Round Mountain Phase X Extensive Drilling Completed In The Upper Zone
TORONTO - J. Paul Rollinson, CEO of Kinross Gold Corporation, said, "We had an excellent start to the year built on our continued strong operational performance and disciplined cost management, and are well positioned to meet our annual guidance. We continue to advance our pipeline of high-quality development projects and exploration opportunities across our broader portfolio with a focus on driving value for our shareholders through this decade and beyond. The Great Bear AEX program is progressing, Redbird at Bald Mountain is advancing on schedule, we continue to deliver strong drill results at Round Mountain Phase X and Curlew, and baseline studies at Lobo-Marte are progressing well. Kinross produced 512,088 Au eq. oz. in Q1 2025, compared with 527,399 Au eq. oz. in Q1 2024. Higher production from Fort Knox, with the commencement of Manh Choh in the second half of 2024, was offset by lower planned production at Round Mountain and Tasiast.”
At Tasiast, production decreased slightly quarter-over-quarter due to lower throughput, partially offset by timing of ounces processed through the mill. Production was lower year-over-year due to lower grades, consistent with mine plan sequencing, partially offset by an increase in recoveries due to a number of optimization initiatives to the mill. Cost of sales per ounce sold increased quarter-over-quarter mainly due to lower planned throughput, and increased year-over-year mainly due to the decrease in production.
Kinross has re-started milling operations at Tasiast following the fire on April 14, 2025. The Company does not expect the fire to affect Tasiast’s annual guidance.
Production increased quarter-over-quarter at Paracatu due to higher grades and improved recoveries as well as timing of ounces processed through the mill. Production increased year-over-year primarily due to higher grades and improved recoveries, partially offset by lower throughput. Cost of sales per ounce sold decreased in both comparable periods mainly due to the increase in ounces produced.
La Coipa production decreased quarter-over-quarter mainly due to timing of ounces processed through the mill and planned lower mill throughput, partially offset by higher-grades from the Puren deposit. Year-over-year production decreased mainly due to the timing of ounces processed through the mill and a decrease in silver grades, partially offset by an increase in throughput. Cost of sales per ounce sold was lower quarter-over-quarter mainly due to lower maintenance costs, partially offset by the decrease in production. Year-over-year cost of sales per ounce sold was higher due to the decrease in ounces produced, higher royalty costs and higher processing costs. Permitting work for mine life extensions continued.
Strong performance with higher production quarter-over-quarter continued at Fort Knox mainly due to the contribution from a longer campaign of processing Manh Choh’s higher-grade, higher-recovery ore, and increased year-over as Manh Choh came online in the second half of 2024. The higher production in both comparable periods contributed to the decreases in cost of sales per ounce sold.
At Round Mountain, production was lower quarter-over-quarter, as planned, mainly due to lower grades, partially offset by higher mill throughput. Compared with the previous quarter, cost of sales per ounce sold decreased due to lower reagent, fuel and milling supply costs, partially offset by the recovery of higher-cost ounces produced from the heap leach pads. Year-over-year production was lower due to a decrease in mill grades and fewer ounces recovered from the heap leach pads. Compared with Q1 2024, cost of sales per ounce sold increased mainly due to the decrease in production.
At Bald Mountain, production was in line quarter-over-quarter, and decreased year-over-year due to lower grades. Cost of sales per ounce sold was lower quarter-over-quarter due to a higher proportion of mining activities related to capital development, and in line with Q1 2024.
Great Bear continues to progress its AEX program and overall permitting. For the AEX program, detailed engineering is near completion and procurement continues to advance in-line with construction schedule requirements. AEX construction commenced in Q4 2024 and earthworks activities are underway. For the Main Project, Kinross has initiated detailed engineering on the mill and key site infrastructure. Procurement for major process equipment will be initiated in late 2025. The Company continues to work with the Impact Assessment Agency of Canada on advancing its Impact Statement. Consultation continues with designated Indigenous communities, including discussions to finalize related agreements. Given Kinross has already drilled out a significant inventory in the Preliminary Economic Assessment providing an initial 12-year mine life, demonstrated continuation of mineralization beyond that, and the high cost of drilling at depth from surface, Kinross has shifted its focus from drilling the LP zone to regional exploration work. Kinross commenced regional exploration drilling in Q1 2025 targeting both near-surface and underground targets delineated by lithostratigraphic models and geophysical surveys. The program is ongoing with more than 50,000 metres anticipated to be drilled by year-end.
Decline development at Round Mountain Phase X is advancing well, with over 3,900 metres developed to date. Extensive infill drilling has been completed in the upper zone and is now largely focused in the lower zone. Q1 drilling results from the lower zone continued to intercept strong widths and grades, supporting the thesis of the potential for bulk mining at Phase X, with average grades of 3-4 grams per tonne. Engineering work and technical studies are continuing to support project execution at Phase X. Kinross plans to provide a project and resource update at year-end.
The Curlew’s underground drill program is focused both on resource upgrade and near mine extensions at Stealth where results continue to be encouraging. Underground development was also re-initiated in Q1 to drive the decline deeper and provide access to drill off potential extensions to the Stealth zone and Roadrunner zone mineralization. Technical studies and detailed engineering are also progressing well. Assay results received in Q1 continue to highlight zones of mineralization that are wider and higher-grade than the current resource, supporting the potential for high-margin production and further improving the quality of the project.
At Redbird, mining is advancing on schedule. Studies and detailed engineering related to the potential Phase 2 extension of Redbird are progressing well, including engineering related to the heap leach pad expansion, technical studies and mine plan optimization work.
Kinross is progressing baseline studies to support the Environmental Impact Assessment (EIA) for the Lobo-Marte project. Lobo-Marte continues to be a potential large, low-cost mine and Kinross is committed to progressing next steps to advance the project.
Sustainability As part of its commitment to improved well-being in host communities, during the first quarter Kinross and the Municipality of Paracatu in Brazil completed the second phase of the municipal hospital renovation. The modern, renovated facility now has double the number of beds in the intensive care unit, in addition to rooms for medical isolation, which will increase the quality of public healthcare for the population of Paracatu and the region.
In Ontario, Kinross formalized its partnership with Lakehead University for research on geology, mining and environment. The five-year agreement will support a Research Chair on mineral exploration and critical minerals processing research. Specifically, the research focus will include supporting exploration efforts at Great Bear and include input from Indigenous communities.
Later this month, Kinross plans to publish its 2024 Sustainability Report providing a transparent account of its sustainability performance and outlining priorities in the year ahead and beyond.