$Kinross(KGC)$ Kinross reports 2022 third-quarter results

November 09, 2022

Company reports increased quarterly production and lower costs

Returned capital of approximately $300 million year-to-date

TORONTO, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the third-quarter ended September 30, 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 30 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

Results from the Company’s Russian and Ghanaian assets have been excluded from its Q3 2022 continuing results, along with comparative figures, due to the classification of these assets as discontinued as at September 30, 2022.

Q3 2022 highlights from continuing operations:

Gold equivalent production of 529,155 Au eq. oz. produced, an increase of 17% compared with Q2.

Production cost of sales 1 of $941 per Au eq. oz. sold and all-in sustaining cost2 of $1,282 per Au eq. oz. sold, representing reductions of 8% and 4%, respectively, compared with Q2.

Margins 3 of $791 per Au eq. oz. sold.

Operating cash flow 4 of $173.2 million and adjusted operating cash flow2 of $259.4 million.

Reported net earnings 5 of $65.9 million, or $0.05 per share, with adjusted net earnings2, 6 of $68.7 million, or $0.05 per share2.

Cash and cash equivalents of $488.4 million, and totalliquidity7 of approximately $2 billion at September 30, 2022.

Return of capital:

Kinross returned approximately $300 million of capital to its shareholders year-to-date through its enhanced share buyback and quarterly dividend programs, or approximately $0.23 per share. Full year return of capital is expected to be approximately $450 million.

Since launching an enhanced share buyback program in September, the Company has re-purchased approximately $180 million in shares, or 60%, out of the $300 million planned for 2022.

Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on December 15, 2022 to shareholders of record at the close of business on December 1, 2022.

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