Update On The Great Bear Project

TORONTO - Kinross Gold Corporation reported on the Red Lake, Ontario-based Great Bear project, as well as its Manh Choh project in Alaska and Curlew exploration project in Washington State.

At Great Bear, Kinross is making excellent progress and is on schedule to declare an initial mineral resource as part of its 2022 year-end results. The Company expects the initial mineral estimate to be predominantly in the inferred resource category, with some indicated resources.

To date, Kinross has drilled approximately 83,000 meters and is on track to complete approximately 200,000 meters of exploration and infill drilling in 2022 on the LP Fault zone, the most significant discovery to date at the project. The Company has received additional assay results since its last update on May 10, 2022, with a selection of the new results from targets at the LP Fault zone highlighted in the table below. Kinross has increased the number of diamond drills at Great Bear from eight to 11 since its last update.

The latest results continue to support Kinross’ view of a high-grade, world-class deposit that underpins the prospect of a large, long-life mining complex. The results are consistent with findings from earlier in the year, which confirm gold mineralization with good widths and high grades and support the view that the LP Fault zone can host a long-life, open-pit mine.

Recent results showing high grade mineralization at depths of more than 500 meters also demonstrate the potential for a sizeable underground mine. In support of this, Kinross is analyzing an advanced exploration program that would establish an underground decline. The advanced program would allow for underground drilling for more efficient exploration of deeper areas of the LP Fault, along with the nearby Hinge and Limb gold zones, as well as bulk sampling. The Company is targeting a potential start of the advanced program as early as 2024.

Composites are generated using 0.1 g/t minimum grade, maximum internal dilution of 3.0 meters. Results are preliminary in nature and are subject to on-going QA/QC.

The 35,000-meter grade control drilling program is nearing completion and, to date, approximately 400 of the planned 430 reverse circulation (RC) holes have been drilled. The RC grade control program is expected to improve the Company’s understanding of the continuity and distribution of the high grade intercepts in the LP Fault zone.

Kinross also continues to expand its local community outreach and engagement program, with a focus on the Wabauskang and Lac Seul First Nations, on whose traditional territories the project is located. The Company is focused on working collaboratively with its First Nations partners in a number of areas, including comprehensive baseline studies, site planning and future procurement, training and other opportunities that generate long-term socio-economic benefits for the region.

Baseline environmental surveys and local community socio-economic studies required for the permitting process are progressing well. Kinross is on schedule to commence a Great Bear pre-feasibility study in 2023.

At the 70%-owned Manh Choh project in Alaska, feasibility study (FS) work is nearing completion and results are expected to be disclosed ahead of schedule as part of the Company’s Q2 2022 results. Initial production is on schedule to commence in Q4 2024, subject to permitting, and is not currently included as part of the Company’s 2024 production guidance.

Kinross plans to truck Manh Choh ore to Fort Knox for batch processing, which will add high grade mill feed to Fort Knox’s mill. Manh Choh ore is expected to be approximately 10 times the current average mill grade at Fort Knox. The Company expects that the addition of high grade ore will lower Fort Knox’s average life of mine all-in sustaining costs and increase cash flow.

While the FS results are expected to reflect recent inflationary pressures, it is also expected to yield higher grades due to an updated resource model, which will help offset such pressures. As part of the FS, the Company also expects to update the project’s mineral resource estimate and declare a mineral reserve estimate.

Permitting activities are progressing well, with applications for major permits submitted in December 2021. In Q1 2022, Kinross signed an extension of the community support agreement with the Native Village of Tetlin, on whose land the project is located. The Company is also continuing its comprehensive local community programs and prioritizing local economic benefits as it develops the project.

Also, the Curlew Basin exploration project in Washington State, the underground drilling program continues to produce positive results. Curlew encompasses a 6.5-square-kilometer area located 35 kilometers north (by paved road) of the Company’s 100%-owned Kettle River mill and tailings facilities. Kinross is targeting to declare a total mineral inventory of 1 million Au oz. by year-end 2022 at Curlew.

Curlew is situated in an area with rich mineral endowment, as approximately 12 million Au oz. have been produced within 200 kilometers of the Kettle River mill, including at Kinross’ historic Buckhorn mine, which produced approximately 1.3 million Au oz. during its mine life. The historic K2/Curlew mine produced approximately 500k Au oz. at 7.5 g/t Au from 1997 to 2007.

The Curlew exploration program has focused on highly prospective areas around the historic K2 deposit, with underground drilling commencing in Q3 2021 after the Company dewatered the old workings to develop a new exploration drift. To date, the exploration program’s target success rate has exceeded expectations, with underground drilling encountering higher than anticipated grades and with 37 new vein discoveries providing additional targets for testing from underground.

Drilling to date has identified extensions to the Lower Portal and Stealth targets, and identified the high grade Galaxie mineralized zone, which was only discovered in late 2021 after underground drilling started. At the Lower Portal zone, extensions of targets have returned higher grades than previous intercepts. Drilling in the K5 area is expected to commence in Q3 2022, with drift mapping showing an extension of approximately 100 meters to the east. The Company continues to believe that the district is highly prospective and generative work continues to advance all target types within 50 kilometers of the Kettle River mill.