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Kinross reports strong 2023 second-quarter results

August 2, 2023

Increased production at Tasiast, Paracatu, and La Coipa drives robust free cash flow
Tasiast 24k construction and initial commissioning complete leading to record quarterly production

TORONTO, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the second-quarter ended June 30, 2023.

This news release contains forward-looking information about expected future events and financial and operating performance of the Company. Please refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 26 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

Q2 2023 highlights from continuing operations:

  • Production of 555,036 gold equivalent ounces (Au eq. oz.), a 22% year-over-year increase.
  • Production cost of sales 1 of $900 per Au eq. oz. sold and all-in sustaining cost2 of $1,296 per Au eq. oz. sold.
  • Margins 3 of $1,076 per Au eq. oz. sold.  
  • Operating cash flow 4 of $528.6 million and adjusted operating cash flow2 of $459.1 million.
  • Reported net earnings 5 of $151.0 million, or $0.12 per share, with adjusted net earnings2, 6 of $167.6 million, or $0.14 per share2.
  • Cash and cash equivalents of $478.4 million, and totalliquidity7 of approximately $1.9 billion at June 30, 2023.
  • Guidance reaffirmed: Kinross expects to produce 2.1 million Au eq. oz. (+/- 5%) and is on track to meet its 2023 guidance for production cost of sales, all-in sustaining cost and attributable capital expenditures.
  • Debt refinancing: In July, Kinross issued $500.0 million in Senior Notes to refinance its 2024 Notes, extending the maturity to 2033.
  • Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on September 8, 2023 to shareholders of record at the close of business on August 24, 2023.
  • Kinross published its 2022 Climate Report on July 21, 2023, detailing its Climate Change Strategy and a comprehensive summary of its progress over the past year with a target to be a net-zero greenhouse gas emissions Company by 2050.

Operational and development project highlights:

  • Tasiast achieved record quarterly production and sales driven by strong grades and higher recoveries. The Tasiast 24k expansion project achieved a major milestone as construction and initial commissioning are now complete with the ramp-up process underway.
  • Paracatu delivered another strong quarter with higher production and lower costs both quarter-over-quarter and year-over-year.
  • La Coipa delivered higher quarterly and year-over-year production, and the lowest costs in the portfolio.
  • Manh Choh received its key operating permits in May and remains on track for initial production in the second half of 2024.
  • At Great Bear, Kinross recently signed an Advanced Exploration Agreement with the Wabauskang and Lac Seul First Nations as the Company moves from surface exploration to underground exploration. The Company is using directional core drilling to more efficiently target the resource, and is progressing studies and permitting for its advanced exploration program.

CEO commentary:
J. Paul Rollinson, President and CEO, made the following comments in relation to 2023 second-quarter results:

“Our portfolio of mines performed well during the quarter contributing to a strong first half of the year. Our margins grew by 27%, operating earnings were significantly higher, and free cash flow more than doubled compared with the same period last year. Tasiast, Paracatu and La Coipa delivered approximately 70% of our production and our lowest costs for the quarter, including record production at Tasiast, and we remain on track to meet our annual production and cost outlook for 2023.

“Our pipeline of projects continued to make strong progress. During the quarter, construction and initial commissioning was completed at the Tasiast 24k project, on schedule and on budget. The Tasiast 24k project is expected to increase production and lower costs while generating significant free cash flow. Manh Choh is advancing on plan to come online in the second half of 2024 following the receipt of its key operating permits in May.

“At Great Bear, we are pleased to have recently signed an Advanced Exploration Agreement with our partners the Wabauskang and Lac Seul First Nations on whose traditional territories the project is located. We recognize that respect, collaboration and consideration for our First Nation partners is central to our license to operate in the area. We are committed to developing a project that honours Indigenous rights and brings long-term socio-economic benefits, consistent with how Kinross operates in all of our host communities.

“We also released our annual Climate Report, which provides a transparent and comprehensive account of our reporting in this important area. We advanced our climate change strategy in 2022 as well as a number of energy-efficiency projects that support our goal of achieving net-zero emissions by 2050. The solar plant at Tasiast is on schedule to come online by the end of the year and is expected to reduce greenhouse gas emissions by approximately 530,000 tonnes over the life of mine.”

Summary of financial and operating results

    Three months ended Six months ended  
    June 30, June 30,  
(unaudited, in millions of U.S. dollars, except ounces, per share amounts, and per ounce amounts)   2023   2022     2023   2022  
Operating Highlights        
Total gold equivalent ounces from continuing operations(a),(b)  
Produced   555,036   453,978     1,021,058   832,399  
Sold   552,969   439,078     1,043,299   812,806  
           
Financial Highlights from Continuing Operations (a)    
Metal sales $ 1,092.3 $ 821.5   $ 2,021.6 $ 1,522.4  
Production cost of sales $ 497.9 $ 450.8   $ 981.8 $ 813.9  
Depreciation, depletion and amortization $ 239.3 $ 180.5   $ 451.2 $ 347.0  
Operating earnings $ 237.8 $ 64.0   $ 381.7 $ 166.5  
Net earnings (loss) from continuing operations attributable to common shareholders $ 151.0 $ (9.3 ) $ 241.2 $ 72.0  
Basic earnings (loss) per share from continuing operations attributable to common shareholders $ 0.12 $ (0.01 ) $ 0.20 $ 0.06  
Diluted earnings (loss) per share from continuing operations attributable to common shareholders $ 0.12 $ (0.01 ) $ 0.20 $ 0.06  
Adjusted net earnings from continuing operations attributable to common shareholders(c) $ 167.6 $ 37.4   $ 255.2 $ 106.2  
Adjusted net earnings from continuing operations per share(c) $ 0.14 $ 0.03   $ 0.21 $ 0.08  
Net cash flow of continuing operations provided from operating activities $ 528.6 $ 257.1   $ 787.6 $ 355.0  
Adjusted operating cash flow from continuing operations(c) $ 459.1 $ 251.9   $ 791.9 $ 501.0  
Capital expenditures from continuing operations(d) $ 281.9 $ 149.4   $ 503.1 $ 250.1  
Free cash flow from continuing operations(c) $ 246.7 $ 107.7   $ 284.5 $ 104.9  
Average realized gold price per ounce from continuing operations(e) $ 1,976 $ 1,872   $ 1,937 $ 1,874  
Production cost of sales from continuing operations per equivalent ounce(b) sold(f) $ 900 $ 1,027   $ 941 $ 1,001  
Production cost of sales from continuing operations per ounce sold on a by-product basis(c) $ 845 $ 1,018   $ 885 $ 994  
All-in sustaining cost from continuing operations per ounce sold on a by-product basis(c) $ 1,262 $ 1,335   $ 1,272 $ 1,285  
All-in sustaining cost from continuing operations per equivalent ounce(b) sold(c) $ 1,296 $ 1,341   $ 1,308 $ 1,290  
Attributable all-in cost(g) from continuing operations per ounce sold on a by-product basis(c) $ 1,596 $ 1,596   $ 1,606 $ 1,536  
Attributable all-in cost(g) from continuing operations per equivalent ounce(b) sold(c) $ 1,614 $ 1,599   $ 1,624 $ 1,539  

 

(a) Results for the three and six months ended June 30, 2023 and 2022 are from continuing operations and exclude results from the Company’s Chirano and Russian operations due to the classification of these operations as discontinued and their sale in 2022. 
(b) “Gold equivalent ounces” include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for each period. The ratio for the second quarter and first six months of 2023 was 81.88:1 and 82.85:1, respectively (second quarter and first six months of 2022 – 82.76:1 and 80.36:1, respectively).
(c) The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages [x] to [x] of this news release. Non-GAAP financial measures and ratios have no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers.
(d)  "Capital expenditures from continuing operations” is as reported as “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows.
(e)  “Average realized gold price per ounce from continuing operations” is defined as gold metal sales from continuing operations divided by total gold ounces sold from continuing operations. 
(f)  “Production cost of sales from continuing operations per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold from continuing operations. 
(g) “Attributable all-in cost” includes Kinross’ share of Manh Choh (70%) costs.
   

The following operating and financial results are based on second-quarter gold equivalent production:

Production: Kinross produced 555,036 Au eq. oz. in Q2 2023 from continuing operations, compared with 453,978 Au eq. oz. in Q2 2022. The 22% year-over-year increase was primarily attributable to higher production at La Coipa, and higher grades and recoveries at Paracatu and Tasiast.

Average realized gold price: The average realized gold price from continuing operations in Q2 2023 was $1,976 per ounce, compared with $1,872 per ounce in Q2 2022.

Revenue: During the second quarter, revenue from continuing operations increased to $1,092.3 million, compared with $821.5 million during Q2 2022. The 33% increase is due to an increase in gold equivalent ounces sold and an increase in average realized gold price.

Production cost of sales: Production cost of sales1 from continuing operations per Au eq. oz. sold was $900 for the quarter, compared with $1,027 in Q2 2022. The 12% decrease was primarily due to the increase in gold equivalent ounces sold.

Production cost of sales from continuing operations per Au oz. sold2 on a by-product basis was $845 in Q2 2023, compared with $1,018 in Q2 2022, based on gold sales of 525,921 ounces and silver sales of 2,214,686 ounces.

Margins 3: Kinross’ margin from continuing operations per Au eq. oz. sold increased to $1,076 for Q2 2023, compared with the Q2 2022 margin of $845.

All-in sustaining cost 2: All-in sustaining cost from continuing operations per Au eq. oz. sold was $1,296 in Q2 2023, compared with $1,341 in Q2 2022.

In Q2 2023, all-in sustaining cost from continuing operations per Au oz. sold on a by-product basis was $1,262, compared with $1,335 in Q2 2022.

Operating cash flow: Operating cash flow from continuing operations4 was $528.6 million for Q2 2023, compared with $257.1 million for Q2 2022.

Adjusted operating cash flow from continuing operations2 increased to $459.1 million in Q2 2023, compared with $251.9 million for Q2 2022.

Free cash flow 2 : Free cash flow from continuing operations in Q2 2023 was $246.7 million, compared with $107.7 million in Q2 2022.

Earnings: Reported net earnings5 from continuing operations was $151.0 million, or $0.12 per share for Q2 2023, compared with reported net loss of $9.3 million, or $0.01 per share, for Q2 2022. The increase in reported net earnings was mainly due to the increase in margins.

Adjusted net earnings from continuing operations2,6 was $167.6 million, or $0.14 per share, for Q2 2023, compared with $37.4 million, or $0.03 per share, for Q2 2022.

Capital expenditures: Capital expenditures from continuing operations increased to $281.9 million for Q2 2023, compared with $149.4 million for Q2 2022, primarily due to an increase in capital stripping at Tasiast, Fort Knox and Bald Mountain and development activities at Manh Choh.

Balance sheet

As of June 30, 2023, Kinross had cash and cash equivalents of $478.4 million, compared with $418.1 million at December 31, 2022.

During the quarter, the Company repaid $200.0 million on its revolving credit facility and $20.0 million of scheduled principal payments on its Tasiast Loan. On July 5, 2023, Kinross completed a $500.0 million offering of debt securities and will use the net proceeds towards the redemption of all of the outstanding Senior Notes due March 15, 2024, on August 10, 2023.

In connection with the divestiture of its Russian assets in 2022, the Company has received $40.0 million during the quarter. All proceeds from the sale have now been received.

The Company had available credit8 of approximately $1.5 billion and total liquidity7 of approximately $1.9 billion as of June 30, 2023.

Return of capital

As part of its continuing quarterly dividend program, the Company declared a dividend of $0.03 per common share payable on September 8, 2023, to shareholders of record as of August 24, 2023.

In accordance with the parameters of the share buyback program, Kinross has paused share repurchases to prioritize debt reduction in the near term. Going forward, the Company will continue to assess its capital allocation priorities dependent on market conditions and other relevant factors.

Operating results

Mine-by-mine summaries for 2023 second-quarter operating results may be found on pages 12 and 16 of this news release. Across the portfolio, all projects are on plan and met quarterly production targets. Highlights include the following:

Tasiast had another strong quarter and achieved record quarterly production and sales, largely due to strong grades and recoveries. Production was higher compared with the first quarter primarily due to higher throughputs after the planned shutdown in February, and as the operation continues its commissioning and ramp-ups to the sustained 24k tonnes per day (t/d). Production was higher year-over-year mainly due to improved recoveries and an increase in mill grades as mining has moved to the higher-grade section of West Branch 4. Cost of sales per ounce sold was lower quarter-over-quarter and year-over-year due to the increase in production.

Paracatu performed well during the quarter, with an increase in quarterly production driven by strong grades and recoveries, which contributed to the lower cost of sales per ounce sold. Year-over-year, production increased due to stronger grades and cost of sales per ounce sold decreased mainly due to the increased production.

At La Coipa, production was higher quarter-over-quarter mainly due to the planned mill shutdown in the first quarter to increase mill reliability and sustain higher throughput levels, partially offset by lower grades and recoveries. Year-over-year production was higher as the mill ramped up over the course of last year. Production cost of sales per ounce sold was lower than both comparable periods due to the increase in production.

At Fort Knox, production was higher compared with the previous quarter mainly due to an increase in mill throughput and higher grades. Year-over-year production decreased primarily as a result of fewer tonnes placed on the Barnes Creek heap leach facility, partially offset by higher grades. Cost of sales per ounce sold was largely in line quarter-over-quarter and year-over-year.

At Round Mountain, production decreased slightly compared with the previous quarter mainly due to lower grades and recoveries. Year-over-year production increased slightly, largely due to an increase in tonnes placed on the heap leach pads. Cost of sales per ounce sold was lower quarter-over-quarter mainly due to an increase in ounces stacked on the heap leach pads, and largely in line year-over-year.

At Bald Mountain, production was higher quarter-over-quarter primarily due to an increase in ounces recovered from the heap leach pads, partially offset by lower grades. Year-over-year production was lower as a result of fewer tonnes placed on the heap leach pads and lower grades. Cost of sales per ounce sold was slightly higher quarter-over-quarter due to higher maintenance costs, and year-over-year due to lower production. Following the unprecedented winter snowfall, mining rates have ramped up and Bald Mountain remains on target for full-year production.

Development projects and exploration update

Tasiast

Tasiast 24k construction and initial commissioning is now complete, on schedule and on budget. The successful tie-in of the new pre-classification circuit was completed in June, all components of the 24k project are in operation with the ramp-up process underway. The process plant has regularly achieved the designed 24,000 t/d throughput for sustained periods of time. The operation is expected to ramp-up for the balance of the year to consistently achieve 24,000 t/d (average) on an annual basis.

The 34MW Tasiast solar power plant continues to advance and is on schedule for completion by the end of the year. Civil works are nearly complete and mechanical works are well advanced with a focus on the installation of the photovoltaic modules. Electrical works are underway and planning for commissioning has begun.

Great Bear

The Company continues to make excellent progress at the Great Bear project in Red Lake, Ontario. In the second quarter, Kinross drilled approximately 56,000 metres as part of its robust exploration and infill drilling program. Kinross’ focus this year is on inferred drilling in the area half a kilometre to one kilometre below surface. This work will be complemented by exploration drilling along strike of the LP Fault zone and around the Hinge and Limb zones that have seen little exploration drilling for new mineralization beyond the known zones, with the goal of further delineating the deposit at depth as well as adding inferred resource ounces. Drilling-to-date has demonstrated potential for a meaningful increase in the underground resource and Kinross expects to declare a resource update as part of its year-end results.

Since its last update on May 9, 2023, the Company has received additional assay results, with a selection of the new results from targets at the LP Fault zone highlighted in the table below. Notable exploration results at Great Bear in the second quarter include:

  1. BR-805 (Yauro) – 6.7 m @ 19.31 g/t at a vertical depth of 730m*
  2. BR-796 (Yuma) – 4.6m @ 5.7 g/t at a vertical depth of 860m
  3. BR-769A (Yauro) – 3.4m @ 4.2 g/t at a vertical depth of 540m
  4. BR-804 (Yauro) – 3.8m @ 8.4 g/t, at a vertical depth of 745m

Results-to-date continue to support the view of a high-grade deposit that underpins the prospect of a large, long-life mining complex with the recent results continuing to demonstrate the high-grade nature of the mineralization. Holes BR-805, BR-769A and BR-804 show the potential for continued resource growth at Yauro below the existing mineral resource. Hole BR-796 intercepted 4.6m @ 5.7 g/t at a depth of 860m at Yuma, demonstrating the continuity of the LP Fault zone between 500 and 1,000 metres.

The Company recently began using directional core drilling at Great Bear, which allows multiple drill holes to branch off from a single pilot hole. This decreases the amount of drilling required to reach deep targets, thereby reducing costs, improving productivity, and enabling the precise targeting of the resource from different angles. Initial trials earlier this year were highly successful, and the system is now being used on 6 of the 11 drills on site to target the LP Fault and Hinge zones.

The Company is also progressing studies and permitting for an advanced exploration 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 zone, along with the nearby Hinge and Limb gold zones. Feasibility level engineering for advanced exploration infrastructure is approximately 70% complete, including geophysics and soils geotechnical drilling, and the procurement process for long-lead items such as the camp, power infrastructure and water treatment plant has been initiated.  

Further, on July 19th, the Company together with the Wabauskang and Lac Seul First Nations signed an updated Advanced Exploration Agreement (the “AEX Agreement”), which replaces the existing Exploration Agreement. The AEX Agreement is designed to better reflect the changing nature of project activities in anticipation of the development of the underground decline. The AEX Agreement also reflects the importance of building positive and strong relationships through meaningful dialogue and consultation and continues the process of strengthening our partnership. Kinross is targeting a potential start of the surface construction for the advanced exploration program in 2024, subject to receipt of permits.

Chief Bill Petiquan, Wabauskang First Nation, said: “Through the sands of time there was foretold that a future of prosperity would come for our people. A time prepared in life this day would come. For centuries past, the hidden future is now being told. Our destiny has arrived. Today we stand with Kinross as Brothers, it is written in the wind. We will walk the same path the Creator left us.” 

Chief Clifford Bull, Lac Seul First Nation, said: “This Advanced Exploration Agreement marks an important milestone in our relationship with Kinross. We are pleased to welcome Kinross into our territory. We look forward to building a strong relationship based on shared prosperity and respect for all of Creation.”

For the main project, Kinross continues to advance technical studies, including engineering and field testwork campaigns, with plans to release the results of this work in the form of a preliminary economic assessment in 2024. Metallurgical testwork is underway, as well as geochemical work that includes static testing, humidity cells, column testing, tailings residue sampling and field leach barrels. An extensive field bedrock and soils geotechnical drilling and testing program is planned to kickoff in August.  

A comprehensive baseline study program encompassing air, noise, hydrogeology, geochemistry, archeology, water quality and a number of other metrics is progressing well. There are over 60 water monitoring wells installed around the site, as well as 25 surface water stations and 11 hydrometric stations which together enable understanding of the water quality and flow of water in and around the site. Permitting activities are progressing well, including pre-submission engagement with the Impact Assessment Agency of Canada (IAAC) in preparation for the Initial Project Description submission.

*Note: Hole BR-805 is considered a partial result as some assay results from this drill hole remain pending.

View an interactive 3D model of the Great Bear project: https://vrify.com/decks/13856?slide=278491

Selected Great Bear Drill Results

See Appendix A for full results.


Hole ID
  From
(m)
To
(m)
Width
(m)
True
Width (m)
Au
(g/t)

Target

BR-769A   701.00 713.60 12.60 10.33 0.73 Yauro
BR-769A and 721.30 740.50 19.20 12.67 1.76  
BR-769A including 734.80 739.15 4.35 3.35 4.18  
BR-769A and 773.20 777.00 3.80 3.08 0.41  
BR-796   1,048.75 1,056.00 7.25 6.60 0.53 Yuma
BR-796 and 1,072.00 1,078.75 6.75 4.66 0.46  
BR-796 and 1,106.00 1,111.95 5.95 4.64 5.71  
BR-796 including 1,109.35 1,110.65 1.30 0.96 23.87  
BR-804   563.10 567.25 4.15 2.95 0.64 Yauro
BR-804 and 575.75 586.10 10.35 9.00 0.61  
BR-804 and 659.00 663.00 4.00 3.44 0.47  
BR-804 and 721.80 731.80 10.00 7.70 0.93  
BR-804 and 756.00 765.00 9.00 8.28 1.11  
BR-804 and 889.10 892.10 3.00 2.64 0.92  
BR-804 and 938.00 941.90 3.90 3.47 2.28  
BR-804 and 1,022.85 1,028.00 5.15 3.76 8.38  
BR-804 including 1,025.00 1,026.90 1.90 1.46 21.93  
BR-804 and 1,115.35 1,124.05 8.70 6.61 1.18  
BR-805   543.70 549.55 5.85 4.45 0.53 Yauro
BR-805 and 556.80 560.90 4.10 3.32 0.50  
BR-805 and 718.80 722.40 3.60 3.13 1.10  
BR-805 and 792.35 834.50 42.15 36.25 4.52  
BR-805 including 826.00 834.50 8.50 6.72 19.31  
BR-805 and 923.30 926.85 3.55 2.80 0.57  
BR-805 and 941.00 949.30 8.30 6.14 0.54  
BR-805 and 961.60 970.00 8.40 7.06 0.51  
BR-805 and 993.90 1,005.00 11.10 8.88 2.35  
BR-805 including 993.90 994.70 0.80 0.64 26.40  
BR-805 and 1,015.00 1,020.00 5.00 4.40 0.92  
BR-812   612.40 616.00 3.60 3.13 0.68 Yauro
BR-812 and 623.90 628.25 4.35 3.31 5.48  
BR-812 including 623.90 627.35 3.45 2.93 6.47  
BR-812 and 871.25 886.75 15.50 12.09 0.49  
BR-812 and 901.35 908.50 7.15 5.08 1.60  
BR-821   995.30 996.00 0.70 0.60 57.00 Yauro
BR-821 and 1,023.00 1,035.10 12.10 11.13 1.13  
BR-821 and 1,053.40 1,057.80 4.40 2.95 0.38  
BR-821 and 1,066.00 1,075.70 9.70 6.89 1.43  
BR-821 including 1,072.70 1,075.70 3.00 1.95 3.06  
BR-821 and 1,157.15 1,160.60 3.45 2.52 8.21  
BR-821 including 1,159.25 1,159.75 0.50 0.45 53.40  
BR-821 and 1,175.30 1,187.50 12.20 8.05 0.88  

Results are preliminary in nature and are subject to on-going QA/QC. Lengths are subject to rounding.

See Appendix B for a LP Fault zone long section.

Manh Choh

At the 70%-owned Manh Choh project, activities remain on schedule and on budget, and the mine’s key operating permits were received in May. Construction activities at the mine area have commenced and continue to ramp-up with the mobilization of the mining business partner and construction companies to install the site facilities. Contracting and procurement activities are now complete for the Manh Choh site. Construction activities have commenced on the mill modifications at Fort Knox, where the Manh Choh ore will be processed. The Kinross operations team is now fully staffed while onboarding of key business partners to support the mining and ore transport is ongoing. As a key priority, all parties remain focused on local hiring and training opportunities to support the local towns and villages including long-term skills for individuals after mining concludes at Manh Choh.

The Company announced on July 27, 2022, that it was proceeding with the Manh Choh project as the operator of the joint venture. Initial production from Manh Choh is expected in the second half of 2024 and is expected to add approximately 640,000 attributable Au eq. oz. to the Company’s production profile over its approximately 4.5 year life-of-mine. Including Manh Choh, the Company expects to produce an average of approximately 400,000 attributable Au eq. oz. per year from 2024 to 2027 from its Alaskan assets.

Round Mountain and Gold Hill exploration and studies

At Round Mountain, the Company has completed Phase W1 and is continuing to mine Phase W2 while progressing optimization work on Phase S open pit and focusing on exploration and studies of the underground options at Phase X and Gold Hill

The recent optimization work at Phase S has shown positive initial results, reducing the capital spend and strip ratio and improving economics. The Company will continue to study Phase S, and the associated ounces remain in reserves for potential future mining.

Construction of the Phase X exploration decline is progressing well, with 350 metres developed so far, and remains on plan to start definition drilling in early 2024.

View a Phase X animation here:  https://youtu.be/d3aYE5sFIIQ

In terms of sequencing, Round Mountain could potentially transition open pit mining from Phase W2 to Phase S while developing and ramping up the Phase X underground, which could then be concurrently exploited with Phase S in the second half of the decade. Gold Hill underground development could follow Phase X, adding higher grade mill feed to supplement production from Phase S and Phase X towards the end of the decade.

The Gold Hill exploration 2023 drill program tested continuity within the mid-Atlantic vein zone and confirmed an 800m west strike extension with multiple high-grade intercepts within the Jersey vein zone.

Top Jersey vein zone intercepts

  • D-1195 – 2.1m @ 41.5 g/t Au-eq (400m strike extension)
  • D-1195 – 2.3m @ 20.4 g/t Au-eq (400m strike extension)
  • D-1194 – 1.9m @ 29.8 g/t Au-eq, new high grade in critical area
  • D-1196 – 1.9m @ 6.1 g/t Au-eq (800m strike extension)

The new strike extensions, including the best intercept received to date in hole D-1195, demonstrate this robust system continues and still remains open to the west at depth.

Chile

Kinross’ activities in Chile are currently focused on La Coipa and potential opportunities to extend its mine life. The Lobo-Marte project continues to provide optionality as a potential large, low-cost mine upon the conclusion of mining at La Coipa. While the Company focuses its technical resources on La Coipa, it will continue to engage and build relationships with communities related to Lobo-Marte and government stakeholders.

Curlew Basin exploration

At the Curlew Basin exploration project in Washington State, underground exploration drill results continue to confirm vein extensions and continuity within high priority target areas. Exploration drilling will continue throughout the third quarter with the aim to build on the resource through proximal growth and to test the area of upside potential.

The top three significant intercepts (of 72) received during the quarter include:

  • K5 (1148) – 2.2m @ 41.3 g/t Au
  • K5 (1403) – 6.8m @ 9.1 g/t Au including 3.1 @ 14.7 g/t Au
  • K5 (1410) – 4.5m @ 10.8 g/t Au

Results-to-date demonstrate thicker intervals of mineralization and are adding volume in key portions of the system. Hole 1148, which represents the best Curlew intercept in 10 years, tested the southern edge of K5 and documented a major change in vein orientation, resulting in a new open zone of higher-grade veins. Previous tests of K5-South from surface showed the zone had limited growth potential, and now this intercept and follow-up drilling unlock a new search space. Year-after-year, exploration continues to define new veins, proving the thesis there is more to explore within the entire Curlew Basin.

Company Guidance
The following section of the news release represents forward-looking information and users are cautioned that actual results may vary. We refer to the risks and assumptions contained in the Cautionary Statement on Forward-Looking Information on page 26.

The Company is on track to meet its 2023 production guidance of 2.1 million Au eq. oz. (+/- 5%). Production increased in the second quarter, as planned, and is expected to remain strong for the remainder of 2023. Kinross’ annual production is expected to remain stable in 2024 and 2025 at 2.1 million and 2.0 million attributable9 Au eq. oz. (+/- 5%), respectively.

The Company is also on track to meet its 2023 guidance for production cost of sales, all-in sustaining cost and attributable10 capital expenditures.

Organizational update

To support the ongoing success of its global projects and organic growth, Kinross is expanding on the changes to its Senior Leadership Team (SLT) announced last year, which created an enhanced focus on the technical and operational aspects of the business.

Technical services will be divided into two separate Senior Leadership Team roles - a Senior Vice President of Technical Services and a Senior Vice President of Global Projects, both of which will report to the President and CEO. This will further facilitate hands-on senior level, dedicated oversight and focused support of Kinross’ operations and projects. These changes are expected to create organizational efficiencies and unlock the full potential of Kinross’ existing assets and organic growth related to major development projects.

As such, Ned Jalil, currently Senior Vice President and Chief Technical Officer has decided to depart Kinross to pursue other opportunities and will remain in a transitionary role until the end of August. Kinross thanks Ned for his contributions to Kinross over the years.

William Dunford will assume the role of Senior Vice President, Technical Services. Since joining Kinross more than 16 years ago, William has held increasingly senior technical and operational roles, including as the General Manager of Kupol prior to its sale last year, and is currently the Vice President, Mining Operations, overseeing Kinross’ Mine Planning, Geotechnical, Strategic Business Planning, Maintenance, Continuous Improvement, and Business Performance Management functions. William’s combination of technical, operational, site and corporate experience will be an asset in this position. The Company is recruiting for the Senior Vice President, Global Projects role.

Environment, Social and Governance (ESG) update

Kinross published its third annual Climate Report, providing comprehensive climate-related disclosures and the Company’s greenhouse gas (GHG) emissions data for 2022. The Report outlines the Company’s progress towards meeting the goals of the United Nations Framework Convention on Climate Change (UNFCCC) Paris Agreement. It also details Kinross’ Climate Change Strategy, which aims to reduce Scope 1 and Scope 2 GHG emissions intensity per ounce produced by 30% by 2030 over the 2021 baseline and achieve net-zero GHG emissions by 2050. Click here to access the Climate Report: https://www.kinross.com/2022-Climate-Report

As detailed in the Report, the Company advanced its multi-faceted Climate Change Strategy in 2022 structured on five key focus areas, which includes growing the role of renewable energy in Kinross’ overall energy portfolio. For example, at the Tasiast solar plant, the project, which is nearing completion, is expected to provide annualized fuel savings of 17 million litres of heavy oil, with a payback of less than five years. This translates into an 18% reduction of GHG emissions from the power plant over life of mine. Annualized GHG emissions reductions are estimated at 50 kilotonnes CO2e, and henceforth 22.5% of Tasiast’s energy generation will be from renewable sources.

Kinross has been reporting on climate-related data since 2005 and began reporting in alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) in 2020 with its inaugural Climate Report. The Climate Report follows the recommended TCFD framework, providing investors and broader stakeholders with timely information about Kinross’ global efforts to address climate change and manage climate-related risks to its business.

Conference call details

In connection with this news release, Kinross will hold a conference call and audio webcast on Thursday, August 3, 2023, at 8:00 a.m. ET to discuss the results, followed by a question-and-answer session. To access the call, please dial:

Canada & US toll-free – 1 (888) 330-2446; Passcode: 4915537
Outside of Canada & US – 1 (240) 789-2732; Passcode: 4915537

Replay (available up to 14 days after the call):

Canada & US toll-free – 1-800-770-2030; Passcode: 4915537
Outside of Canada & US – 1-647-362-9199; Passcode: 4915537

You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The audio webcast will be archived on www.kinross.com.

This release should be read in conjunction with Kinross’ 2023 second-quarter unaudited Financial Statements and Management’s Discussion and Analysis report at www.kinross.com. Kinross’ 2023 second-quarter unaudited Financial Statements and Management’s Discussion and Analysis have been filed with Canadian securities regulators (available at www.sedar.com) and furnished with the U.S. Securities and Exchange Commission (available at www.sec.gov). Kinross shareholders may obtain a copy of the financial statements free of charge upon request to the Company.

About Kinross Gold Corporation

Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).

Media Contact

Victoria Barrington
Senior Director, Corporate Communications
phone: 647-788-4153
victoria.barrington@kinross.com

Investor Relations Contact
Chris Lichtenheldt
Vice-President, Investor Relations
phone: 416-365-2761
chris.lichtenheldt@kinross.com


Review of operations

Three months ended June 30,
(unaudited)
Gold equivalent ounces            
  Produced   Sold   Production cost of
sales
($millions)
  Production cost of
sales/equivalent ounce sold
  2023 2022   2023 2022     2023   2022     2023   2022
                       
Tasiast 157,844 129,140   152,564 114,064   $ 99.5 $ 93.3   $ 652 $ 818
Paracatu 164,243 129,423   163,889 133,472     135.2   129.6     825   971
La Coipa 66,744 7,414   67,378 7,099     43.6   5.6     647   789
                       
Fort Knox 69,438 77,184   69,206 77,698     79.3   92.6     1,146   1,192
Round Mountain 57,446 56,709   57,412 51,455     85.5   74.8     1,489   1,454
Bald Mountain 39,321 54,108   42,181 54,472     54.5   54.5     1,292   1,001
United States Total 166,205 188,001   168,799 183,625     219.3   221.9     1,299   1,208
                       
Maricunga - -   339 818     0.3   0.4     885   489
                       
Continuing Operations Total 555,036 453,978   552,969 439,078     497.9   450.8     900   1,027
                       
Discontinued Operations                  
Kupol - 73,265   - 36,358     -   18.4   $ - $ 506
Chirano (100%) - 33,609   - 36,995     -   59.3     -   1,603
  - 106,874   - 73,353     -   77.7      
                       
                       
 
Six months ended June 30,
(unaudited)
Gold equivalent ounces            
  Produced   Sold   Production cost of
sales
($millions)
  Production cost of
sales/equivalent ounce sold
  2023 2022   2023 2022     2023   2022     2023   2022
                       
Tasiast 288,889 262,835   281,043 244,259   $ 187.9 $ 189.1   $ 669 $ 774
Paracatu 287,577 237,432   292,233 235,358     253.2   236.2     866   1,004
La Coipa 120,340 7,938   129,158 7,099     88.5   5.6     685   789
                       
Fort Knox 134,825 131,987   134,610 130,511     156.9   160.0     1,166   1,226
Round Mountain 116,278 102,028   115,638 98,414     182.0   127.1     1,574   1,291
Bald Mountain 73,149 90,179   89,464 95,489     112.5   94.8     1,257   993
United States Total 324,252 324,194   339,712 324,414     451.4   381.9     1,329   1,177
                       
Maricunga - -   1,153 1,676     0.8   1.1     694   656
                       
Continuing Operations Total 1,021,058 832,399   1,043,299 812,806     981.8   813.9     941   1,001
                     
Discontinued Operations                  
Kupol - 169,156   - 122,295     -   83.8     -   685
Chirano (100%) - 68,538   - 72,805     -   106.9     -   1,468
  - 237,694   - 195,100     -   190.7      


Interim condensed consolidated balance sheets

(unaudited, expressed in millions of U.S. dollars, except share amounts)
           
    As at  
    June 30,   December 31,
 
    2023   2022  
           
Assets          
Current assets          
Cash and cash equivalents   $ 478.4     $ 418.1    
Restricted cash     8.7       10.1    
Accounts receivable and other assets     240.2       318.2    
Current income tax recoverable     5.5       8.5    
Inventories     1,189.3       1,072.2    
Unrealized fair value of derivative assets     16.9       25.5    
      1,939.0       1,852.6    
Non-current assets          
Property, plant and equipment     7,815.4       7,741.4    
Long-term investments     89.4       116.9    
Other long-term assets     696.4       680.9    
Deferred tax assets     6.5       4.6    
Total assets   $ 10,546.7     $ 10,396.4    
           
Liabilities          
Current liabilities          
Accounts payable and accrued liabilities   $ 556.4     $ 550.0    
Current income tax payable     71.8       89.4    
Current portion of long-term debt and credit facilities     531.5       36.0    
Current portion of provisions     53.4       50.8    
Other current liabilities     19.8       25.3    
      1,232.9       751.5    
Non-current liabilities          
Long-term debt and credit facilities     1,943.9       2,556.9    
Provisions     806.1       755.9    
Long-term lease liabilities     19.5       23.1    
Other long-term liabilities     133.3       125.3    
Deferred tax liabilities     320.8       301.5    
Total liabilities   $ 4,456.5     $ 4,514.2    
           
Equity          
Common shareholders' equity          
Common share capital   $ 4,480.2     $ 4,449.5    
Contributed surplus     10,643.1       10,667.5    
Accumulated deficit     (9,084.1 )     (9,251.6 )  
Accumulated other comprehensive income (loss)     (41.4 )     (41.7 )  
Total common shareholders' equity     5,997.8       5,823.7    
Non-controlling interests     92.4       58.5    
Total equity     6,090.2       5,882.2    
Total liabilities and equity   $ 10,546.7     $ 10,396.4    
           
Common shares        
Authorized   Unlimited     Unlimited  
Issued and outstanding     1,227,579,280       1,221,891,341
 
           


Interim condensed consolidated statements of operations

(unaudited, expressed in millions of U.S. dollars, except share and per share amounts)    
    Three months ended   Six months ended  
    June 30,   June 30,   June 30,   June 30,  
      2023       2022       2023       2022    
Revenue                  
Metal sales   $ 1,092.3     $ 821.5     $ 2,021.6     $ 1,522.4    
                   
Cost of sales                  
Production cost of sales     497.9       450.8       981.8       813.9    
Depreciation, depletion and amortization     239.3       180.5       451.2       347.0    
Total cost of sales     737.2       631.3       1,433.0       1,160.9    
Gross profit     355.1       190.2       588.6       361.5    
Other operating expense     36.0       56.3       67.2       71.5    
Exploration and business development     49.3       39.9       83.3       63.3    
General and administrative     32.0       30.0       56.4       60.2    
Operating earnings     237.8       64.0       381.7       166.5    
Other (expense) income - net     (10.4 )     0.7       (6.0 )     (6.0 )  
Finance income     11.5       2.0       20.9       4.2    
Finance expense     (26.0 )     (23.5 )     (53.5 )     (44.7 )  
Earnings from continuing operations before tax     212.9       43.2       343.1       120.0    
Income tax expense - net     (62.0 )     (52.7 )     (101.8 )     (48.2 )  
Earnings (loss) from continuing operations after tax     150.9       (9.5 )     241.3       71.8    
Loss from discontinued operations after tax     -       (30.3 )     -       (635.5 )  
Net earnings (loss)   $ 150.9     $ (39.8 )   $ 241.3     $ (563.7 )  
Net earnings (loss) from continuing operations attributable to:                  
Non-controlling interests   $ (0.1 )   $ (0.2 )   $ 0.1     $ (0.2 )  
Common shareholders   $ 151.0     $ (9.3 )   $ 241.2     $ 72.0    
Net earnings (loss) from discontinued operations attributable to:                  
Non-controlling interests   $ -     $ 0.7     $ -     $ 0.6    
Common shareholders   $ -     $ (31.0 )   $ -     $ (636.1 )  
Net earnings (loss) attributable to:                  
Non-controlling interests   $ (0.1 )   $ 0.5     $ 0.1     $ 0.4    
Common shareholders   $ 151.0     $ (40.3 )   $ 241.2     $ (564.1 )  
Earnings (loss) per share from continuing operations attributable to common shareholders                  
Basic   $ 0.12     $ (0.01 )   $ 0.20     $ 0.06    
Diluted   $ 0.12     $ (0.01 )   $ 0.20     $ 0.06    
Earnings (loss) per share from discontinued operations attributable to common shareholders   $ -     $ (0.02 )   $ -     $ (0.50 )  
Basic   $ -     $ (0.02 )   $ -     $ (0.50 )  
Diluted                  
Earnings (loss) per share attributable to common shareholders                  
Basic   $ 0.12     $ (0.03 )   $ 0.20     $ (0.44 )  
Diluted   $ 0.12     $ (0.03 )   $ 0.20     $ (0.44 )  


Interim condensed consolidated statements of cash flows

(unaudited, expressed in millions of U.S. dollars)                
  Three months ended   Six months ended  
  June 30,   June 30,   June 30,   June 30,  
    2023       2022       2023       2022    
Net inflow (outflow) of cash related to the following activities:                
Operating:                
Earnings (loss) from continuing operations after tax $ 150.9     $ (9.5 )   $ 241.3     $ 71.8    
Adjustments to reconcile net earnings (loss) from continuing operations to net cash provided from operating activities:                
Depreciation, depletion and amortization   239.3       180.5       451.2       347.0    
Share-based compensation expense   2.0       3.0       1.4       6.0    
Finance expense   26.0       23.5       53.5       44.7    
Deferred tax expense (recovery)   9.7       14.8       18.7       (2.1 )  
Foreign exchange losses and other   31.2       5.9       21.8       9.7    
Reclamation expense   -       33.7       4.0       23.9    
Changes in operating assets and liabilities:                
Accounts receivable and other assets   42.2       14.3       87.6       62.6    
Inventories   (39.9 )     (63.1 )     (83.1 )     (152.4 )  
Accounts payable and accrued liabilities   91.2       78.9       85.4       51.1    
Cash flow provided from operating activities   552.6       282.0       881.8       462.3    
Income taxes paid   (24.0 )     (24.9 )     (94.2 )     (107.3 )  
Net cash flow of continuing operations provided from operating activities   528.6       257.1       787.6       355.0    
Net cash flow of discontinued operations (used in) provided from operating activities   -       (49.2 )     -       49.2    
Investing:                
Additions to property, plant and equipment   (281.9 )     (149.4 )     (503.1 )     (250.1 )  
Interest paid capitalized to property, plant and equipment   (8.5 )     (5.6 )     (46.8 )     (16.2 )  
Acquisitions net of cash acquired   -       -       -       (1,027.5 )  
Net (additions) disposals to long-term investments and other assets   (10.4 )     (20.2 )     4.9       (34.1 )  
Decrease (increase) in restricted cash - net   2.2       0.6       1.4       (1.1 )  
Interest received and other - net   4.2       3.6       6.9       4.7    
Net cash flow of continuing operations used in investing activities   (294.4 )     (171.0 )     (536.7 )     (1,324.3 )  
Net cash flow of discontinued operations provided from investing activities   40.0       269.9       45.0       252.9    
Financing:                
Proceeds from drawdown of debt   -       -       100.0       1,097.6    
Repayment of debt   (220.0 )     (120.0 )     (220.0 )     (120.0 )  
Interest paid   (2.3 )     (0.9 )     (26.5 )     (25.6 )  
Payment of lease liabilities   (5.6 )     (5.7 )     (21.1 )     (11.1 )  
Dividends paid to common shareholders   (36.9 )     (39.0 )     (73.7 )     (77.9 )  
Other - net   (2.9 )     2.9       4.3       8.8    
Net cash flow of continuing operations (used in) provided from financing activities   (267.7 )     (162.7 )     (237.0 )     871.8    
Net cash flow of discontinued operations provided from financing activities   -       -       -       -    
Effect of exchange rate changes on cash and cash equivalents of continuing operations   0.9       (0.4 )     1.4       (0.4 )  
Effect of exchange rate changes on cash and cash equivalents of discontinued operations   -       5.7       -       1.9    
Increase in cash and cash equivalents   7.4       149.4       60.3       206.1    
Cash and cash equivalents, beginning of period   471.0       454.2       418.1       531.5    
Cash and cash equivalents of assets held for sale, beginning of period   -       134.0       -       -    
Reclassified to assets held for sale   -       (18.5 )     -       (18.5 )  
Cash and cash equivalents, end of period $ 478.4     $ 719.1     $ 478.4     $ 719.1    


   Operating Summary                          
  Mine Period Tonnes Ore
Mined
Ore
Processed (Milled)
Ore
Processed (Heap
Leach)
Grade (Mill) Grade (Heap Leach) Recovery (a)(d) Gold Eq Production (b) Gold Eq Sales (b) Production cost of sales Production
cost of sales/oz
(c)
Cap Ex - sustaining (e) Total Cap Ex (e) DD&A
      ('000 tonnes) ('000 tonnes) ('000 tonnes) (g/t) (g/t) (%) (ounces) (ounces) ($ millions) ($/ounce) ($ millions) ($ millions) ($ millions)
West Africa Tasiast Q2 2023 1,688 1,663 - 3.25 - 93 % 157,844 152,564 $ 99.5 $ 652 $ 9.1 $ 81.9 $ 58.6
Q1 2023 1,690 1,208 - 3.49 - 91 % 131,045 128,479 $ 88.4 $ 688 $ 14.6 $ 64.6 $ 46.2
Q4 2022 3,737 1,627 - 3.21 - 90 % 143,002 147,019 $ 96.2 $ 654 $ 38.3 $ 90.3 $ 48.7
Q3 2022 4,437 1,741 - 2.72 - 89 % 132,754 128,014 $ 94.8 $ 741 $ 3.6 $ 33.4 $ 58.0
Q2 2022 3,053 1,680 - 2.51 - 89 % 129,140 114,064 $ 93.3 $ 818 $ 6.7 $ 24.3 $ 56.4
Americas Paracatu Q2 2023 14,199 15,104 - 0.42 - 80 % 164,243 163,889 $ 135.2 $ 825 $ 39.7 $ 39.7 $ 49.8
Q1 2023 8,056 15,130 - 0.37 - 79 % 123,334 128,344 $ 118.0 $ 919 $ 27.8 $ 27.8 $ 40.4
Q4 2022 13,324 13,847 - 0.50 - 81 % 180,809 183,190 $ 130.3 $ 711 $ 43.9 $ 43.9 $ 52.7
Q3 2022 11,752 13,797 - 0.45 - 79 % 159,113 152,616 $ 131.1 $ 859 $ 33.6 $ 33.6 $ 47.2
Q2 2022 11,011 15,133 - 0.35 - 75 % 129,423 133,472 $ 129.6 $ 971 $ 31.2 $ 31.2 $ 46.0
La Coipa (f) Q2 2023 869 971 - 1.62 - 81 % 66,744 67,378 $ 43.6 $ 647 $ 19.9 $ 23.3 $ 48.3
Q1 2023 748 691 - 1.68 - 88 % 53,596 61,780 $ 44.9 $ 727 $ 1.6 $ 25.4 $ 36.4
Q4 2022 1,047 933 - 1.47 - 84 % 67,683 68,135 $ 39.4 $ 578 $ 2.6 $ 46.0 $ 25.6
Q3 2022 1,079 637 - 1.19 - 83 % 33,955 24,681 $ 12.1 $ 490 $ 2.9 $ 34.7 $ -
Q2 2022 550 321 - 0.74 - 69 % 7,414 7,099 $ 5.6 $ 789 $ 1.6 $ 39.0 $ -
Fort Knox Q2 2023 7,624 2,075 6,837 0.82 0.24 82 % 69,438 69,206 $ 79.3 $ 1,146 $ 52.1 $ 58.2 $ 22.1
Q1 2023 7,412 1,966 5,972 0.78 0.22 82 % 65,387 65,404 $ 77.6 $ 1,186 $ 38.6 $ 39.1 $ 18.6
Q4 2022 12,205 2,395 11,454 0.69 0.20 79 % 83,739 87,061 $ 102.1 $ 1,173 $ 34.4 $ 39.1 $ 40.9
Q3 2022 15,547 2,477 13,120 0.71 0.21 80 % 75,522 74,221 $ 88.6 $ 1,194 $ 30.5 $ 31.0 $ 21.8
Q2 2022 14,591 2,260 12,785 0.72 0.19 81 % 77,184 77,698 $ 92.6 $ 1,192 $ 12.1 $ 13.1 $ 26.1
Round Mountain Q2 2023 10,496 1,021 10,028 0.67 0.35 76 % 57,446 57,412 $ 85.5 $ 1,489 $ 10.5 $ 10.5 $ 33.5
Q1 2023 5,019 878 4,367 0.81 0.44 79 % 58,832 58,226 $ 96.5 $ 1,657 $ 7.4 $ 7.4 $ 34.6
Q4 2022 5,177 962 4,772 0.74 0.36 74 % 61,929 67,484 $ 95.1 $ 1,409 $ 41.1 $ 41.1 $ 19.1
Q3 2022 8,856 1,021 8,336 0.64 0.27 79 % 62,417 61,757 $ 87.0 $ 1,409 $ 24.7 $ 24.7 $ 17.6
Q2 2022 6,702 945 6,515 0.67 0.32 78 % 56,709 51,455 $ 74.8 $ 1,454 $ 20.5 $ 20.6 $ 11.7
Bald Mountain Q2 2023 4,142 - 4,119 - 0.42 nm 39,321 42,181 $ 54.5 $ 1,292 $ 16.5 $ 31.4 $ 25.6
Q1 2023 1,864 - 1,857 - 0.47 nm 33,828 47,283 $ 58.0 $ 1,227 $ 6.1 $ 25.2 $ 33.9
Q4 2022 3,002 - 2,957 - 0.37 nm 58,521 66,847 $ 62.8 $ 939 $ 17.2 $ 37.4 $ 63.4
Q3 2022 4,152 - 4,152 - 0.37 nm 65,394 52,472 $ 51.2 $ 976 $ 10.4 $ 28.2 $ 39.1
Q2 2022 4,945 - 4,945 - 0.60 nm 54,108 54,472 $ 54.5 $ 1,001 $ 5.0 $ 16.2 $ 38.4
                               
(a) Due to the nature of heap leach operations, recovery rates at Bald Mountain cannot be accurately measured on a quarterly basis. Recovery rates at Fort Knox and Round Mountain represent mill recovery only.  
(b) Gold equivalent ounces include silver ounces produced and sold converted to a gold equivalent based on the ratio of the average spot market prices for the commodities for each period. The ratios for the quarters presented are as follows: Q2 2023: 81.88:1; Q1 2023: 83.82:1; Q4 2022: 81.88:1; Q3 2022: 89.91:1; Q2 2022: 82.77:1.
(c) “Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold from continuing operations.        
(d) "nm" means not meaningful                          
(e) "Total Cap Ex" is as reported as “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows. "Capital expenditures - sustaining" is a non-GAAP financial measure. The definition and reconciliation of this non-GAAP financial measure is included on page [x] of this news release.
(f) La Coipa silver grade and recovery were as follows: Q2 2023: 109.84 g/t, 56%; Q1 2023: 125.77 g/t, 70%; Q4 2022: 137.53 g/t, 68%; Q3 2022: 121.06 g/t, 61%; Q2 2022: 56.04 g/t, 43%.    
       

Reconciliation of non-GAAP financial measures and ratios

The Company has included certain non-GAAP financial measures and ratios in this document. These financial measures and ratios are not defined under International Financial Reporting Standards (IFRS) and should not be considered in isolation. The Company believes that these financial measures and ratios, together with financial measures and ratios determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures and ratios is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures and ratios are not necessarily standard and therefore may not be comparable to other issuers.

All the non-GAAP financial measures and ratios in this document are from continuing operations and exclude results from the Company’s Chirano and Russian operations due to the classification of these operations as discontinued. As a result of the exclusion of Chirano, the following non-GAAP financial measures and ratios are no longer on an attributable basis, but on a total basis: production cost of sales from continuing operations per ounce sold on a by-product basis and all-in-sustaining cost from continuing operations per equivalent ounce sold and per ounce sold on a by-product basis.

Adjusted net earnings from continuing operations attributable to common shareholders and adjusted net earnings from continuing operations per share are non-GAAP financial measures and ratios which determine the performance of the Company, excluding certain impacts which the Company believes are not reflective of the Company’s underlying performance for the reporting period, such as the impact of foreign exchange gains and losses, reassessment of prior year taxes and/or taxes otherwise not related to the current period, impairment charges (reversals), gains and losses and other one-time costs related to acquisitions, dispositions and other transactions, and non-hedge derivative gains and losses. Although some of the items are recurring, the Company believes that they are not reflective of the underlying operating performance of its current business and are not necessarily indicative of future operating results. Management believes that these measures and ratios, which are used internally to assess performance and in planning and forecasting future operating results, provide investors with the ability to better evaluate underlying performance, particularly since the excluded items are typically not included in public guidance. However, adjusted net earnings from continuing operations and adjusted net earnings from continuing operations per share measures and ratios are not necessarily indicative of net earnings from continuing operations and earnings per share measures and ratios as determined under IFRS.

The following table provides a reconciliation of net earnings (loss) from continuing operations to adjusted net earnings (loss) from continuing operations for the periods presented:

             
(unaudited, expressed in millions of U.S dollars,
except per share amounts)
Three months ended   Six months ended
June 30,   June 30,
      2023     2022       2023     2022  
             
Net earnings (loss) from continuing operations attributable to common shareholders - as reported $ 151.0   $ (9.3 )   $ 241.2   $ 72.0  
Adjusting items:          
  Foreign exchange losses   10.1     1.7       6.3     5.8  
  Foreign exchange (gains) losses on translation of tax basis and foreign exchange on deferred income taxes within income tax expense   (18.5 )   4.2       (31.7 )   (11.5 )
  Taxes in respect of prior periods   16.6     5.1       28.6     10.8  
  Reclamation expense   -     33.7       4.0     23.9  
  Other(a)   11.6     1.0       10.4     4.5  
  Tax effects of the above adjustments   (3.2 )   1.0       (3.6 )   0.7  
      16.6     46.7       14.0     34.2  
Adjusted net earnings from continuing operations attributable to common shareholders $ 167.6   $ 37.4     $ 255.2   $ 106.2  
Weighted average number of common shares outstanding - Basic   1,227.6     1,299.2       1,226.3     1,282.0  
Adjusted net earnings from continuing operations per share $ 0.14   $ 0.03     $ 0.21   $ 0.08  
Basic earnings (loss) from continuing operations per share attributable to common shareholders - as reported $ 0.12   $ (0.01 )   $ 0.20   $ 0.06  
                           

 

(a) Other includes various impacts, such as one-time costs at sites, and gains and losses on hedges and the sale of assets, which the Company believes are not reflective of the Company’s underlying performance for the reporting period.
   

Free cash flow from continuing operations is a non-GAAP financial measure and is defined as net cash flow of continuing operations provided from operating activities less additions to property, plant and equipment. The Company believes that this measure, which is used internally to evaluate the Company’s underlying cash generation performance and the ability to repay creditors and return cash to shareholders, provides investors with the ability to better evaluate the Company’s underlying performance. However, the free cash flow from continuing operations measure is not necessarily indicative of operating earnings or net cash flow of continuing operations provided from operating activities as determined under IFRS.

The following table provides a reconciliation of free cash flow from continuing operations for the periods presented:

             
(unaudited, expressed in millions of U.S dollars) Three months ended   Six months ended
June 30,   June 30,
      2023     2022       2023     2022  
             
Net cash flow of continuing operations provided from operating activities - as reported $ 528.6   $ 257.1     $ 787.6   $ 355.0  
             
Less: Additions to property, plant and equipment     (281.9 )   (149.4 )     (503.1 )   (250.1 )
             
Free cash flow from continuing operations   $ 246.7   $ 107.7     $ 284.5   $ 104.9  
             

Adjusted operating cash flow from continuing operations is a non-GAAP financial measure and is defined as net cash flow of continuing operations provided from operating activities excluding certain impacts which the Company believes are not reflective of the Company’s regular operating cash flow and excluding changes in working capital. Working capital can be volatile due to numerous factors, including the timing of tax payments. The Company uses adjusted operating cash flow from continuing operations internally as a measure of the underlying operating cash flow performance and future operating cash flow-generating capability of the Company. However, the adjusted operating cash flow from continuing operations measure is not necessarily indicative of net cash flow of continuing operations provided from operating activities as determined under IFRS.

The following table provides a reconciliation of adjusted operating cash flow from continuing operations for the periods presented:

             
(unaudited, expressed in millions of U.S dollars) Three months ended   Six months ended
June 30,   June 30,
      2023     2022       2023     2022  
             
Net cash flow of continuing operations provided from operating activities - as reported $ 528.6   $ 257.1     $ 787.6   $ 355.0  
             
Adjusting items:          
Working capital changes:      
Accounts receivable and other assets   (42.2 )   (14.3 )     (87.6 )   (62.6 )
Inventories   39.9     63.1       83.1     152.4  
Accounts payable and other liabilities, including income taxes paid   (67.2 )   (54.0 )     8.8     56.2  
Total working capital changes   (69.5 )   (5.2 )     4.3     146.0  
Adjusted operating cash flow from continuing operations $ 459.1   $ 251.9     $ 791.9   $ 501.0  
             

Production cost of sales from continuing operations per ounce sold on a by-product basis is a non-GAAP ratio which calculates the Company’s non-gold production as a credit against its per ounce production costs, rather than converting its non-gold production into gold equivalent ounces and crediting it to total production, as is the case in co-product accounting. Management believes that this ratio provides investors with the ability to better evaluate Kinross’ production cost of sales per ounce on a comparable basis with other major gold producers who routinely calculate their cost of sales per ounce using by-product accounting rather than co-product accounting.

The following table provides a reconciliation of production cost of sales from continuing operations per ounce sold on a by-product basis for the periods presented:

             
(unaudited, expressed in millions of U.S. dollars,
except ounces and costs per ounce)
Three months ended   Six months ended
June 30,   June 30,
      2023     2022       2023     2022  
             
Production cost of sales from continuing operations - as reported $ 497.9   $ 450.8     $ 981.8   $ 813.9  
Less: silver revenue from continuing operations(a)   (53.3 )   (9.0 )     (108.2 )   (13.4 )
Production cost of sales from continuing operations net of silver by-product revenue $ 444.6   $ 441.8     $ 873.6   $ 800.5  
                             
Gold ounces sold from continuing operations     525,921     434,086       987,617     805,421  
Total gold equivalent ounces sold from continuing operations     552,969     439,078       1,043,299     812,806  
Production cost of sales from continuing operations per equivalent ounce sold(b) $ 900   $ 1,027     $ 941   $ 1,001  
Production cost of sales from continuing operations per ounce sold on a by-product basis   $ 845   $ 1,018     $ 885
  $ 994  
                             

See page 21 for details of the footnotes referenced within the table above.

All-in sustaining cost and attributable all-in cost from continuing operations per ounce sold on a by-product basis are non-GAAP financial measures and ratios, as applicable, calculated based on guidance published by the World Gold Council (“WGC”). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies including Kinross. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost and all-in cost metrics is voluntary and not necessarily standard, and therefore, these measures and ratios presented by the Company may not be comparable to similar measures and ratios presented by other issuers. The Company believes that the all-in sustaining cost and all-in cost measures complement existing measures and ratios reported by Kinross.

All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. The value of silver sold is deducted from the total production cost of sales as it is considered residual production, i.e. a by-product. Sustaining operating costs represent expenditures incurred at current operations that are considered necessary to maintain current production. Sustaining capital represents capital expenditures at existing operations comprising mine development costs, including capitalized stripping, and ongoing replacement of mine equipment and other capital facilities, and does not include capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.

All-in cost is comprised of all-in sustaining cost as well as operating expenditures incurred at locations with no current operation, or costs related to other non-sustaining activities, and capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.

All-in sustaining cost and attributable all-in cost from continuing operations per ounce sold on a by-product basis are calculated by adjusting production cost of sales from continuing operations, as reported on the interim condensed consolidated statements of operations, as follows:

           
(unaudited, expressed in millions of U.S. dollars,
except ounces and costs per ounce)
Three months ended   Six months ended
June 30,   June 30,
    2023     2022       2023     2022  
           
Production cost of sales from continuing operations - as reported $ 497.9   $ 450.8     $ 981.8   $ 813.9  
Less: silver revenue from continuing operations(a)   (53.3 )   (9.0 )     (108.2 )   (13.4 )
Production cost of sales from continuing operations net of silver by-product revenue $ 444.6   $ 441.8     $ 873.6   $ 800.5  
Adjusting items:          
General and administrative(d)   32.0     30.0       56.4     60.2  
Other operating expense - sustaining(e)   5.0     6.2       11.5     11.8  
Reclamation and remediation - sustaining(f)   18.3     10.0       32.6     17.8  
Exploration and business development - sustaining(g)   9.5     8.6       16.1     15.5  
Additions to property, plant and equipment - sustaining(h)   148.6     77.6       245.1     118.7  
Lease payments - sustaining(i)   5.5     5.5       20.7     10.7  
All-in Sustaining Cost on a by-product basis $ 663.5   $ 579.7     $ 1,256.0   $ 1,035.2  
Adjusting items on an attributable(c) basis:          
Other operating expense - non-sustaining(e)   10.0     8.9       18.7     21.1  
Reclamation and remediation - non-sustaining(f)   2.4     2.1       4.3     3.3  
Exploration and business development - non-sustaining(g)   39.7     31.1       67.3     47.6  
Additions to property, plant and equipment - non-sustaining(h)   123.7     70.9       239.8     129.6  
Lease payments - non-sustaining(i)   0.1     0.2       0.4     0.4  
All-in Cost on a by-product basis - attributable(c) $ 839.4   $ 692.9     $ 1,586.5   $ 1,237.2  
Gold ounces sold from continuing operations   525,921     434,086       987,617     805,421  
Production cost of sales from continuing operations per equivalent ounce sold(b) $ 900   $ 1,027     $ 941   $ 1,001  
All-in sustaining cost from continuing operations per ounce sold on a by-product basis $ 1,262   $ 1,335     $ 1,272   $ 1,285  
Attributable(c) all-in cost from continuing operations per ounce sold on a by-product basis $ 1,596   $ 1,596     $ 1,606   $ 1,536  
           

 

See page 21 for details of the footnotes referenced within the table above.

The Company also assesses its all-in sustaining cost and attributable all-in cost from continuing operations on a gold equivalent ounce basis. Under these non-GAAP financial measures and ratios, the Company’s production of silver is converted into gold equivalent ounces and credited to total production.

All-in sustaining cost and attributable all-in cost from continuing operations per equivalent ounce sold are calculated by adjusting production cost of sales from continuing operations, as reported on the interim condensed consolidated statements of operations, as follows:

             
(unaudited, expressed in millions of U.S. dollars,
except ounces and costs per ounce)
Three months ended   Six months ended
June 30,   June 30,
      2023   2022     2023   2022
             
Production cost of sales from continuing operations - as reported $ 497.9 $ 450.8   $ 981.8 $ 813.9
Adjusting items:          
  General and administrative(d)   32.0   30.0     56.4   60.2
  Other operating expense - sustaining(e)   5.0   6.2     11.5   11.8
  Reclamation and remediation - sustaining(f)   18.3   10.0     32.6   17.8
  Exploration and business development - sustaining(g)   9.5   8.6     16.1   15.5
  Additions to property, plant and equipment - sustaining(h)   148.6   77.6     245.1   118.7
  Lease payments - sustaining(i)   5.5   5.5     20.7   10.7
All-in Sustaining Cost $ 716.8 $ 588.7   $ 1,364.2 $ 1,048.6
Adjusting items on an attributable(c) basis:          
  Other operating expense - non-sustaining(e)   10.0   8.9     18.7   21.1
  Reclamation and remediation - non-sustaining(f)   2.4   2.1     4.3   3.3
  Exploration and business development - non-sustaining(g)   39.7   31.1     67.3   47.6
  Additions to property, plant and equipment - non-sustaining(h)   123.7   70.9     239.8   129.6
  Lease payments - non-sustaining(i)   0.1   0.2     0.4   0.4
All-in Cost - attributable(c) $ 892.7 $ 701.9   $ 1,694.7 $ 1,250.6
Gold equivalent ounces sold from continuing operations   552,969   439,078     1,043,299   812,806
Production cost of sales from continuing operations per equivalent ounce sold(b) $ 900 $ 1,027   $ 941 $ 1,001
All-in sustaining cost from continuing operations per equivalent ounce sold $ 1,296 $ 1,341   $ 1,308 $ 1,290
Attributable(c) all-in cost from continuing operations per equivalent ounce sold $ 1,614 $ 1,599   $ 1,624 $ 1,539
             

See page 21 for details of the footnotes referenced within the table above.

Capital expenditures from continuing operations are classified as either sustaining capital expenditures or non-sustaining capital expenditures, depending on the nature of the expenditure. Sustaining capital expenditures typically represent capital expenditures at existing operations including capitalized exploration costs and capitalized stripping unless related to major projects, ongoing replacement of mine equipment and other capital facilities and other capital expenditures and is calculated as total additions to property, plant and equipment (as reported on the interim condensed consolidated statements of cash flows), less non-sustaining capital expenditures. Non-sustaining capital expenditures represent capital expenditures for major projects, including major capital stripping projects at existing operations that are expected to materially benefit the operation, as well as enhancement capital for significant infrastructure improvements at existing operations. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of all-in sustaining costs from continuing operations per ounce and attributable all-in costs from continuing operations per ounce. The categorization of sustaining capital expenditures and non-sustaining capital expenditures is consistent with the definitions under the WGC all-in cost standard. Sustaining capital expenditures and non-sustaining capital expenditures are not defined under IFRS, however, the sum of these two measures total to additions to property, plant and equipment as disclosed under IFRS on the interim condensed consolidated statements of cash flows.

The following table provides a reconciliation of the classification of capital expenditures for the periods presented:

(unaudited, expressed in millions of U.S dollars)            
Three months ended June 30, 2023: Tasiast (Mauritania) Paracatu (Brazil) La Coipa (Chile) Fort
Knox
(USA)
Round
Mountain
(USA)
Bald
Mountain
(USA)
Manh Choh (USA) (a) Total
USA
  Other Total
Sustaining capital expenditures $ 9.1 $ 39.7 $ 19.9 $ 52.1 $ 10.5 $ 16.5 $ - $ 79.1   $ 0.8 $ 148.6
Non-sustaining capital expenditures   72.8   -   3.4   6.1   -   14.9   32.1   53.1     4.0   133.3
Additions to property, plant and equipment - per cash flow $ 81.9 $ 39.7 $ 23.3 $ 58.2 $ 10.5 $ 31.4 $ 32.1 $ 132.2   $ 4.8 $ 281.9
                       
Three months ended June 30, 2022:                      
Sustaining capital expenditures $ 6.8 $ 31.2 $ 1.6 $ 12.1 $ 20.5 $ 5.1 $ - $ 37.7   $ - $ 77.3
Non-sustaining capital expenditures   17.5   -   37.4   1.0   0.1   11.1   3.2   15.4     1.8   72.1
Additions to property, plant and equipment - per cash flow $ 24.3 $ 31.2 $ 39.0 $ 13.1 $ 20.6 $ 16.2 $ 3.2 $ 53.1   $ 1.8 $ 149.4
                       
(unaudited, expressed in millions of U.S dollars)            
Three months ended June 30, 2023: Tasiast (Mauritania) Paracatu (Brazil) La Coipa (Chile) Fort
Knox
(USA)
Round
Mountain
(USA)
Bald
Mountain
(USA)
Manh Choh (USA) (a) Total
USA
  Other Total
Sustaining capital expenditures $ 23.7 $ 67.5 $ 21.5 $ 90.7 $ 17.9 $ 22.6 $ - $ 131.2   $ 1.2 $ 245.1
Non-sustaining capital expenditures   122.8   -   27.2   6.6   -   34.0   60.8   101.4     6.6   258.0
Additions to property, plant and equipment - per cash flow $ 146.5 $ 67.5 $ 48.7 $ 97.3 $ 17.9 $ 56.6 $ 60.8 $ 232.6   $ 7.8 $ 503.1
                       
Six months ended June 30, 2022:                      
Sustaining capital expenditures $ 10.9 $ 47.2 $ 2.3 $ 13.8 $ 36.5 $ 7.8 $ - $ 58.1     $ 0.2 $ 118.7
Non-sustaining capital expenditures   32.8   -   72.5   2.2   0.1   14.2   6.1   22.6       3.5   131.4
Additions to property, plant and equipment - per cash flow $ 43.7 $ 47.2 $ 74.8 $ 16.0 $ 36.6 $ 22.0 $ 6.1 $ 80.7   $ 3.7 $ 250.1

 

(a)
Represents 100% of capital expenditures, of which 70% is Kinross’ share.


Endnotes

(a)
“Silver revenue” represents the portion of metal sales realized from the production of the secondary or by-product metal (i.e. silver). Revenue from the sale of silver, which is produced as a by-product of the process used to produce gold, effectively reduces the cost of gold production.
(b)
“Production cost of sales from continuing operations per equivalent ounce sold” is defined as production cost of sales from continuing operations divided by total gold equivalent ounces sold from continuing operations.
(c)
“Attributable” includes Kinross’ share of Manh Choh (70%) costs. As Manh Choh is a non-operating site, the attributable costs are non-sustaining costs and as such only impact the all-in-cost measures. 
(d)
“General and administrative” expenses are as reported on the interim condensed consolidated statements of operations, net of certain restructuring expenses. General and administrative expenses are considered sustaining costs as they are required to be absorbed on a continuing basis for the effective operation and governance of the Company.
(e)
“Other operating expense – sustaining” is calculated as “Other operating expense” as reported on the interim condensed consolidated statements of operations, less other operating and reclamation and remediation expenses related to non-sustaining activities as well as other items not reflective of the underlying operating performance of our business. Other operating expenses are classified as either sustaining or non-sustaining based on the type and location of the expenditure incurred. The majority of other operating expenses that are incurred at existing operations are considered costs necessary to sustain operations, and are therefore classified as sustaining. Other operating expenses incurred at locations where there is no current operation or related to other non-sustaining activities are classified as non-sustaining.
(f)
“Reclamation and remediation - sustaining” is calculated as current period accretion related to reclamation and remediation obligations plus current period amortization of the corresponding reclamation and remediation assets, and is intended to reflect the periodic cost of reclamation and remediation for currently operating mines. Reclamation and remediation costs for development projects or closed mines are excluded from this amount and classified as non-sustaining. 
(g)
“Exploration and business development – sustaining” is calculated as “Exploration and business development” expenses as reported on the interim condensed consolidated statements of operations, less non-sustaining exploration and business development expenses. Exploration expenses are classified as either sustaining or non-sustaining based on a determination of the type and location of the exploration expenditure. Exploration expenditures within the footprint of operating mines are considered costs required to sustain current operations and so are included in sustaining costs. Exploration expenditures focused on new ore bodies near existing mines (i.e. brownfield), new exploration projects (i.e. greenfield) or for other generative exploration activity not linked to existing mining operations are classified as non-sustaining. Business development expenses are classified as either sustaining or non-sustaining based on a determination of the type of expense and requirement for general or growth related operations. 
(h) “Additions to property, plant and equipment – sustaining and non-sustaining are as presented on page 30 of this MD&A. Non-sustaining capital expenditures included in the calculation of attributable all-in-cost includes Kinross’ share of Manh Choh (70%) costs. 
(i) “Lease payments – sustaining” represents the majority of lease payments as reported on the interim condensed consolidated statements of cash flows and is made up of the principal and financing components of such cash payments, less non-sustaining lease payments. Lease payments for development projects or closed mines are classified as non-sustaining. 

 

APPENDIX A

Recent LP Fault zone assay results

Hole ID
  From
(m)
To
(m)
Width
(m)
True
Width (m)
Au
(g/t)

Target
BR-699   689.45 709.40 19.95 13.97 1.23 Yauro
BR-699 and 715.00 722.30 7.30 4.96 0.77  
BR-699 and 753.50 757.50 4.00 3.68 0.45  
BR-699 and 1,360.00 1,363.10 3.10 2.36 1.10  
BR-699 and 1,404.45 1,407.45 3.00 2.52 0.97  
BR-769A   701.00 713.60 12.60 10.33 0.73 Yauro
BR-769A and 721.30 740.50 19.20 12.67 1.76  
BR-769A including 734.80 739.15 4.35 3.35 4.18  
BR-769A and 773.20 777.00 3.80 3.08 0.41  
BR-774 No Significant Intersections Bruma
BR-775   852.00 858.30 6.30 5.17 0.47 Yuma
BR-775 and 917.10 926.25 9.15 7.05 0.96  
BR-776   783.65 796.50 12.85 11.18 0.56 Yuma
BR-777   824.50 825.00 0.50 0.40 81.70 Yauro
BR-777 and 879.00 882.00 3.00 2.58 1.56  
BR-777 and 883.50 886.60 3.10 2.11 0.36  
BR-777 and 888.00 891.40 3.40 2.72 0.67  
BR-784   850.50 864.90 14.40 11.23 0.45 Bruma
BR-784 and 884.05 892.00 7.95 5.72 0.87  
BR-784 and 934.35 938.10 3.75 2.44 0.96  
BR-785   971.70 975.00 3.30 2.74 0.65 Bruma
BR-785 and 1,154.35 1,181.45 27.10 20.60 0.43  
BR-787   991.05 1,031.90 40.85 33.09 1.29 Bruma
BR-795   715.00 719.00 4.00 3.24 0.74 Yuma
BR-795 and 1,022.45 1,025.45 3.00 2.52 0.51  
BR-796   1,048.75 1,056.00 7.25 6.60 0.53 Yuma
BR-796 and 1,072.00 1,078.75 6.75 4.66 0.46  
BR-796 and 1,106.00 1,111.95 5.95 4.64 5.71  
BR-796 including 1,109.35 1,110.65 1.30 0.96 23.87  
BR-797 No Significant Intersections Yuma
BR-798   1,205.30 1,211.50 6.20 4.53 0.56 Bruma
BR-798 and 1,217.00 1,220.90 3.90 3.28 0.42  
BR-798 and 1,237.00 1,254.90 17.90 15.93 0.53  
BR-798 and 1,256.40 1,259.40 3.00 2.31 0.32  
BR-798 and 1,275.25 1,288.80 13.55 9.89 0.99  
BR-798 and 1,295.50 1,319.30 23.80 16.18 0.60  
BR-801   994.50 1,006.00 11.50 9.09 1.11 Yauro
BR-801 and 1,009.00 1,012.00 3.00 2.58 0.41  
BR-802 No Significant Intersections Auro
BR-803   672.00 676.50 4.50 3.83 0.39 Yauro
BR-803 and 741.00 744.00 3.00 2.28 1.08  
BR-803 and 882.00 894.85 12.85 8.35 0.41  
BR-803 and 1,092.00 1,140.00 48.00 43.68 0.42  
BR-803 and 1,281.00 1,286.00 5.00 3.45 0.51  
BR-804   563.10 567.25 4.15 2.95 0.64 Yauro
BR-804 and 575.75 586.10 10.35 9.00 0.61  
BR-804 and 659.00 663.00 4.00 3.44 0.47  
BR-804 and 721.80 731.80 10.00 7.70 0.93  
BR-804 and 756.00 765.00 9.00 8.28 1.11  
BR-804 and 889.10 892.10 3.00 2.64 0.92  
BR-804 and 938.00 941.90 3.90 3.47 2.28  
BR-804 and 1,022.85 1,028.00 5.15 3.76 8.38  
BR-804 including 1,025.00 1,026.90 1.90 1.46 21.93  
BR-804 and 1,115.35 1,124.05 8.70 6.61 1.18  
BR-805   543.70 549.55 5.85 4.45 0.53 Yauro
BR-805 and 556.80 560.90 4.10 3.32 0.50  
BR-805 and 718.80 722.40 3.60 3.13 1.10  
BR-805 and 792.35 834.50 42.15 36.25 4.52  
BR-805 including 826.00 834.50 8.50 6.72 19.31  
BR-805 and 923.30 926.85 3.55 2.80 0.57  
BR-805 and 941.00 949.30 8.30 6.14 0.54  
BR-805 and 961.60 970.00 8.40 7.06 0.51  
BR-805 and 993.90 1,005.00 11.10 8.88 2.35  
BR-805 including 993.90 994.70 0.80 0.64 26.40  
BR-805 and 1,015.00 1,020.00 5.00 4.40 0.92  
BR-810   859.00 862.35 3.35 2.35 0.62 Auro
BR-810 and 870.40 898.00 27.60 24.56 0.50  
BR-811   734.60 737.60 3.00 2.73 1.93 Auro
BR-812   612.40 616.00 3.60 3.13 0.68 Yauro
BR-812 and 623.90 628.25 4.35 3.31 5.48  
BR-812 including 623.90 627.35 3.45 2.93 6.47  
BR-812 and 871.25 886.75 15.50 12.09 0.49  
BR-812 and 901.35 908.50 7.15 5.08 1.60  
BR-820   828.00 837.00 9.00 8.28 0.55 Yauro
BR-820 and 843.00 855.00 12.00 9.72 0.72  
BR-820 and 879.00