operational excellence. financial...

Operational Excellence.Financial Discipline.Annual Report2015

KINROSS GOLD CORPORATION25 York Street, 17th FloorToronto, Ontario, CanadaM5J 2V5

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59599 Kinross AR Final noTrim.pdf - p1 (March 31, 2016 19:03:17)

Letter to Shareholders 1

2015 Achievements 4

Corporate Governance Highlights 6

Directors + Senior Leadership 6

Financial Summary 7

Financial Review 7

Cautionary Statement on Forward-Looking Information 74

Kinross is a global gold mining company with exceptional and consistent operating results driven by a high performance culture. With ten mines in three core regions, our focus is delivering value based on the core principles of operational excellence, balance sheet strength and responsible mining.

Our Operations

DvoinoyeKupol

Kettle River-Buckhorn

Fort Knox

Bald MountainRound Mountain

Toronto

Maricunga

Paracatu

Tasiast

Chirano

TSX: K Toronto Stock Exchange

NYSE: KGC New York Stock Exchange

CORPORATE INFORMATION

Shareholder Information

Transfer Agent and Registrar

ComputershareInvestor Services Inc.Toronto, Ontario, CanadaToll-free: 1-800-564-6253

Proxy Solicitation Agent

Kingsdale Shareholder ServicesToronto, Ontario, Canada

Annual Shareholders Meeting

Wednesday, May 11, 2016 at10:00 a.m. EDT at the Glenn GouldStudio, 250 Front Street West,Toronto, Ontario, Canada

Trading Data

TSXK – commonNYSEKGC – common

Legal Counsel

Osler, Hoskin & Harcourt LLPToronto, Ontario, Canada

Sullivan & Cromwell LLPNew York, New York,United States

Auditors

KPMG LLPToronto, Ontario, Canada

Contact Information

General

Kinross Gold Corporation25 York Street, 17th FloorToronto, Ontario,Canada M5J 2V5

Website: Kinross.comTelephone: 416-365-5123Toll-free: 1-866-561-3636Facsimile: 416-363-6622Email: [email protected]

Investor Relations

Tom Elliott, Senior Vice-President, Investor Relations and Corporate DevelopmentTelephone: 416-365-3390Email: [email protected]

Media Relations

Louie Diaz, Director, Corporate CommunicationsTelephone: 416-369-6469Email: [email protected]

Shareholder Inquiries

ComputershareInvestor Services Inc.9th Floor,100 University AvenueToronto, Ontario,Canada M5J 2Y1www.computershare.com/kinrossToll-free: 1-800-564-6253Toll-free facsimile: 1-888-453-0330

Publications

To obtain copies of Kinross’ publications, please visit our corporate website at Kinross.com, or contact us by email at [email protected] or call 1-866-561-3636.

Corporate Responsibility Report

Kinross publishes its corporate responsibility performance data annually and a comprehensive Global Reporting Initiative (GRI) report every two years. In 2016, we will be publishing our 2015 Corporate Responsibility Report online. This report will provide a detailed account of our social, environmental, and health and safety performance for 2014 and 2015.

designed and produced by smith + associates www.smithandassoc.com Please recycle.

@KinrossGold


2015


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All figures in U.S. dollars and from continuing operations.

Endnotes can be found on page 77 of this report.


1Kinross Gold 2015

To Our Shareholders

Kinross delivered on a number of key fronts in 2015, responding strongly to the challenge of weaker gold markets during the year, while building a clear path to future value in 2016 and beyond.

We met our production and cost guidance for the fourth consecutive year, improving performance at our key mines through continuous improvement, minimizing the production impact of weather-related challenges at two sites, and reducing costs and capital expenditures across the Company. Despite lower gold prices, we generated positive cash flow and reduced debt while prioritizing balance sheet strength and financial flexibility. At the same time, we delivered disciplined growth, opportunistically acquiring assets in Nevada – one of the world’s best mining jurisdictions – which are expected to add new production, increase cash flow, and provide significant upside. We also continued to advance our internal high-quality opportunities for growth within a manageable capital framework.

As a result, we entered 2016 forecasting a year of record production and lower costs, with the financial strength to weather an uncertain gold market and pursue additional value-enhancing growth opportunities such as the Phase One Tasiast expansion.

Record production and lower costs forecast in 2016

We expect to improve on our excellent performance in 2015 with an even stronger year in 2016.

With the addition of new ounces from our Nevada acquisition, we forecast 1 record production of 2.7 to 2.9 million gold equivalent ounces, with production from the Americas region increasing by 7% to represent approximately 61% of our total.

J. Paul RollinsonPresident and Chief Executive Officer

4 consecutive years of meeting or outperforming guidance targets

2015 Highlights

§ Remained among world’s safest mining companies with record safety performance

§ Produced 2.6 million gold equivalent ounces (Au eq. oz.), at the high end of our guidance range, at an all-in sustaining cost (AISC) of $975 per ounce, at the low end of our guidance range

§ Lowest production cost of sales in four years at $696 per ounce

§ Ended year with $1 billion in cash while repaying $80 million in debt

§ Reduced corporate head count with expected savings of 20%, and reduced capital expenditures to $610 million, which was below our guidance

§ Acquired high-quality producing Nevada assets, increasing production and cash flow, and providing clear path to upside

§ Developed two-phased expansion concept to realize full potential of Tasiast orebody at a manageable capital cost in a volatile gold price environment

§ Completed pre-feasibility study at La Coipa showing positive economics, and added significantly to site’s mineral resource estimate

§ Contributed to 553 local community programs and events, reaching an estimated 777,000 beneficiaries


3Kinross Gold 2015

2Kinross Gold 2015

Our 2016 AISC is expected to be lower, compared with 2015, at $890 to $990 per Au eq. oz., with production cost of sales also expected to be lower at $675 to $735 per Au eq. oz. Capital expenditures are expected to be $755 million, which includes an estimated $160 million in 2016 capex for Phase One of the Tasiast expansion project.

Delivering disciplined growth

Nevada acquisition

In January 2016, we completed the acquisition of 100% of the Bald Mountain gold mine and 50% of the Round Mountain gold mine in Nevada from Barrick Gold Corporation for $610 million in cash. These high-quality assets build on our platform in one of the world’s best mining jurisdictions and are expected to add an average of approximately 430,000 Au eq. oz. per year over the next three years while lowering our forecast overall costs and providing free cash flow.

Bald Mountain also encompasses a 600 sq. km highly prospective land package in Nevada’s Carlin Trend, one of the most prolific gold producing regions in the United States. In 2016, our exploration priority at Bald Mountain is converting a significant amount of existing estimated mineral resources to mineral reserves – just as we did in 2015 at Round Mountain, where we converted an estimated 440,000 ounces of mineral resources to mineral reserves, more than offsetting depletion and adding to estimated mine life at one of our most successful mining operations.

Tasiast expansion

Our two-phased approach to a mill expansion at Tasiast is designed to lower production costs and generate positive near-term cash flow at a manageable capital cost in Phase One, and then, in a potential Phase Two, to realize Tasiast’s full economic potential by adding additional grinding capacity to further increase production and reduce costs.

On March 30, 2016 we announced our decision to proceed with Phase One, which is expected to increase throughput from its current 8,000 tonnes per day (t/d) to 12,000 t/d, with estimated gold production of 409,000 ounces per year and annual production cost of sales of $535 per ounce. Preparation for construction is expected to begin immediately, with full production expected by the end of Q1 2018.

We also announced details of a pre-feasibility study on a potential Phase Two expansion based on installing additional mill throughput of 18,000 t/d for a total combined capacity of 30,000 t/d. Total capital expenditures have been significantly lowered compared with previous expansion study estimates, while expected benefits remain compelling, with a 30,000 t/d Tasiast expected to be the Company’s largest and lowest cost operation.

2016E Gold Equivalent Production 1, 2

2.7 – 2.9 million ounces

61%14%

25%

• Americas • West Africa • Russia


3Kinross Gold 2015

2Kinross Gold 2015

Prioritizing balance sheet strength

We ended 2015 on a strong note, adding cash to our balance sheet and repaying debt, despite an average gold price which declined by $106 per ounce over the course of the year.

Following the close of our Nevada acquisition on January 11, 2016, and the close of our bought deal financing on March 4, 2016, Kinross had a robust liquidity position of approximately $2.2 billion, consisting of approximately $700 million in cash and cash equivalents, and $1.5 billion of available undrawn credit facilities.

Commitment to responsible mining and corporate governance

Kinross’ long history of co-operative relations with our operating communities is built on a strong commitment to health and safety, environmental responsibility, meaningful stakeholder consultation, and community partnerships. In 2015, we had 168,000 stakeholder interactions, including community members, government representatives, and non-profit organizations at our sites.

In 2015, we were named “Canada’s Most Sustainable Mining Company” by Maclean’s magazine, and received environmental and safety awards at a number of our sites. Kinross was also ranked as the top gold mining company, and second highest among all mining companies, in the Globe and Mail annual corporate governance survey.

Our value proposition

Based on our strong fundamentals of consistent operational performance, large gold production, financial strength, and relatively low-risk growth opportunities, we believe that Kinross presents a compelling value opportunity. Given our attractive trading metrics relative to our peers, we also believe that much of that fundamental value is yet to be realized in our share price.

Looking back at the past four years, we have consistently met or outperformed our production and cost guidance, significantly reduced our capital expenditures while continuing to invest in our operations, prioritized balance sheet strength, operated safely, and maintained strong relations with our host communities – all while producing over 10 million ounces of gold. Looking forward over the next four years, we expect to produce another 10 million ounces of gold, and intend to maintain the same high standards of operational dependability, capital discipline, financial strength, safety, and stakeholder engagement.

In closing, let me once again say “thank you” to our employees for consistently delivering on these commitments – and to our shareholders for your continued support.

J. Paul Rollinson President and Chief Executive OfficerKinross Gold Corporation

OUR VALUES:

• Putting people first

• Outstanding corporate citizenship

• High performance culture

• Rigorous financial discipline


5Kinross Gold 2015

4Kinross Gold 2015

Operations – Four years of meeting or outperforming production and cost targets

Strategic initiatives

Financial

2015 Achievements

Capital Expenditures

At the high end of 2015 guidance due to near record production at Fort Knox and Round Mountain and increased throughput at Kupol-Dvoinoye.

Developed two-phased expansion concept to realize full potential of Tasiast orebody at a manageable cost.

At the low end of guidance and the lowest production cost of sales since 2011 due to favourable exchange rates, low oil prices and continuous improvement initiatives.

Continued trend of reduced spending while achieving the right balance between disciplined capital allocation and investing in operations.

$975 All-in sustaining cost 3 per Au eq. oz.

paid down

$80m in debt bringing the four-year total of debt repayment to $700 million.

At the low end of 2015 guidance due to lower capital and operating costs.

2.6 MILLIONGOLD EQUIVALENT OUNCES PRODUCED

(ATTRIBUTABLE) 2

696

720

743

0.93

0.56

2013

2014

2015

PRODUCTION COST OF SALES 3

($ PER GOLD EQUIVALENT OUNCE)Realized a 10% reduction year-over-year in all-sustaining cost per Au eq. oz. to $973

primarily due to reductions in sustaining capital expenditures and exploration and business

development expenditures.

10% DECREASEDECREASE IN ALL-IN SUSTAINING COST1

+765,000AU OZ. ADDED THROUGH EXPLORATION3

Our continued focus on exploration within the existing footprint of our mines and districts added 765,191 Au oz. estimated measured and indicated mineral resources at Kupol,

Chirano and Tasiast.

0.93

0.56

2013

2014

2015

$610m$632m

$1.26b

Maintained balance sheet strength and financial flexibility, as liquidity position remained strong post-Nevada acquisition and bought deal financing in early 2016.

$2.2 BILLIONIN LIQUIDITY

Cash & cash equivalent$700m

Undrawn credit

facilities$1.5b

$2.2b

ACQUIRED

Acquired quality Nevada assets – 100% of Bald Mountain and remaining 50% ownership of Round Mountain. Provides clear path to upside potential and expected to add production, lower overall costs and enhance credit metrics.

REDUCED corporate head count to achieve

20% in expected savings on overhead costs

DEVELOPED


5Kinross Gold 2015

4Kinross Gold 2015

Health + safety

Corporate responsibility

3 consecutive years

Completed the third consecutive year with zero fatalities among employees and contractors working at our operations and projects.

MORE THAN

$2 billion spent in-country

The majority of the direct and indirect economic value we generate through metal sales is spent in host countries through local purchasing, taxes and wages.

Creating meaningful livelihoods for our employees is one of the most positive social impacts of our business. Local employment is an important objective and we are committed to using national workers in the countries where we operate.

We contributed to 553 local community programs, initiatives and events with approximately 777,000 beneficiaries from our local population base.

777,000BENEFICIARIES

33%Board diversity target

The Board of Directors achieved its diversity target with six men and three women on the Board in 2015.

Total Reportable Injury Frequency Rate (Includes all employees and contractors for 200,000 hours worked)

Our goal is to keep our neighbours informed about our activities through active engagement and dialogue. By listening to them, we can understand both their concerns and their vision for the development of their community.

+168,000 stakeholder interactions

Achieved best safety performance in Kinross history

Our operations contributed to 687 local community programs, initiatives and events

to an estimated 805,000 people through cash and in-kind contributions.

+800,000PEOPLE

Independent expert reviews conducted at all Kinross sites over the past two years as part of our tailings management standards. In 2015, we introduced a quarterly tailings scorecard to further strengthen our best-in-class standards.

100%OF TAILINGS FACILITIES INSPECTED

100%OF TAILINGS FACILITIES REVIEWEDI addition to meeting host country regulations

and international best practice, Kinross commissions independent expert review of the construction and operation of all tailings facilities. All of our sites have been reviewed

in the past two years.

Achieved the lowest Lost-Time Injury Rate in the past five years.

0.05LOST-TIME INJURY FREQUENCY RATE

PER 200,000 HOURS WORKED

2013

2012

2011

2014

2015

0.330.38

0.93

0.560.43

Continued company-wide trend of improved safety performance and remained among the top performers in the industry.

97% of workforce from host countries


6Kinross Gold 2015

7Kinross Gold 2015

Board of Directors(left to right)

John E. Oliver, Independent Chair H

John A. Brough, Corporate Director A, H

John K. Carrington*, Corporate Director CGN, CR

John M.H. Huxley, Corporate Director A, CGN, H

Ave G. Lethbridge, Executive Vice-President and Chief Human Resources and Safety Officer, Toronto Hydro Corporation A, H

(second row)

Catherine McLeod-Seltzer, Non-Executive Chair and Director, Bear Creek Mining Corporation CGN, CR

Kelly J. Osborne, Corporate Director CGN, CR

Una M. Power, Corporate Director A, CR

J. Paul Rollinson, President and Chief Executive Officer

2015 Corporate Governance Highlights

§ The Board of Directors met nine times, eight of which were independent of management.

§ Kinross ranked 20th out of 234 Canadian companies in the Globe and Mail annual corporate governance survey. Kinross received a score of 92 out of 100 points and was the top ranked gold mining company and second highest among all mining companies.

§ Scored 135 out of 150 points on the Board Shareholder Confidence Index of the Clarkson Centre for Board Effectiveness.

§ Placed among the top 50 large cap companies in Canada on the Institutional Shareholder Services (ISS) Governance Quickscore ranking.

§ All directors, except the CEO, were independent and all committees were comprised solely of independent directors.

§ Achieved Board diversity target of 33% women directors.

A Audit and Risk CommitteeCGN Corporate Governance and Nominating CommitteeCR Corporate Responsibility and Technical CommitteeH Human Resources and Compensation Committee

On February 10, 2016, Kinross’ Board of Directors appointed Ian Atkinson to the position of Corporate Director. Mr. Atkinson serves on the Corporate Governance and Nominating Committee and the Corporate Responsibility and Technical Committee.

* Mr. John Carrington, who has been a Kinross Board member since 2005, has decided not to stand for re-election at the Company’s next Annual Meeting of Shareholders on May 11, 2016. Kinross’ Board of Directors and management team would like to thank Mr. Carrington for his many contributions and his distinguished directorship on the Board.

Learn more about Kinross governance at

kinross.com/about/governance

Senior Leadership TeamJ. Paul Rollinson, President and Chief Executive Officer

Tony Giardini, Executive Vice-President and Chief Financial Officer

Geoffrey P. Gold, Executive Vice-President, Corporate Development, External Affairs, and Chief Legal Officer

Gina Jardine, Senior Vice-President, Human Resources

Warwick Morley-Jepson, Executive Vice-President and Chief Operating Officer


6Kinross Gold 2015

7Kinross Gold 2015

Financial Review

Management’s Discussion and Analysis MDA 1 Management’s Responsibility for Financial Statements FS 1 Independent Auditors’ Report of Registered Public Accounting Firm FS 2 Consolidated Financial Statements and Notes FS 3 Mineral Reserve and Mineral Resource Statement 66 Summarized Five-Year Review 73 Kinross Share Trading Data 73

Financial Summary(In millions except ounces, per share amounts, gold price and per ounce amounts)

2015 2014 2013

Revenue $ 3,052.2 $ 3,466.3 $ 3,779.5

Net cash flow of continuing operations provided from operating activities

831.6 858.1 796.6

Adjusted operating cash flow from continuing operations 3 786.6 1,023.8 1,171.8

Adjusted operating cash flow from continuing operations per share 3 0.69 0.89 1.03

Impairment charges 4 699.0 1,251.4 3,169.6

Net loss from continuing operations 4 (984.5) (1,400.0) (3,012.6)

Net loss from continuing operations attributable to common shareholders 4

Basic (0.86) (1.22) (2.64)

Diluted (0.86) (1.22) (2.64)

Adjusted net earnings (loss) 3 from continuing operations (91.0) 131.1 321.2

Adjusted net earnings (loss) 3 from continuing operations per share (0.08) 0.11 0.28

Production cost of sales per equivalent ounce sold 3 696 720 743

All-in sustaining cost per gold equivalent ounce sold 3 975 973 1,082

Capital expenditures 610.0 631.8 1,262.4

Average realized gold price per ounce 1,159 1,263 1,402

Attributable gold equivalent ounces produced from continuing operations 2

2,594,652 2,710,390 2,631,092

See endnotes on page 77 of this report.


!MANAGEMENT’S DISCUSSION AND ANALYSIS For the year ended December 31, 2015

MDA 1 Kinross Gold 2015

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59599 2015 Q4 - MD&A FINAL with folios.pdf - p1 (March 22, 2016 22:35:26)59599 Kinross AR Final noTrim.pdf - p10 (March 31, 2016 19:03:24)

! !MANAGEMENT’S DISCUSSION AND ANALYSIS For the year ended December 31, 2015


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MANAGEMENT’S DISCUSSION AND ANALYSIS For the year ended December 31, 2015

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59599 2015 Q4 Rev MDA 4.pdf - p1 (March 29, 2016 18:41:47)59599 Kinross AR Final noTrim.pdf - p13 (March 31, 2016 19:03:26)



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(in millions) 2015 2014 2013 Change % Change (d) Change % Change

Operating segmentsFort Knox (180.8)$ 99.9$ 251.0$ (280.7)$ nm (151.1)$ (60%)Round Mountain (8.9) 44.0 (106.7) (52.9) (120%) 150.7 141%Kettle River-Buckhorn 30.3 (45.6) 53.6 75.9 166% (99.2) (185%)Paracatu 24.4 69.3 106.6 (44.9) (65%) (37.3) (35%)Maricunga (60.4) 36.3 (711.6) (96.7) nm 747.9 105%Kupol (a) 150.1 297.4 328.5 (147.3) (50%) (31.1) (9%)Tasiast (361.2) (571.4) (1,575.4) 210.2 37% 1,004.0 64%Chirano (70.1) (365.4) (344.4) 295.3 81% (21.0) (6%)

Non-operating segmentCorporate and Other (b) (266.3) (591.7) (636.8) 325.4 55% 45.1 7%

Total (742.9)$ (1,027.2)$ (2,635.2)$ 284.3$ 28% 1,608.0$ 61%Discontinued operations

Fruta del Norte (c) -$ (5.2)$ (735.9)$ 5.2$ 100% 730.7$ 99%

(a)

(b)

(c)

(d)

2014 vs. 2013!"#$%&"'("(&)"*"+,"$&-./ 01.2&3%4&01.5

"Corporate and Other" includes operating costs w hich are not directly related to individual mining properties such as overhead expenses, gains and losses on disposal of assets and investments, and other costs relating to non-operating assets (including La Coipa, Lobo-Marte and White Gold).

The Kupol segment includes the Kupol and Dvoinoye mines.

On June 10, 2013, the Company announced its decision to cease development of FDN. As a result, FDN w as reclassif ied as a discontinued operation. On December 17, 2014, the Company disposed of its interest in FDN.

"nm" means not meaningful. !!

!




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FS 1 Kinross Gold 2015

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59599 2015 Q4 -IFRS Financial Statements FINAL with folios.pdf - p1 (March 22, 2016 22:37:39)59599 Kinross AR Final noTrim.pdf - p68 (March 31, 2016 19:03:56)


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CONSOLIDATED BALANCE SHEETS (expressed in millions of United States dollars, except share amounts)

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59599 2015 Q4 Rev FS 3.pdf - p1 (March 29, 2016 18:42:37)59599 Kinross AR Final noTrim.pdf - p70 (March 31, 2016 19:03:57)

#


CONSOLIDATED STATEMENTS OF OPERATIONS (expressed in millions of United States dollars, except share and per share amounts)

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#


CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (expressed in millions of United States dollars)

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#


CONSOLIDATED STATEMENTS OF CASH FLOWS (expressed in millions of United States dollars)

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#


CONSOLIDATED STATEMENTS OF EQUITY (expressed in millions of United States dollars)

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$ $ $ ! !NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2015 and 2014 (Tabular amounts in millions of United States dollars) $


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`ZQ!WaZX!V8A8!=E@<:A5^89!?:A!5KKE8!57!=II:A9=7I8!V5@<!=!A8K:>E@5:7!:?!@<8!;:=A9!:?!95A8I@:AK!:7!18;AE=AH!ZaQ!WaZbD!

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! !


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2015 and 2014 (Tabular amounts in millions of United States dollars)


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ii. unctiona an resentation currenc

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iii. as an cas e ui a ents

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i . S ort term in estments

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. ong term in estments

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i. n entories

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ii. orro ing costs

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! ! !NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2015 and 2014 (Tabular amounts in millions of United States dollars) $


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$$>??(#(-'*$#-$3&-3"&#M5$3,%'#$%'?$"L2(30"'# +:J8J.$$$$$$$$$$$$$$$$$ +:=J8=.$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +F7J8;.$$$$$$$$$$$$$$$ +F::8:.$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +;F48H.$$$$$$$$$$$$$$$$$!"#$3&-1""?*$/&-0$+%??(#(-'*$#-.$,-')G#"&0$('B"*#0"'#*$%'?$$-#A"&$%**"#* H87$$$$$$$$$$$$$$$$$$$$ +FF86.$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +:<86.$$$$$$$$$$$$$$$$$ +F784.$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +<<8<.$$$$$$$$$$$$$$$$$

$$!"#$3&-1""?*$/&-0$#A"$*%,"$-/$3&-3"&#M5$3,%'#$%'?$"L2(30"'# G$$$$$$$$$$$$$$$$$$$$$$ 48H$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ 48H$$$$$$$$$$$$$$$$$$$$ :H8=$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ F78<$$$$$$$$$$$$$$$$$$$$D"1&"%*"$('$&"*#&(1#"?$1%*A 4<8<$$$$$$$$$$$$$$$$$$ 78;$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ 4;84$$$$$$$$$$$$$$$$$$ 48;$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ 4=8=$$$$$$$$$$$$$$$$$$$$I'#"&"*#$&"1"(B"?$%'?$-#A"& 78<$$$$$$$$$$$$$$$$$$$$ :84$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ :8;$$$$$$$$$$$$$$$$$$$$ 48J$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ 68<$$$$$$$$$$$$$$$$$$$$830'=/&>'9)%:'%9'=%#0"#."#?'%,3$/0"%#&'.&3*'"#'"#@3&0"#?'/=0"@"0"3& +<8J.$$$$$$$$$$$$$$$$$$$ +F7H8;.$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +F468<.$$$$$$$$$$$$$$$ +F:784.$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +;F68;.$$$$$$$$$$$$$$$830'=/&>'9)%:'%9'*"&=%#0"#.3*'%,3$/0"%#&',$%@"*3*'9$%6';.&3*'"#<'"#@3&0"#?'/=0"@"0"3& 4<787$$$$$$$$$$$$$$$$ +78H.$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ 46J8:$$$$$$$$$$$$$$$$ +487.$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ 46H8:$$$$$$$$$$$$$$$$D"#/#="#?A

$$I**2%'1"$-/$1-00-'$*A%&"*$-'$"P"&1(*"$-/$-3#(-'*$ 784$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ 784$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ 784$$$$$$$$$$$$$$$$$$$$$$T&-1""?*$/&-0$(**2%'1"$-/$?"O# 6J:8J$$$$$$$$$$$$$$$$ 6:784$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ J4F87$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ J4F87$$$$$$$$$$$$$$$$$$R"3%M0"'#$-/$?"O# +<7787.$$$$$$$$$$$$$$$ +6:784.$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +J:784.$$$$$$$$$$$$$$$ +;787.$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +JH784.$$$$$$$$$$$$$$$$$I'#"&"*#$3%(? +4=86.$$$$$$$$$$$$$$$$$ +784.$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +4=8<.$$$$$$$$$$$$$$$$$ +F84.$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +:78;.$$$$$$$$$$$$$$$$$$$D(B(?"'?*$&"1"(B"?$/&-0$+3%(?$#-.$1-00-'$*A%&"A-,?"&*$%'?$$$*2O*(?(%&("* J;8=$$$$$$$$$$$$$$$$$$ +668;.$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ <:84$$$$$$$$$$$$$$$$$$ +<;68=.$$$$$$$$$$$$$$$ <4:8;$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$$$N"##,"0"'#$-/$?"&(B%#(B"$('*#&20"'#* +:87.$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +:87.$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +:87.$$$$$$$$$$$$$$$$$$$$$I'#"&1-03%'M$%?B%'1"* +678=.$$$$$$$$$$$$$$$$$ +44F8:.$$$$$$$$$$$$$$$ :8:$$$$$$$$$$$$$$$$$$$$ +4<48=.$$$$$$$$$$$$$$$ =68;$$$$$$$$$$$$$$$$$$ ==84$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$$$U#A"& +F8<.$$$$$$$$$$$$$$$$$$$ +687.$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +=8<.$$$$$$$$$$$$$$$$$$$ :8J$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +68;.$$$$$$$$$$$$$$$$$$$830'=/&>'9)%:'%9'=%#0"#."#?'%,3$/0"%#&',$%@"*3*'9$%6';.&3*'"#<'9"#/#="#?'/=0"@"0"3& :;84$$$$$$$$$$$$$$$$$$ +4;48J.$$$$$$$$$$$$$$$ :8:$$$$$$$$$$$$$$$$$$$$ +4FF8;.$$$$$$$$$$$$$$$ +<<78F.$$$$$$$$$$$$$$$ <HJ8=$$$$$$$$$$$$$$$$ +J68:.$$$$$$$$$$$$$$$$$830'=/&>'9)%:'%9'*"&=%#0"#.3*'%,3$/0"%#&'.&3*'"#'9"#/#="#?'/=0"@"0"3& G$$$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$E993=0'%9'3F=>/#?3'$/03'=>/#?3&'%#'=/&>'/#*'=/&>'3G."@/)3#0&'%9'=%#0"#."#?'%,3$/0"%#& G$$$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +4J8=.$$$$$$$$$$$$$$$$$ G$$$$$$$$$$$$$$$$$$$$$$ +4J8=.$$$$$$$$$$$$$$$$$

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

(./$/#0%$& 8%#I?./$/#0%$& E)"6"#/0"%#& +%#&%)"*/03*

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66Kinross Gold 2015

MINERAL RESERVE AND MINERAL RESOURCE STATEMENT

PROVEN AND PROBABLE MINERAL RESERVES

GoldProven and Probable Mineral Reserves (1, 3, 4, 5, 6, 8, 9, 11)

Kinross Gold Corporation’s Share at December 31, 2015

Property Location

KinrossInterest

(%)

Proven Probable Proven and Probable

Tonnes (kt)

Grade (g/t)

Ounces (koz)

Tonnes (kt)

Grade (g/t)

Ounces (koz)

Tonnes (kt)

Grade (g/t)

Ounces (koz)

NORTH AMERICABald Mountain 8 USA 100.0% 14,647 0.8 372 39,980 0.6 745 54,627 0.6 1,117 Fort Knox Area USA 100.0% 47,740 0.4 628 99,578 0.4 1,394 147,318 0.4 2,022 Kettle River USA 100.0% – – – 166 8.7 47 166 8.7 47 Round Mountain Area 8 USA 100.0% 39,062 0.7 907 27,083 0.6 563 66,145 0.7 1,470

Subtotal 101,449 0.6 1,907 166,807 0.5 2,749 268,256 0.5 4,656

SOUTH AMERICACerro Casale 9 Chile 25.0% 57,425 0.6 1,195 241,975 0.6 4,616 299,400 0.6 5,811 Maricunga Chile 100.0% 15,209 0.9 428 25,432 0.8 614 40,641 0.8 1,042 Paracatu Brazil 100.0% 427,432 0.4 5,653 260,558 0.5 3,992 687,990 0.4 9,645

Subtotal 500,066 0.5 7,276 527,965 0.5 9,222 1,028,031 0.5 16,498

AFRICAChirano Ghana 90.0% 7,275 1.2 287 7,394 3.6 848 14,669 2.4 1,135 Tasiast 11 Mauritania 100.0% 30,467 1.4 1,406 101,711 2.1 6,813 132,178 1.9 8,219

Subtotal 37,742 1.4 1,693 109,105 2.2 7,661 146,847 2.0 9,354

RUSSIADvoinoye Russia 100.0% 634 10.2 209 1,631 11.6 606 2,265 11.2 815 Kupol Russia 100.0% 1,253 8.8 355 5,904 8.1 1,544 7,157 8.3 1,899

Subtotal 1,887 9.3 564 7,535 8.9 2,150 9,422 9.0 2,714

Total Gold 641,144 0.6 11,440 811,412 0.8 21,782 1,452,556 0.7 33,222

59599 KinrossAR 2015-Mar29 pp66-77.pdf - p1 (March 29, 2016 21:39:55)59599 Kinross AR Final noTrim.pdf - p133 (March 31, 2016 19:04:38)

67Kinross Gold 2015

68Kinross Gold 2015

SilverProven and Probable Mineral Reserves (1, 3, 4, 5, 6, 8, 9)


Property Location

KinrossInterest

(%)


Tonnes (kt)

Grade (g/t)

Ounces (koz)

Tonnes (kt)

Grade (g/t)

Ounces (koz)

Tonnes (kt)

Grade (g/t)

Ounces (koz)

NORTH AMERICARound Mountain Area 8 USA 100.0% 462 13.1 195 1,908 11.0 675 2,370 11.4 870

Subtotal 462 13.1 195 1,908 11.0 675 2,370 11.4 870

SOUTH AMERICACerro Casale 9 Chile 25.0% 57,425 1.9 3,522 241,975 1.4 11,150 299,400 1.5 14,672

Subtotal 57,425 1.9 3,522 241,975 1.4 11,150 299,400 1.5 14,672

RUSSIADvoinoye Russia 100.0% 634 16.6 338 1,631 18.7 979 2,265 18.1 1,317 Kupol Russia 100.0% 1,253 124.4 5,011 5,904 100.7 19,112 7,157 104.8 24,123

Subtotal 1,887 88.2 5,349 7,535 82.9 20,091 9,422 84.0 25,440

Total Silver 59,774 4.7 9,066 251,418 3.9 31,916 311,192 4.1 40,982

CopperProven and Probable Mineral Reserves (1, 3, 4, 5, 6, 9)


Property Location

KinrossInterest

(%)


Tonnes (kt)

Grade (%)

Pounds (Mlb)

Tonnes (kt)

Grade (%)

Pounds (Mlb)

Tonnes (kt)

Grade (%)

Pounds (Mlb)

SOUTH AMERICACerro Casale 9 Chile 25.0% 57,425 0.19 240 241,975 0.23 1,204 299,400 0.22 1,444

Subtotal 57,425 0.19 240 241,975 0.23 1,204 299,400 0.22 1,444

Total Copper 57,425 0.19 240 241,975 0.23 1,204 299,400 0.22 1,444


67Kinross Gold 2015

68Kinross Gold 2015

MEASURED AND INDICATED MINERAL RESOURCES

GoldMeasured and Indicated Mineral Resources (Excludes Proven and Probable Mineral Reserves) (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)


Property Location

KinrossInterest

(%)

Measured Indicated Measured and Indicated

Tonnes (kt)

Grade (g/t)

Ounces (koz)

Tonnes (kt)

Grade (g/t)

Ounces (koz)

Tonnes (kt)

Grade (g/t)

Ounces (koz)

NORTH AMERICABald Mountain 8 USA 100.0% 36,337 0.8 951 152,634 0.6 2,982 188,971 0.6 3,933 Fort Knox Area USA 100.0% 7,077 0.5 103 88,745 0.5 1,320 95,822 0.5 1,423 Kettle River USA 100.0% – – – 72 5.1 12 72 5.1 12 Round Mountain Area 8 USA 100.0% 14,624 0.5 258 27,534 0.5 425 42,158 0.5 683 White Gold Yukon 100.0% – – – 9,788 2.7 840 9,788 2.7 840

Subtotal 58,038 0.7 1,312 278,773 0.6 5,579 336,811 0.6 6,891

SOUTH AMERICACerro Casale 9 Chile 25.0% 5,739 0.3 56 68,423 0.4 787 74,162 0.4 843 La Coipa 10 Chile 100.0% 5,364 1.8 307 25,452 1.8 1,440 30,816 1.8 1,747 Lobo Marte Chile 100.0% 96,646 1.1 3,525 88,720 1.2 3,489 185,366 1.2 7,014 Maricunga Chile 100.0% 17,860 0.8 445 180,224 0.7 3,830 198,084 0.7 4,275 Paracatu Brazil 100.0% 137,307 0.3 1,264 178,201 0.3 2,003 315,508 0.3 3,267

Subtotal 262,916 0.7 5,597 541,020 0.7 11,549 803,936 0.7 17,146

AFRICAChirano Ghana 90.0% 3,378 1.5 161 7,585 2.4 578 10,963 2.1 739 Tasiast 11 Mauritania 100.0% 8,611 0.8 230 66,236 1.4 2,980 74,847 1.3 3,210

Subtotal 11,989 1.0 391 73,821 1.5 3,558 85,810 1.4 3,949

RUSSIADvoinoye Russia 100.0% 4 8.0 1 132 18.2 77 136 17.9 78 Kupol Russia 100.0% 146 6.5 31 1,018 7.3 240 1,164 7.2 271

Subtotal 150 6.6 32 1,150 8.6 317 1,300 8.4 349

Total Gold 333,093 0.7 7,332 894,764 0.7 21,003 1,227,857 0.7 28,335

SilverMeasured and Indicated Mineral Resources (Excludes Proven and Probable Mineral Reserves) (2, 3, 4, 5, 6, 7, 8, 9,10)


Property Location

KinrossInterest

(%)


Tonnes (kt)

Grade (g/t)

Ounces (koz)

Tonnes (kt)

Grade (g/t)

Ounces (koz)

Tonnes (kt)

Grade (g/t)

Ounces (koz)

NORTH AMERICARound Mountain Area 8 USA 100.0% 1,214 9.3 362 10,025 7.2 2,325 11,239 7.4 2,687

Subtotal 1,214 9.3 362 10,025 7.2 2,325 11,239 7.4 2,687

SOUTH AMERICACerro Casale 9 Chile 25.0% 5,739 1.2 220 68,423 1.1 2,328 74,162 1.1 2,548 La Coipa 10 Chile 100.0% 5,364 40.0 6,893 25,452 70.1 57,341 30,816 64.8 64,234

Subtotal 11,103 19.9 7,113 93,875 19.8 59,669 104,978 19.8 66,782

RUSSIADvoinoye Russia 100.0% 4 6.6 1 132 15.9 68 136 15.7 69 Kupol Russia 100.0% 146 82.4 387 1,018 98.8 3,234 1,164 96.8 3,621

Subtotal 150 80.3 388 1,150 89.3 3,302 1,300 88.3 3,690

Total Silver 12,467 19.6 7,863 105,050 19.3 65,296 117,517 19.4 73,159


69Kinross Gold 2015

70Kinross Gold 2015

CopperMeasured and Indicated Mineral Resources (Excludes Proven and Probable Mineral Reserves) (2, 3, 4, 5, 6, 7, 9)


Property Location

KinrossInterest

(%)


Tonnes (kt)

Grade (%)

Pounds (Mlb)

Tonnes (kt)

Grade (%)

Pounds (Mlb)

Tonnes (kt)

Grade (%)

Pounds (Mlb)

SOUTH AMERICACerro Casale 9 Chile 25.0% 5,739 0.13 17 68,423 0.16 248 74,162 0.16 265

Subtotal 5,739 0.13 17 68,423 0.16 248 74,162 0.16 265

Total Copper 5,739 0.13 17 68,423 0.16 248 74,162 0.16 265

INFERRED MINERAL RESOURCES

GoldInferred Mineral Resources (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)


Property Location

KinrossInterest

(%)Tonnes

(kt)

Inferred Grade

(g/t) Ounces

(koz)

NORTH AMERICABald Mountain 8 USA 100.0% 24,396 0.5 378 Fort Knox Area USA 100.0% 14,824 0.5 221 Kettle River USA 100.0% 36 6.7 8 Round Mountain Area 8 USA 100.0% 16,205 0.4 233 White Gold Yukon 100.0% 2,166 1.8 125

Subtotal 57,627 0.5 965

SOUTH AMERICACerro Casale 9 Chile 25.0% 123,860 0.4 1,498 La Coipa 10 Chile 100.0% 2,121 1.5 101 Lobo Marte Chile 100.0% 2,003 1.1 69 Maricunga Area Chile 100.0% 53,942 0.6 1,053 Paracatu Brazil 100.0% 10,515 0.4 143

Subtotal 192,441 0.5 2,864

AFRICAChirano Ghana 90.0% 1,602 2.9 149 Tasiast 11 Mauritania 100.0% 5,596 1.9 346

Subtotal 7,198 2.1 495

RUSSIADvoinoye Russia 100.0% 78 9.8 25 Kupol Russia 100.0% 404 8.3 108

Subtotal 482 8.6 133

Total Gold 257,748 0.5 4,457


69Kinross Gold 2015

70Kinross Gold 2015

SilverInferred Mineral Resources (2, 3, 4, 5, 6, 7, 8, 9, 10)


Property Location

KinrossInterest

(%) Tonnes

(kt)

Inferred Grade

(g/t) Ounces

(koz)

NORTH AMERICARound Mountain Area 8 USA 100.0% 2,377 5.9 454

Subtotal 2,377 5.9 454

SOUTH AMERICACerro Casale 9 Chile 25.0% 123,860 1.0 4,126 La Coipa 10 Chile 100.0% 2,121 45.2 3,081

Subtotal 125,981 1.8 7,207

RUSSIADvoinoye Russia 100.0% 78 13.7 34 Kupol Russia 100.0% 404 125.2 1,626

Subtotal 482 107.2 1,660

Total Silver 128,840 2.3 9,321

CopperInferred Mineral Resources (2, 3, 4, 5, 6, 7, 9)


Property Location

KinrossInterest

(%) Tonnes

(kt)

Inferred Grade

(%) Pounds

(Mlb)

SOUTH AMERICACerro Casale 9 Chile 25.0% 123,860 0.19 523

Subtotal 123,860 0.19 523

Total Copper 123,860 0.19 523


71Kinross Gold 2015

72Kinross Gold 2015

Mineral Reserve and Mineral Resource Statement Notes

(1) Unless otherwise noted, the Company’s mineral reserves are estimated using appropriate cut-off grades based on an assumed gold price of $US 1,200 per ounce, a silver price of $US 17.00 per ounce and a copper price of $US $3.00 per pound. Mineral reserves are estimated using appropriate process recoveries, operating costs and mine plans that are unique to each property and include estimated allowances for dilution and mining recovery. Mineral reserve estimates are reported in contained units and are estimated based on the following foreign exchange rates:

Russian Rouble to $US 50

Chilean Peso to $US 600

Brazilian Real to $US 3.00

Ghanaian Cedi to $US 3.50

Mauritanian Ouguiya to $US 300

(2) Unless otherwise noted, the Company’s mineral resources are estimated using appropriate cut-off grades based on a gold price of $US 1,400 per ounce, a silver price of $US 20.00 per ounce, a copper price of $US $3.00 per pound. Foreign exchange rates for estimating mineral resources were the same as for mineral reserves.

(3) The Company’s mineral reserve and mineral resource estimates as at December 31, 2015 are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “CIM Definition Standards - For Mineral Resources and Mineral Reserves” adopted by the CIM Council (as amended, the “CIM Definition Standards”) in accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”). Mineral reserve and mineral resource estimates reflect the Company’s reasonable expectation that all necessary permits and approvals will be obtained and maintained.

(4) Cautionary note to U.S. Investors concerning estimates of mineral reserves and mineral resources. These estimates have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States’ securities laws. The terms “mineral reserve”, “proven mineral reserve and “probable mineral reserve” are Canadian mining terms as defined in accordance with NI 43-101 and the CIM Definition Standards. The CIM Definition Standards differ from the definitions in the United States Securities and Exchange Commission (“SEC”) Guide 7 (“SEC Guide 7”) under the United States Securities Act of 1933, as amended. Under SEC Guide 7, a “final” or “bankable” feasibility study is required to report mineral reserves, the three-year historical average price is used in any mineral reserve or cash flow analysis to designate mineral reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in NI 43-101 and recognized by Canadian securities laws but are not defined terms under SEC Guide 7 or recognized under U.S. securities laws. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to mineral reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian securities laws, estimates of “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Accordingly, these mineral reserve and mineral resource estimates and related information may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal laws and the rules and regulations thereunder, including SEC Guide 7.

(5) Except as provided in Note (9), the Company’s mineral resource and mineral reserve estimates were prepared under the supervision of and verified by Mr. John Sims, an officer of Kinross, who is a qualified person as defined by NI 43-101.

(6) The Company’s normal data verification procedures have been used in collecting, compiling, interpreting and processing the data used to estimate mineral reserves and mineral resources. Independent data verification has not been performed.

(7) Mineral resources that are not mineral reserves do not have to demonstrate economic viability. Mineral resources are subject to infill drilling, permitting, mine planning, mining dilution and recovery losses, among other things, to be converted into mineral reserves. Due to the uncertainty associated with inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to indicated or measured mineral resources, including as a result of continued exploration.

(8) Bald Mountain and the remaining 50% interest of Round Mountain were acquired by Kinross effective January 11, 2016.

(9) Estimates for the Cerro Casale project are based on a project update completed by Barrick Gold Corporation in the first half of 2011 and have been updated to reflect current guidance. Mineral reserves and mineral resources are estimated using appropriate cut-off grades based on the following commodity prices and foreign exchange rates:

Mineral reserves – Gold price of $US 1,000 per ounce, Silver price of $US 16.00 per ounce, Copper price of $US 2.00 per pound, Chilean Peso to $US 525

Mineral resources – Gold price of $US 1,400 per ounce, Silver price of $US 19.00 per ounce, Copper price of $US 3.50 per pound, Chilean Peso to $US 585

The mineral reserve and mineral resource estimates for Cerro Casale were prepared under the supervision of Mr. Rick Sims, who is a qualified person as defined by NI 43-101.

(10) Includes mineral resources from the Puren deposit in which the Company holds a 65% interest. Mineral resources for the Phase 7 project are reported at 100% ownership, however Kinross has a 75% interest in the Phase 7 project.

(11) Tasiast proven and probable mineral reserve, and measured, indicated and inferred mineral resource estimates in this table, as at December 31, 2015, are based on the results of the pre-feasibility study assessing the 30,000 tonnes per day CIL mill expansion. For further information, please see the Company’s news release dated March 30, 2016 and the National Instrument 43-101 Technical Report for Tasiast dated March 30, 2016, both available at www.kinross.com and under the Company’s profile on SEDAR (www.sedar.com).


71Kinross Gold 2015

72Kinross Gold 2015

MINERAL RESERVE AND MINERAL RESOURCE DEFINITIONS A Mineral Reserve is the economically mineable part of a Measured or Indicated Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A Mineral Reserve includes diluting materials and allowances for losses that may occur when the material is mined.

A “Probable Mineral Reserve” is the economically mineable part of an Indicated and, in some circumstances, a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.

A “Proven Mineral Reserve” is the economically mineable part of a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified.

A Mineral Resource is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.

An “Inferred Mineral Resource” is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

An “Indicated Mineral Resource” is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

A “Measured Mineral Resource” is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.


73Kinross Gold 2015

74Kinross Gold 2015

SUMMARIZED FIVE-YEAR REVIEW (5, 6)

(in millions, except per share amounts) 2015 2014 2013 2012 2011

Operating results from continuing operations

Revenue $ 3,052.2 $ 3,466.3 $ 3,779.5 $ 4,307.3 $ 3,842.5

Net loss from continuing operations attributable to common shareholders

(984.5) (1,400.0) (3,012.6) (2,546.2) (2,093.5)

Net cash flow from continuing operations provided from operating activities

831.6 858.1 796.6 1,317.3 1,366.6

Capital expenditures 610.0 631.8 1,262.4 1,858.3 1,538.5

Financial position

Cash, cash equivalents and short-term investments $ 1,043.9 $ 983.5 $ 734.5 $ 1,982.5 $ 1,767.3

Working capital 1,590.3 1,982.7 1,692.9 2,281.8 2,322.1

Total assets 7,735.4 8,951.4 10,286.7 14,882.6 16,508.8

Long-term debt (including current portion) 1,981.4 2,058.1 2,119.6 2,632.6 1,633.1

Common shareholders’ equity 3,889.3 4,843.0 6,014.0 9,850.2 12,390.4

Per share data

Net loss from continuing operations attributable to common shareholders – basic

$ (0.86) $ (1.22) $ (2.64) $ (2.24) $ (1.84)

2015 KINROSS SHARE TRADING DATA

High Low

TSX (Cdn dollars)

First quarter $ 4.48 $ 2.80

Second quarter $ 3.19 $ 2.74

Third quarter $ 2.98 $ 1.79

Fourth quarter $ 3.16 $ 2.23

NYSE (U.S. dollars)

First quarter $ 3.71 $ 2.20

Second quarter $ 2.62 $ 2.19

Third quarter $ 2.36 $ 1.35

Fourth quarter $ 2.40 $ 1.68


74Kinross Gold 2015

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION All statements, other than statements of historical fact, contained or incorporated by reference in this Annual Report including, but not limited to, any information as to the future financial or operating performance of Kinross, constitute ‘‘forward-looking information’’ or ‘‘forward-looking statements’’ within the meaning of certain 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 Annual Report. Forward-looking statements contained in this Annual Report, include, without limitation, statements with respect to our guidance for production; production costs of sales, all-in sustaining cost and capital expenditures, mineral reserve and mineral resource estimates, as well as references to other possible events, the future price of gold and silver, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects, success of exploration, development and mining activities, permitting timelines, government regulation, mining operation, environmental risks, currency fluctuations, capital requirements, project studies, mine life extensions, continuous improvement initiatives; and resolution of pending litigation. The words “anticipate”, “assumption”, “believe”, “budget”, “concept”, “consideration”, “contingent”, “estimates”, ‘‘expects’’, “explore”, “feasibility”, “forecast”, “focus”, “forward”, ”future”, “guidance”, “indicate”, “intend”, “initiative”, “measures”, “objective”, “outlook”, “opportunity”, “PFS”, “phased”, “plan”, “positioned", “possible”, “potential”, “pre-feasibility”, “priority”, “project”, “proposed”, “prospective”, “risk”, “strategy”, “study”, “target”, “trend” or “upside”, or variations of or similar such words and phrases or statements that certain actions, events or results may, could, should, would, might, or will be achieved, received or taken, or will occur or result and similar such 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. The estimates, models and assumptions of Kinross referenced, contained or incorporated by reference in this Annual Report, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our most recently filed Annual Information Form and our Management’s Discussion and Analysis (“MD&A”) as well as: (1) there being no significant disruptions affecting the operations of the Company whether due to extreme weather events (including, without limitation, excessive or lack of rainfall) and other or related natural disasters, labour disruptions (including but not limited to following workforce reductions), supply disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production from the Company’s operations being consistent with Kinross’ current expectations including, without limitation, water and power supply, and launch of the tailings reprocessing facility at Paracatu; (3) political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, the impact of any escalating political tensions and uncertainty in the Russian Federation and Ukraine or any related sanctions and any other similar restrictions or penalties imposed, or actions taken, by any government, including but not limited to potential power rationing, tailings facility regulation and amendments to mining laws in Brazil, potential amendments to water laws and/or other water use restrictions and regulatory actions in Chile, potential amendments to minerals and mining laws and dam safety regulation in Ghana, potential amendments to customs and mining laws (including but not limited amendments to the VAT) in Mauritania, and potential amendments to and enforcement of tax laws in Russia (including, but not limited to, the interpretation, implementation, application and enforcement of any such laws and amendments thereto), being consistent with Kinross’ current expectations; (4) the exchange rate between the Canadian dollar, Brazilian real, Chilean peso, Russian rouble, Mauritanian ouguiya, Ghanaian cedi and the U.S. dollar being approximately consistent with current levels; (5) certain price assumptions for gold and silver; (6) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (7) production and cost of sales forecasts for the Company meeting expectations; (8) the accuracy of the current mineral reserve and mineral resource estimates of the Company (including but not limited to ore tonnage and ore grade estimates); (9) labour and materials costs increasing on a basis consistent with Kinross’ current expectations; (10) the terms and conditions of the legal and fiscal stability agreements for the Tasiast and Chirano operations being interpreted and applied in a manner consistent with their intent and Kinross’ expectations; (11) goodwill and/or asset impairment potential; and (12) access to capital markets, including but not limited to credit ratings being consistent with the Company’s current expectations. 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: sanctions (or any other similar restrictions or penalties) now or subsequently imposed, or 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 the Russian Federation, 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; litigation commenced, or other claims or actions brought, against the Company (and/or any of its directors, officers or employees) in respect of the cessation by the Company of investment in and development of Fruta Del Norte and its sale, or any of the

59599 KinrossAR 2015-p74 Mar31.pdf - p1 (March 31, 2016 18:44:31)59599 Kinross AR Final noTrim.pdf - p141 (March 31, 2016 19:04:42)

75Kinross Gold 2015

76Kinross Gold 2015

Company’s prior activities on or in respect thereof or otherwise in Ecuador; fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such as fuel and electricity); 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, royalty, 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 Brazil, Canada, Chile, Ghana, Mauritania, Russia, the United States, 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 or development activities; employee relations; litigation or other claims against, or regulatory investigations and/or any enforcement actions 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, 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 mineral reserves; adverse changes in our credit rating; and contests over title to 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 Annual Report are qualified by these cautionary statements 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 Factors’’ section of our most recently filed Annual Information Form and the “Risk Analysis” section of our 2015 year-end MD&A. 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.


75Kinross Gold 2015

76Kinross Gold 2015

Key Sensitivities

Approximately 70%-80% of the Company’s costs are denominated in U.S. dollars. A 10% change in foreign currency exchange rates would be expected to result in an approximate $15 impact on production cost of sales per ounce 7. Specific to the Russian ruble, a 10% change in the exchange rate would be expected to result in an approximate $14 impact on Russian production cost of sales per ounce. Specific to the Brazilian real, a 10% change in the exchange rate would be expected to result in an approximate $24 impact on Brazilian production cost of sales per ounce. A $10 per barrel change in the price of oil would be expected to result in an approximate $3 impact on production cost of sales per ounce. A $100 change in the price of gold would be expected to result in an approximate $3 impact on production cost of sales per ounce as a result of a change in royalties.

Other Information

Where we say ‘‘we’’, ‘‘us’’, ‘‘our’’, the ‘‘Company’’, or ‘‘Kinross’’ in this Annual Report, 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 (other than exploration activities) contained in this Annual Report has been prepared under the supervision of Mr. John Sims, 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 Company’s exploration activities contained in this Annual Report has been prepared under the supervision of Mr. Sylvain Guerard, an officer of the Company who is a “qualified person” within the meaning of NI 43-101.


77Kinross Gold 2015

ENDNOTES1 Kinross’ guidance and outlook for 2016 represents forward-looking information and users are cautioned that actual results may vary. Please refer to

the Cautionary Statement on page 74, as well as the Company’s news release dated February 10, 2016, available on our website at www.kinross.com.

2 “Attributable” is based on Kinross’ 90% share of Chirano production.

3 “Adjusted net earnings (loss) attributable to common shareholders”, “Adjusted net earnings (loss) per share”, “Adjusted operating cash flow”, “Attributable production cost of sales per equivalent ounce sold” and “Attributable all-in sustaining cost per equivalent ounce sold” figures used throughout this report are non-GAAP financial measures. For the definition and reconciliation of these non-GAAP measures, refer to Section 11, Supplemental Information of Management’s Discussion and Analysis in this report. Adjusted operating cash flow per share, also a non-GAAP measure, is defined as “adjusted operating cash flow” divided by the “weighted average number of common shares outstanding (basic)”. The weighted average number of common shares outstanding (basic) during the year ended December 31, 2015 was 1,146.0 million (2014: 1,144.3 million; 2013: 1,142.1 million).

4 Reported net loss includes an after-tax non-cash impairment charge of $689.7 million which includes charges related to property, plant and equipment of $430.2 million and inventory and other asset write-downs of $259.5 million (2014: $932.2 million; 2013: $2,834.1 million).

5 On June 10, 2013, the Company announced its decision to cease development of Fruta del Norte (“FDN”). As a result, FDN was classified as a discontinued operation. On December 17, 2014, the Company disposed of its interest in FDN. On June 28, 2012, the Company disposed of its interest in Crixás. The comparative figures exclude the results of FDN and Crixás.

6 Figures reported for 2011 have not been recast for IFRS 11, which was adopted on January 1, 2013.

7 Refers to all of the currencies in the countries where the Company has mining operations, fluctuating simultaneously by 10% in the same direction, either appreciating, or depreciating, taking into consideration the impact of hedging and the weighting of each currency within our consolidated cost structure.


Letter to Shareholders 1

2015 Achievements 4

Corporate Governance Highlights 6

Directors + Senior Leadership 6

Financial Summary 7

Financial Review 7

Cautionary Statement on Forward-Looking Information 74

Kinross is a global gold mining company with exceptional and consistent operating results driven by a high performance culture. With ten mines in three core regions, our focus is delivering value based on the core principles of operational excellence, balance sheet strength and responsible mining.

Our Operations

DvoinoyeKupol

Kettle River-Buckhorn

Fort Knox

Bald MountainRound Mountain

Toronto

Maricunga

Paracatu

Tasiast

Chirano

TSX: K Toronto Stock Exchange

NYSE: KGC New York Stock Exchange

CORPORATE INFORMATION

Shareholder Information

Transfer Agent and Registrar

ComputershareInvestor Services Inc.Toronto, Ontario, CanadaToll-free: 1-800-564-6253

Proxy Solicitation Agent

Kingsdale Shareholder ServicesToronto, Ontario, Canada

Annual Shareholders Meeting

Wednesday, May 11, 2016 at10:00 a.m. EDT at the Glenn GouldStudio, 250 Front Street West,Toronto, Ontario, Canada

Trading Data

TSXK – commonNYSEKGC – common

Legal Counsel

Osler, Hoskin & Harcourt LLPToronto, Ontario, Canada

Sullivan & Cromwell LLPNew York, New York,United States

Auditors

KPMG LLPToronto, Ontario, Canada

Contact Information

General

Kinross Gold Corporation25 York Street, 17th FloorToronto, Ontario,Canada M5J 2V5

Website: Kinross.comTelephone: 416-365-5123Toll-free: 1-866-561-3636Facsimile: 416-363-6622Email: [email protected]

Investor Relations

Tom Elliott, Senior Vice-President, Investor Relations and Corporate DevelopmentTelephone: 416-365-3390Email: [email protected]

Media Relations

Louie Diaz, Director, Corporate CommunicationsTelephone: 416-369-6469Email: [email protected]

Shareholder Inquiries

ComputershareInvestor Services Inc.9th Floor,100 University AvenueToronto, Ontario,Canada M5J 2Y1www.computershare.com/kinrossToll-free: 1-800-564-6253Toll-free facsimile: 1-888-453-0330

Publications

To obtain copies of Kinross’ publications, please visit our corporate website at Kinross.com, or contact us by email at [email protected] or call 1-866-561-3636.


Kinross publishes its corporate responsibility performance data annually and a comprehensive Global Reporting Initiative (GRI) report every two years. In 2016, we will be publishing our 2015 Corporate Responsibility Report online. This report will provide a detailed account of our social, environmental, and health and safety performance for 2014 and 2015.

designed and produced by smith + associates www.smithandassoc.com Please recycle.

@KinrossGold


2015


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Endnotes can be found on page 77 of this report.



KINROSS GOLD CORPORATION25 York Street, 17th FloorToronto, Ontario, CanadaM5J 2V5

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