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 and in September 2024, Kinross completed a Preliminary Economic Assessment (PEA) for the project.

The world-class project is a centerpiece of the Company’s development portfolio and has excellent potential to become a top-tier deposit that could support a large, long-life mine complex and bolster Kinross’ long-term production outlook.

The Great Bear project is located on the traditional territories of the Wabauskang and Lac Seul First Nations. Kinross aims to make positive and lasting impacts 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.

The Preliminary Economic Assessment 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.

Kinross’ drilling and exploration focus for 2024 is to expand the mineralized zones LP, Hinge and Limb, define deep mineralization, continue exploration along strike, and identify new targets around the property. The comprehensive exploration and development program will aim to support Kinross’ vision of a quality, high-grade, open-pit mine and a longer-term, sizeable underground mine.

The Company is also progressing studies and permitting for an advanced exploration (AEX) program that would establish an underground decline to obtain a bulk sample and allow for more efficient exploration of deeper areas of the LP Fault, along with the nearby Hinge and Limb gold zones. Kinross is targeting the start of surface construction for the AEX program in the second half of 2024.