ĞƐƚŝŵĂƚĞĚ ĨĂŝƌ ǀĂůƵĞƐ ŽĨ ĐŽƐƚƐ ƚŚĂƚ ƐƵƉƉŽƌƚ ƚŚĞ ƌĞĐůĂŵĂƚŝŽŶ ĂŶĚ
ƌĞŵĞĚŝĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐĨŽƌƉƌŽƉĞƌƚŝĞƐƚŚĂƚŚĂǀĞďĞĞŶĐůŽƐĞĚ͕ŽƌĂƌĞŶĞĂƌŝŶŐƚŚĞĞŶĚŽĨƚŚĞŝƌŽƉĞƌĂƚŝŶŐůŝĨĞ͘dŚĞŵĂũŽƌŝƚLJŽĨ
ƚŚĞĞdžƉĞŶĚŝƚƵƌĞƐĂƌĞĞdžƉĞĐƚĞĚƚŽŽĐĐƵƌďĞƚǁĞĞŶϮϬϮϱĂŶĚϮϬϰϳ͘dŚĞĚŝƐĐŽƵŶƚƌĂƚĞƐƵƐĞĚŝŶĞƐƚŝŵĂƚŝŶŐƚŚĞƐŝƚĞƌĞƐƚŽƌĂƚŝŽŶ
ĐŽƐƚŽďůŝŐĂƚŝŽŶǁĞƌĞďĞƚǁĞĞŶϰ͘ϯйĂŶĚϴ͘ϰйĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ;LJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯʹϯ͘ϴй
ĂŶĚϴ͘ϰйͿ͕ĂŶĚƚŚĞŝŶĨůĂƚŝŽŶƌĂƚĞƐƵƐĞĚǁĞƌĞďĞƚǁĞĞŶϭ͘ϵйĂŶĚϰ͘ϮйĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ;LJĞĂƌĞŶĚĞĚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯʹϮ͘ϬйĂŶĚϰ͘ϱйͿ͘
2024 ANNUAL REPORT KINROSS GOLD
FS 32
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ZĞŐƵůĂƚŽƌLJĂƵƚŚŽƌŝƚŝĞƐŝŶĐĞƌƚĂŝŶũƵƌŝƐĚŝĐƚŝŽŶƐƌĞƋƵŝƌĞƚŚĂƚƐĞĐƵƌŝƚLJďĞƉƌŽǀŝĚĞĚƚŽĐŽǀĞƌƚŚĞĞƐƚŝŵĂƚĞĚƌĞĐůĂŵĂƚŝŽŶĂŶĚ
ƌĞŵĞĚŝĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐ͘ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ůĞƚƚĞƌƐŽĨĐƌĞĚŝƚƚŽƚĂůŝŶŐΨϰϳϴ͘ϰŵŝůůŝŽŶ;ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϰϭϴ͘ϵ
ŵŝůůŝŽŶͿŚĂĚďĞĞŶŝƐƐƵĞĚƚŽǀĂƌŝŽƵƐƌĞŐƵůĂƚŽƌLJĂŐĞŶĐŝĞƐƚŽƐĂƚŝƐĨLJĨŝŶĂŶĐŝĂůĂƐƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚŝƐƉƵƌƉŽƐĞ͘dŚĞ
ůĞƚƚĞƌƐŽĨĐƌĞĚŝƚǁĞƌĞŝƐƐƵĞĚĂŐĂŝŶƐƚƚŚĞŽŵƉĂŶLJΖƐ>ĞƚƚĞƌŽĨƌĞĚŝƚŐƵĂƌĂŶƚĞĞĨĂĐŝůŝƚLJǁŝƚŚ ͕ƚŚĞƌĞǀŽůǀŝŶŐĐƌĞĚŝƚĨĂĐŝůŝƚLJ͕
ĂŶĚ ƉƵƌƐƵĂŶƚ ƚŽ ĂƌƌĂŶŐĞŵĞŶƚƐ ǁŝƚŚ ĐĞƌƚĂŝŶ ŝŶƚĞƌŶĂƚŝŽŶĂů ďĂŶŬƐ͘ dŚĞ ŽŵƉĂŶLJ ŝƐ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ Ăůů ĂƉƉůŝĐĂďůĞ
ƌĞƋƵŝƌĞŵĞŶƚƐƵŶĚĞƌƚŚĞƐĞĨĂĐŝůŝƚŝĞƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕Ψϰϱϭ͘ϴŵŝůůŝŽŶ;ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϯϳϱ͘ϭ
ŵŝůůŝŽŶͿŽĨƐƵƌĞƚLJďŽŶĚƐǁĞƌĞŽƵƚƐƚĂŶĚŝŶŐĂƐƐĞĐƵƌŝƚLJŽǀĞƌƌĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐǁŝƚŚƌĞƐƉĞĐƚƚŽ<ŝŶƌŽƐƐ͛
ƉƌŽƉĞƌƚŝĞƐŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĂŶĚƌĂnjŝů͘dŚĞƐƵƌĞƚLJďŽŶĚƐǁĞƌĞŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽĂƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚŝŶƚĞƌŶĂƚŝŽŶĂůďĂŶŬƐ
ĂŶĚŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶŝĞƐ͘
ϭϮ͘
KDDKE^,Z W/d>
dŚĞĂƵƚŚŽƌŝnjĞĚƐŚĂƌĞĐĂƉŝƚĂůŽĨƚŚĞŽŵƉĂŶLJŝƐĐŽŵƉƌŝƐĞĚŽĨĂŶƵŶůŝŵŝƚĞĚŶƵŵďĞƌŽĨĐŽŵŵŽŶƐŚĂƌĞƐǁŝƚŚŽƵƚƉĂƌǀĂůƵĞ͘
ƐƵŵŵĂƌLJŽĨĐŽŵŵŽŶƐŚĂƌĞƚƌĂŶƐĂĐƚŝŽŶƐĨŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯŝƐĂƐĨŽůůŽǁƐ͗
EƵŵďĞƌŽĨƐŚĂƌĞƐ
ŵŽƵŶƚ
EƵŵďĞƌŽĨƐŚĂƌĞƐ
ŵŽƵŶƚ
;ϬϬϬΖƐͿ
;ϬϬϬΖƐͿ
ŽŵŵŽŶƐŚĂƌĞƐ
ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕
ϭ͕ϮϮϳ͕ϴϯϴ
ϰ͕ϰϴϭ͘ϲ
Ψ
ϭ͕ϮϮϭ͕ϴϵϭ
ϰ͕ϰϰϵ͘ϱ
Ψ
/ƐƐƵĞĚ͗
/ƐƐƵĞĚƵŶĚĞƌƐŚĂƌĞŽƉƚŝŽŶĂŶĚƌĞƐƚƌŝĐƚĞĚ
ϭ͕Ϯϴϴ
ϱ͘ϳ
ϱ͕ϵϰϳ
ϯϮ͘ϭ
dŽƚĂůĐŽŵŵŽŶƐŚĂƌĞĐĂƉŝƚĂů
ϭ͕ϮϮϵ͕ϭϮϲ
ϰ͕ϰϴϳ͘ϯ
Ψ
ϭ͕ϮϮϳ͕ϴϯϴ
ϰ͕ϰϴϭ͘ϲ
Ψ
ϮϬϮϯ
ϮϬϮϰ
ŝ͘
ŝǀŝĚĞŶĚƐŽŶĐŽŵŵŽŶƐŚĂƌĞƐ
dŚĞĨŽůůŽǁŝŶŐƐƵŵŵĂƌŝnjĞƐĚŝǀŝĚĞŶĚƐĚĞĐůĂƌĞĚĂŶĚƉĂŝĚĚƵƌŝŶŐƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ͗
WĞƌƐŚĂƌĞ
dŽƚĂůƉĂŝĚ
WĞƌƐŚĂƌĞ
dŽƚĂůƉĂŝĚ
ŝǀŝĚĞŶĚƐĚĞĐůĂƌĞĚĂŶĚƉĂŝĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͗
dŚƌĞĞŵŽŶƚŚƐĞŶĚĞĚDĂƌĐŚϯϭ
Ϭ͘Ϭϯ
Ψ
ϯϲ͘ϵ
Ψ
Ϭ͘Ϭϯ
Ψ
ϯϲ͘ϴ
Ψ
dŚƌĞĞŵŽŶƚŚƐĞŶĚĞĚ:ƵŶĞϯϬ
Ϭ͘Ϭϯ
ϯϲ͘ϴ
Ϭ͘Ϭϯ
ϯϲ͘ϵ
dŚƌĞĞŵŽŶƚŚƐĞŶĚĞĚ^ĞƉƚĞŵďĞƌϯϬ
Ϭ͘Ϭϯ
ϯϲ͘ϵ
Ϭ͘Ϭϯ
ϯϲ͘ϴ
dŚƌĞĞŵŽŶƚŚƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ
Ϭ͘Ϭϯ
ϯϲ͘ϵ
Ϭ͘Ϭϯ
ϯϲ͘ϴ
dŽƚĂů
ϭϰϳ͘ϱ
Ψ
ϭϰϳ͘ϯ
Ψ
ϮϬϮϰ
ϮϬϮϯ
KŶ&ĞďƌƵĂƌLJϭϮ͕ϮϬϮϱ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĚĞĐůĂƌĞĚĂĚŝǀŝĚĞŶĚŽĨΨϬ͘ϬϯƉĞƌĐŽŵŵŽŶƐŚĂƌĞ͕ƉĂLJĂďůĞŽŶDĂƌĐŚϮϬ͕ϮϬϮϱ
ƚŽƐŚĂƌĞŚŽůĚĞƌƐŽĨƌĞĐŽƌĚŽŶDĂƌĐŚϱ͕ϮϬϮϱ͘
dŚĞƌĞǁĞƌĞŶŽĚŝǀŝĚĞŶĚƐĚĞĐůĂƌĞĚďƵƚƵŶƉĂŝĚĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰŽƌĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ͘
ϭϯ͘
^,Z Ͳ^ WzD Ed^
^ŚĂƌĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞƌĞĐŽƌĚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯǁĂƐĂƐĨŽůůŽǁƐ͗
ϮϬϮϰ
ϮϬϮϯ
ϯϬ͘Ϯ
Ψ
ϭϵ͘Ϭ
Ψ
ĞĨĞƌƌĞĚƐŚĂƌĞƵŶŝƚƐĞdžƉĞŶƐĞ;ŝŝͿ
ϭ͘ϳ
ϭ͘ϲ
Ϯ͘ϴ
Ϯ͘ϰ
dŽƚĂůƐŚĂƌĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞ
ϯϰ͘ϳ
Ψ
Ϯϯ͘Ϭ
Ψ
ZĞƐƚƌŝĐƚĞĚƐŚĂƌĞƵŶŝƚƉůĂŶĞdžƉĞŶƐĞ͕ŝŶĐůƵĚŝŶŐƌĞƐƚƌŝĐƚĞĚƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐ;ŝͿ
ŵƉůŽLJĞƌƉŽƌƚŝŽŶŽĨĞŵƉůŽLJĞĞƐŚĂƌĞƉƵƌĐŚĂƐĞƉůĂŶ;ŝŝŝͿ
ŝ͘
ZĞƐƚƌŝĐƚĞĚƐŚĂƌĞƉůĂŶƐ
dŚĞŽŵƉĂŶLJŚĂƐĂZĞƐƚƌŝĐƚĞĚ^ŚĂƌĞWůĂŶĂŶĚĂZĞƐƚƌŝĐƚĞĚ^ŚĂƌĞhŶŝƚWůĂŶ;ĂƐŚͲ^ĞƚƚůĞĚͿǁŚĞƌĞďLJZ^hƐĂŶĚZW^hƐŵĂLJďĞ
ŐƌĂŶƚĞĚƚŽĞŵƉůŽLJĞĞƐ͕ŽĨĨŝĐĞƌƐĂŶĚĐŽŶƚƌĂĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJ͘hŶĚĞƌƚŚĞZĞƐƚƌŝĐƚĞĚ^ŚĂƌĞWůĂŶ͕ƚŚĞĂŐŐƌĞŐĂƚĞŶƵŵďĞƌŽĨ
ƐŚĂƌĞƐƌĞƐĞƌǀĞĚĨŽƌŝƐƐƵĂŶĐĞŵĂLJŶŽƚĞdžĐĞĞĚϱϬŵŝůůŝŽŶĐŽŵŵŽŶƐŚĂƌĞƐ͘dŚĞŶƵŵďĞƌŽĨĐŽŵŵŽŶƐŚĂƌĞƐĂǀĂŝůĂďůĞĨŽƌƚŚĞ
ŐƌĂŶƚŝŶŐŽĨƌĞƐƚƌŝĐƚĞĚƐŚĂƌĞƐƵŶĚĞƌƚŚŝƐƉůĂŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰǁĂƐϭϲ͘ϲŵŝůůŝŽŶ͘
2024 ANNUAL REPORT KINROSS GOLD
33 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
;ĂͿ
ZĞƐƚƌŝĐƚĞĚƐŚĂƌĞƵŶŝƚƐ
Z^hƐĂƌĞŐĞŶĞƌĂůůLJĞdžĞƌĐŝƐĂďůĞŝŶƚŽŽŶĞĐŽŵŵŽŶƐŚĂƌĞ͕ĞŶƚŝƚůŝŶŐƚŚĞŚŽůĚĞƌƚŽĂĐƋƵŝƌĞƚŚĞĐŽŵŵŽŶƐŚĂƌĞĨŽƌŶŽĂĚĚŝƚŝŽŶĂů
ĐŽŶƐŝĚĞƌĂƚŝŽŶ͘Z^hƐǀĞƐƚŽǀĞƌĂƚŚƌĞĞͲLJĞĂƌƉĞƌŝŽĚ͘
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƵŵŵĂƌŝnjĞƐŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚĂůůZ^hƐĂŶĚƌĞůĂƚĞĚĐŚĂŶŐĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ
ĂŶĚϮϬϮϯ͗
EƵŵďĞƌŽĨƵŶŝƚƐ
;ϬϬϬΖƐͿ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞ
ƐŚĂƌĞƉƌŝĐĞ;ΨͬƵŶŝƚͿ
EƵŵďĞƌŽĨƵŶŝƚƐ
;ϬϬϬΖƐͿ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞ
ƐŚĂƌĞƉƌŝĐĞ;ΨͬƵŶŝƚͿ
ĂůĂŶĐĞĂƐĂƚ:ĂŶƵĂƌLJϭ
ϲ͕ϲϳϮ
ϱ͘ϴϬ
ϰ͕ϵϬϱ
ϳ͘ϰϰ
'ƌĂŶƚĞĚ
ϯ͕ϱϵϯ
ϳ͘ϯϴ
ϰ͕ϴϰϳ
ϱ͘ϭϲ
ZĞŝŶǀĞƐƚĞĚ
ϭϭϮ
ϲ͘Ϯϯ
ϭϴϮ
ϱ͘ϵϬ
ZĞĚĞĞŵĞĚͲĂƐŚ
;ϭ͕ϴϱϳͿ
ϲ͘ϭϰ
;ϭ͕ϯϮϱͿ
ϳ͘ϴϱ
ZĞĚĞĞŵĞĚͲ ƋƵŝƚLJ
;ϭ͕ϭϱϵͿ
ϲ͘ϰϭ
;ϵϵϬͿ
ϳ͘ϲϮ
&ŽƌĨĞŝƚĞĚ
;ϭ͕ϭϰϭͿ
ϲ͘Ϯϭ
;ϵϰϳͿ
ϲ͘Ϯϴ
KƵƚƐƚĂŶĚŝŶŐĂƐĂƚĞĐĞŵďĞƌϯϭ
ϲ͕ϮϮϬ
ϲ͘ϰϯ
ϲ͕ϲϳϮ
ϱ͘ϴϬ
ϮϬϮϰ
ϮϬϮϯ
ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ƚŚĞŽŵƉĂŶLJŚĂĚƌĞĐŽŐŶŝnjĞĚĂůŝĂďŝůŝƚLJŽĨΨϮϬ͘ϵŵŝůůŝŽŶ;ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϭϯ͘ϬŵŝůůŝŽŶͿǁŝƚŚŝŶ
ĞŵƉůŽLJĞĞƌĞůĂƚĞĚĂĐĐƌƵĞĚůŝĂďŝůŝƚŝĞƐ;ƐĞĞEŽƚĞϲǀŝͿŝŶƌĞƐƉĞĐƚŽĨŝƚƐĐĂƐŚͲƐĞƚƚůĞĚZ^hƐ͘
;ďͿ
ZĞƐƚƌŝĐƚĞĚƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƵŶŝƚƐ
dŚĞZW^hƐĂƌĞƐƵďũĞĐƚƚŽĐĞƌƚĂŝŶǀĞƐƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚǀĞƐƚĂƚƚŚĞĞŶĚŽĨƚŚƌĞĞLJĞĂƌƐ͘dŚĞǀĞƐƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞ
ďĂƐĞĚŽŶĐĞƌƚĂŝŶƉĞƌĨŽƌŵĂŶĐĞĐƌŝƚĞƌŝĂŽǀĞƌƚŚĞǀĞƐƚŝŶŐƉĞƌŝŽĚĞƐƚĂďůŝƐŚĞĚďLJƚŚĞŽŵƉĂŶLJ͘
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƵŵŵĂƌŝnjĞƐŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞZW^hƐĂŶĚƌĞůĂƚĞĚĐŚĂŶŐĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕
ϮϬϮϰĂŶĚϮϬϮϯ͗
EƵŵďĞƌŽĨƵŶŝƚƐ
;ϬϬϬΖƐͿ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞ
ƐŚĂƌĞƉƌŝĐĞ;ΨͬƵŶŝƚͿ
EƵŵďĞƌŽĨƵŶŝƚƐ
;ϬϬϬΖƐͿ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞ
ƐŚĂƌĞƉƌŝĐĞ;ΨͬƵŶŝƚͿ
ĂůĂŶĐĞĂƐĂƚ:ĂŶƵĂƌLJϭ
ϰ͕Ϭϵϭ
ϲ͘ϰϳ
ϯ͕ϯϵϰ
ϴ͘Ϭϲ
'ƌĂŶƚĞĚ
ϭ͕ϱϯϵ
ϲ͘ϴϳ
Ϯ͕ϬϮϴ
ϰ͘ϲϴ
ZĞŝŶǀĞƐƚĞĚ
ϳϮ
ϲ͘ϭϱ
ϭϬϯ
ϲ͘Ϭϴ
ZĞĚĞĞŵĞĚ
;ϲϭϭͿ
ϴ͘ϳϵ
;ϰϲϯͿ
ϴ͘ϭϯ
&ŽƌĨĞŝƚĞĚ
;ϴϴϯͿ
ϳ͘ϭϳ
;ϵϳϭͿ
ϳ͘ϰϯ
KƵƚƐƚĂŶĚŝŶŐĂƐĂƚĞĐĞŵďĞƌϯϭ
ϰ͕ϮϬϴ
ϲ͘ϭϯ
ϰ͕Ϭϵϭ
ϲ͘ϰϳ
ϮϬϮϰ
ϮϬϮϯ
ŝŝ͘
ĞĨĞƌƌĞĚƐŚĂƌĞƵŶŝƚƉůĂŶ
dŚĞŽŵƉĂŶLJŚĂƐĂ^hƉůĂŶĨŽƌŝƚƐŽƵƚƐŝĚĞĚŝƌĞĐƚŽƌƐǁŚŝĐŚƉƌŽǀŝĚĞƐƚŚĂƚĞĂĐŚŽƵƚƐŝĚĞĚŝƌĞĐƚŽƌƌĞĐĞŝǀĞƐ͕ŽŶƚŚĞůĂƐƚĚĂƚĞŝŶ
ĞĂĐŚƋƵĂƌƚĞƌĂŶƵŵďĞƌŽĨ^hƐŚĂǀŝŶŐĂǀĂůƵĞĞƋƵĂůƚŽĂŵŝŶŝŵƵŵŽĨϱϬйŽĨƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨƚŚĞŽƵƚƐŝĚĞĚŝƌĞĐƚŽƌĨŽƌ
ƚŚĞĐƵƌƌĞŶƚƋƵĂƌƚĞƌ͘ ĂĐŚŽƵƚƐŝĚĞĚŝƌĞĐƚŽƌĐĂŶĞůĞĐƚƚŽƌĞĐĞŝǀĞĂŐƌĞĂƚĞƌƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞŝƌĐŽŵƉĞŶƐĂƚŝŽŶŝŶ^hƐ͘dŚĞ
ŶƵŵďĞƌŽĨ^hƐŐƌĂŶƚĞĚƚŽĂŶŽƵƚƐŝĚĞĚŝƌĞĐƚŽƌŝƐďĂƐĞĚŽŶƚŚĞĐůŽƐŝŶŐƉƌŝĐĞŽĨƚŚĞŽŵƉĂŶLJΖƐĐŽŵŵŽŶƐŚĂƌĞƐŽŶƚŚĞd^y
ŽŶƚŚĞďƵƐŝŶĞƐƐĚĂLJŝŵŵĞĚŝĂƚĞůLJƉƌĞĐĞĚŝŶŐƚŚĞ^hŝƐƐƵĞĚĂƚĞ͘ƚƐƵĐŚƚŝŵĞĂƐĂŶŽƵƚƐŝĚĞĚŝƌĞĐƚŽƌĐĞĂƐĞƐƚŽďĞĂĚŝƌĞĐƚŽƌ͕
ƚŚĞŽŵƉĂŶLJǁŝůůŵĂŬĞĂĐĂƐŚƉĂLJŵĞŶƚŽŶƚŚĞŽƵƚƐƚĂŶĚŝŶŐ^hƐƚŽƚŚĞŽƵƚƐŝĚĞĚŝƌĞĐƚŽƌŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞĚĞŵƉƚŝŽŶ
ĞůĞĐƚŝŽŶŵĂĚĞďLJƚŚĞĚĞƉĂƌƚŝŶŐĚŝƌĞĐƚŽƌŽƌŝŶƚŚĞĂďƐĞŶĐĞŽĨĂŶĞůĞĐƚŝŽŶƚŽĚĞĨĞƌƌĞĚĞŵƉƚŝŽŶ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĚĞĨĂƵůƚ
ƌĞĚĞŵƉƚŝŽŶƉƌŽǀŝƐŝŽŶƐƉƌŽǀŝĚĞĚŝŶƚŚĞ^hWůĂŶ͘
2024 ANNUAL REPORT KINROSS GOLD
FS 34
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
dŚĞŶƵŵďĞƌŽĨ^hƐŐƌĂŶƚĞĚďLJƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĨĂŝƌǀĂůƵĞƉĞƌƵŶŝƚŝƐƐƵĞĚĨŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯĂƌĞĂƐĨŽůůŽǁƐ͗
ϮϬϮϰ
ϮϬϮϯ
^hƐŐƌĂŶƚĞĚ;ϬϬϬΖƐͿ
ϭϳϯ
ϯϮϵ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŐƌĂŶƚͲĚĂƚĞĨĂŝƌǀĂůƵĞ;ΨͬƵŶŝƚͿ
ϭϬ͘ϵϭ
Ψ
ϲ͘ϲϲ
Ψ
zĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ
dŚĞƌĞǁĞƌĞϮ͕ϭϮϴ͕Ϯϭϳ^hƐŽƵƚƐƚĂŶĚŝŶŐ͕ĨŽƌǁŚŝĐŚƚŚĞŽŵƉĂŶLJŚĂĚƌĞĐŽŐŶŝnjĞĚĂůŝĂďŝůŝƚLJŽĨΨϭϵ͘ϴŵŝůůŝŽŶ͕ĂƐĂƚĞĐĞŵďĞƌ
ϯϭ͕ϮϬϮϰ;ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϭϭ͘ϵŵŝůůŝŽŶͿ͕ǁŝƚŚŝŶĞŵƉůŽLJĞĞƌĞůĂƚĞĚĂĐĐƌƵĞĚůŝĂďŝůŝƚŝĞƐ;ƐĞĞEŽƚĞϲǀŝͿ͘
ŝŝŝ͘
ŵƉůŽLJĞĞƐŚĂƌĞƉƵƌĐŚĂƐĞƉůĂŶ;^WWͿ
dŚĞŽŵƉĂŶLJŚĂƐĂŶĞŵƉůŽLJĞĞ^WWǁŚĞƌĞďLJĐĞƌƚĂŝŶĞŵƉůŽLJĞĞƐŽĨƚŚĞŽŵƉĂŶLJŚĂǀĞƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽĐŽŶƚƌŝďƵƚĞƵƉƚŽĂ
ŵĂdžŝŵƵŵŽĨϭϬйŽĨƚŚĞŝƌĂŶŶƵĂůďĂƐĞƐĂůĂƌLJƚŽƉƵƌĐŚĂƐĞĐŽŵŵŽŶƐŚĂƌĞƐ͘^ŝŶĐĞϮϬϬϰ͕ƚŚĞŽŵƉĂŶLJŚĂƐŵĂĚĞĐŽŶƚƌŝďƵƚŝŽŶƐ
ĞƋƵĂůƚŽϱϬйŽĨƚŚĞĞŵƉůŽLJĞĞƐΖĐŽŶƚƌŝďƵƚŝŽŶƐ͘
ŝǀ͘
^ŚĂƌĞŽƉƚŝŽŶƉůĂŶ
dŚĞŽŵƉĂŶLJŚĂƐĂƐŚĂƌĞŽƉƚŝŽŶƉůĂŶĨŽƌŽĨĨŝĐĞƌƐ͕ĞŵƉůŽLJĞĞƐ͕ĂŶĚĐŽŶƚƌĂĐƚŽƌƐĞŶĂďůŝŶŐƚŚĞŵƚŽƉƵƌĐŚĂƐĞĐŽŵŵŽŶƐŚĂƌĞƐ͘
hŶĚĞƌƚŚĞƐŚĂƌĞŽƉƚŝŽŶƉůĂŶ͕ƚŚĞĂŐŐƌĞŐĂƚĞŶƵŵďĞƌŽĨƐŚĂƌĞƐƌĞƐĞƌǀĞĚĨŽƌŝƐƐƵĂŶĐĞŵĂLJŶŽƚĞdžĐĞĞĚϯϭ͘ϮŵŝůůŝŽŶĐŽŵŵŽŶ
ƐŚĂƌĞƐ͘ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞĂŐŐƌĞŐĂƚĞŶƵŵďĞƌŽĨĐŽŵŵŽŶƐŚĂƌĞƐƌĞƐĞƌǀĞĚĨŽƌŝƐƐƵĂŶĐĞƵŶĚĞƌƚŚĞƐŚĂƌĞŽƉƚŝŽŶƉůĂŶƚŽŝŶƐŝĚĞƌƐ͕
ĂƚĂŶLJŽŶĞƚŝŵĞƵƉŽŶƚŚĞĞdžĞƌĐŝƐĞŽĨŽƉƚŝŽŶƐĂŶĚƉƵƌƐƵĂŶƚƚŽĂůůŽƚŚĞƌĐŽŵƉĞŶƐĂƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶLJƐŚĂůů
ŶŽƚĞdžĐĞĞĚϭϬйŽĨƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨĐŽŵŵŽŶƐŚĂƌĞƐƚŚĞŶŽƵƚƐƚĂŶĚŝŶŐ͘ ĂĐŚŽƉƚŝŽŶŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞƉůĂŶŝƐĨŽƌĂ
ŵĂdžŝŵƵŵƚĞƌŵŽĨƐĞǀĞŶLJĞĂƌƐ͘KŶĞͲƚŚŝƌĚŽĨƚŚĞŽƉƚŝŽŶƐŐƌĂŶƚĞĚĂƌĞĞdžĞƌĐŝƐĂďůĞĞĂĐŚLJĞĂƌĐŽŵŵĞŶĐŝŶŐŽŶĞLJĞĂƌĂĨƚĞƌƚŚĞ
ĚĂƚĞŽĨŐƌĂŶƚ͘dŚĞĞdžĞƌĐŝƐĞƉƌŝĐĞŝƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŽŵƉĂŶLJΖƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂƚƚŚĞƚŝŵĞƚŚĞŽƉƚŝŽŶŝƐŐƌĂŶƚĞĚ͕ĂŶĚ
ŵĂLJŶŽƚďĞůĞƐƐƚŚĂŶƚŚĞĐůŽƐŝŶŐŵĂƌŬĞƚƉƌŝĐĞŽĨƚŚĞĐŽŵŵŽŶƐŚĂƌĞƐŽŶƚŚĞůĂƐƚƚƌĂĚŝŶŐĚĂLJƉƌŝŽƌƚŽƚŚĞŐƌĂŶƚĚĂƚĞŽĨƚŚĞ
ŽƉƚŝŽŶ͘dŚĞ ƐŚĂƌĞŽƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƐ Ăƚ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĞdžƉŝƌĞ ĂƚǀĂƌŝŽƵƐĚĂƚĞƐƚŚƌŽƵŐŚϮϬϮϲ͘dŚĞ ŶƵŵďĞƌŽĨ
ĐŽŵŵŽŶƐŚĂƌĞƐĂǀĂŝůĂďůĞĨŽƌƚŚĞŐƌĂŶƚŝŶŐŽĨŽƉƚŝŽŶƐĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰǁĂƐϭϳ͘ϵŵŝůůŝŽŶ͘
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƵŵŵĂƌŝnjĞƐƚŚĞƐƚĂƚƵƐŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƉůĂŶĂŶĚĐŚĂŶŐĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ
ĂŶĚϮϬϮϯ͗
EƵŵďĞƌŽĨŽƉƚŝŽŶƐ
;ϬϬϬΖƐͿ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞ
ĞdžĞƌĐŝƐĞƉƌŝĐĞ
;ΨͬŽƉƚŝŽŶͿ
EƵŵďĞƌŽĨŽƉƚŝŽŶƐ
;ϬϬϬΖƐͿ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞ
ĞdžĞƌĐŝƐĞƉƌŝĐĞ
;ΨͬŽƉƚŝŽŶͿ
ĂůĂŶĐĞĂƐĂƚ:ĂŶƵĂƌLJϭ
ϴϱϵ
ϰ͘ϲϴ
Ψ
ϳ͕ϭϴϲ
Ϯ͘ϴϰ
Ψ
džĞƌĐŝƐĞĚ
;ϴϮϰͿ
ϰ͘ϲϵ
;ϲ͕ϯϮϳͿ
Ϯ͘ϱϵ
KƵƚƐƚĂŶĚŝŶŐĂƐĂƚĞĐĞŵďĞƌϯϭ
ϯϱ
ϰ͘ϲϬ
Ψ
ϴϱϵ
ϰ͘ϲϴ
Ψ
džĞƌĐŝƐĂďůĞĂƐĂƚĞĐĞŵďĞƌϯϭ
ϯϱ
ϰ͘ϲϬ
Ψ
ϴϱϵ
ϰ͘ϲϴ
Ψ
ϮϬϮϰ
ϮϬϮϯ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞƐŚĂƌĞƉƌŝĐĞĂƚƚŚĞĚĂƚĞŽĨĞdžĞƌĐŝƐĞǁĂƐΨϭϬ͘Ϭϰ;ĞĐĞŵďĞƌ
ϯϭ͕ϮϬϮϯʹΨϱ͘ϲϭͿ͘dŚĞŽƵƚƐƚĂŶĚŝŶŐĂŶĚĞdžĞƌĐŝƐĂďůĞŽƉƚŝŽŶƐŚĂǀĞĂǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞƌĞŵĂŝŶŝŶŐĐŽŶƚƌĂĐƚƵĂůůŝĨĞŽĨϭ͘ϭϭ
LJĞĂƌƐ͘
2024 ANNUAL REPORT KINROSS GOLD
35 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ϭϰ͘
ZE/E'^W Z^,Z
ĂƐŝĐĂŶĚĚŝůƵƚĞĚŶĞƚĞĂƌŶŝŶŐƐĂƚƚƌŝďƵƚĂďůĞƚŽĐŽŵŵŽŶƐŚĂƌĞŚŽůĚĞƌƐŽĨƚŚĞŽŵƉĂŶLJĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ
ǁĂƐΨϵϰϴ͘ϴŵŝůůŝŽŶ;LJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϰϭϲ͘ϯŵŝůůŝŽŶͿ͘
ĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ŚĂƐ ďĞĞŶ ĐĂůĐƵůĂƚĞĚ ƵƐŝŶŐ ƚŚĞ ǁĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ŶƵŵďĞƌ ŽĨ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ĂŶĚ ĐŽŵŵŽŶ ƐŚĂƌĞ
ĞƋƵŝǀĂůĞŶƚƐŝƐƐƵĞĚĂŶĚŽƵƚƐƚĂŶĚŝŶŐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘^ƚŽĐŬŽƉƚŝŽŶƐĂƌĞƌĞĨůĞĐƚĞĚŝŶĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞďLJĂƉƉůŝĐĂƚŝŽŶ
ŽĨƚŚĞƚƌĞĂƐƵƌLJŵĞƚŚŽĚ͘
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞĚĞƚĂŝůƐƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨĐŽŵŵŽŶƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĐŽŵƉƵƚŝŶŐďĂƐŝĐ
ĂŶĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĂƚƚƌŝďƵƚĂďůĞƚŽĐŽŵŵŽŶƐŚĂƌĞŚŽůĚĞƌƐĨŽƌƚŚĞĨŽůůŽǁŝŶŐƉĞƌŝŽĚƐ͗
;EƵŵďĞƌŽĨĐŽŵŵŽŶƐŚĂƌĞƐŝŶƚŚŽƵƐĂŶĚƐͿ
ϮϬϮϰ
ϮϬϮϯ
ĂƐŝĐǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐ
ϭ͕ϮϮϴ͕ϴϱϱ
ϭ͕ϮϮϲ͕ϵϴϱ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞƐŚĂƌĞƐĚŝůƵƚŝŽŶĂĚũƵƐƚŵĞŶƚƐ͗
^ƚŽĐŬŽƉƚŝŽŶƐ;ĂͿ
ϭϴϮ
ϴϮϮ
ZĞƐƚƌŝĐƚĞĚƐŚĂƌĞƵŶŝƚƐ
ϭ͕ϴϬϱ
ϯ͕ϱϱϰ
ZĞƐƚƌŝĐƚĞĚƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƵŶŝƚƐ
ϯ͕ϲϲϮ
ϱ͕ϯϬϵ
ŝůƵƚĞĚǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐ
ϭ͕Ϯϯϰ͕ϱϬϰ
ϭ͕Ϯϯϲ͕ϲϳϬ
zĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕
;ĂͿ
ŝůƵƚŝǀĞƐƚŽĐŬŽƉƚŝŽŶƐǁĞƌĞĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐƚŚĞŽŵƉĂŶLJ͛ƐĂǀĞƌĂŐĞƐŚĂƌĞƉƌŝĐĞĨŽƌƚŚĞLJĞĂƌ͘&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕
ƚŚĞĂǀĞƌĂŐĞƐŚĂƌĞƉƌŝĐĞƵƐĞĚǁĂƐΨϳ͘ϴϵ;LJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϰ͘ϴϴͿ͘
ϭϱ͘
/EKD dy yW E^
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐŚŽǁƐƚŚĞĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞĐƵƌƌĞŶƚĂŶĚĚĞĨĞƌƌĞĚƚĂdžĞdžƉĞŶƐĞ͗
ϮϬϮϰ
ϮϬϮϯ
ƵƌƌĞŶƚƚĂdžĞdžƉĞŶƐĞ
ƵƌƌĞŶƚƉĞƌŝŽĚ
ϯϳϲ͘ϯ
Ψ
ϭϰϵ͘Ϭ
Ψ
^ĞƚƚůĞŵĞŶƚŽƌĂĚũƵƐƚŵĞŶƚĨŽƌƉƌŝŽƌƉĞƌŝŽĚƐ
;ϭ͘ϭͿ
Ϭ͘ϯ
ĞĨĞƌƌĞĚƚĂdžĞdžƉĞŶƐĞ
KƌŝŐŝŶĂƚŝŽŶĂŶĚƌĞǀĞƌƐĂůŽĨƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ
ϭϭϱ͘ϴ
ϱϲ͘ϰ
^ĞƚƚůĞŵĞŶƚŽƌĂĚũƵƐƚŵĞŶƚĨŽƌƉƌŝŽƌƉĞƌŝŽĚƐ
;ϯϮ͘ϲͿ
ϱϳ͘ϯ
ŚĂŶŐĞŝŶƵŶƌĞĐŽŐŶŝnjĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĨƌŽŵŝŵƉĂŝƌŵĞŶƚ;ƌĞǀĞƌƐĂůͿĐŚĂƌŐĞƐ
;ϭϳ͘ϴͿ
ϴ͘ϴ
ŚĂŶŐĞŝŶƵŶƌĞĐŽŐŶŝnjĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ
ϰϲ͘ϴ
Ϯϭ͘ϰ
dŽƚĂůƚĂdžĞdžƉĞŶƐĞ
ϰϴϳ͘ϰ
Ψ
Ϯϵϯ͘Ϯ
Ψ
zĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕
2024 ANNUAL REPORT KINROSS GOLD
FS 36
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƌĞĐŽŶĐŝůĞƐƚŚĞĞdžƉĞĐƚĞĚŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞĐĂůĐƵůĂƚĞĚĂƚƚŚĞĐŽŵďŝŶĞĚĂŶĂĚŝĂŶĨĞĚĞƌĂůĂŶĚƉƌŽǀŝŶĐŝĂů
ƐƚĂƚƵƚŽƌLJŝŶĐŽŵĞƚĂdžƌĂƚĞƐƚŽƚŚĞŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨŽƉĞƌĂƚŝŽŶƐ͗
ϮϬϮϰ
ϮϬϮϯ
ĂƌŶŝŶŐƐďĞĨŽƌĞŝŶĐŽŵĞƚĂdž
ϭ͕ϰϴϭ͘ϰ
Ψ
ϳϬϴ͘ϲ
Ψ
^ƚĂƚƵƚŽƌLJZĂƚĞ
Ϯϲ͘ϱй
Ϯϲ͘ϱй
džƉĞĐƚĞĚŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ
ϯϵϮ͘ϲ
Ψ
ϭϴϳ͘ϴ
Ψ
/ŶĐƌĞĂƐĞ;ĚĞĐƌĞĂƐĞͿƌĞƐƵůƚŝŶŐĨƌŽŵ͗
&ŽƌĞŝŐŶĞdžĐŚĂŶŐĞŽŶĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĞƐǁŝƚŚŝŶŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞƐ
ϴϲ͘ϰ
Ϯϵ͘ϯ
ŚĂŶŐĞŝŶƵŶƌĞĐŽŐŶŝnjĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ
ϰϲ͘ϴ
Ϯϭ͘ϰ
DŝŶŝŶŐĂŶĚƐƚĂƚĞƚĂdžĞƐ
ϯϲ͘ϲ
ϲ͘Ϯ
ŝĨĨĞƌĞŶĐĞŝŶĨŽƌĞŝŐŶƚĂdžƌĂƚĞƐ
ϭϱ͘ϰ
ϮϬ͘ϵ
dĂdžŽŶ;ƌĞĐŽǀĞƌLJĨƌŽŵͿƌĞƉĂƚƌŝĂƚŝŽŶŽĨĨŽƌĞŝŐŶĞĂƌŶŝŶŐƐ
ϲ͘Ϭ
;ϭϴ͘ϮͿ
dƌƵĞͲƵƉŽĨƉƌŝŽƌƉƌŽǀŝƐŝŽŶƐƚŽƚĂdžĨŝůŝŶŐƐ
Ϯ͘ϲ
ϯ͘ϲ
dĂdžŝŵƉĂĐƚŽŶŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ
;ϵ͘ϳͿ
Ͳ
WĞƌĐĞŶƚĂŐĞŽĨĚĞƉůĞƚŝŽŶ
;ϭϭ͘ϳͿ
;ϭϮ͘ϵͿ
ŚĂŶŐĞŝŶƵŶƌĞĐŽŐŶŝnjĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĨƌŽŵŝŵƉĂŝƌŵĞŶƚ;ƌĞǀĞƌƐĂůͿĐŚĂƌŐĞƐ
;ϭϳ͘ϴͿ
ϴ͘ϴ
EĞƚĂĐĐŽƵŶƚŝŶŐĞdžƉĞŶƐĞƐ;ŝŶĐŽŵĞͿŶŽƚĚĞĚƵĐƚŝďůĞ;ƚĂdžĂďůĞͿĨŽƌƚĂdž
;Ϯϭ͘ϴͿ
ϭϵ͘ϴ
ŚĂŶŐĞŝŶŝŶĐŽŵĞƚĂdžƌĞůĂƚĞĚƵŶĐĞƌƚĂŝŶƚĂdžƉŽƐŝƚŝŽŶƐ
;ϯϱ͘ϱͿ
ϮϮ͘ϯ
KƚŚĞƌ
;Ϯ͘ϱͿ
ϰ͘Ϯ
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ
ϰϴϳ͘ϰ
Ψ
Ϯϵϯ͘Ϯ
Ψ
zĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕
ŝ͘
ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdž
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƵŵŵĂƌŝnjĞƐƚŚĞĐŽŵƉŽŶĞŶƚƐŽĨĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdž͗
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϰ
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϯ
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ
ZĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐ
ϭϭϲ͘ϲ
Ψ
ϭϬϱ͘ϵ
Ψ
ĐĐƌƵĞĚĞdžƉĞŶƐĞƐĂŶĚŽƚŚĞƌ
ϵϯ͘ϴ
ϲϯ͘ϱ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
ϰ͘ϴ
ϱ͘ϴ
>ŽƐƐĞƐ
Ϭ͘ϳ
ϴ͘Ϭ
Ϯϭϱ͘ϵ
ϭϴϯ͘Ϯ
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
ϲϵϰ͘Ϯ
ϱϴϭ͘ϭ
/ŶǀĞŶƚŽƌLJĐĂƉŝƚĂůŝnjĂƚŝŽŶ
ϲϱ͘ϯ
ϯϲ͘ϳ
ZĞĐůĂŵĂƚŝŽŶĂŶĚƌĞŵĞĚŝĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐ
Ϭ͘ϭ
Ϯ͘ϲ
ϳϱϵ͘ϲ
Ψ
ϲϮϬ͘ϰ
Ψ
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐͲŶĞƚ
ϱϰϯ͘ϳ
Ψ
ϰϯϳ͘Ϯ
Ψ
&ŽƌďĂůĂŶĐĞƐŚĞĞƚĚŝƐĐůŽƐƵƌĞƉƵƌƉŽƐĞƐ͕ĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŚĂǀĞďĞĞŶŽĨĨƐĞƚǁŚĞƌĞƚŚĞLJƌĞůĂƚĞƚŽŝŶĐŽŵĞƚĂdžĞƐ
ůĞǀŝĞĚďLJƚŚĞƐĂŵĞƚĂdžĂƚŝŽŶĂƵƚŚŽƌŝƚLJĂŶĚƚŚĞŽŵƉĂŶLJŚĂƐƚŚĞůĞŐĂůƌŝŐŚƚĂŶĚŝŶƚĞŶƚƚŽŽĨĨƐĞƚ͘
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƵŵŵĂƌŝnjĞƐƚŚĞŵŽǀĞŵĞŶƚŝŶŶĞƚĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐ͗
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϰ
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϯ
ĂůĂŶĐĞĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚ
ϰϯϳ͘Ϯ
Ψ
Ϯϵϲ͘ϵ
Ψ
ZĞĐŽŐŶŝnjĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨŽƉĞƌĂƚŝŽŶƐ
ϭϭϮ͘Ϯ
ϭϰϯ͘ϵ
ZĞĐŽŐŶŝnjĞĚŝŶK/
;ϱ͘ϯͿ
;ϯ͘ϲͿ
KƚŚĞƌ
;Ϭ͘ϰͿ
Ͳ
ĂůĂŶĐĞĂƚƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚ
ϱϰϯ͘ϳ
Ψ
ϰϯϳ͘Ϯ
Ψ
2024 ANNUAL REPORT KINROSS GOLD
37 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ŝŝ͘
hŶƌĞĐŽŐŶŝnjĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ
dŚĞĂŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ĨŽƌǁŚŝĐŚĚĞĨĞƌƌĞĚƚĂdž
ůŝĂďŝůŝƚŝĞƐŚĂǀĞŶŽƚďĞĞŶƌĞĐŽŐŶŝnjĞĚ͕ĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰŝƐΨϳ͕Ϯϱϴ͘ϵŵŝůůŝŽŶ;ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϲ͕ϰϵϬ͘ϯŵŝůůŝŽŶͿ͘
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŚĂǀĞŶŽƚďĞĞŶƌĞĐŽŐŶŝnjĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐ͗
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϰ
ĞĐĞŵďĞƌϯϭ͕
ϮϬϮϯ
ĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ
ϳϳϱ͘ϳ
Ψ
ϳϯϲ͘ϳ
Ψ
dĂdžůŽƐƐĞƐ
ϰϲϳ͘ϲ
Ψ
ϰϲϵ͘ϲ
Ψ
dŚĞƚĂdžůŽƐƐĞƐŶŽƚƌĞĐŽŐŶŝnjĞĚĞdžƉŝƌĞĂƐƉĞƌƚŚĞĂŵŽƵŶƚĂŶĚLJĞĂƌƐŶŽƚĞĚďĞůŽǁ͘dŚĞĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĚŽ
ŶŽƚĞdžƉŝƌĞƵŶĚĞƌĐƵƌƌĞŶƚƚĂdžůĞŐŝƐůĂƚŝŽŶ͘ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŚĂǀĞŶŽƚďĞĞŶƌĞĐŽŐŶŝnjĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚĞƐĞŝƚĞŵƐďĞĐĂƵƐĞŝƚ
ŝƐŶŽƚƉƌŽďĂďůĞƚŚĂƚĨƵƚƵƌĞƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚĞŽŵƉĂŶLJĐĂŶƵƚŝůŝnjĞƚŚĞďĞŶĞĨŝƚƐƚŚĞƌĞĨƌŽŵ͘
ŝŝŝ͘
EŽŶͲĐĂƉŝƚĂůůŽƐƐĞƐ;ŶŽƚƌĞĐŽŐŶŝnjĞĚͿ
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƵŵŵĂƌŝnjĞƐƚŚĞŽŵƉĂŶLJ͛ƐŽƉĞƌĂƚŝŶŐůŽƐƐĞƐƚŚĂƚĐĂŶďĞĂƉƉůŝĞĚĂŐĂŝŶƐƚĨƵƚƵƌĞƚĂdžĂďůĞƉƌŽĨŝƚ͗
ŽƵŶƚƌLJ
dLJƉĞ
ŵŽƵŶƚ
džƉŝƌLJĂƚĞ
ĂŶĂĚĂ
EĞƚŽƉĞƌĂƚŝŶŐůŽƐƐĞƐ
Ψϭ͕ϯϱϮ͘ϴ
ϮϬϮϳͲϮϬϰϰ
hŶŝƚĞĚ^ƚĂƚĞƐ;ĂͿ
EĞƚŽƉĞƌĂƚŝŶŐůŽƐƐĞƐ
Ϯϱϵ͘Ϭ
ϮϬϮϱͲϮϬϮϲΘEŽĞdžƉŝƌLJ
ŚŝůĞ
EĞƚŽƉĞƌĂƚŝŶŐůŽƐƐĞƐ
ϭϯϯ͘ϯ
EŽĞdžƉŝƌLJ
ƌĂnjŝů
EĞƚŽƉĞƌĂƚŝŶŐůŽƐƐĞƐ
ϭ͘ϳ
EŽĞdžƉŝƌLJ
DĂƵƌŝƚĂŶŝĂ
EĞƚŽƉĞƌĂƚŝŶŐůŽƐƐĞƐ
ϭϯ͘ϭ
ϮϬϮϱͲϮϬϮϵ
>ƵdžĞŵďŽƵƌŐ
EĞƚŽƉĞƌĂƚŝŶŐůŽƐƐĞƐ
ϯϭ͘Ϭ
sĂƌŝŽƵƐ
KƚŚĞƌ
EĞƚŽƉĞƌĂƚŝŶŐůŽƐƐĞƐ
ϱϮ͘Ϯ
sĂƌŝŽƵƐ
;ĂͿ
hƚŝůŝnjĂƚŝŽŶŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐůŽƐƐĐĂƌƌLJĨŽƌǁĂƌĚƐǁŝůůďĞůŝŵŝƚĞĚŝŶĂŶLJLJĞĂƌĂƐĂƌĞƐƵůƚŽĨƚŚĞƉƌĞǀŝŽƵƐĐŚĂŶŐĞƐŝŶŽǁŶĞƌƐŚŝƉ͘
'ůŽďĂůŵŝŶŝŵƵŵƚŽƉͲƵƉƚĂdž
dŚĞ'ůŽďĂůDŝŶŝŵƵŵdĂdžĐƚ;͞'Dd͟ͿǁĂƐĞŶĂĐƚĞĚŝŶĂŶĂĚĂŽŶ:ƵŶĞϮϬ͕ϮϬϮϰ͘dŚĞ'DdŝŶĐůƵĚĞƐĂϭϱйŐůŽďĂůŵŝŶŝŵƵŵ
ƚĂdž;͞ƚŽƉͲƵƉƚĂdž͟ͿƚŚĂƚĂƉƉůŝĞƐƚŽůĂƌŐĞŵƵůƚŝŶĂƚŝŽŶĂůĞŶƚĞƌƉƌŝƐĞŐƌŽƵƉƐǁŝƚŚŐůŽďĂůĐŽŶƐŽůŝĚĂƚĞĚƌĞǀĞŶƵĞƐŽǀĞƌΦϳϱϬŵŝůůŝŽŶ͘
ƐĂƌĞƐƵůƚ͕ƚŚĞŽŵƉĂŶLJǁĂƐƐƵďũĞĐƚƚŽƚŚĞƚŽƉͲƵƉƚĂdžƌƵůĞƐĨŽƌŝƚƐϮϬϮϰƚĂdžĂƚŝŽŶLJĞĂƌ͘dŚĞ'DdĚŝĚŶŽƚŚĂǀĞĂŵĂƚĞƌŝĂů
ŝŵƉĂĐƚŽŶƚŚĞŽŵƉĂŶLJŝŶϮϬϮϰ͕ĂƐŶŽŶĞŽĨƚŚĞŽŵƉĂŶLJ͛ƐũƵƌŝƐĚŝĐƚŝŽŶƐǁĞƌĞƐƵďũĞĐƚƚŽĂŶLJŵĂƚĞƌŝĂůƚŽƉƵƉƚĂdžĂŵŽƵŶƚƐ
ĨŽƌϮϬϮϰ͘
/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂŵĞŶĚŵĞŶƚƐƚŽ/^ϭϮ͞/ŶĐŽŵĞdĂdžĞƐ͟ŝƐƐƵĞĚďLJƚŚĞ/^ŽŶDĂLJϮϯ͕ϮϬϮϯ͕ƚŚĞŽŵƉĂŶLJŚĂƐĂƉƉůŝĞĚ
ĂƚĞŵƉŽƌĂƌLJŵĂŶĚĂƚŽƌLJĞdžĐĞƉƚŝŽŶĨƌŽŵĚĞĨĞƌƌĞĚƚĂdžĂĐĐŽƵŶƚŝŶŐĨŽƌƚŚĞŝŵƉĂĐƚƐŽĨƚŚĞƚŽƉͲƵƉƚĂdžĂŶĚǁŝůůĂĐĐŽƵŶƚĨŽƌŝƚĂƐ
ĂĐƵƌƌĞŶƚƚĂdžǁŚĞŶŝŶĐƵƌƌĞĚ͘
ϭϲ͘
/^KEd/Eh KW Zd/KE^
ŝ͘
ŚŝƌĂŶŽŝƐĐŽŶƚŝŶƵĞĚKƉĞƌĂƚŝŽŶƐ
KŶƵŐƵƐƚϭϬ͕ϮϬϮϮ͕ƚŚĞŽŵƉĂŶLJĂŶŶŽƵŶĐĞĚƚŚĂƚŝƚŚĂĚĐŽŵƉůĞƚĞĚƚŚĞƐĂůĞŽĨŝƚƐϵϬйŝŶƚĞƌĞƐƚŝŶƚŚĞŚŝƌĂŶŽŵŝŶĞŝŶ'ŚĂŶĂ
ƚŽƐĂŶƚĞ'ŽůĚŽƌƉŽƌĂƚŝŽŶ;͞ƐĂŶƚĞ͟ͿĨŽƌƚŽƚĂůĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨΨϮϮϱ͘ϬŵŝůůŝŽŶŝŶĐĂƐŚĂŶĚƐŚĂƌĞƐ͘/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ
ƐĂůĞĂŐƌĞĞŵĞŶƚ͕ǁŚŝĐŚǁĂƐĂŵĞŶĚĞĚŽŶ&ĞďƌƵĂƌLJϭϬ͕ϮϬϮϯ͕ƚŚĞŽŵƉĂŶLJƌĞĐĞŝǀĞĚΨϲϬ͘ϬŵŝůůŝŽŶŝŶĐĂƐŚĂŶĚϯϰ͕ϵϲϮ͕ϱϴϰ
ƐĂŶƚĞƐŚĂƌĞƐŽŶĐůŽƐŝŶŐ͕ĂŶĚƚŚĞƌĞŵĂŝŶŝŶŐĐĂƐŚĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨΨϭϮϴ͘ϴŵŝůůŝŽŶǁĂƐƚŽďĞƌĞĐĞŝǀĞĚŽǀĞƌƚŚĞƚǁŽͲLJĞĂƌ
ƉĞƌŝŽĚƐƵďƐĞƋƵĞŶƚƚŽĐůŽƐŝŶŐ͘dŚĞƚŽƚĂůĚĞĨĞƌƌĞĚĐŽŶƐŝĚĞƌĂƚŝŽŶŝƐƐĞĐƵƌĞĚƚŚƌŽƵŐŚƉůĞĚŐĞƐďLJƐĂŶƚĞŽĨĞƋƵŝƚLJŝŶƚĞƌĞƐƚƐŝŶ
ĐĞƌƚĂŝŶĂĐƋƵŝƌĞĚĞŶƚŝƚŝĞƐŚŽůĚŝŶŐĂŶŝŶĚŝƌĞĐƚŝŶƚĞƌĞƐƚŝŶƚŚĞŚŝƌĂŶŽŵŝŶĞ͘dŚĞŽŵƉĂŶLJ͛ƐŚŝƌĂŶŽŽƉĞƌĂƚŝŽŶƐǁĞƌĞĐůĂƐƐŝĨŝĞĚ
ĂƐĚŝƐĐŽŶƚŝŶƵĞĚŽƉĞƌĂƚŝŽŶƐŝŶϮϬϮϮ͘
ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ƚŚĞŽŵƉĂŶLJƌĞĐĞŝǀĞĚΨϭϬ͘ϬŵŝůůŝŽŶ;LJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϱ͘Ϭ
ŵŝůůŝŽŶͿŝŶƌĞƐƉĞĐƚŽĨƚŚĞĚĞĨĞƌƌĞĚƉĂLJŵĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ǁŚŝĐŚǁĂƐƌĞĐŽŐŶŝnjĞĚĂƐŶĞƚĐĂƐŚĨůŽǁŝŶĚŝƐĐŽŶƚŝŶƵĞĚŽƉĞƌĂƚŝŽŶƐ
ĨƌŽŵŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ͘ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƌĞŵĂŝŶŝŶŐĚĞĨĞƌƌĞĚƉĂLJŵĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶŝƐΨϭϬϬ͘Ϭ
ŵŝůůŝŽŶ;ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϭϬϳ͘ϵŵŝůůŝŽŶͿĂŶĚŝƐĐůĂƐƐŝĨŝĞĚĂƐĂĐƵƌƌĞŶƚƌĞĐĞŝǀĂďůĞ͘^ĞĞEŽƚĞϲŝŝ͘
2024 ANNUAL REPORT KINROSS GOLD
FS 38
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ŝŝ͘
ZƵƐƐŝĂŶŝƐĐŽŶƚŝŶƵĞĚKƉĞƌĂƚŝŽŶƐ
KŶ:ƵŶĞϭϱ͕ϮϬϮϮ͕ƚŚĞŽŵƉĂŶLJĂŶŶŽƵŶĐĞĚƚŚĂƚŝƚŚĂĚĐŽŵƉůĞƚĞĚƚŚĞƐĂůĞŽĨŝƚƐZƵƐƐŝĂŶŽƉĞƌĂƚŝŽŶƐƚŽƚŚĞ,ŝŐŚůĂŶĚ'ŽůĚ
DŝŶŝŶŐŐƌŽƵƉŽĨĐŽŵƉĂŶŝĞƐĨŽƌƚŽƚĂůĐĂƐŚĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨΨϯϰϬ͘ϬŵŝůůŝŽŶ͕ŽĨǁŚŝĐŚΨϯϬϬ͘ϬŵŝůůŝŽŶǁĂƐƌĞĐĞŝǀĞĚŽŶĐůŽƐŝŶŐ
ĂŶĚ ƚŚĞ ƌĞŵĂŝŶŝŶŐ ΨϰϬ͘Ϭ ŵŝůůŝŽŶ ǁĂƐ ƌĞĐĞŝǀĞĚ ĚƵƌŝŶŐ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϯ ĂŶĚ ƌĞĐŽŐŶŝnjĞĚ ĂƐ ŶĞƚ ĐĂƐŚ ĨůŽǁ ŝŶ
ĚŝƐĐŽŶƚŝŶƵĞĚŽƉĞƌĂƚŝŽŶƐĨƌŽŵŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ͘
ϭϳ͘
^ 'D Ed /E&KZDd/KE
dŚĞ ŽŵƉĂŶLJ ŽƉĞƌĂƚĞƐ ƉƌŝŵĂƌŝůLJ ŝŶ ƚŚĞ ŐŽůĚ ŵŝŶŝŶŐ ŝŶĚƵƐƚƌLJ ĂŶĚ ŝƚƐ ŵĂũŽƌ ƉƌŽĚƵĐƚ ŝƐ ŐŽůĚ͘ /ƚƐ ĂĐƚŝǀŝƚŝĞƐ ŝŶĐůƵĚĞ ŐŽůĚ
ƉƌŽĚƵĐƚŝŽŶ͕ĂĐƋƵŝƐŝƚŝŽŶ͕ĞdžƉůŽƌĂƚŝŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚŽĨŐŽůĚƉƌŽƉĞƌƚŝĞƐ͘dŚĞŽŵƉĂŶLJ͛ƐƉƌŝŵĂƌLJŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐĂƌĞŝŶ
ĂŶĂĚĂ͕ƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͕ƌĂnjŝů͕ŚŝůĞĂŶĚDĂƵƌŝƚĂŶŝĂ͘
dŚĞƌĞƉŽƌƚĂďůĞƐĞŐŵĞŶƚƐĂƌĞƚŚŽƐĞŽƉĞƌĂƚŝŽŶƐǁŚŽƐĞŽƉĞƌĂƚŝŶŐƌĞƐƵůƚƐĂƌĞƌĞǀŝĞǁĞĚďLJƚŚĞĐŚŝĞĨŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶŵĂŬĞƌ
ƚŽŵĂŬĞĚĞĐŝƐŝŽŶƐĂďŽƵƚƌĞƐŽƵƌĐĞƐƚŽďĞĂůůŽĐĂƚĞĚƚŽƚŚĞƐĞŐŵĞŶƚĂŶĚĂƐƐĞƐƐŝƚƐƉĞƌĨŽƌŵĂŶĐĞƉƌŽǀŝĚĞĚƚŚŽƐĞŽƉĞƌĂƚŝŽŶƐ
ƉĂƐƐ ĐĞƌƚĂŝŶƋƵĂŶƚŝƚĂƚŝǀĞƚŚƌĞƐŚŽůĚƐ͘KƉĞƌĂƚŝŽŶƐǁŚŽƐĞ ƌĞǀĞŶƵĞƐ͕ĞĂƌŶŝŶŐƐŽƌ ůŽƐƐĞƐŽƌ ĂƐƐĞƚƐĞdžĐĞĞĚϭϬй ŽĨƚŚĞƚŽƚĂů
ĐŽŶƐŽůŝĚĂƚĞĚƌĞǀĞŶƵĞ͕ĞĂƌŶŝŶŐƐŽƌůŽƐƐĞƐŽƌĂƐƐĞƚƐĂƌĞƌĞƉŽƌƚĂďůĞƐĞŐŵĞŶƚƐ͘
/ŶŽƌĚĞƌƚŽĚĞƚĞƌŵŝŶĞƌĞƉŽƌƚĂďůĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ͕ŵĂŶĂŐĞŵĞŶƚƌĞǀŝĞǁƐǀĂƌŝŽƵƐĨĂĐƚŽƌƐ͕ŝŶĐůƵĚŝŶŐŐĞŽŐƌĂƉŚŝĐĂůůŽĐĂƚŝŽŶ
ĂŶĚŵĂŶĂŐĞƌŝĂůƐƚƌƵĐƚƵƌĞ͘/ƚǁĂƐĚĞƚĞƌŵŝŶĞĚďLJŵĂŶĂŐĞŵĞŶƚƚŚĂƚĂƌĞƉŽƌƚĂďůĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚŐĞŶĞƌĂůůLJĐŽŶƐŝƐƚƐŽĨĂŶ
ŝŶĚŝǀŝĚƵĂůŵŝŶŝŶŐƉƌŽƉĞƌƚLJŵĂŶĂŐĞĚďLJĂƐŝŶŐůĞŐĞŶĞƌĂůŵĂŶĂŐĞƌĂŶĚŵĂŶĂŐĞŵĞŶƚƚĞĂŵ͘
dŚĞŽƌƉŽƌĂƚĞĂŶĚŽƚŚĞƌƐĞŐŵĞŶƚŝŶĐůƵĚĞƐĐŽƌƉŽƌĂƚĞ͕ƐŚƵƚĚŽǁŶĂŶĚŽƚŚĞƌŶŽŶͲŽƉĞƌĂƚŝŶŐĂƐƐĞƚƐ;ŝŶĐůƵĚŝŶŐ<ĞƚƚůĞZŝǀĞƌͲ
ƵĐŬŚŽƌŶ͕>ŽďŽͲDĂƌƚĞĂŶĚDĂƌŝĐƵŶŐĂͿ͘
&ŝŶĂŶĐĞŝŶĐŽŵĞ͕ĨŝŶĂŶĐĞĞdžƉĞŶƐĞ͕ĂŶĚŽƚŚĞƌŝŶĐŽŵĞʹŶĞƚĂƌĞŵĂŶĂŐĞĚŽŶĂĐŽŶƐŽůŝĚĂƚĞĚďĂƐŝƐĂŶĚĂƌĞŶŽƚĂůůŽĐĂƚĞĚƚŽ
ŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ͘
ŝ͘
KƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƐĞƚĨŽƌƚŚŽƉĞƌĂƚŝŶŐƌĞƐƵůƚƐďLJƌĞƉŽƌƚĂďůĞƐĞŐŵĞŶƚĨŽƌƚŚĞĨŽůůŽǁŝŶŐLJĞĂƌƐ͗
zĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ
dĂƐŝĂƐƚ
WĂƌĂĐĂƚƵ
>ĂŽŝƉĂ
&Žƌƚ<ŶŽdž;ďͿ
ZŽƵŶĚDŽƵŶƚĂŝŶ
ĂůĚDŽƵŶƚĂŝŶ
'ƌĞĂƚĞĂƌ
ŽƌƉŽƌĂƚĞĂŶĚ
ŽƚŚĞƌ;ĐͿ
dŽƚĂů
ZĞǀĞŶƵĞ
DĞƚĂůƐĂůĞƐ
ϭ͕ϰϱϲ͘ϱ
Ψ
ϭ͕Ϯϱϴ͘ϵ
ϱϳϯ͘ϯ
ϵϭϮ͘ϱ
ϱϬϲ͘ϴ
ϰϯϴ͘Ϯ
Ͳ
Ϯ͘ϲ
ϱ͕ϭϰϴ͘ϴ
Ψ
ŽƐƚŽĨƐĂůĞƐ
WƌŽĚƵĐƚŝŽŶĐŽƐƚŽĨƐĂůĞƐ
ϰϭϱ͘ϰ
ϱϰϴ͘ϲ
Ϯϯϭ͘ϯ
ϰϱϮ͘ϱ
ϯϮϴ͘ϯ
ϮϮϬ͘ϯ
Ͳ
Ϭ͘ϳ
Ϯ͕ϭϵϳ͘ϭ
ĞƉƌĞĐŝĂƚŝŽŶ͕ĚĞƉůĞƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ
ϯϱϳ͘ϭ
ϭϴϵ͘ϯ
ϭϭϴ͘ϯ
ϭϰϬ͘ϵ
ϭϵϯ͘Ϯ
ϭϰϯ͘Ϭ
Ϭ͘ϱ
ϱ͘Ϯ
ϭ͕ϭϰϳ͘ϱ
ZĞǀĞƌƐĂůŽĨŝŵƉĂŝƌŵĞŶƚĐŚĂƌŐĞ
Ͳ
Ͳ
Ͳ
Ͳ
;ϳϰ͘ϭͿ
Ͳ
Ͳ
Ͳ
;ϳϰ͘ϭͿ
dŽƚĂůĐŽƐƚŽĨƐĂůĞƐ
ϳϳϮ͘ϱ
ϳϯϳ͘ϵ
ϯϰϵ͘ϲ
ϱϵϯ͘ϰ
ϰϰϳ͘ϰ
ϯϲϯ͘ϯ
Ϭ͘ϱ
ϱ͘ϵ
ϯ͕ϮϳϬ͘ϱ
'ƌŽƐƐƉƌŽĨŝƚ;ůŽƐƐͿ
ϲϴϰ͘Ϭ
Ψ
ϱϮϭ͘Ϭ
ϮϮϯ͘ϳ
ϯϭϵ͘ϭ
ϱϵ͘ϰ
ϳϰ͘ϵ
;Ϭ͘ϱͿ
;ϯ͘ϯͿ
ϭ͕ϴϳϴ͘ϯ
Ψ
KƚŚĞƌŽƉĞƌĂƚŝŶŐ;ŝŶĐŽŵĞͿĞdžƉĞŶƐĞ
;Ϯϭ͘ϲͿ
ϳ͘ϱ
ϵ͘ϲ
Ϭ͘ϱ
;ϵ͘ϳͿ
Ϭ͘ϵ
ϲ͘Ϯ
ϮϬ͘ϲ
ϭϰ͘Ϭ
džƉůŽƌĂƚŝŽŶĂŶĚďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚ
ϵ͘ϲ
ϳ͘ϵ
ϯ͘ϯ
ϭϭ͘ϲ
ϱϰ͘ϭ
ϲ͘Ϭ
ϯϳ͘ϭ
ϲϴ͘Ϯ
ϭϵϳ͘ϴ
'ĞŶĞƌĂůĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ϭϮϲ͘Ϯ
ϭϮϲ͘Ϯ
KƉĞƌĂƚŝŶŐĞĂƌŶŝŶŐƐ;ůŽƐƐͿ
ϲϵϲ͘Ϭ
Ψ
ϱϬϱ͘ϲ
ϮϭϬ͘ϴ
ϯϬϳ͘Ϭ
ϭϱ͘Ϭ
ϲϴ͘Ϭ
;ϰϯ͘ϴͿ
;Ϯϭϴ͘ϯͿ
ϭ͕ϱϰϬ͘ϯ
Ψ
KƚŚĞƌŝŶĐŽŵĞͲŶĞƚ
ϭϰ͘ϯ
&ŝŶĂŶĐĞŝŶĐŽŵĞ
ϭϴ͘Ϯ
&ŝŶĂŶĐĞĞdžƉĞŶƐĞ
;ϵϭ͘ϰͿ
ĂƌŶŝŶŐƐďĞĨŽƌĞƚĂdž
ϭ͕ϰϴϭ͘ϰ
Ψ
ĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌ
ϯϭ͕ϮϬϮϰ;ĚͿ
ϯϳϳ͘ϰ
Ψ
ϭϰϮ͘Ϭ
ϳϰ͘ϵ
ϯϯϮ͘ϲ
ϭϰϯ͘ϭ
ϱϵ͘ϰ
ϭϬϯ͘ϵ
ϭϮ͘ϴ
ϭ͕Ϯϰϲ͘ϭ
Ψ
KƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ
EŽŶͲŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ;ĂͿ
2024 ANNUAL REPORT KINROSS GOLD
39 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
zĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ
dĂƐŝĂƐƚ
WĂƌĂĐĂƚƵ
>ĂŽŝƉĂ
&Žƌƚ<ŶŽdž;ďͿ
ZŽƵŶĚDŽƵŶƚĂŝŶ
ĂůĚDŽƵŶƚĂŝŶ
'ƌĞĂƚĞĂƌ
ŽƌƉŽƌĂƚĞĂŶĚ
ŽƚŚĞƌ;ĐͿ
dŽƚĂů
ZĞǀĞŶƵĞ
DĞƚĂůƐĂůĞƐ
ϭ͕ϮϬϬ͘ϴ
Ψ
ϭ͕ϭϰϵ͘ϲ
ϱϮϮ͘ϲ
ϱϱϳ͘ϵ
ϰϱϰ͘ϰ
ϯϰϵ͘ϲ
Ͳ
ϰ͘ϴ
ϰ͕Ϯϯϵ͘ϳ
Ψ
ŽƐƚŽĨƐĂůĞƐ
WƌŽĚƵĐƚŝŽŶĐŽƐƚŽĨƐĂůĞƐ
ϰϬϲ͘ϴ
ϱϯϴ͘ϲ
ϭϴϮ͘ϴ
ϯϰϯ͘ϱ
ϯϱϳ͘ϳ
ϮϮϯ͘ϱ
Ͳ
ϭ͘ϱ
Ϯ͕Ϭϱϰ͘ϰ
ĞƉƌĞĐŝĂƚŝŽŶ͕ĚĞƉůĞƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ
Ϯϰϰ͘ϰ
ϭϴϲ͘ϲ
ϭϴϳ͘ϴ
ϵϲ͘ϴ
ϭϱϳ͘Ϯ
ϭϬϳ͘ϴ
Ϭ͘ϱ
ϱ͘ϳ
ϵϴϲ͘ϴ
/ŵƉĂŝƌŵĞŶƚĐŚĂƌŐĞƐ
Ͳ
Ͳ
Ͳ
ϯϴ͘ϵ
Ͳ
Ͳ
Ͳ
Ͳ
ϯϴ͘ϵ
dŽƚĂůĐŽƐƚŽĨƐĂůĞƐ
ϲϱϭ͘Ϯ
ϳϮϱ͘Ϯ
ϯϳϬ͘ϲ
ϰϳϵ͘Ϯ
ϱϭϰ͘ϵ
ϯϯϭ͘ϯ
Ϭ͘ϱ
ϳ͘Ϯ
ϯ͕ϬϴϬ͘ϭ
'ƌŽƐƐƉƌŽĨŝƚ;ůŽƐƐͿ
ϱϰϵ͘ϲ
Ψ
ϰϮϰ͘ϰ
ϭϱϮ͘Ϭ
ϳϴ͘ϳ
;ϲϬ͘ϱͿ
ϭϴ͘ϯ
;Ϭ͘ϱͿ
;Ϯ͘ϰͿ
ϭ͕ϭϱϵ͘ϲ
Ψ
KƚŚĞƌŽƉĞƌĂƚŝŶŐ;ŝŶĐŽŵĞͿĞdžƉĞŶƐĞ
;ϯ͘ϵͿ
ϭϭ͘ϯ
;ϴ͘ϮͿ
Ϭ͘ϴ
ϰ͘ϭ
ϭ͘Ϯ
Ϭ͘ϯ
ϱϴ͘ϵ
ϲϰ͘ϱ
džƉůŽƌĂƚŝŽŶĂŶĚďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚ
ϯ͘ϵ
ϱ͘ϲ
ϭϯ͘Ϭ
ϭϮ͘ϴ
ϯϱ͘ϳ
ϯ͘Ϯ
ϰϵ͘ϭ
ϲϭ͘ϳ
ϭϴϱ͘Ϭ
'ĞŶĞƌĂůĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
Ͳ
ϭϬϴ͘ϳ
ϭϬϴ͘ϳ
KƉĞƌĂƚŝŶŐĞĂƌŶŝŶŐƐ;ůŽƐƐͿ
ϱϰϵ͘ϲ
Ψ
ϰϬϳ͘ϱ
ϭϰϳ͘Ϯ
ϲϱ͘ϭ
;ϭϬϬ͘ϯͿ
ϭϯ͘ϵ
;ϰϵ͘ϵͿ
;Ϯϯϭ͘ϳͿ
ϴϬϭ͘ϰ
Ψ
KƚŚĞƌĞdžƉĞŶƐĞͲŶĞƚ
;Ϯϳ͘ϯͿ
&ŝŶĂŶĐĞŝŶĐŽŵĞ
ϰϬ͘ϱ
&ŝŶĂŶĐĞĞdžƉĞŶƐĞ
;ϭϬϲ͘ϬͿ
ĂƌŶŝŶŐƐďĞĨŽƌĞƚĂdž
ϳϬϴ͘ϲ
Ψ
ĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌ
ϯϭ͕ϮϬϮϯ;ĚͿ
ϯϳϱ͘ϴ
Ψ
ϭϴϮ͘ϯ
ϴϳ͘ϲ
ϰϭϵ͘ϳ
ϯϭ͘ϭ
ϭϰϭ͘ϭ
ϵϮ͘ϳ
Ϯ͘ϲ
ϭ͕ϯϯϮ͘ϵ
Ψ
EŽŶͲŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ;ĂͿ
KƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ
dĂƐŝĂƐƚ
WĂƌĂĐĂƚƵ
>ĂŽŝƉĂ
&Žƌƚ<ŶŽdž;ďͿ
ZŽƵŶĚDŽƵŶƚĂŝŶ
ĂůĚDŽƵŶƚĂŝŶ
'ƌĞĂƚĞĂƌ
ŽƌƉŽƌĂƚĞĂŶĚ
ŽƚŚĞƌ
dŽƚĂů
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂƚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ
Ϯ͕ϯϬϱ͘ϱ
Ψ
ϭ͕ϲϬϬ͘ϭ
ϯϱϵ͘ϵ
ϭ͕Ϭϳϵ͘ϲ
ϯϵϲ͘ϯ
ϭϲϴ͘ϵ
ϭ͕ϱϵϱ͘Ϯ
ϰϲϯ͘ϭ
ϳ͕ϵϲϴ͘ϲ
Ψ
dŽƚĂůĂƐƐĞƚƐĂƚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ
ϯ͕Ϭϱϵ͘Ϭ
Ψ
Ϯ͕ϬϮϴ͘ϭ
ϱϭϭ͘ϭ
ϭ͕ϲϰϵ͘ϳ
ϲϴϴ͘ϱ
ϰϮϯ͘ϵ
ϭ͕ϱϵϲ͘ϰ
ϵϬϴ͘ϵ
ϭϬ͕ϴϲϱ͘ϲ
Ψ
KƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ
EŽŶͲŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ;ĂͿ
dĂƐŝĂƐƚ
WĂƌĂĐĂƚƵ
>ĂŽŝƉĂ
&Žƌƚ<ŶŽdž;ďͿ
ZŽƵŶĚDŽƵŶƚĂŝŶ
ĂůĚDŽƵŶƚĂŝŶ
'ƌĞĂƚĞĂƌ
ŽƌƉŽƌĂƚĞĂŶĚ
ŽƚŚĞƌ
dŽƚĂů
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂƚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ
Ϯ͕ϯϮϱ͘ϰ
Ψ
ϭ͕ϲϱϯ͘ϯ
ϯϳϵ͘ϭ
ϵϮϴ͘ϭ
ϯϴϯ͘ϵ
ϯϰϳ͘Ϯ
ϭ͕ϰϵϭ͘ϭ
ϰϱϱ͘ϭ
ϳ͕ϵϲϯ͘Ϯ
Ψ
dŽƚĂůĂƐƐĞƚƐĂƚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ
ϯ͕Ϭϴϭ͘ϲ
Ψ
ϭ͕ϵϳϮ͘ϴ
ϱϭϵ͘ϳ
ϭ͕ϯϯϰ͘ϱ
ϳϯϭ͘ϭ
ϱϭϯ͘Ϭ
ϭ͕ϰϵϴ͘ϰ
ϴϵϮ͘Ϯ
ϭϬ͕ϱϰϯ͘ϯ
Ψ
KƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ
EŽŶͲŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ;ĂͿ
;ĂͿ
EŽŶͲŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐŝŶĐůƵĚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƌĞͲĚĞǀĞůŽƉŵĞŶƚƉƌŽƉĞƌƚŝĞƐ͘
;ďͿ
dŚĞ &Žƌƚ <ŶŽdž ƐĞŐŵĞŶƚ ŝŶĐůƵĚĞƐ DĂŶŚ ŚŽŚ͕ ǁŚŝĐŚ ǁĂƐ ĂŐŐƌĞŐĂƚĞĚ ǁŝƚŚ &Žƌƚ <ŶŽdž ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϰ͘
ŽŵƉĂƌĂƚŝǀĞĨŝŐƵƌĞƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶ͘
;ĐͿ
ŽƌƉŽƌĂƚĞĂŶĚŽƚŚĞƌŝŶĐůƵĚĞƐŵĞƚĂůƐĂůĞƐĂŶĚŽƉĞƌĂƚŝŶŐ;ůŽƐƐͿŝŶĐŽŵĞŽĨDĂƌŝĐƵŶŐĂŽĨΨϮ͘ϲĂŶĚΨ;ϴ͘ϲͿŵŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĨŽƌƚŚĞLJĞĂƌ
ĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ;Ψϰ͘ϴŵŝůůŝŽŶĂŶĚΨϬ͘ϰŵŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͿ͘ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕DĂƌŝĐƵŶŐĂƐŽůĚŝƚƐƌĞŵĂŝŶŝŶŐĨŝŶŝƐŚĞĚŵĞƚĂůƐŝŶǀĞŶƚŽƌŝĞƐĂĨƚĞƌƚƌĂŶƐŝƚŝŽŶŝŶŐĂůůƉƌŽĐĞƐƐŝŶŐĂĐƚŝǀŝƚŝĞƐƚŽĐĂƌĞĂŶĚ
ŵĂŝŶƚĞŶĂŶĐĞŝŶϮϬϭϵ͘DĂƌŝĐƵŶŐĂ͛ƐŽƉĞƌĂƚŝŶŐ;ůŽƐƐͿŝŶĐŽŵĞŝŶĐůƵĚĞƐŶĞƚƌĞĐůĂŵĂƚŝŽŶ;ĞdžƉĞŶƐĞͿƌĞĐŽǀĞƌLJŽĨΨ;ϭ͘ϴͿŵŝůůŝŽŶĨŽƌƚŚĞLJĞĂƌ
ĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ;LJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϮϵ͘ϭŵŝůůŝŽŶͿ͘ŽƌƉŽƌĂƚĞĂŶĚŽƚŚĞƌĂůƐŽŝŶĐůƵĚĞƐŝŶƐƵƌĂŶĐĞƌĞĐŽǀĞƌŝĞƐ
ƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞŽĨΨϮϮ͘ϬŵŝůůŝŽŶĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͘
;ĚͿ
^ĞŐŵĞŶƚĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐĂƌĞƉƌĞƐĞŶƚĞĚŽŶĂŶĂĐĐƌƵĂůďĂƐŝƐĂŶĚŝŶĐůƵĚĞĐĂƉŝƚĂůŝnjĞĚŝŶƚĞƌĞƐƚ͘ĚĚŝƚŝŽŶƐƚŽƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚ
ĞƋƵŝƉŵĞŶƚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĐĂƐŚĨůŽǁƐĂƌĞƉƌĞƐĞŶƚĞĚŽŶĂĐĂƐŚďĂƐŝƐ͘
ŝŝ͘
'ĞŽŐƌĂƉŚŝĐƐĞŐŵĞŶƚƐ
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƐŚŽǁŵĞƚĂůƐĂůĞƐĂŶĚƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚďLJŐĞŽŐƌĂƉŚŝĐƌĞŐŝŽŶ͗
ϮϬϮϰ
ϮϬϮϯ
'ĞŽŐƌĂƉŚŝĐŝŶĨŽƌŵĂƚŝŽŶ;ĂͿ
hŶŝƚĞĚ^ƚĂƚĞƐ
ϭ͕ϴϱϳ͘ϱ
Ψ
ϭ͕ϯϲϭ͘ϵ
Ψ
DĂƵƌŝƚĂŶŝĂ
ϭ͕ϰϱϲ͘ϱ
ϭ͕ϮϬϬ͘ϴ
ƌĂnjŝů
ϭ͕Ϯϱϴ͘ϵ
ϭ͕ϭϰϵ͘ϲ
ŚŝůĞ
ϱϳϱ͘ϵ
ϱϮϳ͘ϰ
dŽƚĂů
ϱ͕ϭϰϴ͘ϴ
Ψ
ϰ͕Ϯϯϵ͘ϳ
Ψ
ƐĂƚĞĐĞŵďĞƌϯϭ͕
DĞƚĂů^ĂůĞƐ
;ĂͿ
'ĞŽŐƌĂƉŚŝĐůŽĐĂƚŝŽŶŝƐĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶůŽĐĂƚŝŽŶŽĨƚŚĞŵŝŶŝŶŐĂƐƐĞƚƐ͘
2024 ANNUAL REPORT KINROSS GOLD
FS 40
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ϮϬϮϰ
ϮϬϮϯ
'ĞŽŐƌĂƉŚŝĐŝŶĨŽƌŵĂƚŝŽŶ;ĂͿ
DĂƵƌŝƚĂŶŝĂ
Ϯ͕ϯϭϯ͘ϭ
Ψ
Ϯ͕ϯϯϱ͘ϭ
Ψ
hŶŝƚĞĚ^ƚĂƚĞƐ
ϭ͕ϲϱϮ͘ϵ
ϭ͕ϲϲϴ͘ϲ
ƌĂnjŝů
ϭ͕ϲϬϰ͘ϯ
ϭ͕ϲϱϴ͘ϴ
ĂŶĂĚĂ
ϭ͕ϱϵϵ͘ϱ
ϭ͕ϰϵϱ͘ϵ
ŚŝůĞ
ϳϵϴ͘ϴ
ϴϬϰ͘ϴ
dŽƚĂů
ϳ͕ϵϲϴ͘ϲ
Ψ
ϳ͕ϵϲϯ͘Ϯ
Ψ
ƐĂƚĞĐĞŵďĞƌϯϭ͕
WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚ ƋƵŝƉŵĞŶƚ
;ĂͿ
'ĞŽŐƌĂƉŚŝĐůŽĐĂƚŝŽŶŝƐĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶůŽĐĂƚŝŽŶŽĨƚŚĞŵŝŶŝŶŐĂƐƐĞƚƐ͘
ŝŝŝ͘
^ŝŐŶŝĨŝĐĂŶƚĐƵƐƚŽŵĞƌƐ
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƌĞƉƌĞƐĞŶƚƐĂůĞƐƚŽŝŶĚŝǀŝĚƵĂůĐƵƐƚŽŵĞƌƐĞdžĐĞĞĚŝŶŐϭϬйŽĨĂŶŶƵĂůŵĞƚĂůƐĂůĞƐĨŽƌƚŚĞĨŽůůŽǁŝŶŐƉĞƌŝŽĚƐ͗
zĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͗
dĂƐŝĂƐƚ
WĂƌĂĐĂƚƵ
>ĂŽŝƉĂ
&Žƌƚ<ŶŽdž
ZŽƵŶĚ
DŽƵŶƚĂŝŶ
ĂůĚDŽƵŶƚĂŝŶ
ŽƌƉŽƌĂƚĞĂŶĚ
ŽƚŚĞƌ;ĂͿ
dŽƚĂů
ƵƐƚŽŵĞƌ
ϭ
Ψ
ͲϮϰϰ͘ϳ ϭϮϲ͘ϲ ϭϰϯ͘ϰ ϳϯ͘Ϭ ϳϲ͘ϯ Ϭ͘ϴ
ϲϲϰ͘ϴ
Ψ
Ϯ
ϰϬϯ͘ϲ ϱϳ͘Ϭ ϭϳ͘ϯ ϭϵ͘ϴ ϲϬ͘ϭ ϱϲ͘ϳ Ϭ͘ϯ
ϲϭϰ͘ϴ
ϯ
ϯϱϬ͘ϱ ϱϲ͘Ϯ ϱϬ͘Ϯ ϲϮ͘ϳ ϯϬ͘ϳ ϯϳ͘ϴ
Ͳ
ϱϴϴ͘ϭ
ϰ
Ϯϴϴ͘ϱ ϳϴ͘ϳ ϰϴ͘ϳ ϳϭ͘ϴ ϳϬ͘ϳ ϭϲ͘ϴ
Ͳ
ϱϳϱ͘Ϯ
ϱ
ͲϮϯϯ͘ϱ ϲϰ͘Ϭ ϭϬϵ͘Ϯ ϵϮ͘ϱ ϲϱ͘ϰ
Ͳ
ϱϲϰ͘ϲ
ϲ
ϯϭϯ͘Ϯ ϭϭϯ͘ϯ Ϯϯ͘ϳ ϱϯ͘ϵ Ϯϯ͘ϴ ϮϮ͘Ϯ Ϭ͘ϰ
ϱϱϬ͘ϱ
ϯ͕ϱϱϴ͘Ϭ
Ψ
йŽĨƚŽƚĂůŵĞƚĂůƐĂůĞƐ
ϲϵ͘ϭй
zĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ͗
dĂƐŝĂƐƚ
WĂƌĂĐĂƚƵ
>ĂŽŝƉĂ
&Žƌƚ<ŶŽdž
ZŽƵŶĚ
DŽƵŶƚĂŝŶ
ĂůĚDŽƵŶƚĂŝŶ
ŽƌƉŽƌĂƚĞĂŶĚ
ŽƚŚĞƌ;ĂͿ
dŽƚĂů
ƵƐƚŽŵĞƌ
ϭ
Ψ
ϯϱϯ͘ϵ ϴϱ͘ϵ Ϯϰ͘ϴ ϰϯ͘ϳ ϰϲ͘ϴ ϯϴ͘ϲ ϭ͘ϭ
ϱϵϰ͘ϴ
Ψ
Ϯ
ϭϱϱ͘Ϯ ϭϲϯ͘Ϯ Ϯϳ͘ϳ ϭϬϬ͘ϯ ϲϲ͘ϴ ϴϬ͘Ϯ Ϭ͘ϱ
ϱϵϯ͘ϵ
ϯ
ϮϬϯ͘ϭ ϵϲ͘ϲ ϭϬϬ͘ϵ ϲϲ͘ϵ ϯϳ͘ϯ ϯϵ͘ϯ ϭ͘ϭ
ϱϰϱ͘Ϯ
ϰ
Ͳϭϯϰ͘ϱ ϭϯϮ͘Ϭ ϲϰ͘Ϯ ϲϱ͘ϴ ϲϬ͘Ϯ Ϭ͘ϯ
ϰϱϳ͘Ϭ
ϱ
Ϯϰϵ͘ϱ ϳϳ͘ϰ ϭϮ͘ϭ ϯϵ͘ϱ ϲϬ͘ϯ ϭϰ͘Ϯ
Ͳ
ϰϱϯ͘Ϭ
Ϯ͕ϲϰϯ͘ϵ
Ψ
йŽĨƚŽƚĂůŵĞƚĂůƐĂůĞƐ
ϲϮ͘ϰй
;ĂͿ
dŚĞŽƌƉŽƌĂƚĞĂŶĚŽƚŚĞƌƐĞŐŵĞŶƚŝŶĐůƵĚĞƐŵĞƚĂůƐĂůĞƐĨŽƌDĂƌŝĐƵŶŐĂĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ͘
dŚĞŽŵƉĂŶLJŝƐŶŽƚĞĐŽŶŽŵŝĐĂůůLJĚĞƉĞŶĚĞŶƚŽŶĂůŝŵŝƚĞĚŶƵŵďĞƌŽĨĐƵƐƚŽŵĞƌƐĨŽƌƚŚĞƐĂůĞŽĨŝƚƐƉƌŽĚƵĐƚĂƐŐŽůĚĐĂŶďĞ
ƐŽůĚƚŚƌŽƵŐŚŶƵŵĞƌŽƵƐĐŽŵŵŽĚŝƚLJŵĂƌŬĞƚƚƌĂĚĞƌƐǁŽƌůĚǁŝĚĞ͘
ϭϴ͘
KDD/dD Ed^EKEd/E' E/ ^
ŝ͘
ŽŵŵŝƚŵĞŶƚƐ
ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ƚŚĞŽŵƉĂŶLJŚĂĚĨƵƚƵƌĞŽƉĞƌĂƚŝŶŐůĞĂƐĞŽďůŝŐĂƚŝŽŶƐŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϯϰ͘ϯŵŝůůŝŽŶ;ĞĐĞŵďĞƌ
ϯϭ͕ ϮϬϮϯ Ͳ Ψϰϯ͘Ϯ ŵŝůůŝŽŶͿ͕ ĂŶĚ ĨƵƚƵƌĞ ƉƵƌĐŚĂƐĞ ĐŽŵŵŝƚŵĞŶƚƐ ŽĨ ĂƉƉƌŽdžŝŵĂƚĞůLJ ΨϮ͕ϰϭϵ͘Ϭ ŵŝůůŝŽŶ ;ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϯ Ͳ
ΨϮ͕ϲϴϰ͘ϳŵŝůůŝŽŶͿ͕ŽĨǁŚŝĐŚΨϰϮϬ͘ϯŵŝůůŝŽŶƌĞůĂƚĞƐƚŽĐŽŵŵŝƚŵĞŶƚƐĨŽƌĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ;ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯͲΨϰϴϱ͘ϭ
ŵŝůůŝŽŶͿ͘
ŝŝ͘
ŽŶƚŝŶŐĞŶĐŝĞƐ
'ĞŶĞƌĂů
ƐƚŝŵĂƚĞĚůŽƐƐĞƐĨƌŽŵĐŽŶƚŝŶŐĞŶĐŝĞƐĂƌĞĂĐĐƌƵĞĚďLJĂĐŚĂƌŐĞƚŽĞĂƌŶŝŶŐƐǁŚĞŶŝŶĨŽƌŵĂƚŝŽŶĂǀĂŝůĂďůĞƉƌŝŽƌƚŽƚŚĞŝƐƐƵĂŶĐĞ
ŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĚŝĐĂƚĞƐƚŚĂƚŝƚŝƐůŝŬĞůLJƚŚĂƚĂĨƵƚƵƌĞĞǀĞŶƚǁŝůůĐŽŶĨŝƌŵƚŚĂƚĂŶĂƐƐĞƚŚĂƐďĞĞŶŝŵƉĂŝƌĞĚŽƌĂ
ůŝĂďŝůŝƚLJŝŶĐƵƌƌĞĚĂƚƚŚĞĚĂƚĞŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƚŚĞĂŵŽƵŶƚŽĨƚŚĞůŽƐƐĐĂŶďĞƌĞĂƐŽŶĂďůLJĞƐƚŝŵĂƚĞĚ͘
2024 ANNUAL REPORT KINROSS GOLD
41 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
KƚŚĞƌůĞŐĂůŵĂƚƚĞƌƐ
dŚĞŽŵƉĂŶLJŝƐĨƌŽŵƚŝŵĞƚŽƚŝŵĞŝŶǀŽůǀĞĚŝŶůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐ͕ĂƌŝƐŝŶŐŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨŝƚƐďƵƐŝŶĞƐƐ͘dLJƉŝĐĂůůLJ͕ƚŚĞ
ĂŵŽƵŶƚŽĨƵůƚŝŵĂƚĞůŝĂďŝůŝƚLJǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƐĞĂĐƚŝŽŶƐǁŝůůŶŽƚ͕ŝŶƚŚĞŽƉŝŶŝŽŶŽĨŵĂŶĂŐĞŵĞŶƚ͕ŵĂƚĞƌŝĂůůLJĂĨĨĞĐƚ<ŝŶƌŽƐƐ͛
ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͕ƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐŽƌĐĂƐŚĨůŽǁƐ͘
DĂƌŝĐƵŶŐĂƌĞŐƵůĂƚŽƌLJƉƌŽĐĞĞĚŝŶŐƐ
/Ŷ DĂLJϮϬϭϱ͕ ŚŝůĞĂŶĞŶǀŝƌŽŶŵĞŶƚĂů ĞŶĨŽƌĐĞŵĞŶƚĂƵƚŚŽƌŝƚLJ;͞^D͟Ϳ ĐŽŵŵĞŶĐĞĚĂŶĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƉƌŽĐĞĞĚŝŶŐĂŐĂŝŶƐƚ
ŽŵƉĂŶŝĂDŝŶĞƌĂDĂƌŝĐƵŶŐĂĂůůĞŐŝŶŐƚŚĂƚƉƵŵƉŝŶŐŽĨŐƌŽƵŶĚǁĂƚĞƌƚŽƐƵƉƉŽƌƚƚŚĞDĂƌŝĐƵŶŐĂŽƉĞƌĂƚŝŽŶŚĂĚŝŵƉĂĐƚĞĚĂƌĞĂ
ǁĞƚůĂŶĚƐ ĂŶĚ͕ ŽŶ DĂƌĐŚ ϭϴ͕ ϮϬϭϲ͕ ŝƐƐƵĞĚ Ă ƌĞƐŽůƵƚŝŽŶ ĂůůĞŐŝŶŐ ƚŚĂƚ DD͛Ɛ ƉƵŵƉŝŶŐ ǁĂƐ ŝŵƉĂĐƚŝŶŐ ƚŚĞ ͞sĂůůĞ ŶĐŚŽ͟
ǁĞƚůĂŶĚ͘ĞŐŝŶŶŝŶŐŝŶDĂLJϮϬϭϲ͕ƚŚĞ^DŝƐƐƵĞĚĂƐĞƌŝĞƐŽĨƌĞƐŽůƵƚŝŽŶƐŽƌĚĞƌŝŶŐDDƚŽƚĞŵƉŽƌĂƌŝůLJĐƵƌƚĂŝůƉƵŵƉŝŶŐĨƌŽŵ
ŝƚƐǁĞůůƐ͘
/Ŷ ƌĞƐƉŽŶƐĞ͕ DD ƐƵƐƉĞŶĚĞĚ ŵŝŶŝŶŐ ĂŶĚ ĐƌƵƐŚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ĂŶĚ ƌĞĚƵĐĞĚ ǁĂƚĞƌ ĐŽŶƐƵŵƉƚŝŽŶ ƚŽ ŵŝŶŝŵĂů ůĞǀĞůƐ͘ DD
ĐŽŶƚĞƐƚĞĚƚŚĞƐĞƌĞƐŽůƵƚŝŽŶƐ͕ďƵƚŝƚƐĞĨĨŽƌƚƐǁĞƌĞƵŶƐƵĐĐĞƐƐĨƵůĂŶĚ͕ĞdžĐĞƉƚĨŽƌĂƐŚŽƌƚƉĞƌŝŽĚŽĨƚŝŵĞŝŶ:ƵůLJϮϬϭϲ͕DD͛Ɛ
ŽƉĞƌĂƚŝŽŶƐŚĂǀĞƌĞŵĂŝŶĞĚƐƵƐƉĞŶĚĞĚ͘KŶ:ƵŶĞϮϰ͕ϮϬϭϲ͕ƚŚĞ^DĂŵĞŶĚĞĚŝƚƐŝŶŝƚŝĂůƐĂŶĐƚŝŽŶ;ƚŚĞ͞ŵĞŶĚĞĚ^ĂŶĐƚŝŽŶ͟Ϳ
ĂŶĚĞĨĨĞĐƚŝǀĞůLJƌĞƋƵŝƌĞĚDDƚŽĐĞĂƐĞŽƉĞƌĂƚŝŽŶƐĂŶĚĐůŽƐĞƚŚĞŵŝŶĞ͕ǁŝƚŚǁĂƚĞƌƵƐĞĨƌŽŵŝƚƐǁĞůůƐĐƵƌƚĂŝůĞĚƚŽŵŝŶŝŵĂů
ůĞǀĞůƐ͘KŶ:ƵůLJϵ͕ϮϬϭϲ͕DDĂƉƉĞĂůĞĚƚŚĞƐĂŶĐƚŝŽŶƐĂŶĚ͕ŽŶƵŐƵƐƚϯϬ͕ϮϬϭϲ͕ƐƵďŵŝƚƚĞĚĂƌĞƋƵĞƐƚƚŽƚŚĞ ŶǀŝƌŽŶŵĞŶƚĂů
dƌŝďƵŶĂůƚŚĂƚŝƚŝƐƐƵĞĂŶŝŶũƵŶĐƚŝŽŶƐƵƐƉĞŶĚŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞŵĞŶĚĞĚ^ĂŶĐƚŝŽŶƉĞŶĚŝŶŐĂĨŝŶĂůĚĞĐŝƐŝŽŶŽŶƚŚĞ
ŵĞƌŝƚƐŽĨDD͛ƐĂƉƉĞĂů͘KŶ^ĞƉƚĞŵďĞƌϭϲ͕ϮϬϭϲ͕ƚŚĞ ŶǀŝƌŽŶŵĞŶƚĂůdƌŝďƵŶĂůƌĞũĞĐƚĞĚDD͛ƐŝŶũƵŶĐƚŝŽŶƌĞƋƵĞƐƚĂŶĚŽŶ
ƵŐƵƐƚϳ͕ϮϬϭϳ͕ƵƉŚĞůĚƚŚĞ^D͛ƐŵĞŶĚĞĚ^ĂŶĐƚŝŽŶĂŶĚĐƵƌƚĂŝůŵĞŶƚŽƌĚĞƌƐŽŶƉƌŽĐĞĚƵƌĂůŐƌŽƵŶĚƐ͘KŶKĐƚŽďĞƌϵ͕ϮϬϭϴ͕
ƚŚĞ^ƵƉƌĞŵĞŽƵƌƚĂĨĨŝƌŵĞĚƚŚĞ ŶǀŝƌŽŶŵĞŶƚĂůdƌŝďƵŶĂů͛ƐƌƵůŝŶŐŽŶƉƌŽĐĞĚƵƌĂůŐƌŽƵŶĚƐĂŶĚĚŝƐŵŝƐƐĞĚDD͛ƐĂƉƉĞĂů͘
KŶ:ƵŶĞϮ͕ϮϬϭϲ͕DDǁĂƐƐĞƌǀĞĚǁŝƚŚƚǁŽƐĞƉĂƌĂƚĞůĂǁƐƵŝƚƐĨŝůĞĚďLJƚŚĞŚŝůĞĂŶ^ƚĂƚĞĞĨĞŶƐĞŽƵŶƐĞů;͞ ͟Ϳ͘ŽƚŚ
ůĂǁƐƵŝƚƐ͕ ĨŝůĞĚ ǁŝƚŚ ƚŚĞ ŶǀŝƌŽŶŵĞŶƚĂů dƌŝďƵŶĂů͕ ĂůůĞŐĞĚ ƚŚĂƚ ƉƵŵƉŝŶŐ ĨƌŽŵ ƚŚĞ DĂƌŝĐƵŶŐĂ ŐƌŽƵŶĚǁĂƚĞƌ ǁĞůůƐ ĐĂƵƐĞĚ
ĞŶǀŝƌŽŶŵĞŶƚĂůĚĂŵĂŐĞƚŽĂƌĞĂǁĞƚůĂŶĚƐ͘KŶĞĂĐƚŝŽŶƌĞůĂƚĞƐƚŽƚŚĞ͞WĂŶƚĂŶŝůůŽ͟ǁĞƚůĂŶĚĂŶĚƚŚĞŽƚŚĞƌĂĐƚŝŽŶƌĞůĂƚĞƐƚŽƚŚĞ
sĂůůĞŶĐŚŽǁĞƚůĂŶĚ;ĚĞƐĐƌŝďĞĚĂďŽǀĞͿ͘KŶEŽǀĞŵďĞƌϮϯ͕ϮϬϭϴ͕ƚŚĞdƌŝďƵŶĂůƌƵůĞĚŝŶĨĂǀŽƌŽĨDDŝŶƚŚĞWĂŶƚĂŶŝůůŽĐĂƐĞ
ĂŶĚĂŐĂŝŶƐƚDDŝŶƚŚĞsĂůůĞŶĐŚŽĐĂƐĞ͘/ŶƚŚĞsĂůůĞŶĐŚŽĐĂƐĞ͕ƚŚĞdƌŝďƵŶĂůƌĞƋƵŝƌĞĚDDƚŽ͕ĂŵŽŶŐŽƚŚĞƌƚŚŝŶŐƐ͕ƐƵďŵŝƚ
ĂƌĞƐƚŽƌĂƚŝŽŶƉůĂŶƚŽƚŚĞ^DĨŽƌĂƉƉƌŽǀĂů͘DDĂƉƉĞĂůĞĚƚŚĞsĂůůĞŶĐŚŽƌƵůŝŶŐƚŽƚŚĞ^ƵƉƌĞŵĞŽƵƌƚ͘dŚĞ ĂƉƉĞĂůĞĚ
ƚŽƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŝŶďŽƚŚĐĂƐĞƐĂŶĚĂƐƐĞƌƚĞĚŝŶƚŚĞsĂůůĞŶĐŚŽŵĂƚƚĞƌƚŚĂƚƚŚĞ ŶǀŝƌŽŶŵĞŶƚĂůdƌŝďƵŶĂůĞƌƌĞĚďLJŶŽƚ
ŽƌĚĞƌŝŶŐĂĐŽŵƉůĞƚĞƐŚƵƚĚŽǁŶŽĨDĂƌŝĐƵŶŐĂ͛ƐŐƌŽƵŶĚǁĂƚĞƌǁĞůůƐ͘KŶ:ĂŶƵĂƌLJϳ͕ϮϬϮϮ͕ƚŚĞ^ƵƉƌĞŵĞŽƵƌƚĂŶŶƵůůĞĚƚŚĞ
dƌŝďƵŶĂů͛ƐƌƵůŝŶŐƐŝŶďŽƚŚĐĂƐĞƐŽŶƉƌŽĐĞĚƵƌĂůŐƌŽƵŶĚƐĂŶĚƌĞŵĂŶĚĞĚƚŚĞŵĂƚƚĞƌƐƚŽƚŚĞdƌŝďƵŶĂůĨŽƌĨƵƌƚŚĞƌƉƌŽĐĞĞĚŝŶŐƐ͘/Ŷ
ƉĂƌĂůůĞů͕ŝŶĞĐĞŵďĞƌϮϬϮϬ͕DDďĞŐĂŶĚŝƐĐƵƐƐŝŽŶƐǁŝƚŚƚŚĞ ƚŽƌĞƐŽůǀĞƚŚĞĐĂƐĞƚŚƌŽƵŐŚƚŚĞĨŝůŝŶŐŽĨĂƌĞƉĂƌĂƚŝŽŶƉůĂŶ
;͞WĚZ͟Ϳ͘dŚĞWĚZŝƐĂŝŵĞĚĂƚƐƵƉƉŽƌƚŝŶŐƚŚĞŶĂƚƵƌĂůƌĞĐŽǀĞƌLJƚŚĂƚƚŚĞǁĞƚůĂŶĚƐŚĂǀĞƐƵƐƚĂŝŶĞĚƐŝŶĐĞƉƵŵƉŝŶŐƐƚŽƉƉĞĚ͕ĂƐ
ǁĞůů ĂƐ ŝŵƉůĞŵĞŶƚŝŶŐ ŽƚŚĞƌ ƐƵƉƉůĞŵĞŶƚĂů ǀĂůƵĞ ĞŶŚĂŶĐĞŵĞŶƚ ĂĐƚŝŽŶƐ ŝŶ ƚŚĞ ďĂƐŝŶ͘ dŚĞ ĐĂƐĞƐ ďĞĨŽƌĞ ƚŚĞ dƌŝďƵŶĂů ĂƌĞ
ĐƵƌƌĞŶƚůLJƐƚĂLJĞĚƉĞŶĚŝŶŐŽŶŐŽŝŶŐƐĞƚƚůĞŵĞŶƚĚŝƐĐƵƐƐŝŽŶƐ͘
<ŝŶƌŽƐƐƌĂƐŝůDŝŶĞƌĂĕĆŽ^͘͘
KŶ&ĞďƌƵĂƌLJϮϳ͕ϮϬϮϯ͕ƚŚĞ^ƚĂƚĞWƵďůŝĐƚƚŽƌŶĞLJ;͞^W͟ͿŝŶƌĂnjŝůĨŝůĞĚĂĐŝǀŝůĂĐƚŝŽŶĂŐĂŝŶƐƚ<DƐĞĞŬŝŶŐ͕ĂŵŽŶŐŽƚŚĞƌƚŚŝŶŐƐ͕
ƚŽĐŽŵƉĞů<DƚŽĐĞĂƐĞĚĞƉŽƐŝƚŝŶŐŵŝŶĞƚĂŝůŝŶŐƐŝŶƚŽŝƚƐƚǁŽŽŶƐŝƚĞƚĂŝůŝŶŐƐĨĂĐŝůŝƚŝĞƐ;͞d^&Ɛ͟Ϳ͕ĚĞĐŽŵŵŝƐƐŝŽŶƚŚĞd^&ƐĂŶĚƚŽ
ŽďƚĂŝŶϭϬϬŵŝůůŝŽŶƌĂnjŝůŝĂŶZĞĂůƐ;ĂƉƉƌŽdžŝŵĂƚĞůLJΨϮϬ͘ϬŵŝůůŝŽŶͿĨƌŽŵ<DƚŽĞŶƐƵƌĞŵŽŶĞLJŝƐĂǀĂŝůĂďůĞƚŽĂĚĚƌĞƐƐƚŚĞ
ƌĞƋƵĞƐƚĞĚƌĞůŝĞĨ͘dŚĞ^WƐŽƵŐŚƚĂŶŝŵŵĞĚŝĂƚĞŝŶũƵŶĐƚŝŽŶƚŽŽďƚĂŝŶƚŚŝƐƌĞůŝĞĨ͕ǁŚŝĐŚǁĂƐĚĞŶŝĞĚďLJƚŚĞ>ŽǁĞƌŽƵƌƚ͘/ŶŝƚƐ
ƌƵůŝŶŐ͕ƚŚĞ>ŽǁĞƌŽƵƌƚĨŽƵŶĚƚŚĂƚƚŚĞd^&ƐĂƌĞƉƌŽƉĞƌůLJƉĞƌŵŝƚƚĞĚ͕ƌĞŐƵůĂƌůLJŵŽŶŝƚŽƌĞĚĂŶĚŝŶƐƉĞĐƚĞĚ͕ĂŶĚƚŚĂƚƚŚĞ^W
ƉƌŽĚƵĐĞĚŶŽĞǀŝĚĞŶĐĞ͕ƚĞĐŚŶŝĐĂůŽƌŽƚŚĞƌǁŝƐĞ͕ƚŚĂƚƚŚĞd^&ƐĂƌĞƵŶƐĂĨĞ͘dŚĞ>ŽǁĞƌŽƵƌƚĨƵƌƚŚĞƌŶŽƚĞĚƚŚĂƚĂŐĞŶĞƌĂůŝnjĞĚ
ĐŽŶĐĞƌŶĂďŽƵƚƚŚĞƐŝnjĞŽĨƚŚĞd^&ƐĚŽĞƐŶŽƚƉƌŽǀŝĚĞĂůĞŐĂůďĂƐŝƐĨŽƌƚŚĞƌĞůŝĞĨƐŽƵŐŚƚ͘KŶDĂƌĐŚϭϳ͕ϮϬϮϯ͕ƚŚĞ^WĨŝůĞĚĂŶ
ŝŶƚĞƌůŽĐƵƚŽƌLJĂƉƉĞĂůďĞĨŽƌĞƚŚĞƉƉĞůůĂƚĞŽƵƌƚŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶĂƐ'ĞƌĂŝƐĐŚĂůůĞŶŐŝŶŐƚŚĞ>ŽǁĞƌŽƵƌƚ͛ƐĞĐŝƐŝŽŶ͘dŚĞ
ŝŶƚĞƌůŽĐƵƚŽƌLJĂƉƉĞĂůǁĂƐĚĞŶŝĞĚďLJƚŚĞƉƉĞůůĂƚĞŽƵƌƚŽŶDĂƌĐŚϮϳ͕ϮϬϮϯ͘dŚĞƌĞĂĨƚĞƌ͕ƉƌŽĐĞĞĚŝŶŐƐǁĞƌĞƐƚĂLJĞĚĂƚƚŚĞ
ƌĞƋƵĞƐƚŽĨƚŚĞƉĂƌƚŝĞƐƚŽĂůůŽǁƚŚĞŵƚŽĚŝƐĐƵƐƐĂƉŽƚĞŶƚŝĂůƌĞƐŽůƵƚŝŽŶŽĨƚŚĞŵĂƚƚĞƌ͘<DĂŶĚƚŚĞ^WƌĞĐĞŶƚůLJƌĞĂĐŚĞĚĂ
ƐĞƚƚůĞŵĞŶƚ͘hŶĚĞƌƚŚĞƐĞƚƚůĞŵĞŶƚĂŐƌĞĞŵĞŶƚ͕<DĂŐƌĞĞƐƚŽ͗;ŝͿĐŽŶĨŝƌŵŝƚƐƚŝŵĞůŝŶĞĨŽƌĚĞͲĐŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶ;ĐůŽƐƵƌĞͿŽĨƚŚĞ
d^&Ɛ͖;ŝŝͿŚŝƌĞĂƚŚŝƌĚͲƉĂƌƚLJĞdžƉĞƌƚĨŽƌƚŚĞ^WĂŶĚŽƚŚĞƌƌĞůĞǀĂŶƚĂƵƚŚŽƌŝƚŝĞƐƚŽŬĞĞƉƚŚĞŵŝŶĨŽƌŵĞĚĂďŽƵƚ<D͛ƐĞdžĞĐƵƚŝŽŶ
ŽĨƚŚĞĚĞͲĐŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶƉƌŽũĞĐƚƐĂŶĚ;ŝŝŝͿƉĂLJĂƚŽƚĂůŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϳŵŝůůŝŽŶ͕ƚŽďĞƉĂŝĚŝŶĂŶŶƵĂůŝŶƐƚĂůůŵĞŶƚƐŽǀĞƌĂ
ϭϬͲLJĞĂƌ ƉĞƌŝŽĚ ƚŽ ƐƵƉƉŽƌƚ ƐŽĐŝŽͲĞŶǀŝƌŽŶŵĞŶƚĂů ƉƌŽũĞĐƚƐ͘ /Ŷ ƚŚĞ ƚŚŝƌĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϰ͕ Ă ũƵĚŐĞ ƌĂƚŝĨŝĞĚ ƚŚĞ ƐĞƚƚůĞŵĞŶƚ
ĂŐƌĞĞŵĞŶƚĂŶĚƚŚŝƐŵĂƚƚĞƌŝƐŶŽǁĐůŽƐĞĚ͘
2024 ANNUAL REPORT KINROSS GOLD
FS 42
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
/ŶĐŽŵĞĂŶĚŽƚŚĞƌƚĂdžĞƐ
dŚĞŽŵƉĂŶLJŽƉĞƌĂƚĞƐŝŶŶƵŵĞƌŽƵƐĐŽƵŶƚƌŝĞƐĂƌŽƵŶĚƚŚĞǁŽƌůĚĂŶĚĂĐĐŽƌĚŝŶŐůLJŝƐƐƵďũĞĐƚƚŽ͕ĂŶĚƉĂLJƐƚĂdžĞƐƵŶĚĞƌƚŚĞ
ǀĂƌŝŽƵƐƌĞŐŝŵĞƐŝŶĐŽƵŶƚƌŝĞƐŝŶǁŚŝĐŚŝƚŽƉĞƌĂƚĞƐ͘dŚĞƐĞƚĂdžƌĞŐŝŵĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚƵŶĚĞƌŐĞŶĞƌĂůĐŽƌƉŽƌĂƚĞƚĂdžůĂǁƐŽĨƚŚĞ
ĐŽƵŶƚƌLJ͘dŚĞŽŵƉĂŶLJŚĂƐŚŝƐƚŽƌŝĐĂůůLJĨŝůĞĚ͕ĂŶĚĐŽŶƚŝŶƵĞƐƚŽĨŝůĞ͕ĂůůƌĞƋƵŝƌĞĚƚĂdžƌĞƚƵƌŶƐĂŶĚƚŽƉĂLJƚŚĞƚĂdžĞƐƌĞĂƐŽŶĂďůLJ
ĚĞƚĞƌŵŝŶĞĚƚŽďĞĚƵĞ͘dŚĞƚĂdžƌƵůĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐŝŶŵĂŶLJĐŽƵŶƚƌŝĞƐĂƌĞĐŽŵƉůĞdžĂŶĚƐƵďũĞĐƚƚŽŝŶƚĞƌƉƌĞƚĂƚŝŽŶ͘ŚĂŶŐĞƐ
ŝŶƚĂdžůĂǁŽƌĐŚĂŶŐĞƐŝŶƚŚĞǁĂLJƚŚĂƚƚĂdžůĂǁŝƐŝŶƚĞƌƉƌĞƚĞĚŵĂLJĂůƐŽŝŵƉĂĐƚƚŚĞŽŵƉĂŶLJ͛ƐĞĨĨĞĐƚŝǀĞƚĂdžƌĂƚĞĂƐǁĞůůĂƐŝƚƐ
ďƵƐŝŶĞƐƐĂŶĚŽƉĞƌĂƚŝŽŶƐ͘
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ŝŶǁŚŝĐŚƚŚĞŽŵƉĂŶLJŚĂƐŽƉĞƌĂƚŝŽŶƐ͘dŚĞƚĂdžĂƵƚŚŽƌŝƚŝĞƐŵĂLJƌĞǀŝĞǁƚŚĞŽŵƉĂŶLJ͛ƐƚƌĂŶƐĂĐƚŝŽŶƐŝŶƌĞƐƉĞĐƚŽĨƚŚĞLJĞĂƌ͕Žƌ
ŵƵůƚŝƉůĞ LJĞĂƌƐ͕ ǁŚŝĐŚ ƚŚĞLJ ŚĂǀĞ ĐŚŽƐĞŶ ĨŽƌ ĞdžĂŵŝŶĂƚŝŽŶ͘ dŚĞ ƚĂdž ĂƵƚŚŽƌŝƚŝĞƐ ŵĂLJ ŝŶƚĞƌƉƌĞƚ ƚŚĞ ƚĂdž ŝŵƉůŝĐĂƚŝŽŶƐ ŽĨ Ă
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ƉĂƌƚŝĞƐ ŵĂLJ ƵŶĚĞƌƚĂŬĞ ŝŶ ŽƌĚĞƌ ƚŽ ƌĞĂĐŚ Ă ƌĞƐŽůƵƚŝŽŶ͕ ǁŚŝĐŚ ŵĂLJ ƐƉĂŶ ŵĂŶLJ LJĞĂƌƐ ŝŶ ƚŚĞ ĨƵƚƵƌĞ͘ hŶĐĞƌƚĂŝŶƚLJ ŝŶ ƚŚĞ
ŝŶƚĞƌƉƌĞƚĂƚŝŽŶĂŶĚĂƉƉůŝĐĂƚŝŽŶŽĨĂƉƉůŝĐĂďůĞƚĂdžůĂǁƐ͕ƌĞŐƵůĂƚŝŽŶƐŽƌƚŚĞƌĞůĞǀĂŶƚƐĞĐƚŝŽŶƐŽĨDŝŶŝŶŐŽŶǀĞŶƚŝŽŶƐďLJƚŚĞƚĂdž
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ŽĨDŝŶŝŶŐŽŶǀĞŶƚŝŽŶƐĐŽƵůĚĂĚǀĞƌƐĞůLJĂĨĨĞĐƚ<ŝŶƌŽƐƐ͘
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ϮϬϮϰ
ϮϬϮϯ
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Ψ
ϵ͘Ϭ
Ψ
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ϵ͘ϵ
ϰ͘Ϯ
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Ϯ͘ϭ
ϯ͘ϱ
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ϮϮ͘ϳ
Ψ
ϭϲ͘ϳ
Ψ
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ϮϬ͘
KE^K>/d/E'^hDDZz&/EE/>/E&KZDd/KE
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ŽŵƉĂŶLJ;ƚŚĞ͞ŐƵĂƌĂŶƚŽƌƐƵďƐŝĚŝĂƌŝĞƐ͟Ϳ͗ZŽƵŶĚDŽƵŶƚĂŝŶ'ŽůĚŽƌƉŽƌĂƚŝŽŶ͕<ŝŶƌŽƐƐƌĂƐŝůDŝŶĞƌĂĕĆŽ^͕͘͘&ĂŝƌďĂŶŬƐ'ŽůĚ
DŝŶŝŶŐ͕/ŶĐ͕͘DĞůďĂƌĞĞŬ DŝŶŝŶŐ͕/ŶĐ͕͘<'DŝŶŝŶŐ;ZŽƵŶĚ DŽƵŶƚĂŝŶͿ/ŶĐ͕͘<' DŝŶŝŶŐ;ĂůĚ DŽƵŶƚĂŝŶͿ/ŶĐ͕͘ 'ƌĞĂƚ ĞĂƌ
ZĞƐŽƵƌĐĞƐ>ƚĚ͕ĂŶĚŽŵƉĂŶŝĂDŝŶĞƌĂDĂŶƚŽƐĚĞKƌŽ͘ůůŐƵĂƌĂŶƚĞĞƐďLJƚŚĞŐƵĂƌĂŶƚŽƌƐƵďƐŝĚŝĂƌŝĞƐĂƌĞũŽŝŶƚĂŶĚƐĞǀĞƌĂů͕ĂŶĚ
ĨƵůůĂŶĚƵŶĐŽŶĚŝƚŝŽŶĂů͕ƐƵďũĞĐƚƚŽĐĞƌƚĂŝŶĐƵƐƚŽŵĂƌLJƌĞůĞĂƐĞƉƌŽǀŝƐŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞŝŶĚĞŶƚƵƌĞŐŽǀĞƌŶŝŶŐƚŚĞƐĞŶŝŽƌ
ŶŽƚĞƐ͘dŚĞŐƵĂƌĂŶƚĞĞƐĂƌĞƵŶƐĞĐƵƌĞĚƐĞŶŝŽƌŽďůŝŐĂƚŝŽŶƐŽĨƚŚĞƌĞƐƉĞĐƚŝǀĞŐƵĂƌĂŶƚŽƌƐƵďƐŝĚŝĂƌŝĞƐĂŶĚƌĂŶŬĞƋƵĂůůLJǁŝƚŚĂůů
ŽƚŚĞƌƵŶƐĞĐƵƌĞĚƐĞŶŝŽƌŽďůŝŐĂƚŝŽŶƐ͘dŚĞŐƵĂƌĂŶƚĞĞƐĂƌĞĞĨĨĞĐƚŝǀĞůLJƐƵďŽƌĚŝŶĂƚĞĚƚŽĂŶLJƐĞĐƵƌĞĚŝŶĚĞďƚĞĚŶĞƐƐĂŶĚŽƚŚĞƌ
ƐĞĐƵƌĞĚůŝĂďŝůŝƚŝĞƐŽĨƚŚĞƌĞƐƉĞĐƚŝǀĞŐƵĂƌĂŶƚŽƌƐƵďƐŝĚŝĂƌŝĞƐ͘dŚĞŽďůŝŐĂƚŝŽŶƐŽĨĞĂĐŚŐƵĂƌĂŶƚŽƌƐƵďƐŝĚŝĂƌLJƵŶĚĞƌŝƚƐƌĞƐƉĞĐƚŝǀĞ
ŐƵĂƌĂŶƚĞĞŝƐůŝŵŝƚĞĚƚŽĂŶĂŵŽƵŶƚŶŽƚƚŽĞdžĐĞĞĚƚŚĞŵĂdžŝŵƵŵĂŵŽƵŶƚƚŚĂƚĐĂŶďĞŐƵĂƌĂŶƚĞĞĚďLJůĂǁŽƌǁŝƚŚŽƵƚƌĞƐƵůƚŝŶŐ
ŝŶŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƐƵĐŚŐƵĂƌĂŶƚĞĞďĞŝŶŐǀŽŝĚĂďůĞŽƌƵŶĞŶĨŽƌĐĞĂďůĞƵŶĚĞƌĂƉƉůŝĐĂďůĞůĂǁƐƌĞůĂƚŝŶŐƚŽĨƌĂƵĚƵůĞŶƚƚƌĂŶƐĨĞƌ͕
ŽƌƵŶĚĞƌƐŝŵŝůĂƌůĂǁƐĂĨĨĞĐƚŝŶŐƚŚĞƌŝŐŚƚƐŽĨĐƌĞĚŝƚŽƌƐŐĞŶĞƌĂůůLJ͘
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐĐŽŶƚĂŝŶĐŽŶƐŽůŝĚĂƚŝŶŐƐƵŵŵĂƌLJĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚĞĚƚŽƚŚĞŐƵĂƌĂŶƚŽƌƐƵďƐŝĚŝĂƌŝĞƐ͘&ŽƌƉƵƌƉŽƐĞƐ
ŽĨ ƚŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ <ŝŶƌŽƐƐ 'ŽůĚ ŽƌƉŽƌĂƚŝŽŶ ĂŶĚ ŽĨ ƚŚĞ ŐƵĂƌĂŶƚŽƌ ƐƵďƐŝĚŝĂƌŝĞƐ ƌĞĨůĞĐƚ
ŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶŝĞƐŽŶĂŶĞƋƵŝƚLJĂĐĐŽƵŶƚŝŶŐďĂƐŝƐ͘
2024 ANNUAL REPORT KINROSS GOLD
43 FS
KZWKZd/KE
EKd ^dKd, KE^K>/d &/EE/>^dd D Ed^
&ŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ
;dĂďƵůĂƌĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐŽĨhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚͿ
ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ
ϮϬϮϰ
ϮϬϮϯ
ϮϬϮϰ
ϮϬϮϯ
ϮϬϮϰ
ϮϬϮϯ
ϮϬϮϰ
ϮϬϮϯ
ϮϬϮϰ
ϮϬϮϯ
ƵƌƌĞŶƚĂƐƐĞƚƐ
ϴϳϴ͘ϱ
Ψ
Ψϴϯϯ͘ϴ
Ϯ͕ϴϬϲ͘Ϭ
Ψ
ΨϮ͕ϱϮϮ͘ϳ
ϯ͕ϴϰϳ͘ϰ
Ψ
Ψϯ͕ϲϯϱ͘Ϯ
;ϱ͕ϰϬϱ͘ϮͿ
Ψ
Ψ;ϱ͕ϭϴϵ͘ϰͿ
Ϯ͕ϭϮϲ͘ϳ
Ψ
Ψϭ͕ϴϬϮ͘ϯ
EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ
ϴ͕ϳϵϮ͘ϯ
ϴ͕ϲϯϴ͘ϰ
ϱ͕ϲϲϳ͘ϱ
ϱ͕ϲϮϲ͘Ϯ
ϯϭ͕ϭϬϱ͘ϯ
ϯϭ͕ϰϰϱ͘ϭ
;ϯϲ͕ϴϮϲ͘ϮͿ
;ϯϲ͕ϵϲϴ͘ϳͿ
ϴ͕ϳϯϴ͘ϵ
ϴ͕ϳϰϭ͘Ϭ
ƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
ϰϰϵ͘Ϯ
ϭϴϳ͘ϲ
ϭ͕ϱϮϭ͘ϯ
ϭ͕ϱϬϬ͘ϱ
ϰ͕ϰϵϰ͘ϴ
ϰ͕ϭϴϲ͘ϴ
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;ϱ͕ϭϴϵ͘ϰͿ
ϭ͕ϬϲϬ͘ϭ
ϲϴϱ͘ϱ
EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
Ϯ͕ϯϲϬ͘Ϭ
ϯ͕ϮϬϬ͘ϵ
ϭ͕ϭϰϬ͘ϱ
ϭ͕ϭϰϵ͘ϳ
ϯ͕ϰϲϬ͘ϱ
ϰ͕ϴϭϴ͘ϭ
;ϰ͕ϭϱϲ͘ϭͿ
;ϱ͕ϰϵϲ͘ϲͿ
Ϯ͕ϴϬϰ͘ϵ
ϯ͕ϲϳϮ͘ϭ
&ŽƌƚŚĞƚǁĞůǀĞŵŽŶƚŚƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂŶĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ
ϮϬϮϰ
ϮϬϮϯ
ϮϬϮϰ
ϮϬϮϯ
ϮϬϮϰ
ϮϬϮϯ
ϮϬϮϰ
ϮϬϮϯ
ϮϬϮϰ
ϮϬϮϯ
ZĞǀĞŶƵĞ
ϯ͕ϱϯϴ͘ϴ
Ψ
Ψϯ͕ϬϬϯ͘ϰ
ϯ͕Ϯϲϲ͘ϭ
Ψ
ΨϮ͕ϵϱϯ͘Ϯ
ϭ͕ϱϱϵ͘ϵ
Ψ
Ψϭ͕ϮϬϬ͘ϴ
;ϯ͕Ϯϭϲ͘ϬͿ
Ψ
Ψ;Ϯ͕ϵϭϳ͘ϳͿ
ϱ͕ϭϰϴ͘ϴ
Ψ
Ψϰ͕Ϯϯϵ͘ϳ
EĞƚĞĂƌŶŝŶŐƐ;ůŽƐƐͿĂƚƚƌŝďƵƚĂďůĞƚŽ
ĐŽŵŵŽŶƐŚĂƌĞŚŽůĚĞƌƐ
ϵϰϴ͘ϴ
ϰϭϲ͘ϯ
ϰϱϳ͘ϯ
Ϯϲϯ͘Ϯ
Ϯ͕ϯϰϵ͘ϭ
ϭ͕ϯϲϯ͘ϴ
;Ϯ͕ϴϬϲ͘ϰͿ
;ϭ͕ϲϮϳ͘ϬͿ
ϵϰϴ͘ϴ
ϰϭϲ͘ϯ
<ŝŶƌŽƐƐ'ŽůĚŽƌƉ͘
'ƵĂƌĂŶƚŽƌ^ƵďƐŝĚŝĂƌŝĞƐ
EŽŶͲ'ƵĂƌĂŶƚŽƌ^ƵďƐŝĚŝĂƌŝĞƐ ŽŶƐŽůŝĚĂƚŝŽŶĚũƵƐƚŵĞŶƚƐ;ĂͿ
ŽŶƐŽůŝĚĂƚĞĚ
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44
2024 ANNUAL REPORT KINROSS GOLD
Mineral Reserve and
Mineral Resource Statement
Proven and Probable Mineral Reserves
Gold
Proven and Probable Mineral Reserves (1,3,4,5,6,7)
Kinross Gold Corporation’s Share at December 31, 2024
Property
Location
Kinross
Interest
(%)
Proven
Probable
Proven and Probable
Tonnes
(kt)
Grade
(g/t)
Ounces
(koz)
Tonnes
(kt)
Grade
(g/t)
Ounces
(koz)
Tonnes
(kt)
Grade
(g/t)
Ounces
(koz)
NORTH AMERICA
Bald Mountain
USA
100.0%
0
0.0
0
55,772
0.7
1,173
55,772
0.7
1,173
Fort Knox
USA
100.0%
364
1.2
14
102,893
0.4
1,262
103,257
0.4
1,276
Manh Choh
USA
70.0%
307
6.4
63
2,011
7.7
495
2,318
7.5
558
Round Mountain 8
USA
100.0%
7,710
0.4
103
67,392
0.8
1,780
75,102
0.8
1,883
Subtotal
8,381
0.7
180
228,068
0.6
4,711
236,449
0.6
4,890
SOUTH AMERICA
La Coipa 9
Chile
100.0%
648
1.8
38
9,878
1.9
605
10,526
1.9
642
Lobo-Marte 2
Chile
100.0%
0
0.0
0
160,702
1.3
6,733
160,702
1.3
6,733
Paracatu
Brazil
100.0%
264,323
0.5
3,885
112,946
0.3
1,002
377,268
0.4
4,887
Subtotal
264,970
0.5
3,923
283,526
0.9
8,340
548,497
0.7
12,262
AFRICA
Tasiast
Mauritania
100.0%
57,361
1.1
2,000
45,471
1.9
2,705
102,831
1.4
4,705
Subtotal
57,361
1.1
2,000
45,471
1.9
2,705
102,831
1.4
4,705
Total Gold
330,712
0.6
6,103
557,065
0.9
15,755
887,777
0.8
21,857
Silver
Proven and Probable Mineral Reserves (1,3,4,5,6,7)
Kinross Gold Corporation’s Share at December 31, 2024
Property
Location
Kinross
Interest
(%)
Proven
Probable
Proven and Probable
Tonnes
(kt)
Grade
(g/t)
Ounces
(koz)
Tonnes
(kt)
Grade
(g/t)
Ounces
(koz)
Tonnes
(kt)
Grade
(g/t)
Ounces
(koz)
NORTH AMERICA
Manh Choh
USA
70.0%
307
9.9
98
2,011
14.2
916
2,318
13.6
1,014
Subtotal
307
9.9
98
2,011
14.2
916
2,318
13.6
1,014
SOUTH AMERICA
La Coipa 9
Chile
100.0%
648
60.3
1,254
9,878
46.1
14,635
10,526
47.0
15,890
Subtotal
648
60.3
1,254
9,878
46.1
14,635
10,526
47.0
15,890
Total Silver
955
44.1
1,352
11,889
40.7
15,551
12,844
40.9
16,903
Mineral Reserve and Mineral Resource Statement Notes are on page 47.
2024 ANNUAL REPORT KINROSS GOLD
45
Measured and Indicated Mineral Resources
Gold
Measured and Indicated Mineral Resources (3,4,5,6,7,10,11,13)
Kinross Gold Corporation’s Share at December 31, 2024
Property
Location
Kinross
Interest
(%)
Measured
Indicated
Measured and Indicated
Tonnes
(kt)
Grade
(g/t)
Ounces
(koz)
Tonnes
(kt)
Grade
(g/t)
Ounces
(koz)
Tonnes
(kt)
Grade
(g/t)
Ounces
(koz)
NORTH AMERICA
Bald Mountain
USA
100.0%
7,131
0.9
205
172,130
0.4
2,478
179,261
0.5
2,683
Fort Knox
USA
100.0%
0
0.0
0
67,938
0.4
810
67,938
0.4
810
Great Bear Resources 14
Canada
100.0%
1,556
3.0
152
28,711
2.8
2,586
30,267
2.8
2,738
Curlew Basin
USA
100.0%
0
0.0
0
1,993
6.4
409
1,993
6.4
409
Manh Choh
USA
70.0%
0
0.0
0
257
2.7
23
257
2.7
23
Round Mountain 8
USA
100.0%
0
0.0
0
154,965
0.7
3,625
154,965
0.7
3,625
Subtotal
8,687
1.3
357
425,994
0.7
9,931
434,681
0.7
10,288
SOUTH AMERICA
La Coipa 9
Chile
100.0%
4,017
2.1
275
23,171
1.5
1,091
27,188
1.6
1,366
Lobo-Marte 12
Chile
100.0%
0
0.0
0
99,440
0.7
2,366
99,440
0.7
2,366
Maricunga
Chile
100.0%
66,840
0.7
1,540
227,723
0.7
4,777
294,563
0.7
6,317
Paracatu
Brazil
100.0%
98,886
0.5
1,537
191,455
0.3
1,628
290,341
0.3
3,165
Subtotal
169,743
0.6
3,353
541,790
0.6
9,862
711,532
0.6
13,214
AFRICA
Tasiast
Mauritania
100.0%
21,295
0.7
478
53,255
1.1
1,887
74,550
1.0
2,365
Subtotal
21,295
0.7
478
53,255
1.1
1,887
74,550
1.0
2,365
Total Gold
199,725
0.7
4,187
1,021,039
0.7
21,679
1,220,764
0.7
25,867
Silver
Measured and Indicated Mineral Resources (3,4,5,6,7,10,11,13)
Kinross Gold Corporation’s Share at December 31, 2024
Property
Location
Kinross
Interest
(%)
Measured
Indicated
Measured and Indicated
Tonnes
(kt)
Grade
(g/t)
Ounces
(koz)
Tonnes
(kt)
Grade
(g/t)
Ounces
(koz)
Tonnes
(kt)
Grade
(g/t)
Ounces
(koz)
NORTH AMERICA
Manh Choh
USA
70.0%
0
0.0
0
257
10.4
86
257
10.4
86
Round Mountain 8
USA
100.0%
0
0.0
0
4,085
8.4
1,106
4,085
8.4
1,106
Subtotal
0
0.0
0
4,341
8.5
1,192
4,341
8.5
1,192
SOUTH AMERICA
La Coipa 9
Chile
100.0%
4,017
36.6
4,727
23,171
41.2
30,699
27,188
40.5
35,426
Subtotal
4,017
36.6
4,727
23,171
41.2
30,699
27,188
40.5
35,426
Total Silver
4,017
36.6
4,727
27,512
36.1
31,891
31,529
36.1
36,618
Mineral Reserve and Mineral Resource Statement Notes are on page 47.
46
2024 ANNUAL REPORT KINROSS GOLD
Inferred Mineral Resources
Gold
Inferred Mineral Resources (3,4,5,6,7,10,11,13)
Kinross Gold Corporation’s Share at December 31, 2024
Property
Location
Kinross
Interest
(%)
Inferred
Tonnes
(kt)
Grade
(g/t)
Ounces
(koz)
NORTH AMERICA
Bald Mountain
USA
100%
51,303
0.3
571
Fort Knox
USA
100%
15,203
0.4
187
Great Bear Resources14
Canada
100%
25,480
4.7
3,884
Curlew Basin
USA
100%
4,151
6.3
838
Manh Choh
USA
70%
0
3.2
0
Round Mountain 8
USA
100%
112,844
0.5
1,669
Subtotal
208,981
1.1
7,149
SOUTH AMERICA
La Coipa 9
Chile
100.0%
2,190
1.3
92
Lobo-Marte 12
Chile
100.0%
18,474
0.7
445
Maricunga
Chile
100.0%
212,306
0.6
3,854
Paracatu
Brazil
100.0%
2,275
0.3
21
Subtotal
235,244
0.6
4,412
AFRICA
Tasiast
Mauritania
100.0%
21,047
2.4
1,632
Subtotal
21,047
2.4
1,632
Total Gold
465,272
0.9
13,193
Silver
Inferred Mineral Resources (3,4,5,6,7,10,11,13)
Kinross Gold Corporation’s Share at December 31, 2024
Property
Location
Kinross
Interest
(%)
Inferred
Tonnes
(kt)
Grade
(g/t)
Ounces
(koz)
NORTH AMERICA
Manh Choh
USA
70.0%
0
45.8
1
Round Mountain 8
USA
100.0%
330
1.1
12
Subtotal
330
1.2
12
SOUTH AMERICA
La Coipa 9
Chile
100.0%
2,190
53.8
3,790
Subtotal
2,190
53.8
3,790
Total Silver
2,519
46.9
3,803
Mineral Reserve and Mineral Resource Statement Notes are on page 47.
2024 ANNUAL REPORT KINROSS GOLD
47
Mineral Reserve and Mineral Resource Statement Notes
(1)
Unless otherwise noted, the Company’s mineral reserves are estimated using appropriate cut-off grades based on an assumed gold price of $1,600 per ounce and
a silver price of $20.00 per ounce. Mineral reserves are estimated using appropriate process recoveries, operating costs and mine plans that are unique to each
property and include estimated allowances for dilution and mining recovery. Mineral reserve estimates are reported in contained units based on Kinross’ interest and
are estimated based on the following foreign exchange rates:
Canadian Dollar to $US 1.35
Chilean Peso to $US 900.00
Brazilian Real to $US 5.25
Mauritanian Ouguiya to $US 37.50
(2)
The mineral reserve estimates for Lobo Marte assume a $1,200 per ounce gold price and foreign exchange rate assumption of Chilean Peso to $US 800.00 are based
on the 2021 Feasibility Study.
(3)
The Company’s mineral reserve and mineral resource estimates as at December 31, 2024 are classified in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum (“CIM”) “CIM Definition Standards – For Mineral Resources and Mineral Reserves” adopted by the CIM Council (as amended, the “CIM
Definition Standards”) in accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI-43-101”). Mineral
reserve and mineral resource estimates reflect the Company’s reasonable expectation that all necessary permits and approvals will be obtained and maintained.
(4)
Cautionary note to U.S. investors concerning estimates of mineral reserves and mineral resources. These estimates have been prepared in accordance with the
requirements of Canadian securities laws, which differ from the requirements of United States’ securities laws. The terms “mineral reserve”, “proven mineral reserve”,
“probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining
terms as defined in accordance with NI 43-101 and the CIM Definition Standards. These definitions differ from the definitions in subpart 1300 of Regulation S-K
(“Subpart 1300”). While the definitions in Subpart 1300 are similar to the definitions in NI 43-101 and the CIM Definitions Standard, the definitions in Subpart
1300 differ from the requirements of, and the definitions in, NI 43-101 and the CIM Definition Standards. U.S. investors are cautioned that while the above terms
are “substantially similar” to CIM Definitions, there are differences in the definitions in Subpart 1300 and the CIM Definition Standards. Accordingly, there is no
assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral
resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the mineral reserve
or mineral resource estimates under the standards set forth in Subpart 1300. U.S. investors are also cautioned that while the United States Securities and Exchange
Commission (“SEC”) recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under Subpart 1300, investors should
not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves.
Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as
reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that
the Company reports are or will be economically or legally mineable. Further, “inferred mineral resources” have a greater amount of uncertainty as to their existence
and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the “inferred mineral
resources” exist. Under Canadian securities laws, estimates of “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies, except
in rare cases. As a foreign private issuer that files its annual report on Form 40-F with the SEC pursuant to the multi-jurisdictional disclosure system, the Company
is not required to provide disclosure on its mineral properties under the Subpart 1300 provisions and will continue to provide disclosure under NI 43-101 and the
CIM Definition Standards. If the Company ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the multi-
jurisdictional disclosure system, then the Company will be subject to reporting pursuant to the Subpart 1300 provisions, which differ from the requirements of
NI 43-101 and the CIM Definition Standards.
For the above reasons, the mineral reserve and mineral resource estimates and related information in this AIF may not be comparable to similar information
made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations
thereunder.
(5)
The Company’s mineral resource and mineral reserve estimates were prepared under the supervision of and verified by Mr. Nicos Pfeiffer, who is a qualified person as
defined by NI-43-101.
(6)
The Company’s normal data verification procedures have been used in collecting, compiling, interpreting and processing the data used to estimate mineral reserves
and mineral resource.
(7)
Rounding of values to the 000s may result in apparent discrepancies.
(8)
Round Mountain refers to the Round Mountain project, which includes the Round Mountain deposit and the Gold Hill deposit. The Round Mountain deposit does
not contain silver and all silver resources at Round Mountain are contained exclusively within the Gold Hill deposit. Disclosure of gold mineral reserves and mineral
resources reflect both the Round Mountain deposit and the Gold Hill deposit. Disclosure of silver mineral reserves and mineral resources reflect only the Gold Hill
deposit.
(9)
Includes mineral resources and mineral reserves from the Puren deposit in which the Company holds a 65% interest; as well as mineral resources from the Catalina
deposit, in which the Company holds a 50% interest.
(10) Mineral resources are exclusive of mineral reserves.
(11) Unless otherwise noted, the Company’s mineral resources are estimated using appropriate cut-off grades based on a gold price of $2,000 per ounce and a silver
price of $25.00 per ounce. Foreign exchange rates for estimating mineral resources were the same as for mineral reserves.
(12) The mineral resource estimates for Lobo Marte assume a $1,600 per ounce gold price and are based on the 2021 Feasibility Study.
(13) Mineral resources that are not mineral reserves do not have to demonstrate economic viability. Mineral resources are subject to infill drilling, permitting, mine
planning, mining dilution and recovery losses, among other things, to be converted into mineral reserves. Due to the uncertainty associated with inferred mineral
resources, it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to indicated or measured mineral resources, including as a
result of continued exploration.
(14) The mineral resource estimates for Great Bear assume a $1,700 per ounce gold price and foreign exchange rate assumption of 1.35 CAD per 1.00 USD and are based
on the 2024 Preliminary Economic Assessment.
48
2024 ANNUAL REPORT KINROSS GOLD
Mineral Reserve and Mineral Resource Definitions
A ‘Mineral Resource’ is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form,
grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade
or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific
geological evidence and knowledge, including sampling.
An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which quantity and grade or quality are estimated on
the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and
grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated
Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral
Resources could be upgraded to Indicated Mineral Resources with continued exploration.
An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and
physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to
support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately
detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity
between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured
Mineral Resource and may only be converted to a Probable Mineral Reserve.
A ‘Measured Mineral Resource’ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and
physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed
mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and
reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points
of observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral
Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.
A ‘Mineral Reserve’ is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting
materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-
Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time
of reporting, extraction could reasonably be justified. The reference point at which Mineral Reserves are defined, usually the point
where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is
different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is
being reported. The public disclosure of a Mineral Reserve must be demonstrated by a Pre-Feasibility Study or Feasibility Study.
A ‘Probable Mineral Reserve’ is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral
Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proven
Mineral Reserve.
A ‘Proven Mineral Reserve’ is the economically mineable part of a Measured Mineral Resource. A Proven Mineral Reserve implies
a high degree of confidence in the Modifying Factors.
2024 ANNUAL REPORT KINROSS GOLD
49
Summarized Five-Year Review
(in millions, except ounces, per share amounts and per ounce amounts)
2024
2023
20221
20211
20201
Operating results
Attributable2 gold equivalent ounces4 produced
2,128,052
2,153,020
1,957,237
1,447,240
2,366,648
Financial Highlights
Metal sales
$
5,148.8
$
4,239.7 $
3,455.1 $
2,599.6 $
4,213.4
Production cost of sales per equivalent ounce4 sold5
$
1,020
$
942 $
937 $
842 $
726
Attributable2 production cost of sales per equivalent ounce4 sold*3
$
1,021
$
942 $
937 $
–8 $
723
Attributable2 all-in sustaining cost per equivalent ounce4 sold*3
$
1,388
$
1,316 $
1,271 $
1,244 $
987
Net earnings (loss) attributable to common shareholders
$
948.8
$
416.3 $
31.9 $
(29.9)
$
1,342.4
Adjusted net earnings attributable to common shareholders*3
$
838.3
$
539.8 $
283.1 $
210.8 $
966.8
Net cash flow provided from operating activities
$
2,446.4
$
1,605.3 $
1,002.5 $
695.1 $
1,957.6
Attributable2 adjusted operating cash flow*3
$
2,143.1
$
1,676.7 $
1,257.7 $
–8 $
–8
Capital expenditures6
$
1,075.5
$
1,098.3 $
764.2 $
821.7 $
916.1
Attributable2 capital expenditures*3
$
1,050.9
$
1,055.0 $
755.0 $
817.7 $
–8
Attributable2 free cash flow*3
$
1,340.2
$
559.7 $
247.3 $
(121.8)
$
–8
Financial position
Cash and cash equivalents
$
611.5
$
352.4 $
418.1 $
531.5 $
1,210.9
Total assets
$
10,865.6
$
10,543.3 $
10,396.4 $
10,428.1 $
10,933.2
Long-term debt and credit facilities (including current portion)
$
1,435.4
$
2,232.6 $
2,592.9 $
1,629.9 $
1,923.9
Common shareholders’ equity
$
6,861.6
$
6,083.7 $
5,823.7 $
6,580.9 $
6,596.5
Per share data
Basic earnings (loss) per share attributable to common shareholders
$
0.77
$
0.34 $
0.02 $
(0.02)
$
1.07
Adjusted net earnings per share*3
$
0.68
$
0.44 $
0.22 $
0.17 $
0.77
Market
Average realized gold price per ounce7
$
2,393
$
1,945 $
1,793 $
1,797
$
1,774
Attributable2 average realized gold price per ounce*3
$
2,391
$
1,945 $
1,793 $
–8 $
–8
2024 Kinross Share Trading Data
High
Low
TSX (Cdn dollars)
First Quarter
$
8.33
$
6.46
Second Quarter
$
11.50
$
8.04
Third Quarter
$
13.70
$
10.80
Fourth Quarter
$
14.97
$
12.56
NYSE (U.S. dollars)
First Quarter
$
6.26
$
4.75
Second Quarter
$
8.40
$
5.93
Third Quarter
$
10.10
$
7.84
Fourth Quarter
$
10.82
$
9.00
* These figures are non-GAAP financial measures or ratios, as applicable.
Refer to Endnotes on page 53 for further details.
50
2024 ANNUAL REPORT KINROSS GOLD
Cautionary statement on forward-looking information
All statements, other than statements of historical fact, contained or incorporated by reference in this Annual Report including,
but not limited to, any information as to the future financial or operating performance of Kinross, constitute “forward-looking
information” or “forward-looking statements” within the meaning of certain securities laws, including the provisions of the
Securities Act (Ontario) and the provisions for “safe harbor” under the United States Private Securities Litigation Reform Act of
1995 and are based on expectations, estimates and projections as of the date of this Annual Report. Forward-looking statements
contained in this Annual Report, include, but are not limited to, those under the headings (or headings that include) “ Kinross
Operations and Projects”, “Letter to Shareholders”, “2024 Sustainability Highlights”, as well as statements with respect to our
guidance for production, cost guidance, including production costs of sales, all-in sustaining cost of sales, and capital expenditures;
statements with respect to our forecasts for cash flow and free cash flow; the declaration, payment and sustainability of the
Company’s dividends; the implementation of a share buyback; identification of additional resources and reserves or the conversion
of resources to reserves; the Company’s liquidity; the Company’s plan to reduce debt; the schedules budgets, and forecast
economics for the Company’s development projects; budgets for and future plans for exploration, development and operation
at the Company’s operations and projects, including the Great Bear project; the projected yearly gold production profile from
both open pit and underground operations, all-in sustaining costs, mill throughput and average grades at the Great Bear project;
potential mine life extensions at the Company’s operations; the Company’s balance sheet and liquidity outlook, as well as
references to other possible events including, the future price of gold and silver, costs of production, operating costs; price
inflation; capital expenditures, costs and timing of the development of projects and new deposits, estimates and the realization
of such estimates (such as mineral or gold reserves and resources or mine life), success of exploration, development and mining,
currency fluctuations, capital requirements, project studies, government regulation, permit applications, environmental risks and
proceedings, and resolution of pending litigation. The words “advance”, “continue”, “estimate”, “expects”, “focus”, “forecast”,
“goal”, “guidance”, “on plan”, “on track”, “opportunity”, “outlook”, “plan”, “potential”, “priority”, “progress”, “target”,
“view”, or variations of or similar such words and phrases or statements that certain actions, events or results may, could, should
or will be achieved, received or taken, or will occur or result and similar such expressions identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered
reasonable by Kinross as of the date of such statements, are inherently subject to significant business, economic and competitive
uncertainties and contingencies. The estimates, models and assumptions of Kinross referenced, contained or incorporated by
reference in this Annual Report, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth
herein and in our Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2024, and the Annual
Information Form dated March 27, 2025 as well as: (1) there being no significant disruptions affecting the operations of the
Company, whether due to extreme weather events (including, without limitation, excessive snowfall, excessive or lack of rainfall)
and other or related natural disasters, labour disruptions (including but not limited to strikes or workforce reductions), supply
disruptions, power disruptions, damage to equipment, pit wall slides or otherwise; (2) permitting, development, operations
and production from the Company’s operations and development projects being consistent with Kinross’ current expectations
including, without limitation: the maintenance of existing permits and approvals and the timely receipt of all permits and
authorizations necessary for construction and operations; water and power supply and continued operation of the tailings
reprocessing facility at Paracatu; permitting of the Great Bear project (including the consultation process with Indigenous groups),
permitting and development of the Lobo-Marte project; in each case in a manner consistent with the Company’s expectations;
and the successful completion of exploration consistent with the Company’s expectations at the Company’s projects; (3) political
and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations
including, without limitation, restrictions or penalties imposed, or actions taken, by any government, including but not limited to
amendments to the mining laws, and potential power rationing and tailings facility regulations in Brazil (including those related to
financial assurance requirements), potential amendments to water laws and/or other water use restrictions and regulatory actions
in Chile, new dam safety regulations, potential amendments to minerals and mining laws and energy levies laws, new regulations
relating to work permits, potential amendments to customs and mining laws (including but not limited to amendments to the
VAT) and the potential application of the tax code in Mauritania, potential amendments to and enforcement of tax laws in
Mauritania (including, but not limited to, the interpretation, implementation, application and enforcement of any such laws
and amendments thereto), potential third party legal challenges to existing permits, and the impact of any trade tariffs being
consistent with Kinross’ current expectations; (4) the completion of studies and the results of those studies being consistent
with Kinross’ current expectations; (5) the exchange rate between the Canadian dollar, Brazilian real, Chilean peso, Mauritanian
ouguiya and the U.S. dollar being approximately consistent with current levels; (6) certain price assumptions for gold and silver;
(7) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with the Company’s
expectations; (8) attributable production and cost of sales forecasts for the Company meeting expectations; (9) the accuracy of
the current mineral reserve and mineral resource estimates of the Company and Kinross’ analysis thereof being consistent with
expectations (including but not limited to ore tonnage and ore grade estimates), future mineral resource and mineral reserve
2024 ANNUAL REPORT KINROSS GOLD
51
estimates being consistent with preliminary work undertaken by the Company, mine plans for the Company’s current and future
mining operations, and the Company’s internal models; (10) labour and materials costs increasing on a basis consistent with
Kinross’ current expectations; (11) the terms and conditions of the legal and fiscal stability agreements for Tasiast being
interpreted and applied in a manner consistent with their intent and Kinross’ expectations and without material amendment
or formal dispute (including without limitation the application of tax, customs and duties exemptions and royalties); (12) asset
impairment potential; (13) the regulatory and legislative regime regarding mining, electricity production and transmission (including
rules related to power tariffs) in Brazil being consistent with Kinross’ current expectations; (14) access to capital markets, including
but not limited to maintaining our current credit ratings consistent with the Company’s current expectations; (15) potential direct
or indirect operational impacts resulting from infectious diseases or pandemics; (16) changes in national and local government
legislation or other government actions, including the Canadian federal impact assessment regime; (17) litigation, regulatory
proceedings and audits, and the potential ramifications thereof, being concluded in a manner consistent with the Corporation’s
expectations (including without limitation litigation in Chile relating to the alleged damage of wetlands and the scope of any
remediation plan or other environmental obligations arising therefrom); (18) the Company’s financial results, cash flows and
future prospects being consistent with Company expectations in amounts sufficient to permit sustained dividend payments;
and (19) the impacts of geotechnical instability at Round Mountain and Bald Mountain being consistent with the Company’s
expectations. Known and unknown factors could cause actual results to differ materially from those projected in the forward-
looking statements. Such factors include, but are not limited to: the inaccuracy of any of the foregoing assumptions; fluctuations
in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such as fuel and
electricity); price inflation of goods and services; changes in the discount rates applied to calculate the present value of net future
cash flows based on country-specific real weighted average cost of capital; changes in the market valuations of peer group gold
producers and the Company, and the resulting impact on market price to net asset value multiples; changes in various market
variables, such as interest rates, foreign exchange rates, gold or silver prices and lease rates, or global fuel prices, that could
impact the mark-to-market value of outstanding derivative instruments and ongoing payments/receipts under any financial
obligations; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk);
changes in national and local government legislation, taxation (including but not limited to income tax, advance income tax,
stamp tax, withholding tax, capital tax, tariffs, value-added or sales tax, capital outflow tax, capital gains tax, windfall or windfall
profits tax, production royalties, excise tax, customs/import or export taxes/duties, asset taxes, asset transfer tax, property use
or other real estate tax, together with any related fine, penalty, surcharge, or interest imposed in connection with such taxes),
controls, tariffs, policies and regulations; the security of personnel and assets; political or economic developments in Canada,
the United States, Chile, Brazil, Mauritania or other countries in which Kinross does business or may carry on business; business
opportunities that may be presented to, or pursued by, us; our ability to successfully integrate acquisitions and complete
divestitures; operating or technical difficulties in connection with mining, development or refining activities; employee relations;
litigation or other claims against, or regulatory investigations and/or any enforcement actions, administrative orders or sanctions
in respect of the Company (and/or its directors, officers, or employees) including, but not limited to, securities class action
litigation in Canada and/or the United States, environmental litigation or regulatory proceedings or any investigations,
enforcement actions and/or sanctions under any applicable anti-corruption, international sanctions and/or anti-money laundering
laws and regulations in Canada, the United States or any other applicable jurisdiction; the speculative nature of gold exploration
and development including, but not limited to, the risks of obtaining and maintaining necessary licenses and permits; diminishing
quantities or grades of reserves; adverse changes in our credit ratings; and contests over title to properties, particularly title to
undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development
and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins,
flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, Kinross’ actual results to differ
materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Kinross, including but
not limited to resulting in an impairment charge on goodwill and/or assets. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such
statements. Forward-looking statements are provided for the purpose of providing information about management’s
expectations and plans relating to the future. All of the forward-looking statements made in this Annual Report are qualified
by this cautionary statement and those made in our other filings with the securities regulators of Canada and the United States
including, but not limited to, the cautionary statements made in the “Risk Analysis” section of our MD&A for the year ended
December 31, 2024, and the “Risk Factors” set forth in the Company’s Annual Information Form dated March 27, 2025 and the
“Cautionary Statement on Forward-Looking Information” in our news release dated February 12, 2025. These factors are not
intended to represent a complete list of the factors that could affect Kinross. Kinross disclaims any intention or obligation to
update or revise any forward-looking statements or to explain any material difference between subsequent actual events and
such forward-looking statements, except to the extent required by applicable law.
52
2024 ANNUAL REPORT KINROSS GOLD
Key Sensitivities
Approximately 70%-80% of the Company’s costs are denominated in U.S. dollars.
• A 10% change in foreign currency exchange rates would be expected to result in an approximate $25 impact on attributable
production cost of sales per equivalent ounce sold3,10.
• Specific to the Brazilian real, a 10% change in the exchange rate would be expected to result in an approximate $45 impact on
Brazilian attributable production cost of sales per equivalent ounce sold3.
• Specific to the Chilean peso, a 10% change in the exchange rate would be expected to result in an approximate $50 impact on
Chilean attributable production cost of sales per equivalent ounce sold3.
• A $10 per barrel change in the price of oil would be expected to result in an approximate $3 impact on attributable production
cost of sales per equivalent ounce sold3.
• A $100 change in the price of gold would be expected to result in an approximate $5 impact on attributable production cost of
sales per equivalent ounce sold3 as a result of a change in royalties.
Other information
Where we say “we”, “us”, “our”, the “Company”, or “Kinross” in this annual report, we mean Kinross Gold Corporation and/or one
or more or all of its subsidiaries, as may be applicable.
The technical information about the Company’s mineral properties contained in this annual report has been prepared under
the supervision of Mr. Nicos Pfeiffer, an officer of the Company who is a “qualified person” within the meaning of National
Instrument 43-101.
The Great Bear preliminary economic assessment referenced in this annual report is preliminary in nature and is based, in part,
on inferred mineral resources. Inferred mineral resources are considered too geologically speculative to have the economic
considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the
economic forecasts on which the preliminary economic assessment is based will be realized.
2024 ANNUAL REPORT KINROSS GOLD
53
Endnotes
1 Results for the years ended December 31, 2022 and 2021 are from continuing operations and exclude results from the
Company’s Chirano and Russian operations due to the classification of these operations as discontinued and their sale in
2022. Results for the year ended December 31, 2020 are from total operations, including results from the Company’s Chirano
and Russian operations, and therefore may not be comparable.
2 “Attributable” production, sales, costs, cash flow and capital expenditures include Kinross’ share of Manh Choh (70%) for all
years presented and Chirano (90%) for the year ended December 31, 2020.
3 Attributable adjusted operating cash flow, adjusted net earnings attributable to common shareholders and per share,
attributable production cost of sales per equivalent ounce sold, attributable all-in sustaining cost per equivalent ounce sold,
attributable capital expenditures, attributable free cash flow and attributable average realized gold price per ounce are non-
GAAP financial measures or ratios, as applicable. 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. For the definition and
reconciliation of these non-GAAP financial measures and ratios for the years presented, please refer to, as applicable,
Section 11 – Supplemental Information of Kinross’ Management’s Discussion and Analysis for the year ended December
31, 2024, which section is included in this annual report, and the years ended December 31, 2023, 2022 and 2021, which
sections are incorporated by reference herein and as filed on the Company’s website at www.kinross.com, on SEDAR+ at www.
sedarplus.ca and on EDGAR at www.SEC.gov.
4 “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 2024 was 84.43:1 (2023 – 83.13:1, 2022 – 82.90:1,
2021 – 71.51:1 and 2020 – 86.32:1).
5 “Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent
ounces sold.
6 “Capital expenditures” are reported as “Additions to property, plant and equipment” on the consolidated statements
of cash flows.
7 “Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold.
8 As a result of new non-GAAP measures and ratios disclosed by the Company in its Management’s Discussion and Analysis
for the years ended December 31, 2023 and 2024, certain prior period measures and ratios have not been calculated or
presented within this annual report.
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’
Management’s Discussion and Analysis for the year ended December 31, 2024).
10 Refers to all of the currencies in the countries where the Company has mining operations, fluctuating simultaneously by
10% in the same direction, either appreciating or depreciating, taking into consideration the impact of hedging and the
weighting of each currency within our consolidated cost structure.
Corporate Information
Corporate Information
Transfer Agent and Registrar
Computershare Investor Services Inc.
Toronto, Ontario, Canada
Toll-free: 1-800-564-6253
Proxy Solicitation Agent
Kingsdale Proxy Advisors
Toronto, Ontario, Canada
Annual Meeting of Shareholders
Date: Wednesday, May 7, 2025
Time: 10:00 a.m. EDT
Virtual via live webcast at:
meetings.lumiconnect.com/
400-211-583-597
Meeting ID: 400-211-583-597
Password: kinross2025
Legal Counsel
Osler, Hoskin & Harcourt LLP
Toronto, Ontario, Canada
Sullivan & Cromwell LLP
New York, New York, United States
Auditors
KPMG LLP
Toronto, Ontario, Canada
Contact Information
General
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, Ontario, Canada M5J 2V5
Website: Kinross.com
Telephone: 416-365-5123
Toll-free: 1-866-561-3636
Email: info@kinross.com
Investor Relations
David Shaver, Senior Vice-President,
Investor Relations & Communications
Telephone: 416-365-2761
Email: InvestorRelations@kinross.com
Media Relations
Victoria Barrington, Senior Director,
Corporate Communications
Telephone: 647-788-4153
Email: victoria.barrington@kinross.com
Sustainability
Dominic Channer, Vice-President,
Community Relations and ESG
Telephone: 416-369-3384
Email: dominic.channer@kinross.com
Shareholder Inquiries
Computershare Investor Services Inc.
8th Floor, 100 University Avenue
Toronto, Ontario, Canada M5J 2Y1
Toll-free: 1-800-564-6253
Toll-free facsimile: 1-888-453-0330
Publications
To obtain copies of Kinross’
publications, please visit our
corporate website at
kinross.com, contact us
by email at info@kinross.com
or call 1-866-561-3636.
Sustainability Report
Kinross provides a transparent
account of its corporate responsibility
performance annually. For 2024, we
have progressed our reporting to
begin the transition to reporting in
alignment with the European Union’s
Corporate Sustainability Reporting
Directive (CSRD) and continue to
report in line with the SASB Mining
and Metals Sustainability Accounting
Standards (Version 2023-12) and
the Global Reporting Initiative
(GRI) Standards.
Read our Sustainability Report
at kinross.com
KINROSS GOLD CORPORATION
25 York Street, 17th Floor
Toronto, Ontario M5J 2V5
Canada