KINROSS GOLD CORP
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
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Sep 30, 2026 · Filed Oct 28, 2026
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EX-99.1 · Paracatu – Brazil
Paracatu – Brazil
| Three months ended September 30, | Nine months ended September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | Change | % Change(c) | 2026 | 2025 | Change | % Change(c) | |
| Operating Statistics | ||||||||
| Tonnes ore mined (000's) | 14,502 | 12,958 | 1,544 | 12% | 36,106 | 39,773 | (3,667) | (9)% |
| Tonnes processed (000's) | 13,363 | 13,214 | 149 | 1% | 39,086 | 40,248 | (1,162) | (3)% |
| Grade (grams/tonne) | 0.40 | 0.44 | (0.04) | (9)% | 0.41 | 0.42 | (0.01) | (2)% |
| Recovery | 83.2% | 81.5% | 1.7% | 2% | 84.1% | 81.8% | 2.3% | 3% |
| Gold equivalent ounces(a): | ||||||||
| Produced | 146,428 | 150,367 | (3,939) | (3)% | 464,537 | 446,270 | 18,267 | 4% |
| Sold | 142,714 | 149,903 | (7,189) | (5)% | 458,574 | 445,545 | 13,029 | 3% |
| Earnings (in millions) | ||||||||
| Metal sales | $607.0 | $516.3 | $90.7 | 18% | $2,079.9 | $1,421.0 | $658.9 | 46% |
| Production cost of sales | 171.6 | 139.9 | 31.7 | 23% | 523.2 | 422.1 | 101.1 | 24% |
| Depreciation, depletion and amortization | 54.3 | 53.2 | 1.1 | 2% | 181.9 | 167.0 | 14.9 | 9% |
| 381.1 | 323.2 | 57.9 | 18% | 1,374.8 | 831.9 | 542.9 | 65% | |
| Other operating expense (income) | 2.9 | (1.9) | 4.8 | nm | 4.3 | (1.3) | 5.6 | nm |
| Exploration and business development | 2.5 | 1.7 | 0.8 | 47% | 6.5 | 4.8 | 1.7 | 35% |
| Segment operating earnings | $375.7 | $323.4 | $52.3 | 16% | $1,364.0 | $828.4 | $535.6 | 65% |
| Production cost of sales per equivalent ounce sold(a)(b) | $1,202 | $933 | $269 | 29% | $1,141 | $947 | $194 | 20% |
| (a) | “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 third quarter and first nine months of 2026 was 68.10:1 and 62.05:1, respectively (third quarter and first nine months of 2025 – 87.73:1 and 91.33:1, respectively). |
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| (b) | “Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold. |
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| (c) | “nm” means not meaningful. |
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Consistent with planned mine sequencing at Paracatu, mining in the third quarter of 2026 continued primarily in Phase 15, in the south-west area of the pit, which resulted in higher tonnes of ore mined and lower mill grades compared to the third quarter of 2025.
Gold equivalent ounces produced and sold in the third quarter of 2026 decreased by 3% and 5%, respectively, compared to the third quarter of 2025 as a result of the decrease in mill grades, partially offset by the timing of ounces processed through the mill.
Metal sales increased by 18% compared to the third quarter of 2025, due to the 23% increase in the average realized gold price, partially offset by the decrease in gold equivalent ounces sold. Production cost of sales increased by 23% in the third quarter of 2026 compared to the third quarter of 2025, primarily due to higher energy and labour costs, as well as higher reagent and blasting costs associated with Phase 15, partially offset by the decrease in gold equivalent ounces sold. Production cost of sales per equivalent ounce sold increased due to the same factors as well as an increase in royalty costs as a result of the higher average realized gold price. Depreciation, depletion and amortization in the third quarter of 2026 was comparable to the same period in 2025 as the decrease in gold equivalent ounces sold was offset by an increase in the depreciable asset base.
Planned mine sequencing at Paracatu in the first nine months of 2026 included mining of Phase 15, which resulted in lower tonnes of ore mined and processed compared to the first nine months of 2025.
Gold equivalent ounces produced and sold in the first nine months of 2026 increased by 4% and 3%, respectively, compared to the first nine months of 2025 as a result of the timing of ounces processed through the mill and an increase in mill recoveries, partially offset by a decrease in mill grades.
Metal sales increased by 46% compared to the first nine months of 2025, due to the 42% increase in the average realized gold price and the increase in gold equivalent ounces sold. Production cost of sales increased by 24% in the first nine months of 2026 compared to the first nine months of 2025, primarily due to the strengthening of the Brazilian real compared to the prior year, higher royalty costs as a result of the higher gold prices, as well as higher blasting, drilling and energy costs. Production cost of sales in the first nine months of 2026 was also impacted by the timing of ounces processed through the mill. Production cost of sales per equivalent ounce sold increased as a result of strengthening of the Brazilian real and higher royalty, blasting, drilling and energy costs. Depreciation, depletion and amortization increased by 9% in the first nine months of 2026 compared to the first nine months of 2025, primarily due to an increase in the depreciable asset base and the increase in gold equivalent ounces sold.
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