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DELIVERING DISCIPLINED GROWTH GROWTH CAUTIONARY STATEMENT ON - - PDF document

KINROSS GOLD CORPORATION May 2011 1 DELIVERING DISCIPLINED GROWTH GROWTH CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION All statements, other than statements of historical fact, contained or incorporated by reference in or made in


slide-1
SLIDE 1

DELIVERING DISCIPLINED GROWTH GROWTH

1 KINROSS GOLD CORPORATION May 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; p p j p g p

  • 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 “plans”, “expects”, “subject to”, “budget”, “estimate”, “scheduled”, “timeline”, “projected”, “pro forma”, “estimates”, “envision”, “view”, “forecasts”, “guidance”, “conceptual”, “target”, “possible”, “illustrative”, “model”, “opportunity”, “objective”, “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 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 ith th iti l t f C d d th U S i l di b t t li it d t th ti t t t d i th “Ri k F t ” ti f t 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 2010 Management’s Discussion and Analysis and the “Cautionary Statement on Forward-Looking Information” in our news release dated May 3, 2011, 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

  • f 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 White Gold mineral resource contained in this presentation has been prepared under the supervision of Mr. Wayne Barnett and Mr. Marek Nowak, who is a “qualified person” with the meaning of NI 43‐101.

2

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SLIDE 3

WHY GOLD? WHY GOLD?

WHY KINROSS? WHY NOW?

3

WHY NOW?

slide-4
SLIDE 4

INDUSTRY PRODUCTION DECLINING

2,800

  • Forecasted world production from gold mining likely to decline

2 600 2,700 s) 2,500 2,600 uction (Tonnes 2,300 2,400 Gold Produ 2,100 2,200

2009 2010 2011 2012 2013 2014 2015 2016 2017 4 2009 2010 2011 2012 2013 2014 2015 2016 2017

Source: GFMS 10 Year Outlook on Gold (December 2010)

slide-5
SLIDE 5

INCREASING DEMAND FOR GOLD

$1,320 $1,520 $200 $225 Investment / Other Total Fabrication Gold Price (US$/oz) $920 $1,120 $150 $175

  • z.)

ns) Current gold price $720 $920 $100 $125 d Price (US$/o and (US$ billio $320 $520 $50 $75 Gold tal Gold Dema

  • $80

$120 $0 $25

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

Tot

5 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Source: GFMS Gold Survey 2011

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SLIDE 6

FEWER GOLD DISCOVERIES

80 90 3,500

Total gold ounces discovered (mm oz.) Gold exploration spending (US$ mm)

60 70 80 2,500 3,000

US$ mm) Ounc

40 50 60 1,500 2,000

  • n spending (

ces discovered

20 30 1,000 1,500

Gold exploratio d (mm oz.)

10

  • 500

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

G

6

Source: Metals Economics Group and Company estimates

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

slide-7
SLIDE 7

WHY GOLD?

WHY KINROSS?

WHY NOW?

7

WHY NOW?

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SLIDE 8

WHY KINROSS?

1. Industry-leading growth from a senior gold producer 2. World-class projects with experienced teams and financial resources to build them 3 Attractive valuation 3. Attractive valuation

8

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SLIDE 9

CONTINUING THE KINROSS TRANSFORMATION

4.5 – 4.9

Kinross Gold Production Yesterday Kinross Gold Production Now(1)

ction (mm oz)

  • n (mm oz)

1 6 2.3

valent produc

2.6 – 2.7

lent productio

1.6

Gold equi Gold equival

2005 2010 2011e (revised upwards) 2015e

9

(revised upwards)

(1) Refer to endnote #1.

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SLIDE 10

FOCUSED IN THE WORLD’S BEST DISTRICTS

Fort Knox Kupol Dvoinoye Fort Knox Kettle River-Buckhorn Round Mountain Tasiast Chirano Fruta del Norte Paracatu Crixas

10 operating mines

La Coipa Maricunga Lobo-Marte Cerro Casale

10 10 operating mines 5 development projects

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SLIDE 11

Q1 2011 RESULTS: CONTINUING TO DELIVER

Revenue +42% Adjusted Operating Cash Flow(2) +67% Adjusted Net Earnings(2) +81%

$937 $398 $180

millions

$658 $239 $100

US$

$100 $0.34/sh $0.35/sh $0.14/sh $0.16/sh

Q1 2010 Q1 2011 Q1 2010 Q1 2011 Q1 2010 Q1 2011 11 Q1 2010 Q1 2011 Q1 2010 Q1 2011 Q1 2010 Q1 2011

(2) Refer to endnote #2.

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SLIDE 12

DELIVERING EXPANDING MARGINS

2005 – Q1 2011:

  • Average realized gold price: +198%

$784

  • Average realized gold price: +198%
  • Kinross’ attributable margin(3,4): +361%

+361%

$683 $436 $530

($ per ounce)

$279 $329

butable margin

Q1 2011 2005

$170

2006 2007 2008 2009 2010

Attrib

12

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

Q1 2011 2005 2006 2007 2008 2009 2010

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SLIDE 13

GROWING CASH FLOW PER SHARE

  • 5-yr CAGR : 21%

$1.36 $1.32

S$)(2)

$0.80 $1.01

w per Share (U

$0.51 $0.56

ted Cash Flow

$0.35 2005 2006 2007 2008 2009 2010

Adjust

Q1 2011 13 2005 2006 2007 2008 2009 2010

(2) Refer to endnote #2.

Q1 2011

slide-14
SLIDE 14

INCREASING GOLD RESOURCES

24 0

120 140 100 110

Inferred Resources Measured & Indicated Resources Proven and Probable Reserves T t l 1 000 h 17.7 20.7 16.2 24.0

100 70 80 90 00 shares

  • z.)(5)

Total resource ounce per 1,000 shares 11.1 13.7 16.6 7.0

60 80 50 60 rce oz per 1,00 esources (mm

46.6 45.6 51.0 62.4 6.1 8.0 2.9 3.9

40 20 30 40 Gold resou Gold re

24.7 27.9

20 10 20

14 2005 2006 2007 2008 2009 2010

(5) Refer to endnote #5.

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SLIDE 15

TRACK RECORD OF RESERVE GROWTH

ORGANIC RESERVE ADDITIONS

KINROSS TODAY

Reserves(5)

2.4 5 8 10.0 9.7

PRODUCTION WEST AFRICA RESERVE ADDITION

51.0 62.4

  • bable Gold R

(mm oz)

5.8

DEPLETION CERRO CASALE 25% SALE

roven and Pro

19.4

P

2009 2010 2004 15

Numbers may not add due to rounding *As of December 31, 2010, not at date of acquisition. (5) Refer to endnote #5.

009 0 0 2004

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SLIDE 16

2011 PRODUCTION GUIDANCE

  • Kinross’ global portfolio of operations to produce 2.6 – 2.7 mm oz in 2011(1)

Region Production (000 ounces ) % of Total Production Production cost / oz. South America 1,000 – 1,070 39% $585 - $650 South America 1,000 1,070 39% $585 $650 North America 590 – 630 23% $625 - $685 West Africa West Africa (attributable) 440 – 500 18% $595 - $655 Russia (now 100%) 535 – 555 20% $395 - $435

Key Sensitivities: Approximately 60%-70% of the Company’s costs are denominated in US dollars. A 10% change in foreign exchange could result in an $ $ $

( ) Total Kinross: 2.6 – 2.7 million 100% Co-product: $565 - $610/oz By-product: $520 - $570/oz

16

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 $3 impact on cost of sales per ounce. (1) Refer to endnote #1.

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SLIDE 17

STRONG BALANCE SHEET

  • Cash on hand at March 31, 2011: $1.6 bn
  • Equity pipeline investment portfolio valued at $113 4 mm
  • Equity pipeline investment portfolio valued at $113.4 mm

$1,561

As at March 31, 2011 llions

$591 $470

US$ mi Cash and cash equivalents Long-term investments & investments in associates Total debt 17 investments in associates

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SLIDE 18

PROJECT PIPELINE

Project 2011 2012 2013 2014 2015

Paracatu desulphurization a aca u desu p u a o Paracatu 3rd ball mill Maricunga SART plant

nic growth

Maricunga SART plant Paracatu 4th ball mill Dvoinoye

Organ

Dvoinoye Tasiast Lobo-Marte

ent

Lobo Marte Fruta del Norte Cerro Casale

Developme 18

Cerro Casale

Conceptual timeline based on current Company estimates.

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SLIDE 19

GOLD PRODUCTION FROM NEW PROJECTS

+1.3(i)

  • z)
  • duction (mm

nnual gold pro

+0.41(ii) +0.35(ii)

ted average a

Tasiast Expansion Fruta del Norte Lobo Marte

Estima

19

Tasiast Expansion Fruta del Norte Lobo-Marte

(i) Does not include current Tasiast production; estimated average annual production for first full 8 years (ii) Estimated average annual life of mine production

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SLIDE 20

TASIAST TASIAST,

MAURITANIA

20

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SLIDE 21

MAURITANIA: KEY FACTS

  • Among most sparsely-populated countries
  • Gained independence from France in 1960

#

Producing Mine

#

Exploration / Development Project 1) Tasiast (Robinson) – Au 2) Guelb Moghrein (First Quantum) – Cu/Co/Au 3) Askaf (Sphere Minerals) – Iron Ore 4) Guelb el Aouj (Sphere Minerals) – Iron Ore Tasiast (Kinross) - Au Askaf (Xstrata) – Iron Ore Guelb el Aouj (Xstrata) – Iron Ore

  • Gained independence from France in 1960
  • Islamic state and democratic republic
  • President Aziz elected in July 2009 in UN-

1 3 MAURIT ANIA 5 1

1) Atar International Airport 2) Nouadhibou International Airport Infrastructure

# 2 3 4

Railway

4

4) Guelb el Aouj (Sphere Minerals) – Iron Ore 5) Lebtheinia (Sphere Minerals) – Iron Ore

2 5 6

6) Guelb El Rhein (SNIM) – Iron Ore

Tasiast

Guelb el Aouj (Xstrata) Iron Ore Lebtheinia (Xstrata) – Iron Ore

y endorsed election

  • International agencies such as IMF and

World Bank active in country

3) Nouakchott International Airport 4) Port Minéralier 5) Nouakchott Deep-Sea Port

5

POPULATION 3.2 million

  • Mining-friendly jurisdiction:
  • Well-developed, competitive mining law
  • Mining major export industry

LANGUAGE Arabic (official); French (working) GDP US$6 3 billion (2008)

  • Mining major export industry
  • Major foreign companies include: Xstrata,

BHP, First Quantum, SNC Lavalin, Elf Aquitaine Bumi

GDP US$6.3 billion (2008) MINING AS % of GDP 20% MINING AS % f EXPORTS 40%

21

Aquitaine, Bumi

Source: EIU April 2010 Country Report; the CIA World Factbook 2010 & Government of Mauritania

MINING AS % of EXPORTS 40%

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SLIDE 22

TASIAST, MAURITANIA

  • Expanded drilling program

focused around existing Tasiast

Greenstone Rocks Banded Iron Fm Intrusives Felsic Volcanics

focused around existing Tasiast mine

  • Only 8 km of 80 km strike length

Tasiast Shear Tenements 2010 Resource Shell Felsic Volcanics Greenschist

tested

20.0 km

22

20.0 km

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SLIDE 23

PROGRESSION OF DRILLING AT TASIAST

January 2011 Tasiast Shear February 2010 April 2009 2010 Resource Shell

23

slide-24
SLIDE 24

EXPLORATION UPDATE AT TASIAST

  • 3 additional drills added in January 2011; 26 drills currently on site

D ill d 65 000 i th W t B h i Q1 2011

  • Drilled 65,000 m in the West Branch area in Q1 2011
  • Targeting deeper extensions of the Greenschist Zone

N l f ilit i N k h tt t dit l l i

  • New sample prep facility in Nouakchott to expedite sample analysis
  • 2011 exploration plan:
  • Spending $55 million
  • Spending $55 million
  • Engineering drilling to support feasibility study
  • Drilling 130,000 m at West Branch for infill and mineral resource

expansion expansion

  • 84,000 m of drilling focused on extending mineralization underneath pits
  • Drilling priority district targets beyond mine corridor

24

slide-25
SLIDE 25

TASIAST OREBODY & RESOURCE PIT

25

slide-26
SLIDE 26

TASIAST GREENSCHIST ZONE

LONG-SECTION

1km GST 26 1km

slide-27
SLIDE 27

RESOURCE GROWTH AT TASIAST

5.1 8.6

  • ns)(5,6)

2.1 1 4 1.9

Ounces (millio

7.6 3 7 5.4 9.2 9.3 0.8 1.4

O

3.7

Year-end 2008 November 2009 September 2010 November 2010 Year-end 2010

Proven and Probable Mineral Reserves Measured & Indicated Mineral Resources (inclusive of 2P reserves)

27

Measured & Indicated Mineral Resources Inferred Mineral Resources

(5) Refer to endnote #5. (6) Refer to endnote #6.

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SLIDE 28

TASIAST SCOPING STUDY

  • Scoping study complete

N i l t ith t d 60 000 t d

  • New processing plant with expected 60,000 tpd

throughput – total 68,000 tpd

  • 16-year mine life
  • Expected avg. annual production of 1.5 mm oz (first 8

full yrs)

  • Expected avg. grade of 2 g/t
  • Expected avg. grade of 2 g/t
  • Expected avg. recoveries of 93%
  • Average costs expected to be ~$480-520/oz
  • Pre-commissioning capital estimate of $1.8 bn plus

$400 mm contingency

  • Additional fleet purchases of ~$500 mm post start-up

28

slide-29
SLIDE 29

TASIAST, MAURITANIA

  • Procurements for expanded mine fleet made
  • Shovels and drills now out to tender
  • Purchased generators with 16 MW of capacity
  • Retained international EPCM joint-venture firm for feasibility

study

  • Basic engineering commencing Q2 2011
  • ADR plant and new dump leach facility under construction
  • To treat oxide ore from Piment & West Branch
  • Expected to be operation in Q3
  • Feasibility study 62% complete
  • On schedule for completion mid-2011

On schedule for completion mid 2011

  • Construction expected to start mid-2012
  • Pending EIA approval

O ti t d t i H1 2014

29

  • Operations expected to commence in H1 2014
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SLIDE 30

FRUTA DEL NORTE FRUTA DEL NORTE,

ECUADOR

30

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SLIDE 31

FRUTA DEL NORTE, ECUADOR

  • Prepared pre-feasibility study and technical report
  • Underground operation estimated 16-year mine life
  • LOM avg. production estimate : 410k Au eq. oz. / year
  • Expected avg. gold grade of 8.07 g/t
  • Expected avg. gold recovery of 93%
  • LOM avg. cost of sales expected to be ~$370/oz
  • Phased commissioning:
  • Plant expected to process 2,500 tpd initially
  • POX circuit added 18 months post-commissioning

– Ramp up over 3 years to ~5,000 tpd Underground Mine Layout

  • Estimated capital:
  • Phase 1: $700 mm
  • Phase 2: $400 mm

2010 GOLD RESERVES AND RESOURCES(5) TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 26,117 8.07 6,775 M&I Resources 3,583 5.50 634

31 Portal High Wall Construction

Inferred Resources 19,553 5.50 3,460

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SLIDE 32

FRUTA DEL NORTE, ECUADOR

  • Advancing the exploration decline:
  • Construction of the portal high wall commenced
  • Development of the decline is expected to start-up in

Q3 2011 and is expected to be complete in Q1 2013 Q3 2011 and is expected to be complete in Q1 2013

  • Expect to develop 600 m of decline by year-end
  • Advancing permitting:
  • Advancing permitting:
  • Expect to submit EIAs for mine and plant operations

to the Ministry of Environment by mid-2011

  • Feasibility study expected to be complete H2 2011
  • Expected to commission in late 2014

32

slide-33
SLIDE 33

LOBO-MARTE LOBO-MARTE,

CHILE

33

slide-34
SLIDE 34

LOBO-MARTE, CHILE

  • Completed pre-feasibility study update
  • 10-year mine life

10 year mine life

  • Expected 47,000 tpd heap leach with SART plant
  • Annual production estimate: 350k oz. per year
  • Expected avg grade: 1 17 g/t

Expected avg. grade: 1.17 g/t

  • Expected avg. recovery: 60-70%
  • Cost of sales estimate: ~$500/oz;
  • Including by-product copper credit: ~$450/oz

Lobo Final Pit

  • Initial capital estimate: $700 million
  • Optimized layout of site

2010 GOLD RESERVES AND RESOURCES(5) O S G O C S TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 164,230 1.14 6,028 M&I Resources 34,052 0.83 908 Inferred Resources 112 767 0 78 2 834

34 Marte Final Pit

Inferred Resources 112,767 0.78 2,834

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SLIDE 35

LOBO-MARTE, CHILE

  • 20,000 m drill campaign 70% complete
  • Geotechnical drilling has been completed
  • Geotechnical drilling has been completed
  • Geotechnical and mine block models expected to be

completed in Q3 2011

E l ti d illi t V l P t

  • Exploration drilling at Valy Prospect
  • Located 3 km south of Lobo deposit
  • Geological and drill exploration identified 2 new

mineralized zones

  • 1 of 7 prospects in the Lobo-Marte concessions
  • Feasibility study expected to be complete Q4 2011

Feasibility study expected to be complete Q4 2011

  • Incorporating recent infill drill results
  • Expected to commission in 2014

35

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SLIDE 36

KUPOL & DVOINOYE, KUPOL & DVOINOYE, RUSSIA

36

slide-37
SLIDE 37

INCREASING KUPOL OWNERSHIP TO 100%

  • Kinross increased Kupol ownership to 100%
  • Includes the Kupol East West exploration licenses
  • Includes the Kupol East-West exploration licenses
  • Total consideration: approx. $350 million
  • To be financed through proceeds of Harry Winston

To be financed through proceeds of Harry Winston share sale and non-recourse debt facility of $200 million

  • Consolidates Kinross’ ownership in a world-class

gold district

  • Low-cost, high-margin producing asset
  • Key region with significant exploration potential
  • Key region with significant exploration potential
  • Pre-approved by the State Commission for the

Control of Foreign Investments

37

slide-38
SLIDE 38

DVOINOYE, RUSSIA

  • Underground mine with an expected 8-year mine life
  • Expected avg output of 900 tonnes per day (2013 2020)
  • Expected avg. output of 900 tonnes per day (2013-2020)
  • Ore to be processed at the Kupol mill
  • Throughput expected to increase to 4,000 tpd

$

  • Initial capital estimate: ~$300 million
  • Development of exploration decline advanced 100

metres in Q1

  • Feasibility study expected to be completed Q1 2012
  • Targeted to commence in H2 2013

GO S S SO C S(5) 2010 GOLD RESERVES AND RESOURCES(5) TONNES (thousands) GRADE (g/t) OUNCES (thousands) M&I Resources 1,047 31.48 1,059 Inferred Resources 645 19 47 404

38

Inferred Resources 645 19.47 404

slide-39
SLIDE 39

WHY GOLD? WHY GOLD? WHY KINROSS?

WHY NOW?

39

WHY NOW?

slide-40
SLIDE 40

BMO: P/ 6% NAV

1.2 1.0 0.9 0.7 0.7 0.6

AGNICO GOLDCORP BARRICK NEWMONT YAMANA KINROSS

40

AGNICO GOLDCORP BARRICK NEWMONT YAMANA KINROSS

Source: BMO Gold Pages – May 16, 2011

slide-41
SLIDE 41

BMO: P / 2011e CASH FLOW

14.9 14.8 11.9 8.4 8.3 8.0

AGNICO GOLDCORP KINROSS BARRICK YAMANA NEWMONT

41

AGNICO GOLDCORP KINROSS BARRICK YAMANA NEWMONT

Source: BMO Gold Pages – May 16, 2011

slide-42
SLIDE 42

KEY OBJECTIVES FOR 2011

 Complete Tasiast scoping study  Declare NI 43 101 resource at Dvoinoye

 

 Declare NI 43-101 resource at Dvoinoye  Complete Fruta del Norte pre-feasibility study  Complete Dvoinoye scoping study

   

 Commence construction on La Zarza exploration decline at Fruta del Norte  Commissioning of the 3rd ball mill at Paracatu (H1 2011)  Complete Tasiast feasibility study (mid-2011)

 Complete Tasiast feasibility study (mid-2011)  Complete Fruta del Norte feasibility study (H2 2011)  Commission SART and ADR plants at Maricunga  Complete Lobo-Marte feasibility study (Q4 2011)  Commence construction of 4th ball mill at Paracatu  Negotiate Fruta del Norte exploitation agreement

42

 Negotiate Fruta del Norte exploitation agreement

slide-43
SLIDE 43

WHY KINROSS?

1. Industry-leading growth from a senior gold producer 2. World-class projects with experienced teams and financial resources to build them 3 Attractive valuation 3. Attractive valuation

43

slide-44
SLIDE 44

APPENDIX

44

slide-45
SLIDE 45

FORT KNOX, USA (100%)

  • Located in Alaska

E i d h l h t

  • Expansion and new heap leach to

extend mine life

OPERATING RESULTS PRODUCTION (Au eq. oz) PRODUCTION COST ($/oz) Q1 2011 65,047 $628 Q1 2010 69,640 $517 2010 GOLD RESERVES AND RESOURCES(5) TONNES GRADE OUNCES TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 253,434 0.44 3,579 M&I Resources 160,458 0.43 2,214 I f d R 12 547 0 46 187

45

Inferred Resources 12,547 0.46 187

(5) Refer to endnote #5.

slide-46
SLIDE 46

ROUND MOUNTAIN, USA (50%)

  • Kinross-operated JV with Barrick

L t d i N d USA

  • Located in Nevada, USA
  • Open-pit mine

OPERATING RESULTS PRODUCTION (Au eq. oz) PRODUCTION COST ($/oz) Q1 2011 42,121 $792 Q1 2010 45,629 $578 2010 GOLD RESERVES AND RESOURCES(5) TONNES GRADE OUNCES TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 66,241 0.62 1,319 M&I Resources 46,145 0.75 1,107 I f d R 22 562 0 61 443

46

Inferred Resources 22,562 0.61 443

(5) Refer to endnote #5.

slide-47
SLIDE 47

KETTLE RIVER-BUCKHORN, USA (100%)

  • Entered production in Q4/08

S ll f t i t d d i

  • Small foot-print, underground mine
  • Near-mine exploration targets

OPERATING RESULTS PRODUCTION (Au eq. oz) PRODUCTION COST ($/oz) Q1 2011 45 852 $375 Q1 2011 45,852 $375 Q1 2010 48,405 $280 2010 GOLD RESERVES AND RESOURCES(5) TONNES GRADE OUNCES (thousands) (g/t) (thousands) 2P Reserves 1,545 11.30 562 M&I Resources

  • Inferred Resources

319 10 00 103

47

Inferred Resources 319 10.00 103

(5) Refer to endnote #5.

slide-48
SLIDE 48

KUPOL, RUSSIA (100%)

  • Completed transaction increasing ownership to

100% from 75% on April 27, 2011

  • 3,000 tpd mill with open-pit and underground
  • Mill to process high-grade ore from nearby

Dvoinoye deposit

OPERATING RESULTS (75%) PRODUCTION (Au eq. oz) PRODUCTION COST ($/oz) Q1 2011 154 257 $319 Q1 2011 154,257 $319 Q1 2010 144,691 $314 2010 GOLD RESERVES AND RESOURCES (75%)(5) TONNES GRADE OUNCES (thousands) (g/t) (thousands) 2P Reserves 7,246 10.66 2,482 M&I Resources

  • Inferred Resources

1 097 9 86 348

48

Inferred Resources 1,097 9.86 348

(5) Refer to endnote #5.

slide-49
SLIDE 49

PARACATU, BRAZIL (100%)

  • Recoveries near target

M j i i i i

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

OPERATING RESULTS PRODUCTION (Au eq. oz) PRODUCTION COST ($/oz) Q1 2011 100 427 $690 Q1 2011 100,427 $690 Q1 2010 117,473 $555 2010 GOLD RESERVES AND RESOURCES(5) TONNES GRADE OUNCES (thousands) (g/t) (thousands) 2P Reserves 1,461,061 0.39 18,485 M&I Resources 356,806 0.33 3,782 Inferred Resources 117 530 0 42 1 572

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Inferred Resources 117,530 0.42 1,572

(5) Refer to endnote #5.

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SLIDE 50

CRIXAS, BRAZIL (50%)

  • JV with AngloGold Ashanti

U d d i l t d i th

  • Underground mine located in the

Brazil

OPERATING RESULTS PRODUCTION (Au eq. oz) PRODUCTION COST ($/oz) Q1 2011 14 813 $741 Q1 2011 14,813 $741 Q1 2010 18,856 $432 2010 GOLD RESERVES AND RESOURCES(5) TONNES GRADE OUNCES (thousands) (g/t) (thousands) 2P Reserves 3,283 3.71 392 M&I Resources 434 3.73 52 Inferred Resources 2 278 5 00 366

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Inferred Resources 2,278 5.00 366

(5) Refer to endnote #5.

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SLIDE 51

LA COIPA, CHILE (100%)

  • Gold/silver mine in the Maricunga

district district

  • Comprehensive exploration program

OPERATING RESULTS PRODUCTION (Au eq. oz) PRODUCTION COST ($/oz) Q1 2011 54 446 $596 Q1 2011 54,446 $596 Q1 2010 47,664 $511 2010 GOLD RESERVES AND RESOURCES(5) TONNES GRADE OUNCES (thousands) (g/t) (thousands) 2P Reserves 21,728 1.34 938 M&I Resources 14,662 1.03 486 Inferred Resources 3 123 4 70 472

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Inferred Resources 3,123 4.70 472

(5) Refer to endnote #5.

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SLIDE 52

MARICUNGA, CHILE (100%)

  • Located the highly prospective

Maricunga District Maricunga District

  • Open pit, heap leach operation

OPERATING RESULTS PRODUCTION (Au eq. oz) PRODUCTION COST ($/oz) Q1 2011 58,740 $482 Q1 2010 51,777 $566 2010 GOLD RESERVES AND RESOURCES(5) TONNES GRADE OUNCES TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 269,801 0.70 6,089 M&I Resources 187,611 0.57 3,428 I f d R 201 092 0 46 3 004

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Inferred Resources 201,092 0.46 3,004

(5) Refer to endnote #5.

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SLIDE 53

TASIAST, MAURITANIA (100%)

  • Open-pit mine ~300 km north of the

city of Nouakchott city of Nouakchott

  • Remote, flat, sparsely populated

desert

OPERATING RESULTS PRODUCTION (Au eq. oz) PRODUCTION COST ($/oz) Q1 2011 51,321 $499 2010 GOLD RESERVES AND RESOURCES(5) TONNES GRADE OUNCES

Kinross acquired the Tasiast mine on September 17, 2010.

TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 128,916 1.82 7,563 M&I Resources 96,334 0.67 2,088 I f d R 182 805 1 47 8 615

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Inferred Resources 182,805 1.47 8,615

(5) Refer to endnote #5.

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SLIDE 54

CHIRANO, GHANA (90%)

  • 90% owned by Kinross; Government
  • f Ghana holds a 10% carried
  • f Ghana holds a 10% carried

interest

  • 9 open-pits and 2 recently-

discovered underground deposits discovered underground deposits

OPERATING RESULTS PRODUCTION (Au eq. oz) PRODUCTION COST ($/oz) Q1 2011 55,833 $706 2010 GOLD RESERVES AND RESOURCES(5) TONNES GRADE OUNCES

Kinross acquired the Chirano mine on September 17, 2010.

TONNES (thousands) GRADE (g/t) OUNCES (thousands) 2P Reserves 30,561 2.48 2,434 M&I Resources 4,058 1.46 191 I f d R 2 468 2 33 185

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Inferred Resources 2,468 2.33 185

(5) Refer to endnote #5.

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SLIDE 55

ENDNOTES

1) For more information regarding Kinross production and cost forecast for 2011 and production target for 2015, please refer to the press release dated May 3, 2011, available on our website at www.kinross.com. 2) Adj t d t i d dj t d ti h fl b GAAP fi i l hi h 2) 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 measures, and a reconciliation of these non-GAAP financial measures for the three months ended March 31, 2011 and March 31, 2010, please refer to the press release dated May 3, 2011, and the news release dated February 16, 2011 the twelve months ended December 31 2009 and December 31 2010 under the heading “Reconciliation of non- twelve months ended December 31, 2009 and December 31, 2010, under the heading Reconciliation of non GAAP financial measures”, both available on our website at www.kinross.com 3) Production cost per gold equivalent ounce is a non-GAAP measure defined as attributable production costs divided by the attributable number of gold equivalent ounces sold. Production cost is equivalent to total cost of sales per the financial statements less depreciation and amortization, and is generally consistent with cost of sales as reported under Canadian GAAP prior to the adoption of IFRS sales as reported under Canadian GAAP prior to the adoption of IFRS. 4) Attributable margin is defined as the average realized price of gold less attributable cost of sales per ounce. 5) For more information regarding Kinross’ mineral reserve and mineral resources, please refer to Kinross’ Annual Mineral Reserve and Mineral Resource Statement as at December 31, 2010, contained in the press release dated February 16 2011 available on our website at www kinross com dated February 16, 2011, available on our website at www.kinross.com. 6) For historical mineral resource estimates relating to the Tasiast property, please refer to Red Back Mining’s public filings, available under Red Back’s profile on SEDAR.

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SLIDE 56

KINROSS GOLD CORPORATION

25 YORK STREET, 17TH FLOOR TORONTO, ON M5J 2V5

WWW.KINROSS.COM

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