K.TO · 2015-02-10

For more information, please see Kinross’ 2014 year-end Financial Statements and MD&A

Production Results Financials

For more information, please see Kinross’ 2014 year-end Financial Statements and MD&A at www.kinross.com NEWS RELEASE

Kinross reports 2014 fourth-quarter and full-year results

Record production of 2.71 million Au eq. oz. exceeds guidance Approximately $1 billion in cash on balance sheet Company not proceeding with Tasiast mill expansion at present time

Toronto, Ontario – February 10, 2015 – Kinross Gold Corporation (TSX: K, NYSE: KGC) today announced its results for the fourth quarter and year-end December 31, 2014.

(This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 30 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.)

2014 Q4 highlights:

Production¹: 672,051 gold equivalent ounces (Au eq. oz.), compared with 646,234 ounces in Q4 2013.
Revenue: $791.3 million, compared with $877.1 million in Q4 2013.

 Production cost of sales²: $714 per Au eq. oz., compared with $765 in Q4 2013.

All-in sustaining cost²: $1,006 per Au eq. oz. sold, compared with $1,175 in Q4 2013. All-in sustaining cost per gold ounce (Au oz.) sold on a by-product basis was $1,001 in Q4 2014, compared with $1,169 in Q4 2013.
Adjusted operating cash flow²: $197.6 million, or $0.17 per share, compared with $222.8 million, or $0.19 per share, in Q4 2013.
Adjusted net loss^2,3: adjusted loss of $6.0 million, or $0.01 per share, compared with an adjusted loss of $25.1 million, or $0.02 per share, in Q4 2013.
Reported net loss³: $1,473.5 million, or $1.29 per share, compared with a loss of $740.0 million, or $0.65 per share, in Q4 2013. The Q4 reported net loss includes an after-tax, non-cash impairment charge of $932.2 million and an inventory write down of $167.6 million. The impairment charge of $932.2 million relates to property, plant and equipment, and goodwill.

2014 full-year highlights:

Production¹: a record 2,710,390 Au eq. oz., compared with 2,631,092 ounces for full-year 2013.
Revenue: $3,466.3 million, compared with $3,779.5 million for full-year 2013.
Production cost of sales²: $720 per Au eq. oz., compared with $743 for full-year 2013.

 All-in sustaining cost²: $973 per Au eq. oz. sold, compared with $1,082 for full-year 2013. All-in sustaining cost per Au oz. sold on a by-product basis was $965 for full-year 2014, compared with $1,063 per Au oz. sold for full-year 2013.

 Adjusted operating cash flow²: $976.9 million, or $0.85 per share, compared with $1,149.6 million, or $1.01 per share for full-year 2013.

Adjusted net earnings^2,3: $131.1 million, or $0.11 per share, compared with adjusted net earnings of $321.2 million, or $0.28 per share, for full-year 2013.
Reported net loss³: $1,400.0 million, or $1.22 per share, compared with a loss of $3,012.6 million, or $2.64 per share, for full-year 2013.

 Capital expenditures: $631.8 million, compared with $1.26 billion for full-year 2013.

Balance sheet: Cash, cash equivalents and restricted cash of $1,024.8 million at year end, compared with $793.5 million at December 31, 2013.

Outlook, Tasiast expansion and exploration update:

Outlook: Kinross expects to produce approximately 2.4 - 2.6 million Au eq. oz. at a production cost of sales per Au eq. oz. of $720 - $780 and an all-in sustaining cost per Au eq. oz. of $1,000 - $1,100. Total capital expenditures are forecast to be approximately $725 million in 2015.
Tasiast mill expansion update: The Company has decided not to proceed with the Tasiast mill expansion at the present time, primarily as a result of the current gold price environment.
Exploration: Exploration activities at Kupol, Chirano and Tasiast added 765,191 Au oz. to Kinross’ measured and indicated mineral resource estimates and 62,749 Au oz. to its inferred mineral resource estimates.

1Unless otherwise stated, production figures in this news release are based on Kinross’ 90% share of Chirano production.

2These figures are non-GAAP financial measures and are defined and reconciled on pages 20 to 24 of this news release.

3Net earnings/loss figures in this release represent “net earnings (loss) from continuing operations attributable to common shareholders”.

p. 1 Kinross reports 2014 fourth-quarter and full-year results www.kinross.com

CEO Commentary

J. Paul Rollinson, CEO, made the following comments in relation to 2014 fourth-quarter and year-end results:

“2014 marked another excellent year for Kinross operationally with record production of 2.71 million ounces, declining costs and strong cash flow generation, despite lower gold prices. With 10 consecutive quarters of having met or exceeded expectations, the Company continues to deliver on its commitment to operational excellence, financial discipline and balance sheet strength.

“These principles underpin Kinross’ decision not to proceed with the Tasiast mill expansion at the present time. We continue to believe a mill expansion has the potential to offer a rare combination of large, low cost production; however, preserving balance sheet strength remains our priority, particularly given the current gold price environment. This decision preserves our cash position – which was approximately $1 billion at year-end – and our liquidity, while giving us the financial flexibility to capitalize on a possible future Tasiast expansion, or other opportunities, should they arise.

“In 2015, we are forecasting another solid year of operational results, balancing the importance of cost containment with disciplined capital investment in our assets. We have also taken a prudent approach to our cost assumptions, particularly in relation to currency exchange rates and the price of oil. With financial rigour and strong adherence to guidance targets, we will remain focused on delivering on our commitments.”

Financial results Summary of financial and operating results

Three months ended Years ended

December 31, December 31,

(in millions, except ounces, per share amounts, and per ounce amounts) 2014 2013 2014 2013

Operating Highlights from Continuing Operations

Total gold equivalent ounces^(a)

Produced^(c) 679,646 653,805 2,739,044 2,658,632 Sold^(c) 658,730 691,300 2,743,398 2,697,093

Attributable gold equivalent ounces^(a)

Produced^(c) 672,051 646,234 2,710,390 2,631,092 Sold^(c) 651,498 683,419 2,715,358 2,669,276

Financial Highlights from Continuing Operations

Metal sales $ 791.3 $ 877.1 $ 3,466.3 $ 3,779.5 Production cost of sales $ 469.2 $ 528.4 $ 1,971.2 $ 2,004.4 Depreciation, depletion and amortization $ 229.2 $ 206.7 $ 874.7 $ 828.8 Impairment charges $ 736.5 $ 3,169.6 Operating loss $ (1,301.4) $ (706.1) $ (1,027.2) $ (2,635.2)

Net loss attributable to common shareholders $ (1,473.5) $ (740.0) $ (1,400.0) $ (3,012.6)

Basic loss per share attributable to common shareholders $ (1.29) $ (0.65) $ (1.22) $ (2.64)

Diluted loss per share attributable to common shareholders $ (1.29) $ (0.65) $ (1.22) $ (2.64)

Adjusted net earnings (loss) attributable to common shareholders^(b) $ (6.0) $ (25.1) $ 131.1 $ 321.2 Adjusted net earnings (loss) per share^(b) $ (0.01) $ (0.02) $ 0.11 $ 0.28 Net cash flow provided from operating activities $ 179.2 $ 187.2 $ 858.1 $ 796.6 Adjusted operating cash flow ^(b) $ 197.6 $ 222.8 $ 976.9 $ 1,149.6 Adjusted operating cash flow per share^(b) $ 0.17 $ 0.19 $ 0.85 $ 1.01 Average realized gold price per ounce $ 1,201 $ 1,268 $ 1,263 $ 1,402 Consolidated production cost of sales per equivalent ounce^(c) sold^(b) $ 712 $ 764 $ 719 $ Attributable^(a) production cost of sales per equivalent ounce^(c) sold^(b) $ 714 $ 765 $ 720 $ Attributable^(a) production cost of sales per ounce sold on a by-product basis^(b) $ 701 $ 733 $ 705 $ Attributable^(a) all-in sustaining cost per ounce sold on a by-product basis^(b) $ 1,001 $ 1,169 $ 965 $ 1,063 Attributable^(a) all-in sustaining cost per equivalent ounce^(c) sold^(b) $ 1,006 $ 1,175 $ 973 $ 1,082 Attributable^(a) all-in cost per ounce sold on a by-product basis^(b) $ 1,162 $ 1,427 $ 1,072 $ 1,357 Attributable^(a) all-in cost per equivalent ounce^(c) sold^(b) $ 1,164 $ 1,418 $ 1,077 $ 1,360 (a)

"Total" includes 100% of Chirano production. "Attributable" includes Kinross' share of Chirano (90%) production.

(b)

The definition and reconciliation of these non-GAAP financial measures is included on pages 20 to 24 of this news release.

(c)

"Gold equivalent ounces" include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for each period. The ratio for the fourth quarter of 2014 was 72.73:1, compared with 61.18:1 for the fourth quarter of 2013; year to date 2014 was 66.29:1, compared with 59.23:1 for 2013.

p. 2 Kinross reports 2014 fourth-quarter and full-year results www.kinross.com The following operating and financial results are based on fourth-quarter and full-year 2014 production from continuing operations. Production and cost measures are on an attributable basis:

Production: Kinross produced 672,051 attributable Au eq. oz. in the fourth quarter of 2014, an increase over the fourth quarter of 2013, due mainly to increased production at the Kupol segment, offset by the suspension of mining at La Coipa in October 2013. Full-year production exceeded the Company’s 2014 guidance and reached a record 2,710,390 Au eq. oz., mainly due to a 37% increase in production at the Kupol segment and a 32% production increase at Maricunga compared with full-year 2013.

Production cost of sales: Production cost of sales per Au eq. oz.² was $714 for the fourth quarter of 2014, compared with $765 for the fourth quarter of 2013, a $51 decrease largely attributed to lower costs at Paracatu, Maricunga, and Tasiast. Production cost of sales per Au oz. on a by-product basis² was $701 in Q4 2014, compared with $733 in Q4 2013, based on Q4 2014 attributable gold sales of 635,121 ounces and attributable silver sales of 1,191,105 ounces.

Production cost of sales per Au eq. oz. was $720 for full-year 2014, at the low-end of the revised guidance range and a reduction of $23 compared with $743 for full-year 2013. The full-year decrease was due mainly to a $217 per ounce reduction at Maricunga and a $170 per ounce reduction at Chirano. Production cost of sales per Au oz. on a by-product basis was $705 for full-year 2014, compared with $703 for full-year 2013, based on 2014 full-year attributable¹ gold sales of 2,641,308 ounces and attributable silver sales of 4,917,982 ounces.

All-in sustaining cost: All-in sustaining cost per Au eq. oz. sold² decreased 14%, to $1,006 in Q4 2014, compared with $1,175 in Q4 2013, primarily due to reductions in sustaining capital and exploration and business development expenditures. All-in sustaining cost per Au oz. sold on a by-product basis² was $1,001 in Q4 2014, compared with $1,169 in Q4 2013.

All-in sustaining cost per Au eq. oz. sold decreased 10%, to $973 for full-year 2014, compared with $1,082 for fullyear 2013, primarily due to reduced sustaining capital expenditures and production cost of sales. All-in sustaining cost per Au oz. sold on a by-product basis was $965 for full-year 2014, compared with $1,063 for full-year 2013.

Revenue: Revenue from metal sales was $791.3 million in the fourth quarter of 2014, compared with $877.1 million during the same period in 2013. Sales were lower due to timing of gold shipments and a lower average realized gold price.

Revenue was $3,466.3 million for full-year 2014, compared with $3,779.5 million for full-year 2013, mainly due to a lower average realized gold price.

Average realized gold price: The average realized gold price in Q4 2014 declined to $1,201 per ounce, compared with $1,268 per ounce in Q4 2013.The average realized gold price per ounce declined to $1,263 for full-year 2014, compared with $1,402 per ounce for full-year 2013.

Margins: Kinross’ attributable margin per Au eq. oz. sold⁴ was $487 per Au eq. oz. for the fourth quarter of 2014, compared with the Q4 2013 margin of $503 per Au eq. oz. Full-year margin per Au eq. oz. was $543, compared with $659 for full-year 2013.

Operating cash flow: Adjusted operating cash flow² was $197.6 million for the fourth quarter of 2014, or $0.17 per share, compared with $222.8 million, or $0.19 per share, for Q4 2013. Adjusted operating cash flow for full-year 2014 was $976.9 million, or $0.85 per share, compared with $1,149.6 million, or $1.01 per share, for full-year 2013.

Earnings/loss: Adjusted net loss^2,3 was $6.0 million, or $0.01 per share, for Q4 2014, compared with an adjusted net loss of $25.1 million, or $0.02 per share, for Q4 2013. Full-year 2014 adjusted net earnings were $131.1 million, or $0.11 per share, compared with $321.2 million, or $0.28 per share, for full-year 2013.

4Attributable margin per equivalent ounce sold is a non-GAAP measure defined as “average realized gold price per ounce” less “attributable production cost of sales per gold equivalent ounce sold.”

p. 3 Kinross reports 2014 fourth-quarter and full-year results www.kinross.com Reported net loss³was $1,473.5 million, or $1.29 per share, for Q4 2014, compared with a loss of $740.0 million, or $0.65 per share, in Q4 2013. Full-year 2014 reported net loss was $1,400.0 million, or $1.22 per share, compared with a loss of $3,012.6 million, or $2.64 per share, for full-year 2013. Reported net loss includes an after-tax, noncash impairment charge of $932.2 million and an inventory write down of $167.6 million. The non-cash impairment charge of $932.2 million includes charges related to property, plant and equipment of $342.5 million at Tasiast and $213.8 million at Chirano.

Capital expenditures: Capital expenditures decreased to $189.4 million for Q4 2014, compared with $331.1 million for the same period last year, due mainly to lower spending at Tasiast and Chirano. Capital expenditures for fullyear 2014 were $631.8 million, which was at the low end of Q3 revised guidance and 50% less than 2013 full-year capital expenditures, mainly as a result of reduced spending at Tasiast, Chirano and Fort Knox.

Operating results

Mine-by-mine summaries for 2014 fourth-quarter and full-year operating results may be found on pages 15 and 19 of this news release. Highlights include the following:

Americas

The region performed well, exceeding production guidance for 2014, with record full-year production at Paracatu and Maricunga. Maricunga increased production by 32% compared with 2013 as a result of continuous improvement efforts and higher grades. Paracatu increased production to 521,026 Au eq. oz. for the year as a result of a successful ore blending strategy, which combines B1 ore with harder, higher grade B2 ore through both Plant 1 and Plant 2. The higher grades and recoveries at Paracatu were offset by lower grades at Fort Knox.

In the fourth quarter, production was slightly lower compared with the previous quarter due to the October mill fire at Round Mountain, and lower grades at Maricunga, and at Kettle River-Buckhorn, which is nearing the end of its mine life. As previously reported, mill repairs at Round Mountain have commenced and the mill is on track to be re-commissioned in March 2015.

The region ended the year at the lower end of its production cost of sales guidance; nevertheless, 2014 cost of sales was higher compared with full-year 2013. The increase was mainly due to higher costs at Fort Knox, as the operation entered a phase of the mine with more operating waste and lower grades during the first three quarters of the year. Q4 production cost of sales per ounce decreased compared with Q4 2013, primarily due to lower cost of sales at Paracatu, Maricunga and Round Mountain. Improved efficiencies and increased production at Maricunga resulted in a 15% reduction in costs per ounce compared with Q4 2013 and a 19% reduction year-over-year.

Russia

The region exceeded expectations and its upwardly revised production guidance for the year. The combined Kupol and Dvoinoye operation increased production both quarter-over-quarter to 183,750 Au eq. oz. and year-over-year to 751,101 Au eq. oz. The region came in below its cost of sales guidance for the year and was in line with full-year 2013 cost of sales per ounce. Production cost of sales per ounce increased compared with the previous quarter due mainly to higher cost ounces sold from Kupol.

West Africa

The region met its production guidance for the year, with 2014 full-year production higher compared with full-year 2013. The increase was due mainly to higher mill grades at Chirano, and at Tasiast, which achieved record yearly production. At Chirano, quarterly production was up compared with Q3 2014 due mainly to higher throughput. At Tasiast, production was up slightly compared with Q3 2014 due to improved mill performance related to slightly higher throughput and recoveries.

p. 4 Kinross reports 2014 fourth-quarter and full-year results www.kinross.com The region met its production cost of sales guidance for the year, and full-year production cost per ounce was 12% lower compared with full-year 2013. Regional production cost of sales per ounce also decreased 16% compared with Q4 2013. The full-year decrease in cost of sales was mainly a result of the move to self-perform mining at Chirano, and continuous improvement programs.

Outlook

The following section of the news release represents forward-looking information and users are cautioned that actual results may vary. We refer to the risks and assumptions contained in the Cautionary Statement on Forward-Looking Information on page 30 of this news release.

In 2015, Kinross expects to produce approximately 2.4 - 2.6 million Au eq. oz. from its current operations, lower than 2014 production of 2.71 million Au eq. oz. This is mainly a result of anticipated lower grades at Chirano, Kettle River-Buckhorn and Dvoinoye due to mine sequencing, and reduced production from the Tasiast dump leach. Production guidance also takes into consideration power rationing in Ghana, which began in December, and the possibility of power rationing in Brazil, which may affect operations in both countries.

Production in the first quarter of 2015 is expected to be lower year-over-year, before leveling out in Q2, due to mine plan sequencing across various sites and the seasonal impact on the heap leach at Fort Knox. The lower production is expected to have a commensurate impact on production cost of sales.

Production cost of sales per Au eq. oz. is expected to be in the range of $720 - $780 for 2015, slightly higher than 2014 full-year results. This is primarily as a result of higher expected costs in West Africa due to anticipated lower production, offset by a higher proportion of lower cost ounces from the Kupol segment in the production mix. The Company has forecast an all-in sustaining cost for 2015 of $1,000 - $1,100 per Au eq. oz. sold, and per ounce sold on a by-product basis, which is slightly higher than 2014 full-year results mainly due to an increase in forecast sustaining capital expenditure and reduced gold production for 2015.

The table below summarizes the 2015 forecasts for production and average production cost of sales on a gold equivalent and a by-product accounting basis:

Accounting basis	2015 (forecast)
Gold equivalent basis Production (Au eq. oz.) 2.4 - 2.6 million Average production cost of sales per Au eq. oz. $720 - $780 All-in sustaining cost per Au eq. oz. $1,000 - $1,100 By-product basis Gold ounces 2.3 - 2.5 million Silver ounces 5 - 5.5 million Average production cost of sales per Au oz. $705 - $765

The following table provides a summary of the 2015 production and production cost of sales forecast by region:

p. 5 Kinross reports 2014 fourth-quarter and full-year results www.kinross.com

Region			Percentage of total production5	Forecast 2015 production cost of sales ($ per Au eq. oz.)
	Region	Forecast 2015
		production
		(Au eq. oz.)
Americas 1.3 - 1.4 million 54% 790 - 850 West Africa (attributable)* 390,000 - 440,000 17% 850 - 920 Russia 710,000 - 760,000 29% 495 - 525 Total 2.4 - 2.6 million 100% 720 - 780 *Based on Kinross’ 90% share of Chirano

Material assumptions used to forecast 2015 production cost of sales are as follows:

a gold price of $1,200 per ounce,
a silver price of $18 per ounce,
an oil price of $90 per barrel,
foreign exchange rates of:
- 2.5 Brazilian reais to the U.S. dollar,
- 1.10 Canadian dollars to the U.S. dollar,
- 40 Russian roubles to the U.S. dollar,
- 575 Chilean pesos to the U.S. dollar,
- 2.75 Ghanaian cedi to the U.S. dollar,
- 290 Mauritanian ouguiya to the U.S. dollar, and
- 1.30 U.S. dollars to the Euro.

Taking into account existing currency and oil hedges:

a 10% change in foreign currency exchange rates would be expected to result in an approximate $14 impact on production cost of sales per ounce;
specific to the Russian rouble, a 10% change in the exchange rate would be expected to result in an approximate $11 impact on Russian production cost of sales per ounce;
a $10 per barrel change in the price of oil would be expected to result in an approximate $1 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.

Total capital expenditures for 2015 are forecast to be approximately $725 million (including estimated capitalized interest of approximately $40 million). The $725 million in forecast expenditures is summarized in the table below:

Region	Forecast 2015 sustaining capital (million)	Forecast 2015 non-sustaining capital (million)	Total (million)
Americas $350 $10 $360 West Africa $70 $170 $240 Russia $80 $0 $80 Corporate $5 $0 $5 Total $505 $180 $685 Capitalized interest $40 TOTAL $725

5The percentages are calculated based on the mid-point of regional 2015 forecast production.

p. 6 Kinross reports 2014 fourth-quarter and full-year results www.kinross.com Sustaining capital includes the following forecast spending estimates:

Mine development: $110 million (Americas), $25 million (Russia)
Tailings facilities:

$80 million (Americas), $30 million (Russia), $10 million (West Africa)

Mobile equipment:

$50 million (Americas), $25 million (West Africa), $10 million (Russia)

 Leach facilities: $40 million (Americas)

Mill facilities: $35 million (Americas)

Non-sustaining capital includes the following forecast spending estimates:

Tasiast West Branch stripping and project wrap up: $155 million
Chirano Paboase deposit (initial development): $15 million
Development projects/studies:

$10 million

The 2015 forecast for exploration is approximately $95 million, none of which is expected to be capitalized. 2015 overhead (general and administrative expenses and business development) is expected to be approximately $205 million. The above forecast expenses include approximately $30 million related to expected equity-based compensation. Other operating costs are forecast to be approximately $50 million, including $11 million for care and maintenance costs at La Coipa.

Income tax expenses are expected to be $55 million based on our assumed gold price plus approximately 24% of any profit resulting from higher gold prices. Depreciation, depletion and amortization is forecast to be approximately $330 per Au eq. oz.

Tasiast mill expansion update

Following a comprehensive review, the Company has decided not to proceed with the 38,000 t/d mill expansion at the present time. The current gold price environment does not provide the Company with sufficient confidence that it will be able to maintain balance sheet strength while financing the expansion during the three-year construction period.

Kinross continues to believe a Tasiast mill expansion has the potential to create significant value over the long term. The Company will continue to assess market conditions with a view to possibly expanding Tasiast, should circumstances change. In addition, Kinross will continue to focus on reducing operating costs at Tasiast, consistent with the Company’s standards of operational excellence and drive for continuous improvement.

La Coipa Phase 7 update

A pre-feasibility study (PFS), begun in Q2 2014, to explore potential re-start options at La Coipa, is on track to be completed during the third quarter of 2015. Kinross is also conducting a scoping study that focuses on processing options for known near-surface sulfide mineralization in the district. Exploration continues at La Coipa, with the assessment of some attractive opportunities to extend the mine life beyond what the PFS will contemplate.

Metallurgical test work continues to be a major component of the study. Results to date confirm the complexity of the ore types, with more test work to follow.

Sale of Fruta del Norte

On December 17, 2014, the Company completed the sale of all its interest in Aurelian Resources Inc. and the Fruta del Norte (FDN) project in Ecuador for gross cash proceeds of $150.0 million and $90.0 million of Lundin Gold Inc. (formerly known as “Fortress Minerals Corp.”) common shares, resulting in an after-tax recovery of $238.0 million.

p. 7 Kinross reports 2014 fourth-quarter and full-year results www.kinross.com

Liquidity

As of December 31, 2014, Kinross had cash, cash equivalents and restricted cash of $1,024.8 million, an increase of $231.3 million from December 31, 2013, driven by higher net operating cash flows of $858.1 million and cash proceeds of $150.0 million received from the sale of FDN, less cash flow of $631.8 million used for capital expenditures.

As at December 31, 2014, the Company had utilized $32.1 million of its amended $1.5 billion revolving credit facility for letters of credit.

Non-cash impairment

The Company completed its annual assessment of the carrying value of its cash generating units (CGU) for the year-ended December 31, 2014, and as a result, recorded an after-tax, non-cash impairment charge of $932.2 million. The impairment charge was comprised of property, plant and equipment: $342.5 million at Tasiast, $213.8 million at Chirano, $118.5 million at Lobo-Marte, $79.2 million at White Gold and $32.9 million at Kettle River- Buckhorn. The impairment charge also included goodwill of $124.4 million at La Coipa and $20.9 million at Kettle River-Buckhorn.

The Company also recorded inventory write-downs of $167.6 million as of December 31, 2014, primarily at Tasiast.

Board update

Mr. Kenneth Irving is resigning from the Kinross Board of Directors effective February 10, 2015, to focus on the continued development and success of his digital business. Kinross senior management and the Board of Directors would like to thank Mr. Irving for his many contributions during his tenure, including those related to his membership on the Corporate Responsibility and Corporate Governance and Nominating Committees.

2014 Mineral Reserves and Mineral Resources update

(See also the Company’s detailed Annual Mineral Reserve and Mineral Resource Statement estimated as at December 31, 2014 and explanatory notes starting at page 25.)

In preparing the Company’s 2014 year-end mineral reserves and mineral resource estimates as of December 31, 2014, Kinross has continued to focus on estimated higher margin, lower cost ounces, and maintained its fullyloaded costing methodology, which incorporates sustaining capital, mine waste management costs, general and administrative costs and other operating costs. The Company has also maintained the gold price assumptions used at year-end 2013: $1,200 per ounce for mineral reserves and $1,400 per ounce for mineral resources.

Proven and Probable Mineral Reserves

Kinross’ total estimated proven and probable gold reserves were 34.4 million ounces at year-end 2014, compared with 42.8 million ounces at year-end 2013. The net year-over-year decrease was mainly as a result of reclassifying approximately 6.0 million estimated Au oz. at Lobo-Marte to measured and indicated mineral resources, based on a decision not to extend environmental permits for the project at this time.

The reduction was offset by slight additions at Paracatu, due to assumed higher productivity, improved recoveries, lower costs and more favourable foreign exchange rates, and at Kupol, due to extensions of the mine plan. Other changes to the mineral reserve estimates include approximate reductions of 0.51 million Au oz. at Maricunga, 0.49 million Au oz. at Chirano, 0.46 million Au oz. at Fort Knox and 0.45 million Au oz. at Tasiast, mainly due to depletion.

Proven and probable silver reserves at year-end 2014 were estimated at 44.0 million ounces, a net decrease of 0.72 million ounces from year-end 2013, primarily due to production depletion. Silver reserves were estimated using a silver price assumption of $20.00 per ounce.

p. 8 Kinross reports 2014 fourth-quarter and full-year results www.kinross.com Proven and probable copper reserves at year-end 2014 were estimated at 1.4 billion pounds, unchanged from yearend 2013. Copper reserves, which are exclusively at Cerro Casale, were estimated using a copper price assumption of $2.00 per pound.

Measured and Indicated Mineral Resources

Kinross’ total estimated measured and indicated mineral resources at year-end 2014 increased by approximately 3.5 million Au oz. to 23.1 million Au oz. compared with year-end 2013. The 18% net increase in estimated mineral resources was mainly as a result of approximately 6.0 million gold ounces re-classified from mineral reserves to mineral resources at Lobo-Marte, a 1.3 million Au oz. increase at Maricunga due to pit optimization, and a 0.6 million Au oz. increase at Chirano due to model changes and additional estimated ounces from the Akoti and Suraw deposits. The increase in estimated mineral resources was offset by approximate reductions of 3.2 million Au oz. at Paracatu due to model changes and 1.6 million Au oz. at Tasiast due to pit optimization.

At Kupol, approximately 0.2 million Au oz. was added to mineral resource estimates as a result of discoveries at Moroshka.

Silver resource estimates increased by 5.9 million ounces to 28.7 million ounces, assuming a $22.00 per ounce silver price.

Inferred Mineral Resources

Kinross’ total estimated inferred gold resources at year-end 2014 were approximately 4.0 million ounces, a net decrease of 2.7 million ounces, primarily due to revised cost assumptions at Lobo-Marte.

Exploration update

In 2014, the Company continued to focus on brownfield projects and exploration within the existing footprint of several of our mines and surrounding districts. During the year, exploration activities at Kupol, Chirano and Tasiast added 765,191 Au oz. to Kinross’ estimated measured and indicated mineral resources and 62,749 Au oz. to its estimated inferred mineral resources⁶. Highlights include:

La Coipa: additional positive results were generated through two phases of diamond core drilling at the Catalina target, located approximately one kilometre southeast of La Coipa Phase 7.
Kupol: an indicated mineral resource estimate of 198,284 Au oz. at an average grade of 15.97g/t was defined at the Moroshka deposit, four kilometres east of Kupol.
Dvoinoye: an infill drilling program was completed on the September NE breccia zones, located 15 kilometres west-northwest of Dvoinoye, which defined high-grade gold-silver mineralized breccia over a strike length of approximately 150 metres. An initial mineral resources estimation is planned in 2015.
Chirano: drilling contributed to an increase of estimated measured and indicated mineral resources of 162,700 Au oz. at 3.70 g/t and 77,593 Au oz. at 5.05 g/t beneath the open pits at Akoti and Suraw, respectively. Drilling in 2015 is expected to focus on extending mineralized zones beneath some of the open pits and testing district targets.
Tasiast: estimated measured and indicated resources totaling 326,614 Au oz. were defined at satellite deposits on the mine licences at Fennec, C67, C68 and encouraging exploration drill results were reported from the Tamaya target at the Tasiast Sud license.

A summary of 2014 highlights is presented below. Additional detail may be found in the Appendices which provide illustrations, captions, and accompanying explanatory notes (Appendix A), and drilling results and location data (Appendix B) corresponding to the figures below.

6 See also Kinross’ Annual Mineral Reserve and Mineral Resource Statement, estimated as at December 31, 2014, and explanatory notes at page 25.

p. 9 Kinross reports 2014 fourth-quarter and full-year results www.kinross.com

Appendix A: http://www.kinross.com/media/260366/q4yearend2014appendixba.pdf Appendix B: http://www.kinross.com/media/260369/q4yearend2014appendixb.xlsx

La Coipa

Reverse circulation (RC) drilling was performed on a number of early-stage exploration targets located over the eastern part of the La Coipa district. From the six district target areas investigated during 2014, encouraging results were encountered at Pompeya Sur, Atenas-Puren Sur, and RAB005, which warrant further drilling in 2015 (Appendix A: Figure 1).

At Catalina, diamond core drilling was executed with infill and step out drilling from the previous year’s positive drill intersections. The target is located one kilometre southeast of La Coipa Phase 7 and occurs beneath 150 to 200 metres of colluvial overburden and young volcanic cover (Appendix A: Figure 2).

Results continue to be encouraging from this oxide mineralized zone and drilling continues to outline the geometry and extent of the mineralization. Mineralization remains open to the north and southeast and is currently estimated to be approximately 425 metres along a northwest – southeast strike, with a vertical extent of 150 metres and a width of 70 metres. The 2015 drill program at Catalina is designed to continue to better define the morphology, extent and controls on mineralization. Drill intersection highlights from the 2014 drill programs include (for full results and explanatory notes see Appendices):

Hole ID	From	To	Int. (m)	Au (g/t)	Ag (g/t)	Au Eq. (g/t)
DCAT-015 212 362 150 3.55 115 5.36 DCAT-018 198 310 112 5.66 48 6.41 DCAT-031 318 388 70 5.82 111 7.56 DCAT-036 204 386 182 1.72 44 2.41 DCAT-036-incl 222 248 26 4.49 75 5.67 DCAT-044 120 180 60 5.32 28 5.76 DCAT-044-incl. 156 158 2 115.0 122 116.9 DCAT-051 212 286 74 2.77 57 3.67 DCAT-059 216 304 88 2.00 97 3.52 DCAT-059-incl. 256 278 22 4.18 241 7.97

Kupol

At Moroshka, located approximately four kilometres east of Kupol and within the Kupol licence area (Appendix A: Figure 3), step-out and infill drilling completed in 2014 delineated mineralization and led to the definition of the following mineral resource estimates:

p. 10 Kinross reports 2014 fourth-quarter and full-year results www.kinross.com Moroshka Mineral Resources⁷:

Classification	Tonnes (000’s)	Grade (Au g/t)	Grade (Ag g/t)	Ounces (Au)	Ounces (Ag)
Indicated 386.2 15.97 185.10 198,284 2,298,209 Inferred 44.0 10.09 117.50 14,273 166,212

Other exploration targets were drill-tested in the Kupol area and a new epithermal vein, “Providence”, was discovered approximately 800 metres southwest of Moroshka. Three holes spaced approximately 100 metres apart have intersected the vein at approximately 200 metres below surface (Appendix A: Figure 4). Further drilling is planned in 2015 to determine size, grade, and continuity of mineralization at Providence. The structure that hosts the vein remains open and untested to the south and at depth. The Moroshka licence covers several other geophysical, geochemical and structural targets, which together with Providence, will be the focus of drilling in 2015. Drill intersection highlights from the 2014 drill programs at Providence include (for full results and explanatory notes see Appendices):

Hole ID	From	To	Int. (m)	Au (g/t)	Ag (g/t)	Au Eq. (g/t)
KW14-245 271.7 276.1 4.4 6.64 165.97 9.25 KW14-247A 254.9 256.1 1.2 27.71 332.89 32.94

Dvoinoye

Field work consisting of geological mapping, geochemical sampling, trenching and drilling was carried out along the September trend, which hosts the September Northeast mineralized zone. Outside the September Northeast target, multiple new target areas and prospects have been defined on the wider Vodorazdelnaya licence due to the integration of geological mapping and multi-element soil geochemical data. The Dvoinoye North, western September Main, North-Streams nn1 & nn2, and Alyonka, near the Dvoinoye mine targets, will be further investigated through mapping, geochemical sampling and potential drilling in 2015 (Appendix A: Figure 5).

Further infill drilling and close-spaced channel sampling were completed across a stripped pavement (trenching) over the September Northeast target, located approximately 15 kilometres northwest of the Dvoinoye mine (Appendix A: Figure 5). The trench and drill results defined high-grade gold-silver mineralized breccia over a strike length of approximately 150 metres and extend to a depth of approximately 100 metres from surface (Appendix A: Figure 6). Drill intersection highlights from 2014 drill programs include (for full results and explanatory notes see Appendices):

Hole ID	From	To	Int.	Au	Ag	Au Eq.
			(m)	(g/t)	(g/t)	(g/t)
				(uncapped)
SP14-005 192.8 194.6 1.8 62.61 36.77 63.19 SP14-021 51.4 55.1 3.7 430.66 163.89 433.24 SP14-023 23.8 29.5 5.7 142.13 55.90 143.01 SP14-029 24.0 27.5 3.5 85.71 43.51 86.39 SP14-042 18.5 20.7 2.2 95.81 34.19 96.35 SP14-042 217.3 217.9 0.6 91.34 64.16 92.35

All available information will be interpreted and an initial mineral resource update is planned for 2015.

7 See also Kinross’ Annual Mineral Reserve and Mineral Resource Statement, estimated as at December 31, 2014, and explanatory notes at page 25.

p. 11 Kinross reports 2014 fourth-quarter and full-year results www.kinross.com

Chirano

In 2014, drilling took place from 150 metres to 600 metres below the bottom of the existing pits at Akoti, Suraw and Obra, with successful results.

Exploration drilling contributed 162,700 Au oz. to the Company’s 2014 measured and indicated resource estimates of 297,512 Au oz. at an average grade of 3.7 g/t for the Akoti underground, which is part of the total measured and indicated resources for Chirano (see page 27 of this news release).

Similarly, exploration drilling contributed 77,593 Au oz. to the Company’s 2014 measured and indicated resource estimates of 186,379 Au oz. at an average grade of 5.05 g/t for the Suraw underground.

Assessment of the potential economic viability of the Akoti and Suraw mineralized zones will continue in 2015 and drilling is expected to focus on extending mineralization at Suraw.

Reverse circulation and selective diamond core drilling also tested potential near surface targets in proximity to the Chirano mine and within the Chirano district. Seven targets were drilled during 2014 and encouraging results were encountered at four targets, of which the Futa and Apeakrom, located approximately 12 kilometres south of the mine, warrant further drilling in 2015. In addition, other new district targets will be drilled in 2015.

Tasiast

The following mineral resource estimates on the El Gaicha mine licence were also defined for the Fennec, C68 and C67 satellite deposits that were mostly drilled during 2012 to 2013 and located 10 to 15 kilometres north and east of the Tasiast mine. Gold mineralization is defined from surface, or shallow depth less than 25 metres at each deposit. Fennec, C67 and C68 are typical of Archean Greenstone-style mineralized veins, although each deposit varies slightly, with Fennec occurring as vein swarms and networks, C67 mineralization dominated by a shearhosted quartz vein, and C68 hosted in sets of en-echelon and parallel quartz-carbonate veins within sheared metasedimentary and metavolcanic rock units.

Fennec Mineral Resources⁸:

Classification	Tonnes	Grade	Ounces
	(000’s)	(Au g/t)	(Au)
Measured & Indicated 2,690 2.22 191,851 Inferred 350.7 1.70 19,148

C67 Mineral Resources⁸:

Classification	Tonnes	Grade	Ounces
	(000’s)	(Au g/t)	(Au)
Measured & Indicated 3,113 1.05 104,743 Inferred 965.1 0.80 24,915

8 See also Kinross’ Annual Mineral Reserve and Mineral Resource Statement, estimated as at December 31, 2014, and explanatory notes at page 25.

p. 12 Kinross reports 2014 fourth-quarter and full-year results www.kinross.com

← Back to feed