6-K
Kinross Gold Corp (KGC)
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June, 2022
Commission File Number: 001-13382
KINROSS GOLD CORPORATION
(Translation of registrant's name into English)
17^th^ Floor, 25 York Street,
Toronto, Ontario, M5J 2V5
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40F:
Form 20-F ¨ Form 40-F x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2b:
This report on Form 6-K is being furnished for the sole purpose of providing a copy of the press release dated June 28, 2022 in which Kinross Gold Corporation provided an update on its Great Bear and U.S. projects.
INDEX
Table of Contents
SIGNATURES
EXHIBIT INDEX
| 99.1 | Press Release dated June 28, 2022. |
|---|
Page 2
SIGNATURES
Pursuant to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| KINROSS<br> GOLD CORPORATION |
|---|
| Signed:<br> //Lucas Crosby// |
| Vice<br> President, Assistant General Counsel <br><br>and Corporate Secretary |
| June<br> 28, 2022 |
| --- |
Exhibit 99.1
| KinrossGold Corporation<br><br><br><br>25 York Street, 17th Floor<br><br><br><br>Toronto, ON Canada M5J 2V5 |
|---|
NEWS RELEASE
Kinross provides update on GreatBear project and U.S. projects
(All dollar amounts are expressed in U.S. dollars, unless otherwisenoted.)
Toronto, Ontario, June 28, 2022 – Kinross Gold Corporation (TSX:K; NYSE:KGC) (“Kinross” or the “Company”) is pleased to provide an update on its Red Lake, Ontario-based Great Bear project, as well as its Manh Choh project in Alaska and Curlew exploration project in Washington State.
Kinross’ management team will host a presentation and question and answer session today at 9 a.m. EDT to discuss the projects via an audio webcast.
To access the webcast: https://event.on24.com/wcc/r/3848365/1AEC6A078059EF8003CC1DA79ECF5A23
The audio webcast will also be archived at kinross.com/events.
To view the event presentation and for more information regarding the updates below: https://www.kinross.com/Kinross-North-America-Projects-Update-June-2022
To view an interactive 3D model of the Great Bear project:
https://vrify.com/decks/11758?auth=af709cc9-5f96-4165-8a1d-0b29e33ef12a
Great Bear project
At Great Bear, Kinross is making excellent progress and is on schedule to declare an initial mineral resource as part of its 2022 year-end results. The Company expects the initial mineral estimate to be predominantly in the inferred resource category, with some indicated resources.
To date, Kinross has drilled approximately 83,000 metres and is on track to complete approximately 200,000 metres of exploration and infill drilling in 2022 on the LP Fault zone, the most significant discovery to date at the project. The Company has received additional assay results since its last update on May 10, 2022, with a selection of the new results from targets at the LP Fault zone highlighted in the table below. Kinross has increased the number of diamond drills at Great Bear from eight to 11 since its last update.
The latest results continue to support Kinross’ view of a high-grade, world-class deposit that underpins the prospect of a large, long-life mining complex. The results are consistent with findings from earlier in the year, which confirm gold mineralization with good widths and high grades and support the view that the LP Fault zone can host a long-life, open-pit mine.
Recent results showing high grade mineralization at depths of more than 500 metres also demonstrate the potential for a sizeable underground mine. In support of this, Kinross is analyzing an advanced exploration program that would establish an underground decline. The advanced program would allow for underground drilling for more efficient exploration of deeper areas of the LP Fault, along with the nearby Hinge and Limb gold zones, as well as bulk sampling. The Company is targeting a potential start of the advanced program as early as 2024. Click here for the 3D model.
| *www.kinross.com* |
| --- | | KinrossGold Corporation<br><br><br><br>25 York Street, 17th Floor<br><br><br><br>Toronto, ON Canada M5J 2V5 | | --- | | Hole ID | | From<br><br> <br>(m) | To<br><br> <br>(m) | Width<br><br> <br>(m) | True Width<br><br> <br>(m) | Au<br><br> <br>(g/t) | Target | | --- | --- | --- | --- | --- | --- | --- | --- | | BR-537 | | 756.0 | 814.0 | 58.0 | 40.0 | 2.2 | Yuma | | BR-537 | including | 780.6 | 786.4 | 5.8 | 3.6 | 18.6 | | | BR-541 | | 283.0 | 358.3 | 75.3 | 50.0 | 2.1 | Yauro | | BR-541 | including | 294.0 | 300.7 | 6.7 | 4.8 | 13.4 | | | BR-566 | | 213.35 | 299.65 | 86.3 | 63.0 | 2.0 | Yauro | | BR-566 | including | 279.25 | 280.75 | 1.5 | 1.1 | 65.4 | | | BR-571 | | 968.2 | 983.95 | 15.8 | 13.0 | 1.2 | Gap | | BR-571 | including | 970.45 | 975.9 | 5.5 | 4.5 | 2.6 | | | BR-572 | | 954.0 | 1003.5 | 49.5 | 41.0 | 0.5 | Gap | | BR-590 | | 492.0 | 506.8 | 14.8 | 10.0 | 7.1 | Yuma | | BR-590 | including | 496.1 | 500.5 | 4.4 | 3.0 | 20.9 | | | BR-601 | | 30.0 | 77.25 | 47.3 | 28.5 | 2.2 | Yuma | | BR-601 | including | 37.8 | 38.4 | 0.6 | 0.4 | 143.0 | | | BR-606 | | 55.7 | 73.0 | 17.3 | 10.0 | 19.0 | Yauro | | BR-606 | including | 59.0 | 68.75 | 9.8 | 5.7 | 33.5 | | | BR-606 | and including | 59.0 | 63.4 | 4.4 | 2.6 | 68.9 | |
Composites are generated using 0.1 g/t minimumgrade, maximum internal dilution of 3.0 metres. Results are preliminary in nature and are subject to on-going QA/QC.
The 35,000-metre grade control drilling program is nearing completion and, to date, approximately 400 of the planned 430 reverse circulation (RC) holes have been drilled. The RC grade control program is expected to improve the Company’s understanding of the continuity and distribution of the high grade intercepts in the LP Fault zone.
Kinross also continues to expand its local community outreach and engagement program, with a focus on the Wabauskang and Lac Seul First Nations, on whose traditional territories the project is located. The Company is focused on working collaboratively with its First Nations partners in a number of areas, including comprehensive baseline studies, site planning and future procurement, training and other opportunities that generate long-term socio-economic benefits for the region.
Baseline environmental surveys and local community socio-economic studies required for the permitting process are progressing well. Kinross is on schedule to commence a Great Bear pre-feasibility study in 2023.
Manh Choh project
At the 70%-owned Manh Choh project in Alaska, feasibility study (FS) work is nearing completion and results are expected to be disclosed ahead of schedule as part of the Company’s Q2 2022 results. Initial production is on schedule to commence in Q4 2024, subject to permitting, and is not currently included as part of the Company’s 2024 production guidance.
The trending view of the FS results include (all figures are approximates)^1^:
| Manh Choh (70%) | |
|---|---|
| First production | Q4 2024 |
| Years of production | 4 |
| Total production contribution | 600,000 - 650,000 Au eq. oz. |
| Initial capital expenditures^[2]^ (100% basis) | $170 - $190 million |
| Kinross Alaska (100% Fort Knox + 70% Manh Choh) | |
| Average annual production (2025 - 2027) | 350,000 - 400,000 Au eq. oz. |
| Average grade processed (2025 - 2027) | 0.45 g/t |
| All-in sustaining cost^[3]^ (2025 - 2027) | $1,100 - $1,200 per Au eq. oz. |
1 Based on $1,500 per ounce gold price, $18.75 per ouncesilver price, and $70 per barrel oil price.
2 Excludes pre-production G&A, capitalized waste strippingand pre-purchase of ore haul fleet.
3 The metric is a non-GAAP measure and is notdefined under International Financial Reporting Standards. Refer to the “Reconciliation of non-GAAP financialmeasures” section in the Company’s Q1 2022 MD&A.
| p. 2 **Kinross provides update on Great Bear project and U.S. projects** | *www.kinross.com* |
| --- | --- | | KinrossGold Corporation<br><br><br><br>25 York Street, 17th Floor<br><br><br><br>Toronto, ON Canada M5J 2V5 | | --- |
Kinross plans to truck Manh Choh ore to Fort Knox for batch processing, which will add high grade mill feed to Fort Knox’s mill. Manh Choh ore is expected to be approximately 10 times the current average mill grade at Fort Knox. The Company expects that the addition of high grade ore will lower Fort Knox’s average life of mine all-in sustaining costs and increase cash flow.
While the FS results are expected to reflect recent inflationary pressures, it is also expected to yield higher grades due to an updated resource model, which will help offset such pressures. As part of the FS, the Company also expects to update the project’s mineral resource estimate and declare a mineral reserve estimate.
Permitting activities are progressing well, with applications for major permits submitted in December 2021. In Q1 2022, Kinross signed an extension of the community support agreement with the Native Village of Tetlin, on whose land the project is located. The Company is also continuing its comprehensive local community programs and prioritizing local economic benefits as it develops the project.
Curlew Basin exploration project
At the Curlew Basin exploration project in Washington State, the underground drilling program continues to produce positive results. Curlew encompasses a 6.5-square-kilometre area located 35 kilometres north (by paved road) of the Company’s 100%-owned Kettle River mill and tailings facilities. Kinross is targeting to declare a total mineral inventory of 1 million Au oz. by year-end 2022 at Curlew.
Curlew is situated in an area with rich mineral endowment, as approximately 12 million Au oz. have been produced within 200 kilometres of the Kettle River mill, including at Kinross’ historic Buckhorn mine, which produced approximately 1.3 million Au oz. during its mine life. The historic K2/Curlew mine produced approximately 500k Au oz. at 7.5 g/t Au from 1997 to 2007.
The Curlew exploration program has focused on highly prospective areas around the historic K2 deposit, with underground drilling commencing in Q3 2021 after the Company dewatered the old workings to develop a new exploration drift. To date, the exploration program’s target success rate has exceeded expectations, with underground drilling encountering higher than anticipated grades and with 37 new vein discoveries providing additional targets for testing from underground.
Drilling to date has identified extensions to the Lower Portal and Stealth targets, and identified the high grade Galaxie mineralized zone, which was only discovered in late 2021 after underground drilling started. At the Lower Portal zone, extensions of targets have returned higher grades than previous intercepts. Drilling in the K5 area is expected to commence in Q3 2022, with drift mapping showing an extension of approximately 100 metres to the east.
The Company continues to believe that the district is highly prospective and generative work continues to advance all target types within 50 kilometres of the Kettle River mill.
The table below provides a selection of 2022 drilling results from Curlew:
| Hole ID | From<br><br> <br>(m) | To<br><br> <br>(m) | Width<br><br> <br>(m) | True Width<br><br> <br>(m) | Au<br><br> <br>(g/t) | Target |
|---|---|---|---|---|---|---|
| 1103 | 21.85 | 30.17 | 8.32 | 6.4 | 4.95 | Stealth |
| 1103 including | 26.7 | 30.2 | 3.5 | 2.4 | 8.46 | |
| 1103 | 65.84 | 69.2 | 3.36 | 2.15 | 7.86 | |
| 1103 | 150.87 | 154.22 | 3.35 | 3.2 | 5.62 | Galaxie |
| 1104 | 51.96 | 67.0 | 15.04 | 8.1 | 6.23 | Stealth |
| 1104 including | 57.66 | 62.33 | 4.67 | 2.2 | 11.77 | |
| 1104 | 75.13 | 81.1 | 5.97 | 3.9 | 3.95 | Galaxie |
| 1104 | 118.26 | 122.8 | 4.54 | 2.1 | 3.7 | |
| 1105 | 45.11 | 50.9 | 5.79 | 2.0 | 3.96 | Stealth |
| 1105 | 67.66 | 74.28 | 6.62 | 6.04 | 20.15 | |
| 1107 | 47.45 | 55.77 | 8.32 | 6.4 | 4.87 | |
| 1111 | 239.6 | 285.6 | 46 | 26.4 | 3.87 | Lower Portal |
| 1111 including | 279.7 | 284.4 | 4.7 | 3.0 | 10.76 | |
| 1112 | 118.26 | 121.3 | 3.04 | 2.7 | 23.89 | |
| 1114 | 87.5 | 94.5 | 7.0 | 5.0 | 6.17 | |
| 1114 including | 87.5 | 90.2 | 2.7 | 1.65 | 12.93 |
| p. 3 **Kinross provides update on Great Bear project and U.S. projects** | *www.kinross.com* |
| --- | --- | | KinrossGold Corporation<br><br><br><br>25 York Street, 17th Floor<br><br><br><br>Toronto, ON Canada M5J 2V5 | | --- |
About Kinross Gold Corporation
Kinross is a Canadian-based global senior gold mining company with mines and projects in the United States, Brazil, Mauritania, Chile, Ghana and Canada. Our focus on delivering value is based on our 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
Louie Diaz
Vice-President, Corporate Communications
phone: 416-369-6469
Investor Relations Contact
Chris Lichtenheldt
Vice-President, Investor Relations
phone: 416-365-2761
Cautionary statement on forward-looking information
All statements, other than statements of historicalfact, contained or incorporated by reference in this news release including, but not limited to, any information as to the future financialor operating performance of Kinross, constitute “forward-looking information” or “forward-looking statements”within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the provisions for “safeharbor” under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projectionsas of the date of this news release. Forward-looking statements contained in this news release include, without limitation, statementswith respect to: the Company’s anticipated timing for declaring an mineral resource or reserved at the projects; the Company’santicipated timing to commence and complete pre-feasibility or feasibility studies; the identification of mineral resources or mineralreserves at the projects; future prospects for exploration, development and operation of the projects, including the possibility of bothopen pit and underground mines; potential mine life; potential recovery rates or processing techniques; the potential for and anticipatedtiming of commencement of commercial production; the Company’s target amount of drilling on the projects; the Company’s plansto construct an exploration decline at the Great Bear Project; the Company’s ability to mitigate the impacts of price inflation;and the Company’s ability to develop its projects in a manner that results in long-term socio-economic benefits for the regionsand neighbouring communities. The words “budget”, “expect”, “plan”, “potential”, “prioritize”,“potential”, “progress”, “prospect”, “schedule”, “target”, and “vision”or variations of or similar such words and phrases or statements that certain actions, events or results “may”, “could”,“will” or “would” occur, and similar expressions identify forward-looking statements. Forward-looking statementsare necessarily based upon a number of estimates and assumptions that, while considered reasonable by Kinross as of the date of suchstatements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates,models and assumptions of Kinross referenced, contained or incorporated by reference in this news release, which may prove to be incorrect,include, but are not limited to, the various assumptions set forth herein and in our Annual Information Form dated March 31, 2022 andour full-year 2021 Management’s Discussion and Analysis as well as: (1) there being no significant disruptions affecting the activitiesof the Company whether due to extreme weather events and other or related natural disasters, labour disruptions, supply disruptions,power disruptions, damage to equipment or otherwise; (2) permitting and development of the projects being consistent with the Company’sexpectations; (3) political and legal developments in Ontario, Alaska, Washington State, the United States and Canada being consistentwith its current expectations; (4) the exchange rate between the Canadian dollar and the U.S. dollar being approximately consistent withcurrent levels; (5) certain price assumptions for gold and silver; (6) Kinross’ future relationship with the Village of Tetlinand the Wabauskang and Lac Seul First Nations being consistent with the Company’s expectations; and (7) inflation and prices fordiesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with anticipated levels. Known and unknownfactors could cause actual results to differ materially from those projected in the forward-looking statements. There can be no assurancethat forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipatedin such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectationsand plans relating to the future. All of the forward-looking statements made in this news release are qualified by these cautionary statementsand those made in our other filings with the securities regulators of Canada and the United States including, but not limited to, thecautionary statements made in the “Risk Factors” section of our Annual Information Form dated March 31, 2022 and the “RiskAnalysis” section of our full year 2021 Management’s Discussion & Analysis. These factors are not intended to representa complete list of the factors that could affect Kinross. Kinross disclaims any intention or obligation to update or revise any forward-lookingstatements or to explain any material difference between subsequent actual events and such forward looking statements, except to theextent required by applicable law.
| p. 4 **Kinross provides update on Great Bear project and U.S. projects** | *www.kinross.com* |
| --- | --- | | KinrossGold Corporation<br><br><br><br>25 York Street, 17th Floor<br><br><br><br>Toronto, ON Canada M5J 2V5 | | --- |
Other information
Where we say "we", "us","our", the "Company", or "Kinross" in this news release, we mean Kinross Gold Corporation and/or one ormore or all of its subsidiaries, as may be applicable.
The technical information about the Company’smineral properties contained in this news release has been prepared under the supervision of Mr. John Sims who is a “qualified person”within the meaning of National Instrument 43-101.Mr. Sims was an officer of Kinross until December 31, 2020. Mr. Sims remains the Company’squalified person as an external consultant.
All dollar amounts are expressed as U.S. dollars,unless otherwise noted.
Source: Kinross Gold Corporation
| p. 5 **Kinross provides update on Great Bear project and U.S. projects** | *www.kinross.com* |
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