Mr. J. Paul Rollinson reports

KINROSS REPORTS 2023 FIRST-QUARTER RESULTS

Kinross Gold Corp. has released its results for the first quarter ended March 31, 2023. Dollar amounts are in U.S. dollars unless otherwise stated.

Q1 2023 highlights from continuing operations:

• The company is on track to meet its 2023 annual guidance;
• Production of 466,022 gold equivalent ounces, a 23-per-cent year-over-year increase, and sales of 490,330 AuEq oz;
• Production cost of sales of $987 per AuEq oz sold and all-in sustaining cost of $1,321 per AuEq oz sold;
• Margins of $907 per AuEq oz sold;
• Operating cash flow of $259.0-million and adjusted operating cash flow of $358.2-million;
• Reported net earnings of $90.2-million, or seven cents per share, with adjusted net earnings of $87.6-million, or seven cents per share;
• Cash and cash equivalents of $471.0-million, and total liquidity of approximately $1.7-billion at March 31, 2023;
• Kinross's board of directors declared a quarterly dividend of three cents per common share payable on June 15, 2023, to shareholders of record at the close of business on June 1, 2023.

Operational and development project highlights:

• In the first quarter, Tasiast achieved two record production months in January and March driven by record grades, and completed a planned shutdown in February related to the Tasiast 24k expansion project. The Tasiast 24k project remains on budget and on schedule to reach 24,000 tonnes per day throughput in mid-2023.
• Paracatu was a solid contributor with higher year-over-year production at lower costs.
• La Coipa achieved record grades and recoveries since restarting operations last year and generated strong cash flow.
• The exploration program at Great Bear in Red Lake, Ont., continues to make excellent progress. In 2023, Kinross expects to further delineate the deposit at depth and add inferred resource ounces. Drilling results continue to confirm gold mineralization at good widths and high grades, including at depths of 1.3 kilometres.

Environment, social and governance (ESG):

• Kinross published its 2022 sustainability and ESG report on May 9, 2023, detailing its refreshed ESG strategy, as well as a comprehensive summary of its performance over the past year.
• In the most important area of safety, Kinross advanced its people-centric safety philosophy through new site level engagement programs and enhanced information sharing across operations.
• Bald Mountain was awarded the 2022 reclamation award for leadership in concurrent mine reclamation.
• Kinross advanced its diversity, equity and inclusion (DEI) strategy in 2022, achieving the highest percentage of women employees at Kinross in the last five years, including the highest percentage of women in science, technology, engineering and mathematics (STEM) roles and 33 per cent women on its senior leadership team.

Chief executive officer commentary

J. Paul Rollinson, president and CEO, made the following comments in relation to 2023 first quarter results: "Kinross delivered a strong first quarter with contributions from all of our sites resulting in a 23-per-cent increase in year-over-year production. Tasiast, La Coipa and Paracatu delivered strong production, margins and cash flow, including two record production months and record grades at Tasiast. Our U.S. operations delivered on plan as we continue to reinvest in our future with a focus on higher-margin opportunities.

"We continue to make excellent progress advancing our pipeline of development and exploration projects. The Tasiast 24k project is on schedule to reach nameplate capacity midyear, and the Tasiast solar power plant is expected to come on-line by the end of the year. At Great Bear, drilling results continue to confirm mineralization with good widths and high grades, including at depths of more than one kilometre.

"Our portfolio of operations is well positioned and on track to deliver our annual production and cost guidance. We continue to maintain our financial strength and excellent liquidity, while bolstering our investment-grade balance sheet and continuing with our return of capital program.

"Mining responsibly and our strong commitment to ESG are integral to our business and are embedded in our culture and core values. We are pleased to publish our 2022 sustainability and ESG report, which details our ESG strategy, as well as another strong year of performance in this important area. Our goal is to be a partner of choice in the communities in which we operate while continuing to deliver meaningful and lasting benefits to all of our stakeholders. We remain focused on our commitment to reduce greenhouse gas emission intensity (on a per gold equivalent ounce basis) by 30 per cent by 2030, driven by interim targets and a focus on continuous improvement and innovation."

Company guidance

The company is on track to meet its 2023 production guidance of 2.1 million AuEq oz (plus or minus 5 per cent). Production is expected to increase following the first quarter, largely driven by expected higher production at Tasiast and La Coipa, as well as the seasonal impacts on mining at Paracatu and the company's U.S. heap leach operations. Kinross's annual production is expected to remain stable in 2024 and 2025 at 2.1 million and 2.0 million attributable AuEq oz (plus or minus 5 per cent), respectively.

The company is also on track to meet its 2023 guidance for production cost of sales, all-in sustaining cost and attributable capital expenditures.

Environment, social and governance (ESG) update

Kinross published its 2022 sustainability and ESG report on May 9, 2023, detailing its approach to sustainability, its ESG strategy and strong performance in this area over the past year. At the core of Kinross's business is its commitment to safety, and the health of its people, environmental stewardship and the well-being of its host communities.

Kinross's updated ESG strategy outlines three key pillars -- work force and community, natural capital, and climate and energy -- through to 2030 and beyond as priority focus areas to make strong contributions and build shared value.

Kinross's leading performance was reinforced by continued high ratings and rankings within its peer group. The company achieved its highest S&P ESG Global rating in 2022, ranking in the 97th percentile, the highest ever placement for Kinross, improved its Sustainalytics risk rating score with a significant 10-point increase and maintained its A position with MSCI for the third consecutive year.

Kinross obtained external assurance of both selected ESG performance metrics and conformance with the Responsible Gold Mining Principles established by the World Gold Council and, following the company's normal practice, has provided Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) indices.

Other highlights from the 2022 sustainability and ESG report include:

• In the most important area of safety, improvements were made across all leading areas including a critical risk management blitz to identify opportunities and weaknesses and launching a new global safety learning forum to advance Kinross's people-centric safety philosophy through site level engagement and information sharing across operations.
• In 2022, Kinross generated $2.9-billion in economic benefits in its host countries through taxes, wages, procurement and community support, including donations. Since 2010, $44-billion has been contributed to the economies of Kinross's host countries.
• Kinross made strides in its DEI strategy, achieving the highest percentage of women employees at Kinross in the last five years, including the highest percentage of women in STEM roles at 15 per cent and the highest percentage of women in management positions, including 33 per cent women on its senior leadership team. At sites, high levels of in-country employment were maintained with 99 per cent of non-management employees and 87 per cent of management from within host countries.
• For reclamation efforts that go beyond standard reclamation requirements, Bald Mountain was awarded the 2022 reclamation award for leadership in concurrent mine reclamation from the Nevada Division of Environmental Protection, Nevada Department of Wildlife (NDOW), U.S. Forest Service, U.S. Bureau of Land Management (BLM) and the Nevada Division of Minerals.

In the first quarter of 2023, Kinross maintained its strong ESG performance, including setting up a cross-functional corporate human rights task force that is focused on delivering a four-part action plan. In host communities, more than $1.3-million of monetary and in-kind contributions were made through site community investment strategies, and a high level of stakeholder interaction was maintained.

Kinross maintained close engagement with indigenous communities related to its projects and operations, including advancing discussions with the Wabauskang and Lac Seul first nations on how the Great Bear project can provide long-lasting benefits to their communities. At Manh Choh, the Alaska Department of Labor and Workforce Development provided the University of Alaska Fairbank's mining and training petroleum service program with a $300,000 grant, in partnership with Kinross Alaska, to support local communities with the training and skills needed to secure jobs at Manh Choh. In Chile, eight members of the Colla indigenous communities related to La Coipa and Lobo Marte graduated from an adult education program.

Conference call details

In connection with this news release, Kinross will hold a conference call and audio webcast on Wednesday, May 10, 2023, at 7:45 a.m. EDT, to discuss the results, followed by a question-and-answer session. To listen to the call, please dial the following.

Canada and United States toll-free:  1-888-330-2446

Passcode:  4915537

Outside of Canada and United States:  1-240-789-2732

Passcode:  4915537

Replay (available up to 14 days after the call)

Canada and United States toll-free:  1-800-770-2030

Passcode:  4915537

Outside of Canada and United States:  1-647-362-9199

Passcode:  4915537

You may also listen to the conference call by webcast at the company's website. The audio webcast will be archived on the Kinross website.

This release should be read in conjunction with Kinross's first quarter 2023 unaudited financial statements and management's discussion and analysis report at the Kinross website. Kinross's first quarter 2023 unaudited financial statements and management's discussion and analysis have been filed with Canadian securities regulators (available at SEDAR) and furnished with the U.S. Securities and Exchange Commission (available at the SEC website). Kinross shareholders may obtain a copy of the financial statements free of charge upon request to the company.

Virtual annual meeting of shareholders

Kinross's annual meeting of shareholders will be held on Wednesday, May 10, 2023, at 10 a.m. EDT.

The company has elected to hold a virtual meeting through a live audio webcast to provide enhanced flexibility and opportunity for shareholder participation irrespective of their geographic location and share ownership. Further, with advancements in conferencing technology and the residual impacts of the COVID-19 pandemic, Kinross believes this expedient approach will still provide the same level of disclosure, transparency and participation as previous meetings.

The virtual meeting will be available on-line.

Voting and participation instructions for eligible shareholders are provided in the company's notice of annual meeting of shareholders and management information circular.

The link to the virtual meeting will also be available at the Kinross website and will be archived for later use.

About Kinross Gold Corp.

Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Its focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).

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