Kinross Gold Corporation

KINROSS GOLD CORPORATION ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2015 Dated March 30, 2016 TABLE OF CONTENTS Page CAUTIONARY STATEMENT .................................................................................................................. 3 CORPORATE STRUCTURE ..................................................................................................................... 5 GENERAL DEVELOPMENT OF THE BUSINESS ............................................................................... 10 OVERVIEW .............................................................................................................................................. 10 THREE YEAR HISTORY ........................................................................................................................ 10 DESCRIPTION OF THE BUSINESS....................................................................................................... 12 COMPETITIVE CONDITIONS ............................................................................................................... 12 ENVIRONMENTAL PROTECTION ....................................................................................................... 13 OPERATIONS .......................................................................................................................................... 14 GOLD EQUIVALENT PRODUCTION AND SALES ............................................................................ 15 MARKETING ........................................................................................................................................... 16 KINROSS MINERAL RESERVES AND MINERAL RESOURCES ..................................................... 17 KINROSS MATERIAL PROPERTIES .................................................................................................... 25 Paracatu, Brazil...................................................................................................................................... 25 Kupol, Russian Federation .................................................................................................................... 31 Tasiast, Mauritania ................................................................................................................................ 43 OTHER KINROSS PROPERTIES ........................................................................................................... 50 Fort Knox and Area, Alaska, United States ........................................................................................... 50 Round Mountain, Nye County, Nevada, United States ......................................................................... 51 Bald Mountain, White Pine Country, Nevada, United States ................................................................ 52 La Coipa, Chile ...................................................................................................................................... 53 Kettle River – Buckhorn, Washington State, United States .................................................................. 54 Lobo-Marte, Chile ................................................................................................................................. 55 Cerro Casale, Chile ................................................................................................................................ 56 Maricunga, Chile ................................................................................................................................... 58 Chirano, Ghana ...................................................................................................................................... 59 RISK FACTORS ....................................................................................................................................... 61 DIVIDEND PAYMENTS AND DIVIDEND POLICY ............................................................................ 77 LEGAL PROCEEDINGS AND REGULATORY ACTIONS .................................................................. 78 DESCRIPTION OF CAPITAL STRUCTURE ......................................................................................... 79 MARKET PRICE FOR KINROSS SECURITIES .................................................................................... 80 RATINGS .................................................................................................................................................. 81 DIRECTORS AND OFFICERS ................................................................................................................ 82 CEASE TRADE ORDERS, BANKRUPTCIES, PENALTIES OR SANCTIONS ................................... 86 CONFLICT OF INTEREST ...................................................................................................................... 87 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ........................ 87 TRANSFER AGENT AND REGISTRAR................................................................................................ 87 MATERIAL CONTRACTS ...................................................................................................................... 88 INTERESTS OF EXPERTS ...................................................................................................................... 88 AUDIT AND RISK COMMITTEE .......................................................................................................... 88 ADDITIONAL INFORMATION ............................................................................................................. 90 GLOSSARY OF TECHNICAL TERMS .................................................................................................. 90 SCHEDULE “A” - CHARTER OF THE AUDIT AND RISK COMMITTEE ......................................... 97 IMPORTANT NOTICE ABOUT INFORMATION IN THIS ANNUAL INFORMATION FORM Unless specifically stated otherwise in this Annual Information Form: all dollar amounts are in United States dollars unless expressly stated otherwise; information is presented as of December 31, 2015; and references to “Kinross”, the “Company”, “its”, “our” and “we”, or related terms, refer to Kinross Gold Corporation or Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable in the context. CAUTIONARY STATEMENT All statements, other than statements of historical fact, contained or incorporated by reference in this Annual Information Form (“AIF”) 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 AIF. Forward-looking statements contained in this AIF, 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 and new deposits, success of exploration, development and mining activities, permitting timelines, government regulation of mining operations, 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”, “contemplate”, “consideration”, “contingent”, “estimates”, ‘‘expects’’, “explore”, “feasibility”, “forecast”, “focus”, “forward”, “guidance”, “indicate”, “intend”, “initiative”, “measures”, “model”, “objective”, “optimize”, “opportunity”, “options”, “plan”, “possible”, “planned” “potential”, “pre-feasibility”, “prospect”, “priority”, “project”, “prospect”, “pursue”, “schedule”, “seek”, “strategy”, “study”, “target”, “timeline” or “trend”, 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 AIF, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our Management’s Discussion and Analysis (“MD&A”) for the year-ended 2015 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

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