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KINROSS GOLD CORPORATIONBMO Capital Markets Global Metals & Mining Conference
February 26-28
2018
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CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
All statements, other than statements of historical fact, contained or incorporated by reference in or made in giving this presentation and responses to questions,including but not limited to any information as to the future performance of Kinross, constitute “forward looking statements” within the meaning of applicable securitieslaws, including the provisions of the Securities Act (Ontario) and the provisions for “safe harbor” under the United States Private Securities Litigation Reform Act of1995 and are based on expectations, estimates and projections as of the date of this presentation. Forward-looking statements contained in this presentation includethose statements on slides with, and statements made under, the headings “Kinross Value Proposition”, “2017 Highlights”, “Compelling Relative Value”, “2018Outlook”, “High-Quality Organic Development Projects”, “Attractive Development Projects”, “Operating Highlights”, “Financial Discipline”, “Exploration Highlights”,“Enhancing a Cornerstone Asset”, and “Appendix”, and include without limitation statements with respect to our guidance for production, production costs of sales,all-in sustaining cost and capital expenditures, continuous improvement and other cost savings opportunities, as well as references to other possible events include,without limitation, possible events; opportunities; statements with respect to possible events or opportunities; estimates (including, without limitation, gold / mineralresources, gold / mineral reserves and mine life) and the realization of such estimates; future development, mining activities, production and growth, including but notlimited to cost and timing; success of exploration or development of operations; the future price of gold and silver; currency fluctuations; expected capitalrequirements; government regulation; and environmental risks. The words “2018E”, “2021E”, “advancing”, “ahead”, “assumption”, “budget”, “contemplate”,“continue” , “encouraged”, “enhancing”, “envisions”, “estimate”, “expect”, “explore”, “feasibility”, “flexibility”, “focus”, “forecast”, “forward”, “FS”, “future”, “goal”,“growth”, “guidance”, “indicate”, “liquidity”, “momentum”, “objective”, “on schedule”, “on track”, “milestone”, “objective”, “opportunity”, “optimize”, “outlook”, “PFS”,“plan”, “position”, “potential”, “pre-feasibility”, “preparing”, “priority”, “progressing”, “project”, “propose”, “risk”, “study”, “target”, or “upside”, or variations of or similarsuch words and phrases or statements that certain actions, events or results may, can, could, would, should, might, indicates, or will be taken, and similarexpressions identify forward looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, whileconsidered reasonable by Kinross as of the date of such statements, are inherently subject to significant business, economic, legislative and competitiveuncertainties and contingencies. Statements representing management’s financial and other outlook have been prepared solely for purposes of expressing theircurrent views regarding the Company’s financial and other outlook and may not be appropriate for any other purpose. Many of these uncertainties and contingenciescan 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. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from thoseanticipated in such statements. All of the forward looking statements made in this presentation are qualified by these cautionary statements, and those made in ourfilings with the securities regulators of Canada and the U.S., including but not limited to those cautionary statements made in the “Risk Factors” section of our mostrecently filed Annual Information Form, the “Risk Analysis” section of our FYE 2017 Management’s Discussion and Analysis, and the “Cautionary Statement onForward-Looking Information” in our news releases dated February 14, 2018, to which readers are referred and which are incorporated by reference in thispresentation, all of which qualify any and all forward‐looking statements made in this presentation. These factors are not intended to represent a complete list of thefactors that could affect Kinross. Kinross disclaims any intention or obligation to update or revise any forward‐looking statements or to explain any material differencebetween subsequent actual events and such forward‐looking statements, except to the extent required by applicable law.
Other information
Where we say "we", "us", "our", the "Company", or "Kinross" in this presentation, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, asmay be applicable.
The technical information about the Company’s mineral properties contained in this presentation has been prepared under the supervision of Mr. John Sims, anofficer of the Company who is a “qualified person” within the meaning of National Instrument 43-101.
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KINROSS VALUE PROPOSITIONEXCELLENT OPERATIONAL TRACK RECORD• Diverse portfolio of operating mines consistently meeting or
outperforming our operational targets
STRONG BALANCE SHEET & FINANCIAL FLEXIBILITY• $2.6B in liquidity with net debt to EBITDA ratio of 0.6x(i)
• No debt maturities prior to 2021
ATTRACTIVE DEVELOPMENT PROJECTS• Executing on FIVE projects and advancing THREE additional
development opportunities1) Tasiast Phase One2) Tasiast Phase Two3) Round Mountain Phase W4) Bald Mountain Vantage Complex5) Moroshka Satellite Deposit
COMPELLING RELATIVE VALUE• Attractive value opportunity relative to peers, considering
annual production, cost structure, track record and relatively low-risk growth opportunities
(i) As at December 31, 2017.
1) Fort Knox Gilmore2) Tasiast Sud3) La Coipa Re-Start
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42017 Results Highlights
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STRONG TRACK RECORD2012 2013 2014 2015 2016 2017
MET or EXCEEDED annual production guidance
MET or came in UNDER annual cost guidance
MET or came in UNDERannual capital expenditures
guidance
Consistently Meeting or Outperforming Targets5
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2017 HIGHLIGHTS
FINANCIAL STRENGTH & FLEXIBILITY
• Increased cash balance by~$200 MILLION since year-end 2016,
a result of excellent operating results and the disposition of Cerro Casale
• Strong financial position to fund development projects from existing cash and liquidity
Total liquidity of $2.6 BILLION(i)
(i) As at December 31, 2017.
Maintaining balance sheet strength & financial flexibility remain priority objectives
$1.4 $1.6
$0.8$1.0
$2.3
$2.6
December 31, 2016 December 31, 2017
US$
billi
ons
Strong Liquidity PositionAvailable credit Cash and cash equivalents
Totals may not add due to rounding
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2017 HIGHLIGHTS
ADVANCED DEVELOPMENT PROJECTS• Advanced construction of Phase One• On budget and on schedule for Q2 2018
• Completed feasibility study and approved Phase Two project• Advanced engineering and procurement
• Completed feasibility study and approved the project, adding approximately 5 years of mining and upgrading 2Moz.(1) to reserve estimates
• Advanced engineering, procurement and permitting
• Completed pre-feasibility study• Advanced engineering, procurement and permitting
• Gained mineral rights to Gilmore land and initiated feasibility study
• Accelerated drill program and initiated pre-feasibility study
• Completed project on time and on budget
• Advanced development of the twin declines
• Advanced permitting and reached an agreement to consolidate ownership of Phase 7 concessions
Tasiast Phase One
Tasiast Phase Two
Round Mountain Phase W
Bald Mountain Vantage Complex
Fort Knox Gilmore
Tasiast Sud
September NE
Moroshka
La Coipa Phase 7
(1) Please refer to endnote #1.
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-13%
1%
6%
6%
6%
6%
6%
9%
14%
14%
17%
19%
20%
30%
38%
39%
Energy
Precious Metals
Real Estate
S&P / TSX
Utilities
Consumer Staples
Materials
Financials
Gold price ($/oz.)
Telecom
Technology
Industrials
Consumer Discr.
Base Metals
Health Care
Kinross
-44%
3%
5%
7%
8%
8%
13%
14%
18%
19%
23%
36%
39%
50%
52%
71%
Health Care
Technology
Real Estate
Gold Price ($/oz.)
Consumer Staples
Consumer Discr.
Utilities
Telecom
S&P / TSX
Financials
Industrials
Energy
Materials
Precious Metals
Base Metals
Kinross
COMPELLING RELATIVE VALUE
TSX SUB-INDICES PERFORMANCES&P/TSX 2016 Performance S&P/TSX 2017 Performance
Source: FactSet
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Enterprise Value(i)
(US$M)Net Debt to EBITDA(ii)
$1.0
$2.4
$4.6
$5.2
$9.7
$13.6
$14.8
Eldorado
Detour
Yamana
Kinross
Agnico
Goldcorp
Newcrest
0.5
2.1
2.5
0.6
0.8
1.7
1.2
COMPELLING RELATIVE VALUE
ENTERPRISE VALUE VERSUS PRODUCTIONMarket capitalization does not reflect significant scale of production and history of achieving guidance
Historical Production (Moz)(iii)
Past 6 Years (2012-2017)Consensus Production Estimates (Moz)
Next 4 Years (2018E-2021E)(iii)
Achieved Original Guidance(iii) Missed Original Guidance(iii)Market Capitalization Enterprise Value
(i) Source: Bloomberg(ii) Source: Bloomberg; net debt to trailing 12-month adjusted EBITDA.(iii) Source: company filings; metrics are for each company’s respective fiscal year. Guidance based on original figures provided at beginning of year, adjusted for acquisitions & sales.
Production is based on historical data and analyst consensus estimates.
Annual Average
0.6
0.4
1.1
2.5
1.4
2.8
2.3
0.6
0.6
1.2
2.5
1.8
2.7
2.6
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10Operational Excellence
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Bald Mountain
2018E GOLD EQUIVALENT PRODUCTION(2,3)
OPERATONAL EXCELLENCE
DIVERSIFIED PORTFOLIO OF OPERATING MINES
GLOBAL PORTFOLIOOperating mineDevelopment project
Round Mountain
Fort Knox
La Coipa
Paracatu
KupolDvoinoye
Chirano
Tasiast
AMERICASRUSSIA
WEST AFRICA
(3) Refer to endnote #3.
60% of estimated 2018 gold equivalent production from mines located in the Americas
60%20%
20%
Americas West Africa Russia
2.5M ounces(+/- 5%)
(2) Please refer to endnote #2.(3) Please refer to endnote #3.
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2017 Guidance Full-Year 2017 Results
Gold equivalent production (oz.)(3) 2.5 to 2.7 million 2,673,533
Production cost of sales (US$/oz.)(4) $660 to $720 $669
All-in sustaining cost (US$/oz.)(4) $925 to $1,025 $954
Capital Expenditures (US$M) $900 (+/-5%) $898
• Met guidance targets for sixth consecutive year
• Achieved the high-end of production and low-end of cost forecasts
Particularly impressive results at Tasiast and the Nevada mines
Continued solid performance at Fort Knox and at Kupol-Dvoinoye
Continued track record of meeting or outperforming our operational targets
OPERATIONAL EXCELLENCE
STRONG OPERATING TRACK RECORD
(3) Refer to endnote #3.(4) Refer to endnote #4.
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OPERATIONAL EXCELLENCE
2018E PRODUCTION AND COSTS(2)
Kinross Total(3) Regional Forecast
2.5 million+/- 5%
Americas1.51 million
West Africa500,000
Russia490,000
Forecasting another solid year from operations, with guidance for production and all-in sustaining costs in-line with 2017
2018
E G
old
Equi
vale
nt P
rodu
ctio
n (o
unce
s)
Region 2018E Cost of Sales
Americas $750/oz. +/- 5%
West Africa(attributable) $795/oz. +/- 5%
Russia $620/oz. +/- 5%
2018E Regional Cost of Sales Forecast(4)
($ per gold equivalent ounce)
Cost of sales(4) $730/oz. +/- 5%
All-in sustaining cost(4) $975/oz. +/- 5%
2018E Unit Costs($ per gold equivalent ounce)
(2) Please refer to endnote #2.(3) Please refer to endnote #3. Kinross total attributable production and regional forecasts for 2018 are +/- 5%.(4) Please refer to endnote #4.
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ENHANCING A CORNERSTONE ASSET
ACQUISITION OF POWER PLANTS IN BRAZIL(i)
SUMMARY• Kinross to acquire two hydro
power plants in Brazil from a subsidiary of Gerdau
PURCHASE PRICE • $257 millionii
FINANCING
• Approximately $200M in debt (expected to be in place by closing), with balance from existing liquidity
CLOSING • Expected to close in 3 to 6 months
TRANSACTION OVERVIEW
(i) For more information, please refer to the news release “Kinross announces acquisition of power plants in Brazil to secure long-term, low-cost power for Paracatu mine” dated February 14, 2018 and available on our website at www.kinross.com
(ii) Assumes foreign exchange rate of 3.25 Brazilian reais to the US dollar.
STRATEGIC RATIONALE
De-risked supply chain
• Secures ~70% of Paracatu’s future power needs at a low, fixed cost
• Reduces exposure for a key input in an environment where we are seeing input costs starting to rise
Investment in core asset
• Expected to further strengthen and enhance Paracatu; a large, long-life cornerstone operation
Expected to reduce Paracatu’s cost of sales by ~$80/oz.over the life of mine
• Lowers operating costs by eliminating ~70% of future power purchases
• Current legislation provides reduced power tariffs to companies generating their own power
Tariff savings expected to be $15/oz. per ounce of the overall $80/oz. cost of sales reduction over the life of mine
Attractive returns
• Expected to generate a levered IRR between 15% to 30%, depending on final terms of a planned debt financing
• Additional terminal value beyond Paracatu’s mine life
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15Strong Balance Sheet & Financial Flexibility
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STRONG BALANCE SHEET & FINANCIAL FLEXIBILITY
SOLID FINANCIAL POSITION
$1.0
$1.6
Cash & cash equivalents Available credit
LIQUIDITY POSITION
Strong position to finance organic development projects with existing cash and liquidity
MAINTAINING FINANCIAL FLEXIBILITY
• Cash and cash equivalents of ~$1.0 billion
• Available credit: $1.6 billion
• Trailing net debt to EBITDA : 0.6x
• Manageable debt schedule with no significant maturities prior to 2021
As at Dec. 31
$2.6B
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STRONG BALANCE SHEET & FINANCIAL FLEXIBILITY
2018E CAPITAL EXPENDITURES OUTLOOK(2)
Region Sustaining Non-Sustaining Regional Total
Americas $280 $285 $565
West Africa $40 $375 $415
Russia $30 $20 $50
Corporate $5 - $5
TOTAL $355 $680 $1,035
Capitalized Interest $40
TOTAL KINROSS $1,075 +/- 5%
Leveraging strong financial position to invest in development projects & our future
2018E Capital Expenditures ($ millions)
(2) Please refer to endnote #2.
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• Leveraging financial strength we’ve built over past several years to invest in our future
Organic projects spanning all 3 of our regions offer opportunities to expand production or extend mine life at our operations
• Total capital expenditures for 2018 are expected to be $1,075 MILLION(+/- 5%)
Includes $355 million of sustaining capital and $40 million of capitalized interest
Expecting to invest $680 million of non-sustaining capital as we execute on five projects and advance 3 development opportunities
STRONG BALANCE SHEET & FINANCIAL FLEXIBILITY
2018E NON-SUSTAININGCAPITAL GUIDANCE(2)
ForecastedExpenditures
Tasiast Project $240 million
Round Mountain Phase W $185 million
Tasiast West Branch Stripping $130 million
Bald Mountain Vantage Project $90 million
Development projects and other $35 million
TOTAL $680 million
2018E Non-Sustaining Capital
(2) Please refer to endnote #2.
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STRONG BALANCE SHEET & FINANCIAL FLEXIBILITY
MANAGEABLE DEBT PROFILENo debt maturities prior to 2021
$0
$500
$0
$500
$0
$500
$250
Through2020
2021 2022 to2023
2024 2025 to2026
2027 2028 to2040
2041
$ m
illion
s
Debt Schedule
Senior Notes due 2021 5.125%
Senior Notes due 2024 5.950%
Senior Notes due 2027 4.50%
Senior Notes due 2041 6.875%
Interest Rates
Agency Rating
S&P BB+ (Positive)
Moody’s Ba1 (Stable)
Fitch BBB- (Stable)
Debt Ratings
$- $- $- $-
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20Attractive Organic Development Projects
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ATTRACTIVE DEVELOPMENT PROJECTS
ADVANCING ORGANIC PROJECTSAll of our organic development projects are advancing according to plan, with key
milestones planned for 2018 and beyond
2020
Q1 2018Q2 2018
Q3 2018Q4 2018
2019
Project LocationAmericasWest AfricaRussiaLa Coipa Restart Project
Sectoral permits expected
Tasiast Phase 1Expected to
reach full commercial production
Fort Knox GilmoreFeasibility study
expected mid-2018
Tasiast Phase 2Construction
expected to begin
Tasiast SudPre-feasibility
study expected to be complete
MoroshkaExpected to commence mining of ore
Bald MountainExpected
commissioning of Vantage
Round Mountain Phase W
Construction expected to be
complete
Tasiast Phase 2Expected to begin
commercial production in
Q3 2020
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ATTRACTIVE DEVELOPMENT PROJECTS
TASIAST TWO-PHASED MILL EXPANSION• Phase Two expected to transform Tasiast into a world-class mine with sizeable
production, low costs and a long estimated mine life
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RELATIVELY LOW-RISK BROWNFIELDS EXPANSION PROJECT
• Have owned and operated the mine for approixmately 8 years
• Highly trained local team
• Most infrastructure already in place
• Well-defined mineral resource estimate
ATTRACTIVE DEVELOPMENT PROJECTS
LARGE OREBODY WITH LOW EXECUTION RISK
Focus has been to right-size the processing capacity to capture the full value and potential of Tasiast’s large mineral resource estimate
TASIAST OREBODY & MINERAL RESOURCE PIT(i)
(i) For additional information, please refer to the Tasiast Technical Report dated March 30, 2016 and to our news release dated March 30, 2016, available on our website at www.kinross.com.
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ATTRACTIVE DEVELOPMENT PROJECTS
TWO-PHASED EXPANSION CONCEPT
PHASE ONE: EXPANSION TO 12,000 t/d
Gyratory crusher
Ore stockpile
Oversized SAG mill
Existing ball mills
Leaching Refining
PHASE TWO: EXPANSION TO 30,000 t/d
Gyratory crusher
Ore stockpile
SAG mill New, larger ball mill
Additional leaching capacity
Thickening
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Phase Two expansion expected to transform Tasiast into a world-class mine with low costs and a long estimated mine life
ATTRACTIVE DEVELOPMENT PROJECTS
PHASE TWO FEASIBILITY STUDY RESULTS
Combined Phase One and Phase Two Estimates
Average annual production (2020-2024) 812,000 ounces
Production cost of sales (2020-2024) $440 per ounce
All-in sustaining cost (2020-2024) $655 per ounce
Capitalized stripping (non-sustaining) (2016-H1 2020) $560 million
Mine life 2029
Net present value(i)(ii) $1.43 billion
Phase Two Stand-Alone EstimatesInitial capital expenditures $590 million
Internal rate of return(i) 24%
Note: figures on this slide reflect a $1,200 per ounce gold price assumption.(i) January 1, 2018 forward(ii) After tax, 5% discount rate.
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Study estimates(ii)Study estimates(ii)
$25.46
$22.84 $22.24
$15.16 $14.40
2015 2016 H1 2017 PFS FS
$2.18$2.05 $1.96
$2.37$2.25
2015 2016 H1 2017 PFS FS
ATTRACTIVE DEVELOPMENT PROJECTS
OPERATING EFFICIENCIES ENHANCING PROJECT
Recent operating and processing enhancements have positively benefitted both Phase One and Phase Two expansion projects
• Recent performance outperforming study estimates
• Further reduction in processing costs expected as Phase Two increases throughput to 30,000 t/d
Mining costs($ per tonne mined)
Processing costs($ per tonne milled)(i)
(i) Excludes processing costs associated with the dump leach.(ii) 30k t/d scenario. Estimated average for the period 2020-2030.
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ATTRACTIVE DEVELOPMENT PROJECTS
TASIAST PHASE ONE
Phase One progressing well
• Plant construction is approximately 93% complete
Remaining work focused primarily on electrical, instrumentation and controls installations
• Tailings storage facility complete; have started depositing tails at the new facility
• Mechanical installation of primary crusher, stockpile and CIL plant modifications is substantially complete
• Expect to begin commissioning of the primary crusher and CIL plant in March
• Commissioning of the SAG mill expected to begin in April
On track for full commercial production by end of June 2018
SAG mill
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ATTRACTIVE DEVELOPMENT PROJECTS
TASIAST PHASE ONE PROGRESSING WELL
On track for full commercial production by end of June 2018
Conveyor
Primary crusherSAG mill
CIL plant
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ATTRACTIVE DEVELOPMENT PROJECTS
TASIAST PHASE TWO
• Preparing to start development work with Phase One nearing completion
• Early works for ball mill and power plant expected to begin during Q2 2018
• Overall engineering approximately 33% complete
• Procurement progressing well, with power plant and EPCM contracts now awarded
• Phase Two is expected to begin commercial production in Q3 2020
Phase Two is expected to transform Tasiast into a large, world-class operation with low costs and a long mine life
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ATTRACTIVE DEVELOPMENT PROJECTS
ROUND MOUNTAIN PHASE W OVERVIEW
Phase W project is expected to extend mining by 5 years at one of Kinross’ top performing mines located in one of the world’s best mining jurisdictions
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ATTRACTIVE DEVELOPMENT PROJECTS
PHASE W FEASIBILITY STUDY RESULTSProject expected to generate a 13% IRR at an assumed gold price of $1,200 per ounce
Current mine plan + Phase W EstimatesAverage annual production (2018-2024) 341,000 gold ounces
Production cost of sales (2018-2024) $765 per gold equivalent ounce
All-in sustaining cost (2018-2024) $905 per gold equivalent ounce
Mine lifeMining – 2024
Stockpile milling – 2025Residual leach – 2027
Phase W Stand Alone EstimatesTotal ounces recovered 1.5 million ounces
Initial capital expenditures $230 million
Capitalized stripping (non-sustaining) $215 million
Internal rate of return(i) 13%
Net present value(i) (ii) $135 million
Note: figures on this slide reflect a $1,200 per ounce gold price assumption.(i) January 1, 2018 forward.(ii) After tax, 5% discount rate.
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ATTRACTIVE DEVELOPMENT PROJECTS
ADVANCING ROUND MOUNTAIN PHASE W
• Received Decision Record from the U.S. Bureau of Land Management and other necessary approvals in Q4 2017
• Stripping of Phase W was initiated in late 2017, ahead of schedule
Mining of Phase W ore expected to begin mid-2019
• Advancing detailed engineering
• Procurement commencing for long lead items and mining equipment
• Construction of new heap leach, CIC plant and relocation of infrastructure expected to be completed in Q2 2019
Phase W construction expected to be complete in Q2 2019
Stripping activities at Phase W
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ATTRACTIVE DEVELOPMENT PROJECTS
ROUND MOUNTAIN RESOURCE UPDATE(1)
Added ounces to resource estimates since feasibility study published in September
July 31, 2017
Depletion Engineering and Exploration change
December 31, 2017
Proven and probable reserves 3,107 (320) 97 2,884
Measured and indicated resources 1,969 (9) 433 2,393
Inferred resources 1,700 (6) 421 2,115
• Since the updated mineral reserve and resource estimate for Round Mountain published in September, we have added:
433,000 ounces to measured and indicated resource estimates
421,000 ounces to inferred resource estimates
• Majority of these estimated ounces are located in the south and west walls of the main Round Mountain pit
Engineering optimization work underway to determine if economic at our $1,200/ozgold price assumption for reserve estimates
(1) Please refer to endnote #1.
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ATTRACTIVE DEVELOPMENT PROJECTS
REALIZING BALD MOUNTAIN’S POTENTIAL
2016: Doubled reserve estimates
• Added 1.2 million ounces, doubling the reserve estimate before depletion
2017: Doubled production & lowered costs
1.1
2.1
December 31, 2015 December 31, 2016
Prov
en a
nd P
roba
ble
Res
erve
s (M
oz.)
130,144
282,715$1,182
$642
0
200
400
600
800
1000
1200
0
50000
100000
150000
200000
250000
300000
2016 2017
Cos
t of S
ales
($/o
z.)
Prod
uctio
n (o
unce
s)
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ATTRACTIVE DEVELOPMENT PROJECTS
BALD MOUNTAIN VANTAGE COMPLEXConstruction of a new heap leach facility and related infrastructure to develop Vantage
Complex in the South Area of Bald Mountain
Vantage Complex Project• Contemplates construction of a new heap leach
facility and related infrastructure Design includes additional 68M tonnes of
capacity for both the known resources in the Vantage area as well as potential future deposits
• Estimated capital expenditures: $105MProgressing well
• Initial construction work now underway
• Engineering more than 80% complete
• Permitting is proceeding as planned
• Commissioning of the heap leach pad and processing facilities is expected to commence in Q1 2019 Initial construction work
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ATTRACTIVE DEVELOPMENT PROJECTS
BALD MOUNTAIN EXPLORATION HIGHLIGHTS
Kinross envisions Bald Mountain as a long-life asset with significant upside potential and mineral resource growth
2017 program largely focused on target identification
• Targeted extensions at existing pits in order to support operational planning and grow the existing mineral resource estimates
2018 exploration plan
• Planning infill drill programs with goal of upgrading mineral resource estimates to reserves at several targets in both North and South areas
• Also plan to conduct exploration work on earlier stage targets within the large Bald Mountain land package
For additional information, please see Kinross’ news release dated February 14, 2018 and Appendices A and B, which are available on our website at www.kinross.com.
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ATTRACTIVE DEVELOPMENT PROJECTS
TASIAST SUDPre-feasibility on track for completion in H2 2018
• Tasiast Sud pre-feasibility study progressing well
Study evaluating potential for dump leach operation that combines material from Tamaya, C6.13 and C6.15
Higher grade material expected to be transported to the CIL mill
Successful exploration in 2017
• Completed over 47,000 metres of drilling, focused mainly at the C6.13 and C6.15 targets
• Drilling has identified continuous mineralization along an 8 km strike, to depths up to 200 metres
• Total addition to Inferred resource estimates(1) in the Tasiast Sud area: 820,000 ounces
C6.13 and C6.15: 670,000 ounces
Tamaya: 150,000 ounces
For additional information, please see Kinross’ news release dated February 14, 2018 and Appendices A and B, which are available on our websiteat www.kinross.com.
(1) Refer to endnote #1.
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ATTRACTIVE DEVELOPMENT PROJECTS
FORT KNOX GILMORECommenced feasibility study analyzing potential layback to the west; expect to provide an
update in mid-2018
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ATTRACTIVE DEVELOPMENT PROJECTS
FORT KNOX GILMORE(1)
More than doubled Fort Knox’s measured and indicated resource estimates
• Drilling program initiated in 2014, completing 73,000 metres of core and reverse circulation drilling in 205 holes
• Results of the drilling program, engineering work and gaining the mineral rights to Gilmore: Added 2.1 million ounces to measured and indicated resource estimates, which
was slightly offset by the conversion of measured and indicated resource to proven and probable reserves, mainly from the East wall of the Fort Knox pit
2016 Depletion Gilmoreaddition
Other engineering / exploration changes
2017
Proven and probable reserves 1,506 (515) - 254 1,245
Measured and indicated resources 1,440 - 2,100 (311) 3,229
Inferred resources 193 (3) 300 199 689
(1) Please refer to endnote #1.
Mineral Reserves and Resources (Au koz.)
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EXPLORATION HIGHLIGHTS
KUPOLIncreasing 2018 exploration budget for Kupol to continue exploration of
high-potential targets
• Primary objective of 2017 drilling in the North Extension was to determine extent of mineralization
We continue to intersect high grade narrow vein mineralization extending northwards by up to 2 kilometres from the current limit of the Kupol mine workings
• Focus for 2018 will be a drilling program at tighter spacing to determine the potential for additions to Inferred resource estimates
For additional information, please see Kinross’ news release dated February 14, 2018 and Appendices A and B, which are available on our website at www.kinross.com.
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EXPLORATION HIGHLIGHTS
1-YEAR MINE LIFE EXTENSION IN RUSSIAContinuing our track record of adding reserves to offset depletion at Kupol and Dvoinoye
• Estimated mill production extended to 2022, another 1-year addition
Result of mine plan optimization and exploration additions
• Continue to be encouraged by potential for future resource additions through exploration
0.6
1.6
2.3
3.0
3.5
4.1
4.8
5.6
6.3
6.9
5.0
4.1
4.0
5.1
4.1
3.9
3.6
3.1
2.6
2.3
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Gold equivalent ounces (millions)
Year
Cumulative Production (Au eq.) Proven and Probable Reserves (Au eq.)
(1) Please refer to endnote #1.
(1)
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EXPLORATION HIGHLIGHTS
CURLEW DISTRICTPromising underground opportunities in the Curlew District; drilling to define gaps and
extend mineralization along strike
• In 2018, we plan to dewater and rehabilitate the historic K2 mine in order to conduct exploration drilling from underground to better target the extensions of mineralization identified in 2017
For additional information, please see Kinross’ news release dated February 14, 2018 and Appendices A and B, which are available on our website at www.kinross.com.
43www.kinross.com
43Compelling Relative Value
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44(i) Source: Company reports. Figures reflect mid-point of guidance ranges. Production figures for Kinross represent gold only production guidance of 2.4 million
ounces +/- 5%. Kinross expects to produce 2.5 million gold equivalent ounces (+/- 5%) in 2018.(ii) Source: Company reports. Figures represent mid-point of all-in sustaining cost guidance.
COMPELLING RELATIVE VALUE
2018E PRODUCTION & ALL-IN SUSTAINING COST2018E Gold Production
(million ounces)2018E All-In Sustaining Cost
($ per ounce)
0.0
1.0
2.0
3.0
4.0
5.0
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Kinr
oss
Agni
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Yam
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gold
$0
$200
$400
$600
$800
$1,000
$1,200
Iam
gold
Angl
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Gol
d Fi
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New
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Kinr
oss
Agni
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dcor
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Barri
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Yam
ana
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45
COMPELLING RELATIVE VALUE
INDUSTRY-LEADING BALANCE SHEET
2.5
1.71.5
1.0 0.90.8
0.60.4
-1.2
Yamana Goldcorp AngloGold Barrick Gold Fields Agnico Kinross Newmont IAMGold
Net Debt to EBITDA (LTM)
Net debt to EBITDA ratio of 0.6x as of December 31, 2017
Source: Company reports; Bloomberg – net debt to trailing 12-month adjusted EBITDA.
46www.kinross.com
46Source: Factset analyst consensus – February 23, 2018.
COMPELLING RELATIVE VALUE
2018E METRICSAttractive value opportunity relative to peers, considering Kinross’ annual production,
cost structure, track record and growth opportunities
EV / 2018E EBITDA P / 2018E OPERATING CF
10.7
8.67.9
5.85.4 5.4
4.3 4.1 3.9
Agni
co
New
mon
t
Gol
dcor
p
Yam
ana
Barri
ck
IAM
Gol
d
Kinr
oss
Angl
ogG
old
Gol
d Fi
elds
12.6
9.3
7.7 7.5
5.24.5 4.3
3.5 3.5
Agni
co
New
mon
t
Gol
dcor
p
IAM
Gol
d
Barri
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Yam
ana
Kinr
oss
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d Fi
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Angl
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d
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47Appendix
47
48www.kinross.com
48
APPENDIX
CURRENCY & OIL SENSITIVITIES
Change from
Assumptions
Estimated impactto cost of sales
FX 10% US$17/oz.
Russian rouble 10% US$19/oz.(ii)
Brazilian real 10% US$38/oz.(iii)
Oil $10/bbl. US$3/oz.
Gold price $100/oz. US$4/oz.
2018 Budget Current Spot(i)
Gold US$1,200/oz. $1,330/oz.
Oil US$55/bbl. $63/bbl
Russian rouble 60 56
Brazilian real 3.25 3.24
2018 Budget Assumptions(2)
(i) Source: Factset – February 23, 2018. (ii) Impact to production cost of sales of the Russian operations(iii) Impact to production cost of sales of the Brazil operation
2018 Sensitivities (net of hedges)(2)
(2) Please refer to endnote #2.
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APPENDIX
FUEL & CURRENCY HEDGES
Managing exposure to fluctuations in foreign currency and input commodity prices
% of 2018 exposure hedged Average Rate
Brazilian real 31% 3.43 (put) – 4.12 (call)
Russian rouble 20% 60 (put) – 71.2 (call)
Canadian dollar 38% 1.35
Oil & Fuel 53%(i) 48.48
(i) As a result of pre-paid fuel purchases mainly relating to the Company’s Russian operations and fixed pricing in Ghana and Brazil, Kinross’ unhedged, free-floating oil & fuel exposure for 2018 is ~33% of total consumption
Summary of 2018 foreign currency and energy hedges as at December 31, 2017
• Overall 2018 FX exposures ~30% hedged at favourable rates compared to current spot prices
• Continue to monitor our FX and oil exposure and look for opportunities to establish additional input cost hedges if market conditions are favourable
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• Impressive track record of operational excellence• Estimated mine life: mill – 2020; mining – 2021
AMERICAS
FORT KNOX, USA (100%)
TONNES(thousands)
GRADE (g/t)
OUNCES(thousands)
2P Reserves 88,858 0.4 1,245
M&I Resources 238,031 0.4 3,229
Inferred Resources 56,458 0.4 689
OPERATING RESULTS(4)
2017 GOLD RESERVE AND RESOURCE ESTIMATES(1)
Commenced Gilmore feasibility study to analyze potential future layback
2016 2017
Production (Au. Eq. oz.) 409,844 381,115
Production cost of sales ($/oz.) $741 $628
(1) As at November 30, 2017. Please refer to the news release dated December 12, 2017 for more information, available on our website at www.Kinross.com (4) Refer to endnote #4.
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• Incremental, high-margin ounces from Process Solution Management (PSM)
• Phase W is expected to generate solid returns and extend mining
AMERICAS
ROUND MOUNTAIN, USA (100%)Strong cash flow generator with opportunities to extend mine life
(1) Refer to endnote #1.(4) Refer to endnote #4.
TONNES(thousands)
GRADE (g/t)
OUNCES(thousands)
2P Reserves 124,382 0.7 2,884
M&I Resources 105,061 0.7 2,393
Inferred Resources 89,078 0.7 2,115
2017 GOLD RESERVE AND RESOURCE ESTIMATES(1)
OPERATING RESULTS(4)
2016 2017
Production (Au. Eq. oz.) 378,264 436,932
Production cost of sales ($/oz.) $773 $691
16 17 18 19 20 21 22 23 24 25 26 27
Mining
Milling
Leaching
ESTIMATED MINE LIFE
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Timeline Operational Metric Estimate
2018-2024(Mining)
Strip ratio 2.9Average grade processed 0.7 grams per tonneAverage annual production(i) 341,000 ouncesAverage mining cost $2.00 per tonneAverage processing cost $4.60 per tonneProduction cost of sales $765 per Au eq. oz.All-in sustaining cost $905 per Au eq. oz.
2025-2027(Stockpile milling/ residual leach)
Strip ratio N/AAverage grade processed 0.46 grams per tonneAverage annual production 46,000 ouncesAverage re-handle cost $1.80 per tonneAverage processing cost $14.70 per tonneProduction cost of sales $720 per Au eq. oz.All-in sustaining cost $785 per Au eq. oz.
2018-2027(Life of project)
Strip ratio 2.9Average grade processed 0.7 grams per tonneAverage annual production 253,000 ouncesAverage mining cost $2.00 per tonneAverage processing cost $4.80 per tonneProduction cost of sales $765 per Au eq. oz.All-in sustaining cost $900 per Au eq. oz.
ROUND MOUNTAIN PHASE W
SUMMARY OF FEASIBILITY STUDY RESULTS
Estimated Phase W Initial Capital Cost
Operating Estimates (current mine plan + Phase W)
Estimate ($ millions)Mining fleet 73
Infrastructure 65
Heap leach pad 21
Process facilities 17
Tailings 9
Indirect and owner’s cost 18
Contingency 27
Total $230
Standalone Phase W EstimatesEstimate
Life of mine production 1.5 million ounces
Life of mine ore processed 77.6 million tonnes
Average grade processed 0.8 grams per tonne
Strip ratio 4.0
Initial capital costs $230 million
Capitalized stripping (non-sustaining) $215 million
Internal rate of return 13%
NPV $135 million
(i) Includes years with large variances from the forecast average of up to +/- 150,000 ounces.
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• Acquired in January 2016• Large estimated mineral resource base with multiple
sources of potential mineral reserve additions• Successfully doubled production in 2017
AMERICAS
BALD MOUNTAIN, USA (100%)Forecasting strong near-term cash flow with significant upside potential
TONNES(thousands)
GRADE (g/t)
OUNCES(thousands)
2P Reserves 95,216 0.6 1,698
M&I Resources 180,338 0.6 3,349
Inferred Resources 43,305 0.4 597
2017 GOLD RESERVE AND RESOURCE ESTIMATES(1)
OPERATING RESULTS(4)
2016 2017
Production (Au. Eq. oz.) 130,144 282,715
Production cost of sales ($/oz.) $1,182 $642
(1) Refer to endnote #1.(4) Refer to endnote #4.
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• Paracatu is among the world’s largest gold operations with annual throughput of ~60Mt
• Cornerstone asset in Kinross’ portfolio• Estimated mine life: 2032
AMERICAS
PARACATU, BRAZIL (100%)Large gold mine with a long mine life that extends to 2032
TONNES(thousands)
GRADE (g/t)
OUNCES(thousands)
2P Reserves 642,321 0.4 8,824
M&I Resources 322,827 0.3 3,249
Inferred Resources 31,033 0.2 227
2016 2017
Production (Au. Eq. oz.) 483,014 359,959
Production cost of sales ($/oz.) $717 $871
OPERATING RESULTS(4)
2017 GOLD RESERVE AND RESOURCE ESTIMATES(1)
(1) Refer to endnote #1.(4) Refer to endnote #4.
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AMERICAS
OVERVIEW OF ACQUIRED POWER PLANTS
Agreement to acquire the Barra dos Coquieros and Cacu hydro power plants
Location
• Both are located on the Claro River in the State of Goias, approximately 660km west of Paracatu
• No additional infrastructure is required to provide power to the mine site
Generation capacity
• Combined installed capacity of 155 MW• Expected to meet approximately 70% of
Paracatu’s future power needs Remainder expected to be fulfilled from
third party suppliers under fixed-term power purchase agreements
Long life assets
• Both plants commissioned in 2010 and are in good working condition
• Concessions expire in 2037, after Paracatu’sestimated mine life of 2032
Barra dos Coquieros
Cacu
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APPENDIX
LA COIPA RESTART PROJECT: PFS RESULTS
Life of Mine Estimates (100% basis)(i)
Life of Mine 5.5 years
Total ounces recovered 1.03 million gold equivalent ounces
Average annual production 207,000 gold equivalent ounces per year
Average cost of sales $674 per gold equivalent ounce
Average all-in sustaining cost(ii) $767 per gold equivalent ounce
Initial capital $94 million
Pre-Stripping $105 million
IRR (after-tax) 20%
NPV(iii) $120 million
• PFS based on using existing infrastructure to blend and process higher grade material from the recently delineated Phase 7 deposit with oxide/transition material from the existing Puren deposit
Project expected to generate a 20% IRR at an assumed gold price of $1,200 per ounce
(i) Summary results are shown on a 100% basis, however, Kinross has a 65% interest in Puren and currently holds a 50% interest in the Phase 7 deposit but has entered into anagreement whereby it has agreed to purchase the other 50% that it does not currently own.
(ii) All-in sustaining cost includes operating costs, sustaining capital, and post start-up capitalized stripping and does not include estimated initial capital expenditures of $94 million andestimated pre-stripping of $105 million, and any exploration, income taxes and non-cash items related to reclamation or allocation of regional or corporate overhead costs. This differsfrom the World Gold Council definition of all-in sustaining cost.
(iii) After tax, 5% discount rate.
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Life of Mine Estimates
Mill throughput capacity 13,000 tonnes per day
Average mining rate 80,000 tonnes per day
Average gold grade 1.69 g/t
Average silver grade 61.5 g/t
Average gold recovery 76%
Average silver recovery 59%
Strip ratio (waste:ore) 5.0
• The pre-feasibility study estimates a 5.5 year mine life, following receipt of permits and commencement of stripping
Processing expected to commence 1.5 years after pre-stripping has been initiated and continue for 4 years
Assumptions
Gold price $1,200 per oz.
Silver price $17 per oz.
Oil price $65 per barrel
Chilean Peso 600 to the US dollar
Discount rate 5%
KEY ASSUMPTIONSADDITIONAL OPERATING METRICS
$1,100 $1,200 $1,300
IRR 15% 20% 26%
GOLD PRICE SENSITIVITY
APPENDIX
LA COIPA RESTART PROJECT: PFS RESULTS
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• High-grade, low-cost underground mines
• Estimated mine life: 2022
RUSSIA
KUPOL-DVOINOYE (100%)
2016 2017
Production (Au. Eq. oz.) 734,143 580,451
Production cost of sales ($/oz.) $441 $521
OPERATING RESULTS(4)
Our Russian operations are a model for successfully operating in a remote location
(1) Refer to endnote #1.(4) Refer to endnote #4.
TONNES(thousands)
GRADE (g/t)
OUNCES(thousands)
2P Reserves 8,161 7.7 2,011
M&I Resources 929 10.8 323
Inferred Resources 503 9.4 151
2017 GOLD RESERVE AND RESOURCE ESTIMATES(1)
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• Chirano is an underground operation located in southwestern Ghana
• Estimated mine life: 2020
WEST AFRICA
CHIRANO, GHANA (90%)Cost reductions achieved at Chirano by transitioning to self-perform mining
(1) Refer to endnote #1.(3) Refer to endnote #3.(4) Refer to endnote #4.
TONNES(thousands)
GRADE (g/t)
OUNCES(thousands)
2P Reserves 8,301 2.1 567
M&I Resources 10,975 2.1 746
Inferred Resources 1,590 3.0 152
2016 2017
Production (Au. Eq. oz.) 190,759 221,424
Production cost of sales ($/oz.) $921 $797
OPERATING RESULTS(3,4)
2017 GOLD RESERVE AND RESOURCE ESTIMATES(1)
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• Phase Two of mill expansion expected to transform Tasiast into a world-class operation; forecast to reach commercial production in Q3 2020
• Estimated mine life: 2029
WEST AFRICA
TASIAST, MAURITANIA (100%)Operating mine with a large gold resource located in a prospective district
TONNES(thousands)
GRADE (g/t)
OUNCES(thousands)
2P Reserves 124,789 2.0 7,861
M&I Resources 74,591 1.2 2,959
Inferred Resources 41,771 0.9 1,237
2016 2017
Production (Au. Eq. oz.) 175,176 243,240
Production cost of sales ($/oz.) $1,061 $754
OPERATING RESULTS(4)
2017 GOLD RESERVE AND RESOURCE ESTIMATES(1)
(1) Refer to endnote #1.(4) Refer to endnote #4.
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Timeline Operational Metric Estimate
2020-2024(First 5 years of Phase Two
operation)
Total tonnes mined 438 millionStrip ratio 6.4Average CIL grade processed 2.5 grams per tonneAverage annual production 812,000 ouncesAverage mining cost $2.05 per tonneAverage processing cost $14.50 per tonneProduction cost of sales $440 per ounceAll-in sustaining cost $655 per ounce
2025-2029(Remaining life
of mine)
Total tonnes mined 141 million tonnesStrip ratio 4.8Average CIL grade processed 1.5 grams per tonneAverage annual production 457,000 ouncesAverage mining and re-handle cost $2.75 per tonneAverage processing cost $14.30 per tonneProduction cost of sales $680 per ounceAll-in sustaining cost $835 per ounce
2020-2029(Life of project)
Total tonnes mined 579 million tonnesStrip ratio 5.9Average CIL grade processed 2.0 grams per tonneAverage recovery 93%Average annual production 634,000 ouncesAverage mining cost $2.25 per tonneAverage processing cost $14.40 per tonneProduction cost of sales $530 per ounceAll-in sustaining cost $720 per ounce
TASIAST EXPANSION PROJECT
SUMMARY OF FEASIBILITY STUDY RESULTS
Estimated Initial Capital Cost
Operating Estimates (Phase One & Two combined)
Estimate ($ millions)
Processing plant 137
Power supply 76
Water supply 50
Mining fleet 49
EPCM 27
Indirect, owner’s cost and taxes 120
Contingency 79
Miscellaneous 52
Total $590
Standalone Phase Two Estimates
Estimate
Initial capital $590 million
Internal rate of return 24%
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ENDNOTES1) Mineral reserves and mineral resources are estimates. For more information regarding Kinross’ 2017 mineral
reserve and mineral resource estimates, please refer to our Annual Mineral Reserve and Mineral ResourceStatement as at December 31, 2017 contained in our news release dated February 14, 2018, which is available onour website at www.kinross.com. Kinross’ Annual Mineral Reserve and Mineral Resource Statements for previousyears (2008 – 2017) are also available on our website at www.kinross.com.
2) For more information regarding Kinross’ production, cost, overhead expense and capital expenditures outlook for2018, please refer to the news release dated February 14, 2018 which is available on our website atwww.kinross.com. Kinross’ outlook for 2018 represents forward-looking information and users are cautioned thatactual results may vary. Please refer to the Cautionary Statement on Forward-Looking Information on slide 2 of thispresentation and in our news release dated February 14, 2018, available on our website at www.kinross.com.
3) Unless otherwise noted, gold equivalent production, gold equivalent ounces sold and production cost of salesfigures in this presentation are based on Kinross’ 90% share of Chirano production and sales.
4) Attributable production cost of sales per gold equivalent ounce sold and per gold ounce sold on a by-product basis,all-in sustaining cost per gold equivalent ounce sold and per gold ounce sold on a by-product basis, adjusted netearnings attributable to common shareholders, and adjusted operating cash flow numbers are non-GAAP financialmeasures. For more information and reconciliations of these non-GAAP measures for the three months and twelvemonths ended December 31, 2017, please refer to the news release dated February 14, 2018, under the heading“Reconciliation of non-GAAP financial measures,” available on our website at www.kinross.com.
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KINROSS GOLD CORPORATION 25 York Street, 17th Floor │Toronto, ON │ M5J 2V5www.kinross.com