Kinross gets approval for share buyback program

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

TORONTO, July 28, 2021 (GLOBE NEWSWIRE) — Kinross Gold Corporation (Kinross of the Company) (TSX: K, NYSE: KGC) is pleased to announce that the Toronto Stock Exchange (the TSX) has completed the notice of the Company to normal course issuer bid (NCIB) program.

Under the NCIB program, the Company is authorized to purchase up to 63,096,676 of its ordinary shares (out of the 1,261,933,539 outstanding ordinary shares as of July 27, 2021), representing 5% of the ordinary shares issued and outstanding by the Company. shares, during the period beginning on August 3, 2021 and ending on August 2, 2022.

In deciding to initiate the NCIB program, the Company believes that from time to time the market price of the common stock will not fully reflect their value, and that the purchase of the common stock is therefore in the best interests of the Partnership would be an attractive and appropriate use of the available resources. Kinross is committed to improving shareholder returns through programs such as share buybacks and quarterly dividends, supported by its investment-grade corporate balance sheet, strong free cash flow and a growing production profile of its global portfolio. This strong foundation puts 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 (the NYSE) and/or alternative Canadian trading systems, if eligible, or by such other means as permitted by the TSX and/or NYSE or under applicable law. Daily redemptions on the TSX are limited to a maximum of 989,526 common shares, which corresponds to 25% of the average daily trading volume for the six months ended June 30, 2021 (being 3,958,104 common shares), except when purchases are made in accordance with with the block purchase exception of the TSX rules. Subject to certain exceptions for block purchases, the maximum number of common shares that can be purchased per day on the NYSE is 25% of the average daily trading volume during the four calendar weeks prior to the purchase date. All shares purchased by the Company under the NCIB program will be cancelled.

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Purchases will be made by the Company in accordance with the requirements of the TSX and/or the NYSE and the price the Company will pay for such common stock will be the market price of such common stock at the time of acquisition, or such other price as is permitted by the TSX and/or the NYSE.

In connection with the NCIB program, the Company has entered into an automatic repurchase plan with its designated broker to enable purchases of its common stock during certain predetermined blackout periods, subject to certain parameters regarding price and number of common shares. Outside of these predetermined blackout periods, ordinary shares will be repurchased in accordance with management’s discretion, subject to applicable law.

While the Company currently intends to acquire its common stock in accordance with the NCIB program, the Company has no obligation to make purchases and purchases may be suspended by the Company at any time.

About Kinross Gold Corporation

Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. Our focus is on delivering value based on the core principles of operational excellence, balance sheet strength, 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]

Contact person for investor relations
Chris Lichtenheldt
Vice Chairman, Investor Relations
phone: 416-365-2761
[email protected]

Warning on Forward-Looking Information

Any statements, other than statements of historical fact, incorporated in this press release or incorporated by reference, including, but not limited to, information regarding Kinross’ future financial or operating performance, constitute forward-looking information or statements within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the safe harbor provisions under the US Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release . Forward-looking statements in this press release include, but are not limited to, statements regarding potential purchases under the company’s NCIB. The words anticipate, proceed, estimate, expect, predict, guidance, intentions, prospects, progress, potential, prioritize, or variations of or similar words and phrases or statements that may, might, should, or will have been achieved, received or taken, or will occur or result, and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while believed to be 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 in this press release, which are incorporated or incorporated by reference, and which may prove incorrect, include, but are not limited to, the various assumptions made herein and in our Managements Discussion and Analysis (MD&A ) for the 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 projected in the 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 could affect, directly or indirectly, and could cause Kinross’ actual results to differ materially from those expressed or implied in any forward-looking statements made by or on behalf of Kinross, including but not limited to resulting in an impairment loss on 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 the expectations contained in such statements. Forward-looking statements are intended to provide information about management’s expectations and plans for the future. All forward-looking statements in this press release are qualified by this cautionary statement and those made in our other filings with the securities regulators of Canada and the United States, including, but not limited to, the cautionary statements in the Risk Analysis of our MD&A for the year ending December 31, 2020 and the Annual Information Form dated March 30, 2021. These factors are not intended to be an exhaustive list of the factors that may affect Kinross. Kinross disclaims any intent or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent factual events and such forward-looking statements, except to the extent required by applicable law.

Source: Kinross Gold Corporation