Kinross announces routine renewal of NCIB

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

TORONTO, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (“Kinross” or the “Company”) (TSX: K, NYSE: KGC) is pleased to announce that the Toronto Stock Exchange (the “TSX”) has accepted the notice filed by the Company to renew its normal course issuer bid (“NCIB”) program.

Under the NCIB program, the Company is authorized to purchase up to 108,440,227 of its common shares (out of the 1,227,579,280 common shares outstanding as at July 31, 2023) representing up to 10% of the Company’s public float of 1,084,402,272 common shares, during the period starting on August 9, 2023 and ending on August 8, 2024.

In deciding to establish the NCIB program, the Company believes that the market price of the common shares may not, from time to time, fully reflect their value and accordingly the purchase of the common shares would be in the best interest of the Company and an attractive and appropriate use of available funds.

Kinross may make purchases, from time to time, 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 may be permitted by the TSX and/or NYSE or under applicable law. Daily repurchases on the TSX will be limited to a maximum of 780,692 common shares, representing 25% of the average daily trading volume for the six months ended July 31, 2023 (being 3,122,768 common shares), except where purchases are made in accordance with the “block purchase exception” of the TSX rules. Subject to certain exceptions for block purchases, the maximum number of common shares which can 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 cancelled. Pursuant to the terms of the previous normal course issuer bid approved by the TSX on July 29, 2022, as amended with such amendment approved by the TSX on September 30, 2022, the Company was authorized to repurchase up to 114,047,070 of its common shares and repurchased an aggregate of 78,857,250 common shares, which shares were cancelled.