Kupol Mine and Dvoinoye Mine Russian Federation National Instrument 43-101 Technical Report Prepared for: Kinross Gold Corporation Prepared by: John Sims, AIPG Certified Professional Geologist Effective Date: March 31, 2015 Kinross Gold Corporation Kupol Mine and Dvoinoye Mine Russian Federation NI 43-101 Technical Report C ONTENTS 1. SUMMARY ....................................................................................................................................... 1 1.1 Executive Summary ............................................................................................................. 1 1.2 Technical Summary ............................................................................................................. 2 2. INTRODUCTION ............................................................................................................................ 12 2.1 Qualified Persons .............................................................................................................. 12 2.2 Information Sources .......................................................................................................... 13 2.3 Effective Dates .................................................................................................................. 13 2.4 List of Abbreviations .......................................................................................................... 14 3. RELIANCE ON OTHER EXPERTS ................................................................................................ 15 4. PROPERTY DESCRIPTION AND LOCATION .............................................................................. 16 4.1 Locations ........................................................................................................................... 16 4.2 Mineral Tenure .................................................................................................................. 17 4.3 Royalties and Other Encumbrances .................................................................................. 21 5. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ........................................................................................................................... 22 5.1 Accessibility ....................................................................................................................... 22 5.2 Climate ............................................................................................................................... 24 5.3 Local Resources and Infrastructure .................................................................................. 24 5.4 Physiography and Environment ........................................................................................ 25 6. HISTORY ........................................................................................................................................ 26 6.1 Kupol History ..................................................................................................................... 26 6.2 Dvoinoye History ............................................................................................................... 29 7. GEOLOGICAL SETTING AND MINERALIZATION ....................................................................... 31 7.1 Kupol Geology ................................................................................................................... 31 7.2 Dvoinoye Geology ............................................................................................................. 36 8. DEPOSIT TYPES ........................................................................................................................... 40 9. EXPLORATION .............................................................................................................................. 45 9.1 Kupol Exploration .............................................................................................................. 45 9.2 Dvoinoye Exploration ......................................................................................................... 49 10. DRILLING ....................................................................................................................................... 50 10.1 Kupol Drilling ..................................................................................................................... 50 10.2 Dvoinoye Drilling ................................................................................................................ 54 11. SAMPLE COLLECTION, PREPARATION, ANALYSES, AND SECURITY ................................... 56 11.1 Kupol Sampling ................................................................................................................. 56 11.2 Dvoinoye Sampling ............................................................................................................ 63 11.3 Comment on Sample Preparation, Analyses, and Security .............................................. 67 12. DATA VERIFICATION .................................................................................................................... 68 12.1 Kupol Data Verification ...................................................................................................... 68 12.2 Dvoinoye Data Verification ................................................................................................ 68 13. MINERAL PROCESSING AND METALLURGICAL TESTING ...................................................... 69 TOC i Kinross Gold Corporation Kupol Mine and Dvoinoye Mine Russian Federation NI 43-101 Technical Report 13.1 Kupol Mineral Processing and Metallurgical Testing ........................................................ 69 13.2 Dvoinoye Mineral Processing and Metallurgical Testing ................................................... 76 14. MINERAL RESOURCE ESTIMATE ............................................................................................... 78 14.1 Kupol Mineral Resources .................................................................................................. 78 14.2 Dvoinoye Mineral Resources ............................................................................................ 88 15. MINERAL RESERVE ESTIMATE .................................................................................................. 93 15.1 Kupol Mineral Reserves .................................................................................................... 93 15.2 Dvoinoye Mineral Reserves............................................................................................... 97 16. MINING METHODS ...................................................................................................................... 100 16.1 Kupol Mining Methods ..................................................................................................... 100 16.2 Dvoinoye Mining Methods ............................................................................................... 105 17. RECOVERY METHODS .............................................................................................................. 111 17.1 Process description ......................................................................................................... 111 17.2 Tailings Facility ................................................................................................................ 116 18. PROJECT INFRASTRUCTURE ................................................................................................... 120 19. MARKET STUDIES AND CONTRACTS ...................................................................................... 124 20. ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT ......... 125 20.1 Kupol Environmental Studies, Permitting, and Social or Community Impact .................. 125 20.2 Dvoinoye Environmental Studies, Permitting, and Social or Community Impact ............ 128 21. CAPITAL AND OPERATING COSTS .......................................................................................... 130 21.1 Kupol Capital Costs ......................................................................................................... 130 21.2 Kupol Operating Costs .................................................................................................... 130 21.3 Dvoinoye Capital Costs ................................................................................................... 131 21.4 Dvoinoye Operating Costs ............................................................................................... 131 22. ECONOMIC ANALYSIS ............................................................................................................... 132 23. ADJACENT PROPERTIES .......................................................................................................... 134 24. OTHER RELEVANT DATA AND INFORMATION ....................................................................... 135 25. INTERPRETATION AND CONCLUSIONS .................................................................................. 136 26. RECOMMENDATIONS ................................................................................................................ 137 27. REFERENCES ............................................................................................................................. 138 28. DATE AND SIGNATURE PAGE .................................................................................................