Kinross Gold Stock

Kinross Gold Corporation (Kinross) principally engages in the mining and processing of gold and, as a by-product, silver ore and the exploration for, and the acquisition of, gold bearing properties in the Americas, West Africa and worldwide. The principal products of Kinross are gold and silver produced in the form of doré that is shipped to refineries for final processing.

Kinross’ strategy is to increase shareholder value through increases in precious metal reserves, net asset value, production, long-term cash flow and earnings per share. Kinross’ strategy also consists of optimizing the performance, and therefore, the value, of existing operations, investing in quality exploration and development projects and acquiring new potentially accretive properties and projects.

In addition, as of December 31, 2022, Kinross held a 100% interest in the Fort Knox mine in Alaska, the United States; a 100% interest in the Round Mountain mine in Nevada, the United States; a 100% interest in the Bald Mountain mine in Nevada, the United States; a 100% interest in the La Coipa mine in Chile; a 100% interest in the Lobo-Marte project in Chile; a 100% interest in the Maricunga property in Chile; a 70% interest in the Manh Choh project in Alaska; a 100% interest in the Great Bear project in Ontario, Canada; and other mining properties in various stages of exploration, development, reclamation, and closure.

Marketing

Kinross sells all of its refined gold to banks, and refiners.

Material Properties

Paracatu, Brazil

Kinross is the owner of the Paracatu mine located in the northwestern portion of the Minas Gerais State in Brazil. The Paracatu mine includes an open pit mine, two process plants (‘Plant I’ and ‘Plant II’), two tailings facilities areas, Santo AntÔnio and Eustáquio, and related surface infrastructure. As part of its operations there are two hydroelectric power plants that provide power for industrial areas, located in the state of Goiás.

The Paracatu mine is 100% owned and operated by Kinross’ wholly-owned subsidiary, Kinross Brasil Mineração S.A. (‘KBM’).

The Paracatu mine is a large-scale open pit mine located adjacent to the city of Paracatu, situated in the northwestern portion of Minas Gerais State, 230 kilometres southeast of the national capital Brasília and 480 kilometres northwest of the state capital Belo Horizonte. KBM holds its title by way of five mining licenses (Grupamento Mineiro) totalling 1,916 hectares.

KBM holds title to ninety-nine (99) exploration permits totalling approximately 132,007 hectares and has applications before the ANM for an additional seven (7) applications (exploration and mining applications) totalling approximately 6,772 hectares. These exploration permits and applications for exploration permits comprise a significant land package around Paracatu.

The Paracatu property is located within the Brasília Belt, a north-south trending Neoproterozoic belt that extends along the western side of the São Francisco-Congo Craton.

The Paracatu operation consists of an open pit mine, two process plants, two tailings facilities, and related surface infrastructure and support buildings.

Tasiast, Mauritania

The Tasiast mine and the primary exploitation permit are owned by Tasiast Mauritanie Limited S.A. (‘TMLSA’), a wholly owned subsidiary of Kinross. An affiliate of TMLSA holds two exploitation permits whose underlying lands are contiguous to the Tasiast mining exploitation lands (collectively, the ‘Tasiast Lands’). The two exploitation permits were received in December 2014, as a result of the conversion of two exploration permits, and expire in December 2044.

In July 2022, as part of the December 2014 conversion process of the two exploration permits, Kinross transferred to the Government of Mauritania a 10% carried interest in Societe d’Extraction du Nord de l’Inchiri S.A. (‘SENISA’), the Kinross affiliate holding the two exploitation permits. Other than the 10% carried interest in SENISA that Kinross has undertaken to transfer to the Government of Mauritania, all permit-holding affiliates of Kinross, including TMLSA, are wholly-owned indirect subsidiaries of Kinross. Kinross acquired TMLSA, including the Tasiast operation and exploitation and exploration permits and lands, through its acquisition of Red Back Mining Inc. (‘Red Back’) in September 2010.

The Tasiast Lands are located in northwestern Mauritania, approximately 300 kilometres north of the capital Nouakchott and 250 kilometres southeast of the major city of Nouadhibou. The Tasiast Lands fall within the Inchiri and Dakhlet Nouadhibou Districts.

The Tasiast mine is owned and operated by TMLSA under exploitation Permit No. 229C2 (‘PE No. 229’).

The Tasiast Mine consists of two deposits hosted within distinctly different rock types, both situated within the hanging wall of the Tasiast thrust. The Piment deposits are hosted within metasedimentary rocks, including metaturbidites and banded iron formation. The West Branch geology succession comprises mafic to felsic volcanic sequences, iron-rich formations and clastic units that have undergone mid greenschist to lower amphibolite facies metamorphism and multiple deformation events.

The Tasiast gold deposits fall into the broad category of orogenic gold deposits.

Other Kinross Properties

Fort Knox and Area, Alaska, the United States

The Fort Knox mine is owned and operated by Kinross’ wholly-owned subsidiary Fairbanks Gold Mining Inc. (‘FGMI’). The Fort Knox property is located in Fairbanks North Star Borough, Alaska and includes the main Fort Knox open pit mine, mill, tailings storage facility, heap leach facilities, the Gil-Sourdough satellite mine, and the former True North mine site (which was successfully returned to the state of Alaska in 2020).

Fort Knox is located 42 kilometres by road northeast of the city of Fairbanks, Alaska. The Fort Knox property encompasses 31,204 hectares. FGMI controls a large and diverse group of properties that comprise its mineral holdings in the Fairbanks Mining District. These properties include State of Alaska mining claims, patented claims, and private land. Some of the claims are owned outright, while others are controlled through leases. The Fort Knox mine and facilities are situated on approximately 3,517 hectares of land, owned by the state of Alaska. The project area is predominantly covered by the Amended and Restated Millsite Lease, which covers approximately 2,640 hectares. The Fort Knox ore body is predominantly located within the Fort Knox Upland Mining Lease, entered into with the Alaska Mental Health Trust Land Authority. The portion of the ore body that extends to the west was converted to a State Upland Mining Lease in 2019.

The Gil Project is located approximately six miles east of the Freshwater Reservoir at Fort Knox. The project is connected to the Fort Knox operational area by a production haul road that originates near the Fort Knox TSF dam and ends at the project site. The project site is covered by the Gil Department of Natural Resources Millsite Lease that applies to approximately 177 hectares (438.5 acres). The ore body is located within the boundaries of the Gil Alaska Trust Land Office (‘TLO’) Lease and across several unconsolidated state claims within the FGMI land package.

The Fort Knox deposit is mined by conventional open pit methods.

Fort Knox continues to evaluate the potential to expand the existing operation within the available land package through exploration evaluation of projected gold mineralization.

Round Mountain, Nye County, Nevada, the United States

The Round Mountain mine is owned and operated by Kinross’ wholly-owned subsidiaries Round Mountain Gold Corporation and KG Mining (Round Mountain) Inc. On January 11, 2016, Kinross acquired the remaining 50% interest from two affiliates of Barrick Gold Corporation (‘Barrick’). Prior to this acquisition, Kinross owned an undivided 50% interest in the joint venture common operation known as the Smoky Valley Common Operation (‘SVCO’). Kinross acquired its initial interest in Round Mountain in January 2003.

The Round Mountain mine is located approximately 90 kilometres north of Tonopah in Nye County, Nevada. The company controls the mineral and surface rights covering approximately 22,907 hectares through ownership or lease of patented and unpatented mining claims.

Bald Mountain, White Pine County, Nevada, the United States

The Bald Mountain mine is owned and operated by Kinross’ wholly-owned subsidiary, KG Mining (Bald Mountain) Inc. (‘KGBMI’). Kinross acquired 100% of the Bald Mountain mine and an associated land package from an affiliate of Barrick on January 11, 2016.

The Bald Mountain mining district is located at the southern end of the Ruby Mountains in east-central Nevada, White Pine County, at the southeastern end of the Carlin Gold Trend.

As part of the acquisition arrangement with Barrick, Kinross and Barrick entered into a 50/50 exploration joint venture on approximately 52,000 contiguous acres.

La Coipa, Chile

Kinross acquired its initial 50% interest in the La Coipa mine in January 2003. Following the completion of an asset swap transaction with Goldcorp on December 21, 2007, Kinross acquired the remaining 50% interest previously owned by Goldcorp. The mine and plant suspended activities in October 2013, while evaluation of several nearby mineralized zones was pursued. In February 2020, Kinross approved the La Coipa Restart project and commenced production from the Phase 7 deposit in Q1 2022.

The La Coipa mine, located approximately 1,000 kilometres north of Santiago in Chile’s Region 3 (Atacama), consists of eight deposits (notable deposits being Phase 7, Puren, Coipa Norte, Ladera Farellon and Can Can), which are owned by Compania Minera Mantos de Oro (‘MDO’), a Chilean subsidiary of Kinross, except for Puren, which is owned through a joint venture between MDO and Codelco-Chile, with participation interests of 65% and 35%, respectively.

The La Coipa mine consists of approximately 55,532 hectares of exploitation concessions (including Puren, which consists of approximately 4,423 hectares). In addition, and as described above, Kinross holds a 100% interest in the Phase 7 deposit which includes claims covering approximately 136.5 hectares next to La Coipa mine.

Lobo-Marte, Chile

The Lobo-Marte project is owned by MDO, a Chilean company that is 100%-owned by Kinross. Kinross holds a 100% interest in the Lobo-Marte project.

The Lobo-Marte project comprises two open-pit minable gold ore deposits, located approximately seven kilometres apart, in the Atacama Region of Northern Chile, approximately 650 kilometres north of Santiago and 100 kilometres east of Copiapó. The project lies approximately 55 kilometres south of Kinross’ La Coipa operation and 60 kilometres north of the Maricunga mine.

The Lobo-Marte project includes 84 granted exploitation concessions covering 39,746 hectares and 5 granted exploration concessions covering 1,500 hectares. Additionally, the Lobo-Marte project has 10 exploitation concessions in the process of receiving a final registered grant, covering 2,840 hectares and 3 exploration concessions in the process of receiving a final registered grant covering one hectare. Concessions are held in the name of MDO. Kinross has three established easements for the construction of roads, stockpiles, process facilities, camp, support facilities and associated pipelines. Additional rights and easements will be required to support project development.

Maricunga, Chile

The Maricunga heap leach mine is owned and operated by Compania Minera Maricunga (CMM). Previously, each of Kinross and Bema held a 50% interest in the Maricunga property and Kinross acquired the remaining 50% when it acquired Bema in 2007.

The Maricunga property is located in the Maricunga District of the Atacama Region of Chile, 160 kilometres east of the town of Copiapó.

All surface and mineral claims, surface rights and water rights are maintained in good standing. The CMM mining claims include 128 granted exploitation concessions covering 23,890 hectares, 35 granted exploration concessions covering 9,100 hectares, 38 exploitation concessions in the process of receiving a final registered grant covering 8,026 hectares, and one exploration concession in the process of receiving a final registered grant covering 100 hectares. In addition to the mineral claim rights, CMM also holds title to surface rights at Maricunga, providing the land required for the leach pads, waste dumps, camp and other facilities.

Manh Choh, Alaska, the United States

Kinross acquired its 70% interest in the Manh Choh project on September 30, 2020 from Royal Gold, Inc. and Contango. Kinross has broad authority to construct and operate the Manh Choh project, with Contango retaining a 30% non-operating minority interest in the project. Kinross’ 70% interest in the project is owned by KG Mining (Alaska), Inc., which is 100% owned by Kinross. The Manh Choh project is located near Tok, Alaska and is approximately 400 kilometers (250 miles) southeast of the company’s Fort Knox mine. The project is accessible by road and is near the Alaska Highway. The project is situated within the 675,000-acre (2,732 km2) mineral lease with the local Upper Tanana Athabascan Village of Tetlin and is a high-grade skarn deposit that extends to the surface. Additionally, in Q2 2021 Peak Gold, LLC acquired an additional 13,400 acres of state mining claims proximate to the Tetlin Village.

The Manh Choh project is a relatively high-grade deposit with a large estimated resource base that, subject to permitting, is expected to commence initial production in 2024 as a low-cost, open-pit mine. The project is set to supplement Kinross’ existing Alaska operation. Kinross plans to truck ore to Fort Knox for processing, utilizing Fort Knox’s existing mill and infrastructure to benefit both the project and the mine. By utilizing Fort Knox’s existing infrastructure and processing facilities, the mine plan does not require the construction of a mill or tailings facilities at the project site. Permitting is underway.

The company has commenced an infill, geotechnical and metallurgical drilling program to further develop the existing resource base. Kinross is also planning to focus on targets across the larger land package identified by previous sampling, mapping and geophysics.

Great Bear Project, Ontario, Canada

Kinross acquired its 100% interest in the Great Bear project on February 24, 2022 through its acquisition of Great Bear Resources Ltd. The Great Bear project is located in the Red Lake mining district of Ontario, Canada and comprises 91 square kilometres of contiguous claims. The project location has access to a paved highway, provincial power line and a natural gas pipeline along its northern boundary. The property also hosts a network of well-maintained logging and gravel pit roads that facilitate year-round access to the site.

In 2023, Kinross plans to continue its comprehensive exploration and development program at the Great Bear project, with a total of approximately 150,000 metres planned.

Environmental Protection

Kinross’ projects, exploration, activities, mining and processing operations are subject to the federal, state, provincial, regional and local environmental laws and regulations of the jurisdictions in which Kinross’ activities and facilities are located. For example, in the United States, Kinross is subject to a number of such laws and regulations, including without limitation: the Clean Air Act; the Clean Water Act; the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right to Know Act; the Endangered Species Act; the Federal Land Policy and Management Act; the National Environmental Policy Act; the Resource Conservation and Recovery Act; and related state laws.

Kinross’ adoption of the standards is outlined in the International Cyanide Management Code for the Manufacture, Transport and Use of Cyanide in the Production of Gold (the ‘Cyanide Code’). Kinross is a signatory to the Cyanide Code, which is administered by the International Cyanide Management Institute (the ‘ICMI’). All Kinross operations have either already been certified as compliant with the Cyanide Code or are in the process of being certified.

History

Kinross Gold Corporation was founded in 1993.