Kinross Gold Mining Forum Americas 2026

Thanks, Anita. Thanks everyone for joining this morning. I am going to give a couple slides, three, four slides here just to give an overview of the company high level for anyone in the audience that is not familiar. Then as Anita says, we will dive right into the Q&A. So slide one, again, this is our sort of introduction slide. We are a top performing senior gold producer. We produce about 2 million ounces of gold from six operations around the world. We have an extensive inventory of resources. We are sitting on about 20 million. So if you think about the 2 million ounces a year of production, 20 million of 2P proven and probable. Incremental to that is another 40 million on top of that of M&I.

We feel very fortunate to have that inventory and a lot of what we do is reach into that inventory and pull things forward into development. We have an extremely strong investment-grade balance sheet. We have a very healthy return on capital. We started the year with $1 billion in net cash. We will talk maybe a little bit later about return on capital, but notwithstanding our return on capital, which we just enhanced, we are on track for about $2 billion of net cash by the end of the year. So very, very strong balance sheet, very strong return on capital. We also believe we have a very compelling value proposition on our relative P/NAV, price to cash flow, EV/EBITDA. We are highly liquid. On our dividend, we have a free cash flow yield that is double digits, which again is quite attractive to many generalists.

We probably won't get into it today, but to the extent anyone wants to dig in a little further, we have a lot of disclosure and we are very proud of how we rank and what our achievements are in the areas of sustainability. Next slide, please. So here is the sort of 100,000-foot map of the world, if you will. The elevator pitch, if I have 30 seconds, we have six mines, three in the U.S., three out of the U.S. We acknowledge that our mines in the U.S., they are in great locations, great jurisdictions. We are in Nevada, we are in Alaska. In our portfolio, there are more mature mines. They tend to be a bit higher cost, lower production, and we have a lot of initiatives around that, which I will get into around grade enhancement.

The engine room of cash flow for our company is the three non-U.S., which is the mine in Mauritania, Tasiast, Paracatu and Macoa. That represents about two-thirds of our production, and you are looking at an all-in sustaining cost of about $1,500. So that is a real cash engine part of the portfolio. On top of the operations, we have both brownfield development projects as well as some very exciting world-class greenfield development projects. The greenfield namely Great Bear in Ontario, Canada and Lobo Marte will come in after Great Bear which is, I will call it our Great Bear of Chile. Another very attractive high margin long life asset we will be bringing into production early 2030s. Let's flip over to the next slide. I won't dwell on all of this, but this kind of underpins the investment case. We have an excellent operating track record.

We've done a great job of holding the line on costs and maintaining margins. We generate substantial free cash flow. As I said, great balance sheet, buyback and dividend, compelling valuation. We're highly liquid, $300 million-$500 million of liquidity a day. I touched on the significant resource inventory, and we're steadily working through our pipeline. Last slide, just again, milestones.