First Quarter 2023 Results

May 10th, 2023

Delivering Value.
 Conference Call Participants

Paul Rollinson Andrea Claude Ned Jalil Geoff Gold

President & Freeborough Schimper SVP, Chief Technical EVP, Corporate
Chief Executive Officer EVP & Chief Financial EVP & Chief Operating Officer Development, External
Officer Officer Relations & CLO

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First Quarter 2023

Cautionary Statement on Forward-Looking

Information
All statements, other than statements of historical fact, contained or incorporated by reference in or made in giving this presentation and responses to questions, including but not limited to any information as
to the future performance of Kinross, constitute “forward looking statements” within the meaning of applicable 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: the identification of future mineral resources at our projects; the schedules for the Company’s development projects including the Tasiast 24K and the ramp up of operations
at La Coipa; the declaration, payment and sustainability of the Company’s dividends or share repurchases; our guidance for production, production costs of sales, cash flow, free cash flow, all-in sustaining cost of sales, and
capital expenditures; future production growth; throughput rates at the Company’s operations; the future performance of the Company’s common share trading price; the future of the Company’s liquidity, balance sheet and credit
ratings; 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, restarting suspended or disrupted operations, environmental risks and legal proceedings, and resolution of pending litigation. The
words “expect”, “forecast”, “future”, “guidance”, “outlook”, “plan”, “positioned”, “potential”, “target” or “upside”, 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. 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, restrictions or penalties now or subsequently
imposed, other 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, Russia, 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. 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 period ended March 31, 2023, the Annual Information Form dated
March 31, 2023 and the “Cautionary Statement on Forward-Looking Information” in our news release dated May 9, 2023, 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.

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

The technical information about the Company’s mineral properties contained in this MD&A has been prepared under the supervision of Mr. John Sims who is a “qualified person” within the meaning of National Instrument 43 101.

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Q1/23 Recap

Q1 On Plan La Coipa
• Record grades and recoveries
• All assets remain on track
• Generated strong cash flow
• Q1 production accounted for ~22% of
• Production remains on track to achieve
full-year guidance
full-year guidance

Great Bear
Tasiast • Continuing to intersect high-grade
• Record January and March production mineralization at depth
• Progressing 24K project • Technical studies and permitting
activities progressing well

(1) Refer to endnote #1

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Balance Sheet and Return of
Capital

✓ Generating strong cash flow

✓ Strong liquidity and financial position

with an investment grade balance sheet

✓ Attractive return of capital program

5
ESG – Embedded in Our Business

Updated three pillar ESG strategy Sustained high level of local

employment within host countries

Advanced Diversity, Equity and

Strengthened ESG governance Inclusion, increasing percentage of
structure women employees

Highest ranked mining company

Safety Excellence Program surveyed in Globe and Mail’s 6
Annual Governance Review

Generated nearly $3.0 billion in Received Alaska Miners

economic benefits for host Association’s Environmental
countries Stewardship Award

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Financial Results

7
First Quarter 2023

First Quarter Results

Q1 2023 Q1 2022
Results Results(1)
Production 466,022 378,421
(Au eq. oz)

Cost of Sales $987 $972

(2)
(per Au eq. oz. sold)

All-in
Sustaining Cost $1,321 $1,231
(3)
(per Au eq. oz. sold)

Capital Expenditures $221 $101

(millions) (4)

Operating Cash Flow $259 $98

(millions) (4)

Free Cash Flow $38 ($3)

(3)
(millions)

Earnings Per Share (4) $0.07 $0.06

(1) Results are from continuing operations only.

(2) Production cost of sales from continuing operations per equivalent ounce sold is defined as production cost of sales, as reported on the interim condensed consolidated
statements of operations, divided by total gold equivalent ounces sold from continuing operations
(3) All-in sustaining cost from continuing operations per equivalent ounce sold and free cash flow from continuing operations are non-GAAP financial measures or ratios, as
applicable, with no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers. Refer to endnote #2
(4) Refer to endnote #3. 8
First Quarter 2023

Balance Sheet & Financial Flexibility

Liquidity Position (1) Financial Flexibility

• Total liquidity(1) of ~$1.7 billion, including $471
million of cash and cash equivalents

• Net debt to EBITDA improved as of quarter end,

with expectation of further reduction by end of 2023
As at at current gold prices
March 31st, 2023
• Investment grade credit ratings from three major
$1.7B agencies

(1)
Cash & cash equivalents Available credit

(1) "Liquidity Position" and "Total liquidity" are defined as the sum of cash and cash equivalents, as reported on the interim condensed consolidated balance
sheets, and available credit under the Company's credit facilities (as calculated in Section 6 - Liquidity and Capital Resources of Kinross' MD&A for the period 9
ended March 31, 2023).
 First Quarter 2023

Capital Return Program

Returning capital to shareholders while protecting investment grade balance sheet

Buyback Approach:
Dividend remains in place 75% of Excess Cash Flow
(Free Cash Flow – Interest –
We returned $37 million dollars to Dividends)
shareholders through our quarterly
dividend distribution in Q1 o Buybacks paid out of excess cash flow,
and only if net leverage below 1.7x(1)
Share buyback program remains in place
o Buybacks paused if:
Buyback Framework protects investment o credit ratings impacted
grade balance sheet and capacity to
o major operational disruption
invest in the business
occurs
o gold price drops significantly

(1) Represents last twelve months net leverage ratio 10

First Quarter 2023

Guidance and Outlook

On Track to Meet FY2023 Guidance

Q1 2023 Results FY2023 Guidance(1) FY2022 Results(2)

Production 466,022 2.1 million ~2.0 million

(Au eq. oz.)

Production cost of sales $987 $970 $937

(per Au eq. oz. sold)(3)

All-in sustaining cost $1,321 $1,320 $1,271

(per Au eq. oz. sold)(4)

Capital expenditures $221 $1,000 $764

(millions)(5)

(1) Refer to endnote #1. 2023 Guidance reflects range of +/- 5%

(2) Results are from continuing operations only.
(3) Production cost of sales from continuing operations per equivalent ounce sold is defined as production cost of sales, as reported on the consolidated statements
of operations, divided by total gold equivalent ounces sold from continuing operations
(4) All-in sustaining cost from continuing operations per equivalent ounce sold is a non-GAAP ratio with no standardized meaning under IFRS and therefore, may not
be comparable to similar measures presented by other issuers. Refer to endnote #2
(5) Forecast 2023 capital expenditures are attributable and include Kinross’ share of Manh Choh (70%) capital expenditures. Actual results as reported for the three 11
months ended March 31, 2023, are on a total basis and include 100% of Manh Choh capital expenditures. Refer to endnote #3.
Operations Highlights

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First Quarter 2023

Operations Overview
Strong Q1 Performance – All Mines Achieved Planned Production
Focused on Improving Margins in the US

Fort Knox, Alaska Round Mountain, Nevada Bald Mountain, Nevada

Operations Outside the US Generating Strong Cash Flow

Tasiast, Mauritania La Coipa, Chile Paracatu, Brazil

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First Quarter 2023

Tasiast
On Track to Meet FY2023 Guidance
• Strong Q1 production, with record
monthly production of ~55koz in both
January and March
• Successfully completed planned
shutdown in February
• On track to reach throughput of 24ktpd by
mid-2023
• Ramping up to sustained
24ktpd throughput by year end
• On track to meet FY2023 production
guidance of ~610koz
TBU

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First Quarter 2023

La Coipa
High-Margin Production

• Q1 production of 54koz at a cash

cost of $727/oz
• Achieved record grades and
recoveries
• Performance is expected to improve
throughout the year
• On track for ~240koz in 2023
• Generating strong cash flow

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First Quarter 2023

Paracatu
Strong Q1

• Q1 production of 123kozs
• Year-over-year improvements to
minimize impacts of the rainy
season
• Higher production expected in Q2
and Q3 on higher mining rates and
higher grades in deeper areas of the
pit in the southwest

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First Quarter 2023

Alaska and Nevada

US Operations Delivered as Planned in Q1

Fort Knox, Alaska Bald Mountain, Nevada

Round Mountain, Nevada

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First Quarter 2023

Round Mountain
Q1 Production on Plan

• Mill recovery outperformed plan,

partially driven by bringing flotation
expansion online earlier than planned
• Cash costs expected to remain
elevated through 2023 as mining
continues in higher stripping benches
of Phase W
• Cash costs expected to decrease next
year driven by mining lower strip
benches of Phase W
• Underground exploration decline
advancing

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First Quarter 2023

Round Mountain – Phase X

Focused on Higher-Margin UG Potential at Phase X
• Progressing decline to start definition drilling in early 2024
• Advancing studies and permitting in parallel to advance path to first production
• Vein intercepts and early mine designs confirming potential for high-productivity low-
cost underground operation at Phase X given wide and consistent nature of
mineralization: +10m wide mineralized zones at average grade of 3 to 4 g/t

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First Quarter 2023

Gold Hill
Potential High-Grade Underground Satellite to Supplement Phase X UG
• Drilling suggests a series of narrower, higher-grade parallel veins extending from the
open pit
• Lower production, higher-grade underground satellite would supplement Phase X UG
ore feed and benefit from synergies of combined operations

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 First Quarter 2023

Kinross Alaska – Manh Choh (70%)

Construction Ongoing – Project Remains on Schedule
• Site camp now operational, construction development activities on schedule and on
budget; early works program successfully completed
• Public comment period for operating permits now closed overall permitting process on
track
• Initial production on track to commence in second half of 2024

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First Quarter 2023

Great Bear
Deep Holes Demonstrate Potential for Extension of High-Grade Underground

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 First Quarter 2023

Great Bear
Continuing to Make Excellent Progress on Technical Studies and
Permitting Activities

Preliminary Advanced Exploration Design Expanded Land Position

Acquired Properties
Properties Optioned from BTU Metals
Kinross Properties
BTU Metals 100% Properties

Engineering and permitting for the exploration Expanded land position provides optionality
decline are progressing well for future infrastructure

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 Kinross Investment Case
Stable
3.17Production (Moz, attributable, outlook) Value in the Americas(4)
Americas-focused business, two Top Tier(1) assets Americas focus not reflected in valuation
1.6x Price / Net Asset Value
% of NAV in Americas
~ 2.1 ~2.1(3) 1.4x 1.3x 1.2x
1.2x 1.2x 1.1x
~2.0(2) ~ 2.0(3)
1.0x
Production

Portfolio
81%
64%
63% 67%
25% 13% 29%
Agnico Evolution Newmont Northern Endeavour Newcrest Barrick Kinross
2022 2023 2024 2025 Star

Leading ESG Performance Financial Strength & Flexibility

Percentile Ranking on ESG(5)
100
Attractive dividend, currently
75
yielding 2.3%(6) + share
50 buyback
25
Maintain Investment Grade
0 balance sheet
2017 2018 2019 2020 2021 2022

DJSI/S&P Sustainalytics ISS

(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) Represents actual production from continuing operations
(3) Attributable production guidance includes Kinross' share of Manh Choh (70%) production 24
(4) Price/Consensus Net Asset Value per S&P CapIQ as of May 8th, 2023 (incl. Kinross). NAV split by Geography per CIBC May 2023
(5) Refer to endnote #4
(6) As at May 8th, 2023
Appendix

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First Quarter 2023

Endnotes
1. Kinross’ updated outlook represents forward-looking information and users are cautioned that actual results may vary. Please refer to
the Cautionary Statement on Forward-Looking Information on slide 2 of this presentation.

2. All-in sustaining cost from continuing operations per equivalent ounce sold and free cash flow from continuing operations are non-
GAAP financial measures and ratios, as applicable, with no standardized meaning under IFRS and therefore, may not be comparable
to similar measures presented by other issuers. All-in sustaining cost from continuing operations per equivalent ounce sold is
calculated as all-in sustaining cost from continuing operations divided by total gold equivalent ounces sold from continuing operations.
All-in sustaining cost from continuing operations is a non-GAAP financial measure. For definitions, purpose and reconciliations of these
non-GAAP financial measures and ratios, please refer to Section 11 - Supplemental Information of Kinross' MD&A for the three months
ended March 31, 2023 and for the year ended December 31, 2022, which section is incorporated by reference herein and as filed on
the Company's website at www.kinross.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

3. “Capital expenditures from continuing operations" for the three months ended March 31, 2023 and 2022 are as reported as “Additions
to property, plant and equipment" on the interim condensed consolidated statements of cash flows. “Operating cash flow” for the three
months ended March 31, 2023 and 2022 are as reported as “Net cash flow of continuing operations provided from operating activities,”
as reported on the interim condensed consolidated statements of cash flows. "Earnings per share" for the three months ended March
31, 2023 and 2022 are as reported as "Basic earnings per share from continuing operations attributable to common shareholders" on
the interim condensed consolidated statements of operations. “Capital expenditures from continuing operations" for the year ended
December 31, 2022 are as reported as “Additions to property, plant and equipment" on the consolidated statements of cash flows.

4. Ranking on ESG. Percentile ranking based on: (1) S&P. score 74; 93rd percentile (2) Sustainalytics. 15th out of 121 peers (ESG risk
score 24.9) (3) MSCI. achieved an ‘A’ rating. 32% of peers rated AA or higher, 14% as A; assume KGC at midpoint. (4) ISS. achieved
a C+ rating; of 187 peers, approximately 2% scored B, 6% B-, and 11% C+; assume KGC at midpoint of C+ (5) Moody's score 57; 4th
out of 51 in sector, equivalent to 92nd percentile (7) Refinitiv score A-; 80.26 out of 100. (8) G&M score 93 out of 100.

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