Kinross Gold : 26th Annual CIBC Western Institutional Investor Conference

Delivering Value.

January 2023

Cautionary Statement on Forward-Looking Information

January 2023

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 securities laws, including the provisions of the Securities Act (Ontario) and the provisions for "safe harbor" 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 contained in this presentation include, without limitation, statements with respect to our guidance for production, production costs of sales, cash flow, free cash flow, all-in sustaining cost of sales, exploration expenditures and capital expenditures; future production growth; resource conversion; the future performance of the Company's common share trading price; anticipated ore grades and mineralization at the Great Bear project; throughput rates at the Company's operations; the declaration, payment and sustainability of the Company's dividends or share repurchases; the schedules for the Company's development projects including the Tasiast 24K; the ramp up of operations at La Coipa; and the permitting timeline for the Great Bear project; any impacts, value or returns to shareholders as a result of the announcement contained in this presentation; the future of the Company's liquidity, balance sheet and credit ratings; the Company's greenhouse gas emissions reduction targets; optimization studies; the schedules and budgets for the Company's development projects; the Company's capital allocation strategy, as well as references to other possible events, the future price of gold and silver, the timing and amount of estimated future production, costs of production, operating costs; capital expenditures, costs and timing of the development of projects and new deposits, estimates and the realization of such estimates (such as mineral or gold reserves and resources or mine life), success of exploration programs, development and mining, currency fluctuations, capital requirements, project studies, government regulation permit applications and conversions, restarting suspended or disrupted operations; environmental risks and proceedings; and resolution of pending litigation. The words "2022E", "2023E", "conceptual", "estimate", "expect", "future", "goal", "growth", "guidance", "on schedule", "on-track", "opportunity", "option", "outlook", "plan", "possible", "potential", "priority", "prospective", "target", "upside", or "well-positioned", or variations of or similar such words and phrases or statements that certain actions, events or results may, can, could, would, should, might, indicates, or will be taken, and similar expressions identify forward looking statements. The estimates, models and assumptions of Kinross referenced, contained or incorporated by reference in this presentation, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2021, and the Annual Information Form dated March 31, 2022. 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, legislative and competitive risks and uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: the inaccuracy of any of the foregoing assumptions, actions taken, by, against, in respect of or otherwise impacting any jurisdiction in which the Company is domiciled or operates (including but not limited to Canada, the European Union and the United States), or any government or citizens of, persons or companies domiciled in, or the Company's business, operations or other activities in, any such jurisdiction; fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such as fuel and electricity); price inflation of goods and services; changes in the discount rates applied to calculate the present value of net future cash flows based on country-specific real weighted average cost of capital; changes in the market valuations of peer group gold producers and the Company, and the resulting impact on market price to net asset value multiples; changes in various market variables, such as interest rates, foreign exchange rates, gold or silver prices and lease rates, or global fuel prices, that could impact the mark-to-market value of outstanding derivative instruments and ongoing payments/receipts under any financial obligations; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); changes in national and local government legislation, taxation (including but not limited to income tax, advance income tax, stamp tax, withholding tax, capital tax, tariffs, value-added or sales tax, capital outflow tax, capital gains tax, windfall or windfall profits tax, production royalties, excise tax, customs/import or export taxes/duties, asset taxes, asset transfer tax, property use or other real estate tax, together with any related fine, penalty, surcharge, or interest imposed in connection with such taxes), controls, policies and regulations; the security of personnel and assets; political or economic developments in Canada, the United States, Chile, Brazil, Mauritania or other countries in which Kinross does business or may carry on business; business opportunities that may be presented to, or pursued by, us; our ability to successfully integrate acquisitions and complete divestitures; operating or technical difficulties in connection with mining, development or refining activities; employee relations; litigation or other claims against, or regulatory investigations and/or any enforcement actions, administrative orders or sanctions in respect of the Company (and/or its directors, officers, or employees) including, but not limited to, securities class action litigation in Canada and/or the United States, environmental litigation or regulatory proceedings or any investigations, enforcement actions and/or sanctions under any applicable anti-corruption, international sanctions and/or anti-money laundering laws and regulations in Canada, the United States or any other applicable jurisdiction; the speculative nature of gold exploration and development including, but not limited to, the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; adverse changes in our credit ratings; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can directly or indirectly 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, including but not limited to resulting in an impairment charge on goodwill and/or assets. 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. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this news release are qualified by this cautionary statement and those made in our other filings with the securities regulators of Canada and the United States including, but not limited to, the cautionary statements made in the "Risk Analysis" section of our MD&A for the year ended December 31, 2021, the "Risk Factors" set forth in the Company's Annual Information Form dated March 31, 2022, and the "Cautionary Statement on Forward-Looking Information" in our news release dated November 9, 2022, 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 news release, 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 news release has been prepared under the supervision of Mr. John Sims who is a "qualified person" within the meaning of National Instrument 43-101.

All dollar amounts are expressed as U.S. dollars, unless otherwise noted.

2

November 2022

Table of Contents

Company Overview	4
Great Bear	17
Asset Highlights	25

3 3

Kinross Gold Corporation

Who is Kinross?

January 2023

AMERICAS FOCUSED

6 mines

STRONG

PRODUCTIONPortfolio

OUTLOOK

LARGE GOLD

PRODUCER,

HIGHLY LIQUID

• ~US$5 billion market capitalization(1)
• +US$100 million of trading liquidity per day(2)

GEOGRAPHICALLY

DIVERSIFIED

PRODUCER

• Americas accounts for ~70% of total production; 50% of production from 2 top tier assets(3)

STABLE		DYNAMIC
PRODUCTION		CAPITAL
+2MOZ		ALLOCATION
• Portfolio of mines		• Attractive dividend
producing		yield and dynamic
+2Moz/year		share buyback
• Plus a World		program
Class		• Investment grade
Development		balance sheet
Project

COMMITTED TO RESPONSIBLE MINING

• Consistent leader in ESG performance by key rating agencies
• Committed to 30% reduction in GHG intensity by 2030

(1)	As of December 30th, 2022	4
(2)	Source: Bloomberg, last 30 days

1. Top tier defined as assets with Life of Mine (LOM) into the next decade and annual production averaging greater than 500koz and AISC < $1000/oz​

January 2023

High Quality Portfolio of Assets

Two top tier(1) mines account for ~50% of production

2022E Gold Equivalent

Production(2)	Fort Knox, U.S.A.
	Manh Choh, U.S.A.

29%

~2.0M	U.S.A.
	Bald Mountain,
ounces

Great Bear, Canada

Head Office, Canada

Round Mountain, U.S.A.

71%

Approximate

Annual Production (koz.)(1, 3)

	Americas		West Africa	300-400		Tasiast, Mauritania
		< 300	>500, Top Tier
			Producing
			Asset
			Development			Paracatu, Brazil
			Project
			World Class				La Coipa, Chile
			Development				Lobo-Marte, Chile
			Project

(1) Top tier defined as assets with Life of Mine (LOM) into the next decade and annual production averaging greater than 500koz and LOM AISC <$1000/oz
(2) Refer to endnote #1	5
(3) Annual production level for "Operating Assets" represents gold equivalent production; Fort Knox based on 2025-2027 timeframe. Annual production level

for "Development Projects" based on estimates of previously disclosed total life-of-mine production divided by total mine life