Company plans to declare initial inferred mineral resource with year-end results and commence a pre-feasibility study in 2023; new assay results confirm mineralization

Kinross Gold Corporation (TSX:K) (NYSE:KGC) is pleased to provide an update on its development plan at the Red Lake, Ontario-based Great Bear project, following the completion of the acquisition of Great Bear Resources Ltd. on February 24, 2022.

Kinross plans to declare an initial inferred mineral resource as part of its 2022 year-end results and commence a pre-feasibility study (PFS) in 2023. Kinross expects to complete approximately 200,000 metres of drilling using approximately 10 drill rigs in 2022, focusing on the LP Fault zone, the most significant discovery to date at the project.

To prepare for the planned PFS, Kinross is commencing critical field work including metallurgy, hydrology and geotechnical drilling and test work, as well as permitting baseline studies. Kinross is budgeting approximately US$60 million (C$75 million) for project activities this year.

The Company has also received updated assay results from 60 holes drilled in late 2021 and early 2022 in the LP Fault zone. The results continue to confirm gold mineralization, which is open along strike and at depth.

Recent significant drill intersections in the LP Fault zone

See Appendix A: Figure 1 for a LP Fault zone long section and the location of drill holes in the table above, and Appendix B for a full list of recent significant, composited assay results.

Kinross has established an experienced, multi-disciplinary project team, which includes former Great Bear employees who have been retained by Kinross. The Company held a local employee integration event and will leverage the deep knowledge and experience of the team as it moves ahead with the project.

“Since the closing of the Great Bear transaction, we have hit the ground running at the project,” said J. Paul Rollinson, Kinross President and CEO. “The integration of the asset into our portfolio has advanced quickly and efficiently, and we have retained many of the experienced Great Bear exploration team members based in Red Lake to maintain continuity. We are excited to move ahead with this next phase of drilling and project activities to help realize our vision of a large, long-life mining complex.”

Kinross has begun its local stakeholder engagement program and looks forward to fostering strong relationships with local communities and with its partners in the Wabauskang and Lac Seul First Nations, on whose traditional territories the project is located. Kinross will prioritize developing the project in a manner that brings long-term socio-economic benefits to the region. The Company also plans to incorporate energy-efficient initiatives as it develops the long-term project, and will take a life of mine approach to design and planning to minimize environmental impacts.

About Kinross Gold Corporation

Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile, Ghana and Canada. Our focus is on delivering value based on the core principles of operational excellence, balance sheet strength, disciplined growth and responsible mining. Kinross maintains listings on the Toronto Stock Exchange and the New York Stock Exchange.