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Kinross receives approval of share buyback program

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(All dollar amounts are in U.S. dollars, unless otherwise noted.)

TORONTO, July 28 2021 (GLOBE NEWSWIRE) – Kinross Gold Corporation (Kinross or the Company) (TSX: K, NYSE: KGC) is pleased to announce that the Toronto Stock Exchange (TSX) has accepted the notice filed by the Company to be established a public buyback program in the normal course of business.

As part of the public buyback offer, the company is authorized to purchase up to 63,096,676 of its ordinary shares (out of the 1,261,933,539 ordinary shares outstanding as of July 27, 2021) representing 5% of the ordinary shares issued and outstanding of the Company, during the period beginning August 3, 2021 and ending August 2, 2022.

In deciding to establish the public repurchase offer program, the Company believes that the market price of the common shares may, from time to time, not fully reflect their value and, therefore, the purchase of the common shares would be. in the best interests of society. and an attractive and appropriate use of available funds. Kinross is committed to improving shareholder returns through programs such as a share buyback and its quarterly dividend, which are supported by the company’s quality track record, strong free cash flow and profile. production growth in its global portfolio. This strong foundation places Kinross in an excellent position to continue to generate substantial value for its shareholders.

Kinross may make purchases through the facilities of the TSX, the New York Stock Exchange (NYSE) and / or other Canadian trading systems, if eligible, or by any other means authorized by the TSX and / or the NYSE or under applicable law. Daily redemptions on the TSX will be limited to a maximum of 989,526 common shares, representing 25% of the average daily trading volume for the six-month period ended June 30, 2021 (or 3,958,104 common shares), except when purchases are made in accordance with bulk purchase except TSX rules. Subject to certain exceptions for bulk purchases, the maximum number of common shares that may be purchased per day on the NYSE will be 25% of the average daily trading volume for the four calendar weeks preceding the date of purchase. All shares purchased by the Company under the NCIB program will be canceled.

Purchases will be made by the Company in accordance with the requirements of the TSX and / or the NYSE and the price that the Company will pay for such common shares will be the market price of such common shares at the time of acquisition, or any other price. authorized by the TSX and / or the NYSE.

As part of the public buyback program, the Company has entered into an automatic buyback plan with its designated broker to allow the purchase of its common shares during certain predetermined blackout periods, subject to certain price parameters. and the number of ordinary shares. . Outside of these predetermined blackout periods, Common Shares will be redeemed at the discretion of management, subject to applicable laws.

Although the Company currently intends to acquire its ordinary shares under the buyback program, the Company will not be obligated to make any purchases and purchases may be suspended by the Company at any time. .

About Kinross Gold Corporation

Kinross is a senior gold mining company based in Canada with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. Our goal is to deliver value based on the core principles of operational excellence, strong balance sheet, disciplined growth and responsible mining. Kinross is listed on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).

Media contact
Louie diaz
Vice-President, Corporate Communications
phone: 416-369-6469
[email protected]

Investor Relations Contact
Chris Lichtenheldt
Vice-President, Investor Relations
phone: 416-365-2761
[email protected]

Caution regarding forward-looking information

All statements, other than statements of historical fact, contained or incorporated by reference in this press release, including, but not limited to, any information regarding the future financial or operational performance of Kinross, constitute forward-looking information or forward-looking statements within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections at the date of this new Release. Forward-looking statements contained in this press release include, without limitation, those relating to potential purchases in connection with the company’s public tender offer. The words anticipate, continue, estimate, expect, foresee, guide, intend, prospects, progress, potential, priority, or variations or similar words and phrases or statements as certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result and such similar expressions identify forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while considered reasonable by Kinross as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Kinross estimates, models and assumptions referenced, contained or incorporated by reference in this press release, which may prove to be inaccurate, include, without limitation, the various assumptions set forth herein and in our MD&A) for the fiscal year ended December 31, 2020, and the Annual Information Form dated March 30, 2021. Known and unknown factors could cause actual results to differ materially from those anticipated in forward-looking statements. Such factors include, but are not limited to: the inaccuracy of any of the foregoing assumptions. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause Kinross’ actual results to differ materially from those expressed or implied in forward-looking statements made by or on behalf of Kinross, including but not limited to to limit, an impairment of goodwill and / or assets. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans for the future. All forward-looking statements contained in this press release are subject to this cautionary statement and those in our other documents filed with securities regulatory authorities in Canada and the United States, including, but not limited to , the warnings contained in the risk analysis. of our MD&A for the year ended December 31, 2020 and the Annual Information Form dated March 30, 2021. These factors are not intended to represent a complete list of factors that could affect Kinross. Kinross disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material differences between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Source: Kinross Gold Corporation

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