Kinross Gold Corporation (NYSE:KGC) Q3 2023 Earnings Call Transcript

Will Dunford: I mean, I think as you’ve seen with what’s progressed at Phase S, even just as an example over the last year and our focus on the underground at Phase S, we’re really focused on margins as a company and making sure we have a strong return on our investments. So, it’s not necessarily just a total ounces number. It is – there’s a lot of opportunity along that paleo surface. It’s really about making sure that we can make money on the width and the grades that we’re coming through with the resource and we get the right mine design around it. So, that’s where the focus is, and the PFS is really around the mine design and optimizing the cashflow on an annual basis that we can get out of it. There’s no doubt there’s long-term potential from a resource perspective, but we need to make it cashflow.

Mike Parkin: And have the results have proven kind of – any kind of comment in terms of management expectations? Are you finding the drill results are proving in line, a little better than what you kind of thought when you’ve been expanding these zones?

Will Dunford: Yes, I mean, obviously our drilling is targeted to expand in the better areas. That’s really what we focused on this year. And we have seen some extensions in K5, but it is quite early. Just to wrap it up, I think it’s – we do need to follow up on some of these really, really strong grades and wins. But we need to continue to do our work, and we’ll have more information, I think, next year as we complete our PFS.

Paul Rollinson: I think the key point here, our thesis was tracing that paleo line, and that’s gone very well. We had a thesis that the mineralization would basically follow that paleo line, and it has. We’re getting good results. This last spectacular result was ironically the last hole of the drill campaign this season. It’s a good way to end the program. Very exciting, but we’ve got more work to do.

Mike Parkin: Okay. Well, looking forward to more results from there. Thanks guys.

Operator: There are no further questions at this time. I would now like to turn the call over to Paul Rollinson for closing remarks.

Paul Rollinson: Thank you, operator, and thanks, everyone, for joining us this morning. I understand it might be a busy morning out there, so appreciate your time and your questions, and we look forward to catching up with you in person in the coming weeks. Thank you.

Operator: I’d like to thank our speakers for today’s presentation, and thank you all for joining us. This now concludes today’s call, and you may now disconnect.