Kinross Gold announces routine renewal of NCIB

Kinross Gold announced that the Toronto Stock Exchange has accepted the notice filed by the Company to renew its normal course issuer bid program. Under the NCIB program, the Company is authorized to purchase up to 108,440,227 of its common shares representing up to 10% of the Company’s public float of 1,084,402,272 common shares, during the period starting on August 9, 2023 and ending on August 8, 2024. In deciding to establish the NCIB program, the Company believes that the market price of the common shares may not, from time to time, fully reflect their value and accordingly the purchase of the common shares would be in the best interest of the Company and an attractive and appropriate use of available funds. Kinross may make purchases, from time to time, through the facilities of the TSX, the New York Stock Exchange and/or alternative Canadian trading systems, if eligible, or by such other means as may be permitted by the TSX and/or NYSE or under applicable law. Daily repurchases on the TSX will be limited to a maximum of 780,692 common shares, representing 25% of the average daily trading volume for the six months ended July 31, 2023, except where purchases are made in accordance with the “block purchase exception” of the TSX rules. Subject to certain exceptions for block purchases, the maximum number of common shares which can be purchased per day on the NYSE will be 25% of the average daily trading volume for the four calendar weeks preceding the date of purchase. All shares purchased by the Company under the NCIB program will be cancelled. Pursuant to the terms of the previous normal course issuer bid approved by the TSX on July 29, 2022, as amended with such amendment approved by the TSX on September 30, 2022, the Company was authorized to repurchase up to 114,047,070 of its common shares and repurchased an aggregate of 78,857,250 common shares, which shares were cancelled. Purchases will be made by the Company in accordance with the requirements of the TSX and/or the NYSE and the price which the Company will pay for any such common shares will be the market price of any such common shares at the time of acquisition, or such other price as may be permitted by the TSX and/or the NYSE. In connection with the NCIB program, the Company has entered into an automatic repurchase plan with its designated broker to allow for purchases of its common shares during certain pre-determined black-out periods, based on Company instructions provided when not in black out, should the Company determine to proceed with purchases under the ASPP. Outside of these pre-determined black-out periods, any repurchases of common shares will be repurchased in accordance with management’s discretion, subject to applicable law. Although the Company has a present intention to acquire its common shares pursuant to the NCIB program, the Company will not be obligated to make any purchases under this NCIB.