2013 London Marketing Presentation 1 1 www.kinross.com - - PowerPoint PPT Presentation

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2013 London Marketing Presentation 1 1 www.kinross.com - - PowerPoint PPT Presentation

July KINROSS GOLD CORPORATION 2013 London Marketing Presentation 1 1 www.kinross.com CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION All statements, other than statements of historical fact, contained or incorporated by reference in


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KINROSS GOLD CORPORATION

London Marketing Presentation

July

2013

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CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

All statements, other than statements of historical fact, contained or incorporated by reference in this presentation, including any information as to the future performance of Kinross, constitute “forward looking statements” within the meaning of applicable securities laws, including the provisions of the Securities Act (Ontario) and the provisions for “safe harbour” under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this presentation. Forward looking statements include, without limitation, possible events;

  • pportunities; statements with respect to possible events or opportunities; estimates and the realization of such estimates; future development, mining

activities, production and growth, including but not limited to cost and timing; success of exploration or development of operations; the future price of gold and silver; currency fluctuations; expected capital expenditures and requirements for additional capital; government regulation of mining operations and exploration; environmental risks; unanticipated reclamation expenses; and title disputes. The words “aim”, “pursue”, “plans”, “expects”, “subject to”, “budget”, “estimate”, “scheduled”, “timeline”, “potential”, “projected”, “pro forma”, “estimates”, “envision”, “view”, “forecasts”, “guidance”, “seek”, “strategy”, “study”, “target”, ‘priority”, “possible”, “illustrative”, “model”, “opportunity”, “option”, “objective”, “outlook”, “on track”, “potential”, “intends”, “anticipates” or “believes”, “thinks”, or variations of such words and phrases or statements that certain actions, events or results “may”, “can”, “could”, “would”, “should”, “might”, “indicates”, “will be taken”, “become”, “create”, “occur”, or “be achieved”, and similar expressions identify forward looking

  • statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by

Kinross as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Statements representing management’s financial and other outlook have been prepared solely for purposes of expressing their current views regarding the Company’s financial and other outlook and may not be appropriate for any other purpose. Many of these uncertainties and contingencies can 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 those anticipated in such statements. All of the forward looking statements made in this presentation are qualified by these cautionary statements, and those made in our filings 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 most recently filed Annual Information Form, the “Risk Analysis” section of our FYE 2012 and Q1 2013 Management’s Discussion and Analysis, and the “Cautionary Statement on Forward-Looking Information” in our news release dated May 7, 2013, to which readers are referred and which are incorporated by reference in this presentation, 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 the factors that could affect Kinross. Kinross disclaims any intention or
  • bligation to update or revise any forward‐looking statements or to explain any material difference between 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, as may be applicable. The technical information about the Company’s mineral properties (other than exploration activities) contained in this presentation has been prepared under the supervision of and verified by Mr. James K. Fowler, an officer of the Company who is a “qualified person” within the meaning of National Instrument 43-101 (“NI 43-101”). The technical information about the Company’s exploration activities contained in this presentation has been prepared under the supervision of and verified by Dr. Glenton Masterman, an officer of the Company who is a “qualified person” with the meaning of NI 43‐101.

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KINROSS TODAY

  • Total gold resource base of 94 million ounces(1)
  • 9 mines produced 2.6 million ounces in 2012(2)
  • Solid record of operational performance
  • Portfolio of development projects with significant potential

(1) Refer to endnote #1. (2) Refer to endnote #2

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PRINCIPLES FOR BUILDING VALUE

  • 1. Focus on operational fundamentals
  • 2. Quality versus quantity in mine

planning

  • 3. Maintaining a strong balance sheet
  • 4. Disciplined project development and

capital allocation

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OPERATIONAL FUNDAMENTALS

OPERATING MINES IN 4 CORE REGIONS

  • Diversified portfolio of assets located in some of the world’s best gold districts producing

Tasiast Fort Knox Paracatu Kupol Kettle River - Buckhorn Round Mountain La Coipa Maricunga Chirano

NORTH AMERICA SOUTH AMERICA WEST AFRICA RUSSIA

GLOBAL PORTFOLIO

Operating mine Development project

Lobo-Marte Dvoinoye (2) Refer to endnote #2. (3) Refer to endnote #3.

gold equivalent production

2.4 – 2.6 million ounces

production cost of sales

$740 - $790/oz. Au eq. 2013 OUTLOOK(2,3)

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NORTH

AMERICA

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(3) Refer to endnote #3.

  • 2013 regional guidance(3): 680 – 720koz. at $635 – 675/oz.
  • Well-run, stable open-pit and underground operations
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OPERATIONAL FUNDAMENTALS

NORTH AMERICA

OPERATION Q1 PRODUCTION (Au Eq. Oz.) Q1 PRODUCTION COST OF SALES(4) ($/oz.) Fort Knox 93,252 $558 Round Mountain (50%) 39,421 $804 Kettle River – Buckhorn 39,870 $512 NORTH AMERICA TOTAL 172,543 $597

Fort Knox Kettle River - Buckhorn Round Mountain

NORTH AMERICA

2013E(3): 680-720k oz. at $635-675/oz.

  • Region on track to meet both production and production cost of

sales guidance for 2013 FIRST QUARTER 2013 OPERATING RESULTS

  • Slightly harder ore encountered at Fort Knox not expected to

continue in Q2

  • Outstanding quarter at Kettle River-Buckhorn, with higher

throughput compared to Q4 2012

  • Round Mountain performed as anticipated

(3) Refer to endnote #3. (4) Refer to endnote #4.

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SOUTH

AMERICA

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  • 2013 regional guidance(3): 800 – 870koz. at $870 – $940/oz.
  • Largest operating region accounting for ~33% of annual production

(3) Refer to endnote #3.

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OPERATIONAL FUNDAMENTALS

SOUTH AMERICA

OPERATION Q1 PRODUCTION(2) (Au Eq. Oz.) Q1 PRODUCTION COST OF SALES(4) ($/oz.) Paracatu 119,891 $831 Maricunga 55,062 $1,091 La Coipa 53,729 $704 SOUTH AMERICA TOTAL 228,682 $861

Paracatu La Coipa Maricunga

SOUTH AMERICA

2013E(3): 800-870koz. at $870-940/oz.

  • Region on track to meet both production and production cost of sales

guidance for 2013 FIRST QUARTER 2013 OPERATING RESULTS

  • Mill recoveries and throughput at Paracatu continued to show

improvement

  • Lower production at Maricunga result of less favourable

heap leach performance and lower grades from transitional ore as the bottom of the current phase is mined

  • Expect to suspend operations at La Coipa in the second half of 2013

(2) Refer to endnote #2. (3) Refer to endnote #3. (4) Refer to endnote #4.

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WEST

AFRICA

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  • 2013 regional production(3): 415 – 480koz. at $890 – $950/oz.
  • Strong focus on increasing efficiency and performance in the region

(3) Refer to endnote #3.

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OPERATIONAL FUNDAMENTALS

WEST AFRICA

OPERATION Q1 PRODUCTION(2) (Au Eq. Oz.) Q1 PRODUCTION COST OF SALES(4) ($/oz.) Tasiast 62,757 $880 Chirano (90%) 60,417 $730 WEST AFRICA TOTAL 123,174 $808

Tasiast Chirano

WEST AFRICA

2013E(3): 415-480koz. at $890-950/oz.

  • Region on track to meet both production and production cost of sales

guidance for 2013 FIRST QUARTER 2013 OPERATING RESULTS

  • Tasiast achieved highest quarterly production level since acquisition
  • Chirano performed ahead of expectations for the quarter

(2) Refer to endnote #2. (3) Refer to endnote #3. (4) Refer to endnote #4.

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RUSSIA

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  • 2013 regional guidance(3): 505 – 535koz. at $550 – $580/oz.
  • Model for successfully operating in a remote region

(3) Refer to endnote #3.

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OPERATIONAL FUNDAMENTALS

RUSSIA

OPERATION Q1 PRODUCTION (Au Eq. Oz.) Q1 PRODUCTION COST OF SALES(4) ($/oz.) Kupol 124,498 $548

Kupol

RUSSIA

2013E(3): 505-535koz. at $550-580/oz.

  • Region on track to meet both production and production cost of sales

guidance for 2013 FIRST QUARTER 2013 OPERATING RESULTS

  • As anticipated, Kupol mined an area of lower-grade material
  • Mill throughput and recoveries remained strong

(3) Refer to endnote #3. (4) Refer to endnote #4.

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OPERATIONAL FUNDAMENTALS

SOLID OPERATING RESULTS

(2) Refer to endnote #2. (4) Refer to endnote #4. (5) Refer to endnote #5.

Q1 2012 Q1 2013

Ounces

  • Strong performance from operations delivered solid results in Q1 2013

$738 $729

Q1 2012 Q1 2013

$ per gold equivalent ounce $1,180 $1,038

Q1 2012 Q1 2013

$ per gold ounce 588,358 648,897

GOLD EQUIVALENT PRODUCTION(2) PRODUCTION COST OF SALES(4) ALL-IN SUSTAINING COST(5)

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FOCUS ON COST MANAGEMENT

CAPITAL DISCIPLINE CONTINUES IN 2013

(3) Refer to endnote #3.

2012 estimate following project resequence February 2012

$2.2

Identified $200 million of capital reductions Q2 - Q3 2012

$2.0

Actual 2012 spend Full-year 2012

$1.9

Continued focus

  • n disciplined

spending Expected 2013(3)

$1.6

Capital Expenditures (US$ billions)

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PRINCIPLE TWO: QUALITY VERSUS QUANTITY

2013 PRODUCTION & COSTS OUTLOOK(3)

Region Gold Production

(000 oz. Au eq.)

% of Total Production Production Cost of Sales

($/oz. Au eq.) South America 800 – 870 33% $870 – $940 North America 680 – 720 28% $635 – $675 West Africa (attributable) 415 – 480 18% $890 – $950 Russia 505 – 535 21% $550 – $580

Total Kinross: 2.4 – 2.6 million 100% Gold equivalent: $740 – $790/oz. By-product: $690 – $740/oz.

Assumptions: Gold price - $1,600/oz; Silver price - $30/oz.; Oil price - $90/bbl; Foreign exchange rates of: 2.05 Brazilian reais to the US dollar, 1.00 Canadian dollar to the US dollar, 32 Russian roubles to the US dollar, 475 Chilean pesos to the US dollar, 2.00 Ghanian cedi to the US dollar, 290 Mauritanian ouguiya to the US dollar, and 1.25 US dollars to the Euro. Key Sensitivities: Taking into account existing currency and oil hedges, 10% change in foreign exchange could result in an approximate $9 impact on production cost of sales per ounce. A $10 change in the price of oil could result in an approximate $2 impact on production cost of sales per ounce. The impact on royalties

  • f a $100 change in the gold price could result in an approximate $3 impact on production cost of sales per ounce.
  • 2013 outlook shaped by continued focus on cost control, margin improvement and free

cash flow

  • 2013 all-in sustaining cost(5) expected to be $1,100 - $1,200 per gold ounce

(3) Refer to endnote #3. (5) Refer to endnote #5.

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  • Prioritizing cash flow
  • Optimizing pushback widths, mine sequencing
  • Exploiting zero / low-capex productivity improvements
  • Reducing unit consumption
  • Implementing better cost controls
  • Improving contractor management
  • Re-evaluating capital requirements
  • Managing potential deferral risks
  • Identified $200 million in capex reductions in 2012
  • Expanding globally-coordinated supply chain initiatives
  • Planning with greater accuracy
  • Establishing lower cost power purchase agreements
  • Reducing energy consumption
  • Enhancing inventory management
  • Reducing working capital requirements

MAXIMIZING MARGINS & CASH FLOW

THE KINROSS WAY FORWARD

  • 7 key areas form the basis of The Kinross Way Forward:
  • 1. MINE PLAN OPTIMIZATION
  • 2. CONTINUOUS IMPROVEMENT
  • 3. COST MANAGEMENT & LABOUR

PRODUCTIVITY

  • 4. CAPITAL EFFICIENCY
  • 6. ENERGY MANAGEMENT
  • 7. WORKING CAPITAL MANAGEMENT
  • 5. SUPPLY CHAIN MANAGEMENT
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CHOOSING QUALITY VERSUS QUANTITY

MINERAL RESERVE & RESOURCE ESTIMATES(1)

  • Strategic decision to maintain gold price assumptions used for 2011:
  • Reserves - $1,200/oz.; resources -$1,400/oz.
  • Example of Kinross’ commitment to focus on higher quality, higher margin ounces

Gold ounces (millions)

(1) Refer to endnote #1.

PROVEN & PROBABLE GOLD RESERVES

62.6 59.6 2012 2011

MEASURED & INDICATED GOLD RESOURCES

20.3 2012 25.4 2011

INFERRED GOLD RESOURCES

20.1 14.4 2012 2011

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MAINTAINING A STRONG BALANCE SHEET

SOLID FINANCIAL POSITION

  • Preserving balance sheet strength a priority objective
  • Repurchased convertible senior notes totaling $455 million on March 15, 2013
  • Redeemed in cash the remaining $5 million on April 30, 2013
  • Cumulative debt balance: $2.2 billion

LIQUIDITY POSITION

($ millions) As at March 31, 2013 Cash and cash equivalents $1,421 Available credit facilities $1,501 Total liquidity $2,922

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  • Optimized project sequencing, with Dvoinoye and Tasiast as key development priorities

DISCIPLINED PROJECT DEVELOPMENT

PORTFOLIO OF DEVELOPMENT PROJECTS

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  • Pre-feasibility study selected optimum mill size for Tasiast expansion
  • Proceeding to a feasibility study on a 38,000 tpd mill
  • Expected to be complete in Q1 2014

DISCIPLINED PROJECT DEVELOPMENT

TASIAST ADVANCES TO FEASIBILITY STUDY

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  • Feasibility study will explore a number of options to improve overall economics

DISCIPLINED PROJECT DEVELOPMENT

TASIAST ADVANCES TO FEASIBILITY STUDY

PRE-FEASIBILITY STUDY OPPORTUNITY TO ADD VALUE Estimated 10 million recoverable

  • unces

Did not include other known mineral resource

  • unces

Heavy fuel oil as energy source Exploring potential of lower-cost natural gas Did not include potential district exploration upside Tasiast is a large district with significant long-term exploration potential Throughput of 30,000 tpd Targeting higher production, lower costs with 38,000 tpd mill

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  • Dvoinoye continues to progress on budget and on schedule
  • Full production is expected to commence in the second half of 2013

DVOINOYE

RUSSIA

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DISCIPLINED PROJECT DEVELOPMENT

DVOINOYE REMAINS ON SCHEDULE

  • Full production expected to commence in

the second half of 2013

  • Underground development progressed

ahead of plan

  • Surface infrastructure continues to progress
  • n schedule
  • Expansion of the Kupol mill capacity to

4,500 tpd is well underway

  • Final completion expected to take place

in Q3 2013

Surface Infrastructure Underground Development

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  • Drilling at step-out targets confirm presence of

narrow, high-grade veins at C67, Fennec and C68 C68 WEST

  • Drilling completed along 600 strike metres, testing

the structure to an average depth of 100 metres below surface

  • Further step-out and infill drilling underway to

examine vein continuity and assess mineral resource potential

ENCOURAGING EXPLORATION RESULTS

TASIAST DISTRICT EXPLORATION(6)

Fennec C67 C68W C68E TASIAST (6) Refer to endnote #6.

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  • Additional high-grade mineralization

discovered at the Moroshka target located 5 km southeast of Kupol

  • Presence of high-grade mineralization
  • ver a strike length of 300 metres and

a vertical range of 150 metres

  • Similar geology to Kupol
  • Encouraged by the potential to

discover additional vein shoots along the Moroshka trend

ENCOURAGING EXPLORATION RESULTS

KUPOL-WEST MOROSHKA(6)

Kupol Moroshka vein Moroshka trend (geochemistry) (6) Refer to endnote #6. North

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TAKING RESPONSIBILITY

MAINTAINING OUR SOCIAL LICENSE TO OPERATE

  • Member of the Dow Jones Sustainability World Index
  • Member of the Jantzi Social Index
  • Listed among Canada’s top corporate citizens by both Maclean’s

and Corporate Knights

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  • Operational fundamentals
  • Aggressive focus on cost management
  • Maximizing margin & free cash flow
  • Disciplined project development
  • Maintaining a strong balance sheet

CONSISTENCY & DISCIPLINE

ACTION PLAN FOR BUILDING VALUE

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APPENDIX

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APPENDIX

ALL-IN SUSTAINING COSTS – Q1 2013

$1,135 $1,115 $1,038 $919 $856 Goldcorp Newmont Kinross Barrick Yamana

$ per ounce

Source: Company reports. For more information regarding Kinross’ all-in sustaining costs, please refer to endnote #5.

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Source: BMO Gold Pages – July 2, 2013.

APPENDIX

RELATIVE VALUATION

ENTERPRISE VALUE / 2013E EBITDA 8.7 8 7.3 6.8 5.5 4.2 3.8

GG AEM EGO AUY NEM ABX KGC

PRICE / NAV 1.2 1.0 0.9 0.7 0.6 0.5 0.4

AEM NEM KGC ABX AUY GG EGO

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APPENDIX

TASIAST 2013E CAPITAL EXPENDITURES(3)

ITEM ESTIMATE Mine fleet & truck shops $139 million

  • Continued expansion of fleet to support a ramp up to 100

million tonne per annum mining rate this year

  • Establishment of maintenance facilities

Pre-stripping $63 million

  • Required to access the Greenschist zone of West Branch

Permanent water pipeline $90 million

  • Alternative water supply required by mid-2015

Power $63 million

  • Addition of an on-site power plant to replace high cost

generators and increase energy efficiency Other facilities $94 million

  • Includes sewage & waste management, fire & drinking

water systems, warehouses, and camp facilities Engineering studies $50 million

  • Completed pre-feasibility study
  • Initiated feasibility study

Operations capabilities $126 million

  • Includes items to support operations: tailings pond, water

system, stabilize existing mill, IT infrastructure, equipment for facilities, and construction support TOTAL $625 million

(3) Refer to endnote #3.

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  • Production commenced in 1997
  • Heap leach production commenced in late 2009

UNITED STATES

FORT KNOX, ALASKA (100%)

OPERATING RESULTS PRODUCTION (Au eq. oz.) PRODUCTION COST OF SALES ($/oz.)(4) FY 2012 359,948 $663 FY 2011 289,794 $692 2012 GOLD RESERVES AND RESOURCES(1) TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 237,745 0.47 3,609 M&I Resources 99,824 0.43 1,375 Inferred Resources 14,953 0.50 239

(1) Please refer to endnote #1. (4) Please refer to endnote #4.

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  • Kinross-operated JV with Barrick
  • Bulk tonnage open-pit operation
  • Commercial production began in 1977

UNITED STATES

ROUND MOUNTAIN (50%)

OPERATING RESULTS PRODUCTION (Au eq. oz.) PRODUCTION COST OF SALES ($/oz.) (4) FY 2012 192,330 $717 FY 2011 187,444 $697 2012 GOLD RESERVES AND RESOURCES(1) TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 64,123 0.60 1,242 M&I Resources 40,182 0.72 925 Inferred Resources 19,375 0.50 310

(1) Please refer to endnote #1. (4) Please refer to endnote #4.

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  • Entered production in Q4 2008
  • Small foot-print, underground mine
  • Near-mine exploration targets

UNITED STATES

KETTLE RIVER – BUCKHORN (100%)

OPERATING RESULTS PRODUCTION (Au eq. oz.) PRODUCTION COST OF SALES ($/oz.)(4) FY 2012 156,093 $482 FY 2011 175,292 $420 2012 GOLD RESERVES AND RESOURCES(1) TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 813 10.18 266 M&I Resources 61 11.73 23 Inferred Resources 85 9.97 27

(1) Please refer to endnote #1. (4) Please refer to endnote #4.

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  • Completed transaction increasing ownership to

100% from 75% on April 27, 2011

  • High-grade underground mine with 3,500 tpd

mill

RUSSIA

KUPOL (100%)

OPERATING RESULTS PRODUCTION (Au eq. oz.) PRODUCTION COST OF SALES ($/oz.)(4) FY 2012 578,252 $472 FY 2011 587,048 $378 2012 GOLD RESERVES AND RESOURCES(1) TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 8,092 9.29 2,416 M&I Resources

  • Inferred Resources

482 14.94 231

Kinross increased its ownership in the Kupol mine to 100% on April 27, 2011. As a result, the results up to April 27, 2011 reflect 75% ownership, and results thereafter reflect 100% ownership.

(1) Please refer to endnote #1. (4) Please refer to endnote #4.

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  • Plant 2 expansions now complete:
  • 3rd ball mill commissioned in Q2 2011
  • 4th ball mill commissioned in Q3 2012

BRAZIL

PARACATU (100%)

OPERATING RESULTS PRODUCTION (Au eq. oz.) PRODUCTION COST OF SALES ($/oz.)(4) FY 2012 466,709 $881 FY 2011 453,396 $720 2012 GOLD RESERVES AND RESOURCES(1) TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 1,387,842 0.40 17,978 M&I Resources 395,756 0.32 4,040 Inferred Resources 216,393 0.39 2,713

(1) Please refer to endnote #1. (2) Please refer to endnote #4.

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  • Expect to suspend mining of the existing
  • rebody in the second half of 2013
  • Continuing to assess the remaining reserves,

resources and exploration potential

  • Including the future potential of La Coipa

Phase 7 (Pompeya)

CHILE

LA COIPA (100%)

OPERATING RESULTS PRODUCTION (Au eq. oz.) PRODUCTION COST OF SALES ($/oz.)(4) FY 2012 178,867 $966 FY 2011 178,287 $762 2012 GOLD RESERVES AND RESOURCES(1) TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 8,573 1.52 418 M&I Resources 9,217 1.17 348 Inferred Resources 2,676 3.31 285

(1) Please refer to endnote #1. (4) Please refer to endnote #4.

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  • Located in the highly prospective Maricunga

District

  • High-altitude heap leach operation

CHILE

MARICUNGA (100%)

OPERATING RESULTS PRODUCTION (Au eq. oz.) PRODUCTION COST OF SALES ($/oz.)(4) FY 2012 236,369 $779 FY 2011 236,249 $457 2012 GOLD RESERVES AND RESOURCES(1) TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 185,584 0.72 4,313 M&I Resources 141,395 0.64 2,907 Inferred Resources 55,478 0.50 889

(1) Please refer to endnote #1. (4) Please refer to endnote #4.

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  • Open-pit mine ~300 km north of the city of

Nouakchott

  • Remote, flat, sparsely populated desert

MAURITANIA

TASIAST (100%)

OPERATING RESULTS PRODUCTION (Au eq. oz.) PRODUCTION COST OF SALES ($/oz.)(4) FY 2012 185,334 $889 FY 2011 200,619 $702 2012 GOLD RESERVES AND RESOURCES(1) TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 149,651 1.66 7,965 M&I Resources 226,094 0.93 6,757 Inferred Resources 31,235 0.79 790

(1) Please refer to endnote #1. (4) Please refer to endnote #4.

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  • 90% owned by Kinross; Government of Ghana

holds a 10% carried interest

  • 9 open-pits and 2 recently-discovered

underground deposits

  • Achieved first gold pour in 2005

GHANA

CHIRANO (90%)

OPERATING RESULTS(2) PRODUCTION (Au eq. oz.) PRODUCTION COST OF SALES ($/oz.)(4) FY 2012 263,911 $721 FY 2011 235,661 $693 2012 GOLD RESERVES AND RESOURCES(1) TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 20,217 2.65 1,722 M&I Resources 7,036 1.76 398 Inferred Resources 4,624 1.97 293

(1) Please refer to endnote #1. (2) Please refer to endnote #2. (4) Please refer to endnote #4.

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ENDNOTES

1) For more information regarding Kinross’ mineral reserve and mineral resources estimates please refer to our Annual Mineral Reserve and Mineral Resource Statement as at December 31, 2012 contained in our news release dated February 13, 2013, which is available on our website at www.kinross.com. 2) Unless otherwise noted, gold equivalent production, gold equivalent ounces sold and production cost of sales figures in this presentation are based on Kinross’ 90% share of Chirano production and do not include production from Crixas, due to the sale of Kinross’ 50% ownership completed June 28, 2012. 3) For more information regarding Kinross’ production, cost and capital expenditures outlook for 2013, please refer to the news release dated February 13, 2013, available on our website at www.kinross.com. 4) Production cost of sales per gold equivalent ounce from continuing operations is a non-GAAP measure defined as attributable production cost of sales divided by the attributable number of gold equivalent ounces sold. Production cost of sales is equivalent to total production cost of sales per the financial statements less depreciation, depletion and amortization and impairment charges. For more information about this non-GAAP measure, and a reconciliation of this non-GAAP financial measure for the year ended December 31, 2012, please refer to the news release dated February 13, 2012, and for the three months ended March 31, 2013, please refer to the news release dated May 7, 2013, under the heading “Reconciliation of non-GAAP financial measures”, both of which are available

  • n our website at www.kinross.com.

5) All-in sustaining cost per ounce is defined as the sum of: production cost of sales; net of silver by-product credits; general & administrative expenses; sustaining business development and exploration costs; sustaining capital (including related capitalized interest); and a portion of other operating costs. For more information, please refer to the news release dated February 13, 2013, available on our website at www.kinross.com. 6) For more information relating to Kinross’ exploration and for a link to the appendix of drill results relating to Tasiast and Kupol, please refer to the news release dated February 13, 2013, available on our website at www.kinross.com.

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www.kinross.com

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KINROSS GOLD CORPORATION

25 York Street, 17th Floor │Toronto, ON │ M5J 2V5 www.kinross.com