Ms. Samantha Sheffield reports

KINROSS PROVIDES OPERATIONAL AND RETURN OF CAPITAL UPDATE

Kinross Gold Corp. has provided an operational, guidance and return of capital update. The company now expects full-year 2026 and 2027 attributable production to be 2 per cent to 3 per cent below the low end of the previously disclosed guidance, with approximately 1.84 million to 1.86 million gold equivalent ounces expected per year. The change to the company's 2026 guidance is concentrated at two smaller assets, La Coipa and Round Mountain, and is the result of extreme weather and operational challenges. The balance of the portfolio continues to perform well, led by Paracatu and Tasiast, the company's two largest, lowest-cost operations. Kinross expects third quarter 2026 attributable production of approximately 425,000 gold equivalent ounces (1). (All dollar amounts are expressed in U.S. dollars, unless otherwise noted.)

Adjusting the company's 2026 cost guidance as a result of the updated production estimates, attributable production cost of sales (1, 2) is expected to be approximately $1,420 to $1,460 per AuEq ounces sold, and attributable all-in sustaining cost (1, 2) is expected to be approximately $1,850 to $1,900 per AuEq oz sold. Total operating and capital costs for the year remain on track despite higher oil prices.

Reflecting its strong cash flow outlook and balance sheet strength, Kinross is increasing its return of capital target from 40 per cent to 50 per cent of free cash flow to shareholders for 2026.

La Coipa, Chile

At La Coipa, a series of unprecedented winter weather events throughout the third quarter disrupted mining and milling activities. Continuing weather impacts have resulted in lower-than-planned mining rates and mill throughput into September.

The company also saw higher-than-expected copper grades and lower-than-expected recoveries in some of the sulphide ore mined at La Coipa in the third quarter, and has adjusted the production forecast for 2026 and 2027 to reflect lower recovery and stockpiling of some high copper material for potential future processing.

While La Coipa mine plan includes processing of some higher copper sulphide ore blended with oxide ore through the existing circuit, a prefeasibility study is under way to study the potential for the addition of a flotation circuit focused on the higher copper sulphide mineralization identified below multiple open-pit mines at La Coipa. This transition from oxide to higher copper sulphide mineralization across multiple deposits in close proximity is also indicative of the potential for an underlying copper porphyry system, for which Kinross is actively exploring.

Weather and mining conditions have begun to stabilize, improving mining rates and the ability to blend, and the site is implementing a variety of measures to improve plant throughput and recovery with recent positive results.

(1) Unless otherwise stated, production figures in this news release are on an attributable basis. Attributable includes Kinross's 70-per-cent share of Manh Choh production, costs and capital expenditures. Financial figures include 100 per cent of Manh Choh results except when denoted as attributable. Attributable production, attributable cost of sales and attributable all-in sustaining cost figures are non-generally accepted accounting principle financial measures and ratios, and have no standardized meaning under international financial reporting standards, and, therefore, may not be comparable with similar measures presented by other issuers. Please see the company's most recently filed management's discussion and analysis Section 11 for a reconciliation of the company's attributable production cost of sales per AuEq oz sold and attributable all-in sustaining cost per AuEq oz sold to their related GAAP ratios.

(2) Assumptions used to update the company's cost guidance include a gold price of $4,350 per ounce, an oil price of $100 per barrel, and foreign exchange rates of 5.10 Brazilian reais, 920 Chilean pesos and 40 Mauritanian ouguiyas to the U.S. dollar for the rest of 2026.

Round Mountain, United States

At Round Mountain phase S, lower mining rates and lower-than-expected grades and recoveries have reduced annual production expectations in 2026 and 2027. The lower mining rates result in a deferral of higher-grade phase S ore into future periods, while the lower mill grade and recoveries result in a loss of production versus prior estimates. The operation is focused on implementing initiatives to improve the mill grade, recovery and mining rates.

Phase S is being mined as a bridge to longer-term operations at phase X underground. Grades, recoveries and production are expected to improve as the phase X underground ramps up and higher-grade ore is blended with phase S ore. The company has recently seen positive results from infill drilling at phase X indicating higher ounces than expected in the early stoping horizons. Phase X remains on track and is expected to contribute production as planned in 2028.

Portfolio performance

Paracatu and Tasiast, the company's two largest, lowest-cost operations, continue to deliver strong performance and 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. The revised 2026 and 2027 outlook is concentrated at La Coipa and Round Mountain, and does not change the quality of the company's broader portfolio or its ability to generate strong cash flow.

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. In 2028, Kinross expects to benefit from the commencement of production at phase X and Curlew, while Tasiast advances into the higher-grade portion of the orebody at the bottom of the open pit. Together, these opportunities support the company's delivery of sustainable, long-term value through the execution of its grade enhancement strategy.

Increasing shareholder returns

The company also continues to return meaningful capital to shareholders through share buybacks and dividends. Reflecting its strong cash flow outlook and balance sheet strength, Kinross is increasing its return of capital target by 25 per cent from 40 per cent to 50 per cent of free cash flow for 2026, reinforcing the company's commitment to returning capital to shareholders. To date in 2026, Kinross 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 per cent of its outstanding shares.

About Kinross Gold Corp.

Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Its focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange and the New York Stock Exchange.

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