Kinross Updates Production Guidance Amid Operational Challenges

TORONTO, Sept. 23, 2026 /CourierPR/ -- Kinross Gold Corporation has announced a revised production outlook for the upcoming years, reflecting challenges at two of its smaller assets. The company now expects full-year 2026 and 2027 attributable production to be 2% to 3% below the low end of the previously disclosed guidance, with approximately 1.84 to 1.86 million gold equivalent ounces (Au eq. oz) expected per year.

The changes to the 2026 guidance are concentrated at two smaller assets, La Coipa and Round Mountain, and are the result of extreme weather and operational challenges. At La Coipa, a series of unprecedented winter weather events throughout the third quarter disrupted mining and milling activities, leading to lower than planned mining rates and mill throughput into September. The site is currently implementing measures to improve plant throughput and recovery, with recent positive results.

At Round Mountain, lower mining rates and lower than expected grades and recoveries have reduced annual production expectations in 2026 and 2027. The operation is focused on implementing initiatives to improve the mill grade, recovery, and mining rates, with the expectation that these efforts will yield positive results as the Phase X underground ramps up and higher-grade ore is blended with Phase S ore. Phase X remains on track and is expected to contribute production as planned in 2028.

Despite these challenges, the company's two largest, lowest-cost operations, Paracatu and Tasiast, continue to deliver strong performance. They are expected to produce a combined 1.1 million ounces for the fifth consecutive year, in line with previously disclosed guidance, supporting significant free cash flow generation.

Reflecting its strong cash flow outlook and balance sheet strength, Kinross is increasing its return of capital target from 40% to 50% of free cash flow to shareholders for 2026. To date in 2026, the company has returned approximately $800 million to shareholders, including approximately $655 million in share repurchases. Since the first quarter of 2025, Kinross has returned more than $1.5 billion to shareholders and has repurchased more than 4% of its outstanding shares.

The company's guidance for third-quarter 2026 attributable production is approximately 425,000 Au eq. oz. Adjusting the company's 2026 cost guidance as a result of the updated production estimates, attributable production cost of sales is expected to be approximately $1,420 to $1,460 per Au eq. oz. sold, and attributable all-in sustaining cost is expected to be approximately $1,850 to $1,900 per Au eq. oz. sold. Total operating and capital costs for the year remain on track despite higher oil prices.

Kinross continues to advance its pipeline of development projects on schedule, including its U.S. projects, Great Bear and Lobo-Marte, while maintaining a strong balance sheet and its disciplined approach to capital allocation. The company expects to benefit from the commencement of production at Phase X and Curlew in 2028, while Tasiast advances into the higher-grade portion of the orebody at the bottom of the open pit.

In summary, Kinross Gold Corporation is navigating operational challenges at La Coipa and Round Mountain while maintaining a strong focus on returning capital to shareholders and advancing its development projects. The company's guidance and performance reflect its commitment to delivering sustainable, long-term value through responsible mining, operational excellence, and disciplined growth.