Strong start to the year with robust margins driving strong free cash flowDevelopment projects on trackWell positioned to meet annual guidance TORONTO, May 07, 2024 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX:K, NYSE:KGC) ("Kinross" or the "Company") today announced its results for the first quarter ended March 31, 2024. This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on pages 27 and 28 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted. 2024 first-quarter highlights: Production of 527,399 gold equivalent ounces (Au eq. oz.), a 13% year-over-year increase. Production cost of sales1, 2 of $982 per Au eq. oz. sold and all-in sustaining cost2, 3 of $1,310 per Au eq. oz. sold, both of which are in line with Q1 2023. Margins4 increased by 20% to $1,088 per Au eq. oz. sold, outpacing the rise in the average realized gold price. Operating cash flow5 of $374.4 million and adjusted operating cash flow3 of $424.9 million. Attributable6 free cash flow3 of $145.3 million. Reported net earnings7 of $107.0 million, or $0.09 per share, with adjusted net earnings3, 8 of $124.9 million, or $0.10 per share3. Kinross' Board of Directors declared a quarterly dividend of $0.03 per common share payable on June 13, 2024, to shareholders of record at the close of business on May 30, 2024. On track to meet annual guidance: On an attributable basis6, Kinross expects to produce 2.1 million Au eq. oz. (+/- 5%) at a production cost of sales per Au eq. oz.1 of $1,020 (+/- 5%) and all-in sustaining cost3 of $1,360 (+/- 5%) per ounce sold for 2024. Total attributable6 capital expenditures3 are forecast to be approximately $1,050 million (+/- 5%). Balance sheet strength: Kinross has improved its debt metrics and continues to maintain its investment grade credit ratings. As of March 31, 2024, Kinross had cash and cash equivalents of $406.9 million, for total liquidity9 of approximately $2 billion. Operations: Kinross' three largest producing mines – Tasiast, Paracatu and La Coipa – delivered 68% of total production, with production cost of sales of $821 per Au eq. oz. sold1 and margins4 of $1,251 per Au eq. oz. sold. Tasiast achieved record quarterly throughput as the mine continued its strong performance since the completion of the 24k project. Paracatu achieved record quarterly throughput and La Coipa continued to deliver high margin production. Development projects: Kinross' pipeline of development projects continues to advance on plan. At Great Bear, the drilling campaign made strong progress in Q1 2024 and continues to successfully target extensions of the resource at depth. At Manh Choh, operations are ramping up and the project is on track for first production in early Q3 2024. At Round Mountain, Phase S mining is on plan, and the exploration decline at Phase X is progressing well, with approximately 1,800 metres developed to date. Sustainability Report: Kinross expects to publish its 2023 Sustainability Report later this month, providing a comprehensive summary of its performance over the past year. CEO commentary:J. Paul Rollinson, CEO, made the following comments in relation to 2024 first-quarter results: "We have had a strong start to the year and are well positioned to meet our annual guidance. Our portfolio of mines performed well, driven by strong operational performance, disciplined cost management and higher gold prices. The Company delivered a 20% increase in margins to $1,088 per ounce sold, which is approximately double the percentage increase in the gold price over the same period. As a result, free cash flow more than tripled over Q1 2023. "With the strong sustained gold price, we will continue to prioritize our financial discipline and operational excellence. We will focus on maintaining our margins and cost profile, prudent capital allocation and debt reduction. "Our development projects are all proceeding as planned. At Great Bear, we made excellent progress on our 2024 drilling campaign, which continued to successfully target extensions of the resource at depth, and we remain on track to release a preliminary economic assessment (PEA) in the second half of the year. At Round Mountain, Phase S and Phase X are advancing well. We are also looking forward to first production at Manh Choh early in the third quarter. At Tasiast, our solar power plant is complete and generating power at full capacity. "Kinross' commitment to Sustainability is deeply rooted in our values and culture, and we are proud of our consistent high rankings in our industry. We are looking forward to publishing our 2023 Sustainability Report later this month, marking our 16th year of reporting in this important area." Summary of financial and operating results     Three months ended     March 31, (unaudited, in millions of U.S. dollars, except ounces, per share amounts, and per ounce amounts) 2024 2023 Operating Highlights       Total gold equivalent ounces(a)     Produced   527,399   466,022 Sold   522,400   490,330         Financial Highlights       Metal sales   $ 1,081.5 $ 929.3 Production cost of sales   $ 512.9 $ 483.9 Depreciation, depletion and amortization   $ 270.7 $ 211.9 Operating earnings   $ 193.2 $ 143.9 Net earnings attributable to common shareholders   $ 107.0 $ 90.2 Basic earnings per share attributable to common shareholders   $ 0.09 $ 0.07 Diluted earnings per share attributable to common shareholders   $ 0.09 $ 0.07 Adjusted net earnings attributable to common shareholders(b)   $ 124.9 $ 87.6 Adjusted net earnings per share(b)   $ 0.10 $ 0.07 Net cash flow provided from operating activities   $ 374.4 $ 259.0 Adjusted operating cash flow(b)   $ 424.9 $ 358.2 Capital expenditures(c)   $ 241.9 $ 221.2 Attributable(d)capital expenditures(b)   $ 232.1 $ 211.8 Attributable(d)free cash flow(b)   $ 145.3 $ 47.8 Average realized gold price per ounce(e)   $ 2,070 $ 1,894 Production cost of sales per equivalent ounce(a)sold(f)(g)   $ 982 $ 987 Production cost of sales per ounce sold on a by-product basis(b)(g)   $ 941 $ 929 All-in sustaining cost per ounce sold on a by-product basis(b)(g)   $ 1,281 $ 1,284 All-in sustaining cost per equivalent ounce(a)sold(b)(g)   $ 1,310 $ 1,321 Attributable(d)all-in cost per ounce sold on a by-product basis(b)   $ 1,613 $ 1,616 Attributable(d)all-in cost per equivalent ounce(a)sold(b)   $ 1,630 $ 1,634   (a)   "Gold equivalent ounces" include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for each period. The ratio for the first quarter of 2024 was 88.70:1 (first quarter of 2023 – 83.82:1). (b)   The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 16 to 21 of this news release. 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. (c)   "Capital expenditures" is as reported as "Additions to property, plant and equipment" on the interim condensed consolidated statements of cash flows. (d)   "Attributable" includes Kinross' 70% share of Manh Choh costs, capital expenditures and cash flow, as appropriate. (e)   "Average realized gold price per ounce" is defined as gold metal sales divided by total gold ounces sold. (f)   "Production cost of sales per equivalent ounce sold" is defined as production cost of sales divided by total gold equivalent ounces sold. (g)   As production from Manh Choh is expected to commence in the third quarter of 2024, production cost of sales and attributable all-in sustaining cost figures and ratios for Manh Choh are nil for all periods presented. As a result, production cost of sales and all-in sustaining cost figures and ratios are equal to attributable production cost of sales and attributable all-in sustaining cost figures and ratios, as applicable.       The following operating and financial results are based on first-quarter gold equivalent production: Production: Kinross produced 527,399 Au eq. oz. in Q1 2024, compared with 466,022 Au eq. oz. in Q1 2023. The 13% year-over-year increase was primarily due to higher throughput at Tasiast, higher grades at La Coipa, and higher production at Bald Mountain due to timing of ounces recovered from the heap leach pads. Average realized gold price10: The average realized gold price in Q1 2024 was $2,070 per ounce, compared with $1,894 per ounce in Q1 2023. Revenue: During the first quarter, revenue increased to $1,081.5 million, compared with $929.3 million during Q1 2023. The 16% year-over-year increase is primarily due to increases in gold equivalent ounces sold and average metal prices realized. Production cost of sales: Production cost of sales per Au eq. oz. sold1, 2 decreased slightly to $982 for the quarter, compared with $987 in Q1 2023. Production cost of sales per Au oz. sold on a by-product basis2, 3 was $941 in Q1 2024, compared with $929 in Q1 2023, based on gold sales of 503,604 ounces and silver sales of 1,667,248 ounces. Margins4: Kinross' margin per Au eq. oz. sold increased by 20% to $1,088 for Q1 2024, compared with the Q1 2023 margin of $907, outpacing the 9% increase in average realized gold price10. All-in sustaining cost2, 3: All-in sustaining cost per Au eq. oz. sold was $1,310 in Q1 2024, compared with $1,321 in Q1 2023. In Q1 2024, all-in sustaining cost per Au oz. sold on a by-product basis was $1,281, compared with $1,284 in Q1 2023. Operating cash flow5: Operating cash flow was $374.4 million for Q1 2024, compared with $259.0 million for Q1 2023. Adjusted operating cash flow3 for Q1 2024 was $424.9 million, compared with $358.2 million for Q1 2023. Attributable6 free cash flow3: Attributable free cash flow more than tripled to $145.3 million in Q1 2024, compared with $47.8 million in Q1 2023. Earnings: Reported net earnings7 increased by 19% to $107.0 million for Q1 2024, or $0.09 per share, compared with reported net earnings of $90.2 million, or $0.07 per share, for Q1 2023. Adjusted net earnings3, 8 increased by 43% to $124.9 million, or $0.10 per share, for Q1 2024, compared with $87.6 million, or $0.07 per share, for Q1 2023. Attributable6 capital expenditures3: Attributable capital expenditures increased to $232.1 million for Q1 2024, compared with $211.8 million for Q1 2023, primarily due to an increase in capital stripping at Tasiast and Fort Knox11, as well as the start of Phase S capital development at Round Mountain, partially offset by a decrease in capital stripping at La Coipa. Balance sheet Kinross had cash and cash equivalents of $406.9 million as of March 31, 2024, compared with $352.4 million at December 31, 2023. The increase was primarily due to the increase in operating cash flow. Kinross has improved its debt metrics and continues to prioritize maintaining and strengthening its investment grade balance sheet. Kinross plans to further reduce debt during the year by allocating excess free cash generated towards the term loan due in 2025. The Company had additional available credit12 of $1.6 billion and total liquidity9 of approximately $2 billion as of March 31, 2024. Dividend As part of its continuing quarterly dividend program, the Company declared a dividend of $0.03 per common share payable on June 13, 2024, to shareholders of record as of May 30, 2024. Operating results Mine-by-mine summaries for 2024 first-quarter operating results may be found on pages 10 and 14 of this news release. Highlights include the following: At Tasiast, production was in line with the previous quarter, and was higher year-over-year mainly due to record quarterly throughput following the completion of the Tasiast 24k project in the second half of 2023, partly offset by lower grades, as planned. Cost of sales per ounce sold was largely in line quarter-over-quarter, and lower year-over-year mainly due to the higher ounces sold. Paracatu delivered according to plan, with production largely in line with the previous quarter, and higher year-over-year mainly due to an increase in throughput, partly offset by lower grades as a result of planned mine sequencing. Cost of sales per ounce sold decreased quarter-over-quarter primarily due to lower maintenance, labour and contractor costs. Year-over-year, cost of sales per ounce sold increased mainly due to an increase in labour, drilling, blasting and fuel costs related to an increase in tonnes mined. At La Coipa, production was slightly lower than the previous quarter mainly as a result of a decrease in throughput, which was offset by higher grades and recoveries. Production increased compared with the same period last year primarily due to an increase in gold grades, and an increase in mill throughput. Cost of sales per ounce sold was largely in line with both comparable periods. At Fort Knox11, production was lower quarter-over-quarter due to lower mill grade, throughput and recovery, and the seasonal effect of fewer ounces recovered from the heap leach pads. Year-over-year, production was lower due to lower mill grade, throughput and recovery. In both comparable periods, cost of sales per ounce sold was higher primarily due to lower production. Round Mountain performed well, with production increasing quarter-over-quarter due to higher mill throughput, grade, and recoveries, partially offset by fewer ounces recovered from the heap leach pads. The increase in production compared to Q1 2023 was primarily due to higher mill grade and throughput, partially offset by lower mill recovery and fewer ounces recovered from the heap leach pads. In both comparable periods, cost of sales per ounce sold was lower due to the increase in production as well as an increase in capital development related to the start of stripping Phase S. At Bald Mountain, production increased in both comparable periods mainly due to an increase in ounces recovered from the heap leach pads. Cost of sales per ounce sold was lower quarter-over-quarter mainly as a result of a higher proportion of capital development, and similarly, lower year-over-year due to a higher proportion of capital development as well as higher production. Development Projects and Exploration Great Bear   At the Great Bear project, the Company's robust exploration program continues to make excellent progress, execution planning for the advanced exploration program is well underway, and permitting continues to advance on plan. The drilling results below (at true width) continue to support the view of a high-grade, long-life mining complex at Great Bear, with recent results showing extension of mineralization at depth across multiple zones. At Yuma, results continue to intersect higher grade mineralization at depth in close proximity to the current resource, with holes BR-843AC3 and BR-695C1A intersecting 10.2m @ 18.59 g/t at 975m vertical depth and 6.2m @ 6.24 g/t at 1,085m vertical depth, respectively. At Yauro, BR-708AC1B intersected 2.0m @ 11.41 g/t at a vertical depth of 1,095m well below the current resources, showing the potential for Yauro to continue to expand at depth with high grade mineralization, similar to how depth extensions progressed with continued drilling at Yuma. At Auro, recent drilling also intersected high grade mineralization with a minable width below the current resources with hole BR-882 intersecting 6.1m @ 25.71 g/t at a vertical depth of 720m. At Discovery to the northwest, hole BR-847 has intersected 2.4m @ 5.53 g/t at 870m in the under-tested area beneath the current resource, demonstrating continuity of mineralization between previously reported drill holes. The 2024 drill program will continue to target mineralization below the existing mineral resource, explore for additional deposits along strike, and expand our Red Lake style mineralization at Hinge and Limb. For the Advanced Exploration (AEX) program, Kinross is progressing provincial permitting, engineering, and execution planning activities that would establish an underground decline to obtain a bulk sample and allow for definition and infill drilling in the LP zone. Kinross has the necessary surface rights to develop the AEX project, subject to obtaining the required provincial permits. Detailed engineering, execution planning, and procurement continue to progress well. Some required infrastructure such as the camp and water treatment plant have now been purchased. Kinross is targeting a start of the surface construction for the AEX program in the second half of 2024, subject to receipt of permits, with start of the underground decline planned in mid-2025. For the Main Project, Kinross continues to advance technical studies, including engineering and field test work campaigns. In the last quarter, substantial geotechnical field work was conducted to help de-risk project construction through strong early technical studies. Kinross remains on track to release a PEA in the second half of 2024. Kinross has opted to pursue a PEA as it enables the inclusion of a portion of the inferred underground resource. This provides visibility into the potential production scale, construction capital, all-in sustaining cost and margins for both the open pit and the underground. The PEA will only include a subset of the ounces in the measured, indicated, and inferred resources drilled to date. The Detailed Project Description for the Main Project was submitted to the Impact Assessment Agency of Canada in Q1 2024, as planned, and the Federal Impact Assessment is underway. Studies are ongoing and the Company expects to file its Impact Statement in the first half of 2025. Selected Great Bear Drill ResultsSee Appendix A for full results. Hole ID   From (m) To (m) Width (m) True Width (m) Au (g/t) Target BR-695C1A   1,324.7 1,333.0 8.3 7.3 5.35 Yuma BR-695C1A Including 1,324.7 1,331.7 7.0 6.2 6.24   BR-695C1A   1,441.2 1,444.2 3.0 2.6 0.58   BR-695C1A   1,469.0 1,517.5 48.5 42.7 0.86   BR-695C1A Including 1,502.6 1,506.3 3.7 2.8 4.49   BR-695C1A   1,524.5 1,537.8 13.3 11.3 0.81   BR-708AC1B   1,271.7 1,276.7 5.0 4.5 0.64 Yauro BR-708AC1B   1,319.9 1,323.7 3.8 3.4 0.50   BR-708AC1B   1,376.2 1,441.7 65.5 59.0 0.96   BR-708AC1B Including 1,438.7 1,441.1 2.4 2.0 11.41   BR-843AC3   1,256.3 1,259.8 3.5 2.7 0.68 Yuma BR-843AC3   1,354.7 1,395.0 40.3 36.3 5.65   BR-843AC3   1,377.4 1,388.8 11.3 10.2 18.59   BR-843AC3   1,509.7 1,513.7 4.0 3.5 3.39   BR-847   934.7 950.0 15.3 13.0 2.08 Discovery BR-847 Including 934.7 937.5 2.8 2.4 5.21   BR-847   975.0 992.5 17.5 14.9 0.85   BR-847   998.8 1,001.8 3.0 2.6 0.48   BR-847   1,027.2 1,036.1 8.9 7.8 1.54   BR-847   1,048.5 1,051.5 3.0 2.7 0.35   BR-847   1,052.9 1,080.0 27.1 24.4 1.38   BR-847 Including 1,063.6 1,066.3 2.7 2.4 5.53   BR-882   953.0 957.5 4.5 3.7 0.45 Auro BR-882   1,015.2 1,022.4 7.2 6.1 25.71   BR-882 Including 1,017.5 1,019.4 1.9 1.6 95.27   Results are preliminary in nature and are subject to on-going QA/QC. Lengths are subject to rounding. See Appendix B for a LP zone long section. Fort Knox At the Kinross-operated, 70%-owned Manh Choh project, the Company is on track for first production in early Q3 2024. Ore and waste mining are ongoing with the full mining fleet now in operation as planned. Following several months of orientation runs, transportation of ore to Fort Knox, where the ore will be processed, continues to ramp up with all contracted trucks received, the majority of the drivers onboarded, and trailer manufacturing now complete. At Fort Knox, mill modifications and site preparation remain on plan, including the completion of the ore delivery road and tie-ins for the pebble recycle conveyor. Building construction is advancing well, along with interior piping and electrical works. Round Mountain The extension strategy at Round Mountain is advancing well. At Phase S, mining is on plan. For the heap leach pad expansion, earthworks began during the quarter, procurement is advancing as expected and construction activities remain on track.  At Phase X, development of the exploration decline is progressing well, with over 1,800 metres developed to date. The decline has now progressed to the point that infill drilling of the primary Phase X target can commence in Q2 2024, as planned.  The Company also took the opportunity, as the decline was advancing, to perform exploration drilling in between the open pit and the underground target. This drilling13 has intersected high-grade mineralization with significant widths in this area outside of the primary Phase X target, which is also an area that did not have significant historic drilling, as highlighted below: DX-0012: 8.4m @ 16.6 g/t Au Eq DX-0019: 21.3m @ 9.9 g/t Au Eq DX-0014: 9.1m @ 9.5 g/t Au Eq These results show potential for expansion of the target area for mineralization and for potential future mining at Phase X (see Appendix C). At Gold Hill, infill drilling of the underground targets is being completed from the bottom of the historical pit and exploration drilling is being completed from surface, testing continuity and extensions at depth and on strike. Chile Kinross' activities in Chile are currently focused on La Coipa and potential opportunities to extend its mine life. The Lobo-Marte project continues to provide optionality as a potential large, low-cost mine upon the conclusion of mining at La Coipa. While the Company focuses its technical resources on La Coipa, it will continue to engage and build relationships with communities related to Lobo-Marte and government stakeholders. Curlew Basin exploration At Curlew, Kinross is working on optimizing the potential mine design with a focus on improving the efficiency and margin of potential underground mining. The Company continues to progress underground drilling to follow up on recent high-grade intersections at the Roadrunner and Stealth vein zones, and has intersected multiple zones of stockwork veining with assays pending. Conference call details In connection with this news release, Kinross will hold a conference call and audio webcast on Wednesday, May 8, 2024, at 7:45 a.m. EDT to discuss the results, followed by a question-and-answer session. To access the call, please dial: Canada & US toll-free – 1 (888) 330-2446; Passcode: 4915537Outside of Canada & US – 1 (240) 789-2732; Passcode: 4915537 Replay (available up to 14 days after the call): Canada & US toll-free – 1 (800) 770-2030; Passcode: 4915537Outside of Canada & US – 1 (647) 362-9199; Passcode: 4915537 You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The audio webcast will be archived on www.kinross.com. Virtual Annual Meeting of Shareholders Kinross' virtual Annual Meeting of Shareholders will be held on Wednesday, May 8, 2024, at 10:00 a.m. EDT.   The virtual meeting will be accessible online at: web.lumiagm.com/#/429018094. The link to the virtual meeting will also be accessible at www.kinross.com and will be archived for later use. Voting and participation instructions for eligible shareholders are provided in the Company's Notice of Annual Meeting of Shareholders and Management Information Circular. This release should be read in conjunction with Kinross' 2024 first-quarter unaudited Financial Statements and Management's Discussion and Analysis report at www.kinross.com. Kinross' 2024 first-quarter Financial Statements and Management's Discussion and Analysis have been filed with Canadian securities regulators (available at www.sedarplus.ca) and furnished with the U.S. Securities and Exchange Commission (available at www.sec.gov). Kinross shareholders may obtain a copy of the financial statements free of charge upon request to the Company. About Kinross Gold Corporation Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC). Media Contact Victoria BarringtonSenior Director, Corporate Communicationsphone: Investor Relations ContactChris Lichtenheldt Vice-President, Investor Relations phone: Review of operations                         Three months ended March 31, (unaudited)   Gold equivalent ounces                 Produced   Sold   Production cost of sales($millions)   Production cost ofsales/equivalent ounce sold   2024 2023   2024 2023   2024 2023   2024 2023                         Tasiast 159,199 131,045   151,014 128,479   99.7 88.4   660 688 Paracatu 128,273 123,334   128,110 128,344   135.7 118.0   1,059 919 La Coipa 71,245 53,596   71,125 61,780   52.1 44.9   733 727                         Fort Knox 53,350 65,387   56,292 65,404   82.5 77.6   1,466 1,186 Round Mountain 68,352 58,832   68,169 58,226   90.6 96.5   1,329 1,657 Bald Mountain 46,980 33,828   47,241 47,283   52.1 58.0   1,103 1,227 United States Total 168,682 158,047   171,702 170,913   225.2 232.1   1,312 1,358                         Maricunga - -   449 814   0.2 0.5   445 614                         Operations Total 527,399 466,022   522,400 490,330   512.9 483.9   982 987                           Interim condensed consolidated balance sheets (unaudited, expressed in millions of U.S. dollars, except share amounts)                           As at       March 31,   December 31,       2024   2023               Assets           Current assets           Cash and cash equivalents   $ 406.9     $ 352.4     Restricted cash     10.3       9.8     Accounts receivable and other assets     283.2       268.7     Current income tax recoverable     2.7       3.4     Inventories     1,117.7       1,153.0     Unrealized fair value of derivative assets     10.9       15.0           1,831.7       1,802.3     Non-current assets           Property, plant and equipment     7,942.4       7,963.2     Long-term investments     49.4       54.7     Other long-term assets     716.8       710.6     Deferred tax assets     12.6       12.5     Total assets   $ 10,552.9     $ 10,543.3                 Liabilities           Current liabilities           Accounts payable and accrued liabilities   $ 466.8     $ 531.5     Current income tax payable     68.6       92.9     Current portion of long-term debt and credit facilities     999.3       -     Current portion of provisions     47.0       48.8     Other current liabilities     12.1       12.3           1,593.8       685.5     Non-current liabilities           Long-term debt and credit facilities     1,234.0       2,232.6     Provisions     893.9       889.9     Long-term lease liabilities     16.4       17.5     Other long-term liabilities     86.8       82.4     Deferred tax liabilities     458.6       449.7     Total liabilities   $ 4,283.5     $ 4,357.6                 Equity           Common shareholders' equity           Common share capital   $ 4,486.5     $ 4,481.6     Contributed surplus     10,640.3       10,646.0     Accumulated deficit     (8,912.5 )     (8,982.6 )   Accumulated other comprehensive loss     (62.4 )     (61.3 )   Total common shareholders' equity     6,151.9       6,083.7     Non-controlling interests     117.5       102.0     Total equity     6,269.4       6,185.7     Total liabilities and equity   $ 10,552.9     $ 10,543.3                 Common shares           Authorized   Unlimited     Unlimited     Issued and outstanding     1,228,982,701       1,227,837,974                   Interim condensed consolidated statements of operations (unaudited, expressed in millions of U.S. dollars, except per share amounts)               Three months ended       March 31,   March 31,       2024   2023   Revenue           Metal sales   $ 1,081.5     $ 929.3                 Cost of sales           Production cost of sales     512.9       483.9     Depreciation, depletion and amortization     270.7       211.9     Total cost of sales     783.6       695.8     Gross profit     297.9       233.5     Other operating expense     27.6       31.2     Exploration and business development     41.7       34.0     General and administrative     35.4       24.4     Operating earnings     193.2       143.9     Other income - net     0.1       4.4     Finance income     3.9       9.4     Finance expense     (21.5 )     (27.5 )   Earnings before tax     175.7       130.2     Income tax expense - net     (69.1 )     (39.8 )   Net earnings   $ 106.6     $ 90.4     Net earnings (loss) attributable to:           Non-controlling interests   $ (0.4 )   $ 0.2     Common shareholders   $ 107.0     $ 90.2     Earnings per share attributable to common shareholders           Basic   $ 0.09     $ 0.07     Diluted   $ 0.09     $ 0.07       Interim condensed consolidated statements of cash flows (unaudited, expressed in millions of U.S. dollars)                   Three months ended         March 31,   March 31,          2024    2023   Net inflow (outflow) of cash related to the following activities:             Operating:             Net earnings     $ 106.6     $ 90.4     Adjustments to reconcile net earnings to net cash provided from operating activities:             Depreciation, depletion and amortization       270.7       211.9     Finance expense       21.5       27.5     Deferred tax expense       8.6       9.0     Foreign exchange losses and other       17.5       15.4     Reclamation expense       -       4.0     Changes in operating assets and liabilities:             Accounts receivable and other assets       10.3       20.0     Inventories       5.9       (43.2 )   Accounts payable and accrued liabilities       12.1       (5.8 )   Cash flow provided from operating activities       453.2