Presentation - Kinross Gold

Gold Exploration:Where to From Here?• Pi Price of gold: a unique opportunity?• Challenges ahead• New horizons3

Declining world supply from mine production3,0002,500OtherBig Four*2001: Peak Production2,000Tonnes1,5001,00050001969 1974 1979 1984 1989 1994 1999 2004 2009e2009* South Africa, United States, Australia, CanadaSource: GFMS World Gold Survey 20104

Major Gold Discoveries: 1997 ‐ Present3,50090te Stage Spend ding3 Yea ar Average of Grassroots + La(US$ MM)3,0002,5002,0001,5001,000500-1997 Present807060504030201003 Year Average of Major Au Disc coveries (MM oz.)# of MajorGold Discoveries10 8 5 6 5 2 3 7 5 2 0Total Au Ounces Discovered (3 yr. Avg)Gold Exploration Spending (3 yr. Avg)Source: Metals Economics Group and Company estimates5

Recent Gold Discoveries• 42 new discoveries (>2 MM ozs)• 13 discoveries now in production• How many porphyries?• Deposits getting gharder to find• New ideas in old terrains or old ideas in new terrains–always a debatePorphyry Au, 50%Deposit Type Number Reserves & Resources Average Grade(MM ozs Au)(g/t Au)1. Porphyry Au (Cu‐Mo) 10 228.4 0.62. HS Epithermal Au 8 75.8 1.63. Orogenic Lode Au 11 70.2 3.14. LS/IS Epithermal Au 9 54.8 10.85. Paleo‐placer Au 1 13.2 4.56. IOCG 1 4.5 0.97. Carbonate‐hosted 1 4.4 0.58. Skarn 1 3.7 0.8Total: 42 455Source: Mineral Economics Group 20076

Key Criteria for Exploration Investment• Precious metals (gold and silver) but willing to pursue other commodities fittingwith precious metals portfolio• Geographic focus on the Americas (Ontario, BC, Alaska, Nevada, Washington,Mexico, Peru, Ecuador, Columbia, Chile, Argentina, Brazil), Russia (Chukotka,Magadan), and West Africa• Cornerstone assets that complement existing portfolio• High margin projects that offer operating flexibility• Ability to enhance the Corporation’s longevity• Emphasis on district exploration potential• Utilizes Kinross’ competitive advantage• Key metrics: NAVPS and CFPS7

Tasiast, Mauritania10

West African Growth Platform# Producing Mine# Exploration / Development Project3461) Tasiast (Red (Robinson) Back) –Au -Au2) Guelb Moghrein (First Quantum) – Cu/Co/Au3) Askaf (Sphere Minerals) – Iron Ore4) Guelb el Aouj (Sphere Minerals) – Iron Ore5) Lebtheinia (Sphere Minerals) – Iron Ore6) Guelb El Rhein (SNIM) – Iron OreTasiastMauritaniaChiranoGhanaKey Ghana Stats:• Religion: 69% Christian, 16% Muslim• Language: English (official), Asante, Ewe• Population: 23.9 million• Capital: Accra• Currency: Ghaniancedi (GHC)Tasiast4 15 1Railway2MAURITANIA2# Infrastructure35Key Mauritania Stats:1) Atar International Airport2) Nouadhibou International Airport3) Nouakchott International Airport4) Port Minéralier5) Nouakchott Deep-Sea Port• Religion: 100% Muslim• Language: Arabic (official and national), French also prevalent• Population: 3.3 33million• Capital: Nouakchott• Currency: Ouguiya (MRO), US dollars also accepted11

Tasiast, Mauritania• Located in Mauritania: ~300 km north of thecapital city of Nouakchotto Commercial production commenced inJan. 2008o Open‐pit mine with 2.5 Mtpa mill plusdump leach• Road access to mine and small air stripon site• Situated in remote, flat, sparselypopulated desert• Highly prospective, under‐explored explored gold belto Only 8 km of 70 km strike length hasbeen tested12

Tasiast Geological ModelProject LayoutPiment SudSudPiment SudNordWest BranchFootwall ZoneGreenschistZonePimentCentralPimentNorthSchematic X-section13

Greenschist Target –Section 71186NAug.’09: 17 m at 1.69 g/tAug. ’09: 21 m at 1.74 g/tJan’10: 84 m at 1.92 g/tJan.’10: 85 m at 2.42 g/tJan.’10:94 m at 2.78 g/tSep.’10:81 m at 3.00g/tSep.’10:45 m at 4.26 g/tSep.’10:74 m at 4.52 g/tScale 100 mFelsic VolcanicBanded Iron FormationVolcaniclasticGreenschistSource: Red Back Mining news releases dated August 31, 2009, January 20, 2010 and September 7, 2010, available onSEDAR as Red Back Mining documents.14

Plan View of Drilling at Tasiast15

No Geographic Constraints to Expansion16

Resource Growth at Tasiast• 3.2 mm oz of Inferred Resource added in November 20105.1s) (1,2)1.9Ou unces (million0.83.71.45.492 9.2 93 9.3Year‐end 2008 November 2009 September 2010 November 2010Measured & Indicated Mineral Resources Inferred Mineral ResourcesNote: Mineral Resources are reported inclusive of Mineral Reserves. For the most recent Mineral Reserve statement for Tasiast, see the Kinross website.(1) Please refer to endnote #1.(2) Please refer to endnote #2.17

Tasiast: Conceptual Pit Shell5 mm oz reserve pit20 mm oz exploration target pit18

District TargetsC6734m at 1.71g/t4m at 11.10g/t19m at 1.19g/t12m at 2.18g/tAoeouat15m at 3.72g/t6m at 10.62g/tProlongation13m at 4.08g/t6m at 2.61g/t6m at 13.0g/t12m at 11.1g/t10km9m at 7.41g/tC6913m at 3.89/t21m at 0.88g/t15m at 1.72g/t12m at 1.07g/t10m at 1.66g/t19Please refer to the Tasiast Technical Report, dated August 18, 2010, available on Kinross’ website.19

District Potential –82 x 25 km Archean Greenstone BeltTasiast GeologyTimmins Geology with Major Au Mines & Au OccurrencesTasiast25 km 25 km20

Advancing Tasiast• Added 11 drills since acquisition; 22 rigs currently on‐siteo 16 currently on West Branch• Completed ~194,000 m of drilling in 2010• Scoping study completed in December• Feasibility study expected to be complete mid‐2011• Reserve & resource update on Feb. 16 th with FY’10 results21

Kinross Exploration Priorities22

Kupol Properties / Dvoinoye & Vodorazdelnaya• In 2010:o Acquired 100% of Dvoinoye / Vodorazdelnayaand consolidated ownership of the Kupol Eastand West exploration licenses• Deposit style: high grade epithermal gold deposits• Completed over 10,000 m of drilling at Dvoinoye,and 40,000000 m at Kupol• Exploration objectives:o Identifying targets on Kupol East and WestPevekDvoinoye deposit &Vodorazdelnayaconcession~100 kmKupol mineo Targeting mineral reserve replacement at Kupolo NI 43‐101 mineral resource at Dvoinoye23

Lobo‐Marte, Chile• Deposit style: high grade porphyry gold deposit• Land package: 34 concessions covering ~30,000 ha• Updated pre‐feasibility study for Lobo‐MartecompletedMarteLobo• Feasibility study in the first half of 2011• Remain on schedule to submit the EIA in mid‐2011Valy satellite target• Permitting an additional 20,000 m of drilling for 2011• Exploration objectives:• Expand mineral resource at Lobo‐Marte• Commence drilling satellite targets24

Fruta del Norte, Ecuador• Pre‐feasibility study completed at year‐end 2010• Details to be discussed with Q4 results Feb. 16• Feasibility expected H1 2011FDN• Geotechnical and hydrogeological drilling on La Zarzaand Colibri concessions• Exploration to date has located a number of epithermaland porphyry‐style targets which will be the focus ofcontinued regional explorationBarbascoEmperador• FDN Technical Report describes major explorationtargets in area of Suarez pull‐apart basin25

Chirano, Ghana• Deposit type: lode gold• Exploration upside at depth and along strike ‐ >30km of contiguous strike• High grade intercepts encountered under Akoti open‐pits• Initial resources at Suraw and Akoti extended• Priority targets include the area under Obra and Tano pits, as well as theAkwaaba‐Suraw Gap“Akwaaba-Suraw Gap”26

Adding Value through Exploration27

Conclusion• Industry challenges:o Global gold production is decliningo Discovery rates are decreasing• The Kinross response:o Focus on the most prospective districts in our desired geographieso Mitigate discovery risk by focusing on targets with high probability of success• Economic / technical / permitting / socialo Identify, acquire, and explore the best depositso Develop relationships with junior companies to fill the exploration pipeline• Ongoing exploration efforts to further expand gold resources28

Endnotes1) For historical mineral resource estimates relating to the Tasiast property, please refer to Red Back’s publicfilings, available under Red Back’s profile on SEDAR.2) For more information on Kinross’ updated Measured and Indicated Mineral Resource and Inferred MineralResource estimate for Tasiast, please refer to the news release dated November 3, 2010, which is availableon our website at www.kinross.com.29

Kinross Gold Corporation25 York Street, 17 th FloorToronto, ON M5J 2V5Tel: 416‐365‐51235123Toll‐Free: 1‐866‐561‐3636www.kinross.com30