Kinross has made excellent progress at the Great Bear project since it was acquired in February 2022. In February 2023, Kinross announced its initial mineral resource estimate for the project, and in September 2024, the results of a Preliminary Economic Assessment (PEA) were published, supporting the Company’s acquisition thesis of a top-tier, high-margin operation in a stable jurisdiction.

The PEA outlines a high-grade combined open pit and underground mine with an initial planned mine life of approximately 12 years and production cost of sales of $594 per ounce. The project is expected to produce over 500,000 ounces per year at an all-in sustaining cost (AISC) of approximately $800 per ounce during the first 8 years through a conventional, modest capital 10,000 tonne per day (tpd) mill.

The Great Bear project is located on the traditional territories of the Wabauskang and Lac Seul First Nations and Kinross aims to make positive and lasting impact to benefit partners and all local communities through job creation, local investment and strong environmental stewardship. Kinross is focused on working with its First Nations partners in a number of areas, including comprehensive baseline studies, site planning and future procurement, training and other opportunities.

In 2025, Kinross continues to progress its Advanced Exploration (AEX) program and overall permitting. Detailed engineering is near completion for the AEX program and procurement continues to advance in-line with construction schedule requirements. Detailed engineering on the mill and key site infrastructure have also commenced, and procurement for major process equipment will be initiated in late 2025.

Kinross commenced regional exploration drilling in Q1 2025 targeting both near-surface and underground targets delineated by lithostratigraphic models and geophysical surveys. The program is ongoing with more than 50,000 metres anticipated to be drilled by year-end.