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Delivering Delivering Disciplined Growth Cormark Securities Sales Desk Presentation January 12, 2011 Cautionary Statement on Forward Looking Information All statements, other than statements of historical fact, contained or incorporated by


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SLIDE 1

Delivering Delivering Disciplined Growth

Cormark Securities Sales Desk Presentation January 12, 2011

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SLIDE 2

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, 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; opportunities; 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 “plans”, “expects”, “subject to”, “budget”, “scheduled”, “timeline”, “projected”, “pro forma”, “estimates”, “envision”, “view”, “forecasts”, “guidance”, “conceptual”, “target”, “possible”, “illustrative”, “model”, “opportunity”, “potential”, “intends”, “anticipates” or “believes”, 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 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 ff y f p f f g p q f y y 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 2009 Management’s Discussion and Analysis and the “Cautionary Statement on Forward‐Looking Information” in our news release dated November 3, 2010, 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 obligation 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 contained in this presentation has been prepared under the supervision of Mr. Rob Henderson, 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 Tasiast mineral resource contained in this presentation has been prepared under the supervision of Mr. Nic Johnson, who is a “qualified person” with the meaning of NI 43‐101.

2

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SLIDE 3
  • I. Why Gold Now?

3

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SLIDE 4

Increasing Demand for Gold

$1,450 $160 $170

Investment / Other Total Fabrication

$1,050 $1,250 $110 $120 $130 $140 $150

z.) billions)

Gold Price (US$/oz) Current gold price

$650 $850 $70 $80 $90 $100 $110

Price (US$/oz Demand (US$

$250 $450 $30 $40 $50 $60 $70

Gold Total Gold D

‐$150 $50 $0 $10 $20

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e

4

Source: GFMS World Gold Survey 2010 – Update 1

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SLIDE 5

Declining world supply from mine production

3,000

Other

2001: Peak Production

2 000 2,500

Big Four*

1,500 2,000 Tonnes 500 1,000 500 1969 1974 1979 1984 1989 1994 1999 2004 2009e 2009

5

* South Africa, United States, Australia, Canada Source: GFMS World Gold Survey 2010

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SLIDE 6

Major Gold Discoveries: 1997 ‐ Present

80 90 3 000 3,500

  • z.)

ding

50 60 70 2 000 2,500 3,000

coveries (MM te Stage Spend

30 40 50 1,000 1,500 2,000

  • f Major Au Disc

Grassroots + La (US$ MM)

10 20

  • 500

1,000

Year Average o ar Average of G

1997 Present

3 Y 3 Yea

Total Au Ounces Discovered (3 yr. Avg) Gold Exploration Spending (3 yr. Avg)

10 5 6 5 2 3 7 5 8 2

# of Major Gold Discoveries

6

Source: Metals Economics Group and Company estimates

Total Au Ounces Discovered (3 yr. Avg) Gold Exploration Spending (3 yr. Avg)

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SLIDE 7
  • II. Why Kinross Now?

7

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SLIDE 8

Continuing the Kinross Transformation

Kinross Yesterday

4.5 – 4.9

Kinross Now(1)

(mm oz) (mm oz)

1 6 2.2

valent production

2.6*

valent production

1.6

Gold equiv Gold equiv

2005 2009 2010e 2015e

8

(1) Please refer to endnote #1. * Figure represents Kinross’ 2010 production estimate, including estimated full year production from the West African assets, which were acquired September 17th, 2010

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SLIDE 9

World Gold Reserves and Resources

Top Countries (mm oz.) Total Reserves & Resources (mm oz.)

Total Reserves &

South Africa Russia United States Brazil Chile

Country Total Reserves & Resources %

  • 1. South Africa

997 29.7%

  • 2. Russia

225 6.7%

Canada Mexico

  • 3. Australia

193 5.8%

  • 4. Indonesia

193 5.8%

  • 5. U.S

177 5.3% 6 Canada 135 4 0%

Australia Ghana

  • 6. Canada

135 4.0%

  • 7. China

132 3.9%

  • 8. Chile

109 3.3%

  • 9. Mexico

109 3.3%

Indonesia China Other Countries

  • 10. Ghana

87 2.6%

  • 11. Brazil

80 2.4% Other 916 27.3%

9

Source: USGS

Total: 3,353 100%

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SLIDE 10

Focused in the World’s Best Gold Districts

Fort Knox Dvoinoye

High‐grade epithermal district Strong North American asset base in the Tintina

Fort Knox White Gold Kettle River‐ Buckhorn Dvoinoye Kupol

High grade epithermal district with exploration upside gold belt, Nevada and Washington

Round Mountain Tasiast

Cornerstone assets in a

Fruta del Norte Crixas Paracatu Chirano

highly prospective region Substantial production base and major

La Coipa Maricunga Cerro Casale Lobo‐Marte

base and major development pipeline

10

‐ Operating mine ‐ Development project

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SLIDE 11

Track Record of Gold Reserve Growth

Tasiast & Kinross

s (mm oz)(2)

33.2 8.2 53.4

Exploration & Development Chirano Today

ble Gold Reserves

33

Mined

  • ven and Probab

20.8 13.3 15.3 20.0

Divested Acquired

Pro

15.3 2004 Current

11

(2) Please refer to endnote #2. Totals may not add due to rounding

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SLIDE 12

Strong Balance Sheet

  • Cash on hand: ~$1.4 bn
  • Long‐term investments: $713 mm

Long term investments: $713 mm

  • Includes equity investment portfolio valued at ~$292 mm

$1,381

As at September 30, 2010

$713

llions

$713 $524

US$ mi

Cash and cash equivalents Long‐term investments Long‐term debt 12

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SLIDE 13

Q3 2010 Highlights

  • Continuing to deliver strong financial results

$

Revenue +26% Adjusted Operating Cash Flow(3,4) +28% Adjusted Net Earnings(4)

$582 $736 $203 $261 $124

  • ns

US$ millio

Q3/09 Q3/10 Q3/09 Q3/10

$2

Q3/09 Q3/10 13

(3) Please refer to endnote #3. (4) Please refer to endnote #4.

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SLIDE 14

Q3 2010 Highlights

  • Production: 575,065 ounces (up 7% from Q3/09)
  • Cost of sales margin(5,6) of $673/oz. (up 37% from Q3/09)
  • Paracatu outperforms expectations; 4th ball mill approved
  • Closed acquisition of Red Back Mining
  • Appointment of Brant Hinze as COO, effective October 1st, 2010
  • Sold Harry Winston / Diavik interest
  • Consolidated ownership of Kupol East & West exploration licenses
  • Closed acquisition of Dvoinoye
  • Tasiast update: ‐ Added 3.2 mm oz of mineral resource(7)

‐ Scoping study in progress 14

(5) Please refer to endnote #5. (6) Please refer to endnote #6. (7) Please refer to endnote #7.

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SLIDE 15

Q3 2010 Results

(in millions, except ounces and per

Q3/09 Q3/10 % Change

Realized COS

share amounts)

Gold equivalent production (ounces) 537,440 575,065 7%

(8)

Gold Price +24% $1,190/oz Margin(6) +37% $673/oz

Gold equivalent sales (ounces) 554,232 576,955 4% Revenue $582.3 $735.5 26%

(8)

Revenue $582.3 $735.5 26% Adjusted operating cash flow $203.0 $260.8 28% per share $0 29 $0 34 17%

(3,4)

Cost of Sales(5) +11% $517/oz

per share $0.29 $0.34 17% Adjusted net earnings $1.7 $123.6 per share $0.00 $0.16

(4)

$517/oz 15

(3) Please refer to endnote #3. (4) Please refer to endnote #4. (5) Please refer to endnote #5. (6) Please refer to endnote #6. (8) Please refer to endnote #8.

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SLIDE 16

Paracatu Continues to Perform Ahead of Plan

129,257

$700 130 000

117 472 118 101 ,

$ $600 $650 $700 120 000 125,000 130,000 unces)

108 421 117,472 118,101

$450 $500 $550 110 000 115,000 120,000 ales ($/oz) production (o

108,421

$300 $350 $400 100 000 105,000 110,000 Cost of Sa d equivalent p $200 $250 95,000 100,000

Q4/09 Q1/10 Q2/10 Q3/10

Gol

16

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SLIDE 17

Expanding Margins

$648

2004 – YTD Q3 2010:

  • Average realized gold price: +182%

$530

.)

  • Average realized gold price: +182%
  • Kinross’ attributable cost of sales margin(6): +302%

+302%

$279 $329 $436

Margin ($/oz.

$161 $170 $279

Cost of Sales

FY/04 FY/05 FY/06 FY/07 FY/08 FY/09 YTD Q3/10 17

(6) Please refer to endnote #6.

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SLIDE 18

Growing Cash Flow per Share

  • Record high operating cash flow in 2009 (+35% vs. 2008)
  • 5‐yr CAGR : 25%

$ $1.36

US$)(4)

$1.05 YTD/09 vs. YTD/10 $0.80 $1.01

w per Share (U

$0.93 $0.45 $0.51 $0.56

sted Cash Flow

FY/04 FY/05 FY/06 FY/07 FY/08 FY/09

Adjus

YTD Q3/09 YTD Q3/10 18

(4) Please refer to endnote #4.

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SLIDE 19

2010 Outlook(1)

Production and Costs Country Production (000 ounces ) Cost of Sales / oz. USA 690 – 745 $480 – 520 R i (8) 495 525 $340 365 Russia(8) 495 – 525 $340 – 365 Brazil 510 – 580 $490 – 555 Chile 350 – 380 $700 – 720 Kinross (w/o West Africa) 2.2 mm oz. $495 – 510 West Africa(8,9) 135 – 155 $650 – 675

Key Sensitivities: Approximately 50% ‐60% of the Company’s costs are denominated in US dollars. A 10% change in foreign exchange could result in an approximate $7 impact on cost of sales per ounce. A $10 change in the price of oil could result in an approximate $3 impact on cost of sales per ounce. The impact on royalties of a $100 change in the gold price could result in an approximate $4 impact on cost of sales per ounce.

Total Kinross: 2.30 – 2.35 mm oz $505 – 520 19

(1) Please refer to endnote #1. (8) Please refer to endnote #8. (9) Please refer to endnote #9.

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SLIDE 20
  • III. New Project Portfolio

20

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SLIDE 21

Kinross Project Portfolio

2011 2012 2013 2014 2015

Paracatu 3rd Ball Mill Paracatu Desulphurization Maricunga SART Plant Paracatu 4th Ball Mill Dvoinoye Tasiast Lobo‐Marte Lobo Marte Fruta del Norte Cerro Casale

21

Conceptual timeline based on current Company estimates.

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SLIDE 22

Paracatu: 3rd Ball Mill Update

Lifting mill feed end to mill shell Mill feed end lifted to mill shell

22

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SLIDE 23

Paracatu: At‐site Expansion

3rd Ball Mill

  • Installing 3rd ball mill to increase throughput
  • Procurement commitments at 90%
  • Total project 60% complete; construction at site 40% complete
  • On schedule for completion and commissioning in H1 2011

4th Ball Mill

  • Allows Paracatu to sustain planned throughput of ~41 mtpa in future years
  • Capital estimate: $145 mm (includes $120 mm for mill; $25 mm for

additional truck and electric shovel)

  • Expected to start‐up in the first half of 2012

23

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SLIDE 24

Exploration Update at Tasiast

  • Added 11 drills; 22 rigs currently on‐site
  • 16 currently on West Branch
  • 64,682 m drilled in Q3 2010; 156,784 m drilled YTD
  • Kinross plans an additional 50,000 m for rest of the year,

plus 20,000 m beyond 8 km mine corridor

  • Q4/10 exploration spending: ~$20.6 million
  • Scoping study expected to be complete in December;

feasibility study expected to be complete mid‐2011 feasibility study expected to be complete mid 2011

24

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SLIDE 25

Plan View of Drilling at Tasiast

25

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SLIDE 26

Greenschist Target

  • Aug. ’09: 21 m at 1.74 g/t

Aug.’09: 17 m at 1.69 g/t Jan’10: 84 m at 1.92 g/t Jan.’10: 85 m at 2.42 g/t Jan.’10: 94 m at 2.78 g/t Sep.’10: 81 m at 3.00g/t Sep.’10: 45 m at 4.26 g/t

Scale 100 m

Sep.’10: 74 m at 4.52 g/t

 Felsic Volcanic  Banded Iron Formation  Volcaniclastic  Greenschist

26

Source: Red Back Mining news releases dated August 31, 2009, January 20, 2010 and September 7, 2010, available on SEDAR as Red Back Mining documents.

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SLIDE 27

Resource Growth at Tasiast

  • 3.2 mm oz of Inferred Resource added in November 2010

1.9 5.1

s)(7,10)

9 2 9 3 1.4

nces (millions

3.7 5.4 9.2 9.3 0.8

Ou

Year‐end 2008 November 2009 September 2010 November 2010

Measured & Indicated Mineral Resources Inferred Mineral Resources

Note: Mineral Resources are reported inclusive of Mineral Reserves. For the most recent Mineral Reserve statement for Tasiast, see the Kinross website.

27

(7) Please refer to endnote #7. (10) Please refer to endnote #10. p ,

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SLIDE 28

Tasiast: Conceptual Pit Shell

5 mm oz reserve pit 20 mm oz exploration target pit

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SLIDE 29

District Targets

C67 34m at 1 71g/t C67 34m at 1 71g/t 34m at 1.71g/t 4m at 11.10g/t 19m at 1.19g/t 12m at 2.18g/t 34m at 1.71g/t 4m at 11.10g/t 19m at 1.19g/t 12m at 2.18g/t Aoeouat 15m at 3.72g/t Aoeouat 15m at 3.72g/t Prolongation Prolongation 6m at 10.62g/t 6m at 10.62g/t 9m at 7.41g/t 9m at 7.41g/t C69 13m at 3.89/t 21m at 0.88g/t C69 13m at 3.89/t 21m at 0.88g/t Prolongation 13m at 4.08g/t 6m at 2.61g/t 6m at 13.0g/t Prolongation 13m at 4.08g/t 6m at 2.61g/t 6m at 13.0g/t

29

29

10km 15m at 1.72g/t 12m at 1.07g/t 10m at 1.66g/t 15m at 1.72g/t 12m at 1.07g/t 10m at 1.66g/t 12m at 11.1g/t 12m at 11.1g/t

Please refer to the Tasiast Technical Report, dated August 18, 2010, available on Kinross’ website.

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SLIDE 30

District Potential – 82 x 25 km Archean Greenstone Belt

Tasiast Geology Timmins Geology with Major Au Mines & Au Occurrences(i)

Tasiast

25 km 25 km

(i) Source: Ontario Geological Survey

30

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SLIDE 31

Dvoinoye, Russia

  • Closed acquisition August 27, 2010

Pevek

  • Completed over 10,000 m of linear drilling
  • Completed road connection between site and

Dvoinoye deposit & Vodorazdelnaya

  • Completed road connection between site and

paved highway to Pevek

  • Clearing of old mine infrastructure well underway

y concession

~100 km

  • Targeted to commence commissioning in 2013

Kupol mine

31

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SLIDE 32

Fruta del Norte, Ecuador

  • Pre‐feasibility expected to be complete by year‐end

Quito

  • Geotechnical and hydrogeological drilling on La Zarza and

Colibri concessions

  • EIA for La Zarza exploration decline submitted
  • Approval expected in H1 2011
  • Water permit granted in August
  • Expect to submit an EIA on the Colibri concession in Q4/10

Gold Mineral Resources(2)

Tonnes Grade Ounces Tonnes (thousands) Grade (g/t) Ounces (thousands) Measured & Indicated 15,932 11.20 5,737 Inferred 24,306 7.85 6,135

32

(2) Please refer to endnote #2.

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SLIDE 33

Fruta del Norte/Condor (100%)

  • Exploration to date has located a number of

FDN epithermal and porphyry‐style targets which will be the focus of continued regional exploration Pull-apart basin

  • FDN NI 43‐101 Technical Report:

Describes major exploration targets in area

  • f Suarez pull‐apart basin

basin

  • 2010 FDN exploration spending: $34 mm

33

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SLIDE 34

Lobo‐Marte, Chile

  • Updated pre‐feasibility study to be complete in Q4 2010

h l d ll l d

La Coipa

  • Geotechnical drilling complete; condemnation,

hydrological and infill drilling expected to be complete by year‐end P i l f ddi i l 20 000 i d i

Lobo‐Marte

Maricunga

~110 km

  • Permit approval for additional 20,000 m is expected in

Q1 2011

  • Targeted to commence commissioning in 2014

Cerro Casale

Gold Mineral Reserves and Resources(11)

Tonnes Grade Ounces Tonnes (thousands) Grade (g/t) Ounces (thousands)

Proven and Probable Reserves 141,124 1.22 5,552 Measured & Indicated Resources 20,091 0.91 590

34

(2) Please refer to endnote #2.

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SLIDE 35

Valuation

35

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SLIDE 36

Cormark: P / NAV

1.5 1.4 1.3 1.2 1.0 AEM ABX GG KGC AUY 36

Source: Cormark Securities research – January 11, 2011

slide-37
SLIDE 37

Cormark: P / 2011 CFPS

15.1 12.3 11.2 9.2 9.1 GG AEM KGC AUY ABX 37

Source: Cormark Securities research – January 11, 2011

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SLIDE 38

Key Objectives for 2010

 Declare increased reserves  Complete Lobo Marte pre feasibility study

 

 Complete Lobo‐Marte pre‐feasibility study  Close sale of 25% of Cerro Casale  Complete 18,000 drill program at Fruta del Norte  l d k

   

 Complete investment in Red Back Mining  Complete acquisition of Underworld Resources  Final feasibility study for Cerro Casale

   

 Complete Maricunga Expansion feasibility study (H1 2010)  Close Dvoinoye acquisition  Close and integrate Red Back acquisition

  

 Advance Fruta del Norte pre‐feasibility study  Delivery and construction of 3rd ball mill at Paracatu  Complete metallurgical testing and finalize pre‐feasibility study at Lobo‐Marte

  

38

 Complete metallurgical testing and finalize pre feasibility study at Lobo Marte

slide-39
SLIDE 39

1 High‐growth major

Why Kinross Now?

1. High growth major 2. Strong cash flow from pure gold production 3. Attractive valuation

39

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SLIDE 40

Endnotes

1) For more information regarding Kinross’ production and cost outlook for 2010, including Kinross’ production and cost estimate for the West African assets acquired through the acquisition of Red Back Mining, the please refer to the news release dated November 3, 2010, available on our website at www.kinross.com. 2) “Current” proven and probable mineral reserves reflect Kinross’ Mineral Reserve and Mineral Resource Statement as at December 31, 2009, contained 2) Current proven and probable mineral reserves reflect Kinross Mineral Reserve and Mineral Resource Statement as at December 31, 2009, contained in our news release dated January 28, 2010, adjusted to reflect the sale of half of Kinross’ 50% interest in the Cerro Casale project to Barrick in March 2010 and the acquisition of Tasiast and Chirano. For historical reserve and resource information, refer to Kinross’ public filings, available on our

  • website. Proven and Probable Mineral Reserves for Tasiast and Chirano reflect Red Back’s Mineral Reserve and Mineral Resource statement as at

December 31, 2009, adjusted to reflect updates in 2010. Please refer to the Red Back 2009 Annual Information Form and the Red Back news releases dated February 1, 2010, March 1, 2010, July 19, 2010 and September 7, 2010, which are available as Red Back documents on SEDAR at www.sedar.com. For historical mineral reserve and mineral resource relating the Tasiast and Chirano properties, please refer to Red Back’s public filings, available under Red Back’s profile on SEDAR. 3) Unless otherwise stated, all cash flow and cash flow per share figures in this presentation are adjusted operating cash flow. 4) Adjusted net earnings and adjusted operating cash flow numbers are non‐GAAP financial measures which are meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with GAAP. For more information about these non‐GAAP financial measures, and a reconciliation of these non‐GAAP financial measures for the three months and nine months ended September 30, 2010 and September 30, 2009, please refer to the press release dated November 3, 2010, available on our website at www.kinross.com under the heading p p p g “Reconciliation of non‐GAAP financial measures”. 5) Cost of sales per ounce is defined as cost of sales as per the financial statements divided by the number of gold equivalent ounces sold, both reduced for Kupol sales attributable to a third‐party 25% shareholder and for Chirano sales attributable to a 10% minority interest holder. 6) Cost of sales margin is defined as the average realized price of gold less attributable cost of sales per ounce. 7) For more information on Kinross’ updated Measured and Indicated Mineral Resource and Inferred Mineral Resource estimate for Tasiast, please refer t th l d t d N b 3 2010 hi h i il bl b it t ki to the news release dated November 3, 2010, which is available on our website at www.kinross.com. 8) Unless otherwise stated, gold equivalent production, gold equivalent ounces sold and cost of sales figures in this presentation are based on Kinross’ share of Kupol production (75%) and Chirano production (90%). 9) For details regarding the reconciliation of the cost of sales forecast for the West African assets, please refer to the section titled “Red Back Cost of Sales Reconciliation” in our news release dated November 3, 2010, available on our website at www.kinross.com. 10) For historical mineral resource estimates relating to the Tasiast property, please refer to Red Back’s public filings, available under Red Back’s profile on

40

10) For historical mineral resource estimates relating to the Tasiast property, please refer to Red Back s public filings, available under Red Back s profile on SEDAR.

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SLIDE 41

Appendix

41

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SLIDE 42

Fort Knox, USA (100%) , ( )

  • Located in Alaska
  • Expansion and new heap leach to extend mine life
  • Material being stacked on new pads

Operating Results

Production (Au eq. oz) Cost of Sales ($/oz) YTD Q3 2010 264 590 $550 YTD Q3 2010 264,590 $550 YTD Q3 2009 176,646 $596

2009 Gold Reserves and Resources(2)

Tonnes Grade Ounces Tonnes (thousands) Grade (g/t) Ounces (thousands) 2P Reserves 252,945 0.45 3,692 M&I Resources 105,768 0.50 1,694

42

(2) Please refer to endnote #2.

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SLIDE 43

Round Mountain, USA (50%) , ( )

  • Kinross‐operated JV with Barrick
  • Located in Nevada, USA
  • Open pit mine

Operating Results

Production (Au eq. oz) Cost of Sales ($/oz) YTD Q3 2010 141 033 $614 YTD Q3 2010 141,033 $614 YTD Q3 2009 160,873 $527

2009 Gold Reserves and Resources(2)

Tonnes Grade

  • z

(thousands) (g/t) (thousands) 2P Reserves 71,493 0.64 1,468 M&I Resources 39,837 0.73 938

43

(2) Please refer to endnote #2.

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SLIDE 44

Kettle River, USA (100%) , ( )

  • Entered production in Q4’08
  • Small foot‐print, underground mine
  • Near‐mine exploration targets

Operating Results

Production (Au eq. oz) Cost of Sales ($/oz) YTD Q3 2010 145 555 $318 YTD Q3 2010 145,555 $318 YTD Q3 2009 111,192 $308

2009 Gold Reserves and Resources(2)

Tonnes Grade

  • z

Tonnes (thousands) Grade (g/t)

  • z

(thousands) 2P Reserves 1,701 13.88 759 M&I Resources ‐ ‐ ‐

44

(2) Please refer to endnote #2.

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SLIDE 45

Kupol, Russia (75%) p , ( )

  • 3,000 tpd mill with open‐pit and underground
  • 2009 first full year of production

Operating Results

P d i C f S l Production (Au eq. oz) Cost of Sales ($/oz) YTD Q3 2010 404,504 $318 YTD Q3 2009 529,421 $255

2009 Reserves and Resources(2)

Tonnes (thousands) Grade (g/t) Ounces (thousands) 2P Reserves: Au Ag 6,118 13.04 167.8 2,565 33,010 M&I Resources: Au Ag 17 15.48 269.2 9 149

45

(2) Please refer to endnote #2.

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SLIDE 46

Paracatu, Brazil (100%)

  • Recoveries near target

Operating Results

  • Major expansion commissioning
  • Adding 3rd and 4th ball mills

Operating Results

Production (Au eq. oz) Cost of Sales ($/oz) YTD Q3 2010 364,830 $528 YTD Q3 2009 245,975 $711

2009 Gold Reserves and Resources(2)

Tonnes Grade Ounces (thousands) (g/t) (thousands) 2P Reserves 1,320,886 0.41 17,472 M&I Resources 225,581 0.41 2,994

46

(2) Please refer to endnote #2.

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SLIDE 47

Crixas, Brazil (50%) , ( )

  • JV with AngloGold Ashanti
  • Underground mine located in the Brazil

Operating Results

Production (Au eq. oz) Cost of Sales ($/oz) YTD Q3 2010 56,798 $477 YTD Q3 2009 52 624 $430 YTD Q3 2009 52,624 $430

Reserves and Resources(2)

Tonnes Grade Ounces (thousands) (g/t) (thousands) 2P Reserves 2,923 3.70 347 M&I Resources 303 3.40 33

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(2) Please refer to endnote #2.

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SLIDE 48

La Coipa, Chile (100%) p , ( )

  • Gold/silver mine in the Maricunga district
  • Comprehensive exploration program

Operating Results

Production Cost of Sales Production (Au eq. oz) Cost of Sales ($/oz) YTD Q3 2010 136,310 $666 YTD Q3 2009 174,384 $409

2009 Reserves and Resources(2)

Tonnes (thousands) Grade (g/t) Ounces (thousands) 2P Reserves: Au 1 30 1 107 2P Reserves: Au Ag 26,568 1.30 44.4 1,107 37,944 M&I Resources: Au Ag 11,229 0.88 38.5 317 13,901

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(2) Please refer to endnote #2.

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SLIDE 49

Maricunga, Chile (100%) g , ( )

  • Located the highly prospective Maricunga District
  • Open pit, heap leach operation

Operating Results Operating Results

Production (Au eq. oz) Cost of Sales ($/oz) YTD Q3 2010 123,611 $682 YTD Q3 2009 173,692 $525

2009 Gold Reserves and Resources(2)

Tonnes Grade Ounces (thousands) (g/t) (thousands) 2P Reserves 280,792 0.71 6,403 M&I Resources 160,049 0.57 2,945

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(2) Please refer to endnote #2.

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SLIDE 50

Tasiast, Mauritania (100%)

  • Open-pit mine located in Mauritania, ~300 km north of

the capital city of Nouakchott the capital city of Nouakchott

  • Situated in remote, flat, sparsely populated desert
  • Commercial production commenced in January 2008
  • 2.5 Mtpa CIL mill and 4.5 Mtpa dump leach
  • peration
  • 2010e production(1): ~185-195k oz
  • Road access to mine and small air strip on site
  • Highly prospective, underexplored gold belt
  • Only 8 km of 70 km strike length tested

Tonnes (000) Grade (g/t) Cont’d Au (mm oz )

  • Only 8 km of 70 km strike length tested
  • 156,784 m of drilling completed (as of Q3’10)

(000) (g/t) (mm oz.) 2P Mineral Reserves(2) 115,200 1.4 5.03 M&I Mineral Resources(7) 196,400 1.47 9.27 Inferred Mineral Resources(7) 105,600 1.5 5.15

M&I Mi l R t t d i l i f i l

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M&I Mineral Resources are stated inclusive of mineral reserves. (1) Please refer to endnote #1. (5) Please refer to endnote #5. (7) Please refer to endnote #7.

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SLIDE 51

Chirano, Ghana (90%)

  • Open‐pit and underground mining operation
  • 90% owned by Red Back; Government of Ghana

holds a 10% carried interest

  • 9 open‐pits and 2 recently‐discovered

d d d it underground deposits

  • 2010e production of ~215‐225 k oz(1)
  • Current estimated mine life of 10+ years

Gold Reserves and Resources(2)

Tonnes (thousands) Grade (g/t) Contained Au (mm oz) 2P Reserves 41,300 2.4 3.19 M&I Resources 46,600 2.71 4.07 Inferred Resources 9,600 2.7 0.8

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(1) Please refer to endnote #1. (2) Please refer to endnote #2. M&I Mineral Resources are stated inclusive of mineral reserves.

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SLIDE 52

Kinross Gold Corporation

25 York Street, 17th Floor Toronto, ON M5J 2V5 Tel: 416 365 5123 Tel: 416‐365‐5123 Toll‐Free: 1‐866‐561‐3636

www.kinross.com

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