TRC Capital Investment launched its unsolicited mini-tender on April 7, offering C$41.75 per Kinross Gold share for up to 2.5 million shares, or roughly 0.21% of total outstanding shares. The price represents a 4.4% discount to the closing TSX price of C$43.68 on April 6.

Kinross Gold Corporation strongly recommends that shareholders not tender their shares, emphasizing that the offer falls below fair market value and that TRC is unaffiliated with the company. Management highlights that mini-tender bids can bypass regulatory safeguards and urges investors to compare offer terms against prevailing market prices.

Both Canadian and U.S. securities regulators have issued long-standing guidance cautioning investors about mini-tender offers, noting their potential to catch shareholders off guard and avoid disclosure requirements for bids below 5% of outstanding shares. Kinross reiterates these warnings to ensure informed decision-making by its shareholder base.