Slide 1: Great Bear Project Update
Great Bear Project Update February 13th, 2023
Slide 2: Cautionary Statement on Forward Looking Information
Cautionary Statement on Forward Looking Information All statements, other than statements of historical fact, contained or incorporated by reference in this presentation including, but not limited to, any information as to the future financial or operating performance of Kinross, constitute “forward
Slide 3: Today’s Speakers
Today’s Speakers Paul Rollinson Ned Jalil Graham Long Nicos Pfeiffer President & CEO SVP & Chief VP, Greenfield VP, Geology Technical Officer Exploration 2 2
Slide 4: We are proud to be working in the traditional territory of the Anishinaabe Nation
We are proud to be working in the traditional territory of the collective members of the Anishinaabe Nation in Treaty #3 We recognize and respect the inherent and treaty rights of our partners in the Wabauskang and Lac Seul First Nations We are committed to meaningful dialogue with our partner First
Slide 5: Great Bear Project Overview
Great Bear Project Overview High grade mineralization across the property LP Zone Open along strike and at depth Disseminated high grade mineralization, analogous to Hemlo N Vein hosted and sulphide replacement high- Limb grade gold mineralization Hinge 5 km typical of Red Lake region 4
Slide 6: 2022 Activities at Great Bear
February 2023 2022 Activities at Great Bear Highly successful 2022 drilling and resource program 2022 GEOLOGY ACTIVITIES… …HAVE PRODUCED EXCELLENT RESULTS ✓ 225,000m diamond drilling Initial resource of 2.7 Moz indicated and 2.3 Moz inferred ✓ 35,000m grade-control drilling Increased confidence in r
Slide 7: Initial Contained Mineral Resource Estimate
February 2023 Initial Contained Mineral Resource Estimate1 2022 drilling and technical program have resulted in a high grade initial resource $1,700/OZ INITIAL RESOURCE Tonnes Grade (Au Ounces (000’s) g/t) (000’s) Indicated Open Pit 33,110 2.57 2,737 Inferred Open Pit 8,400 2.24 606 Inferred Undergr
Slide 8: Majority of Resource Contained in High Grade Core
February 2023 Majority of Resource Contained in High Grade Core Targeting higher grade mineralization in the early years Contained Ounces Moz 6 5 4 Inferred Inferred Inferred 3 Inferred 2 Indicated Indicated Indicated 1 Contained Resource Open Pit High Grade Underground High Grade High Grade Core In
Slide 9: High Grade Core has Strong Spatial Continuity
February 2023 High Grade Core has Strong Spatial Continuity Resilient pit shell driven by the high grade core Open Pit Resource High Grade Core of the Open Pit Resource Based on a 0.5 g/t Cut Off Grade Based on a 0.9 g/t Cut Off Grade N Legend > 0.9 g/t 0.5 to 0.9 g/t 1km 8
Slide 10: High Grade Underground Resource
February 2023 High Grade Underground Resource Deposit continuity and width expected to support high productivity mining NORTHWEST SOUTHEAST LP - DISCOVERY LP - CENTRAL LP - VIGGO 500 m Resource Stopes Au Grade (g/t) 2.3 to 3.0 g/t 3.0 to 5.0 g/t 5.0 to 10.0 g/t 10.0 to 38.3 g/t 1,000 m Underground R
Slide 11: The Initial Resource is Just the Beginning
February 2023 The Initial Resource is Just the Beginning Intercepts below the resource down to ~1,000m potentially point to a long life underground NORTHWEST SOUTHEAST LP - DISCOVERY LP - CENTRAL LP - VIGGO BR-674 4.1 m @ 6.1 g/t BR-579 500 m BR-534 24.6 m @ 15.52 g/t BR-627 5.9 m @ 3.81 g/t 2.8 m @
Slide 12: Exploration Decline
February 2023 Exploration Decline Advanced exploration decline expected to enable efficient drilling of underground material NW Hinge Limb Portal LP Zone Resource Pit Shell SE Open Open Conceptual Exploration Timeline 2023 2024 2025 2026 2027+ Resource Stopes Resource Au Grade (g/t) Development 2.3
Slide 13: Great Bear Appears Similar to Hemlo
February 2023 Great Bear Appears Similar to Hemlo Over 90% of Hemlo has been mined from underground at depths of greater than 500 m Hemlo Great Bear Hemlo has produced +20 Moz Open Open 0 RL 500 RL 1,000 RL Open Open Open 3 Shafts GRADE THICKNESS < 5 GxM 50 to 100 GxM 5 to 15 GxM 100 to 200 GxM Conc
Slide 14: Additional Upside on Highly-Prospective Land Package
February 2023 Additional Upside on Highly-Prospective Land Package 1 Transmission line Highway 105 Felsic – Intermediate Felsic Intrusive Ultramafic Mafic-Ultramafic (Tholeitic) Mafic (Calc-Alkaline?) Sediments 3 Great Bear property Where we see opportunity for growth: 3 2 Hinge & Limb 1 Extensions
Slide 15: Metallurgical Test Work Highlights Strong Recovery
February 2023 Metallurgical Test Work Highlights Strong Recovery Initial tests indicate recovery of ~95% from standard gold mill flowsheet • High proportion of gravity recovery due to the high Visible gold from Auro Zone, a quantity of visible gold metallurgy drill hole from 2022 • No indications of
Slide 16: Targeted Path to Production at Great Bear
February 2023 Targeted Path to Production at Great Bear Expected start of early works in early 2027 or late 2026, if permits received quickly ‘23 ‘24 ‘25 ‘26 ‘27 ‘28 ‘29 Project Studies Exploration Decline Permitting estimate in line with Environmental Baseline peers’ for federal IAAC1 process Agenc
Slide 17: Building Kinross’ Foundation in Red Lake
February 2023 Building Kinross’ Foundation in Red Lake 16
Slide 18: Appendix
Appendix 17
Slide 19: Mineral Resource Statement Notes
February 2023 MINERAL RESOURCE STATEMENT NOTES (1) Unless otherwise noted, the Company’s mineral resources are estimated based on a gold price of $1,700 per ounce. Open pit Mineral Resources are estimated at a cut-off grade of 0.5 g/t Au. The LP Zone pit shell was selected at an input gold price of
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