공고 • Jan 15
Kinross Proceeds with Construction of Phase X, Curlew and Redbird 2
Kinross proceeds with construction of Phase X, Curlew and Redbird 2. All three assets have significant potential for mine life extensions beyond the initial mine plan inventories included in the completed project studies, potentially further enhancing returns and asset values. Phase X and Curlew continue Kinross' grade enhancement strategy, adding higher grade underground ounces and benefiting long-term costs at lower capital intensity as well as providing optionality for further mine life extension beyond the initial mine plan invent inventories. As at December 31, 2025, the Company had completed its 2025 share repurchase program, achieving its increased target of $600 million in shares and reducing its share count by 2.5%. Drilling at both assets has already shown wide, high-grade intercepts outside of the initial resource that demonstrate the upside potential for further resource and mine life additions, which will continue to be a focus of exploration. The mining cost and efficiency will also benefit from three underground accesses, including two declines that are already in place and a third decline planned for 2028 to enhance both ventilation and haulage routes. The underground mineralization from Phase X will be processed through the existing 10,000 tpd milling facility at Round Mountain, blending the higher-grade underground mineralization with lower grade open pit production from Phase S and with low grade stockpile from historic open pit mining thereafter. The study results indicated that the capital for the transition to underground is significantly lower per ounce compared with expected capital expenditures for further extensions of the open pit. Development of the underground headings and infrastructure is already well underway, benefiting from the six km of underground development and dual declines completed as part of the exploration program. Kinross expects to receive a minor federal modification to increase the mining rate beyond 3,000 tons per day and finalize the state mining authorization for Phase X in First Quarter 2026, marking the completion of all major operational permitting. As the Phase X underground mine plan inventory overlaps with historic open pit resources from Phase W at Round Mountain, the conversion to underground mining results in a reduction in the lower-grade, open-pit resource at Phase W and a net reduction in the resource base at Round Mountain. The mill includes conventional crushing, grinding, and carbon-in-leach (CIL) gold recovery, and will be refurbished as part of the restart project. A new tailings dewatering plant will also be installed at the existing tailings management facility to convert from conventional to dry stack tailings. Exploration upside potential: Kinross' Curlew project offers significant upside potential, driven by ongoing exploration success and the geological prospectivity of the district. The Company is focused on targeting wider, higher-grade extensions along the productive paleosurface which includes multiple historic mines, including K1 and K2, to both extend the overall resource and enhance the production profile from34 onward. Mineral reserves are estimated using appropriate process recoveries, operating costs and mine plans that are unique to each property and include estimated allowances for dilution and mining recovery. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the mineral reserve or mineral resource estimates under the standards set forth in Subpart 1300. Accordingly, investors are cautioned to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable. Mineral resources that are not mineral reserves do not have to demonstrate economic viability. Mineral resources are subject to infill drilling, permitting, mine planning, mining dilution and recovery losses, among other things, to be converted into mineral reserves. Due to the uncertainty associated with inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource resource resource, it cannot be assume that all or any part of the inferred mineral resources that the company reports are or will be converted into mineral resource.