The Lobo-Marte project provides Kinross with optionality as a large, long-life mine with low costs.

The project contemplates an open pit, heap leach and SART (sulphidization, acidification, recycling and thickening) plant operation, with production potentially commencing following permitting and after the conclusion of mining at La Coipa. Should further La Coipa mine life extension opportunities be successful, such as a possible additional Puren pushback and incorporating other adjacent pits, Lobo-Marte’s timing is expected to be adjusted accordingly.

Kinross announced an updated view of the economics for its Lobo-Marte project in July 2026, based on a refresh of its 2021 feasibility study economics, reaffirming its potential to become a cornerstone asset in the Company’s portfolio.

Based on the initial mine plan, Lobo-Marte is expected to produce an average of approximately 350,000 gold ounces per year during steady state operations, with a low estimated AISC of approximately $1,000 per ounce.

The initial mine plan includes approximately 6.7 million ounces of proven and probable reserves with significant potential for mine life extension.

A positive development decision would depend on a range of factors, including permitting and other potential opportunities in the region.

An important aspect of the Feasibility Study included incorporating key environmental and community considerations as part of the project design to better adapt the project to the local environment. Kinross took a rigorous approach to ensure the project is designed to be protective of water resources and local wildlife. Kinross is carrying out significant community engagement and outreach as part of the planning process.

The Company continues to advance permitting, engineering and execution planning with the project’s Environmental Impact Assessment currently progressing through Chile’s permitting process.