Chirano produces 155,000 gold equivalent ounces in 2021. Ore is processed
at the mine’s 3.5-million-metric-tonper- year (mt/y) mill.

Kinross will also receive a number of Asante common shares, provided that the issuance of Asante common shares will not result in Kinross exceeding a 9.9% ownership in Asante. Kinross will also receive a total deferred payment of $60 million in cash, with 50% payable on the first anniversary of closing and the other 50% payable on the second anniversary of closing. If the 9.9% share ownership limit is reached, the remainder of the $50 million will be paid by increasing the deferred cash payments in equal portions. The company agreed to hold its Asante common shares for at least 12 months following the closing of the transaction.

The transaction is expected to be completed around May 31. The Government of Ghana has issued a “letter of no objection” regarding the change of control. Chirano represented approximately 3% of Kinross’ total mineral reserve estimates as of year-end 2021. With the expected close of the transaction, Kinross will have no assets or interests in Ghana. Kinross expects to update its 2022 and three-year guidance reflecting the recently announced pending sales of its assets in Russia and Ghana, as well as provide additional commentary regarding the sale transactions, as part of its upcoming Q1 2022 results disclosures.