KINROSS GOLD CORP

Exploration and upside potential

Lobo-Marte is situated within the prolific Maricunga belt and the current mine plan inventory represents only a portion of the broader mineralization identified across the project. The significant initial estimated operating life of 15 years is based on the 2021 FS and is supported by approximately 6.7 Moz. of proven and probable reserves. This static mine plan has been maintained as the base case for permitting as this is the mine plan that was advanced through baseline studies over prior years. The Company believes that the substantial resource inventory provides opportunities for future reserve conversion, mine life extension and production growth beyond the initial forecast mine plan.

The current FS mine plan should be viewed as a point-in-time development scenario based on the assumptions used in 2021. The pits were designed in a significantly lower gold price environment and do not capture the full extent of the mineralized system. Mineralization remains open in several areas, and a portion of the existing resource inventory lies outside the current reserve pit shells, providing a well-understood opportunity for future expansion as the project advances through development and operation.

Beyond the current reserve base, Lobo-Marte has the characteristics of a large gold copper porphyry system, with broad zones of mineralization extending at depth. The Company believes there is potential for future pit expansions and additional reserve growth as higher gold prices, ongoing technical work and future drilling are incorporated into long-term mine planning.

Exploration to date on the large land packages has focused primarily on advancing the current deposits toward development, leaving significant regional exploration potential across the property. Once Lobo-Marte is brought into production, exploration efforts will focus on resource conversion, extensions of the Lobo and Marte deposits, satellite targets and the identification of additional mineralized areas that could leverage Lobo-Marte's planned infrastructure and processing facilities.