Exhibit 99.1

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

This management's discussion and analysis ("MD&A"), prepared as of October 28, 2026, relates to the financial condition and results of operations of Kinross Gold Corporation together with its wholly owned subsidiaries, as at September 30, 2026 and for the three and nine months then ended, and is intended to supplement and complement Kinross Gold Corporation’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and the notes thereto (the “interim financial statements”). Readers are cautioned that the MD&A contains forward-looking statements about expected future events and financial and operating performance of the Company, and that actual events may vary from management's expectations. Readers are encouraged to read the “Cautionary Statement on Forward Looking Information” included with this MD&A and to consult Kinross Gold Corporation's annual audited consolidated financial statements for the year ended December 31, 2025 and corresponding notes therein which are available on the Company's website at www.kinross.com and on www.sedarplus.ca. The interim financial statements and MD&A are presented in U.S. dollars. The interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”). This discussion addresses matters we consider important for an understanding of our financial condition and results of operations as at and for the three and nine months ended September 30, 2026, as well as our outlook.

This MD&A contains forward-looking statements and should be read in conjunction with the risk factors described in "Risk Analysis" on page 30 and in the “Cautionary Statement on Forward-Looking Information” on pages 39 – 40 of this MD&A. In certain instances, references are made to relevant notes in the interim financial statements for additional information.

This MD&A references attributable average realized gold price per ounce, attributable production cost of sales per equivalent ounce sold, attributable all-in sustaining cost per equivalent ounce sold and per ounce sold on a by-product basis, attributable all-in cost per equivalent ounce sold and per ounce sold on a by-product basis, adjusted net earnings, adjusted net earnings per share, attributable adjusted operating cash flow, attributable capital expenditures, attributable free cash flow, and attributable adjusted free cash flow, all of which are non-GAAP financial measures or ratios. The definitions and reconciliations of these non-GAAP financial measures and ratios are included in Section 11 of this MD&A.

Where we say "we", "us", "our", the "Company" or "Kinross", we mean Kinross Gold Corporation or Kinross Gold Corporation and/or one or more or all of its subsidiaries, as it may apply. Where we refer to the "industry", we mean the gold mining industry.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

Kinross is engaged in gold mining and related activities, including exploration and acquisition of gold-bearing properties, extraction and processing of gold-containing ore, and reclamation of gold mining properties. Kinross’ gold production and exploration activities are carried out principally in Canada, the United States, Brazil, Chile, Mauritania and Finland. Gold is produced in the form of doré, which is shipped to refineries for final processing. Kinross also produces and sells a quantity of silver.

The profitability and operating cash flow of Kinross are affected by various factors, including the amount of gold and silver produced, the market prices of gold and silver, operating costs, interest rates, regulatory and environmental compliance, the level of exploration activity and capital expenditures, general and administrative costs, and other discretionary costs and activities. Kinross is also exposed to fluctuations in currency exchange rates, political risks, and varying levels of taxation that can impact profitability and cash flow. Kinross seeks to manage the risks associated with its business operations; however, many of the factors affecting these risks are beyond the Company’s control.

Commodity prices continue to be volatile as economies around the world continue to experience economic challenges along with political changes and uncertainties. Volatility in the price of gold and silver impacts the Company's revenue and royalty costs, while volatility in the price of input costs, such as oil, and foreign exchange rates, particularly the Brazilian real, Chilean peso, Mauritanian ouguiya and Canadian dollar relative to the U.S. dollar, may have an impact on the Company's operating costs and capital expenditures.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

Consolidated Financial and Operating Highlights

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

Consolidated Financial Performance

Third quarter of 2026 vs. Third quarter of 2025

In the third quarter of 2026, Kinross produced 432,368 total gold equivalent ounces or 424,693 gold equivalent ounces on an attributable basis, a decrease of 17% and 16%, respectively, from the third quarter of 2025 as a result of planned lower production from Fort Knox and Bald Mountain as well as a reduction in production from La Coipa and Round Mountain. In the third quarter of 2026, La Coipa was impacted by a series of significant adverse winter weather events as well as higher than expected copper grades and lower than expected recoveries in some of the sulphide ore mined while Round Mountain was impacted by operational challenges related to mining of Phase S, resulting in lower than expected production from both sites.

Metal sales in the third quarter of 2026 were comparable to the third quarter of 2025 as a decrease in ounces sold driven by the decrease in production, as noted above, was offset by a 23% increase in the average realized gold price to $4,249 per ounce. Gold equivalent ounces sold were also impacted by the timing of sales.

Production cost of sales in the third quarter of 2026 were $627.2 million, and $1,502 per equivalent ounce sold, an increase of 5% and 31%, respectively, compared to the third quarter of 2025. The increase in costs was mainly due to higher energy, contractor and reagent costs, partially offset by the decrease in gold equivalent ounces sold and a change in sales mix. Production cost of sales per equivalent ounce sold also increased due to the decrease in production and an increase in royalty costs as a result of the higher average realized gold price.

In the third quarter of 2026, attributable all-in sustaining cost per equivalent ounce sold and per ounce sold on a by-product basis increased by 20% and 21%, respectively, compared to the third quarter of 2025. The increases were primarily a result of the increase in production cost of sales, partially offset by a decrease in sustaining capital expenditures. Attributable all-in cost per equivalent ounce sold and per ounce sold on a by-product basis in the third quarter of 2026 were 42% and 43% higher, respectively, compared to the third quarter of 2025. The increases were primarily a result of an increase in non-sustaining capital expenditures and the increase in attributable all-in sustaining cost.

Depreciation, depletion and amortization decreased by 24% in the third quarter of 2026 compared to the third quarter of 2025, primarily due to the decrease in gold equivalent ounces sold.

The Company recorded income tax expense of $228.9 million in the third quarter of 2026, a decrease of $3.4 million compared to the third quarter of 2025 primarily due to a 3% decrease in earnings before tax. Kinross' combined federal and provincial statutory tax rate for the third quarter of both 2026 and 2025 was 26.5%.

Net earnings attributable to common shareholders in the third quarter of 2026 were $583.2 million, or $0.49 per share, comparable to the third quarter of 2025. A reduction in gross profit related to minority shareholders as a result of lower earnings related to Manh Choh was offset by the $63.0 million net gain in 2025 on the sale of the Company's Asante Gold Corporation ("Asante") holdings in relation to the 2022 sale of the Chirano mine, while total gross profit remained comparable.

Adjusted net earnings in the third quarter of 2026 were $591.3 million, or $0.50 per share, compared to $529.6 million, or $0.44 per share, in the third quarter of 2025. The increase was primarily due to the increase in net earnings attributable to common shareholders, adjusted to exclude the gain from the sale of Asante holdings in 2025.

Net cash flow provided from operating activities decreased to $714.4 million in the third quarter of 2026 from $1,024.1 million in the third quarter of 2025, primarily due to changes in working capital, an increase in income taxes paid and a decrease in margins as metal sales were comparable while production cost of sales increased by 5%.

Attributable adjusted operating cash flow, which excludes changes in working capital, decreased to $830.9 million in the third quarter of 2026 from $965.5 million in the third quarter of 2025, primarily due to the increase in income taxes paid and the decrease in margins.

Capital expenditures increased to $439.6 million in the third quarter of 2026 from $312.2 million in the third quarter of 2025. The increase was driven by a ramp-up of development activities at Kettle River-Curlew (“Curlew”), Bald Mountain Redbird, Great Bear and Round Mountain Phase X, partially offset by a decrease in sustaining expenditures at Tasiast and Manh Choh.

Attributable free cash flow decreased to $281.3 million in the third quarter of 2026 from $686.7 million in the third quarter of 2025, primarily due to the decrease in net cash flow provided from operating activities, including the impact from the timing of sales, and the increase in capital expenditures, as noted above.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

Total cash and cash equivalents as at September 30, 2026 of $2.6 billion remained comparable to the balance as at June 30, 2026 as attributable free cash flow of $281.3 million was offset primarily by total return of capital of $257.4 million, including $210.1 million in share repurchases under the Company’s normal course issuer bid (“NCIB”) and $47.3 million in dividends paid to common shareholders.

First nine months of 2026 vs. First nine months of 2025

In the first nine months of 2026, Kinross produced 1,434,650 total gold equivalent ounces or 1,409,582 gold equivalent ounces on an attributable basis, a decrease of 9% and 8%, respectively, from the first nine months of 2025. Higher production from Paracatu was offset by planned lower production from Bald Mountain and Fort Knox as well as a reduction in production from Round Mountain and La Coipa. In the third quarter of 2026, Round Mountain was impacted by operational challenges related to mining of Phase S while La Coipa was impacted by a series of significant adverse winter weather events as well as higher than expected copper grades and lower than expected recoveries in some of the sulphide ore mined, resulting in lower than expected production from both sites.

Metal sales in the first nine months of 2026 increased by 28% to $6,420.5 million compared to the first nine months of 2025, due to a 42% increase in the average realized gold price to $4,549 per ounce, partially offset by a decrease in ounces sold driven by the decrease in production, as noted above. Gold equivalent ounces sold were also impacted by the timing of sales.

Production cost of sales in the first nine months of 2026 were $1,992.4 million, and $1,412 per equivalent ounce sold, an increase of 16% and 29%, respectively, compared to the first nine months of 2025. The increase in costs was mainly due to higher royalty costs as a result of the higher average realized gold price, as well as higher energy, reagent and contractor costs, partially offset by a change in sales mix. Production cost of sales per equivalent ounce sold also increased as a result of the decrease in production.

In the first nine months of 2026, attributable all-in sustaining cost per equivalent ounce sold and per ounce sold on a by-product basis increased by 23% and 21%, respectively, compared to the first nine months of 2025. The increases were primarily a result of the increase in production cost of sales, partially offset by a decrease in sustaining capital expenditures. Attributable all-in cost per equivalent ounce sold and per ounce sold on a by-product basis in the first nine months of 2026 were 31% higher compared to the first nine months of 2025. The increases were primarily a result of the increase in attributable all-in sustaining cost and an increase in non-sustaining capital expenditures.

Depreciation, depletion and amortization decreased by 8% in the first nine months of 2026 compared to the first nine months of 2025, primarily due to the decrease in gold equivalent ounces sold.

The Company recorded income tax expense of $1,024.3 million in the first nine months of 2026, an increase of $484.3 million compared to the first nine months of 2025 primarily due to a 58% increase in earnings before tax and $102.6 million of withholding tax related to the repatriation of earnings, mainly from Mauritania. Kinross' combined federal and provincial statutory tax rate for the first nine months of both 2026 and 2025 was 26.5%.

Net earnings attributable to common shareholders in the first nine months of 2026 were $2,270.4 million, or $1.91 per share, compared to $1,483.6 million, or $1.21 per share, in the first nine months of 2025. The increase in net earnings was primarily a result of an increase in margins as metal sales increased by 28% while production cost of sales increased by only 16% as well as a reduction in gross profit related to minority shareholders as a result of lower earnings related to Manh Choh. These increases were partially offset by the increase in income tax expense and the $63.0 million net gain in 2025 on the sale of the Company's Asante holdings.

Adjusted net earnings in the first nine months of 2026 were $2,293.2 million, or $1.92 per share, compared to $1,434.6 million, or $1.17 per share, in the first nine months of 2025. The increase was primarily due to the increase in net earnings attributable to common shareholders, adjusted to exclude the gain from the sale of Asante holdings in 2025.

Net cash flow provided from operating activities increased to $2,999.8 million in the first nine months of 2026 from $2,623.6 million in the first nine months of 2025, primarily due to the increase in margins, partially offset by an increase in income taxes paid and changes in working capital.

Attributable adjusted operating cash flow, which excludes changes in working capital, increased to $3,072.1 million in the first nine months of 2026 from $2,469.2 million in the first nine months of 2025, primarily due to the increase in margins, partially offset by the increase in income taxes paid.

Capital expenditures increased to $1,133.8 million in the first nine months of 2026 from $826.0 million in the first nine months of 2025. The increase was driven by a ramp-up of development activities at Curlew, Bald Mountain Redbird, Great Bear and Round Mountain Phase X, as well as an increase in total capital expenditures at Paracatu mainly due to timing. These increases were partially offset by lower spending on capital development due to planned mine sequencing at Round Mountain, Fort Knox and Tasiast.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

Attributable free cash flow increased to $1,845.6 million in the first nine months of 2026 from $1,714.1 million in the first nine months of 2025, primarily due to the increase in net cash flow provided from operating activities, including the impact from the timing of sales, partially offset by the increase in capital expenditures, as noted above.

Total cash and cash equivalents increased by $896.1 million in the first nine months of 2026 to $2.6 billion. The increase was driven by attributable free cash flow of $1,845.6 million, partially offset by total return of capital of $833.0 million, including $690.2 million in share repurchases under the NCIB and $142.8 million in dividends paid to common shareholders.

Kinross’ 2025 annual MD&A contains a discussion of key economic trends that affect the Company and its financial statements. Please refer to the MD&A for the year ended December 31, 2025, which is available on the Company's website www.kinross.com and on www.sedarplus.ca or is available upon request from the Company. Included in this MD&A is an update reflecting significant changes since the preparation of the 2025 annual MD&A.

Price of Gold

The price of gold is the single largest factor in determining profitability and cash flow from operations. Therefore, the financial performance of the Company has been, and is expected to continue to be, closely linked to the price of gold. During the third quarter of 2026, the average market price of gold was $4,262 per ounce, with gold trading between $3,994 and $4,664 per ounce. This compares to an average market price of $3,457 per ounce during the third quarter of 2025. Major influences on the gold price during the third quarter of 2026 included inflation and interest rate expectations, elevated geopolitical uncertainty, ongoing central bank purchases and movements in the value of the U.S. dollar. While periods of U.S. dollar strength created headwinds for gold, continued safe-haven and central bank demand provided support.

During the third quarter of 2026, Kinross realized an average price of $4,249 per ounce, compared to $3,460 per ounce for the same period in 2025.

For the first nine months of 2026, the market price of gold averaged $4,545 per ounce compared to $3,201 per ounce in the same period of 2025. Kinross realized an average price of $4,549 per ounce in the first nine months of 2026 compared to $3,200 per ounce in the first nine months of 2025.

Cost Sensitivity

The Company’s profitability is subject to industry-wide cost pressures on development and operating costs with respect to labour, energy, capital expenditures and consumables in general. Since mining is generally an energy intensive activity, energy prices have a significant impact on operations.

The cost of fuel as a percentage of operating costs varies amongst the Company’s mines, and overall, fuel prices in the three and nine months ended September 30, 2026 were higher compared to the same periods in 2025. Fluctuations in fuel prices are primarily due to geopolitical risk and demand and supply dynamics.

During the first nine months of 2026, geopolitical developments in the Middle East, including actions affecting oil tanker transit through the Strait of Hormuz, contributed to heightened volatility in global oil markets. We continue to see the impact of higher fuel prices on our costs, impacted by the lag effect from inventory timing, with a partial offset from our fuel hedge program. Kinross manages its exposure to fluctuations in fuel costs by entering into hedge positions for a portion of its exposure to crude oil prices – refer to Section 6 – Liquidity and Capital Resources for details. In addition, governmental price protection measures in Brazil continue to limit the impact of the volatility in global oil markets on Paracatu’s costs. The Company continues to monitor geopolitical developments in the Middle East.

During 2025 and 2026, the United States government announced and implemented changes in trade policy, including increased tariffs on imports and potential termination or renegotiation of existing trade agreements. Certain tariffs announced or implemented during this period have subsequently been modified, replaced or allowed to expire, while other tariffs, including tariffs on steel and aluminum imports, remain in effect and continued to be modified during the third quarter of 2026. The Company continues to monitor its exposure to these developments and the potential impacts on the Company’s supply chain and costs.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

Currency Fluctuations

At the Company’s non-U.S. mining operations and exploration activities, which are primarily located in Brazil, Chile, Mauritania and Canada, a portion of operating costs and capital expenditures are denominated in their respective local currencies. Generally, as the U.S. dollar strengthens, these currencies weaken, and as the U.S. dollar weakens, these foreign currencies strengthen. During the three and nine months ended September 30, 2026, the U.S. dollar, on average, was weaker relative to the Brazilian real and Chilean peso, and was in line relative to the Canadian dollar and Mauritanian ouguiya, compared to the same periods in 2025. As at September 30, 2026, the U.S. dollar was weaker relative to the Brazilian real, stronger relative to the Canadian dollar and Chilean peso and was in line relative to the Mauritanian ouguiya, compared to the respective December 31, 2025 spot exchange rates. In order to manage this risk, the Company uses currency hedges for certain foreign currency exposures – refer to Section 6 – Liquidity and Capital Resources for details.

The following section of this MD&A represents forward-looking information and users are cautioned that actual results may vary. We refer to the risks and assumptions contained in the Cautionary Statement on Forward-Looking Information on pages 39 – 40 of this MD&A.

Kinross is on track to meet its revised annual guidance of 1.84 million to 1.86 million attributable¹ gold equivalent ounces produced at an attributable production cost of sales per equivalent ounce sold² of $1,420 to $1,460 and attributable all-in sustaining cost per equivalent ounce sold² of $1,850 to $1,900 for 2026, previously disclosed in the press release entitled “Kinross provides operational and return of capital update” issued on September 23, 2026 available on the Company's website at www.kinross.com and on www.sedarplus.ca.

The Company remains on track to meet its annual attributable capital expenditures² guidance of $1,500 million (+/- 5%) for 2026.

Great Bear

At Great Bear, Kinross continues to progress its Advanced Exploration ("AEX") program alongside permitting, detailed engineering, and procurement activities for the Main Project.

AEX surface construction is now substantially complete and all infrastructure required to support the underground development is in place. The North and South underground declines continue to progress, with a combined total of over 500 metres of development completed to date.

For the Main Project, detailed engineering has progressed to over 55% complete to date. Manufacturing activities are underway on several long-lead equipment packages, including the mill motors, transformers, and power plant generators. Contracts for the camp complex and the administration building have been awarded. Construction readiness planning is underway.

The Main Project permitting process is well advanced. The Impact Assessment Agency of Canada (“IAAC”) issued its first round of formal information requests at the end of July, and Kinross' responses were formally provided to IAAC.

Provincially, the integrated One Project, One Process is progressing well and Kinross' permit applications continue to advance in accordance with the permitting plan to maintain Kinross' overall project permitting timeline. Responses have been provided to the technical comments received from the Ministry of the Environment, Conservation and Parks to date, and the provincial technical review is expected to be complete by the end of the year.

Kinross continued to advance negotiations of the Impact Benefits Agreement with Wabauskang and Lac Seul First Nations. Following the previously signed Memorandum of Understanding that captures the key economic compensatory and procurement elements, the parties are currently progressing the non-financial aspects of the Impact Benefits Agreement.

During the third quarter of 2026, Great Bear incurred $28.0 million on qualifying activities, defined in and required to be disclosed by its Exploration Agreement with Lac Seul First Nation and Wabauskang First Nation, as Exploration Expenditures.

¹ Attributable guidance and results include Kinross’ 70% share of Manh Choh production, costs and capital expenditures. Attributable figures are non-GAAP financial measures and ratios. Refer to footnote 2.

² These figures are non-GAAP financial measures and ratios, as applicable, and are defined, and actual results for three and nine months ended September 30, 2026 are reconciled for the Company, in Section 11 of this MD&A. Non-GAAP financial measures and ratios have no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers. Assumptions used to update the Company’s cost guidance include a gold price of $4,350 per ounce, an oil price of $100 per barrel, and foreign exchange rates of 5.10 Brazilian reais, 920 Chilean pesos, and 40 Mauritanian ouguiyas to the U.S. dollar for the remainder of 2026.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026 

At Great Bear, drilling in the third quarter of 2026 has focused primarily on near-mine targets, where multiple infill holes have confirmed the down-dip extensions of mineralization at Viggo for an additional 150 metres. This drilling reaffirms the exploration belief that these high-grade chutes remain open at depth below the known resource.

Round Mountain Phase X

At Round Mountain Phase X, underground development continues to advance ahead of schedule, with over 9,600 metres developed to date, approximately 8% ahead of plan. Infill drilling also progressed for the early stoping horizons, indicating higher ounces than expected driven by improved continuity of mineralization on the back of tighter drill spacing. In addition, extension drilling approximately 300 metres down dip of the current resource has highlighted the potential for mineralization to continue at depth.

Engineering, procurement and early works for surface and underground infrastructure are progressing well. Operational-readiness activities are also ramping up to support a smooth transition to operations and the planned start of production in 2028.

Curlew

At Curlew, construction of the Tailings Dewatering Plant ("TDP") and the mill refurbishment progressed substantially. At the TDP, exterior works on tanks and the thickener are largely complete while interior structural steel and mechanical equipment installation is progressing. At the mill, removal of equipment that will not be reutilized continues and the installation of new carbon-in-leach tanks has commenced. At the mine, construction of a new administrative and dry facility is nearing completion and underground development continues to advance ahead of schedule, with over 3,600 metres of horizontal development completed as of September 30, raise collars completed, and raise-boring activities advancing.

Bald Mountain Redbird

First gold was poured from Redbird 1 in early October, while Redbird 2 construction continued to advance on plan, with pre-stripping well underway and earthworks and lining activities for the first phase of the Bald Heap Leach Pad expansion nearing completion. Procurement and engineering activities for the Sulphidization, Acidification, Recycling and Thickening plant also progressed substantially, with detailed engineering approximately 30% complete. The Redbird 2 satellite pits are now fully permitted.

Lobo-Marte

At Lobo-Marte, permitting continues to progress well following the acceptance of the project’s Environmental Impact Assessment for review by Chile’s Environmental Assessment Service in the second quarter. Detailed engineering has commenced and execution planning continues to advance, with first production targeted in the early 2030s.

Senior Management Update

On July 29, 2026, Bernard Wessels was appointed to the role of Executive Vice-President and Chief Operating Officer, succeeding Claude Schimper, who will be retiring later this year. Mr. Schimper remains with the Company for a transition period, supporting business continuity as part of a structured succession plan.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026 

Operating Earnings (Loss) by Segment

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

Mining Operations

Tasiast – Mauritania

Third quarter of 2026 vs. Third quarter of 2025

Planned mine sequencing at Tasiast in the third quarter of 2026 included mining of the Prolongation and Piment pits as well as the continued capital development of and initial ore from West Branch 5. Tonnes of ore mined increased by 119% in the third quarter of 2026 compared to the same period in 2025 as a result of planned mine sequencing. Tonnes processed increased by 6% compared to the third quarter of 2025 as a result of higher throughput rates. Mill grades decreased by 3% compared to the third quarter of 2025 as a result of planned mine sequencing, including blending lower-grade ore from stockpiles with higher-grade ore from Piment. Mill recoveries decreased by 3% as a result of changes in ore characteristics.

Gold equivalent ounces produced in the third quarter of 2026 were comparable to the third quarter of 2025. Gold equivalent ounces sold in the third quarter of 2026 decreased by 5% compared to the third quarter of 2025 due to the timing of sales.

Metal sales increased by 18% compared to the third quarter of 2025, due to the 23% increase in the average realized gold price, partially offset by the decrease in gold equivalent ounces sold. Production cost of sales increased by 15% in the third quarter of 2026 compared to the third quarter of 2025, primarily due to higher fuel and maintenance supplies costs, impacted by the increase in mining activity, as well as higher royalty costs as a result of the higher gold prices, partially offset by the decrease in gold equivalent ounces sold. Production cost of sales per equivalent ounce sold also increased as a result of the increase in fuel, maintenance and royalty costs. Depreciation, depletion and amortization decreased by 18% in the third quarter of 2026 compared to the third quarter of 2025, primarily due to production feed from lower capital cost ounces and the decrease in gold equivalent ounces sold.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

First nine months of 2026 vs. First nine months of 2025

Planned mine sequencing at Tasiast in the first nine months of 2026 included mining of the Fennec, Prolongation and Piment pits as well as the capital development of West Branch 5, as the mining of West Branch 4 continued to ramp down and was completed in May 2026. Tonnes of ore mined increased by 91% in the first nine months of 2026 compared to the same period in 2025 as a result of improved mining capacity and planned mine sequencing. Tonnes processed increased by 13% compared to the first nine months of 2025 as a result of higher throughput rates and improved mill availability. Mill grades decreased by 3% compared to the first nine months of 2025 as a result of planned mine sequencing, including blending lower-grade ore from stockpiles with higher-grade ore from West Branch 4 and Piment.

Gold equivalent ounces produced and sold in the first nine months of 2026 were comparable to the first nine months of 2025 as the increase in throughput was offset by the timing of ounces processed through the mill and the decrease in mill grades.

Metal sales increased by 47% compared to the first nine months of 2025, primarily due to the 42% increase in the average realized gold price. Production cost of sales increased by 22% in the first nine months of 2026 compared to the first nine months of 2025, primarily due to higher royalty costs as a result of the higher gold prices, as well as higher fuel, maintenance and labour costs, impacted by the increase in mining activity. The increase in operating costs were partially offset by a build-up of long-term stockpiles in the first nine months of 2026 in accordance with planned mine sequencing. Production cost of sales per equivalent ounce sold also increased as a result of the increase in royalty, fuel, maintenance and labour costs. Depreciation, depletion and amortization decreased by 14% in the first nine months of 2026 compared to the first nine months of 2025, primarily due to production feed from lower capital cost ounces.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

Paracatu – Brazil

Third quarter of 2026 vs. Third quarter of 2025

Consistent with planned mine sequencing at Paracatu, mining in the third quarter of 2026 continued primarily in Phase 15, in the south-west area of the pit, which resulted in higher tonnes of ore mined and lower mill grades compared to the third quarter of 2025.

Gold equivalent ounces produced and sold in the third quarter of 2026 decreased by 3% and 5%, respectively, compared to the third quarter of 2025 as a result of the decrease in mill grades, partially offset by the timing of ounces processed through the mill.

Metal sales increased by 18% compared to the third quarter of 2025, due to the 23% increase in the average realized gold price, partially offset by the decrease in gold equivalent ounces sold. Production cost of sales increased by 23% in the third quarter of 2026 compared to the third quarter of 2025, primarily due to higher energy and labour costs, as well as higher reagent and blasting costs associated with Phase 15, partially offset by the decrease in gold equivalent ounces sold. Production cost of sales per equivalent ounce sold increased due to the same factors as well as an increase in royalty costs as a result of the higher average realized gold price. Depreciation, depletion and amortization in the third quarter of 2026 was comparable to the same period in 2025 as the decrease in gold equivalent ounces sold was offset by an increase in the depreciable asset base.

First nine months of 2026 vs. First nine months of 2025

Planned mine sequencing at Paracatu in the first nine months of 2026 included mining of Phase 15, which resulted in lower tonnes of ore mined and processed compared to the first nine months of 2025.

Gold equivalent ounces produced and sold in the first nine months of 2026 increased by 4% and 3%, respectively, compared to the first nine months of 2025 as a result of the timing of ounces processed through the mill and an increase in mill recoveries, partially offset by a decrease in mill grades.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

Metal sales increased by 46% compared to the first nine months of 2025, due to the 42% increase in the average realized gold price and the increase in gold equivalent ounces sold. Production cost of sales increased by 24% in the first nine months of 2026 compared to the first nine months of 2025, primarily due to the strengthening of the Brazilian real compared to the prior year, higher royalty costs as a result of the higher gold prices, as well as higher blasting, drilling and energy costs. Production cost of sales in the first nine months of 2026 was also impacted by the timing of ounces processed through the mill. Production cost of sales per equivalent ounce sold increased as a result of strengthening of the Brazilian real and higher royalty, blasting, drilling and energy costs. Depreciation, depletion and amortization increased by 9% in the first nine months of 2026 compared to the first nine months of 2025, primarily due to an increase in the depreciable asset base and the increase in gold equivalent ounces sold.

La Coipa – Chile

Throughout the third quarter of 2026, a series of significant adverse winter weather events disrupted mining and milling activities which impacted tonnes of ore mined and processed. The Company also saw higher than expected copper grades and lower than expected recoveries in some of the sulphide ore mined at La Coipa in the third quarter. Towards the end of the third quarter of 2026, improved weather conditions resulted in higher mining rates, improved throughput and ability to resume blending. Actions to enhance plant performance and recovery also delivered positive results, positioning La Coipa for improved performance going forward.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

Third quarter of 2026 vs. Third quarter of 2025

Notwithstanding the third quarter 2026 events discussed above, and consistent with planned mine sequencing, mining at La Coipa was focused on deeper ore benches of both the Puren and Phase 7 pits, with less waste mined, resulting in an 11% increase in tonnes of ore mined compared to the same period in 2025. Tonnes processed in the third quarter of 2026 decreased by 26% compared to the same period in 2025, as a result of the weather events and higher than expected copper grades. Gold grades and gold recoveries decreased by 17% and 18%, respectively, compared to the same period in 2025, as a result of the higher than expected copper grades and lower than expected recoveries in some of the sulphide ore mined.

Gold equivalent ounces produced and sold in the third quarter of 2026 decreased by 50% and 46%, respectively, compared to the third quarter of 2025, primarily due to the decrease in tonnes processed, gold grades and gold recoveries. Gold equivalent ounces sold exceeded production as a result of the timing of sales.

Metal sales decreased by 35% compared to the third quarter of 2025, due to the decrease in gold equivalent ounces sold, partially offset by the 23% increase in the average realized gold price. Production cost of sales in the third quarter of 2026 was comparable to the third quarter of 2025 as a decrease in the proportion of capital development, an increase in labour costs and the strengthening of the Chilean peso were offset by the decrease in gold equivalent ounces sold and a decrease in maintenance supplies costs. Production cost of sales per equivalent ounce sold increased as a result of the decrease in gold equivalent ounces produced and an increase in royalty costs as a result of the higher average realized gold price. Depreciation, depletion and amortization decreased by 60% in the third quarter of 2026 compared to the third quarter of 2025, due to the decrease in gold equivalent ounces sold and a decrease in the depreciable asset base.

First nine months of 2026 vs. First nine months of 2025

Consistent with planned mine sequencing, mining at La Coipa in the first nine months of 2026 continued in the Phase 7 and Puren pits, including a higher proportion of mining relating to capital development of the Phase 7 pit, resulting in a 6% decrease in tonnes of ore mined. Tonnes processed in the first nine months of 2026 was comparable to the same period in 2025 as improved mill availability in 2026 was partially offset by the weather events and higher than expected copper grades in the third quarter of 2026. Gold grades and gold recoveries decreased by 10% and 17%, respectively, compared to the same period in 2025, as a result of the higher than expected copper grades and lower than expected recoveries in some of the sulphide ore mined in the third quarter of 2026.

Gold equivalent ounces produced and sold in the first nine months of 2026 decreased by 13% and 15%, respectively, compared to the first nine months of 2025, primarily due to the decrease in gold recoveries and gold grades, partially offset by the timing of ounces processed through the mill.

Metal sales increased by 21% compared to the first nine months of 2025, primarily due to the 42% increase in the average realized gold price, partially offset by the decrease in gold equivalent ounces sold. Production cost of sales increased by 11% in the first nine months of 2026 compared to the first nine months of 2025, primarily due to higher labour, reagent and fuel costs, as well as the strengthening of the Chilean peso. These increases were partially offset by a decrease in maintenance supplies costs and the decrease in gold equivalent ounces sold. Production cost of sales per equivalent ounce sold increased due to the same factors, the decrease in gold equivalent ounces produced and an increase in royalty costs as a result of the higher average realized gold price. Depreciation, depletion and amortization decreased by 5% in the first nine months of 2026 compared to the first nine months of 2025, primarily due to the decrease in gold equivalent ounces sold, partially offset by production feed from higher capital cost ounces.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

Fort Knox (100% basis) – USA^(a)

Third quarter of 2026 vs. Third quarter of 2025

Planned mine sequencing at Fort Knox in the third quarter of 2026 continued to focus on mining of Phase 10. Tonnes of ore mined decreased by 23% compared to the third quarter of 2025 as a result of significant rainfall impacting mining productivity. Tonnes processed decreased by 15% compared to the third quarter of 2025, primarily due to the decrease in leachable ore tonnes mined. Mill grades and recoveries decreased by 34% and 6%, respectively, compared to the same period in 2025, as a result of planned mine sequencing and changes in ore characteristics, with fewer tonnes processed from Manh Choh.

Gold equivalent ounces produced and sold in the third quarter of 2026 decreased by 29% and 32%, respectively, compared to the third quarter of 2025, primarily due to the decrease in tonnes processed and mill grades from Manh Choh.

Metal sales decreased by 18% compared to the third quarter of 2025, due to the decrease in gold equivalent ounces sold, partially offset by the 23% increase in the average realized gold price. Production cost of sales in the third quarter of 2026 was comparable to the third quarter of 2025 as the decrease in gold equivalent ounces sold was offset by higher energy, reagent and contractor costs. Production cost of sales per equivalent ounce sold increased as a result of the higher energy, reagent and contractor costs as well as the decrease in gold equivalent ounces produced. Depreciation, depletion and amortization decreased by 12% in the third quarter of 2026 compared to the third quarter of 2025 due to the decrease in gold equivalent ounces sold, partially offset by production feed from higher capital cost ounces, related to the increase in the proportion of Phase 10 ore processed.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

In the third quarter of 2026, other operating expense included costs incurred in connection with conveyor belt repairs.

First nine months of 2026 vs. First nine months of 2025

Planned mine sequencing at Fort Knox in the first nine months of 2026 focused on mining of Phase 10. Tonnes of ore mined decreased by 4% compared to the first nine months of 2025 as a result of significant rainfall impacting mining productivity in the third quarter of 2026. Mill grades and recoveries decreased by 31% and 7%, respectively, compared to the same period in 2025, as a result of planned mine sequencing and changes in ore characteristics, with fewer tonnes processed from Manh Choh.

Gold equivalent ounces produced and sold in the first nine months of 2026 decreased by 15% and 17%, respectively, compared to the first nine months of 2025, primarily due to a decrease in tonnes processed and planned mill grades from Manh Choh, partially offset by an increase in tonnes processed and grades from Fort Knox.

Metal sales increased by 17% compared to the first nine months of 2025, due to the 42% increase in the average realized gold price, partially offset by the decrease in gold equivalent ounces sold. Production cost of sales increased by 18% in the first nine months of 2026 compared to the first nine months of 2025, primarily due to higher energy, contractor and reagent costs, partially offset by the decrease in gold equivalent ounces sold. Production cost of sales per equivalent ounce sold increased as a result of the higher energy, contractor and reagent costs and the decrease in gold equivalent ounces produced. Depreciation, depletion and amortization increased by 29% in the first nine months of 2026 compared to the first nine months of 2025 due to production feed from higher capital cost ounces, related to the increase in the proportion of Phase 10 ore processed, partially offset by the decrease in gold equivalent ounces sold.

In the first nine months of 2026, other operating expense included costs incurred in connection with conveyor belt repairs.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

Round Mountain – USA

Round Mountain is in a period of transition, with Phase S being mined as a bridge to longer-term operations at Phase X underground. In the first nine months of 2026, mining was focused on capital development at Phase S with mining of initial ore benches advancing in the third quarter, while development continued to progress at Phase X. Lower than expected grades and recoveries from the initial Phase S ore has resulted in a portion of higher-grade ore being deferred to future periods. Round Mountain continues to advance initiatives to improve recovery and mining rates, including targeted mill circuit enhancements and increased selective mining.

Third quarter of 2026 vs. Third quarter of 2025 

Tonnes of ore mined increased by 53% compared to the third quarter of 2025, as a result of planned mine sequencing. Mill grades increased by 11% in the third quarter of 2026, driven by the start of higher-grade ore from Phase S, partially offset by lower-grade, lower-recovery stockpile feed. Higher-grade, higher-recovery ore from Phase S is expected to continue in the fourth quarter of the year. Tonnes processed increased by 130% compared to the third quarter of 2025, due to the increase in tonnes placed on the heap leach pads. Mill recoveries decreased by 17%, primarily due to the processing of stockpile feed.

Gold equivalent ounces produced and sold in the third quarter of 2026 decreased by 27% and 30%, respectively, compared to the third quarter of 2025, primarily due to fewer recoverable ounces placed on the heap leach pads as a result of lower than expected grades as well as the completion of mining higher-grade Phase W ore in the third quarter of 2025. Gold equivalent ounces sold were also impacted by the timing of sales.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS 

For the three and nine months ended September 30, 2026

Metal sales decreased by 14% compared to the third quarter of 2025, due to the decrease in gold equivalent ounces sold, partially offset by the 23% increase in the average realized gold price. Production cost of sales decreased by 15% in the third quarter of 2026 compared to the third quarter of 2025, primarily due to the decrease in gold equivalent ounces sold, partially offset by a lower proportion of mining characterized as capital development and higher maintenance supplies and fuel costs. Production cost of sales per equivalent ounce sold increased due to the lower proportion of mining characterized as capital development, higher maintenance supplies and fuel costs, as well as the decrease in gold equivalent ounces produced. Production cost of sales per equivalent ounce sold also increased due to an increase in royalty costs as a result of the higher average realized gold price. Depreciation, depletion and amortization decreased by 38% in the third quarter of 2026 compared to the third quarter of 2025, primarily due to the decrease in gold equivalent ounces sold and production feed from lower capital cost ounces.

First nine months of 2026 vs. First nine months of 2025

Tonnes of ore mined decreased by 12% compared to the first nine months of 2025, as a result of planned mine sequencing and reduced mining rates from mining deeper, tighter ore benches of Phase S. Mill grades decreased by 28% in the first nine months of 2026 driven by lower-grade, lower-recovery stockpile feed, partially offset by higher-grade ore from Phase S in the third quarter. Higher-grade, higher-recovery ore from Phase S is expected to continue in the fourth quarter of the year. Tonnes processed increased by 5% compared to the first nine months of 2025, due to the increase in tonnes placed on the heap leach pads and commencement of ore from Phase S. Mill recoveries decreased by 30%, primarily due to the processing of stockpile feed and the processing of higher-recovery Phase W ore in the first nine months of 2025.

Gold equivalent ounces produced and sold in the first nine months of 2026 decreased by 35% compared to the first nine months of 2025, primarily due to the decrease in grades and mill recoveries and the timing of ounces recovered from the heap leach pads and the mill.

Metal sales decreased by 8% compared to the first nine months of 2025, due to the decrease in gold equivalent ounces sold, partially offset by the 42% increase in the average realized gold price. Production cost of sales increased by 10% in the first nine months of 2026 compared to the first nine months of 2025, primarily due to a lower proportion of mining characterized as capital development, higher cost ounces from the heap leach pads, higher royalty costs as a result of the higher gold prices and higher fuel costs, partially offset by the decrease in gold equivalent ounces sold. Production cost of sales per equivalent ounce sold increased primarily due to the lower proportion of mining characterized as capital development, higher cost ounces from the heap leach pads, higher royalty and fuel costs as well as the decrease in gold equivalent ounces produced. Depreciation, depletion and amortization decreased by 38% in the first nine months of 2026 compared to the first nine months of 2025, primarily due to the decrease in gold equivalent ounces sold.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS 

For the three and nine months ended September 30, 2026

Bald Mountain – USA

Third quarter of 2026 vs. Third quarter of 2025

Planned mine sequencing at Bald Mountain in the third quarter of 2026 focused primarily on continued capital development and initial ore of Redbird, while completing mining of the lower-grade Galaxy pit. As a result, tonnes of ore mined and processed increased by 191% and grade decreased by 6% compared to the third quarter of 2025, which was focused on completing mining of the high-grade LBM pit and on capital development of Redbird Phase 1.

Gold equivalent ounces produced and sold in the third quarter of 2026 decreased by 29% and 36%, respectively, compared to the same period in 2025, due to the decrease in grades and the timing of ounces recovered from the heap leach pads, partially offset by the increase in tonnes placed on the heap leach pads, including the continued transition into ore from Redbird. Gold equivalent ounces sold were also impacted by the timing of sales.

Metal sales decreased by 19% compared to the third quarter of 2025, due to the decrease in gold equivalent ounces sold, partially offset by the 23% increase in the average realized gold price. Production cost of sales decreased by 9% in the third quarter of 2026 compared to the third quarter of 2025, primarily due to the decrease in gold equivalent ounces sold, partially offset by higher fuel costs. Production cost of sales per equivalent ounce sold increased as a result of the decrease in gold equivalent ounces produced, higher fuel costs as well as an increase in royalty costs as a result of the higher average realized gold price. Depreciation, depletion and amortization decreased by 63% in the third quarter of 2026 compared to the third quarter of 2025, primarily due to the decrease in gold equivalent ounces sold and production feed from lower capital cost ounces.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

First nine months of 2026 vs. First nine months of 2025

Planned mine sequencing at Bald Mountain in the first nine months of 2026 focused primarily on mining of the lower-grade Galaxy and Royale pits, as well as initial ore and capital development of Redbird, resulting in a 71% increase in tonnes of ore mined and processed, and a 35% decrease in grade compared to the same period in 2025.

Gold equivalent ounces produced and sold in the first nine months of 2026 decreased by 40% and 41%, respectively, compared to the same period in 2025, due to the stacking of initial Redbird ore on the heap leach pads and the decrease in grades, in accordance with planned mine sequencing.

Metal sales decreased by 17% compared to the first nine months of 2025, due to the decrease in gold equivalent ounces sold, partially offset by the 42% increase in the average realized gold price. Production cost of sales decreased by 7% in the first nine months of 2026 compared to the first nine months of 2025, primarily due to the decrease in gold equivalent ounces sold, partially offset by higher fuel costs as well as higher royalty costs as a result of the higher gold prices. Production cost of sales per equivalent ounce sold increased as a result of the decrease in gold equivalent ounces produced, as well as higher fuel and royalty costs. Depreciation, depletion and amortization decreased by 66% in the first nine months of 2026 compared to the first nine months of 2025, primarily due to the decrease in gold equivalent ounces sold and production feed from lower capital cost ounces.

Consolidated Results

Exploration and Business Development

Included in total exploration and business development expense are expenditures on exploration totaling $33.6 million and $88.6 million in the third quarter and first nine months of 2026, respectively, compared to $46.0 million and $132.5 million in the third quarter and first nine months of 2025, respectively. The decrease in expenditures on exploration in the first nine months of 2026 was driven by the commencement of capitalization of development costs for Round Mountain Phase X and Curlew in the second half of 2025.

General and Administrative

General and administrative expense includes costs related to the overall management of the business which are not part of direct mine operating costs. These costs are incurred at corporate offices located in Canada, the United States, Brazil, Chile, the Netherlands, and Spain.

Included in general and administrative expense is net share-based compensation of $6.2 million and $19.5 million in the third quarter and first nine months of 2026, respectively, compared to $3.4 million and $12.4 million in the third quarter and first nine months of 2025, respectively.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

Finance Expense

Total interest incurred in the third quarter of 2026 was $15.2 million, of which $7.2 million was expensed and $8.0 million was capitalized, compared to $21.1 million in the third quarter of 2025, of which $18.1 million was expensed and $3.0 million was capitalized. Total interest incurred in the first nine months of 2026 was $44.0 million, of which $22.8 million was expensed and $21.2 million was capitalized, compared to $66.8 million in the first nine months of 2025, of which $60.9 million was expensed and $5.9 million was capitalized. The decrease in total interest incurred was primarily due to the Company’s early redemption of the $500.0 million 4.50% senior notes in the fourth quarter of 2025.

Income and Other Taxes

Kinross is subject to tax in various jurisdictions including Canada, the United States, Brazil, Chile and Mauritania. The Company’s combined federal and provincial statutory tax rate for the third quarter and first nine months of both 2026 and 2025 was 26.5%.

Income tax expense in the third quarter of 2026 was $228.9 million compared to $232.3 million in the third quarter of 2025. The decrease in income tax expense was primarily driven by the decrease in earnings before tax. Income tax expense also included a deferred tax recovery resulting from the net foreign currency translation of tax deductions related to the Company’s operations in Brazil and Mauritania of $3.4 million in the third quarter of 2026, compared to $15.6 million in the third quarter of 2025.

Income tax expense in the first nine months of 2026 was $1,024.3 million compared to $540.0 million in the first nine months of 2025. The increase in income tax expense was primarily driven by the increase in earnings before tax. Income tax expense in the first nine months of 2026 included $102.6 million of withholding tax related to the repatriation of earnings, mainly from Mauritania. Income tax expense also included a deferred tax recovery resulting from the net foreign currency translation of tax deductions related to the Company’s operations in Brazil and Mauritania of $13.5 million in the first nine months of 2026, compared to $36.6 million in the first nine months of 2025.

Divestitures

On August 10, 2022, the Company announced that it had completed the sale of its 90% interest in the Chirano mine in Ghana to Asante for total consideration of $225.0 million in cash and shares. In accordance with the share purchase and sale agreement, the Company received $60.0 million in cash and 34,962,584 Asante common shares on closing, and the remaining cash consideration of $128.8 million (the “Deferred Consideration”) was to be received over the two-year period subsequent to closing.

On August 8, 2025, the Company and Asante amended the share purchase and sale agreement including with respect to the remaining Deferred Consideration. On August 12, 2025, Asante settled the outstanding Deferred Consideration including accrued interest through a cash payment of $53.4 million, 36,927,650 Asante common shares, and a convertible debenture in the principal amount of $79.7 million.

During the three months ended September 30, 2025, the settlement of the remaining Deferred Consideration and subsequent monetization of the related Asante investments resulted in the recognition of $31.8 million of finance income, $31.2 million of gains in other income, and $5.5 million of gains in other comprehensive income. The other income included a $15.4 million gain on settlement of the Deferred Consideration and a $15.8 million gain related to the fair value measurement of the convertible debenture.

In October 2025, the Company exercised its conversion option on the total amount of the convertible debenture, including principal and accrued interest, and received 61,735,867 Asante common shares. Subsequently in 2025, the Company sold all of the newly issued Asante common shares for net proceeds equal to the fair value previously recognized.

KINROSS GOLD CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026

The following table summarizes Kinross’ cash flow activity: