Kinross Reports 2012 Fourth-Quarter and Year-End Results

Kinross Reports 2012 Fourth-Quarter and Year-End Results 
Company Exceeds Full-Year Production Forecast; Meets Full-Year Cost
of Sales Forecast 
TORONTO, ONTARIO -- (Marketwire) -- 02/13/13 -- Kinross Gold
Corporation (TSX:K)(NYSE:KGC) today announced its results for the
fourth quarter and full year ended December 31, 2012. 
(This news release contains forward-looking information subject to
the risks and assumptions set out in our Cautionary Statement on
Forward-Looking Information located on page 12 of this release. All
dollar amounts in this release are expressed in U.S. dollars, unless
otherwise noted. The comparative figures have been recast to exclude
Crixas due to its disposal.) 
Financial and operating highlights: 


 
--  Production(1): 724,510 gold equivalent ounces (Au eq. oz.), compared
    with 622,507 ounces in Q4 2011. Full-year production was 2,617,813 Au
    eq. oz., exceeding guidance, compared with 2,543,790 Au eq. oz. for
    full-year 2011.  
--  Revenue: $1,186.9 million, compared with $919.8 million in Q4 2011.
    Full-year revenue was $4,311.4 million, compared with $3,842.5 million
    for full-year 2011.  
--  Production cost of sales(2): $686 per Au eq. oz., compared with $635 in
    Q4 2011. Full-year production cost of sales was in line with guidance at
    $706 per Au eq. oz., compared with $592 per Au eq. oz. for full-year
    2011. 
--  Attributable margin(3): $1,021 per ounce sold, compared with $963 in Q4
    2011. Full-year attributable margin was $937 per ounce sold, compared
    with $908 for full-year 2011.  
--  Adjusted operating cash flow(4): $501.4 million, or $0.44 per share,
    compared with $353.4 million, or $0.31 per share, in Q4 2011. Full-year
    adjusted operating cash flow was $1,527.0 million, or $1.34 per share,
    compared with $1,561.8 million, or $1.37 per share, for full-year 2011. 
--  Adjusted net earnings(4), (5): $276.5 million, or $0.24 per share,
    compared with $187.2 million, or $0.16 per share, in Q4 2011. Full-year
    adjusted net earnings were $879.2 million, or $0.77 per share, compared
    with $850.8 million, or $0.75 per share, for full-year 2011. 
--  Reported net loss(5): A reported net loss of $2,989.1 million, or $2.62
    per share, compared with a net loss of $2,791.0 mil
lion, or $2.45 per
    share, for Q4 2011. Full-year reported net loss was $2,548.8 million, or
    $2.24 per share, compared with a net loss of $2,093.4 million, or $1.84
    per share, for full-year 2011.  
--  Non-cash impairment charge: The reported net loss for 2012 included an
    after-tax non-cash impairment charge of $3,206.1 million. The Tasiast
    project represents $3,094.8 million of this charge. 
--  Mineral reserves and resources: Proven and probable mineral reserve
    estimates at year-end 2012 were 59.6 million ounces of gold, compared
    with 62.6 million ounces of gold at year-end 2011, both estimated using
    a $1,200 per ounce gold price. Measured and indicated mineral resource
    estimates at year-end were 20.3 million ounces of gold, compared with
    25.4 million ounces of gold at year-end 2011, both estimated using a
    $1,400 per ounce gold price.   

 
Outlook, growth projects, and exploration: 


 
--  Kinross expects to produce approximately 2.4-2.6 million gold equivalent
    ounces in 2013 at a production cost of sales per gold equivalent ounce
    of $740-790. Total capital expenditures are forecast to be approximately
    $1.6 billion, a reduction of approximately $325 million compared with
    2012. 
--  The Tasiast pre-feasibility study remains on schedule for expected
    completion in Q1 2013. Dvoinoye remains on schedule for expected
    delivery of first ore to the Kupol mill in the second half of the year. 
--  Recent exploration results from two step-out drilling targets outside
    the current resource footprint at Tasiast have confirmed the presence of
    narrow, high-grade veins. At Kupol, Kinross has identified a new
    structure with strong potential as a result of the discovery of
    additional mineralization at the Moroshka target. 

 
Dividend:  


 
--  The Board of Directors declared a dividend of $0.08 per share payable on
    March 28, 2013 to shareholders of record at the close of business on
    March 21, 2013. 

 
CEO Commentary 
J. Paul Rollinson, CEO, made the following comments in relation to
fourth-quarter and year-end 2012 results: 
"As promised, we remained strongly focused on operational
fundamentals in the second half of 2012, and finished the year by
exceeding our full-year production guidance, and meeting our
full-year cost of sales guidance. While we recorded a non-cash
impairment charge related to our Tasiast project, our pre-feasibility
study work and recent exploration results continue to increase our
confidence in Tasiast's potential, and confirm its importance as part
of our long-term future. 
"Our planning and outlook for 2013 reflects our continued focus on
cost control, margin improvement and free cash flow. Although our
2013 operating costs are expected to increase due to higher
consumable costs and anticipated lower grades, we are pursuing every
opportunity for cost reduction. We are also forecasting a reduction
in capital expenditures of approximately $325 million over 2012. Our
pursuit of margin and quality ounces is also reflected in our
strategic decision to use conservative gold price assumptions in our
mineral reserve and resource estimates, which resulted in a lower
mineral resource estimate, but which targets higher margin ounces
with less capital intensity. 
"At Dvoinoye, we continue to make excellent progress, as we are on
schedule and on budget for planned delivery of first ore to Kupol in
the second half of the year. At Kupol, our site exploration team has
identified a new structure with strong potential as a result of the
discovery of additional mineralization at the Moroshka target." 
Financial results 
Summary of financial and operating results 


 
----------------------------------------------------------------------------
                                 Three months ended             Years ended 
                                       December 31,            December 31, 
                            ------------------------------------------------
(dollars in millions, except                                                
 per share and per ounce                                                    
 amounts)                          2012        2011        2012        2011 
----------------------------------------------------------------------------
                                                                            
Total gold equivalent                                                       
 ounces(a)(e) - Produced (c)    733,117     650,643   2,678,131   2,702,573 
Total gold equivalent                                                       
 ounces(a)(e) - Sold (c)        695,934     607,948   2,654,107   2,701,358 
                                                                            
Gold equivalent ounces from                                                 
 continuing operations                                                      
 (a)(d) - Produced (c)          733,117     629,862   2,647,137   2,635,990 
Gold equivalent ounces from                                                 
 continuing operations                                                      
 (a)(d) - Sold (c)              695,934     590,569   2,621,343   2,637,601 
                                                                            
Total attributable gold                                                     
 equivalent ounces(a)(e) -                                                  
 Produced (c)                   724,510     643,288   2,648,807   2,610,373 
Total attributable gold                                                     
 equivalent ounces(a)(e) -                                                  
 Sold (c)                       687,162     601,159   2,624,242   2,611,287 
                                                                            
Attributable gold equivalent                                                
 ounces from continuing                                                     
 operations (a)(d) -                                                        
 Produced (c)                   724,510     622,507   2,617,813   2,543,790 
Attributable gold equivalent                                                
 ounces from continuing                                                     
 operations (a)(d) - Sold                                                   
 (c)                            687,162     583,780   2,591,478   2,547,530 
                                                                            
Financial Highlights from                                                   
 Continuing Operations (d)                                                  
Metal sales                  $  1,186.9  $    919.8  $  4,311.4  $  3,842.5 
Production cost of sales     $    477.6  $    375.4  $  1,850.8  $  1,546.1 
Depreciation, depletion and                                                 
 amortization                $    199.9  $    127.4  $    681.2  $    564.1 
Impairment charges           $  3,527.6  $  2,937.6  $  3,527.6  $  2,937.6 
Operating loss               $ (3,151.4) $ (2,662.2) $ (2,246.6) $ (1,575.5)
Net loss from continuing                                                    
 operations attributable to                                                 
 common shareholders         $ (2,989.1) $ (2,791.0) $ (2,548.8) $ (2,093.4)
Basic loss per share from                                                   
 continuing operations                                                      
 attributable to common                                                     
 shareholders                $    (2.62) $    (2.45) $    (2.24) $    (1.84)
Diluted loss per share from                                                 
 continuing operations                                                      
 attributable to common                                                     
 shareholders                $    (2.62) $    (2.45) $    (2.24) $    (1.84)
Adjusted net earnings from                                                  
 continuing operations                                                      
 attributable to common                                                     
 shareholders(b)             $    276.5  $    187.2  $    879.2  $    850.8 
Adjusted net earnings from                                                  
 continuing operations per                                                  
 share(b)                    $     0.24  $     0.16  $     0.77  $     0.75 
Net cash flow of continuing                                                 
 operations provided from                                                   
 operating activities        $    480.2  $    402.6  $  1,302.9  $  1,378.8 
Adjusted operating cash flow                                                
 from continuing                                                            
 operations(b)               $    501.4  $    353.4  $  1,527.0  $  1,561.8 
Adjusted operating cash flow                                                
 from continuing operations                                                 
 per share(b)                $     0.44  $     0.31  $     1.34  $     1.37 
Average realized gold price                                                 
 per ounce from continuing                                                  
 operations                  $    1,707  $    1,598  $    1,643  $    1,500 
Consolidated production cost                                                
 of sales from continuing                                                   
 operations per equivalent                                                  
 ounce(c) sold(b)            $      686  $      636  $      706  $      586 
Attributable(a) production                                                  
 cost of sales from                                                         
 continuing operations per                                                  
 equivalent ounce(c) sold(b) $      686  $      635  $      706  $      592 
Attributable(a) production                                                  
 cost of sales from                                                         
 continuing operations per                                                  
 ounce sold on a by-product                                                 
 basis(b)                    $      605  $      591  $      626  $      535 
                                                                            
(a)  Total includes 100% of Kupol and Chirano production. "Attributable"    
     includes Kinross' share of Kupol (75% up to April 27, 2011, 100%       
     thereafter) and Chirano (90%) production.                              
                                                                            
(b)  "Adjusted net earnings from continuing operations attributable to      
     common shareholders", "Adjusted net earnings from continuing operations
     per share", "Adjusted operating cash flow from continuing operations", 
     "Adjusted operating cash flow from continuing operations per share",   
     "Consolidated production cost of sales from continuing operations per  
     equivalent ounce sold", "Attributable production cost of sales from    
     continuing operations per equivalent ounce sold", and "Attributable    
     production cost of sales from continuing operations per ounce sold on a
     by-product basis" are non-GAAP measures. The definition and            
     reconciliation of these non-GAAP financial measures is included on page
     fourteen 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 2012 was 52.55:1, compared with 52.64:1 for the      
     fourth quarter of 2011; year to date 2012 was 53.56:1, compared with   
     44.65:1 for 2011.                                                      
                                                                            
(d)  The comparative figures have been recast to exclude Crixas' results due
     to its disposal.                                                       
                                                                            
(e)  The total gold equivalent ounces and total attributable gold equivalent
     ounces include Crixas.     
                                            
----------------------------------------------------------------------------

 
The following operating and financial results are based on
fourth-quarter and full-year 2012 attributable gold equivalent
production from continuing operations: 
Production: Kinross produced 724,510 attributable gold equivalent
ounces from continuing operations in the fourth quarter of 2012, a
16% increase over the fourth quarter of 2011 mainly due to production
increases at Fort Knox and La Coipa. Full-year production was
2,617,813 gold equivalent ounces, exceeding the Company's guidance of
2.5-2.6 million gold equivalent ounces, and a 3% increase over
full-year 2011. The full-year increase was primarily due to stronger
production at Fort Knox.  
Production cost of sales: Production cost of sales per gold
equivalent ounce(2) was $686 for the fourth quarter of 2012, compared
with $635 for the fourth quarter of 2011, mainly due to higher input
costs for energy, labour, and consumables. Production cost of sales
per gold equivalent ounce for full-year 2012 was $706, in line with
the Company's guidance of $690-$725, compared with $592 for full-year
2011. The increase was primarily a result of higher input costs for
labour, energy, and consumables and the increase in the processing of
lower grade ore. Production cost of sales per gold ounce on a
by-product basis was $605 in the fourth quarter of 2012, compared
with $591 in Q4 2011, based on Q4 2012 attributable gold sales of
635,313 ounces and attributable silver sales of 2,724,641 ounces.
Production cost of sales per gold ounce on a by-product basis was
$626 for the full year, compared with $535 for full-year 2011. 
As outlined on page five of this news release, the Company has also
calculated an all-in sustaining cost(6) of approximately $1,100 per
gold ounce sold for full-year 2012.  
Revenue: Revenue from metal sales was $1,186.9 million in the fourth
quarter of 2012, compared with $919.8 million during the same period
in 2011, an increase of 29%, mainly due to increased production and a
higher realized gold price. The average realized gold price was
$1,707 per ounce in Q4 2012, compared with $1,598 per ounce for Q4
2011. Revenue for full-year 2012 was a record $4,311.4 million,
compared with $3,842.5 million for full-year 2011, an increase of 12%
mainly due to a higher realized gold price. The average realized gold
price per ounce was $1,643 for full-year 2012, versus $1,500 for
full-year 2011.  
Margins: Kinross' margin per gold equivalent ounce sold(3) was $1,021
for the fourth quarter of 2012, an increase of 6% compared with Q4
2011 margins of $963 per gold equivalent ounce, due primarily to a
higher average realized gold price. Full-year margin per gold
equivalent ounce sold was $937 compared with $908 for full-year 2011,
a 3% increase.  
Operating cash flow: Adjusted operating cash flow(4) was $501.4
million for the quarter, or $0.44 per share, compared with $353.4
million, or $0.31 per share, for Q4 2011. Adjusted operating cash
flow for full-year 2012 was $1,527.0 million, or $1.34 per share,
compared with $1,561.8 million, or $1.37 per share, for full-year
2011.  
Cash balance: Cash and cash equivalents and short-term investments
were $1,982.7 million as at December 31, 2012, compared with $1,767.3
million as at December 31, 2011. Up to approximately $460.0 million
of these funds may be used to repurchase the Company's senior
convertible notes on March 15, 2013 should holders exercise their
right to require the Company to do so.  
Earnings: Adjusted net earnings(4), (5) were $276.5 million, or $0.24
per share, for Q4 2012, compared with $187.2 million, or $0.16 per
share, for Q4 2011. Adjusted net earnings were $879.2 million, or
$0.77 per share, for full-year 2012, compared with $850.8 million, or
$0.75 per share, for full-year 2011. 
Reported net loss(5) was $2,989.1 million, or $2.62 per share, for Q4
2012, compared with a loss of $2,791.0 million, or $2.45 per share,
for Q4 2011. Reported net loss was $2,548.8 million, or $2.24 per
share, for full-year 2012, compared with a loss of $2,093.4 million,
or $1.84 per share, for full-year 2011.  
Reported net loss included an after-tax non-cash impairment charge of
$3,206.1 million, as outlined on page 11 of this news release. The
Tasiast project represents $3,094.8 million of the non-cash
impairment charge recorded. The impairment test for Tasiast was based
on a 30,000 tonne per day optimized mill model, compared with the
60,000 tonne per day model used for the 2011 annual impairment test.
The resulting non-cash charge was due to a number of factors,
including a reduction in the valuation multiple for Tasiast, and
industry-wide increases in capital and operating costs. 
Capital expenditures: Capital expenditures were $512.1 million for Q4
2012, compared with $577.9 million for the same period last year, a
decrease due mainly to timing of expenditures at Tasiast. Capital
expenditures for the full-year 2012 were $1,924.7 million, more than
$200 million below the Company's guidance issued in February 2012,
compared with $1,629.2 million in 2011. The full-year increase in
capital expenditures was mainly due to the Tasiast expansion project. 
Operating results  
Mine-by-mine summaries for fourth-quarter and year-end 2012 operating
results may be found on pages 17 and 21 of this news release.
Highlights include the following: 
North America: Regional performance remained strong in the fourth
quarter, as North America exceeded regional production guidance for
full-year 2012, and was in line with full-year production cost of
sales guidance. Fort Knox production improved over the previous
quarter, as the mine entered into a phase of higher grades, while
mill recoveries continued to be strong for both the quarter and the
full year. Kettle River-Buckhorn and Round Mountain's production were
lower than the previous quarter as a result of lower grades. 
Russia: Full-year production for 2012 exceeded regional guidance,
while production cost of sales was at the low end of regional
guidance, as Kupol performed strongly for the year. Despite strong
mill throughput during the quarter, production from Kupol was
slightly lower in Q4 2012 compared with the previous quarter as a
result of lower gold and silver grades. Mill recoveries for both gold
and silver remained strong.  
West Africa: Full-year production and production cost of sales for
the region were within guidance, as Chirano achieved record quarterly
production as a result of mining higher grade areas in the Akwaaba
underground. Tasiast's Q4 2012 production declined compared with the
previous quarter and on a year-over-year basis as a result of
continued variability in the gold grades encountered in the banded
iron formation-type ore currently being mined in the Piment pits.  
South America:  Full-year regional production was slightly below 2012
guidance, while production cost of sales remained within the guidance
range. Regional production was stronger compared with the previous
quarter, as Paracatu production increased due to the fourth ball mill
being in operation for the full quarter, higher grades processed at
Plant 2 and improved mill performance. Maricunga's production
increased compared with the previous quarter, as the heap leach
returned to more normal operations after encountering suspended
solids in Q3 2012. La Coipa's production increased in the quarter as
a result of better grades. As previously disclosed (in the Company's
2012 Annual Information Form), the Company expects to suspend mining
of the existing orebody at La Coipa in the second half of the year.
The Company is continuing to assess the remaining mineral reserves
and resources and exploration potential at La Coipa, including the
future potential of La Coipa Phase 7 (Pompeya).  
Project update and new developments 
The forward-looking information contained in this section of the
release is subject to the risks and assumptions contained in the
C
autionary Statement on Forward-Looking Information on page 12 of
this news release.  
Tasiast expansion project  
As previously disclosed, Kinross expects to complete a
pre-feasibility study (PFS) for construction of a mid-sized CIL mill
in the 30,000 tonne per day (tpd) range in the first quarter of 2013.
The Company has made the decision not to proceed with further study
or implementation of a 60,000 tpd mill option. Work to date on the
PFS suggests that while a smaller mill would result in lower annual
production than the 60,000 tpd option, it would reduce capital
requirements and execution risk, provide improved per ounce margins
and cash flow, and preserve future optionality and expandability. The
Company expects to release the results of the PFS in April. 
Work continues on building basic infrastructure improvements at
Tasiast, as the new tailings pumping system, West Branch dump leach
pads, interim water supply and other non-process buildings were
brought into operation during the quarter. Work is nearing completion
on the permanent camp and work is progressing well on the power
station, truck shop and other facilities. Permitting, engineering and
bidding for a permanent seawater supply system is progressing as
expected.  
Dvoinoye 
Construction at Dvoinoye made good progress through the fourth
quarter of 2012. The project remains on schedule and on budget and is
expected to commence full production in 2013. As scheduled, the first
shipment of ore to Kupol is expected in the second half of the year.  
Underground development for the quarter is progressing ahead of plan,
with 5,524 metres of development completed at year-end and the
installation of the permanent main ventilation fans. Construction of
the surface infrastructure and facilities is approximately 60%
complete. All necessary permits for the current scope of underground
development and construction activities are in place, including
approval for the mine design. Procurement and engineering activities
for all remaining work are proceeding as expected. 
Fruta del Norte 
The Company and the Government of Ecuador continue to make progress
on negotiating the terms and conditions of the exploitation and
investment protection agreements and have reached conceptual
understanding in a number of key areas.  
Under current arrangements with the government, the parties remain in
the economic evaluation phase until August 1, 2013, during which time
the objective is to reach agreement on the terms and conditions of
both the exploitation and investment protection agreements.  
The Government of Ecuador has the discretion to provide an extension
of the economic evaluation phase up to 1.5 years beyond August 1,
2013 if the parties have not signed the agreements by that date.
Alternatively, the parties may jointly declare a phase change from
economic evaluation to exploitation, which requires completing and
signing the exploitation agreement within the first six months of the
commencement of this phase. It remains Kinross' position that an
investment protection agreement be signed at the same time as the
exploitation agreement.  
While the parties are working collaboratively to meet this deadline,
there is no guarantee that further extensions will be granted by the
government, or that mutually acceptable exploitation and investment
protection agreements will be reached prior to August 1, 2013, or
within the first six months of the above noted phase change.  
The Company understands that various legislative proposals to enhance
the fiscal and legal mining regime in Ecuador (including the windfall
profits tax) remain under consideration by the government. 
Outlook 
The forward-looking information contained in this section is subject
to the risk factors and assumptions contained in the Cautionary
Statement on Forward-Looking Information located on page 12 of this
news release. 
In 2013, Kinross expects to produce approximately 2.4-2.6 million
gold equivalent ounces from its current operations. Production cost
of sales per gold equivalent ounce is expected to be in the range of
$740-790 for 2013.  
The Company is part of a World Gold Council (WGC) process that is
seeking industry consensus on adopting formal guidelines for
reporting all-in costs associated with producing gold. To provide
more information on its costs as the WGC process continues, Kinross
is independently reporting an all-in sustaining cost that is defined
as the sum of: production cost of sales; silver by-product credits;
general and administrative expenses; sustaining business development,
and on-site exploration costs; sustaining capital (including related
capitalized interest); and a portion of other operating costs. Based
on this definition, the Company has forecast an all-in sustaining
cost of $1,100-$1,200 per gold ounce sold on a by-product basis for
full-year 2013, compared with approximately $1,100 per gold ounce
sold for full-year 2012. 
The table below summarizes the 2013 forecasts for production and
average production cost of sales on a gold equivalent and a
by-product accounting basis:  


 
----------------------------------------------------------------------------
Accounting basis                                             2013 (forecast)
----------------------------------------------------------------------------
Gold equivalent basis                                                       
  Production (gold equivalent ounces)                        2.4-2.6 million
  Average production cost of sales per gold equivalent                      
   ounce                                                   $         740-790
By-product basis                                                            
  Gold ounces                                                2.3-2.4 million
  Silver ounces                                              6.5-7.5 million
  Average production cost of sales per gold ounce          $         690-740
  All-in sustaining cost per gold ounce                    $     1,100-1,200
----------------------------------------------------------------------------

 
Production is forecast to be lower in 2013 due to expected declines
in grade, particularly at Kupol, Kettle River-Buckhorn and Round
Mountain, and by the planned suspension of production at La Coipa in
the second half of the year based on the current mine plan. These
impacts are expected to be partially offset by the planned increase
of Fort Knox heap leach throughput.  
Production in the first half of 2013 is expected to be lower than
production in the second half of 2012. Production is expected to
increase slightly in the second half of 2013 with the expansion of
throughput capacity at the Kupol mill to 4,500 tonnes per day and the
anticipated commencement of Dvoinoye ore processing, improving grades
at Chirano and Kettle River, improving mill grades and throughput at
Paracatu's Plant 1, and improved heap performance and increased CIC
plant capacity at Fort Knox.  
The 2013 production cost of sales per gold equivalent ounce is
forecast to increase due to the expected decline in grades at certain
existing mines, along with higher expected consumable and labour
costs.  
The following table provides a summary of the 2013 production and
production cost of sales forecast by region: 


 
----------------------------------------------------------------------------
Region                        Forecast 2013                                 
                                 production      Percentage    Cost of sales
                           (gold equivalent        of total      ($ per gold
                             oz, thousands)   production(7)   equivalent oz)
----------------------------------------------------------------------------
South America                       800-870              33%         870-940
North America                       680-720              28%         635-675
West Africa (attributable)          415-480              18%         890-950
Russia                 
             505-535              21%         550-580
                           -------------------------------------------------
Total                       2.4-2.6 million             100%         740-790
----------------------------------------------------------------------------

 
Material assumptions used to forecast 2013 production cost of sales
are as follows:  


 
--  a gold price of $1,600 per ounce, 
--  a silver price of $30 per ounce, 
--  an oil price of $90 per barrel, 
--  foreign exchange rates of: 
    --  2.05 Brazilian reais to the U.S. dollar, 
    --  1.00 Canadian dollar to the U.S. dollar, 
    --  32 Russian roubles to the U.S. dollar, 
    --  475 Chilean pesos to the U.S. dollar, 
    --  2.00 Ghanaian cedi to the U.S. dollar,  
    --  290 Mauritanian ouguiya to the U.S. dollar, and 
    --  1.25 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 $9 impact on production cost of sales per ounce(8), a $10
per barrel change in the price of oil would be expected to result in
an approximate $2 impact on production cost of sales per ounce, and 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 2013 are forecast to be approximately
$1.6 billion. Of this amount, capital expenditures at existing
operations are expected to be approximately $760 million, as
summarized in the table below (all figures approximate estimates in
millions of dollars): 


 
----------------------------------------------------------------------------
                                     Existing Mines ($ millions)            
----------------------------------------------------------------------------
                                                                            
Region                       Sustaining(1)   Opportunity(2)            Total
----------------------------------------------------------------------------
South America             $            255 $             10 $            265
North America             $            170 $             50 $            220
West Africa               $            105 $             75 $            180
Russia                    $             60 $             25 $             85
Corporate                 $              0 $             10 $             10
                         -----------------  ---------------  ---------------
Total                     $            590 $            170 $            760
                                                                            
(1)  "Sustaining" capital includes projects required to maintain continued  
     operations or mitigate risks to safety, environment or reputation.     
     Within this classification are forecast spending estimates for mine    
     development of $90 million in North America, $30 million in West       
     Africa, $25 million in Russia and $15 million in South America;        
     spending for tailings facilities of $115 million in South America and  
     $15 million in West Africa; spending for mill/leach facilities of $55  
     million in South America, $30 million in North America and $15 million 
     in West Africa; and spending for mobile equipment of $25 million in    
     South America and $15 million in North America, among other items.     
                                                                            
(2)  "Opportunity" capital includes projects aimed at improving existing    
     operations and that are discretionary in nature. Within this           
     classification are forecast spending estimates of $40 million for Fort 
     Knox heap leach acceleration, $30 million for expanding underground    
     development at Chirano, and $20 million for the planned transition to  
     self-perform open-pit mining operations at Chirano, among other items. 
----------------------------------------------------------------------------

 
The Company anticipates approximately $750 million in capital
expenditures related to growth projects, as described below (all
figures approximate): 


 
--  $625 million expected at Tasiast for ongoing infrastructure,
    construction of a permanent water pipeline, purchase of mining
    equipment, and pre-stripping. This forecast represents the Company's
    best current estimate for growth-related expenditures at Tasiast in 2013
    and is subject to revision pending completion of the project pre-
    feasibility study in the first quarter of 2013. 
--  $65 million expected to complete the Dvoinoye project (net of $20
    million in forecast credits from ore mined during the period prior to
    January 1, 2013). 
--  $60 million in aggregate expected expenditures at Fruta del Norte, Lobo-
    Marte and La Coipa Phase 7 (Pompeya). 

 
The Company expects approximately $90 million in additional capital
expenditures, including approximately $80 million for capitalized
interest, and approximately $10 million for capitalized exploration. 
The 2013 forecast for exploration and business development expenses
is approximately $210 million, of which $160 million is expected for
exploration. Including capitalized exploration, total exploration
expenditures are forecast to be $170 million. General and
administrative expenses are forecast to be $180 million, and other
operating costs are forecast to be approximately $90 million, of
which $45 million are expected costs related to the Tasiast expansion
that cannot be capitalized, and $30 million are expected costs
related to the suspension of mining at La Coipa. The above expenses
include approximately $45 million related to forecast equity-based
compensation.  
The Company's tax rate in 2013 is forecast to be in the range of
33-39% and depreciation, depletion and amortization is forecast to be
approximately $300 per gold equivalent ounce. 
2012 Mineral Reserves and Mineral Resources Update 
Please refer to the Mineral Reserve and Mineral Resource tables and
corresponding notes located at the end of this news release.  
In preparing its 2012 year-end mineral reserves and mineral resource
estimate, Kinross has maintained its gold price assumptions at the
same levels as those used at year-end 2011 ($1,200 per ounce for
mineral reserves and $1,400 per ounce for mineral resources),
consistent with its previously-stated strategy to optimize its mine
plans to provide for development of higher margin ounces. As costs
continued to escalate across the industry in 2012, and without an
offsetting increase in the gold price assumption, certain
lower-margin mineralized material no longer qualifies as a mineral
resource in the 2012 estimates, resulting in lower mineral reserve
and mineral resource estimates compared with 2011. In a higher gold
price, and/or a reduced cost environment, such mineralized material
has the potential to be reclassified for inclusion in the Company's
mineral resource estimates.  
Proven and Probable Mineral Reserves  
Kinross' total estimated proven and probable gold reserves at
year-end 2012 were approximately 59.6 million ounces, a net decrease
of approximately 3.0 million ounces compared with year-end 2011. The
net year-over-year decrease in gold reserve estimates was primarily
due to production depletion, and the impact of higher cost
assumptions and maintaining 2011 gold price assumptions. Notable
changes by site included approximate reductions of 1.6 million gold
ounces at Maricunga, 0.7 million ounces at Fort Knox, and 0.6 million
ounces at Kupol, offset by approximate additions of 0.6 million
ounces at Paracatu and 0.5 million gold ounces at Tasiast. 
Proven and probable silver reserves at year-end 2012 were estimated
at 68.2 million ounces, a net decrease of 16.6 million ounces
compared with year-end 2011, primarily the result of depletion of 8.9
million ounces at La Coipa and 7.3 million ounces at Kupol.  
Proven and probable copper reserves at year-end 2012 were estimated
at 1.4 billion pounds, unchanged from year-end 2011.  
Measured and Indicated Mineral Resources  
Kinross' total estimated measured and indicated gold resources at
year-end 2012 were approximately 20.3 million ounces, a decrease of
approximately 5.0 million ounces compared with year-end 2011. The
decrease in estimated measured and indicated gold resources was
primarily at Tasiast (approximately 4.3 million ounces) and Maricunga
(approximately 0.9 million ounces). The reduction at Tasiast was due
primarily to the impact of revised cost assumptions and maintaining
conservative gold price assumptions, the removal of ounces previously
designated for heap leach production of low grade sulphide ore, and
the impact of reconciliation-related adjustments for lower actual
tonnage versus modeled tonnage in the banded iron formation-type ore
in the Piment pits. The reduction at Maricunga was due primarily to
the impact of higher cost assumptions, maintaining 2011 gold price
assumptions, and an updated mine plan. These reductions were somewhat
offset by an increase of approximately 0.7 million ounces at
Paracatu. 
Estimated measured and indicated silver resources decreased by 5.6
million ounces, to 18.0 million ounces, versus 23.6 million ounces at
year-end 2011.  
Inferred Mineral Resources  
Kinross' total estimated inferred gold resources at year-end 2012
were approximately 14.4 million ounces, a reduction of 5.7 million
ounces compared with year-end 2011. The net decrease in estimated
inferred mineral resources is due primarily to a decrease of 4.8
million ounces at Maricunga, resulting primarily from the impact of
revised cost assumptions and maintaining conservative gold price
assumptions.  
Assumptions for Mineral Reserves and Resources 
2012 year-end mineral reserves were estimated using a $1,200 per
ounce gold price, a $22.00 per ounce silver price, and a $3.00 per
pound copper price. 2011 year-end mineral reserves were estimated
using a $1,200 per ounce gold price, a $30.00 per ounce silver price,
and a $3.00 per pound copper price. 2012 year-end mineral resources
were estimated using a $1,400 per ounce gold price, a $26.00 per
ounce silver price, and a $3.25 per pound copper price. 2011 year-end
mineral resources were estimated using a $1,400 per ounce gold price,
a $33.00 per ounce silver price, and a $3.75 per pound copper price. 
Exploration update 
Total exploration expenditures for the fourth quarter of 2012 were
$39.3 million, including $36.5 million for expensed exploration and
$2.8 million for capitalized exploration. Exploration expenses for
full-year 2012 totaled $204.8 million, including $173.9 million in
expensed costs and $30.9 million in capitalized costs.  
Kinross was active on 19 mine site, near-mine and greenfield
initiatives in the fourth quarter of 2012, with drilling across all
projects totalling approximately 100,000 metres. For full-year 2012,
Kinross was active on 39 mine-site, near-mine and greenfield
initiatives with total drilling of approximately 614,000 metres.
Highlights of the fourth-quarter exploration program include: 
Tasiast  
Drilling activities continued on the El Gaicha mine licence and on
following up surface geochemical and previous drill hole results at
district targets north and south of the mine. Approximately 330,000
metres were drilled for the year at Tasiast.  
Drilling at West Branch South, Piment and Prolongation tested
potential extensions of mineralization below the pits. Results from
deep drilling have returned encouraging intercepts at Prolongation
and West Branch South where new mineralization has been identified at
depth.  
Most of the drilling in 2012 (approximately 275,000 metres) focused
on targets outside the eight kilometre footprint of the Tasiast
deposit. Drilling at C67 and C68 continued to confirm the presence of
narrow, high-grade veins at both targets (see Figure 1:
www.kinross.com/media/243590/figure%201_tasiast_q42012.pdf).
Highlights of the 2012 drill program are presented below: 
C67 & Fennec: In Q4 2012, exploration work transitioned to the Fennec
target 300 metres northwest of C67, where recent work identified
strong surface evidence of shear zone-hosted mineralization in
meta-sedimentary rocks along a structure parallel to C67. Significant
assay results from Fennec are reported below. Further drilling at
Fennec is underway in Q1 2013 to assess size potential and continuity
of mineralization. 


 
--  18 metres grading 21.8 grams per tonne gold from 60 metres including
    9 metres grading 43.2 grams per tonne gold (hole TA14485RC) 
--  40 metres grading 3.6 grams per tonne gold from 26 metres including
    4 metres grading 16.2 grams per tonne gold (hole TA12378RC) 
--  19 metres grading 4.0 grams per tonne gold from 99 metres including
    4 metres grading 14.8 grams per tonne gold (hole TA12374RC) 

 
C67 represents a small mineralized system hosting a narrow,
high-grade vein with a low grade envelope. Assay results from the 50
x 50 metre and locally 50 x 25 metre spaced drill program continued
to be received in Q4 and are highlighted below.  


 
--  7 metres grading 34.7 grams per tonne gold from 106 metres including
    2 metres grading 116.2 grams per tonne (hole TA10257RC) 
--  16 metres grading 5.1 grams per tonne gold from 12 metres including
    4 metres grading 18.9 grams per tonne gold (hole TA10643RC) 
--  11 metres grading 7.4 grams per tonne gold from 92 metres including
    2 metres grading 36.8 grams per tonne gold (hole TA08414RC) 
--  14 metres grading 5.1 grams per tonne gold from 10 metres including
    1 metre grading 26.9 grams per tonne gold and
    1 metre grading 27.4 grams per tonne gold (hole TA10936RC)

 
C68: The target has been split into two prospects known as C68 West
and C68 East. The most encouraging results to date have been
encountered at C68 West which is characterized by a number of
mineralized vein segments developed between the contact of
sedimentary and ultramafic rocks. Drilling has been completed along
600 strike metres, testing the structure to an average depth of 100
metres below surface. A handful of holes have traced vein shoots to
150 metres deep where mineralization remains open down dip. Further
step-out and infill drilling is underway to examine vein continuity
and assess resource potential. Highlights include: 


 
--  9 metres grading 19.1 grams per tonne gold from surface including
    5 metres grading 32.6 grams per tonne gold (hole TA16377RC) 
    
--  11 metres grading 10.5 grams per tonne gold from 35 metres including
    3 metres grading 35.7 grams per tonne gold (hole TA14383RC) 
    
--  19 metres grading 5.9 grams per tonne gold from 21 metres including
    3 metres grading 35.4 grams per tonne gold (hole TA10451RC)
    
--  6 metres grading 18.1 grams per tonne gold from 16 metres including
    3 metres grading 35.0 grams per tonne gold (hole TA16377RC)
    
--  17 metres grading 5.1 grams per tonne gold from 1 metre including
    2 metres grading 27.4 grams per tonne gold (hole TA16317RC) 

 
An appendix of complete drill results from Fennec, C67 and C68 is
available at: www.kinross.com/media/243584/q42012_appendix_tasiast_ku
pol_drill.pdf. 
Kupol 
Most of the work in 2012 concentrated on delineating mineralization
along strike of the Kupol vein at the North Extension Zone.
Exploration was also active at Kupol West, where follow-up drilling
in the second half of 2012 identified additional high grade
mineralization at the Moroshka target (see Figure 2:
http://www.kinross.com/media/243587/figure%202_moroshka_q42012.pdf).
Drilling highlights include:  


 
--  1.7 metres grading 95.3 grams per tonne gold and 1,363 grams per tonne
    silver from 208.6 metres (hole KW12-085) 
--  0.8 metres grading 202.7 grams per tonne gold and 773 grams per tonne
    silver from 234.8 metres (hole KW12-089) 
--  6.0 metres grading 78.4 grams per tonne gold and 899 grams per tonne
    silver from 199.0 metres (hole KW12-090) 
--  0.7 metres grading 183 grams per tonne gold and 1,754 grams per tonne
    from 175.1 metres (hole KW12-087) 

 
Moroshka is a narrow vein located five kilometres southeast of the
Kupol mill. The vein does not outcrop. Initial drill testing in 2009
was based on anomalous soil geochemistry and magnetics. Follow up
drilling by Kinross in 2011 and 2012 confirmed the presence of
high-grade mineralization over a strike length of at least 300 metres
and a vertical range of 150 metres. The geology of Moroshka is very
similar to that of Kupol. The vein trends north, dips sub-vertically
and is hosted by andesite volcanic rocks. Moroshka is narrower than
Kupol, with vein widths varying between 0.5 and 3.0 metres. 
There is good exploration potential to establish a resource at
Moroshka as the vein is not yet fully delineated. In addition, the
potential for new veins in the surrounding district is excellent.
Moroshka is located in the centre of a five-kilometer-long
north-south trend of anomalous soil geochemistry which had never been
previously drill tested. 
An appendix of complete drill results from Moroshka is available at: 
www.kinross.com/media/243584/q42012_appendix_tasiast_kupol_drill.pdf. 
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, 2012,
and as a result, recorded an after-tax non-cash impairment charge of
$3,206.1 million, comprised of $3,094.8 million for Tasiast and
$111.3 million for Chirano.  
The impairment charge at Tasiast included a charge of $2,130.3
million related to goodwill and an after-tax charge of $964.5 million
related to property, plant and equipment. The impairment test for
Tasiast was based on a 30,000 tonne per day optimized mill model,
compared with the 60,000 tonne per day model used for the 2011 annual
impairment test. The resulting non-cash charge was due to a number of
factors, including a reduction in the valuation multiple for Tasiast,
and industry-wide increases in capital and operating costs. The
impairment charge at Chirano was related entirely to goodwill. 
Conference call details  
In connection with this news release, Kinross will hold a conference
call and audio webcast on Thursday, February 14, 2013 at 8 a.m. ET to
discuss the results, followed by a question-and-answer session. To
access the call, please dial: 


 
Canada & US toll-free - 1-800-319-4610                                      
Outside of Canada & US - 1-604-638-5340                                     

 
Replay (available up to 14 days after the call): 


 
Canada & US toll-free - 1-800-319-6413; Passcode - 3310 followed by #.      
Outside of Canada & US - 1-604-638-9010; Passcode - 3310 followed by #.     

 
You may also access the conference call on a listen-only basis via
webcast at our website www.kinross.com. The audio webcast will be
archived on our website at www.kinross.com. 
This release should be read in conjunction with Kinross' 2012
year-end Financial Statements and Management's Discussion and
Analysis report at www.kinross.com. Kinross' 2012 year-end Financial
Statements have been filed with Canadian securities regulators
(available at www.sedar.com) and furnished with the U.S. Securities
and Exchange Commission (available at www.sec.gov). Kinross
shareholders may obtain a copy of the financial statements free of
charge upon request to the Company. 
About Kinross Gold Corporation 
Kinross is a Canadian-based gold mining company with mines and
projects in Brazil, Canada, Chile, Ecuador, Ghana, Mauritania, Russia
and the United States, employing approximately 8,000 people
worldwide. Kinross maintains listings on the Toronto Stock Exchange
(symbol:K) and the New York Stock Exchange (symbol:KGC). 
Cautionary statement on forward-looking information  
All statements, other than statements of historical fact, contained
or incorporated by reference in this news release, 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 harbour" 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 news
release. Forward-looking statements include, without limitation,
statements with respect to: 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, currency fluctuations,
requirements for additional capital, government regulation of mining
operations, environmental risks, unanticipated reclamation expenses,
title disputes or claims and limitations on insurance coverage.
The words "anticipates", "plans", "expects", "indicative", "intend",
"scheduled", "timeline", "estimates", "forecasts", "guidance",
"opportunity", "outlook", "potential", "projected", "seek",
"strategy", "targets", "models", or "believes", or variations of or
similar such words and phrases or statements that certain actions,
events or results "may", "could", "would", or "should", "might", or
"will be taken", "occur" or "be achieved" and similar 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 news release, which may prove to be
incorrect, include, but are not limited to, the various assumptions
set forth herein and in our most recently filed Annual Information
Form and our full-year 2012 Management's Discussion and Analysis as
well as: (1) there being no significant disruptions affecting the
operations of the Company or any entity in which it now or hereafter
directly or indirectly holds an investment, whether due to labour
disruptions, supply disruptions, power disruptions, damage to
equipment or otherwise; (2) permitting, development, operations,
expansion and acquisitions at Paracatu (including, without
limitation, land acquisitions and permitting for the construction and
operation of the new tailings facility) being consistent with our
current expectations; (3) the viability, permitting and development
of the Fruta del Norte deposit, and its continuing ownership by the
Company, being consistent with Kinross' current expectations;
(4) political and legal developments in any jurisdiction in which the
Company, or any entity in which it now or hereafter directly or
indirectly holds an investment, operates being consistent with its
current expectations including, without limitation, the
implementation of Ecuador's mining and investment laws (and
prospective amendment to these laws) and related regulations and
policies, being consistent with Kinross' current expectations, and
the unenforceability of any new law in Brazil requiring that all
Paracatu tailings facilities have an impermeable liner; (5)
negotiation of an exploitation contract and an investment protection
contract for Fruta del Norte with the Ecuadorian government being
consistent with Kinross' current expectations, including but not
limited to Kinross and the government jointly declaring a phase
change from economic evaluation to exploitation prior to August 1,
2013 (or any government approved extension of up to 1.5 years) and
entering into an exploitation agreement with the government within
six months of such declared phase change, the failure of which will
likely result in forfeiture of the FDN concession and related project
infrastructure to the government; (6) the exchange rate between the
Canadian dollar, Brazilian real, Chilean peso, Russian rouble,
Mauritanian ouguiya, Ghanaian cedi and the U.S. dollar being
approximately consistent with current levels; (7) certain price
assumptions for gold and silver; (8) prices for diesel, natural gas,
fuel oil, electricity and other key supplies being approximately
consistent with current levels; (9) production and cost of sales
forecasts for the Company, and entities in which it now or hereafter
directly or indirectly holds an investment, meeting expectations;
(10) the accuracy of the current mineral reserve and mineral resource
estimates of the Company (including but not limited to ore tonnage
and ore grade estimates) and any entity in which it now or hereafter
directly or indirectly holds an investment; (11) labour and materials
costs increasing on a basis consistent with Kinross' current
expectations; (12) the development of the Dvoinoye deposit being
consistent with Kinross' expectations; (13) the viability of the
Tasiast and Chirano mines (including but not limited to, at Tasiast,
the impact of ore tonnage and grade variability reconciliation
analysis) as well as permitting, development and expansion (including
but not limited to, at Tasiast, expansion optimization initiatives
leading to changes in processing approach and maintenance and, as
required, conversion of exploration licences to mining licences) of
the Tasiast and Chirano mines being consistent with Kinross' current
expectations; (14) the terms and conditions of the legal and fiscal
stability agreements for the Tasiast and Chirano operations being
interpreted and applied in a manner consistent with their intent and
Kinross' expectations;
(15) goodwill and/or asset impairment potential; and (16) access to
capital markets, including but not limited to maintaining an
investment grade debt rating and securing partial project financing
for the Dvoinoye, Fruta del Norte and the Tasiast expansion projects,
being consistent with the Company's current expectations. Known and
unknown factors could cause actual results to differ materially from
those projected in the forward-looking statements. Such factors
include, but are not limited to: fluctuations in the currency
markets; fluctuations in the spot and forward price of gold or
certain other commodities (such as diesel fuel and electricity);
increases in the discount rates applied to present value net future
cash flows based on country-specific real weighted average cost of
capital; declines in the market valuations of peer group gold
producers and the Company, and the resulting impact on market price
to net asset value multiples; changes in interest rates or gold or
silver lease rates that could impact the mark-to-market value of
outstanding derivative instruments and ongoing payments/receipts
under any interest rate swaps and variable rate debt obligations;
risks arising from holding derivative instruments (such as credit
risk, market liquidity risk and mark-to-market risk);
changes in national and local government legislation, taxation
(including but not limited to income tax, advance income tax, stamp
tax, withholding tax, capital tax, tariffs, value-added or sales tax,
capital outflow tax, capital gains tax, windfall or windfall profits
tax, royalty, excise tax, customs/import or export taxes/duties,
asset taxes, asset transfer tax, property use or other real estate
tax, together with any related fine, penalty, surcharge, or interest
imposed in connection with such taxes), controls, policies and
regulations; the security of personnel and assets; political or
economic developments in Canada, the United States, Chile, Brazil,
Russia, Ecuador, Mauritania, Ghana, or other countries in which
Kinross, or entities in which it now or hereafter directly or
indirectly holds an interest, do business or may carry on business;
business opportunities that may be presented to, or pursued by, us;
our ability to successfully integrate acquisitions and complete
divestitures; operating or technical difficulties in connection with
mining or development activities; employee relations; commencement of
litigation against the Company including, but not limited to,
securities class actions in Canada and/or the United States; the
speculative nature of gold exploration and development including, but
not limited to, the risks of obtaining necessary licenses and
permits; diminishing quantities or grades of reserves; adverse
changes in our credit rating; and contests over title to properties,
particularly title to undeveloped properties.
In addition, there are risks and hazards associated with the business
of gold exploration, development and mining, including environmental
hazards, industrial accidents, unusual or unexpected formations,
pressures, cave-ins, flooding and gold bullion losses (and the risk
of inadequate insurance, or the inability to obtain insurance, to
cover these risks). Many of these uncertainties and contingencies can
directly or indirectly affect, and could cause, Kinross' actual
results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, Kinross,
including but not limited to resulting in an impairment charge on
goodwill and/or assets. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements are
provided for the purpose of providing information about management's
expectations and plans relating to the future. All of the
forward-looking statements made in this news release are qualified by
these cautionary statements and those made in our other filings with
the securities regulators of Canada and the United States including,
but not limited to, the cautionary statements made in the "Risk
Factors" section of our most recently filed Annual Information Form
and full-year 2012 Management Discussion and Analysis. These factors
are not intended to represent a complete list of the factors that
could affect Kinross. Kinross disclaims any intention or obligation
to update or revise any forward-looking statements or to explain any
material difference between subsequent actual events and such
forward-looking statements, except to the extent required by
applicable law. 
Key Sensitivities 
Approximately 60%-70% of the Company's costs are denominated in US
dollars.  
A 10% change in foreign exchange could result in an approximate $9
impact in production cost of sales per ounce.(8) 
A $10 per barrel change in the price of oil could result in an
approximate $2 impact on production cost of sales per ounce. 
The impact on royalties of a $100 change in the gold price could
result in an approximate $3 impact on cost of sales per ounce. 
Other information 
Where we say "we", "us", "our", the "Company", or "Kinross" in this
news release, we mean Kinross Gold Corporation and/or one or more or
all of its subsidiaries, as may be applicable. 
The technical information about the Company's material mineral
properties (other than exploration activities) contained in this news
release has been prepared under the supervision of Mr. Jim Fowler, an
officer of the Company who is a "qualified person" within the meaning
of National Instrument 43-101.The technical information about the
Company's drilling and exploration activities contained in this news
release has been prepared under the supervision of Dr. Glen
Masterman, an officer with the Company who is a "qualified person"
within the meaning of National Instrument 43-101. 


 
(1)  Unless otherwise stated, production figures in this news release are   
     based on Kinross' 90% share of Chirano production and 75% of Kupol     
     production up to April 27, 2011 (100% thereafter). Prior year          
     production figures have been adjusted to exclude Crixas due to its sale
     in Q2 2012.                                                            
(2)  "Production cost of sales per gold equivalent ounce" is a non-GAAP     
     measure defined as production cost of sales per the financial          
     statements divided by the attributable number of gold equivalent ounces
     sold, both reduced to reflect a 90% ownership interest in Chirano      
     sales. Production cost of sales is equivalent to total cost of sales   
     (per the financial statements), less depreciation, depletion,          
     amortization, and impairment charges.                                  
(3)  "Attributable margin per 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".                         
(4)  Reconciliation of non-GAAP measures are provided on page 14 of this    
     news release.                                                          
(5)  "Net earnings (loss)" figures in this release represent "net earnings  
     (loss) from continuing operations attributable to common shareholders."
(6)  'All-in sustaining cost' is a non-GAAP measure and is defined on page  
     five of this news release.                                             
(7)  The percentages are calculated based on the mid-point of regional 2013 
     forecast production.                                                   
(8)  Refers to all of the currencies in the countries where the Company has 
     mining operations, fluctuating simultaneously by 10% in the same       
     direction, either appreciating, or depreciating, taking into           
     consideration the impact of hedging and the weighting of each currency 
     within our consolidated cost structure.                                

 
Reconciliation of non-GAAP financial measures 
The Company has included certain non-GAAP financial measures in this
document. These measures are not defined under IFRS and should not be
considered in isolation. The Company believes that these measures,
together with measures determined in accordance with IFRS, provide
investors with an improved ability to evaluate the underlying
performance of the Company. The inclusion of these measures is meant
to provide additional information and should not be used as a
substitute for performance measures prepared in accordance with IFRS.
These measures are not necessarily standard and therefore may not be
comparable to other issuers. 
Adjusted net earnings attributable to common shareholders and
adjusted net earnings per share are non-GAAP measures which determine
the performance of the Company, excluding certain impacts which the
Company believes are not reflective of the Company's underlying
performance for the reporting period, such as the impact of foreign
exchange gains and losses, reassessment of prior year taxes and/or
taxes otherwise not related to the current period, impairment
charges, gains and losses and other one-time costs related to
acquisitions, dispositions and other transactions, and non-hedge
derivative gains and losses. Although some of the items are
recurring, the Company believes that they are not reflective of the
underlying operating performance of its current business and are not
necessarily indicative of future operating results. Management
believes that these measures, which are used internally to assess
performance and in planning and forecasting future operating results,
provide investors with the ability to better evaluate underlying
performance, particularly since the excluded items are typically not
included in public guidance. However, adjusted net earnings and
adjusted net earnings per share measures are not necessarily
indicative of net earnings and earnings per share measures as
determined under IFRS. 
The following table provides a reconciliation of net loss from
continuing operations to adjusted net earnings from continuing
operations for the periods presented: 


 
----------------------------------------------------------------------------
                                                                            
                               GAAP to Adjusted Earnings from Continuing    
                                       Operations Reconciliation            
                            ------------------------------------------------
(in US$ millions)                Three months ended             Years ended 
                                       December 31,            December 31, 
                            ------------------------------------------------
                                   2012        2011        2012        2011 
                            ------------------------------------------------
                                                                            
Net Loss from continuing                                                    
 operations attributable to                                                 
 common shareholders - as                                                   
 reported                    $ (2,989.1) $ (2,791.0) $ (2,548.8) $ (2,093.4)
                            ------------------------------------------------
                                                                            
Adjusting items:                                                            
Foreign exchange losses                                                     
 (gains)                           (0.6)        1.5         2.1       (11.3)
Non-hedge derivatives gains                                                 
 - net of tax                     (12.4)      (14.5)      (18.8)      (60.0)
Gains (losses) on                                                           
 acquisition/disposition of                                                 
 assets and investments -                                                   
 net of tax                        (7.5)        4.9        (7.1)      (26.5)
Foreign exchange loss on                                                    
 translation of tax basis                                                   
 and foreign exchange on                                                    
 deferred income taxes                                                      
 within income tax expense         40.1        23.5        51.4        69.5 
Change in deferred tax due                                                  
 to a change in statutory                                                   
 corporate income tax rate            -           -       116.5           - 
Taxes on repatriation of                                                    
 certain foreign earnings             -        46.6           -        46.6 
Taxes in respect of prior                                                   
 years                             27.5       (33.6)       28.8       (33.6)
Impairment charges - net of                                                 
 tax                            3,206.1     2,937.6     3,206.1     2,937.6 
Impairment of investments           4.1           -        24.3           - 
Inventory fair value                                                        
 adjustment - net of tax              -           -           -         9.7 
Reclamation and remediation                                                 
 expense - net of tax               8.3        12.2         8.3        12.2 
Severance expense                     -           -        16.4           - 
                            ------------------------------------------------
                                3,265.6     2,978.2     3,428.0     2,944.2 
                            ------------------------------------------------
Net earnings from continuing                                                
 operations attributable to                                                 
 common shareholders -                                                      
 Adjusted                    $    276.5  $    187.2  $    879.2  $    850.8 
                            ------------------------------------------------
                            ------------------------------------------------
Weighted average number of                                                  
 common shares outstanding -                                                
 Basic                          1,139.8     1,137.5     1,139.1     1,136.0 
                            ------------------------------------------------
Net earnings from continuing                                                
 operations per share -                                                     
 Adjusted                    $     0.24  $     0.16  $     0.77  $     0.75 
                            ------------------------------------------------
                            ------------------------------------------------
                                                                            
----------------------------------------------------------------------------

 
The Company makes reference to a non-GAAP measure for adjusted
operating cash flow and adjusted operating cash flow per share.
Adjusted operating cash flow is defined as cash flow from operations
excluding certain impacts which the Company believes are not
reflective of the Company's regular operating cash flow, and
excluding changes in working capital. Working capital can be volatile
due to numerous factors, including the timing of tax payments, and in
the case of Kupol, a build-up of inventory due to transportation
logistics. The Company uses adjusted operating cash flow internally
as a measure of the underlying operating cash flow performance and
future operating cash flow-generating capability of the Company.
However, adjusted operating cash flow and adjusted operating cash
flow per share measures are not necessarily indicative of net cash
flow from operations as determined under IFRS. 
The following table provides a reconciliation of adjusted operating
cash flow from continuing operations for the periods presented: 


 
----------------------------------------------------------------------------
                                                                            
                               GAAP to Adjusted Operating Cash Flow from    
                                         Continuing Operations              
(in US$ millions)                Three months ended             Years ended 
                                       December 31,            December 31, 
                            ------------------------------------------------
                                   2012        2011        2012        2011 
                            ------------------------------------------------
                                                                            
Net cash flow of continuing                                                 
 operations provided from                                                   
 operating activities - as                                                  
 reported                    $    480.2  $    402.6  $  1,302.9  $  1,378.8 
                            ------------------------------------------------
                                                                            
Adjusting items:                                                            
  Close out and early                                                       
   settlement of derivative                                                 
   instruments                        -       (64.1)      (48.7)       48.7 
  Working capital changes:                                                  
    Accounts receivable and                                                 
     other assets                 (34.4)      (22.5)       20.4       119.3 
    Inventories                   138.4       134.7       297.0       231.1 
    Accounts payable and                                                    
     other liabilities,                                                     
     including taxes              (82.8)      (97.3)      (44.6)     (216.1)
                            ------------------------------------------------
                                   21.2       (49.2)      224.1       183.0 
                            ------------------------------------------------
Adjusted operating cash flow                                                
 from continuing operations  $    501.4  $    353.4  $  1,527.0  $  1,561.8 
                            ------------------------------------------------
                            ------------------------------------------------
Weighted average number of                                                  
 common shares outstanding -                                                
 Basic                          1,139.8     1,137.5     1,139.1     1,136.0 
                            ------------------------------------------------
Adjusted operating cash flow                                                
 from continuing operations                                                 
 per share                   $     0.44  $     0.31  $     1.34  $     1.37 
                            ------------------------------------------------
                            ------------------------------------------------
                                                                            
----------------------------------------------------------------------------

 
Consolidated production cost of sales per gold equivalent ounce sold
is a non-GAAP measure and is defined as production cost of sales as
per the consolidated financial statements divided by the total number
of gold equivalent ounces sold. This measure converts the Company's
non-gold production into gold eq
uivalent ounces and credits it to
total production. 
Attributable production cost of sales per gold equivalent ounce sold
is a non-GAAP measure and is defined as attributable production cost
of sales divided by the attributable number of gold equivalent ounces
sold. This measure converts the Company's non-gold production into
gold equivalent ounces and credits it to total production. 
Management uses these measures to monitor and evaluate the
performance of its operating properties. 


 
----------------------------------------------------------------------------
                                Consolidated and Attributable Cost of Sales 
                            from Continuing Operations Per Equivalent Ounce 
                                                                       Sold 
                            ------------------------------------------------
(in US$ millions)                Three months ended             Years ended 
                                       December 31,            December 31, 
                            ------------------------------------------------
                                   2012        2011        2012        2011 
                            ------------------------------------------------
                                                                            
Production cost of sales                                                    
 from continuing operations                                                 
 - as reported  (1)          $    477.6  $    375.4  $  1,850.8  $  1,546.1 
Less: portion attributable                                                  
 to Kupol non-controlling                                                   
 interest(2)                          -           -           -       (21.0)
Less: portion attributable                                                  
 to Chirano non-controlling                                                 
 interest                          (6.1)       (4.6)      (
21.5)      (18.2)
                            ------------------------------------------------
Attributable production cost                                                
 of sales from continuing                                                   
 operations                  $    471.5  $    370.8  $  1,829.3  $  1,506.9 
                            ------------------------------------------------
                            ------------------------------------------------
                                                                            
Gold equivalent ounces sold                                                 
 from continuing operations     695,934     590,569   2,621,343   2,637,601 
Less: portion attributable                                                  
 to Kupol non-controlling                                                   
 interest(1)                          -           -           -     (63,802)
Less: portion attributable                                                  
 to Chirano non-controlling                                                 
 interest                        (8,772)     (6,789)    (29,865)    (26,269)
                            ------------------------------------------------
Attributable gold equivalent                                                
 ounces sold                    687,162     583,780   2,591,478   2,547,530 
                            ------------------------------------------------
                            ------------------------------------------------
Consolidated production cost                                                
 of sales from continuing                                                   
 operations per equivalent                                                  
 ounce sold                  $      686  $      636  $      706  $      586 
Attributable production cost                                                
 of sales from continuing                                                   
 operations per equivalent                                                  
 ounce sold                  $      686  $      635  $      706  $      592 
----------------------------------------------------------------------------
 (1)  "Production cost of sales" is equivalent to "Total cost of sales" per 
      the consolidated financial statements less depreciation, depletion and
      amortization and impairment charges.                                  
(2)   On April 27, 2011, Kinross acquired the remaining 25% of CMGC, and    
      thereby obtained 100% ownership of Kupol. As such, the results up to  
      April 27, 2011 reflect 75% and results thereafter reflect 100%.       

 
Attributable production cost of sales per ounce sold on a by-product
basis is a non-GAAP measure which calculates the Company's non-gold
production as a credit against its per ounce production costs, rather
than converting its non-gold production into gold equivalent ounces
and crediting it to total production, as is the case in co-product
accounting. Management believes that this measure provides investors
with the ability to better evaluate Kinross' production cost of sales
per ounce on a comparable basis with other major gold producers who
routinely calculate their cost of sales per ounce using by-product
accounting rather than co-product accounting.  
The following table provides a reconciliation of attributable
production cost of sales per ounce sold on a by-product basis for the
periods presented: 


 
----------------------------------------------------------------------------
                                                                            
                                 Attributable Cost of Sales from Continuing 
                            Operations Per Ounce Sold on a By-Product Basis 
                            ------------------------------------------------
(in US$ millions)                Three months ended             Years ended 
                                       December 31,            December 31, 
                            ------------------------------------------------
                                   2012        2011        2012        2011 
                            ------------------------------------------------
                                                                            
Production cost of sales                                                    
 from continuing operations                                                 
 - as reported(1)            $    477.6  $    375.4  $  1,850.8  $  1,546.1 
Less: portion attributable                                                  
 to Kupol non-controlling                                                   
 interest(2)                          -           -           -       (21.0)
Less: portion attributable                                                  
 to Chirano non-controlling                                                 
 interest                          (6.1)       (4.6)      (21.5)      (18.2)
Less: attributable silver                                                   
 sales from continuing                                                      
 operations                       (87.3)      (55.5)     (331.8)     (282.9)
                            ------------------------------------------------
Attributable production cost                                                
 of sales from continuing                                                   
 operations net of silver                                                   
 by-product revenue          $    384.2  $    315.3  $  1,497.5  $  1,224.0 
                            ------------------------------------------------
                            ------------------------------------------------
                                                                            
Gold ounces sold from                                                       
 continuing operations          644,073     540,344   
2,421,447   2,362,268 
Less: portion attributable                                                  
 to Kupol non-controlling                                                   
 interest(2)                          -           -           -     (49,299)
Less: portion attributable                                                  
 to Chirano non-controlling                                                 
 interest                        (8,760)     (6,767)    (29,795)    (26,155)
                            ------------------------------------------------
Attributable gold ounces                                                    
 sold from continuing                                                       
 operations                     635,313     533,577   2,391,652   2,286,814 
                            ------------------------------------------------
Attributable production cost                                                
 of sales from continuing                                                   
 operations per ounce sold                                                  
 on a by-product basis       $      605  $      591  $      626  $      535 
                            ------------------------------------------------
                            ------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
(1)   "Production cost of sales" is equivalent to "Total cost of sales" per 
      the consolidated financial statements less depreciation, depletion and
      amortization and impairment charges.                                  
(2)   On April 27, 2011, Kinross acquired the remaining 25% of CMGC, and    
      thereby obtained 100% ownership of Kupol. As such, the results up to  
      April 27, 2011 reflect 75% and results thereafter reflect 100%.     

 
All-in sustaining cost - attributable is a non-GAAP measure that the
Company has defined to include attributable production cost of sales
from continuing operations net of silver by-product credits; general
and administrative expenses; sustaining business development and
on-site exploration costs; sustaining capital (including related
capitalized interest); and a portion of other operating costs.
Management uses this measure internally and believes that it provides
investors with the ability to better evaluate the cost of sustaining
gold production. 


 
----------------------------------------------------------------------------
                                                        Attributable All-in 
                                                       Sustaining Cost from 
                                                      Continuing Operations 
                                                        Per Ounce Sold on a 
                                                           By-Product Basis 
                                                                            
                                                     -----------------------
                                                                 Year ended 
(in US$ millions)                                         December 31, 2012 
                                                     -----------------------
                                                                            
Production cost of sales from continuing operations -                       
 as reported (1)                                      $             1,850.8 
Less: portion attributable to Chirano non-controlling                       
 interest                                                             (21.5)
Less: attributable silver sales from continuing                             
 operations                                                          (331.8)
                                                     -----------------------
Attributable production cost of sales from continuing                       
 operations net of silver by-product revenue          $             1,497.5 
                                                     -----------------------
                                                     -----------------------
Adjusting items on an attributable basis:                                   
  General and administrative                                          179.1 
  Severance expense                                                   (16.4)
  Exploration and business development - sustaining                   208.0 
  Other operating expense - sustaining                                 55.3 
  Additions to property, plant and equipment -                              
   sustaining                                                         669.8 
  Capitalized interest and exploration                                 35.3 
                                                     -----------------------
All-in Sustaining Cost - attributable                 $             2,628.6 
                                                     -----------------------
                                                     -----------------------
Gold ounces sold from continuing operations                       2,421,447 
Less: portion attributable to Chirano non-controlling                       
 interest                                                           (29,795)
                                                     -----------------------
Attributable gold ounces sold from continuing                               
 operations                                                       2,391,652 
                                                     -----------------------
Attributable all-in sustaining cost from continuing                         
 operations per ounce sold on a by-product basis      $               1,099 
----------------------------------------------------------------------------
(1) "Production cost of sales" is equivalent to "Total cost of sales" per   
 the consolidated financial statements less depreciation, depletion and     
 amortization and impairment charges.                                       

 
Review of Operations 


 
----------------------------------------------------------------------------
Three months                                                                
 ended                                                                      
 December 31,      Gold equivalent ounces                                   
              --------------------------------                              
                                                   Production     Production
                                                      cost of        cost of
                                                    sales(1)       sales(1) 
                     Produced       Sold          ($millions)            /oz
              --------------------------------------------------------------
                 2012    2011    2012    2011    2012    2011    2012   2011
              --------------------------------------------------------------
                                                                            
Fort Knox     119,582  70,759 100,923  69,973  $ 49.8  $ 52.3  $  493 $  747
Round Mountain 41,220  43,584  41,371  44,231    32.6    26.4     788    597
Kettle River -                                                              
 Buckhorn      33,548  42,003  33,242  43,089    15.4    19.2     463    446
              --------------------------------------------------------------
North America                                                               
 Total        194,350 156,346 175,536 157,293    97.8    97.9     557    622
                                                                            
Kupol (100%)  146,535 138,410 130,759 113,936    62.0    54.8     474    481
              -----------------------------------------------
---------------
Russia Total  146,535 138,410 130,759 113,936    62.0    54.8     474    481
                                                                            
Paracatu      132,114 117,977 137,534 112,048   109.8    82.6     798    737
La Coipa       63,429  34,435  58,935  35,629    43.1    35.4     731    994
Maricunga      64,568  54,281  61,046  52,987    56.6    22.2     927    419
              --------------------------------------------------------------
South America                                                               
 Total        260,111 206,693 257,515 200,664   209.5   140.2     814    699
                                                                            
Tasiast        46,051  54,874  44,400  50,800    47.1    37.2   1,061    732
Chirano (100%) 86,070  73,539  87,724  67,876    61.2    45.3     698    667
              --------------------------------------------------------------
West Africa                                                                 
 Total        132,121 128,413 132,124 118,676   108.3    82.5     820    695
              --------------------------------------------------------------
                                                                            
Continuing                                                                  
 operations   733,117 629,862 695,934 590,569   477.6   375.4     686    636
Discontinued                                                                
 operations(2)      -  20,781       -  17,379       -    11.3       -    650
                                                                            
              --------------------------------------------------------------
Operations                                                                  
 Total        733,117 650,643 695,934 607,948  $477.6  $386.7  $  686 $  636
Less Chirano                                                                
 non-                                                                       
 co
ntrolling                                                                
 interest                                                                   
 (10%)         (8,607) (7,355) (8,772) (6,789)   (6.1)   (4.6)              
              --------------------------------------------------------------
Attributable -                                                              
 Continuing                                                                 
 operations   724,510 622,507 687,162 583,780  $471.5  $370.8  $  686 $  635
              --------------------------------------------------------------
Attributable                                                                
 Total        724,510 643,288 687,162 601,159  $471.5  $382.1  $  686 $  636
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
(1)  "Production cost of sales" is equivalent to "Total cost of sales" per  
     the consolidated financial statements less depreciation, depletion and 
     amortization and impairment charges.                                   
(2)  On June 28, 2012, the Company completed the sale of its 50% interest in
     the Crixas gold mine.                                                  
----------------------------------------------------------------------------
                                                                      
----------------------------------------------------------------------
Years ended December 31,             Gold equivalent ounces           
                          --------------------------------------------
                                 Produced                Sold         
                          --------------------------------------------
                                2012       2011       2012       2011 
                          --------------------------------------------
                                                                      
Fort Knox                    359,948    289,794    333,438    287,519 
Round Mountain               192,330    187,444    190,592    185,385 
Kettle River - Buckhorn      156,093    175,292    156,966    178,269 
                          --------------------------------------------
North America Total          708,371    652,530    680,996    651,173 
                                                                      
Kupol (100%)                 578,252    653,063    578,235    655,325 
                          --------------------------------------------
Russia Total                 578,252    653,063    578,235    655,325 
                                                                      
Paracatu                     466,709    453,396    471,387    449,605 
La Coipa                     178,867    178,287    175,212    191,032 
Maricunga                    236,369    236,249    237,294    230,828 
                          --------------------------------------------
South America Total          881,945    867,932    883,893    871,465 
                                                                      
Tasiast                      185,334    200,619    179,568    196,961 
Chirano (100%)               293,235    261,846    298,651    262,677 
                          --------------------------------------------
West Africa Total            478,569    462,465    478,219    459,638 
                          --------------------------------------------
                                                                      
Continuing operations      2,647,137  2,635,990  2,621,343  2,637,601 
Discontinued operations(3)    30,994     66,583     32,764     63,757 
                                                                      
                          --------------------------------------------
Operations Total           2,678,131  2,702,573  2,654,107  2,701,358 
Less Kupol non-controlling                                            
 interest (25%)(2)                 -    (66,015)         -    (63,802)
Less Chirano non-                                                     
 controlling interest                                                 
 (10%)                       (29,324)   (26,185)   (29,865)   (26,269)
                          --------------------------------------------
Attributable - Continuing                                             
 operations                2,617,813  2,543,790  2,591,478  2,547,530 
                          --------------------------------------------
Attributable Total         2,648,807  2,610,373  2,624,242  2,611,287 
----------------------------------------------------------------------
----------------------------------------------------------------------
                                                                      
----------------------------------------------------------------------
 
                                                                            
----------------------------------------------------------------------------
Years ended December 31,                                                    
                                                                            
                                         Production               Production
                                  cost of sales(1)         cost of sales(1) 
                                        ($millions)                      /oz
                          --------------------------------------------------
                                  2012         2011         2012        2011
                          --------------------------------------------------
                                                                            
Fort Knox                  $     221.2  $     199.1  $       663 $       692
Round Mountain                   136.7        129.2          717         697
Kettle River - Buckhorn           75.6         74
.9          482         420
                          --------------------------------------------------
North America Total              433.5        403.2          637         619
                                                                            
Kupol (100%)                     272.9        247.8          472         378
                          --------------------------------------------------
Russia Total                     272.9        247.8          472         378
                                                                            
Paracatu                         415.4        323.9          881         720
La Coipa                         169.2        145.5          966         762
Maricunga                        184.8        105.5          779         457
                          --------------------------------------------------
South America Total              769.4        574.9          870         660
                                                                            
Tasiast                          159.7        138.2          889         702
Chirano (100%)                   215.3        182.0          721         693
                          --------------------------------------------------
West Africa Total                375.0        320.2          784         697
                          --------------------------------------------------
                                                                            
Continuing operations          1,850.8      1,546.1          706         586
Discontinued operations(3)        27.4         50.3          836         789
                                                                            
                          --------------------------------------------------
Operations Total           $   1,878.2  $   1,596.4  $       708 $       591
Less Kupol non-controlling                                                  
 interest (25%)(2)                   -        (21.0)                 
       
Less Chirano non-                                                           
 controlling interest                                                       
 (10%)                           (21.5)       (18.2)                        
                          --------------------------------------------------
Attributable - Continuing                                                   
 operations                $   1,829.3  $   1,506.9  $       706 $       592
                          --------------------------------------------------
Attributable Total         $   1,856.7  $   1,557.2  $       708 $       596
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
(1)  "Production cost of sales" is equivalent to "Total cost of sales" per  
     the consolidated financial statements less depreciation, depletion and 
     amortization and impairment charges.                                   
(2)  On April 27, 2011, Kinross acquired the remaining 25% of CMGC, and     
     thereby obtained 100% ownership of Kupol. As such, the results up to   
     April 27, 2011 reflect 75% and results thereafter reflect 100%.        
(3)  On June 28, 2012, the Company completed the sale of its 50% interest in
     the Crixas gold mine.                                                  
----------------------------------------------------------------------------

 
Consolidated balance sheets 


 
(expressed in millions of United States dollars, except share amounts)      
----------------------------------------------------------------------------
                                                                            
                                                         As at              
                                            
--------------------------------
                                               December 31,    December 31, 
                                                       2012            2011 
                                            --------------------------------
                                                                            
Assets                                                                      
  Current assets                                                            
    Cash and cash equivalents                $      1,632.9  $      1,766.0 
    Restricted cash                                    58.1            62.1 
    Short-term investments                            349.8             1.3 
    Accounts receivable and other assets              287.3           309.4 
    Inventories                                     1,257.7           976.2 
    Unrealized fair value of derivative                                     
     assets                                            15.0             2.8 
                                            --------------------------------
                                                    3,600.8         3,117.8 
                                            --------------------------------
  Non-current assets                                                        
    Property, plant and equipment                   8,978.8         8,959.4 
    Goodwill                                        1,136.7         3,420.3 
    Long-term investments                              49.1            79.4 
    Investments in associate                          515.8           502.5 
    Unrealized fair value of derivative                                     
     assets                                             9.6             1.1 
    Deferred charges and other long-term                                    
     assets                                           545.5           406.4 
    Deferred tax assets                                46.1            21.9 
                                            --------------------------------
Total assets                                 $     14,882.4  $     16,508.8 
                                            --------------------------------
                                                                            
Liabilities                                                                 
  Current liabilities                                                       
    Accounts payable and accrued liabilities $        632.8  $        575.3 
    Current tax payable                                93.2            82.9 
    Current portion of long-term debt                 516.2            32.7 
    Current portion of provisions                      42.0            38.1 
    Current portion of unrealized fair value                                
     of derivative liabilities                         22.0            66.7 
                                            --------------------------------
                                                    1,306.2           795.7 
                                            --------------------------------
  Non-current liabilities                                                   
    Long-term debt                                  2,116.4         1,600.4 
    Provisions                                        721.4           597.1 
    Unrealized fair value of derivative                                     
     liabilities                                       10.5            32.7 
    Other long-term liabilities                       125.6           133.1 
    Deferred tax liabilities                          676.6           879.1 
Total liabilities                                   4,956.7         4,038.1 
                                            --------------------------------
                                                                            
Equity                                                                      
  Comm
on shareholders' equity                                               
    Common share capital and common share                                   
     purchase warrants                       $     14,692.5  $     14,656.6 
    Contributed surplus                                89.9            81.4 
    Accumulated deficit                            (4,937.1)       (2,249.9)
    Accumulated other comprehensive income                                  
     (loss)                                             4.9           (97.7)
                                            --------------------------------
Total common shareholders' equity                   9,850.2        12,390.4 
                                            --------------------------------
  Non-controlling interest                             75.5            80.3 
                                            --------------------------------
Total equity                                        9,925.7        12,470.7 
                                            --------------------------------
Commitments and contingencies                                               
Subsequent events                                                           
                                            --------------------------------
Total liabilities and equity                 $     14,882.4  $     16,508.8 
                                            --------------------------------
                                                                            
Common shares                                                               
  Authorized                                      Unlimited       Unlimited 
  Issued and outstanding                      1,140,132,123   1,137,732,344 
                                                                            
----------------------------------------------------------------------------

 
Consolidated statements of operations 


 
(expressed in millions of United States dollars, 
except per share and share 
 amounts)                                                                   
                                                                            
----------------------------------------------------------------------------
                                                      Years ended           
                                                                            
                                               December 31,    December 31, 
                                                       2012            2011 
                                            --------------------------------
                                                                            
Revenue                                                                     
  Metal sales                                $      4,311.4  $      3,842.5 
                                                                            
Cost of sales                                                               
  Production cost of sales                          1,850.8         1,546.1 
  Depreciation, depletion and amortization            681.2           564.1 
  Impairment charges                                3,527.6         2,937.6 
                                            --------------------------------
Total cost of sales                                 6,059.6         5,047.8 
                                            --------------------------------
Gross loss                                         (1,748.2)       (1,205.3)
                                            --------------------------------
  Other operating expense                              84.4            62.1 
  Exploration and business development                234.9           134.5 
  General and administrative                          179.1           173.6 
                                            --------------------------------
Operating loss                                     (2,246.6)       (1
,575.5)
                                            --------------------------------
  Other income (expense) - net                         (2.2)          101.1 
  Equity in losses of associate                        (6.5)           (2.3)
  Finance income                                        5.3             6.2 
  Finance expense                                     (42.1)          (65.5)
                                            --------------------------------
Loss before taxes                                  (2,292.1)       (1,536.0)
  Income tax expense - net                           (261.5)         (496.8)
                                            --------------------------------
Loss from continuing operations after tax          (2,553.6)       (2,032.8)
Earnings from discontinued operations after                                 
 tax                                                   43.9            19.8 
                                            --------------------------------
                                            --------------------------------
Net loss                                     $     (2,509.7) $     (2,013.0)
                                            --------------------------------
                                            --------------------------------
                                                                            
Net earnings (loss) from continuing                                         
 operations attributable to:                                                
  Non-controlling interest                   $         (4.8) $         60.6 
                                            --------------------------------
                                            --------------------------------
  Common shareholders                        $     (2,548.8) $     (2,093.4)
                                            --------------------------------
                                            --------------------------------
Net earnings (loss) attributable to:                                        
                                            --------------------------------
                                            --------------------------------
  Non-controlling interest                   $         (4.8) $         60.6 
                                            --------------------------------
                                            --------------------------------
  Common shareholders                        $     (2,504.9) $     (2,073.6)
                                            --------------------------------
                                                                            
Loss per share from continuing operations                                   
 attributable to common shareholders                                        
                                                                            
  Basic                                      $        (2.24) $        (1.84)
  Diluted                                    $        (2.24) $        (1.84)
Loss per share attributable to common                                       
 shareholders                                                               
                                                                            
  Basic                                      $        (2.20) $        (1.83)
  Diluted                                    $        (2.20) $        (1.83)
                                                                            
Weighted average number of common shares                                    
 outstanding (millions)                                                     
  Basic                                             1,139.1         1,136.0 
  Diluted                                           1,139.1         1,136.0 
----------------------------------------------------------------------------

 
Consolidated statements of cash flows 


 
(expressed in millions of United States dollars)      
                      
----------------------------------------------------------------------------
                                                      Years ended           
                                               December 31,    December 31, 
                                                       2012            2011 
                                            --------------------------------
Net inflow (outflow) of cash related to the                                 
 following activities:                                                      
                                                                            
Operating:                                                                  
Loss from continuing operations              $     (2,553.6) $     (2,032.8)
Adjustments to reconcile net earnings from                                  
 continuing operations to net cash provided                                 
 from (used in) operating activities:                                       
  Depreciation, depletion and amortization            681.2           564.1 
  Gains on acquisition/disposition of assets                                
   and investments - net                               (7.1)          (24.8)
  Equity in losses of associate                         6.5             2.3 
  Non-hedge derivative gains - net                    (18.0)          (59.1)
  Settlement of derivative instruments                 52.9           (48.7)
  Share-based compensation expense                     38.0            36.5 
  Accretion expense                                    24.9            54.2 
  Deferred tax (recovery) expense                    (220.7)          105.1 
  Foreign exchange (gains) losses and other            33.2           (37.0)
  Reclamation expense                                  10.8            15.7 
  Impairment charges                                3,527.6         2,937.6 
  Changes in operating assets and                                         
  
   liabilities:                                                             
    Accounts receivable and other assets              (20.4)         (119.3)
    Inventories                                      (297.0)         (231.1)
    Accounts payable and accrued liabilities          463.9           599.0 
                                            --------------------------------
Cash flow provided from operating activities        1,722.2         1,761.7 
                                            --------------------------------
  Income taxes paid                                  (419.3)         (382.9)
                                            --------------------------------
Net cash flow of continuing operations                                      
 provided from operating activities                 1,302.9         1,378.8 
                                            --------------------------------
Net cash flow of discontinued operations                                    
 provided from (used in) operating                                          
 activities                                           (47.6)           38.1 
                                            --------------------------------
                                                                            
Investing:                                                                  
  Additions to property, plant and equipment       (1,924.7)       (1,629.2)
  Net proceeds from the sale of long-term                                   
   investments and other assets                        11.8           101.4 
  Additions to long-term investments and                                    
   other assets                                      (106.3)         (213.4)
  Net proceeds from the sale of property,                                   
   plant and equipment                                  2.6             1.9 
  Additions to short-term investments                (348.5)           (1.3)
  Note received from Harry Winston                        -            70.0 
  Decrease in restricted cash                          (2.0)          (54.0)
  Interest received                                     4.9             7.3 
  Other                                                 0.3            (3.2)
Net cash flow of continuing operations used                                 
 in investing activities                           (2,361.9)       (1,720.5)
                                            --------------------------------
Net cash flow of discontinued operations                                    
 provided from (used in) investing                                          
 activities                                           198.9           (27.5)
                                            --------------------------------
                                                                            
Financing:                                                                  
  Issuance of common shares on exercise of                                  
   options and warrants                                 6.4            29.0 
  Acquisition of CMGC 25% non-controlling                                   
   interest                                               -          (335.4)
  Proceeds from issuance of debt                    1,541.1         1,608.4 
  Repayment of debt                                  (577.3)         (479.4)
  Interest paid                                        (8.1)           (9.7)
  Dividends paid to common shareholders              (182.3)         (124.8)
  Settlement of derivative instruments                    -           (43.6)
  Other                                                (5.0)           (7.6)
                                            --------------------------------
Net cash flow of continuing operations                                      
 provided from financing activities                   774.8           636.9 
                                            --------------------------------
Net cash flow of discontinued operations                                    
 used in financing activities                          (0.6)           (2.9)
                                            --------------------------------
Effect of exchange rate changes on cash and                                 
 cash equivalents of continuing operations              0.4            (3.5)
                                            --------------------------------
Increase (decrease) in cash and cash                                        
 equivalents                                         (133.1)          299.4 
Cash and cash equivalents, beginning of                                     
 period                                             1,766.0         1,466.6 
                                            --------------------------------
Cash and cash equivalents, end of period     $      1,632.9  $      1,766.0 
                                            --------------------------------
                                            --------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
Operating Summary                                                           
----------------------------------------------------------------------------
                                           Ore                       Gold Eq
                                     Processed           Recovery Production
         Mine      Period Ownership        (1)    Grade       (2)       (10)
----------------------------------------------------------------------------
                                         ('000          
                    
                                (%)    tonnes)    (g/t)       (%)   (ounces)
----------------------------------------------------------------------------
North    Fort Knox Q4                                                       
 America  (3)       2012        100      9,803     1.03        84%   119,582
                   ---------------------------------------------------------
                   Q3                                                       
                    2012        100     16,111     0.76        84%   106,698
                   Q2                                                       
                    2012        100     13,084     0.51        85%    71,952
                   Q1                                                       
                    2012        100      4,156     0.46        84%    61,716
                   Q4                                                       
                    2011        100      8,197     0.51        79%    70,759
         -------------------------------------------------------------------
         Round     Q4                                                       
          Mountain  2012                                                    
          (4)                    50      4,731     0.68        70%    41,220
                   ---------------------------------------------------------
                   Q3                                                       
                    2012         50      6,144     0.72        71%    53,205
                   Q2                                                       
                    2012         50      4,674     0.82        74%    53,147
                   Q1                                                       
                    2012         50      5,121     0.92        78%    44,758
                   Q4                                                       
                    2011         50      6,317     0.98        81%    43,584
 
         -------------------------------------------------------------------
         Kettle    Q4                                                       
          River     2012        100         87    13.96        93%    33,548
                   ---------------------------------------------------------
                   Q3                                                       
                    2012        100         95    15.23        94%    43,942
                   Q2                                                       
                    2012        100        111    11.52        92%    35,985
                   Q1                                                       
                    2012        100        112    12.81        90%    42,618
                   Q4                                                       
                    2011        100        123    12.24        89%    42,003
----------------------------------------------------------------------------
Russia   Kupol     Q4                                                       
          (6)(7)    2012        100        329    11.89        93%   146,535
                   ---------------------------------------------------------
                   Q3                                                       
                    2012        100        332    12.34        94%   155,533
                   Q2                                                       
                    2012        100        329    12.23        93%   149,214
                   Q1                                                       
                    2012        100        309    11.76        93%   126,970
                   Q4                                                       
                    2011        100        325    10.81        93%   138,410
----------------------------------------------------------------------------
South    Paracatu  Q4                                                       
 America            2012        100     13,692     0.39        75%   132,114
                   ---------------------------------------------------------
                   Q3                                                       
                    2012        100     13,386     0.38        70%   111,558
                   Q2                                                       
                    2012        100     12,988     0.38        74%   118,419
                   Q1                                                       
                    2012        100     12,910     0.35        72%   104,618
                   Q4                                                       
                    2011        100     11,578     0.42        74%   117,977
         -------------------------------------------------------------------
         La Coipa  Q4                                                       
          (5)       2012        100      1,421     1.07        86%    63,429
                   ---------------------------------------------------------
                   Q3                                                       
                    2012        100      1,297     0.65        79%    41,585
                   Q2                                                       
                    2012        100      1,256     0.72        77%    36,113
                   Q1                                                       
                    2012        100      1,467     0.56        78%    37,740
                   Q4                                                       
                    2011        100      1,060     0.58        85%    34,435
         -------------------------------------------------------------------
         Maricunga Q4                                                       
                    2012        100      3,937     0.59        nm     64,568
                   ---------------------------------------------------------
                   Q3                                                       
                    2012        100      3,755     0.64        nm     46,971
                   Q2                                                       
                    2012        100      3,487     0.65        nm     60,841
                   Q1                                                       
                    2012        100      4,014     0.66        nm     63,989
                   Q4                                                       
                    2011        100      3,960     0.76        nm     54,281
----------------------------------------------------------------------------
West     Tasiast   Q4                                                       
 Africa   (9)       2012        100      4,340     1.31        91%    46,051
                   ---------------------------------------------------------
                   Q3                                                       
                    2012        100      2,530     1.55        92%    51,842
                   Q2                                                       
                    2012        100      5,133     1.74        86%    49,807
                   Q1                                                       
                    2012        100      1,597     1.71        89%    37,634
                   Q4                                                       
                    2011        100      4,581     2.33        88%    54,874
         -------------------------------------------------------------------
         Chirano - Q4                                                       
          100%      2012         90        879     3.27        94%    86,070
                   ---------------------------------------------------------
                   Q3                                                       
                    2012         90        846     2.67        93%    67,599
                   Q2                                     
                  
                    2012         90        802     2.70        92%    63,660
                   Q1                                                       
                    2012         90        854     2.97        93%    75,906
                   Q4                                                       
                    2011         90        917     2.70        93%    73,539
         -------------------------------------------------------------------
         Chirano   Q4                                                       
          (8)       2012         90        879     3.27        94%    77,463
                   ---------------------------------------------------------
                   Q3                                                       
                    2012         90        846     2.67        93%    60,839
                   Q2                                                       
                    2012         90        802     2.70        92%    57,294
                   Q1                                                       
                    2012         90        854     2.97        93%    68,315
                   Q4                                                       
                    2011         90        917     2.70        93%    66,185
----------------------------------------------------------------------------
 
----------------------------------------------------------------------------
Operating Summary                                                           
----------------------------------------------------------------------------
                                              Production                    
                            Gold Eq Production   cost of                    
                              Sales   costs of     sales                    
         Mine      Period      (10)  sales(11)   (11)/oz    Cap Ex      DD&A
----------------------------------------------------------------------------
 
                                            ($                  ($        ($
                           (ounces)  millions) ($/ounce) millions) millions)
----------------------------------------------------------------------------
North    Fort Knox Q4                                                       
 America  (3)       2012    100,923 $     49.8 $     493 $    37.8 $    20.7
                   ---------------------------------------------------------
                   Q3                                                       
                    2012    100,172       64.9       648      13.7      25.7
                   Q2                                                       
                    2012     71,978       54.5       757      38.4      11.3
                   Q1                                                       
                    2012     60,365       52.0       861      24.8       9.1
                   Q4                                                       
                    2011     69,973       52.3       747      28.4      10.0
         -------------------------------------------------------------------
         Round     Q4                                                       
          Mountain  2012                                                    
          (4)                41,371       32.6       788      18.8       5.4
                   ---------------------------------------------------------
                   Q3                                                       
                    2012     53,237       32.2       605      14.4       6.6
                   Q2                                                       
                    2012     52,433       34.7       662      19.3       8.4
                   Q1                                                       
                    2012     43,551       37.3       856      13.6       7.8
                   Q4                                                       
                    2011     44,231       26.4       597      22.2       6.1
         -------------------------------------------------------------------
         Kettle    Q4                                                       
          River     2012     33,242       15.4       463       4.7      15.1
                   ---------------------------------------------------------
                   Q3                                                       
                    2012     44,049       20.7       470       1.0      21.7
                   Q2                                                       
                    2012     40,354       20.5       508       3.2      18.2
                   Q1                                                       
                    2012     39,321       18.9       481       0.5      18.9
                   Q4                                                       
                    2011     43,089       19.2       446       3.0      21.6
----------------------------------------------------------------------------
Russia   Kupol     Q4                                                       
          (6)(7)    2012    130,759       62.0       474       4.5      24.6
                   ---------------------------------------------------------
                   Q3                                                       
                    2012    164,025       76.5       466      17.0      30.1
                   Q2                                                       
                    2012    156,716       73.2       467      12.3      29.4
                   Q1                                                       
                    2012    126,735       61.2       483      10.4      23.6
                   Q4                                                       
                    2011    113,936       54.8       481      18.5      21.3
----------------------------------------------------------------------------
South    Paracatu  Q4                                                       
 America            2012    137,534      109.8       798      61.7      31.5
                   ---------------------------------------------------------
                   Q3                                                       
                    2012    104,937       92.0       877      81.0      20.0
                   Q2                                                       
                    2012    118,389      108.2       914      67.2      19.2
                   Q1                                                       
                    2012    110,527      105.4       954      74.6      14.6
                   Q4                                                       
                    2011    112,048       82.6       737     131.6      15.1
         -------------------------------------------------------------------
         La Coipa  Q4                                                       
          (5)       2012     58,935       43.1       731       8.0      26.8
                   ---------------------------------------------------------
                   Q3                                                       
                    2012     42,240       45.9     1,087      25.9      12.2
                   Q2                                                       
                    2012     30,325       35.7     1,177      22.2       6.2
                   Q1                                                       
                    2012     43,712       44.5     1,018      15.3       4.5
                   Q4                                                       
                    2011     35,629       35.4       994      23.2       3.3
         -------------------------------------------------------------------
         Maricunga Q4                                                       
                    2012     61,046       56.6       927       0.5       5.4
                   ---------------------------------------
------------------
                   Q3                                                       
                    2012     45,818       40.0       873      33.9       4.9
                   Q2                                                       
                    2012     61,367       44.5       725      50.7       5.5
                   Q1                                                       
                    2012     69,063       43.7       633      35.6       6.3
                   Q4                                                       
                    2011     52,987       22.2       419      34.0       4.8
----------------------------------------------------------------------------
West     Tasiast   Q4                                                       
 Africa   (9)       2012     44,400       47.1     1,061     291.6      23.1
                   ---------------------------------------------------------
                   Q3                                                       
                    2012     48,045       32.2       670     190.4      18.6
                   Q2                                                       
                    2012     46,296       44.5       961     124.3      19.9
                   Q1                                                       
                    2012     40,827       35.9       879     260.0      13.8
                   Q4                                                       
                    2011     50,800       37.2       732     204.6      14.8
         -------------------------------------------------------------------
         Chirano - Q4                                                       
          100%      2012     87,724       61.2       698      41.3      45.1
                   ---------------------------------------------------------
                   Q3                                                       
                    2012     69,698       51.3       736      15.9      39.5
                   Q2                                                       
                    2012     62,978       49.1       780      20.6      36.9
                   Q1                                                       
                    2012     78,251       53.7       686      22.5      41.8
                   Q4                                                       
                    2011     67,876       45.3       667      28.6      28.4
         -------------------------------------------------------------------
         Chirano   Q4                                                       
          (8)       2012     78,952       55.1       698      37.2      40.6
                   ---------------------------------------------------------
                   Q3                                                       
                    2012     62,728       46.2       736      14.3      35.6
                   Q2                                                       
                    2012     56,680       44.2       780      18.5      33.2
                   Q1                                                       
                    2012     70,426       48.3       686      20.3      37.6
                   Q4                                                       
                    2011     61,086       40.8       667      25.7      25.6
----------------------------------------------------------------------------
(1)   Ore processed is to 100%, production and costs are to Kinross'        
      account.                                                              
(2)   Due to the nature of heap leach operations, recovery rates at         
      Maricunga cannot be accurately measured on a quarterly basis.         
      Recovery rates at Fort Knox, Round Mountain and Tasiast represent mill
      recovery only.                                                        
(3)   Includes 6,530,000 tonnes placed on the heap leach pad during the     
      fourth quarter of 2012, and 29,950,000 tonnes for the year ended      
      December 31, 2012. Grade and recovery represent mill processing only. 
      Ore placed on the heap leach pad had an average grade of 0.30 grams   
      per tonne for the fourth quarter of 2012 and 0.31 for the year.       
(4)   Includes 3,864,000 tonnes placed on the heap leach pad during the     
      fourth quarter of 2012, and 17,044,000 tonnes for the year ended      
      December 31, 2012. The presentation has been amended to reflect mill  
      grade and recovery only, with heap leach grade disclosed separately,  
      rather than a blended rate for mill and heap leach grades.  Ore placed
      on the heap leach pad had an average grade of 0.40 grams per tonne for
      the fourth quarter of 2012 and 0.43 grams per tonne for the year. In  
      addition, the presentation has been amended to exclude tonnes         
      transferred between heap leach pads.                                  
(5)   La Coipa silver grade and recovery were as follows: Q4 (2012) 49.45   
      g/t, 50%; Q3 (2012) 55.58 g/t, 45%; Q2 (2012) 42.04 g/t, 46%; Q1      
      (2012) 38.78 g/t, 51%; Q4 (2011) 56.82 g/t, 54%                       
(6)   The Kupol segment excludes Dvoinoye capital expenditures.             
(7)   Kupol silver grade and recovery were as follows:  Q4 (2012) 155.53    
      g/t, 85%; Q3 (2012) 163.68 g/t, 85%; Q2 (2012) 187.49 g/t, 87%; Q1    
      (2012) 171.8 g/t, 85 %; Q4 (2011) 170.52 g/t, 85%                     
(8)   Includes Kinross' share of Chirano at 90%.                            
(9)   Includes 3,681,000 tonnes placed on the heap leach pad during the     
      fourth quarter of 2012, and 11,047,000 tonnes for the year ended      
      December 31, 2012. Grade and recovery represent mill processing only. 
      Ore placed on the heap leach pad had an average grade of 0.59 grams   
      per tonne for the fourth quarter of 2012, and 0.53 grams per tonne for
      the year.                                                             
(10)  Gold equivalent ounces include silver ounces produced and sold        
      converted to a gold equivalent based on the ratio of the average spot 
      market prices for the commodities for each period. The ratios for the 
      quarters presented are as follows:  Q4 2012: 52.55:1, Q3 2012:        
      55.44:1, Q2 2012: 54.77:1, Q1 2012: 51.82:1, Q4 2011: 52.64:1.        
(11)  "Production cost of sales" is equivalent to "Total cost of sales" per 
      the consolidated financial statements less depreciation, depletion and
      amortization and impairment charges.                                  
(12)  On June 28, 2012, the Company completed the sale of its 50% interest  
      in the Crixas gold mine.                                              

 
Proven and Probable Mineral Reserves 


 
----------------------------------------------------------------------------
MINERAL RESERVE AND MINERAL RESOURCE STATEMENT                          GOLD
PROVEN AND PROBABLE MINERAL RESERVES (1), (3), (4), (5), (6), (7), (9),     
(10), (12), (13)                                                            
Kinross Gold Corporation's Share at December 31, 2012                       
----------------------------------------------------------------------------
                                                          Proven            
                                              ------------------------------
                                      Kinross                               
Property                   Location   Interest    Tonnes     Grade    Ounces
----------------------------------------------------------------------------
                                      (%)           (kt)     (g/t)     (koz)
----------------------------------------------------------------------------
NORTH AMERICA                                                               
----------------------------------------------------------------------------
Fort K
nox Area             USA        100.0%     115,116      0.41     1,510
----------------------------------------------------------------------------
Kettle River    (5)        USA        100.0%           -         -         -
----------------------------------------------------------------------------
Round Mountain             USA        50.0%                                 
 Area                                             20,551      0.71       472
----------------------------------------------------------------------------
SUBTOTAL                                         135,667      0.45     1,982
----------------------------------------------------------------------------
                                                                            
SOUTH AMERICA                                                               
----------------------------------------------------------------------------
Cerro Casale    (9)        Chile      25.0%       57,425      0.65     1,195
----------------------------------------------------------------------------
Crixas                     Brazil     50.0%            -         -         -
----------------------------------------------------------------------------
Fruta del Norte            Ecuador    100.0%           -         -         -
----------------------------------------------------------------------------
La Coipa        (10)       Chile      100.0%       7,867      1.48       375
----------------------------------------------------------------------------
Lobo Marte      (12), (13) Chile      100.0%           -         -         -
----------------------------------------------------------------------------
Maricunga Area             Chile      100.0%      99,087      0.75     2,388
----------------------------------------------------------------------------
Paracatu                   Brazil     100.0%     784,829      0.39     9,952
----------------------------------------------------------------------------
SUBTOTAL                  
                       949,208      0.46    13,910
----------------------------------------------------------------------------
                                                                            
AFRICA                                                                      
----------------------------------------------------------------------------
Chirano                    Ghana      90.0%        8,794      1.40       396
----------------------------------------------------------------------------
Tasiast                    Mauritania 100.0%     103,087      1.46     4,836
----------------------------------------------------------------------------
SUBTOTAL                                         111,881      1.45     5,232
----------------------------------------------------------------------------
                                                                            
RUSSIA                                                                      
----------------------------------------------------------------------------
Dvoinoye                   Russia     100.0%           -         -         -
----------------------------------------------------------------------------
Kupol                      Russia     100.0%       2,040      9.63       631
----------------------------------------------------------------------------
SUBTOTAL                                           2,040      9.63       631
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TOTAL GOLD                                     1,198,796      0.56    21,755
----------------------------------------------------------------------------
 
                                                         Probable           
                                              ------------------------------
                                      Kinross                               
Property                   Location   Interest    Tonnes     Grade    Ounces
----------------------------------------------------------------------------
                                      (%)           (kt)     (g/t)     (koz)
----------------------------------------------------------------------------
NORTH AMERICA                                                               
----------------------------------------------------------------------------
Fort Knox Area             USA        100.0%     122,629      0.53     2,099
----------------------------------------------------------------------------
Kettle River    (5)        USA        100.0%         813     10.18       266
----------------------------------------------------------------------------
Round Mountain             USA        50.0%                                 
 Area                                             43,572      0.55       770
----------------------------------------------------------------------------
SUBTOTAL                                         167,014      0.58     3,135
----------------------------------------------------------------------------
                                                                            
SOUTH AMERICA                                                               
----------------------------------------------------------------------------
Cerro Casale    (9)        Chile      25.0%      241,975      0.59     4,616
----------------------------------------------------------------------------
Crixas                     Brazil     50.0%            -         -         -
----------------------------------------------------------------------------
Fruta del Norte            Ecuador    100.0%      25,440      8.21     6,715
----------------------------------------------------------------------------
La Coipa        (10)       Chile      100.0%         706      1.88        43
----------------------------------------------------------------------------
Lobo Marte      (12), (13) Chile      100.0%     164,230      1.14     6,028
----------------------------------------------------------------------------
Maricunga Area             Chile      100.0%      86,497      0.69     1,925
----------------------------------------------------------------------------
Paracatu                   Brazil     100.0%     603,013      0.41     8,026
----------------------------------------------------------------------------
SUBTOTAL                                       1,121,861      0.76    27,353
----------------------------------------------------------------------------
                                                                            
AFRICA                                                                      
----------------------------------------------------------------------------
Chirano                    Ghana      90.0%       11,423      3.61     1,326
--------------------------------------------------------------------------
--
Tasiast                    Mauritania 100.0%      46,564      2.09     3,129
----------------------------------------------------------------------------
SUBTOTAL                                          57,987      2.39     4,455
----------------------------------------------------------------------------
                                                                            
RUSSIA                                                                      
----------------------------------------------------------------------------
Dvoinoye                   Russia     100.0%       1,950     17.80     1,116
----------------------------------------------------------------------------
Kupol                      Russia     100.0%       6,052      9.17     1,785
----------------------------------------------------------------------------
SUBTOTAL                                           8,002     11.28     2,901
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TOTAL GOLD                                     1,354,864      0.87    37,844
----------------------------------------------------------------------------
 
                                                    Proven and Probable     
                                              ------------------------------
                                      Kinross                               
Property                   Location   Interest    Tonnes     Grade    Ounces
----------------------------------------------------------------------------
                                      (%)           (kt)     (g/t)     (koz)
----------------------------------------------------------------------------
NORTH AMERICA                                                               
----------------------------------------------------------------------------
Fort Knox Area             USA        100.0%     237,745      0.47     3,609
----------------------------------------------------------------------------
Kettle River    (5)        USA        100.0%         813     10.18       266
----------------------------------------------------------------------------
Round Mountain             USA        50.0%                                 
 Area                                             64,123      0.60     1,242
----------------------------------------------------------------------------
SUBTOTAL                                         302,681      0.53     5,117
----------------------------------------------------------------------------
                                                                            
SOUTH AMERICA                                                               
----------------------------------------------------------------------------
Cerro Casale    (9)        Chile      25.0%      299,400      0.60     5,811
----------------------------------------------------------------------------
Crixas                     Brazil     50.0%            -         -         -
----------------------------------------------------------------------------
Fruta del Norte            Ecuador    100.0%      25,440      8.21     6,715
----------------------------------------------------------------------------
La Coipa        (10)       Chile      100.0%       8,573      1.52       418
----------------------------------------------------------------------------
Lobo Marte      (12), (13) Chile      100.0%     164,230      1.14     6,028
----------------------------------------------------------------------------
Maricunga Area             Chile      100.0%     185,584      0.72     4,313
----------------------------------------------------------------------------
Paracatu                   Brazil     100.0%   1,387,842      0.40    17,978
----------------------------------------------------------------------------
SUBTOTAL                                       2,071,069      0.62    41,263
----------------------------------------------------------------------------
                                                                            
AFRICA                                                                      
----------------------------------------------------------------------------
Chirano                    Ghana      90.0%       20,217      2.65     1,722
----------------------------------------------------------------------------
Tasiast                    Mauritania 100.0%     149,651      1.66     7,965
----------------------------------------------------------------------------
SUBTOTAL                                         169,868      1.77     9,687
----------------------------------------------------------------------------
                                                                            
RUSSIA                                                                      
----------------------------------------------------------------------------
Dvoinoye                   Russia     100.0%       1,950     17.80     1,116
----------------------------------------------------------------------------
Kupol                      Russia     100.0%       8,092      9.29     2,416
----------------------------------------------------------------------------
SUBTOTAL                                          10,042     10.94     3,532
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TOTAL GOLD                                     2,553,660      0.73    59,599
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
MINERAL RESERVE AND MINERAL RESOURCE STATEMENT                       SILVER 
PROVEN AND PROBABLE MINERAL RESERVES (1), (3), (5), (6), (7), (9),          
(10)                                                                        
Kinross Gold Corporation's Share at December 31, 2012                       
----------------------------------------------------------------------------
                                          Proven              Probable      
                                   -----------------------------------------
                           Kinross                                          
Property          Location Interest Tonnes Grade Ounces  Tonnes Grade Ounces
                           -------------------------------------------------
                           (%)        (kt) (g/t)  (koz)    (kt) (g/t)  (koz)
----------------------------------------------------------------------------
NORTH AMERICA                                                               
----------------------------------------------------------------------------
Round             USA      50.0%                                            
 Mountain                                                                   
 Area                                   84   8.3     22   9,101   7.6  2,209
----------------------------------------------------------------------------
SUBTOTAL                                84   8.3     22   9,101   7.6  2,209
----------------------------------------------------------------------------
                                                                            
SOUTH AMERICA                                                               
----------------------------------------------------------------------------
Cerro Casale (9)  Chile    25.0%    57,425   1.9  3,522 241,975   1.4 11,150
----------------------------------------------------------------------------
Fruta del         Ecuador  100.0%                                           
 Norte                                   -     -      -  25,440  11.0  9,004
----------------------------------------------------------------------------
La Coipa     (10) Chile    100.0%    7,867  40.8 10,317     706  34.3    779
----------------------------------------------------------------------------
SUBTOTAL                            65,292   6.6 13,839 268,121   2.4 20,933
----------------------------------------------------------------------------
                                                                            
RUSSIA                                                                      
----------------------------------------------------------------------------
Dvoinoye          Russia   100.0%        -     -      -   1,950  21.8  1,370
----------------------------------------------------------------------------
Kupol             Russia   100.0%    2,040 129.7  8,505   6,052 109.7 21,347
----------------------------------------------------------------------------
SUBTOTAL                             2,040 129.7  8,505   8,002  88.3 22,717
------
----------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TOTAL SILVER                        67,416  10.3 22,366 285,224   5.0 45,859
----------------------------------------------------------------------------
 
                                    Proven and Probable 
                                   ---------------------
                           Kinross                      
Property          Location Interest  Tonnes Grade Ounces
                           -----------------------------
                           (%)         (kt) (g/t)  (koz)
--------------------------------------------------------
NORTH AMERICA                                           
--------------------------------------------------------
Round             USA      50.0%                        
 Mountain                                               
 Area                                 9,185   7.6  2,231
--------------------------------------------------------
SUBTOTAL                              9,185   7.6  2,231
--------------------------------------------------------
                                                        
SOUTH AMERICA                                           
--------------------------------------------------------
Cerro Casale (9)  Chile    25.0%    299,400   1.5 14,672
--------------------------------------------------------
Fruta del         Ecuador  100.0%                       
 Norte                               25,440  11.0  9,004
--------------------------------------------------------
La Coipa     (10) Chile    100.0%     8,573  40.3 11,096
--------------------------------------------------------
SUBTOTAL                            333,413   3.2 34,772
--------------------------------------------------------
                                                        
RUSSIA                                
                  
--------------------------------------------------------
Dvoinoye          Russia   100.0%     1,950  21.8  1,370
--------------------------------------------------------
Kupol             Russia   100.0%     8,092 114.7 29,852
--------------------------------------------------------
SUBTOTAL                             10,042  96.7 31,222
--------------------------------------------------------
                                                        
--------------------------------------------------------
TOTAL SILVER                        352,640   6.0 68,225
--------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
MINERAL RESERVE AND MINERAL RESOURCE STATEMENT                        COPPER
PROVEN AND PROBABLE MINERAL RESERVES (1), (3), (4), (6), (7), (9)           
Kinross Gold Corporation's Share at December 31, 2012                       
----------------------------------------------------------------------------
                                          Proven              Probable      
                                   -----------------------------------------
                           Kinross                                          
Property         Location  Interest Tonnes Grade Pounds  Tonnes Grade Pounds
                           -------------------------------------------------
                           (%)        (kt)   (%)  (Mlb)    (kt)   (%)  (Mlb)
----------------------------------------------------------------------------
SOUTH                                                                       
 AMERICA                                                                    
----------------------------------------------------------------------------
Cerro Casale(9)  Chile     25.0%    57,425  0.19    240 241,975  0.23  1,204
----------------------------------------------------------------------------
SUBTOTAL                            57,425  0.19    240 241,975  0.23  1,204
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TOTAL COPPER                        57,425  0.19    240 241,975  0.23  1,204
----------------------------------------------------------------------------
 
                                    Proven and Probable 
                                   ---------------------
                           Kinross                      
Property         Location  Interest  Tonnes Grade Pounds
                           -----------------------------
                           (%)         (kt)   (%)  (Mlb)
--------------------------------------------------------
SOUTH                                                   
 AMERICA                                                
--------------------------------------------------------
Cerro Casale(9)  Chile     25.0%    299,400  0.22  1,444
--------------------------------------------------------
SUBTOTAL                            299,400  0.22  1,444
--------------------------------------------------------
                                                        
--------------------------------------------------------
TOTAL COPPER                        299,400  0.22  1,444
--------------------------------------------------------

 
Measured and Indicated Mineral Resources (excludes Proven and
Probable Mineral Reserves) 


 
                                                                            
----------------------------------------------------------------------------
MINERAL RESERVE AND MINERAL RESOURCE STATEMENT                          GOLD
MEASURED AND INDICATED MINERAL RESOURCES (EXCLUDES PROVEN AND PROBABLE      
MINERAL RESERVES) (2), (3), (4), (5), (6), (7), (8), (9), (10), (11),       
(12)                                                                        
Kinross Gold Corporation's Share at December 31, 2012                       
----------------------------------------------------------------------------
                                        Measured            Indicated      
---------------------------------------------------------------------------
                         Kinross                                           
Property      Location   Interest  Tonnes Grade Ounces  Tonnes Grade Ounces
                         --------------------------------------------------
                         (%)         (kt) (g/t)  (koz)    (kt) (g/t)  (koz)
---------------------------------------------------------------------------
NORTH                                                                      
 AMERICA                                                                   
---------------------------------------------------------------------------
Fort Knox     USA        100.0%                                            
 Area                               8,971  0.36    104  90,853  0.43  1,271
---------------------------------------------------------------------------
Kettle                                                                     
 River   (5)  USA        100.0%         -     -      -      61 11.93     23
---------------------------------------------------------------------------
Round         USA        50.0%                                             
 Mountain                                                                  
 Area                              10,825  0.95    331  29,357  0.63    594
---------------------------------------------------------------------------
White                                                                      
 Gold                                                                      
 Area    (11) Yukon      100.0%         -     -      -   9,797  3.19  1,005
------------------------------------------------------------------
---------
SUBTOTAL                           19,796  0.68    435 130,068  0.69  2,893
---------------------------------------------------------------------------
                                                                           
SOUTH                                                                      
 AMERICA                                                                   
---------------------------------------------------------------------------
Cerro                                                                      
 Casale  (9)  Chile      25.0%      5,853  0.29     55  68,534  0.35    777
---------------------------------------------------------------------------
Crixas        Brazil     50.0%          -     -      -       -     -      -
---------------------------------------------------------------------------
Fruta del     Ecuador    100.0%                                            
 Norte                                  -     -      -   4,266  4.89    671
---------------------------------------------------------------------------
La Coipa (10) Chile      100.0%     6,490  1.22    254   2,727  1.07     94
---------------------------------------------------------------------------
Lobo                                                                       
 Marte   (12) Chile      100.0%         -     -      -  34,052  0.83    908
---------------------------------------------------------------------------
Maricunga     Chile      100.0%                                            
 Area                              28,642  0.66    608 112,753  0.63  2,299
---------------------------------------------------------------------------
Paracatu      Brazil     100.0%    63,439  0.27    557 332,317  0.33  3,483
---------------------------------------------------------------------------
SUBTOTAL                          104,424  0.44  1,474 554,649  0.46  8,232
---------------------------------------------------------------------------
                                                                           
AFRICA                                                                     
---------------------------------------------------------------------------
Chirano       Ghana      90.0%      2,095  1.54    104   4,941  1.85    294
---------------------------------------------------------------------------
Tasiast       Mauritania 100.0%    77,271  0.72  1,798 148,823  1.04  4,959
---------------------------------------------------------------------------
SUBTOTAL                           79,366  0.75  1,902 153,764  1.06  5,253
---------------------------------------------------------------------------
                                                                           
RUSSIA                                                                     
---------------------------------------------------------------------------
Dvoinoye      Russia     100.0%         -     -      -     243 17.79    139
---------------------------------------------------------------------------
SUBTOTAL                                -     -      -     243 17.79    139
---------------------------------------------------------------------------
                                                                           
---------------------------------------------------------------------------
TOTAL                                                                      
 GOLD                             203,586  0.58  3,811 838,724  0.61 16,517
---------------------------------------------------------------------------
 
                                  Measured and Indicated
--------------------------------------------------------
                         Kinross                        
Property      Location   Interest    Tonnes Grade Ounces
                         -------------------------------
                         (%)           (kt) (g/t)  (koz)
--------------------------------------------------------
NORTH                                                   
 AMERICA                                                
--------------------------------------------------------
Fort Knox     USA        100.0%                         
 Area                                99,824  0.43  1,375
--------------------------------------------------------
Kettle                                                  
 River   (5)  USA        100.0%          61 11.73     23
--------------------------------------------------------
Round         USA        50.0%                          
 Mountain                                               
 Area                                40,182  0.72    925
--------------------------------------------------------
White                                                   
 Gold                                                   
 Area    (11) Yukon      100.0%       9,797  3.19  1,005
--------------------------------------------------------
SUBTOTAL                            149,864  0.69  3,328
--------------------------------------------------------
                                                        
SOUTH                                                   
 AMERICA                                                
--------------------------------------------------------
Cerro                                                   
 Casale  (9)  Chile      25.0%       74,387  0.35    832
--------------------------------------------------------
Crixas        Brazil     50.0%            -     -      -
--------------------------------------------------------
Fruta del     Ecuador    100.0%                         
 Norte                                4,266  4.89    671
--------------------------------------------------------
La Coipa (10) Chile      100.0%       9,217  1.17    348
--------------------------------------------------------
Lobo                                                    
 Marte   (12) Chile      100.0%      34,052  0.83    908
--------------------------------------------------------
Maricunga     Chile      100.0%                         
 Area                               141,395  0.64  2,907
--------------------------------------------------------
Paracatu      Brazil     100.0%     395,756  0.32  4,040
--------------------------------------------------------
SUBTOTAL                            659,073  0.46  9,706
--------------------------------------------------------
                                                        
AFRICA                                                  
--------------------------------------------------------
Chirano       Ghana      90.0%        7,036  1.76    398
--------------------------------------------------------
Tasiast       Mauritania 100.0%     226,094  0.93  6,757
--------------------------------------------------------
SUBTOTAL                            233,130  0.95  7,155
--------------------------------------------------------
                                                        
RUSSIA                                                  
--------------------------------------------------------
Dvoinoye      Russia     100.0%         243 17.79    139
--------------------------------------------------------
SUBTOTAL                                243 17.79    139
--------------------------------------------------------
                                                        
--------------------------------------------------------
TOTAL                                                   
 GOLD                             1,042,310  0.61 20,328
--------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
MINERAL RESERVE AND MINERAL RESOURCE STATEMENT                       SILVER 
MEASURED AND INDICATED MINERAL RESOURCES (EXCLUDES PROVEN AND               
PROBABLE MINERAL RESERVES) (2), (3), (4), (6), (7), (8), (9), (10)          
Kinross Gold Corporation's Share at December 31, 201
2                       
----------------------------------------------------------------------------
                                          Measured            Indicated     
                                    ----------------------------------------
                           Kinross                                          
Property          Location Interest  Tonnes Grade Ounces Tonnes Grade Ounces
                           -------------------------------------------------
                           (%)         (kt) (g/t)  (koz)   (kt) (g/t)  (koz)
----------------------------------------------------------------------------
NORTH AMERICA                                                               
----------------------------------------------------------------------------
Round                                                                       
 Mountain                                                                   
 Area             USA      50.0%         17   8.2      4  2,147   7.5    515
----------------------------------------------------------------------------
SUBTOTAL                                 17   8.2      4  2,147   7.5    515
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
SOUTH AMERICA                                                               
----------------------------------------------------------------------------
Cerro Casale (9)  Chile    25.0%      5,853   1.3    240 68,534   1.1  2,419
----------------------------------------------------------------------------
Fruta del                                                                   
 Norte            Ecuador  100.0%         -     -      -  4,266  10.3  1,412
----------------------------------------------------------------------------
La Coipa     (10) Chile    100.0%     6,490  50.7 10,577  2,727  30.8  2,699
----------------------------------------------------------------------------
SUBTOTAL                             12,343  27.3 10,817 75,527   2.7  6,530
----------------------------------------------------------------------------
                                                                            
RUSSIA                                                                      
----------------------------------------------------------------------------
Dvoinoye          Russia   100.0%         -     -      -    243  12.3     96
----------------------------------------------------------------------------
SUBTOTAL                                  -     -      -    243  12.3     96
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TOTAL SILVER                         12,360  27.2 10,821 77,917   2.9  7,141
----------------------------------------------------------------------------
 
                                        Measured and    
                                          Indicated     
                                    --------------------
                           Kinross                      
Property          Location Interest  Tonnes Grade Ounces
                           -----------------------------
                           (%)         (kt) (g/t)  (koz)
--------------------------------------------------------
NORTH AMERICA                                           
--------------------------------------------------------
Round                                                   
 Mountain                                               
 Area             USA      50.0%      2,164   7.5    519
--------------------------------------------------------
SUBTOTAL                              2,164   7.5    519
--------------------------------------------------------
                                                        
--------------------------------------------------------
SOUTH AMERICA                                           
--------------------------------------------------------
Cerro Casale (9)  Chile    25.0%     74,387   1.1  2,659
--------------------------------------------------------
Fruta del                                               
 Norte            Ecuador  100.0%     4,266  10.3  1,412
--------------------------------------------------------
La Coipa     (10) Chile    100.0%     9,217  44.8 13,276
--------------------------------------------------------
SUBTOTAL                             87,870   6.1 17,347
--------------------------------------------------------
                                                        
RUSSIA                                                  
--------------------------------------------------------
Dvoinoye          Russia   100.0%       243  12.3     96
--------------------------------------------------------
SUBTOTAL                                243  12.3     96
--------------------------------------------------------
                                                        
--------------------------------------------------------
TOTAL SILVER                         90,277   6.2 17,962
--------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
MINERAL RESERVE AND MINERAL RESOURCE STATEMENT                       COPPER 
MEASURED AND INDICATED MINERAL RESOURCES (EXCLUDES PROVEN AND               
PROBABLE MINERAL RESERVES) (2), (3), (4), (6), (7), (8)                     
Kinross Gold Corporation's Share at December 31, 2012                       
----------------------------------------------------------------------------
                                          Measured            Indicated     
                                    ----------------------------------------
                            Kinross                                         
Property          Location  Interest Tonnes Grade Pounds Tonnes Grade Pounds
                            ------------------------------------------------
                            (%)        (kt)   (%)  (Mlb)   (kt)   (%)  (Mlb)
----------------------------------------------------------------------------
SOUTH AMERICA                                                               
----------------------------------------------------------------------------
Cerro Casale  (9) Chile     25.0%     5,853  0.13     16 68,534  0.16    243
----------------------------------------------------------------------------
SUBTOTAL                              5,853  0.13     16 68,534  0.16    243
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TOTAL COPPER                          5,853  0.13     16 68,534  0.16    243
----------------------------------------------------------------------------
 
                                        Measured and    
                                          Indicated     
                                    --------------------
                            Kinross                     
Property          Location  Interest Tonnes Grade Pounds
                            ----------------------------
                            (%)        (kt)   (%)  (Mlb)
--------------------------------------------------------
SOUTH AMERICA                                           
--------------------------------------------------------
Cerro Casale  (9) Chile     25.0%    74,387  0.16    259
--------------------------------------------------------
SUBTOTAL                             74,387  0.16    259
--------------------------------------------------------
                                      
                  
--------------------------------------------------------
TOTAL COPPER                         74,387  0.16    259
--------------------------------------------------------

 
Inferred Mineral Resources 


 
----------------------------------------------------------------------------
MINERAL RESERVE AND MINERAL RESOURCE STATEMENT                          GOLD
INFERRED MINERAL RESOURCES  (2), (3), (4), (5), (6), (7), (8), (9),         
(10), (11), (12)                                                            
Kinross Gold Corporation's Share at December 31, 2012                       
----------------------------------------------------------------------------
                                                           Inferred         
                                                 ---------------------------
                                          Kinross                           
Property                        Location Interest   Tonnes    Grade   Ounces
                                        ------------------------------------
                                              (%)     (kt)    (g/t)    (koz)
----------------------------------------------------------------------------
NORTH AMERICA                                                               
----------------------------------------------------------------------------
  Gil                                USA   100.0%    1,348     0.75       33
  Fort Knox Pit                      USA   100.0%   13,605     0.47      206
----------------------------------------------------------------------------
Fort Knox Area                       USA   100.0%   14,953     0.50      239
----------------------------------------------------------------------------
Kettle River              (5)        USA   100.0%       85     9.97       27
----------------------------------------------------------------------------
  Gold Hill                          USA    50.0%      158     0.31        2
  Round Mountain                     USA    50.0%   19,217     0.50      308
----------------------------------------------------------------------------
Round Mountain Area                  USA    50.0%   19,375     0.50      310
----------------------------------------------------------------------------
White Gold Area          (11)      Yukon   100.0%    9,391     1.91      578
----------------------------------------------------------------------------
SUBTOTAL                                            43,804     0.82    1,154
----------------------------------------------------------------------------
                                                                            
SOUTH AMERICA                                                               
----------------------------------------------------------------------------
Cerro Casale              (9)      Chile    25.0%  124,894     0.37    1,504
----------------------------------------------------------------------------
Crixas                            Brazil    50.0%        -        -        -
----------------------------------------------------------------------------
Fruta del Norte                  Ecuador   100.0%   22,093     5.13    3,645
----------------------------------------------------------------------------
La Coipa                 (10)      Chile   100.0%    2,676     3.31      285
----------------------------------------------------------------------------
Lobo Marte               (12)      Chile   100.0%  112,767     0.78    2,834
----------------------------------------------------------------------------
Maricunga Area                     Chile   100.0%   55,478     0.50      889
----------------------------------------------------------------------------
Paracatu                          Brazil   100.0%  216,393     0.39    2,713
----------------------------------------------------------------------------
SUBTOTAL                                           534,301     0.69   11,870
----------------------------------------------------------------------------
                                                                            
AFRICA                                                                      
----------------------------------------------------------------------------
Chirano                            Ghana    90.0%    4,624     1.97      293
----------------------------------------------------------------------------
Tasiast                       Mauritania   100.0%   31,235     0.79      790
----------------------------------------------------------------------------
SUBTOTAL                                            35,859     0.94    1,083
----------------------------------------------------------------------------
                                                                            
RUSSIA                                                                      
----------------------------------------------------------------------------
Dvoinoye                          Russia   100.0%      155    12.82       64
----------------------------------------------------------------------------
Kupol                             Russia   100.0%      482    14.94      231
----------------------------------------------------------------------------
SUBTOTAL                                               637    14.40      295
----------------------------------------------------------------------------
TOTAL GOLD                                         614,601     0.73   14,402
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
MINERAL RESERVE AND MINERAL RESOURCE STATEMENT                        SILVER
INFERRED MINERAL RESOURCES  (2), (3), (4), (6), (7), (8), (9), (10)         
Kinross Gold Corporation's Share at December 31, 2012                       
----------------------------------------------------------------------------
                                                           Inferred         
                                                 ---------------------------
                                          Kinross                           
Property                        Location Interest   Tonnes    Grade   Ounces
                                        ------------------------------------
                                              (%)     (kt)    (g/t)    (koz)
----------------------------------------------------------------------------
NORTH AMERICA                                                               
----------------------------------------------------------------------------
Round Mountain Area                  USA    50.0%      158      3.1       15
----------------------------------------------------------------------------
SUBTOTAL                                               158      3.1       15
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
SOUTH AMERICA                                                               
----------------------------------------------------------------------------
Cerro Casale             (9)       Chile    25.0%  124,894      1.0    4,198
----------------------------------------------------------------------------
Fruta del Norte                  Ecuador   100.0%   22,093     10.4    7,359
----------------------------------------------------------------------------
La Coipa                 (10)      Chile   100.0%    2,676     51.1    4,395
----------------------------------------------------------------------------
SUBTOTAL                                           149,663      3.3   15,952
----------------------------------------------------------------------------
                                                                            
 
RUSSIA                                                                      
----------------------------------------------------------------------------
Dvoinoye                          Russia   100.0%      155     12.6       63
----------------------------------------------------------------------------
Kupol                             Russia   100.0%      482    213.6    3,310
----------------------------------------------------------------------------
SUBTOTAL                                               637    164.8    3,373
----------------------------------------------------------------------------
TOTAL SILVER                                       150,458      4.0   19,340
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
MINERAL RESERVE AND MINERAL RESOURCE STATEMENT                        COPPER
INFERRED MINERAL RESOURCES  (3), (4), (6), (7), (8), (9)                    
Kinross Gold Corporation's Share at December 31, 2012                       
----------------------------------------------------------------------------
                                                         Inferred           
                                              ------------------------------
                                       Kinross                              
Property                    Location  Interest    Tonnes     Grade    Pounds
                                    ----------------------------------------
                                           (%)      (kt)       (%)     (Mlb)
----------------------------------------------------------------------------
SOUTH AMERICA                                                               
----------------------------------------------------------------------------
Cerro Casale       (9)         Chile     25.0%   124,894      0.19       527
----------------------------------------------------------------------------
SUBTOTAL                                         124,894      0.19       527
----------------------------------------------------------------------------
TOTAL COPPER                                     124,894      0.19       527
----------------------------------------------------------------------------

 
Mineral Reserve and Mineral Resource Statement Notes 
(1) Unless otherwise noted, the Company's mineral reserves are
estimated using appropriate cut-off grades based on an assumed gold
price of $US 1,200 per ounce, a silver price of $US 22.00 per ounce
and a copper price of $US $3.00 per pound. Mineral reserves are
estimated using appropriate process recoveries, operating costs and
mine plans that are unique to each property and include estimated
allowances for dilution and mining recovery. Mineral reserves are
reported in contained units and are estimated based on the following
foreign exchange rates:  


 
Russian Rouble to $US 33                                                    
Chilean Peso to $US 500                                                     
Brazilian Real to $US 2.10                                                  
Ghanaian Cedi to $US 1.80                                                   
Mauritanian Ouguiya to $US 290                                              

 
(2) Unless otherwise noted, the Company's mineral resources are
estimated using appropriate cut-off grades based on a gold price of
$US 1,400 per ounce, a silver price of $US 26.00 per ounce, a copper
price of $US $3.25 per pound and the following foreign exchange
rates: 


 
Russian Rouble to $US 31                                                    
Chilean Peso to $US 485                                                     
Brazilian Real to $US 2.00                                                  
Ghanaian Cedi to $US 1.80                                                   
Mauritanian Ouguiya to $US 290                                              

 
(3) The Company's mineral reserves and mineral resources as at
December 31, 2012 are classified in accordance with the Canadian
Institute of Mining, Metallurgy and Petroleum's "CIM Definition
Standards - For Mineral Resources and Mineral Reserves" in accordance
with the requirements of National Instrument 43-101 "Standards of
Disclosure for Mineral Projects" (the Instrument). Mineral reserve
and mineral resource estimates reflect the Company's reasonable
expectation that all necessary permits and approvals will be obtained
and maintained. 
(4) Cautionary note to U.S. Investors concerning estimates of mineral
reserves and mineral resources. These estimates have been prepared in
accordance with the requirements of Canadian securities laws, which
differ from the requirements of U.S. securities laws. The terms
"mineral reserve", "proven mineral reserve" and "probable mineral
reserve" are Canadian mining terms as defined in accordance with
Canadian National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101") and the Canadian Institute of Mining,
Metallurgy and Petroleum's (the "CIM") - CIM Definition Standards on
Mineral Resources and Mineral Reserves, adopted by the CIM Council,
as amended. These definitions differ from the definitions in the U.S.
Securities and Exchange Commission ("SEC") Guide 7 ("SEC Guide 7")
under the U.S. Securities Act of 1933, as amended. Under SEC Guide 7,
a "final" or "bankable" feasibility study is required to report
mineral reserves, the three-year historical average price is used in
any mineral reserve or cash flow analysis to designate mineral
reserves and the primary environmental analysis or report must be
filed with the appropriate governmental authority. In addition, the
terms "mineral resource", "measured mineral resource", "indicated
mineral resource" and "inferred mineral resource" are defined in NI
43-101 and recognized by Canadian securities laws but are not defined
terms under SEC Guide 7 or recognized under U.S. securities laws.
U.S. investors are cautioned not to assume that any part or all of
mineral deposits in these categories will ever be upgraded to mineral
reserves. "Inferred mineral resources" have a great amount of
uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or any
part of an "inferred mineral resource" will ever by upgraded to a
higher category. Under Canadian securities laws, estimates of
"inferred mineral resources" may not form the basis of feasibility or
pre-feasibility studies, except in rare cases. U.S. investors are
cautioned not to assume that all or any part of an inferred mineral
resource exists or is economically or legally mineable. Accordingly,
these mineral reserve and mineral resource estimates and related
information may not be comparable to similar information made public
by U.S. companies subject to the reporting and disclosure
requirements under the U.S. federal securities laws and the rules and
regulations thereunder, including SEC Guide 7.  
(5) Kettle River's 2012 mineral resources and reserves were estimated
using $US1,400/oz and $US1,200/oz respectively vs. year-end 2011
where $US1,200/oz was used for both mineral reserves and resources. 
(6) Except as provided in Note (11), the Company's mineral resource
and mineral reserve estimates were prepared under the supervision of
Mr. Jim Fowler, an officer of Kinross, who is a qualified person as
defined by the Canadian National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101"). 
(7) The Company's normal data verification procedures have been used
in collecting, compiling, interpreting and processing the data used
to estimate mineral reserves and mineral resources. Independent data
verification has not been per
formed.   
(8) Mineral resources that are not mineral reserves do not have to
demonstrate economic viability. Mineral resources are subject to
infill drilling, permitting, mine planning, mining dilution and
recovery losses, among other things, to be converted into mineral
reserves. Due to the uncertainty associated with inferred mineral
resources, it cannot be assumed that all or any part of an inferred
mineral resource will ever be upgraded to indicated or measured
mineral resources, including as a result of continued exploration.   
(9) Estimates for the Cerro Casale project are based on the
feasibility study completed in 2009 by the joint venture and have
been updated to reflect current guidance. Mineral reserves and
mineral resources are estimated using appropriate cut-off grades
based on the following commodity prices and foreign exchange rates:  


 
     Mineral reserves - Gold price of $US 1,200 per ounce, Silver price of  
     $US 22.00 per ounce, Copper price of $US 2.75 per pound                
                                                                            
     Mineral resources - Gold price of $US 1,400 per ounce, Silver price of 
     $US 28.00 per ounce, Copper price of $US 3.25 per pound                
                                                                            
     Chilean Peso to $US 500 or 500 Chilean Pesos to $1 US                  

 
(10) Includes mineral reserves and mineral resources from the Puren
deposit in which the Company holds a 65% interest.   
(11) The mineral resource estimates for the White Gold Property were
prepared by SRK Consulting in 2010. The 2010 resource model has been
compared to the current project drill hole database and deemed
appropriate for mineral resource reporting. Mineral resources are
based on a Gold price of $US 1,200 per ounce and are reported at a
cut-off of 0.5 g/t for open pit and 2.0 g/t for underground.   
(12) The mineral resources and mineral reserves for Lobo Marte are
based on the pre-feasibility study completed by the Company in 2010.  
(13) The mineral reserves presented herein comply with the reserve
categories of Industry Guide 7 published by the U.S. Securities and
Exchange Commission except for mineral reserves at Lobo-Marte, which
estimates are based on the pre-feasibility study completed in 2010.
For mineral reserves under the Instrument, a pre-feasibility study is
sufficient, however for reserves under Industry Guide 7, a
feasibility study is required. 
Mineral Reserve and Mineral Resource Definitions  
A Mineral Reserve is the economically mineable part of a Measured or
Indicated Mineral Resource demonstrated by at least a Preliminary
Feasibility Study. This Study must include adequate information on
mining, processing, metallurgical, economic and other relevant
factors that demonstrate, at the time of reporting, that economic
extraction can be justified. A Mineral Reserve includes diluting
materials and allowances for losses that may occur when the material
is mined.  
A 'Probable Mineral Reserve' is the economically mineable part of an
Indicated and, in some circumstances, a Measured Mineral Resource
demonstrated by at least a Preliminary Feasibility Study. This Study
must include adequate information on mining, processing,
metallurgical, economic, and other relevant factors that demonstrate,
at the time of reporting, that economic extraction can be justified.  
A 'Proven Mineral Reserve' is the economically mineable part of a
Measured Mineral Resource demonstrated by at least a Preliminary
Feasibility Study. This Study must include adequate information on
mining, processing, metallurgical, economic, and other relevant
factors that demonstrate, at the time of reporting, that economic
extraction is justified.  
A Mineral Resource is a concentration or occurrence of diamonds,
natural solid inorganic material, or natural solid fossilized organic
material including base and precious metals, coal, and industrial
minerals in or on the Earth's crust in such form and quantity and of
such a grade or quality that it has reasonable prospects for economic
extraction. The location, quantity, grade, geological characteristics
and continuity of a Mineral Resource are known, estimated or
interpreted from specific geological evidence and knowledge.  
An 'Inferred Mineral Resource' is that part of a Mineral Resource for
which quantity and grade or quality can be estimated on the basis of
geological evidence and limited sampling and reasonably assumed, but
not verified, geological and grade continuity. The estimate is based
on limited information and sampling gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings
and drill holes.  
An 'Indicated Mineral Resource' is that part of a Mineral Resource
for which quantity, grade or quality, densities, shape and physical
characteristics, can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and
economic parameters, to support mine planning and evaluation of the
economic viability of the deposit. The estimate is based on detailed
and reliable exploration and testing information gathered through
appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes that are spaced closely enough for
geological and grade continuity to be reasonably assumed.  
A 'Measured Mineral Resource' is that part of a Mineral Resource for
which quantity, grade or quality, densities, shape, and physical
characteristics are so well established that they can be estimated
with confidence sufficient to allow the appropriate application of
technical and economic parameters, to support production planning and
evaluation of the economic viability of the deposit. The estimate is
based on detailed and reliable exploration, sampling and testing
information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes that are
spaced closely enough to confirm both geological and grade
continuity.  
For more information, please see Kinross' 2012 year-end Financial
Statements and MD&A at www.kinross.com. 
Contacts:
Media Contact: Kinross Gold Corporation
Steve Mitchell
Vice-President, Corporate Communications
416-365-2726
steve.mitchell@kinross.com 
Investor Relations Contact: Kinross Gold Corporation
Tom Elliott
Vice-President, Investor Relations
416-365-3390
tom.elliott@kinross.com
www.kinross.com
 
 
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