Kinross Gold sees FY23 production 2.1M million Au eq. oz., +/- 5%

In 2023, Kinross expects to produce 2.1M Au eq. oz., +/- 5%, which is an increase of approximately 140,000 Au eq. oz. compared with 2022 production. Kinross’ annual production is expected to remain stable in 2024 and 2025 at 2.1 million and 2.0 million attributable1 Au eq. oz., +/- 5%, respectively. Production is forecasted to be lower in the Q1 compared with the rest of the year, mainly as a result of the current shutdown at Tasiast related to the 24k project, the on-going ramp-up including planned mill shutdown at La Coipa, and the seasonal impacts on mining at Paracatu and on the Company’s US heap leach operations. Production cost of sales is expected to be $970 per Au eq. oz., +/- 5%, for 2023. In 2022, production cost of sales was $937 per Au eq. oz. The moderate year-over-year increase is mainly due to inflationary impacts, including higher costs for labour and consumables. The Company expects its all-in sustaining cost to be $1,320 per Au eq. oz., +/- 5%, for 2023. In 2022, all-in sustaining cost3 was $1,271 per Au eq. oz. sold. Sees FY23 capEx $1.0B, +/- 5%. The capital expenditures guidance is higher than the prior year mainly due to carryover of capital stripping from 2022 into 2023 across the portfolio, and the advancement of the Manh Choh project and project studies at Great Bear. Kinross’ attributable capital expenditures outlook for 2024 and 2025 is $850M-$700M, respectively, based on currently approved projects. As Kinross continues to develop and optimize its portfolio for production beyond 2025, other projects may be incorporated into its capital expenditures, as well as potential inflationary impacts, over the 2023-2024 timeframe. The 2023 forecast for exploration is $150M, +/- 5%, of which approximately $5M is expected to be capitalized, and is a $10M increase from last year’s revised guidance. The exploration program will follow up on 2022’s exploration success, and will focus on Great Bear, developing the Phase X exploration drift at Round Mountain, and underground exploration at Curlew Basin. The 2023 forecast for overhead is $135M, +/- 5%, which is in line with the 2022 results, and approximately $25M less than the Company’s previous year guidance primarily as a result of adjustments to Kinross’ regional head office presence to align with its Americas-focused portfolio following the divestitures in 2022.