Kinross Gold Corporation

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Kinross Gold First Quarter 2026 Results Conference Call and Webcast. I would now like to turn the call over to David Shaver, Executive Vice President.

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 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 April 29th, 2026, the MD&A for the period ended March 31st, 2026, 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 first quarter results, provide high-level updates from across our portfolio, comment on sustainability, and confirm our outlook. I will then hand the call over to the team to provide further details. Following our outstanding performance in 2025, we continue to deliver strong results in the first quarter. Our culture of technical excellence and financial discipline combined with the recent gold prices resulted in strong operating margins, which again outpaced the increase in the gold price. As a result, in Q1, we delivered our fourth consecutive quarter of record free cash flow of approximately $840 million. Our financial position and cash flow outlook remain excellent, and we continue to return meaningful capital to our shareholders through buybacks and our quarterly dividend. We are targeting to return approximately 40% of our free cash flow in 2026. And in Q1, we continued our buyback program. Turning now to operational highlights. Q1 was a great start to the year with production of 493,000 ounces. Both Tassius and Perica II had strong orders and together accounted for more than half of our production, driving significant free cash flow. Cherokee II delivered another excellent quarter on the back of record mill recoveries, and TASIA saw strong output in Q1, supported by higher grades and stronger recoveries. With regards to our projects, we continue to make strong progress in Q1 across our pipeline of mine life extensions and growth projects. In the U.S., the team continues to advance the three projects we announced in January. At Great Bear, both the advanced exploration program and the main project are progressing well with key permitting milestones achieved, which Jeff will comment on later. At Lobo Marte in Chile, I'm pleased to report that we submitted the environmental impact assessment earlier this month, marking a significant milestone as we formally initiate the permitting process. And we look forward to providing a Lobo Marte update in the second half of the year. Turning now to sustainability, our annual sustainability report will be published later this quarter. This comprehensive report, which is in its 18th edition, provides an update on all the progress we've made in 2025 and what we aim to accomplish this year and beyond. Turning to our outlook, following a strong first quarter, we are on track to achieve our production, cost, and capital guidance again this year. More specifically on costs, Given the recent geopolitical events, I would highlight that we continue to benefit from an attractive relative cost position, which is supported by our longstanding approach to mitigating cost pressures. This includes, among other things, our grade enhancement and hedging strategies. Andrea will comment on our hedge book strategy later. With respect to grade enhancement, we have Phase X, Curlew, Great Bear, and Lobo Marte, all bringing higher grade ore into our future production profile. Looking forward, we will continue to maintain our financial discipline and prioritize cost management to consistently deliver strong margins in free cash flow. With that, I'll now turn the call over to Andrea.