Kinross Gold Corp.

Q1 performance & cash generation (good/surprising): - Delivered ~493,000 gold equivalent oz production (on plan). - Record free cash flow ~US$840M for the 4th consecutive quarter of record FCF, driven by strong gold prices and operating margins that outpaced the increase in gold price. - Margins: record US$3,476/oz; Adjusted operating cash flow ~US$1.1B. - However: adjusted EPS US$0.71 was pressured by a US$65M withholding tax expense recorded in Q1 but related to taxes payable in later quarters (so Q2–Q4 taxes expected to be lower; full-year effective tax rate guided to 28%–33%).

Capital returns / shareholder yield (good): - Returned capital through both dividend + buybacks, targeting ~40% of free cash flow in 2026. - Q1 buybacks: US$250M (~7.7M shares, ~0.6% of shares). - Post-Q1 buybacks: additional US$50M. - Since restarting repurchases ~1 year ago: ~US$900M repurchased (>3% of outstanding share count).

2026 outlook & guidance (good/neutral): - On track to hit full-year guidance again for production, costs, and capex. - Guidance reaffirmed: ~2.0M oz production; cost of sales ~US$1,360/oz; AISC ~US$1,730/oz; capital ~US$1.5B. - 2H expected slightly higher than 1H to meet full-year production targets (Q2 ~in line with Q1).