Kinross Gold Corporation

Hello, and thank you for standing by. My name is Mark, and I will be your conference operator today. At this time, I would like to welcome everyone to the Keener Law School third quarter 2025 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, see the press star followed by the number one on your telephone keypad. And to withdraw your question, press star one again. Now, I would like to turn the call over to David Shaver, Senior Vice President, Investor Relations. Please go ahead.

Thank you, and good morning. In the room with us today on the call, we have Paul Rowlinson, CEO, and from the Kinross Senior Leadership Team, Andrea Friborough, 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 November 4th, 2025, the MD&A for the period ended September 30th, 2025, 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 discuss our third quarter results, provide high level updates across our portfolio, comment on sustainability, and confirm our outlook. I will then hand the call over to the team to provide more detail. Following an excellent first half, our portfolio of mines continued to perform well in Q3. Production in the quarter was on plan, delivering 504,000 ounces at a cost of sales of $1,145 per ounce. The strength of our operating portfolio combined with good cost management and favorable gold prices resulted in another quarter of strong operating margins. As a result, in Q3, We delivered another quarter of record free cash flow of nearly $700 million and over $1.7 billion year to date. Our business is in excellent shape, underpinned by a very strong balance sheet, robust operational outlook, and significant cash flow generation. In accordance with our disciplined capital allocation framework, We are committed to further strengthening our balance sheet through additional debt repayment and enhancing returns for shareholders. We have returned significant capital through our dividend and share repurchases. Given our strong position, we are now planning to increase our return of capital to shareholders beyond the minimum $650 million we committed for this year. Andrea will provide further details on our capital allocation plans later. Turning to our operational highlights. In Q3, Perica 2 and Tassius delivered substantial production at good cost, generating robust free cash flow. Perica 2 was once again the highest producer in the portfolio and remains well on track to deliver close to 600,000 ounces. At Tassius, both the mine and mill continue to perform well with production in the third quarter delivering as planned and operations remain on track to beat guidance. At La Coypa, performance improved in the third quarter and the site remains on track to meet its full year production guidance. At our U.S. assets, production and costs were on budget in Q3 and also remain well positioned to meet guidance. In Alaska, we saw consistent production with strong contributions from both Fort Knox and Manchot. In Nevada, production from Bald Mountain and Round Mountain were as planned. At Bald Mountain, mining of Redbird 1 continued to ramp up and study work for Redbird 2 along with numerous additional satellite opportunities is ongoing. At Round Mountain, initial production from Phase S continued to ramp up following the completion of mining at Phase W. At Phase X, underground development is progressing well, with over five kilometers advanced to date, and infill drilling continues to return excellent grades and widths. With respect to our broader project pipeline, we continue to make steady progress at Curlew, Great Bear, and Lobo Marte in the third quarter. These projects, along with other organic opportunities, continue to be backed by an extensive resource base with excellent long-term optionality. Our strong in-house technical team continues to evaluate these value generating investment opportunities that we may choose to invest in to continue to grow shareholder value. Turning now to a few remarks on sustainability. In Q3, we continue to provide meaningful impact in our host countries. For example, in Mauritania, we contributed to local educational infrastructure by developing new school facilities in the Inchiri region. In Brazil, Paracatu's tailing facilities recently received the top-level AA classification from the Engineer of Record. This is a strong endorsement of the site's safety practices, reflecting industry-leading standards in monitoring, maintenance, and risk control. And in Nevada, Bald Mountain earned the Nevada Excellence in Mine Reclamation and Earthworks Award. Turning now to our outlook. Through the first nine months, we have produced over 1.5 million ounces at a cost of sales in line with our annual guidance. Operations remain on track in the fourth quarter, and we are firmly positioned to achieve our full-year targets. Looking forward, we will remain focused on rigorous operational and financial discipline, deliver strong margins and cash flow, to support strong returns for our shareholders. With that, I will now turn the call over to Andrea.