Name of the Project
Round Mountain Phase X project.

Location
Round Mountain mine, Nevada, US; Phase X is planned below the current Phase W openpit at Round Mountain.

Project Owner/s
Kinross Gold Corporation (Round Mountain is part of Kinross’ US portfolio).

Project Description
The bulk-tonnage underground mining development will target higher-grade extensions of the same mineralisation at depth as part of Kinross’s grade-enhancement strategy. 

The project has an initial underground reserve of 1.2-million gold equivalent ounces grading at 3.2 g/t, and a further indicated underground resource of 200 000 oz of gold equivalent and an inferred resource of 500 000 oz gold equivalent.

Kinross expects Phase X to incrementally produce an estimated 1.4-million gold equivalent ounces over an initial 11-year mine life, starting in 2028, and averaging about 140 000 gold equivalent ounces a year from 2029 to 2037. 

Ore will be processed through the existing 10 000 t/d milling facility at Round Mountain, blending higher-grade underground mineralisation with remaining openpit feed (Phase S) and historical low-grade stockpiles. 

The planned mining method is transverse long-hole open stoping with paste backfill following a bottom-up mining sequence. 

The underground operation is expected to ramp up to a peak mining rate of 4 800 t/d and average processing grades of about 3 g/t gold, with an average recovery of 88%.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
At a gold price of $4 300/oz, Kinross has reported an after-tax net present value, at a 5% discount rate, of $1.9-billion and an internal rate of return of 67% for Phase X.

Capital Expenditure
Total initial capital expenditure is expected to be about $400-million over four years.

Planned Start/End Date
First production is expected in 2028. The initial mine plan is 11 years (2028 to 2038) and extends Round Mountain’s production to 2038.

Latest Developments
Kinross announced on January 15, 2026, that it was proceeding with construction of Round Mountain Phase X. 

The company indicated that the execution timeline is derisked, with federal permits for underground mining at 3 000 t/d already secured, and it expects a minor federal modification and final state mining authorisation for Phase X in the first quarter of 2026.

Key Contracts, Suppliers and Consultants
Not disclosed.

Contact Details for Project Information
Kinross Gold Corporation, tel +1 416 365 5123 or email info@kinross.com