Kinross Gold Corporation (“Kinross” or the “Company”) (TSX: K,
NYSE: KGC) is pleased to announce that the Toronto Stock Exchange
(the “TSX”) has accepted the notice filed by the Company to amend
its normal course issuer bid (“NCIB”) program effective as of
October 4, 2022.
The amendment increases the maximum number of
common shares that may be repurchased from 65,002,277 of its common
shares (out of the 1,300,045,558 common shares outstanding as at
July 27, 2022) representing 5% of the Company’s issued and
outstanding common shares, to 114,047,070 of its common shares,
representing 10% of the Company’s “public float” as at July 27,
2022.
Purchases under the NCIB began on August 3, 2022
and will end no later than August 2, 2023. Under its current NCIB,
Kinross has repurchased for cancellation an aggregate of 14,657,908
common shares since August 3, 2022 through September 27, 2022.
The amendment to the NCIB is being made pursuant
to the enhanced share buyback program announced by the Company on
September 19, 2022 and is consistent with the Company’s view that
the market price of the common shares may not, from time to time,
fully reflect their value, and accordingly, the purchase of the
common shares would be in the best interest of the Company and an
attractive and appropriate use of available funds. Kinross is
committed to enhancing shareholder returns through programs such as
a share buyback and its quarterly dividend, which are underpinned
by the Company’s investment grade balance sheet, strong free cash
flow position and growing production profile from its global
portfolio.
Kinross may make any purchases through the
facilities of the TSX, the New York Stock Exchange (the “NYSE”)
and/or alternative Canadian trading systems, if eligible, or by
such other means as may be permitted by the Ontario Securities
Commission, Canadian Securities Administrators and applicable law.
Daily repurchases on the TSX will be limited to a maximum of
1,158,750 common shares, representing 25% of the average daily
trading volume for the six months ended June 30, 2022 (being
4,635,002 common shares), except where purchases are made in
accordance with the “block purchase exception” of the TSX rules.
Subject to certain exceptions for block purchases, the maximum
number of common shares which can be purchased per day on the NYSE
will be 25% of the average daily trading volume for the four
calendar weeks preceding the date of purchase. All shares purchased
by the Company under the NCIB program will be cancelled.
Purchases will be made by the Company in
accordance with the requirements of the TSX and/or the NYSE and the
price which the Company will pay for any such common shares will be
the market price of any such common shares at the time of
acquisition, or such other price as may be permitted by the TSX
and/or the NYSE. In connection with the amended NCIB program, the
Company has entered into an amended automatic repurchase plan with
its designated broker to allow for purchases of its common shares
during certain pre-determined black-out periods, subject to certain
parameters as to price and number of common shares. Outside of
these pre-determined black-out periods, common shares will be
repurchased in accordance with management’s discretion, subject to
applicable law.
Although the Company has a present intention to
acquire its common shares pursuant to the NCIB program, the Company
will not be obligated to make any purchases and purchases may be
suspended by the Company at any time.
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 Samantha
SheffieldManager, Corporate Communicationsphone:
416-365-3034samantha.sheffield@kinross.com
Investor Relations ContactChris Lichtenheldt
Vice-President,
Investor
Relations phone:
647-821-1736 chris.lichtenheldt@kinross.com
Cautionary statement on forward-looking
information
All statements, other than statements of
historical fact, contained or incorporated by reference in this
news release including, but not limited to, any information as to
the future financial or 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 “safe harbor” under the United States Private
Securities Litigation Reform Act of 1995 and are based on
expectations, estimates and projections as of the date of this news
release. Forward-looking statements contained in this news release,
include, but are not limited to, those relating to potential
purchases under the Company’s NCIB. The words “anticipate”,
“continue”, “estimates”, “expects”, “forecast”, “guidance”,
“intends”, “outlook”, “progress”, “potential”, “prioritize”, or
variations of or similar such words and phrases or statements that
certain actions, events or results may, could, should or will be
achieved, received or taken, or will occur or result and similar
such expressions identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
Kinross as of the date of such statements, 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
Management’s Discussion and Analysis (“MD&A”) for the year
ended December 31, 2021, and the Annual Information Form dated
March 31, 2022. Known and unknown factors could cause actual
results to differ materially from those projected in the
forward-looking statements. Such factors include, but are not
limited to: the inaccuracy of any of the foregoing assumptions.
Many of these uncertainties and contingencies can directly or
indirectly affect, and could cause, Kinross’ actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, Kinross,
including but not limited to resulting in an impairment charge on
goodwill and/or assets. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements are
provided for the purpose of providing information about
management’s expectations and plans relating to the future. All of
the forward-looking statements made in this news release are
qualified by this cautionary statement and those made in our other
filings with the securities regulators of Canada and the United
States including, but not limited to, the cautionary statements
made in the “Risk Analysis” section of our MD&A for the year
ended December 31, 2021 and the Annual Information Form dated March
31, 2022. These factors are not intended to represent a complete
list of the factors that could affect Kinross. Kinross disclaims
any intention or obligation to update or revise any forward-looking
statements or to explain any material difference between subsequent
actual events and such forward-looking statements, except to the
extent required by applicable law.
Source: Kinross Gold Corporation
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