Precious Metals

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Whitehorse Gold Corp. is pleased to announce that, further to its news release of April 20, 2021, the Company has entered into an agreement with BMO Capital Markets and Laurentian Bank Securities Inc. as lead agents and joint bookrunners, on behalf of a syndicate of agents in connection with a marketed best efforts private ...

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Whitehorse Gold Corp. (TSXV: WHG) ("Whitehorse Gold" or the "Company"), is pleased to announce that, further to its news release of April 20, 2021, the Company has entered into an agreement with BMO Capital Markets and Laurentian Bank Securities Inc. as lead agents and joint bookrunners, on behalf of a syndicate of agents (collectively, the "Agents"), in connection with a marketed best efforts private placement of Units and Flow-Though Units (as defined below) for aggregate gross proceeds of approximately C$12.8 million (the "Brokered Offering"). The Company is also pleased to announce a concurrent non-brokered private placement offering (the "Non-Brokered Offering"; together with the Brokered Offering, the "Offerings") of Units and Flow-Through Units for aggregate gross proceeds of up to C$1 million.

The Brokered Offering will consist of up to (i) 5,888,300 units (the "Units") at a price of C$1.50 per Unit (the "Unit Offering Price") for gross proceeds of approximately C$8.8 million; and (ii) 2,493,500 flow-through units (the "Flow-Through Units") at a price of C$1.60 per Flow-Through Unit (the "Flow-Through Unit Offering Price") for gross proceeds of approximately C$4.0 million.

Each Unit will consist of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Common Warrant"). Each Flow-Through Unit will consist of one flow-through common share and one Common Share purchase warrant (a "Flow-Through Warrant"). Each Common Warrant will entitle the holder to acquire one Common Share (a "Common Warrant Share") from the Company at a price of C$2.00 per Common Warrant Share for a period of 60 months following closing of the Brokered Offering (the "Closing"). Each Flow-Through Warrant will entitle the holder to acquire one Common Share (a "Flow-Through Warrant Share") from the Company at a price of C$2.10 per Flow-Through Warrant Share for a period of 60 months following Closing. In the event that the closing price of the Common Shares is greater than C$3.00 per Common Share on the TSX Venture Exchange, or such other principal exchange on which the Common Shares are then traded, for a period of 10 consecutive trading days at any time after the Closing, the Company may accelerate the expiry date of the Warrants and the Flow-Through Warrants by giving written notice to the holders thereof, in the form of a press release, and in such case the Warrants and the Flow-Through Warrants will expire 30 days after the date on which such notice is given by the Company.

Silvercorp Metals Inc. ("Silvercorp"), an insider of the Company, is participating in the Brokered Offering by purchasing 4,000,000 Units at the Unit Offering Price.

In addition, the Company has granted the Agents an option, exercisable at the applicable issue price up to 48 hours prior to the Closing, to place up to an additional 15% of the number of Units or Flow-Through Units purchased pursuant to the Offering; provided that in no event shall gross proceeds raised under the Flow-Through portion of the Brokered Offering (including from sales under the Agents' Option) exceed $5.5 million.

At Closing, the Agents are expected to be (a) paid an aggregate cash fee equal to 6% of the aggregate gross proceeds from the Brokered Offering and (b) issued agents warrants in an amount equal to 6% of the number of Units and Flow-Through Units sold under the Brokered Offering.

The Non-Brokered Offering is expected to be comprised of up to 266,666 Units and 375,000 Flow-Through Units for aggregate gross proceeds of up to C$1 million on the same terms and conditions as the Brokered Offering. The Company may pay finder's fees on a portion of the Non-Brokered Offering.

The common shares of the Company issued under the flow-through portions of the Offerings will be issued as "flow-through shares" with respect to "Canadian exploration expenses" within the meaning of the Income Tax Act (Canada).

The Company intends to use the net proceeds of the Offerings to support continued exploration of the Company's Skukum Gold Project and for general corporate and working capital purposes.

The Offerings are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and any applicable securities regulatory authorities. All securities issued in connection with the Offerings will be subject to a four-month and one day hold period in Canada.

As insiders of the Company (including Silvercorp) are expected to participate in the Offerings and any such subscriptions will be considered to be related party transactions within the meaning of TSXV Policy 5.9 Protection of Minority Security Holders in Special Transactions which incorporates Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities to be offered have not been, and will not be registered under the United States Securities Act of 1933, as amended, U.S. Securities Act or under any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About Whitehorse Gold Corp.
Whitehorse Gold is a responsible mineral exploration and development company focused on its 170-square-km Skukum Gold Project located in southern Yukon, approximately 55 km south-southwest of Whitehorse. The project hosts the advanced-stage Skukum Creek and Goddell deposits, and the formerly producing Mt. Skukum high-grade gold mine, all of which remain open for expansion, plus additional untested mineralized occurrences. Project infrastructure includes an all-weather access road, a 50-person camp, approximately 6 kms of underground development, and a previously operating 300-tpd mill and associated infrastructure. Operations by a previous operator at Mt. Skukum from 1986 to 1988 saw 233,400 tons of ore mined and processed to recover approximately 79,750 ounces of gold.

On Behalf of Whitehorse Gold Corp.
signed "Kevin Weston"

Kevin Weston, CEO & Director

For further information please contact:
Steve Stakiw, Vice President - Corporate Affairs
Phone: 1-604-336-5919
Email: info@whitehorsegold.ca
www.whitehorsegold.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact included in this news release, including, without limitation, the Company's objectives, goals, or future plans, the completion of the Offerings, Silvercorp's participation in the Brokered Offering, the intended use of proceeds from the Offerings, the expected closing date of the Offerings and other future plans, objectives or expectations of the Company are forward-looking statements. Forward-looking statements are often, but not always, identified by words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Forward-looking statements are based on the opinions, assumptions, factors and estimates of management considered reasonable at the date the statements are made. The opinions, assumptions, factors and estimates which may prove to be incorrect, include, but are not limited to: that market fundamentals will result in sustained precious metals demand and prices; that there are no significant disruptions affecting operations, including labour disruptions, supply disruptions, power disruptions, security disruptions, damage to or loss of equipment, whether due to flooding, political changes, title issues, intervention by local landowners, environmental concerns, pandemics (including COVID-19) or otherwise; that the Company will be able to obtain and maintain governmental approvals, permits and licenses in connection with its current and planned operations, development and exploration activities, including at the Skukum Gold Project; that the Company will be able to complete the required upgrading and retrofitting of the Skukum Gold Project infrastructure to be fit for the Company's planned mining activities; that the Company will be able to meet its current and future obligations; that the Company will be able to comply with environmental, health and safety laws; that the Company will be able to secure financing on suitable terms; and the assumptions underlying mineral resource estimates and the realization of such estimates.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others: that investor interest will be sufficient to close the Offerings, social and economic impacts of COVID-19; actual exploration results; changes in project parameters as plans continue to be refined; results of future exploration activities and resource estimates; future metal prices; availability of capital and financing on acceptable terms; general economic, market or business conditions; uninsured risks; regulatory changes; defects in title; availability of personnel, materials and equipment on a timely basis; accidents or equipment breakdowns; delays in receiving government and regulatory approvals (including TSX Venture Exchange approval of the Offerings); unanticipated environmental impacts on operations and costs to remedy same; and other exploration risks or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the Technical Report. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.

The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.


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Whitehorse Gold

Whitehorse Gold

Overview

Whitehorse Gold (TSXV:WHG) is one of Canada’s newest exploration and development companies, and it is focused on its Skukum gold project in the Southern Yukon that includes the past producing Mt. Skukum mine, which produced approximately 80,000 oz of gold from 1986-88 from 233,000 tons of ore mined. The company is also focused on its advanced-stage Skukum Creek and Goddell deposits. The company was recently spun out of New Pacific Metals (TSXV:NUAG,OTCQX:NUPMF) and is now a newly listed public company that has completed a C$6.8 million financing.

Company Highlights

  • Whitehorse Gold successfully spun out of New Pacific Metals and listed on the TSXV on November 25, 2020.
  • Whitehorse Gold successfully completed a C$6.8 million non-brokered financing.
  • The company wholly owns its Skukum gold project that contains three delineated high-grade gold deposits: Skukum Creek, Goddell and Mt. Skukum along with additional high-priority exploration targets. Historically, Mt. Skukum produced almost 80,000 oz of gold from 233,000 tons of ore mined over a two year period.
  • All three main deposits benefit from significant infrastructure and excellent access, including all-weather roads, a fifty-person camp, extensive underground workings, a mill that previously operated at 300 tonnes per day, service buildings, and a tailings management facility.
  • Whitehorse Gold has completed a National Instrument 43-101 independent resource estimate for its Skukum Creek, Mt. Skukum and Goddell deposits with total indicated resources of 1,331,000 tonnes containing 274,544 oz gold and 5,355,478 oz silver plus additional inferred resources of 1,111,000 tonnes containing 223,873 oz gold and 1,906,433 oz silver.

Key Projects

Skukum Lake Gold

The Skukum gold project includes the following high-grade gold deposits: Skukum Creek, Goddell and Mt. Skukum, along with additional high-priority exploration targets. Skukum Gold consists of 1,051 mineral claims—covering 170 square kilometers—roughly 55 kilometers south of Whitehorse, Yukon, in the Wheaton River Valley region. All three projects benefit from significant infrastructure and excellent access, including an extensive network of all-weather roads, a 50 person camp, 4.8 kilometers of underground workings, a mill that previously operated at 300 tonnes per day, service buildings and a tailings management facility.

Whitehorse Gold has completed a new National Instrument 43-101 independent resource estimate for its Skukum Creek, Mt. Skukum and Goddell deposits with total indicated resources of 1,331,000 tonnes containing 274,544 oz gold and 5,355,478 oz silver plus additional inferred resources of 1,111,000 tonnes containing 223,873 oz gold and 1,906,433 oz silver.

2020 Resource Estimate

Notes:

Mineral Resources are not mineral reserves and do not have demonstrated economic viability. An Inferred Mineral Resource is that part of a mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity.
A base case cut-off grade of 3.0 g/t Au represents an in-situ metal value of US$126 per tonne at a gold price of $1450/oz, silver price of $16.50/oz and a metal recovery of 90% for gold and silver, which is believed to provide a reasonable margin over operating and sustaining costs for narrow vein mining and processing.

Mineral resources are diluted to a minimum width of 1.5 metre.

Technical report filed on SEDAR on November 18, 2020. Ronald G. Simpson, P.Geo. from GeoSim Services, Inc. is the QP for this estimate.

Whitehorse Gold received a Class 1 exploration permit in July 2020, which allowed the company to undertake their initial exploration program on the Skukum gold project, which is now wrapped up for the year. The program included mapping, sampling and diamond drill campaigns. Outside of its three main gold deposits (Skukum Creek, Goddell and Mt. Skukum), the company has identified additional opportunities for new discoveries in its nearby Charleston, Raca, Chieftain Hill and Antimony Creek targets.

Skukum Creek Deposit

The Skukum Creek property includes an advanced gold deposit with underground development. A network of quartz sulphide veins hosts high-grade gold mineralization. Two primary veins have been identified: the Kuhn Vein and the Rainbow Vein. A National Instrument 43-101 estimate has delineated 1 million tonnes at 5.8 g/t gold and 166 g/t silver (for 7.8 g/t AuEq) in the Indicated category and 537,000 tonnes at 5.0 g/t gold and 108 g/t silver (for 6.2 g/t AuEq) in the Inferred category.

Past metallurgical flotation testing yielded over 95 percent gold and silver recovery.

Mt. Skukum Deposit

The Mt. Skukum mine operated from 1986 to 1988, producing approximately 79,750 oz gold from 233,400 tons of ore mined and processed. The Mt. Skukum deposit hosts a National Instrument 43-101 estimate found 90,100 tonnes at 9.3 g/t gold and 12.9 g/t silver (for 9.4 g/t AuEq) in the Inferred category.

Whitehorse Gold intends to target veins adjacent to sites of historical production, including a highly prospective network of auferous quartz-calcite-adularia veins. The last exploration program undertaken on the project (in 2011) included 2,482 meters of surface drilling over 16 holes.

Goddell Deposit

The Goddell property includes a 5 kilometer structure in which gold is hosted in fine disseminated sulphides. Over 1,900 meters of surface drilling was undertaken on the project in 2011. The current National Instrument 43-101 resource estimate for the deposit stands at 329,700 tonnes at 8.1 g/t gold in the Indicated category and 483,900 tonnes at 7.1 gold g/t in the Inferred category.

Management Team

Gordon Neal - CEO and Director

Mr. Neal has extensive experience in the metals and mining sector, capital markets, and government communications. He was most recently the president of New Pacific Metals Corp., and was the former vice-president corporate development at Silvercorp Metals Inc. Prior to that, he held the vice-president corporate development position at Mag Silver Corp. Mr. Neal's career also saw him working in the office of the Prime Minister of Canada as a senior communications adviser.

Steve Stakiw - Vice President of Corporate Affairs

Steve Stakiw is a geologist with over 30 years of resource sector investor relations, mineral exploration, research and finance/equity market experience. He has held senior executive roles with a mid-tier, TSX-listed base metals production company, a junior stage gold exploration company as well as at a leading mining research and investment publication.

Jean Zhang - CFO and Corporate Secretary

Jean Zhang possesses accounting management experience at a major silver producer, an international property development company and a Big Four accounting organization (Deloitte).

Tim Kingsley - Vice President of Exploration

Tim Kingsley is an engaged, relationship-oriented leader of lean, high-performing exploration teams. He has a strong technical background with a track record of discovery and project development and proven success in managing complex technical projects. Kingsley is an exploration geologist with more than 15 years of experience and underground experience at multiple operations in the Americas (Peru, Canada, Alaska).

Wanjin Yang - Senior Geologist

Wanjin Yang is an exploration geologist with over 25 years of experience. He served as the chief geologist at Ivanhoe Mines for eight years and has worked on several projects in Yukon and Northern British Columbia.

Ms. Bhakti Pavani - Independent Director

Ms. Pavani has over 10 years of experience in the financial industry working for several U.S. based investment banks. A majority of her career has been spent working as an equity research analyst covering the precious metals sector. During her time as an analyst, she has covered a range of exploration and development stage companies through to established producers. Ms. Pavani has an MBA degree from California State University and is completing her CFA charter.

Alex Zhang - Director

Alex Zhang is a Professional Geoscientist registered with Engineers and Geoscientists BC (EGBC) with more than 30 years of experience in mineral exploration and has worked with Eldorado Gold Corporation, Afcan Mining Corp., Sino Gold Mining Ltd., Silvercorp Metals Inc. and most recently New Pacific Metals Corp. He supervised exploration activities of multiple major gold projects and silver-lead-zinc polymetallic projects in China, Canada and Bolivia at various stages from exploration through development to production with roles as senior exploration geologist, senior resource geologist, exploration manager, chief geologist and vice president of exploration. Mr. Zhang brings a full range of technical and managerial skills related to mineral exploration and mining projects. Mr. Zhang received his Master's Degree of Engineering in mineral exploration from China University of Mining and Technology, and received his Master's Degree of Science in mineral exploration from Queen's University in Ontario, Canada.

Kinross releases 2021 Sustainability Report

Kinross Gold Corporation (TSX:K; NYSE:KGC) ("Kinross" or the "Company") is pleased to announce the publication of its 2021 Sustainability Report (the "Report"), providing a fulsome and transparent summary of the Company's progress over the past year in furthering its Environmental, Social and Governance (ESG) strategy.

"Sustainability and mining responsibly are at the core of Kinross' culture and we believe that to be successful in this area you need a strong on-the-ground approach along with a clear strategy and strong governance," said J. Paul Rollinson, President and CEO. "Over the past year, we continued to perform well in major external ESG rankings and ratings and have made significant progress advancing our ESG goals. Kinross is committed to ensuring ESG continues to be at the core of our business and recognizes that we need to focus our efforts on material ESG topics which are key to both our Company and our stakeholders."

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Kinross reports 2022 first-quarter results

Company guidance maintained for pro-forma portfolio
Tasiast achieves record quarterly production

Kinross Gold Corporation (TSX: K, NYSE: KGC) ("Kinross" or the "Company") today announced its results for the first-quarter ended March 31, 2022.

This news release contains forward-looking information about expected future events and financial and operating performance of the Company. Please refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 28 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

In Q1 2022, Kinross announced its plan to divest all of its Russian assets. As such, the Company's Russian assets have been excluded from its Q1 2022 results, along with comparative figures, due to the classification of these assets as discontinued as of March 31, 2022.

Q1 2022 highlights from continuing operations:

  • Tasiast achieved record production in Q1 2022, with the 24k project progressing well and on schedule.
  • La Coipa poured its first gold bar in February, on schedule and under budget.
  • At the Great Bear project, exploration, study and permitting activities have ramped up since the completion of the acquisition on February 24, 2022, with assay results reaffirming the world-class potential of the deposit.
  • Kinross' Board of Directors declared a quarterly dividend of $0.03 per common share payable on June 16, 2022 to shareholders of record at the close of business on June 2, 2022.
  • Attributable gold equivalent production 1 of 409,857 Au eq. oz. produced.
  • Attributable production cost of sales 1, 2 of $1,000 per Au eq. oz., consolidated production cost of sales 3 of $1,003 per Au eq. oz., and attributable all-in sustaining cost 1,2 of $1,245 per Au eq. oz. sold.
  • Margins 4 of $872 per Au eq. oz. sold.
  • Adjusted operating cash flow 2 of $261.0 million and operating cash flow 5 of $105.2 million.
  • Reported net earnings 6 of $82.3 million, or $0.07 per share, with adjusted net earnings 2 , 7 of $70.6 million, or $0.06 per share 2 .
  • Cash and cash equivalents of $454.2 million, and total liquidity 8 of approximately $1.7 billion at March 31, 2022.

Pro-forma Company guidance:

  • Kinross maintained its 2022 company-wide guidance for its pro-forma portfolio after excluding its assets from Russia and Ghana due to their pending divestments. The Company has adjusted gold and oil price assumptions for cost of sales and all-in sustaining cost guidance to reflect current prices.
  • Kinross expects to produce 2.15 and 2.3 million Au eq. oz. (+/- 5%) in 2022 and 2023, respectively, which is expected to drive strong free cash flow.
  • The Company expects to produce 2.1 million Au eq. oz. in 2024 and an average of two million Au eq. oz. per year over the remainder of the decade.
  • Taking into account current gold and oil prices, the Company maintained its production cost of sales guidance of $830 per Au eq. oz. sold (+/- 5%) for the year, with all-in sustaining cost of sales 2 of $1,150 per eq. oz. sold (+/-5%). Consolidated production cost of sales was $832 9 per Au eq. oz. sold and attributable all-in sustaining cost of sales was $1,138 per eq. oz. sold 1, 2, 9 for the year ended December 31, 2021.
  • Capital expenditures expected to decrease to $850 million (+/- 5%) in 2022. Capital expenditures are expected to be approximately $750 million per year in 2023 and 2024 , excluding potential inflationary impacts and based on the Company's current production guidance.

Russia and Ghana divestments:

  • Kinross entered into an agreement with the Highland Gold group of companies to sell 100% of its Russian assets for total consideration of $680 million in cash on April 5, 2022. The parties are continuing to advance the closing process and the transaction remains subject to Russian government approval.
  • Kinross entered into an agreement with Asante Gold Corporation ("Asante") to sell the Company's 90% interest in the Chirano mine in Ghana for total consideration of $225 million in cash and shares on April 25, 2022. The transaction closing is targeted for the end of May.

Environment, Social, Governance (ESG):

  • Kinross published its 2021 Sustainability Report , detailing its approach and strong record on ESG. The Company continued to rank well among peers in major ESG rankings and ratings.
  • In 2021, Kinross generated $3.5 billion in economic benefits in host countries through taxes, wages, procurement and community support.
  • The Company recycled 80% of water used at site, maintaining a high rate consistent with its five-year average.
  • Across the Company, approximately 99% of the total workforce and 92% of all management are from within host countries, both record highs for the Company.

CEO Commentary:
J. Paul Rollinson, President and CEO, made the following comments in relation to 2022 first-quarter results:

"During the quarter, we announced the sale of our Russian assets, and in late April, announced the sale of our Chirano mine in Ghana. With these pending divestments, and the close of the acquisition of Great Bear Resources, our overall portfolio has been re-balanced, with approximately 70% of our production now expected to be generated by our mines in the Americas.

"We have maintained our guidance for our pro-forma portfolio, with a substantial production outlook of 2.15 million gold ounces in 2022, which is expected to grow to 2.3 million gold ounces in 2023. Going forward, we will prioritize balance sheet strength while also returning capital to our shareholders through dividends and our share buyback program.

"We are excited about the future for Kinross which includes a production profile that averages two million ounces a year to the end of the decade, anchored by two tier one assets – Paracatu and Tasiast – accounting for more than half of our production, and a world-class development project in Canada.

"Over the quarter, we achieved record production at Tasiast, and our project pipeline continued to advance well. The Tasiast 24k project remains on track, and we poured first gold at the La Coipa project. We are already making good progress on our exploration program at the Great Bear project and are seeing positive results to support our goal of declaring an initial inferred resource estimate with our 2022 year-end results and our vision of developing a large, long-life mining complex.

"In the important area of ESG, mining responsibly will remain at the core of our business. We were pleased to release our 2021 Sustainability Report, which detailed another year of strong performance. We continued to deliver on our responsible mining goals, ranked well among our peers in major ESG ratings, and provided significant economic benefits to the host countries and communities in which we do business. We are committed to continuously improving our ESG performance, as indicated by our commitment to reduce greenhouse gas emission intensity by 30% by 2030."

Summary of financial and operating results

Three months ended
March 31,
(unaudited, in millions of U.S. dollars, except ounces, per share amounts, and per ounce amounts) 2022 2021
Operating Highlights
Total gold equivalent ounces (a),(g)
Produced (c) 509,241 563,166
Sold (c) 495,475 552,198
Total gold equivalent ounces from continuing operations (a),(h)
Produced (c) 413,350 440,914
Sold (c) 409,538 430,045
Attributable gold equivalent ounces (a),(g)
Produced (c) 505,748 558,777
Sold (c) 491,894 548,084
Attributable gold equivalent ounces from continuing operations (a),(h)
Produced (c) 409,857 436,525
Sold (c) 405,957 425,931
Financial Highlights from Continuing Operations (h)
Metal sales $ 768.0 $ 768.7
Production cost of sales $ 410.6 $ 345.2
Depreciation, depletion and amortization $ 180.8 $ 188.8
Operating earnings $ 102.5 $ 144.3
Net earnings from continuing operations attributable to common shareholders $ 82.3 $ 76.2
Basic earnings per share from continuing operations attributable to common shareholders $ 0.07 $ 0.06
Diluted earnings per share from continuing operations attributable to common shareholders $ 0.06 $ 0.06
Adjusted net earnings from continuing operations attributable to common shareholders (b) $ 70.6 $ 102.4
Adjusted net earnings from continuing operations per share (b) $ 0.06 $ 0.08
Net cash flow of continuing operations provided from operating activities $ 105.2 $ 145.1
Adjusted operating cash flow from continuing operations (b) $ 261.0 $ 298.9
Capital expenditures from continuing operations (d) $ 106.3 $ 191.6
Free cash flow from continuing operations (b) $ (1.1 ) $ (46.5 )
Average realized gold price per ounce from continuing operations (e) $ 1,875 $ 1,787
Consolidated production cost of sales from continuing operations per equivalent ounce (c) sold (f) $ 1,003 $ 803
Attributable (a) production cost of sales from continuing operations per equivalent ounce (c) sold (b) $ 1,000 $ 798
Attributable (a) production cost of sales from continuing operations per ounce sold on a by-product basis (b) $ 994 $ 789
Attributable (a) all-in sustaining cost from continuing operations per ounce sold on a by-product basis (b) $ 1,241 $ 1,044
Attributable (a) all-in sustaining cost from continuing operations per equivalent ounce (c) sold (b) $ 1,245 $ 1,051
Attributable (a) all-in cost from continuing operations per ounce sold on a by-product basis (b) $ 1,471 $ 1,432
Attributable (a) all-in cost from continuing operations per equivalent ounce (c) sold (b) $ 1,473 $ 1,435

(a) "Total" includes 100% of Chirano production. "Attributable" includes Kinross' share of Chirano (90%) production and costs, and Manh Choh (70%) costs.
(b) The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 18 to 24 of this news release. Non-GAAP financial measures and ratios have no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers.
(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 the first quarter of 2022 was 78.19:1 (first quarter of 2021 - 68.33:1).
(d) "Capital expenditures from continuing operations" is as reported as "Additions to property, plant and equipment" on the interim condensed consolidated statements of cash flows.
(e) "Average realized gold price per ounce from continuing operations" is defined as gold metal sales from continuing operations divided by total gold ounces sold from continuing operations.
(f) "Consolidated production cost of sales from continuing operations per equivalent ounce sold" is defined as production cost of sales divided by total gold equivalent ounces sold from continuing operations.
(g) Total gold equivalent ounces produced and sold and attributable gold equivalent ounces produced and sold include results from the Kupol and Dvoinoye mines up to March 31, 2022.
(h) In the first quarter of 2022, the Company announced its plan to divest its Russian operations, which includes the Kupol and Dvoinoye mines and the Udinsk project. Results for the three months ended March 31, 2022 and 2021 are from continuing operations and exclude results from the Company's Russian operations due to the classification of these operations as discontinued as of March 31, 2022.

The following operating and financial results are based on first-quarter gold equivalent production and include the results of Chirano, but exclude Russian operations except where noted:

Attributable production 1 : Kinross produced 409,857 attributable Au eq. oz. in Q1 2022 from continuing operations, compared with 436,525 attributable Au eq. oz. in Q1 2021. The decrease was largely due to lower production at Round Mountain and Paracatu, partially offset by record high quarterly production at Tasiast.

Average realized gold price : The average realized gold price from continuing operations in Q1 2022 was $1,875 per ounce, compared with $1,787 per ounce in Q1 2021.

Revenue : During the first quarter, revenue from continuing operations was $768.0 million, in line with $768.7 million during Q1 2021.

Attributable production cost of sales 1, 2 : Attributable production cost of sales from continuing operations per Au eq. oz. sold increased to $1,000 for Q1 2022, compared with $798 in Q1 2021, mainly as a result of a decrease in ounces sold, inflationary pressures on consumables, and increases in operating waste mined at Tasiast, Paracatu and Fort Knox.

Attributable production cost of sales from continuing operations per Au oz. sold on a by-product basis was $994 in Q1 2022, compared with $789 in Q1 2021, based on gold sales of 407,104 ounces and silver sales of 190,342 ounces.

Consolidated production cost of sales: Consolidated production cost of sales from continuing operations per Au eq. oz. sold was $1,003 for Q1 2022, compared with $803 in Q1 2021.

Margins 4 : Kinross' margin from continuing operations per Au eq. oz. sold was $872 for Q1 2022, compared with the Q1 2021 margin of $984.

Attributable all-in sustaining cost 1, 2 : Attributable all-in sustaining cost from continuing operations per Au eq. oz. sold was $1,245 in Q1 2022, compared with $1,051 in Q1 2021.

In Q1 2022, attributable all-in sustaining cost from continuing operations per Au oz. sold on a by-product basis from continuing operations was $1,241, compared with $1,044 in Q1 2021.

Operating cash flow : Adjusted operating cash flow from continuing operations 2 was $261.0 million in Q1 2022, compared with $298.9 million for Q1 2021.

Operating cash flow from continuing operations was $105.2 million for Q1 2022, compared with $145.1 million for Q1 2021.

Free cash flow 2 : Free cash flow from continuing operations was a net outflow of $1.1 million in Q1 2022, compared with a net outflow of $46.5 million for Q1 2021. The decrease in free cash outflow was mainly due to lower capital expenditures. The net free cash outflow of $1.1 million in Q1 2022 includes $156 million of working capital outflows.

Earnings : Adjusted net earnings from continuing operations 2, 7 were $70.6 million, or $0.06 per share 2 , for Q1 2022, compared with $102.4 million, or $0.08 per share, for Q1 2021.

Reported net earnings 6 from continuing operations were $82.3 million, or $0.07 per share for Q1 2022, compared with reported net earnings of $76.2 million, or $0.06 per share, for Q1 2021. The increase in reported net earnings was mainly due to a decrease in income tax expense, partially offset by an increase in production cost of sales.

Reported net loss from the Russian discontinued operations 10 was $606.1 million in Q1 2022, which includes an impairment charge of $671.0 million related to the re-measurement of the Russian operations to fair value less costs to sell.

Capital expenditures : Capital expenditures from continuing operations decreased to $106.3 million for Q1 2022, compared with $191.6 million for Q1 2021. The decrease was primarily due to mine sequencing at Fort Knox, Tasiast and Round Mountain involving an increase in operating waste mined and a decrease in capital stripping, partially offset by increased expenditures for development activities at La Coipa.

Balance sheet

As of March 31, 2022, Kinross had cash and cash equivalents of $454.2 million, compared with $531.5 million at December 31, 2021. The decrease was primarily due to the reclassification of $134.0 million of cash and cash equivalents to assets held for sale as a result of the Company's announced sale of its Russian assets.

On March 7, 2022, the Company arranged a new $1.0 billion term loan. The three-year term loan will mature on March 7, 2025, has no mandatory amortization payments, and has a flexible repayment schedule. Kinross used the proceeds of the financing to settle amounts drawn under its $1.5 billion revolving credit facility in connection with the closing of its acquisition of Great Bear Resources.

The Company had additional available credit 11 of $1,261.0 million as of March 31, 2022 and total liquidity 8 of approximately $1.7 billion.

Operating results
Mine-by-mine summaries for 2022 first-quarter operating results may be found on pages 13 and 17 of this news release. Highlights include the following:

Tasiast performed well and achieved record production during the quarter. The increase in production was mainly due to higher grades, with higher mill throughput contributing to the production increase versus the previous quarter. Cost of sales per ounce sold increased quarter-over-quarter and year-over-year mainly as a result of higher operating waste mined, with higher contractor and maintenance costs also contributing to the increase versus Q1 2021. Tasiast expects to increase production over the year as it mines higher grades and increases throughput.

At Paracatu , production decreased quarter-over-quarter and year-over-year primarily due to lower throughput and lower grades as a result of planned mine sequencing and temporary mill downtime. Cost of sales per ounce sold was higher compared with the previous quarter and year mainly due to lower production. Higher operating waste mined, maintenance costs and inflationary pressures also contributed to the higher costs versus Q1 2021. Production and costs are expected to improve at Paracatu throughout the year, as mining is expected to move to higher grade areas of the orebody.

At Fort Knox , production was lower compared with the previous quarter mainly due to lower grades, mill throughput and ounces recovered from the heap leach pads, and was largely in line with Q1 2021. Production is expected to increase in the second half of the year as ounces recovered from the heap leach pads typically improve due to seasonality. Cost of sales per ounce sold was higher quarter-over-quarter mainly due to lower production, and increased year-over-year mainly due to higher operating waste mined and increased costs related to contractors, reagents, power, and fuel.

At Round Mountain , production decreased quarter-over-quarter due to lower ounces recovered from the heap leach pads and lower mill throughput, partially offset by higher mill grade. Compared with the same period in 2021, production decreased mainly due to fewer ounces recovered from the heap leach pads. Cost of sales per ounce sold increased quarter-over-quarter and year-over-year primarily due to lower production, higher operating waste mined and higher fuel, power and maintenance costs.

The Round Mountain mine optimization program is progressing on schedule to be completed in the second half of the year. The program is continuing to assess shallower pit wall slope angles over a larger area of the pit to enhance stability, along with an optimal mine plan sequence for Phase W, Phase S and Phase X. These include longer-term mine plan scenarios post-2024 that optimize stripping requirements while continuing to evaluate the underground potential for portions of Phase W and Phase X.

The program's interim results are now contemplating a mine plan sequence that divides mining of Phase W into four parts. The first two parts would be mined over the next three to four years as part of the open pit, given stripping had already commenced in these areas, and would account for approximately 20% of Round Mountain's mineral reserve estimates. Phase S mining is expected to start later this year (at December 31, 2021, 938 Au koz. at Phase S were converted to proven and probable reserves). Mining for the third and fourth parts of Phase W is expected to commence post-2024 and could potentially include underground mining as the Company continues to explore opportunities at Phase X.

At Bald Mountain , production was lower quarter-over-quarter and year-over-year mainly due to timing of ounces recovered from the heap leach pads in the north area of the mine. Production is expected to increase in the second half of the year due to higher heap leach recoveries. Cost of sales per ounce sold was higher compared with the previous quarter and year primarily due to lower production and higher contractor and fuel costs.

At La Coipa , the first gold bar was poured in February 2022 and the mine produced 524 Au eq. oz. during the quarter. The project was delivered on schedule and under budget despite the challenging global environment over the past two years. The plant is expected to ramp up over the next few months to reach full operating capacity mid-year. The Company continues to study opportunities to further extend mine life by incorporating adjacent pits into the mine plan.

At Chirano , production was largely in line quarter-over-quarter and decreased year-over-year mainly due to lower grades from underground mining. Cost of sales per ounce sold was lower compared with the previous quarter due to higher gold sales, and was higher year-over-year mainly due to lower production.

Development projects

Tasiast 24k

At the Tasiast 24k project, the process plant is now regularly reaching throughput of 21,000 tonnes per day (t/d), with efforts underway to further reduce commissioning downtime. The second phase of the project continues to progress well and is on track to meet throughput of 24,000 t/d by mid-2023. Engineering is planned to be substantially completed during Q2 2022 and construction of the site's third leach tank is now 70% complete.

Great Bear project update

On February 24, 2022, Kinross announced that it had completed the acquisition of Great Bear Resources Ltd. On April 7, 2022, the Company provided an update on development at the Great Bear project in Red Lake, Ontario, with assay results from 60 holes drilled in the LP Fault zone continuing to confirm gold mineralization, which is open along strike and at depth. Kinross has received additional assay results from 25 holes since the last update which continue to support the Company's view of a high-grade, top tier deposit that underpins the prospect of developing a large, long-life mining complex.

Kinross remains on track to declare an initial inferred mineral resource for the Great Bear project as part of its 2022 year-end results and commence a pre-feasibility study in 2023.

See Appendix A: Figure 1 for a LP Fault zone long section and the location of drill holes in the table below, and Appendix B for a full list of recent significant, composited assay results.

Hole ID From
(m)
To
(m)
Width
(m)
True
Width
(m)
Au
(g/t)
Target
BR-470 140.25 143.25 3.00 2.90 8.82 Discovery
BR-471 151.60 160.00 8.40 7.90 1.82 Discovery
BR-471 including 153.10 153.75 0.65 0.60 18.20
BR-471 and 202.50 204.00 1.50 1.40 7.38
BR-478 38.40 39.00 0.60 0.50 10.40 Discovery
BR-517 544.80 545.55 0.75 0.70 8.87 Yauro
BR-517 and 550.30 562.75 12.45 11.70 0.49
BR-530 498.75 499.25 0.50 0.50 8.11 Discovery
BR-534 604.60 605.50 0.90 0.80 10.70 BR Discovery
BR-534 and 631.00 664.70 33.70 30.70 1.73
BR-553 514.15 517.75 3.60 3.40 2.61 Yauro
BR-553 and 725.60 730.20 4.60 4.40 4.68
BR-553 and 758.00 758.65 0.65 0.60 24.70
BR-561 219.80 225.25 5.45 5.40 1.05 Viggo
BR-561 including 222.35 223.55 1.20 1.20 3.20
BR-565 175.05 196.50 21.45 20.10 7.50 Viggo
BR-565 including 176.50 180.00 3.50 3.30 37.69
BR-565 and 376.35 377.50 1.15 1.10 21.00
BR-565 and 394.50 396.00 1.50 1.40 7.27

Exploration, study, and permitting activities continue to ramp up at the project, with approximately 200,000 metres of exploration and infill drilling expected to be completed in 2022. The drilling program will continue to focus on the LP Fault zone, the most significant discovery to date at the project. There are currently eight diamond drills and two reverse-circulation (RC) rigs active on site. The RC rigs are being utilized for a grade control program that is expected to inform the continuity and distribution of the high grade in the LP zone, while also testing grade control methodology. Since March 2022, approximately 11,800 metres of the planned 35,000-metre grade control program have been drilled.

Kinross is also analyzing an advanced exploration program that would establish an underground decline and workings. The advanced program would allow for underground drilling for more efficient exploration of deeper areas of the LP Fault, along with the nearby Hinge and Limb gold zones, as well as bulk sampling. The Company is targeting a potential start of the advanced program as early as 2024.

Baseline environmental surveys and local community socio-economic studies required for the permitting process are underway, and the Company is now working with a team of experts who have permitted multiple operating mines in Ontario. Kinross is also continuing its local stakeholder engagement program and working to foster strong relationships with local communities and with its partners in the Wabauskang and Lac Seul First Nations, on whose traditional territories the project is located.

Manh Choh

At the 70%-owned Manh Choh project in Alaska, feasibility study work is progressing well and is expected to be completed on schedule by the end of 2022. Permit applications are advancing as planned, with the Company now liaising with regulators on comments received regarding key permit applications submitted at the end of last year. Kinross has also signed an extension of the community support agreement with the Native Village of Tetlin and is continuing to prioritize transparent community engagements and generating local economic benefits as it develops the project. Initial production is on schedule to commence in late 2024, subject to permitting.

Lobo-Marte

The Lobo-Marte project in Chile continues to provide optionality for Kinross' long-term portfolio as a potential large, low-cost mine, following the completion of the project feasibility study in November 2021. The timing and go-forward decision for the project will depend on a range of factors, including the gold price environment and projections, economic returns, permitting, priorities in the Company's portfolio and other potential opportunities in the region, including mine life extensions at La Coipa. Should further La Coipa mine life extension opportunities be successful, Lobo-Marte's timing is expected to be affected accordingly.

Company guidance update
The following section of the news release 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 page 28 of this news release. This Company Guidance section references all-in sustaining cost per equivalent ounce sold, which is a non-GAAP ratio with no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers. The definition of this non-GAAP ratio and comparable reconciliation is included on pages 18 to 24 of this news release.

Kinross has adjusted its 2022 company-wide guidance previously disclosed on February 16, 2022 to exclude its assets from Russia and Ghana for full-year 2022 and other future guidance figures due to their pending divestments. As Kinross' share of Chirano (90%) is now excluded from guidance, all guidance figures are no longer on an attributable basis, but on a total basis.

Production guidance

On a pro-forma portfolio basis, Kinross maintained its 2022 production guidance of 2.15 million Au eq. oz. (+/- 5%). The Company continues to expect higher production in the second half of the year, which is largely driven by increased production at Paracatu, Tasiast and La Coipa.

The Company's 2023 and 2024 production guidance have been adjusted to 2.3 and 2.1 million Au eq. oz. (+/- 5%), respectively. Kinross expects to maintain a substantial production profile with estimated average production of two million Au eq. oz. per year over the remainder of the decade.

Annual gold equivalent production guidance
(+/- 5%)
2022 2.15 million oz.
2023 2.3 million oz.
2024 2.1 million oz.

Inflation impact

The ongoing global impacts of the COVID-19 pandemic and inflation have been factored into the Company's 2022 attributable cost of sales and capital expenditures guidance. Potential additional inflationary impacts have been excluded from the Company's forecast for its 2023 and 2024 capital forecast. Kinross continues to closely monitor the impact of inflationary pressures on its operations and projects.

Cost guidance

2022 Guidance
(+/- 5%)
2021 Actual 9
Production cost of sales per Au eq. oz. $830 $832
All-in sustaining cost per Au eq. oz. 2 $1,150 $1,138 1

Taking into account current gold and oil prices, Kinross' production cost of sales forecast has been maintained at $830 per Au eq. oz. (+/- 5%) for 2022. Production cost of sales per ounce is expected to decrease during the second half of the year largely due to the anticipated increase in production.

The 2022 guidance for all-in sustaining cost will be $1,150 per eq. oz. sold (+/- 5%).

The following assumptions related to gold and oil prices have been used to forecast the Company's cost of sales and all-in sustaining cost guidance:

  • a gold price of $1,800 per ounce;
  • an oil price of $100 per barrel;
    • including a $10 per barrel change in the price of oil would be expected to result in an approximate $4 impact on fuel consumption costs on production cost of sales per ounce.

The other key assumptions and sensitivities disclosed in the Company's original guidance on February 16, 2022 have not changed.

Capital expenditures guidance

The 2022 capital expenditures forecast has been lowered to $850 million (+/- 5%). Kinross' capital expenditures outlook for 2023 and 2024 is approximately $750 million per year, excluding inflationary impacts and based on Kinross' current production guidance. As the Company continues to develop and optimize its portfolio, other projects, such as Manh Choh and Great Bear, may be incorporated into its capital expenditures forecast over the 2023 - 2024 timeframe.

Other 2022 guidance updates

The 2022 forecast for exploration has been increased to approximately $140 million, all of which is expected to be expensed. The increase is primarily related to the inclusion of the comprehensive exploration program planned at the Great Bear project.

The 2022 forecast for overhead (general and administrative and business development expenses) has been reduced to approximately $145 million.

Other operating costs expected to be incurred in 2022 are now estimated to be $120 million (+/- 5%), which are principally due to care and maintenance, reclamation, and pandemic-related mitigation measures.

Based on an assumed gold price of $1,800 per ounce, and with other budget assumptions maintained, tax expense is expected to be $150 million and taxes paid is expected to be $125 million. Adjusting the Brazilian real to the respective exchange rate of 5.58 to the U.S. dollar in effect at December 31, 2021, tax expense would be expected to be $190 million. Tax expense is expected to increase by 22% of any profit resulting from higher gold prices. Taxes paid is expected to increase by approximately $5 million for every $100 increase in the realized gold price.

Depreciation, depletion and amortization is now forecast to be approximately $440 per Au eq. oz. sold (+/- 5%).

The interest paid forecast has been updated to be approximately $95 million, which includes approximately $40 million of capitalized interest.

Exploration update

Exploration activities continued to focus on promising targets around current operations and areas where existing infrastructure can be leveraged. Initial highlights from 2022 include:

Round Mountain : Activities continued to focus on extending the Gold Hill mineralized vein structures, with promising results, which includes high grades, received during the quarter. Gold Hill is located approximately seven kilometres north of Round Mountain.

  • D-1165 – 3.2m @ 10.32 g/t Au (incl. 2.1m @ 15.24 g/t Au) – the results confirm the 230-metre down-dip extension of the "Alexandria" vein, which was discovered in late 2021.
  • D-1164 – 1.9m @ 5.82 g/t Au (incl. 0.4m @ 22.0 g/t Au)
  • D-1164 – 2.1m @ 5.94 g/t Au (incl. 0.4m @ 23.3 g/t Au).

The two intercepts at D-1164 are along a 100-metre west extension of several high-grade, sub-vertical holes between the main Gold Hill vein and the Alexandria vein. New geophysical data confirmed multiple deposit-scale trends open along strike at Gold Hill. Work on the planned drift for underground exploration at Phase X continues to advance well.

Curlew Basin Exploration (CBX) : At the CBX program, located approximately 35 kilometres north of the Kettle River mill, underground drilling continues to intersect previously unidentified veins after underground drilling commenced in Q3 2021 following the completion of dewatering and exploration drift development. Recent drilling from late 2021 has identified 22 new mineralized veins, including an extension of the "Galaxie" vein (which was discovered last year) along a 150-metre strike and at 100-metre depth. Drilling results from the quarter include:

  • Hole# 1103 – 6.4m @ 4.95 g/t Au (TW) – Stealth target
  • Hole# 1103 – 3.2m @ 5.62 g/t Au (TW) – Galaxie target
  • Hole# 1101 – 6.8m @ 3.73 g/t Au (TW) – West Zone target

Divestment of Russia assets

On April 5, 2022, Kinross announced that it had entered into an agreement with the Highland Gold Mining group of companies and its affiliates to sell 100% of its Russian assets for total consideration of $680 million in cash. The total cash consideration includes $400 million for the Kupol mine and $280 million for the Udinsk project. Kinross will receive $100 million at closing and the remaining total consideration is scheduled to be received in annual payments from 2023 through to 2027.

The deferred payments are secured by an extensive security package that includes share pledges, financial guarantees and an escrow account, with all payments payable in U.S. dollars. The parties are continuing to advance the closing process and the transaction remains subject to Russian government approval. In light of unprecedented circumstances, the timing and outcome of such an approval is uncertain.

Divestment of Ghana assets

On April 25, 2022, Kinross announced that it had entered into an agreement with Asante to sell its 90% interest in the Chirano mine in Ghana for total consideration of $225 million in cash and shares. Upon closing of the transaction, Kinross is to receive $115 million in cash and $50 million in Asante common shares, provided that the issuance of Asante common shares will not result in Kinross exceeding a 9.9% ownership in Asante. The agreement also provides for total deferred payments of $60 million in cash. If the 9.9% share ownership limit is reached, the remainder of the $50 million is to be paid by increasing the deferred cash payments. The transaction closing is targeted for the end of May 2022.

Environment, Social and Governance

Kinross published its 2021 Sustainability Report today, detailing the Company's ESG approach and performance. Through its values-based approach, the Company ensures that ESG is a core part of its culture, business strategy and future growth plans.

Access the full Sustainability Report here: https://www.kinross.com/2021-Sustainability-Report
For highlights of the Report, read here: https://www.kinross.com/Kinross-releases-2021-sustainability-report

Kinross ranked well among peers in major ESG rankings and ratings and maintained its top-tier governance record. The Company increased its S&P Global score, moving to the 94 th percentile for 2021, the highest ever ranking for Kinross, and maintained its "A" position with MSCI.

Kinross obtained independent limited assurance of selected ESG performance metrics and, following the Company's normal practice, has provided Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) indices. The Company expects to publish its 2021 Task Force on Climate-Related Financial Disclosures (TCFD) climate report in Q2 2022.

Other highlights from the Report include:

  • In 2021, Kinross generated $3.5 billion in economic benefits through taxes, wages, procurement and community support, including donations. Since 2010, $40 billion has been contributed to the economies of Kinross' host countries.

  • As part of Kinross' commitment to proactively mitigating and reducing environmental impacts, all sites maintained robust water management systems and, in 2021, 80% of total water withdrawn was recycled.

  • The Company is committed to fostering a safe, inclusive and diverse workplace that is representative of the communities where it operates. Approximately 99% of Kinross' total workforce, and 92% of management, are from within host countries, record highs for the Company.

In the first quarter of 2022, Kinross provided significant donations to several organizations. This includes a $1 million donation for response and rebuilding efforts to support the Appiatse community in Ghana after a tragic explosion and a $1 million donation to the Canadian Red Cross Ukraine Humanitarian Crisis Appeal to assist those affected by the ongoing conflict in Ukraine. Kinross also donated $1 million to support the development of the Troth Yeddha' Indigenous Studies Center at the University of Alaska Fairbanks (UAF) to support Indigenous-focused academic, research and cultural programs.

Conference call details

In connection with this news release, Kinross will hold a conference call and audio webcast on Wednesday, May 11, 2022 at 7:45 a.m. EDT to discuss the results, followed by a question-and-answer session. To access the call, please dial:

Canada & US toll-free – (833) 968-2237; Passcode: 5893677
Outside of Canada & US – (825) 312-2059; Passcode: 5893677

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

Canada & US toll-free – (800) 770-2030; Passcode: 5893677
Outside of Canada & US – +1 (647) 362-9199; Passcode: 5893677

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

This release should be read in conjunction with Kinross' 2022 first-quarter unaudited Financial Statements and Management's Discussion and Analysis report at www.kinross.com. Kinross' 2022 first-quarter unaudited Financial Statements and Management's Discussion and Analysis have been filed with Canadian securities regulators (available at www.sedar.com ) and furnished with the U.S. Securities and Exchange Commission (available at www.sec.gov ). Kinross shareholders may obtain a copy of the financial statements free of charge upon request to the Company.

Virtual Annual Meeting of Shareholders

Kinross' Annual Meeting of Shareholders will be held on Wednesday, May 11, 2022 at 10:00 a.m. EDT.

The Company has again elected to hold a virtual meeting via a live audio webcast given the continued impact and uncertainty of the COVID-19 pandemic. Kinross believes this is a prudent approach that prioritizes safety while still providing the same level of disclosure, transparency and participation as previous meetings.

The virtual meeting will be accessible online at: web.lumiagm.com/468209904 .

Voting and participation instructions for eligible shareholders are provided in the Company's Notice of Annual Meeting of Shareholders and Management Information Circular.

The link to the virtual meeting will also be accessible at www.kinross.com and will be archived for later use.

About Kinross Gold Corporation

Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile, Canada, Russia and Ghana. Our focus on delivering value is based on our core principles of responsible mining, operational excellence, disciplined growth and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).

Media Contact
Louie Diaz
Vice-President, Corporate Communications
phone: 416-369-6469
louie.diaz@kinross.com

Investor Relations Contact
Chris Lichtenheldt
Vice-President, Investor Relations
phone: 416-365-2761
chris.lichtenheldt@kinross.com

Review of operations

Three months ended March 31, (unaudited) Gold equivalent ounces
Produced Sold Production cost of
sales
($millions)
Production cost of sales/equivalent ounce sold
2022 2021 2022 2021 2022 2021 2022 2021
Fort Knox 54,803 55,815 52,813 55,561 $ 67.4 $ 57.7 $ 1,276 $ 1,038
Round Mountain 45,319 74,286 46,959 73,878 52.3 63.1 1,114 854
Bald Mountain 36,071 51,408 41,017 48,250 40.3 37.0 983 767
Paracatu 108,009 126,547 101,886 126,811 106.6 82.8 1,046 653
La Coipa 524 - - - - - - -
Maricunga - - 858 731 0.6 0.5 699 684
Americas Total 244,726 308,056 243,533 305,231 267.2 241.1 1,097 790
Tasiast 133,695 88,964 130,195 83,670 95.8 51.3 736 613
Chirano (100%) 34,929 43,894 35,810 41,144 47.6 52.8 1,329 1,283
West Africa Total 168,624 132,858 166,005 124,814 143.4 104.1 864 834
Less: Chirano non-controlling
interest (10%)
(3,493 ) (4,389 ) (3,581 ) (4,114 ) (4.8 ) (5.3 )
West Africa Attributable Total 165,131 128,469 162,424 120,700 138.6 98.8 $ 853 $ 819
Attributable Total 409,857 436,525 405,957 425,931 405.8 339.9 1,000 798
Add: Chirano non-controlling
interest (10%)
3,493 4,389 3,581 4,114 4.8 5.3
Continuing Operations Total 413,350 440,914 409,538 430,045 410.6 345.2 $ 1,003 $ 803
Discontinued Operations
Kupol 95,891 122,252 85,937 122,153 65.4 74.7 $ 761 $ 612


Interim condensed consolidated balance sheets

(unaudited, expressed in millions of U.S. dollars, except share amounts)
As at
March 31, December 31,
2022 2021
Assets
Current assets
Cash and cash equivalents $ 454.2 $ 531.5
Restricted cash 13.1 11.4
Accounts receivable and other assets 123.6 214.5
Current income tax recoverable 6.7 10.2
Inventories 1,044.4 1,151.3
Unrealized fair value of derivative assets 49.2 30.0
Assets held for sale 498.4 -
2,189.6 1,948.9
Non-current assets
Property, plant and equipment 8,248.3 7,617.7
Goodwill - 158.8
Long-term investments 108.2 98.2
Investment in joint venture 7.0 7.1
Other long-term assets 568.9 590.9
Deferred tax assets - 6.5
Total assets $ 11,122.0 $ 10,428.1
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 441.8 $ 492.7
Current income tax payable 16.8 95.0
Current portion of long-term debt and credit facilities 40.0 40.0
Current portion of provisions 85.4 90.0
Other current liabilities 23.7 23.7
Liabilities held for sale 53.4 -
661.1 741.4
Non-current liabilities
Long-term debt and credit facilities 2,688.8 1,589.9
Provisions 735.9 847.9
Long-term lease liabilities 33.4 35.1
Other long-term liabilities 146.1 127.4
Deferred tax liabilities 418.9 436.8
Total liabilities $ 4,684.2 $ 3,778.5
Equity
Common shareholders' equity
Common share capital $ 4,710.2 $ 4,427.7
Contributed surplus 10,698.4 10,664.4
Accumulated deficit (9,055.1 ) (8,492.4 )
Accumulated other comprehensive income (loss) 14.2 (18.8 )
Total common shareholders' equity 6,367.7 6,580.9
Non-controlling interests 70.1 68.7
Total equity 6,437.8 6,649.6
Total liabilities and equity $ 11,122.0 $ 10,428.1
Common shares
Authorized Unlimited Unlimited
Issued and outstanding 1,297,256,784 1,244,332,772


Interim condensed consolidated statements of operations

(unaudited, expressed in millions of U.S. dollars, except share and per share amounts)
Three months ended
March 31, March 31,
2022 2021
Revenue
Metal sales $ 768.0 $ 768.7
Cost of sales
Production cost of sales 410.6 345.2
Depreciation, depletion and amortization 180.8 188.8
Total cost of sales 591.4 534.0
Gross profit 176.6 234.7
Other operating expense 19.1 39.6
Exploration and business development 24.8 20.1
General and administrative 30.2 30.7
Operating earnings 102.5 144.3
Other (expense) income - net (5.0 ) 4.2
Finance income 2.2 1.5
Finance expense (22.0 ) (19.0 )
Earnings from continuing operations before tax 77.7 131.0
Income tax recovery (expense) - net 4.5 (55.1 )
Earnings from continuing operations after tax 82.2 75.9
(Loss) earnings from discontinued operations after tax $ (606.1 ) $ 73.3
Net (loss) earnings $ (523.9 ) $ 149.2
Net (loss) earnings from continuing operations attributable to:
Non-controlling interests $ (0.1 ) $ (0.3 )
Common shareholders $ 82.3 $ 76.2
Net (loss) earnings attributable to:
Non-controlling interests $ (0.1 ) $ (0.3 )
Common shareholders $ (523.8 ) $ 149.5
Earnings per share from continuing operations attributable to common shareholders
Basic $ 0.07 $ 0.06
Diluted $ 0.06 $ 0.06
(Loss) earnings per share attributable to common shareholders
Basic $ (0.41 ) $ 0.12
Diluted $ (0.41 ) $ 0.12


Interim condensed consolidated statements of cash flows

(unaudited, expressed in millions of U.S. dollars)
Three months ended
March 31, March 31,
2022 2021
Net inflow (outflow) of cash related to the following activities:
Operating:
Earnings from continuing operations after tax $ 82.2 $ 75.9
Adjustments to reconcile net earnings from continuing operations to net cash provided from operating activities:
Depreciation, depletion and amortization 180.8 188.8
Share-based compensation expense 3.0 3.8
Finance expense 22.0 19.0
Deferred tax (recovery) expense (20.0 ) 2.9
Foreign exchange losses and other 4.9 8.5
Reclamation recovery (11.9 ) -
Changes in operating assets and liabilities:
Accounts receivable and other assets 43.8 (3.0 )
Inventories (90.5 ) (32.9 )
Accounts payable and accrued liabilities (25.2 ) (21.6 )
Cash flow provided from operating activities 189.1 241.4
Income taxes paid (83.9 ) (96.3 )
Net cash flow of continuing operations provided from operating activities 105.2 145.1
Net cash flow of discontinued operations provided from operating activities 91.4 134.7
Investing:
Additions to property, plant and equipment (106.3 ) (191.6 )
Interest paid capitalized to property, plant and equipment (11.0 ) (23.2 )
Acquisitions net of cash acquired (1,027.5 ) -
Net additions to long-term investments and other assets (13.9 ) (1.9 )
(Increase) decrease in restricted cash - net (1.7 ) 2.4
Interest received and other - net 1.1 0.5
Net cash flow of continuing operations used in investing activities (1,159.3 ) (213.8 )
Net cash flow of discontinued operations used in investing activities (11.2 ) (155.0 )
Financing:
Proceeds from drawdown of debt 1,097.6 -
Interest paid (24.7 ) (23.6 )
Payment of lease liabilities (5.4 ) (7.6 )
Dividends paid to common shareholders (38.9 ) (37.8 )
Other - net 5.9 4.6
Net cash flow of continuing operations provided from (used in) financing activities 1,034.5 (64.4 )
Net cash flow of discontinued operations used in financing activities - -
Effect of exchange rate changes on cash and cash equivalents of continuing operations - (0.2 )
Effect of exchange rate changes on cash and cash equivalents of discontinued operations (3.9 ) (1.2 )
Increase (decrease) in cash and cash equivalents 56.7 (154.8 )
Cash and cash equivalents, beginning of period 531.5 1,210.9
Reclassified to assets held for sale (134.0 ) -
Cash and cash equivalents, end of period $ 454.2 $ 1,056.1


Operating Summary
Mine Period Ownership Tonnes Ore Mined (a) Ore
Processed (Milled) (a)
Ore
Processed (Heap Leach) (a)
Grade (Mill) Grade (Heap Leach) Recovery (b)(e) Gold Eq Production (c) Gold Eq Sales (c) Production cost of sales Production cost of sales/oz (d) Total Cap Ex (f) DD&A
(%) ('000 tonnes) ('000 tonnes) ('000 tonnes) (g/t) (g/t) (%) (ounces) (ounces) ($ millions) ($/ounce) ($ millions) ($ millions)
Americas















































Fort Knox







Q1 2022 100 13,743 1,852 13,010 0.66 0.17 80 % 54,803 52,813 $ 67.4 $ 1,276 $ 2.9 $ 20.9
Q4 2021 100 9,203 2,148 8,185 0.73 0.19 82% 73,830 74,384 $ 74.1 $ 996 $ 31.6 $ 30.9
Q3 2021 100 8,024 2,221 6,395 0.77 0.20 82% 71,336 71,482 $ 67.7 $ 947 $ 37.4 $ 29.7
Q2 2021 100 9,560 1,939 7,864 0.70 0.22 81% 63,302 62,163 $ 67.7 $ 1,089 $ 18.7 $ 26.7
Q1 2021 100 8,174 1,751 7,396 0.57 0.20 80% 55,815 55,561 $ 57.7 $ 1,038 $ 25.4 $ 22.5
Round Mountain







Q1 2022 100 3,767 929 3,208 0.80 0.36 79 % 45,319 46,959 $ 52.3 $ 1,114 $ 16.0 $ 12.1
Q4 2021 100 1,755 1,057 1,529 0.64 0.33 75% 51,549 52,723 $ 51.8 $ 982 $ 50.3 $ 14.5
Q3 2021 100 1,531 915 4,442 0.63 0.29 76% 63,242 61,405 $ 60.8 $ 990 $ 23.7 $ 16.3
Q2 2021 100 2,551 1,133 2,552 0.54 0.38 76% 67,928 71,935 $ 60.2 $ 837 $ 20.2 $ 17.4
Q1 2021 100 3,843 976 4,019 0.70 0.46 81% 74,286 73,878 $ 63.1 $ 854 $ 31.3 $ 17.0
Bald Mountain







Q1 2022 100 3,870 - 3,870 - 0.63 nm 36,071 41,017 $ 40.3 $ 983 $ 5.8 $ 35.1
Q4 2021 100 5,222 - 5,222 - 0.52 nm 61,036 53,559 $ 50.1 $ 935 $ 17.2 $ 57.2
Q3 2021 100 5,941 - 5,941 - 0.46 nm 55,559 52,874 $ 48.8 $ 923 $ 7.7 $ 59.4
Q2 2021 100 5,875 - 5,875 - 0.57 nm 36,887 41,383 $ 41.6 $ 1,005 $ 5.2 $ 39.1
Q1 2021 100 2,025 - 2,025 - 0.48 nm 51,408 48,250 $ 37.0 $ 767 $ 8.9 $ 40.2
Paracatu







Q1 2022 100 6,165 13,645 - 0.33 - 75 % 108,009 101,886 $ 106.6 $ 1,046 $ 16.0 $ 39.6
Q4 2021 100 13,036 15,451 - 0.35 - 77% 138,669 145,691 $ 116.9 $ 802 $ 49.6 $ 47.7
Q3 2021 100 14,107 15,085 - 0.37 - 76% 134,425 133,924 $ 103.7 $ 774 $ 30.0 $ 44.5
Q2 2021 100 12,624 14,138 - 0.37 - 76% 150,919 143,474 $ 108.7 $ 758 $ 27.5 $ 50.7
Q1 2021 100 12,612 15,372 - 0.38 - 75% 126,547 126,811 $ 82.8 $ 653 $ 20.8 $ 37.7
Maricunga







Q1 2022 100 - - - - - nm - 858 $ 0.6 $ 699 $ - $ 0.1
Q4 2021 100 - - - - - nm - 821 $ 0.6 $ 731 $ - $ 0.1
Q3 2021 100 - - - - - nm - 655 $ 0.5 $ 763 $ - $ 0.3
Q2 2021 100 - - - - - nm - 580 $ 0.4 $ 690 $ - $ 0.1
Q1 2021 100 - - - - - nm - 731 $ 0.5 $ 684 $ - $ 0.1
West Africa



























Tasiast







Q1 2022 100 3,462 1,524 - 2.54 - 94 % 133,695 130,195 $ 95.8 $ 736 $ 19.4 $ 57.1
Q4 2021 100 1,061 1,068 - 1.50 - 94% 15,253 15,006 $ 10.8 $ 720 $ 52.5 $ 13.1
Q3 2021 100 822 - - - - 0% 3,847 4,822 $ 8.3 $ 1,721 $ 68.1 $ 21.3
Q2 2021 100 818 1,161 - 1.67 - 95% 62,438 70,695 $ 53.2 $ 753 $ 70.2 $ 54.2
Q1 2021 100 843 1,504 - 1.85 - 96% 88,964 83,670 $ 51.3 $ 613 $ 68.6 $ 48.3
Chirano - 100%







Q1 2022 100 651 875 - 1.32 - 86 % 34,929 35,810 $ 47.6 $ 1,329 $ 5.5 $ 14.3
Q4 2021 100 625 869 - 1.48 - 85% 34,561 31,633 $ 45.7 $ 1,445 $ 7.5 $ 15.8
Q3 2021 100 802 881 - 1.54 - 87% 37,588 34,999 $ 49.4 $ 1,411 $ 9.3 $ 17.0
Q2 2021 100 933 862 - 1.54 - 88% 38,625 40,517 $ 53.7 $ 1,325 $ 12.8 $ 19.0
Q1 2021 100 735 821 - 1.81 - 88% 43,894 41,144 $ 52.8 $ 1,283 $ 10.1 $ 21.2
Chirano - 90% (g)







Q1 2022 90 651 875 - 1.32 - 86 % 31,436 32,229 $ 42.8 $ 1,329 $ 5.0 $ 12.9
Q4 2021 90 625 869 - 1.48 - 85% 31,105 28,470 $ 41.1 $ 1,445 $ 6.8 $ 14.2
Q3 2021 90 802 881 - 1.54 - 87% 33,829 31,499 $ 44.5 $ 1,411 $ 8.4 $ 15.3
Q2 2021 90 933 862 - 1.54 - 88% 34,762 36,465 $ 48.3 $ 1,325 $ 11.5 $ 17.1
Q1 2021 90 735 821 - 1.81 - 88% 39,505 37,030 $ 47.5 $ 1,283 $ 9.1 $ 19.1

(a) Tonnes of ore mined and processed represent 100% Kinross for all periods presented.
(b) Due to the nature of heap leach operations, recovery rates at Maricunga and Bald Mountain cannot be accurately measured on a quarterly basis. Recovery rates at Fort Knox, Round Mountain and Tasiast represent mill recovery only.
(c) Gold equivalent ounces include silver ounces produced and sold converted to a gold equivalent based on the ratio of the average spot market prices for the commodities for each period. The ratios for the quarters presented are as follows: Q1 2022: 78.19:1; Q4 2021: 76.89:1; Q3 2021: 73.45:1; Q2 2021: 68.05:1; Q1 2021: 68.33:1.
(d) "Production cost of sales per equivalent ounce sold" is defined as production cost of sales divided by gold equivalent ounces sold.
(e) "nm" means not meaningful.
(f) "Capital expenditures" is as reported as "Additions to property, plant and equipment" on the interim condensed consolidated statements of cash flows.
(g) Figures for gold equivalent production, gold equivalent sales, production cost of sales, capital expenditures and depreciation, depletion and amortization for all quarters presented are based on Kinross' 90% share of Chirano and are calculated as Chirano 100% as reported above, less 10%. For Q1 2022: Production cost of sales is calculated as $47.6 million less 10%, or $4.8 million. Total capital expenditures is calculated as $5.5 million less 10%, or $0.5 million. Depreciation, depletion and amortization is calculated as $14.3 million less 10%, or $1.4 million. All other quarters presented are calculated in the same manner.

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 International Financial Reporting Standards (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 and ratios prepared in accordance with IFRS. These financial measures and ratios are not necessarily standard and therefore may not be comparable to other issuers.

Adjusted net earnings from continuing operations attributable to common shareholders and adjusted net earnings from continuing operations 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 from continuing operations and adjusted net earnings from continuing operations per share measures and ratios are not necessarily indicative of net earnings from continuing operations and earnings per share measures and ratios as determined under IFRS.

The following table provides a reconciliation of net earnings from continuing operations to adjusted net earnings from continuing operations for the periods presented:

(unaudited, expressed in millions of U.S dollars,
except per share amounts)

Three months ended
March 31,
2022 2021
Net earnings from continuing operations attributable to common shareholders - as reported $ 82.3 $ 76.2
Adjusting items:
Foreign exchange losses (gains) 2.4 (5.8 )
Foreign exchange (gains) losses on translation of tax basis and foreign exchange
on deferred income taxes within income tax expense
(15.7 ) 6.3
Taxes in respect of prior periods 5.9 8.7
Reclamation recovery (11.9 ) -
COVID-19 costs (a) - 5.6
Round Mountain pit wall stabilization costs - 3.5
Other (b) 9.3 12.0
Tax effects of the above adjustments (1.7 ) (4.1 )
(11.7 ) 26.2
Adjusted net earnings from continuing operations attributable to common shareholders $ 70.6 $ 102.4
Weighted average number of common shares outstanding - Basic 1,264.5 1,259.2
Adjusted net earnings from continuing operations per share $ 0.06 $ 0.08
Basic earnings from continuing operations per share attributable to common shareholders $ 0.07 $ 0.06

(a) Includes COVID-19 related labour, health and safety, donations and other support program costs. For the three months ended March 31, 2022, adjusted net earnings has not been adjusted for COVID-19 related costs of $5.7 million incurred at operating sites.
(b) Other includes various impacts, such as one-time costs at sites, and gains and losses on the sale of assets and hedges, which the Company believes are not reflective of the Company's underlying performance for the reporting period.

Free cash flow from continuing operations is a non-GAAP financial measure and is defined as net cash flow of continuing operations provided from operating activities less capital expenditures. The Company believes that 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, the free cash flow from continuing operations measure is not necessarily indicative of operating earnings or net cash flow of continuing operations provided from operating activities as determined under IFRS.

The following table provides a reconciliation of free cash flow from continuing operations for the periods presented:

(unaudited, expressed in millions of U.S dollars)

Three months ended
March 31,
2022 2021
Net cash flow of continuing operations provided from operating activities - as reported $ 105.2 $ 145.1
Less: Additions to property, plant and equipment (106.3 ) (191.6 )
Free cash flow from continuing operations $ (1.1 ) $ (46.5 )

Adjusted operating cash flow from continuing operations is a non-GAAP financial measure and is defined as net cash flow of continuing operations provided from operating activities excluding certain impacts which the Company believes are not reflective of the Company's regular operating cash flow and excluding changes in working capital. Working capital can be volatile due to numerous factors, including the timing of tax payments. The Company uses adjusted operating cash flow from continuing operations internally as a measure of the underlying operating cash flow performance and future operating cash flow-generating capability of the Company. However, the adjusted operating cash flow from continuing operations measure is not necessarily indicative of net cash flow of continuing operations provided from operating activities as determined under IFRS.

The following table provides a reconciliation of adjusted operating cash flow from continuing operations for the periods presented:

(unaudited, expressed in millions of U.S dollars)

Three months ended
March 31,
2022 2021
Net cash flow of continuing operations provided from operating activities - as reported $ 105.2 $ 145.1
Adjusting items:
Working capital changes:
Accounts receivable and other assets (43.8 ) 3.0
Inventories 90.5 32.9
Accounts payable and other liabilities, including income taxes paid 109.1 117.9
155.8 153.8
Adjusted operating cash flow from continuing operations $ 261.0 $ 298.9

Attributable production cost of sales from continuing operations per equivalent ounce sold is a non-GAAP ratio and is defined as attributable production cost of sales from continuing operations divided by the attributable number of gold equivalent ounces sold from continuing operations. This measure converts the Company's non-gold production into gold equivalent ounces and credits it to total production.

Management uses these measures to monitor and evaluate the performance of its operating properties.

The following table provides a reconciliation of attributable production cost of sales from continuing operations per equivalent ounce sold for the periods presented:

(unaudited, expressed in millions of U.S. dollars,
except ounces and production cost of sales per equivalent ounce)

Three months ended
March 31,
2022 2021
Production cost of sales from continuing operations - as reported $ 410.6 $ 345.2
Less: portion attributable to Chirano non-controlling interest (a) (4.8 ) (5.3 )
Attributable (b) production cost of sales from continuing operations $ 405.8 $ 339.9
Gold equivalent ounces sold from continuing operations 409,538 430,045
Less: portion attributable to Chirano non-controlling interest (c) (3,581 ) (4,114 )
Attributable (b) gold equivalent ounces sold from continuing operations 405,957 425,931
Attributable (b) production cost of sales from continuing operations per equivalent ounce sold $ 1,000 $ 798
Consolidated production cost of sales from continuing operations per equivalent ounce sold (d) $ 1,003 $ 803

See page 24 for details of the footnotes referenced within the table above.

Attributable production cost of sales from continuing operations 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 from continuing operations per ounce sold on a by-product basis for the periods presented:

(unaudited, expressed in millions of U.S. dollars,
except ounces and production cost of sales per ounce)

Three months ended
March 31,
2022 2021
Production cost of sales from continuing operations - as reported $ 410.6 $ 345.2
Less: portion attributable to Chirano non-controlling interest (a) (4.8 ) (5.3 )
Less: attributable (b) silver revenue (e) (4.5 ) (6.6 )
Attributable (b) production cost of sales from continuing operations net of silver by-product revenue $ 401.3 $ 333.3
Gold ounces sold from continuing operations 407,104 426,327
Less: portion attributable to Chirano non-controlling interest (c) (3,577 ) (4,107 )
Attributable (b) gold ounces sold from continuing operations 403,527 422,220
Attributable (b) production cost of sales from continuing operations per ounce sold on a by-product basis $ 994 $ 789
Consolidated production cost of sales from continuing operations per equivalent ounce sold (d) $ 1,003 $ 803

See page 24 for details of the footnotes referenced within the table above.

Attributable all-in sustaining cost and all-in cost from continuing operations 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. 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 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 from continuing operations per ounce sold on a by-product basis are calculated by adjusting total production cost of sales from continuing operations, as reported on the interim condensed consolidated statements of operations, as follows:

(unaudited, expressed in millions of U.S. dollars,
except ounces and costs per ounce)

Three months ended
March 31,
2022 2021
Production cost of sales from continuing operations - as reported $ 410.6 $ 345.2
Less: portion attributable to Chirano non-controlling interest (a) (4.8 ) (5.3 )
Less: attributable (b) silver revenue from continuing operations (e) (4.5 ) (6.6 )
Attributable (b) production cost of sales from continuing operations net of silver by-product revenue $ 401.3 $ 333.3
Adjusting items on an attributable (b) basis:
General and administrative (f) 30.2 30.7
Other operating expense - sustaining (g) 5.0 2.3
Reclamation and remediation - sustaining (h) 8.4 10.4
Exploration and business development - sustaining ( i ) 7.9 8.1
Additions to property, plant and equipment - sustaining (j) 42.9 48.6
Lease payments - sustaining (k) 5.2 7.5
All-in Sustaining Cost on a by-product basis - attributable (b) $ 500.9 $ 440.9
Other operating expense - non-sustaining (g) 12.4 9.6
Reclamation and remediation - non-sustaining (h) 1.2 0.9
Exploration and business development - non-sustaining ( i ) 16.8 11.8
Additions to property, plant and equipment - non-sustaining (j) 62.0 141.2
Lease payments - non-sustaining (k) 0.2 0.1
All-in Cost on a by-product basis - attributable (b) $ 593.5 $ 604.5
Gold ounces sold from continuing operations
407,104 426,327
Less: portion attributable to Chirano non-controlling interest (c)
(3,577 ) (4,107 )
Attributable (b) gold ounces sold from continuing operations 403,527 422,220
Attributable (b) all-in sustaining cost from continuing operations per ounce sold on a by-product basis $ 1,241 $ 1,044
Attributable (b) all-in cost from continuing operations per ounce sold on a by-product basis $ 1,471 $ 1,432
Consolidated production cost of sales from continuing operations per equivalent ounce sold (d) $ 1,003 $ 803

See page 24 for details of the footnotes referenced within the table above.

The Company also assesses its 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 from continuing operations per equivalent ounce sold are calculated by adjusting total production cost of sales from continuing operations, as reported on the interim condensed consolidated statement of operations, as follows:

(unaudited, expressed in millions of U.S. dollars,
except ounces and costs per equivalent ounce)

Three months ended
March 31,
2022 2021
Production cost of sales from continuing operations - as reported $ 410.6 $ 345.2
Less: portion attributable to Chirano non-controlling interest (a) (4.8 ) (5.3 )
Attributable (b) production cost of sales from continuing operations $ 405.8 $ 339.9
Adjusting items on an attributable (b) basis:
General and administrative (f) 30.2 30.7
Other operating expense - sustaining (g) 5.0 2.3
Reclamation and remediation - sustaining (h) 8.4 10.4
Exploration and business development - sustaining ( i ) 7.9 8.1
Additions to property, plant and equipment - sustaining (j) 42.9 48.6
Lease payments - sustaining (k) 5.2 7.5
All-in Sustaining Cost - attributable (b) $ 505.4 $ 447.5
Other operating expense - non-sustaining (g) 12.4 9.6
Reclamation and remediation - non-sustaining (h) 1.2 0.9
Exploration and business development - non-sustaining ( i ) 16.8 11.8
Additions to property, plant and equipment - non-sustaining (j) 62.0 141.2
Lease payments - non-sustaining (k) 0.2 0.1
All-in Cost - attributable (b) $ 598.0 $ 611.1
Gold equivalent ounces sold from continuing operations 409,538 430,045
Less: portion attributable to Chirano non-controlling interest (c) (3,581 ) (4,114 )
Attributable (b) gold equivalent ounces sold from continuing operations 405,957 425,931
Attributable (b) all-in sustaining cost from continuing operations per equivalent ounce sold $ 1,245 $ 1,051
Attributable (b) all-in cost from continuing operations per equivalent ounce sold $ 1,473 $ 1,435
Consolidated production cost of sales from continuing operations per equivalent ounce sold (d) $ 1,003 $ 803

See page 24 for details of the footnotes referenced within the table above.

Attributable All-In Sustaining Cost and All-In Cost per Equivalent Ounce Sold – Year Ended December 31, 2021

Attributable all-in sustaining cost and all-in cost per equivalent ounce sold are calculated by adjusting total production cost of sales, as reported on the year ended December 31, 2021 consolidated statements of operations, as follows:

(expressed in millions of U.S. dollars,
except ounces and costs per equivalent ounce)

Year ended
December 31,
2021
Production cost of sales - as reported $ 1,726.1
Less: portion attributable to Chirano non-controlling interest (a) (20.2 )
Attributable (b) production cost of sales $ 1,705.9
Adjusting items on an attributable (b) basis:
General and administrative (l) 126.6
Other operating expense - sustaining (m) 10.6
Reclamation and remediation - sustaining (n) 43.2
Exploration and business development - sustaining (o) 40.0
Additions to property, plant and equipment - sustaining (p) 386.0
Lease payments - sustaining (q) 32.8
All-in Sustaining Cost - attributable (b) $ 2,345.1
Other operating expense - non-sustaining (m) 38.1
Reclamation and remediation - non-sustaining (n) 3.4
Exploration and business development - non-sustaining (o) 91.3
Additions to property, plant and equipment - non-sustaining (p) 544.6
Lease payments - non-sustaining (q) 1.0
All-in Cost - attributable (b) $ 3,023.5
Gold equivalent ounces sold 2,075,738
Less: portion attributable to Chirano non-controlling interest (c) (14,829 )
Attributable (b) gold equivalent ounces sold 2,060,909
Attributable (b) all-in sustaining cost per equivalent ounce sold $ 1,138
Attributable (b) all-in cost per equivalent ounce sold $ 1,467
Consolidated production cost of sales per equivalent ounce sold (r) $ 832

See page 24 for details of the footnotes referenced within the table above.

(a) The portion attributable to Chirano non-controlling interest represents the non-controlling interest (10%) in the production cost of sales for the Chirano mine.
(b) "Attributable" includes Kinross' share of Chirano (90%) production and costs, and Manh Choh (70%) costs.
(c) "Portion attributable to Chirano non-controlling interest" represents the non-controlling interest (10%) in the ounces sold from the Chirano mine.
(d) "Consolidated production cost of sales from continuing operations per equivalent ounce sold" is defined as production cost of sales from continuing operations divided by total gold equivalent ounces sold from continuing operations.
(e) "Attributable silver revenue" represents the attributable 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.
(f) "General and administrative" expenses is as reported on interim condensed the consolidated statements of operations, net of certain restructuring expenses. 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 interim condensed consolidated statements of operations, less 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, 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 interim condensed consolidated statements of operations, less 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 so are 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" represents the majority of capital expenditures at existing operations including capitalized exploration costs, periodic capitalized stripping and underground mine development costs, 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 interim condensed consolidated statements of cash flows), less non-sustaining capital. Non-sustaining capital represents capital expenditures for major projects, including major capital stripping projects at existing operations that are expected to materially benefit the operation, as well as enhancement capital for significant infrastructure improvements at existing operations. Non-sustaining capital expenditures during the three months ended March 31, 2022, primarily related to major projects at La Coipa and Tasiast. Non-sustaining capital expenditures during the three months ended March 31, 2021, primarily related to major projects at Tasiast, Round Mountain, Fort Knox and La Coipa.
(k) "Lease payments – sustaining" represents the majority of lease payments as reported on the interim condensed consolidated statements of cash flows and is made up of the principal and financing components of such cash payments, less non-sustaining lease payments. Lease payments for development projects or closed mines are classified as non-sustaining.
(l) "General and administrative" expenses is as reported on the consolidated statements of operations for the year ended December 31, 2021, net of certain restructuring expenses. 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.
(m) "Other operating expense – sustaining" is calculated as "Other operating expense" as reported on the consolidated statements of operations for the year ended December 31, 2021, less 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.
(n) "Reclamation and remediation - sustaining" is calculated as accretion related to reclamation and remediation obligations plus amortization of the corresponding reclamation and remediation assets for the year ended December 31, 2021, 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.
(o) "Exploration and business development – sustaining" is calculated as "Exploration and business development" expenses as reported on the consolidated statements of operations for the year ended December 31, 2021, less 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 so are 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.
(p) "Additions to property, plant and equipment – sustaining" represents the majority of capital expenditures at existing operations for the year ended December 31, 2021, including capitalized exploration costs, periodic capitalized stripping and underground mine development costs, 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. Non-sustaining capital represents capital expenditures for major projects, including major capital stripping projects at existing operations that are expected to materially benefit the operation, as well as enhancement capital for significant infrastructure improvements at existing operations. Non-sustaining capital expenditures during the year ended December 31, 2021, primarily related to major projects at Tasiast, La Coipa, Udinsk, Fort Knox, and Round Mountain.
(q) "Lease payments – sustaining" represents the majority of lease payments as reported on the consolidated statements of cash flows for the year ended December 31, 2021, and is made up of the principal and financing components of such cash payments, less non-sustaining lease payments. Lease payments for development projects or closed mines are classified as non-sustaining.
(r) "Consolidated production cost of sales per equivalent ounce sold" is defined as production cost of sales, as reported on the consolidated statements of operations for the year ended December 31, 2021, divided by total gold equivalent ounces sold.

APPENDIX A

Figure 1: LP Fault zone long section


Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d5708880-d0ba-423f-b5d3-469dd5cd6618

APPENDIX B

LP Fault zone – Recent full assay results

Hole ID From
(m)
To (m) Width
(m)
True
Width
(m)
Au (g/t) Target
BR-408 412.00 422.50 10.50 10.20 0.62 Yauro
BR-409 238.50 249.80 11.30 10.60 0.54 Yauro
BR-409 and 489.00 495.50 6.50 6.00 1.67
BR-409 including 490.20 491.65 1.45 1.40 5.46
BR-447 No Significant Results Discovery
BR-456 162.50 164.90 2.40 2.20 0.85 Discovery
BR-457 60.80 75.20 14.40 13.90 1.66 Discovery
BR-457 including 69.60 75.20 5.60 5.30 3.31
BR-464 169.80 170.80 1.00 0.90 1.25 Auro
BR-465 No Significant Results Auro
BR-466 No Significant Results Auro
BR-468 105.30 109.15 3.85 3.70 1.29 Auro
BR-470 140.25 143.25 3.00 2.90 8.82 Discovery
BR-471 151.60 160.00 8.40 7.90 1.82 Discovery
BR-471 including 153.10 153.75 0.65 0.60 18.20
BR-471 and 202.50 204.00 1.50 1.40 7.38
BR-472 147.00 164.40 17.40 16.60 0.55 Discovery
BR-478 38.40 39.00 0.60 0.50 10.40 Discovery
BR-492 No Significant Results Discovery
BR-502 No Significant Results Yauro
BR-506 No Significant Results Yauro
BR-510 No Significant Results Yauro
BR-511 No Significant Results Yauro
BR-517 544.80 545.55 0.75 0.70 8.87 Yauro
BR-517 and 550.30 562.75 12.45 11.70 0.49
BR-530 498.75 499.25 0.50 0.50 8.11 Discovery
BR-534 604.60 605.50 0.90 0.80 10.70 BR Discovery
BR-534 and 631.00 664.70 33.70 30.70 1.73
BR-553 514.15 517.75 3.60 3.40 2.61 Yauro
BR-553 and 725.60 730.20 4.60 4.40 4.68
BR-553 and 758.00 758.65 0.65 0.60 24.70
BR-561 219.80 225.25 5.45 5.40 1.05 Viggo
BR-561 including 222.35 223.55 1.20 1.20 3.20
BR-565 175.05 196.50 21.45 20.10 7.50 Viggo
BR-565 including 176.50 180.00 3.50 3.30 37.69
BR-565 and 376.35 377.50 1.15 1.10 21.00
BR-565 and 394.50 396.00 1.50 1.40 7.27
BR-570 747.75 760.70 12.95 11.70 0.54 Gap
BR-570 and 780.35 794.65 14.30 12.90 0.86
BR-570 and 834.65 835.20 0.55 0.50 6.80

Cautionary statement on forward-looking information

All statements, other than statements of historical fact, contained or incorporated by reference in this news release 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 news release. Forward-looking statements contained in this news release, include, but are not limited to, those under the headings (or headings that include) "Updated pro-forma Company guidance", "Russia and Ghana Divestments", "CEO Commentary", "Operating Results", "Development Projects", "Company guidance update", "Exploration Update", "Divestment of Russia Assets", and "Divestment of Ghana Assets" as well as statements with respect to our guidance for production, production costs of sales, cash flow, free cash flow, all-in sustaining cost of sales, and capital expenditures; the declaration, payment and sustainability of the Company's dividends or share repurchases; optimization of mine plans; identification of additional resources and reserves; the schedules and budgets for the Company's development projects; mine life and any potential extensions; the Company's capital reinvestment program and continuous improvement initiatives and project performance or outperformance, as well as references to other possible events, the future price of gold and silver, the timing and amount of estimated future production, 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, restarting suspended or disrupted operations; environmental risks and proceedings; and resolution of pending litigation. The words "advance", "believe", "continue", "estimates", "expects", "explore", "forecast", "future", "growth", "goal", "guidance", "on schedule", "on track", "opportunity" "outlook", "plan", "potential", 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 news release, 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, 2021, and the Annual Information Form dated March 31, 2022 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 or lack of rainfall, in particular, the potential for further production curtailments at Paracatu resulting from insufficient rainfall and the operational challenges at Fort Knox and Bald Mountain resulting from excessive rainfall, which can impact costs and/or production) 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 the operation of Tasiast; water and power supply and continued operation of the tailings reprocessing facility at Paracatu; permitting and development of the Lobo-Marte project; ramp-up of production at the La Coipa 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, the impact of global and domestic sanctions related to the Russian Federation and any other similar 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, the European Union's General Data Protection Regulation or similar legislation in other jurisdictions, potential amendments to and enforcement of tax laws in Russia, Ghana and Mauritania (including, but not limited to, the interpretation, implementation, application and enforcement of any such laws and amendments thereto), and the impact of any trade tariffs being consistent with Kinross' current expectations; (4) the completion of studies, including optimization studies, improvement studies; scoping studies and pre-feasibility and feasibility studies, on the timelines currently expected and the results of those studies being consistent with Kinross' current expectations, including the completion of the Manh Choh feasibility study; (5) the exchange rate between the Canadian dollar, Brazilian real, Chilean peso, Russian rouble, Mauritanian ouguiya, Ghanaian cedi 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 the Tasiast and Chirano operations 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) goodwill and/or 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 such as the ongoing COVID-19 pandemic; (16) the effectiveness of preventative actions and contingency plans put in place by the Company to respond to the COVID-19 pandemic, including, but not limited to, social distancing, travel restrictions, business continuity plans, and efforts to mitigate supply chain disruptions; (17) changes in national and local government legislation or other government actions, particularly in response to the COVID-19 pandemic; (18) 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); (19) the Company's financial results, cash flows and future prospects being consistent with Company expectations in amounts sufficient to permit sustained dividend payments; (20) the impacts of the pit wall issues at Round Mountain and carbonaceous material at Bald Mountain being consistent with the Company's expectations; (21) that the divesture of the Company's Russia and Ghana assets will close in accordance with, and on the timeline contemplated by, the terms and conditions of the relevant agreements, on a basis consistent with our expectations or at all; (22) the anticipated mineralization of the Great Bear project being consistent with expectations and the potential benefits to Kinross from the project and any upside from the project; and (23) the Company's estimates regarding the timing of completion of the Tasiast 24k project. 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, sanctions (any other similar restrictions or penalties) now or subsequently imposed, other actions taken, by, against, in respect of or otherwise impacting any jurisdiction in which the Company is domiciled or operates (including but not limited to the Russian Federation, Canada, the European Union and the United States), or any government or citizens of, persons or companies domiciled in, or the Company's business, operations or other activities in, any such jurisdiction; 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, policies and regulations; the security of personnel and assets; political or economic developments in Canada, the United States, Chile, Brazil, Russia, Mauritania, Ghana, 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 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 news release 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, 2021, and the "Risk Factors" set forth in the Company's Annual Information Form dated March 31, 2022. 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.

Other information

Where we say "we", "us", "our", the "Company", or "Kinross" in this news release, 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 news release has been prepared under the supervision of Mr. John Sims who is a "qualified person" within the meaning of National Instrument 43-101.Mr. Sims was an officer of Kinross until December 31, 2020. Mr. Sims remains the Company's qualified person as an external consultant.

Source: Kinross Gold Corporation

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