Kinross Gold Corporation

results, conference call, and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press the star one again. Thank you. I would now like to turn the conference over to David Shaver, Senior Vice President of Kinrose Gold. Please go ahead.

Thank you and good morning. With us today we have Paul Rawlinson, CEO, and from the Kinross Senior Leadership Team, Andrea Freeborough, Claude Schimper, Will Dunford, and Jeff Gold. For a complete discussion of the risks and uncertainties which may lead to actual results differing from estimates contained in our forward-looking information, please refer to page three of this presentation. Our news release dated February 12, 2025. the MD&A for the period ended December 31st, 2024, and our most recently filed AIF, all of which are available on our website. I will now turn the call over to Paul.

Thanks, David, and thank you all for joining us. This morning, I will provide an overview of our fourth quarter and full year results, highlight our operations, projects, and provide an outlook for the business going forward and make a few comments on our achievements in sustainability. I will then hand the call over to Andrea, Claude, and Will to provide more detail. With respect to Q4, we delivered a strong quarter, producing just over 500,000 ounces. With respect to the full year, once again, we achieved our market commitments delivering over 2.1 million ounces. We also delivered on our full year cost of sales and all in sustaining cost guide, which demonstrates our strong focus on rigorous cost discipline. As a result, we generated record free cash flow of more than $1.3 billion, which more than doubled against the prior year. This record cash flow generation also benefited from strong operating margin expansion, which outpaced the relative increase in the gold price. Our operating margins increased by 37% compared to a 23% increase in the realized gold price, maximizing the benefit of the gold price for our company. With respect to our operations, Our two largest assets, Tassius and Perica 2, were both standouts, together accounting for approximately 1.2 million ounces for more than half of our production. Tassius had an exceptional year, delivering record annual throughput, production, and cash flow, and once again was our highest margin operation in the portfolio. Paracouture delivered a full-year production exceeding the midpoint of guidance and exceeding 500,000 ounces for the seventh consecutive year. At La Coypa, we delivered on full-year production guidance as work continues on long-term optimization of the mill. At our U.S. operations, we had another solid year with production and costs on plan. Turning now to updates on our projects. In 2024, we continue to make excellent progress across our pipeline. In particular, we reached an important milestone at Great Bear with the release of the PEA in September. With the PEA, we have confirmed the top tier potential of this asset with estimated average annual production of approximately 500,000 ounces at an impressive all-in sustaining cost of approximately $800 per ounce. For the Great Bear Advanced Exploration Program, we have received all the necessary permits for our current activities, and we expect to receive the two remaining permits when they are required later in the year. The yearly works activities, including tree clearing and earthworks, commence prior to year end and construction of the exploration decline is planned to commence later this year. Regarding permitting for the main project, we continue to work with the Impact Assessment Agency of Canada, and we plan to file the impact statement later this year. At Round Mountain, underground development at Phase X is progressing well, with over 3,300 meters developed to date and 21 kilometers of drilling completed last year. As outlined in our news release, we are continuing to see strong exploration results from Phase X, reaffirming our vision for a high productivity, low cost underground mining operation. At Bald Mountain, we have unlocked additional value from the approximate 4 million ounce resource base with the conversion of nearly 1 million ounces into reserves. This conversion marks an important first step in extending the mine life at Bald, where we now see a strong case to proceed with initial mining at the Redbird pit. We are proceeding with a disciplined approach, expecting that Redbird could ultimately extend production from Bald through 2031. Will is going to discuss more on this opportunity later. We also continue to advance work on Curlew in Washington State and Lobo Marte in Chile. Before moving to our outlook, I'd like to comment on our year-end reserve and resource pricing update. Given the stronger prevailing gold price environment, we have revised our gold price assumptions, which aligns with industry peers. Our reserves are now determined on a $1,600 per ounce gold price and our resources on a $2,000 per ounce gold price. Although our price assumptions have moved higher, we are not planning to reduce the cutoff grades to our mills as our focus remains on maintaining strong margins. Moving to our outlook. we are reaffirming our stable multi-year production profile. Production of 2 million ounces for 2025 remains consistent with our previous guidance. As previously guided, based on mine plan sequencing, production from Tassius will be lower this year, and Perica 2 remains on track to deliver higher production this year. Looking to 2026, our production outlook of 2 million ounces remains consistent with previous guidance. We are introducing a new year of production of 2 million ounces for 2027. Beyond 2027, we expect production to remain around 2 million ounces through the end of the decade. Maintaining production at this level will be based on future production from our pipeline of project opportunities, which include Redbird Extensions at Bald, Open Pit Extensions at La Coypa, SpaceX Underground at Round, Curlew in Washington State, and Great Bear to round out the decade. We will continue to advance these initiatives, and we plan to update you on our progress as we move forward. With respect to capital allocation, in 2024, we prioritized debt repayment, and we have now fully repaid our $1 billion term loan. Our quarterly dividend remains in place as our baseline return of capital. In the current gold price environment, our business is generating significant cash flow. And if this current gold price holds, We are planning to return additional capital to shareholders later this year in the form of a share buyback. Andrea will speak more on this shortly. I'd like to comment on some of our achievements in sustainability. In 2024, we once again demonstrated a strong commitment to sustainability by operating responsibly and advancing our strategy across this important area. In May, we will publish our 2024 sustainability report, which will provide a detailed review on our sustainability performance and initiatives throughout the year. Some highlights from this past year include completing more than 15 energy efficiency projects across the portfolio, placing us on track to achieve a 30% reduction in emissions intensity by 2030. We provided flood relief aid to communities in Brazil and Mauritania. We received a sustainability award from the Canadian Council for the Americas. And we were the top scoring gold company and top 10% overall in the Globe and Mail's annual corporate governance survey. Lastly, I'd like to take a moment to thank Catherine McLeod-Seltzer for her significant contributions to Kinross and the board over her 20 year directorship with Kinross. Catherine has been an independent board member since 2005 and chair of the board since 2019. Catherine will be retiring from her role at our AGM in May. And we are pleased to announce Kelly Osborne will take on Catherine's previous role of independent chair. With that, I will now turn the call over to Andrea.