Kinross Gold

4 KINROSS GOLD CORPORATION MANAGEMENT’S DISCUSSION AND ANALYSIS For the three and nine months ended September 30, 2026 Total cash and cash equivalents as at September 30, 2026 of $2.6 billion remained comparable to the balance as at June 30, 2026 as attributable free cash flow of $281.3 million was offset primarily by total return of capital of $257.4 million, including $210.1 million in share repurchases under the Company’s normal course issuer bid (“NCIB”) and $47.3 million in dividends paid to common shareholders.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026

The increase was driven by attributable free cash flow of $1,845.6 million, partially offset by total return of capital of $833.0 million, including $690.2 million in share repurchases under the NCIB and $142.8 million in dividends paid to common shareholders.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026

This MD&A references attributable average realized gold price per ounce, attributable production cost of sales per equivalent ounce sold, attributable all-in sustaining cost per equivalent ounce sold and per ounce sold on a by-product basis, attributable all-in cost per equivalent ounce sold and per ounce sold on a by-product basis, adjusted net earnings, adjusted net earnings per share, attributable adjusted operating cash flow, attributable capital expenditures, attributable free cash flow, and attributable adjusted free cash flow, all of which are non-GAAP financial measures or ratios.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026

The profitability and operating cash flow of Kinross are affected by various factors, including the amount of gold and silver produced, the market prices of gold and silver, operating costs, interest rates, regulatory and environmental compliance, the level of exploration activity and capital expenditures, general and administrative costs, and other discretionary costs and activities.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026

dollar, may have an impact on the Company's operating costs and capital expenditures.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026

” “Attributable” measures and ratios include Kinross’ 70% share of Manh Choh production, sales, cash flow, capital expenditures and costs, as applicable.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026

Bald Mountain Redbird First gold was poured from Redbird 1 in early October, while Redbird 2 construction continued to advance on plan, with pre-stripping well underway and earthworks and lining activities for the first phase of the Bald Heap Leach Pad expansion nearing completion.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026

Third quarter of 2025 Notwithstanding the third quarter 2026 events discussed above, and consistent with planned mine sequencing, mining at La Coipa was focused on deeper ore benches of both the Puren and Phase 7 pits, with less waste mined, resulting in an 11% increase in tonnes of ore mined compared to the same period in 2025.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026

Third quarter of 2025 Planned mine sequencing at Fort Knox in the third quarter of 2026 continued to focus on mining of Phase 10.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026

First nine months of 2025 Planned mine sequencing at Fort Knox in the first nine months of 2026 focused on mining of Phase 10.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026

During 2025 and 2026, the United States government announced and implemented changes in trade policy, including increased tariffs on imports and potential termination or renegotiation of existing trade agreements.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026

Certain tariffs announced or implemented during this period have subsequently been modified, replaced or allowed to expire, while other tariffs, including tariffs on steel and aluminum imports, remain in effect and continued to be modified during the third quarter of 2026.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026

Commodity prices continue to be volatile as economies around the world continue to experience economic challenges along with political changes and uncertainties.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026

In the third quarter of 2026, La Coipa was impacted by a series of significant adverse winter weather events as well as higher than expected copper grades and lower than expected recoveries in some of the sulphide ore mined while Round Mountain was impacted by operational challenges related to mining of Phase S, resulting in lower than expected production from both sites.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026

In the third quarter of 2026, Round Mountain was impacted by operational challenges related to mining of Phase S while La Coipa was impacted by a series of significant adverse winter weather events as well as higher than expected copper grades and lower than expected recoveries in some of the sulphide ore mined, resulting in lower than expected production from both sites.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026

Major influences on the gold price during the third quarter of 2026 included inflation and interest rate expectations, elevated geopolitical uncertainty, ongoing central bank purchases and movements in the value of the U.

SEC original ↗Kinross Gold — Earnings release (6-K exhibit)EX-99Oct 28, 2026