1. DRILLING AND BLASTING OPTIMIZATION KINROSS MARICUNGA Jorge Flores - CMM Cristobal Mimica - CMM Benjamin Cebrián - BC February 2015

2. kinross.com 2 ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA SUMMARY In early 2013, Kinross Gold’s Maricunga Mine (Region III, Chile) decided to pursue improved D&B practices to improve crushing performance. The sequence of re-thinking the processes, evaluating options, and achieving positive results is presented here.

3. kinross.com 3 ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA INDEX Site Description First Approach – D&B symptoms Audit Follow up Main improvements Final Impacts

4. kinross.com 4 ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA DESCRIPTION of KINROSS MARICUNGA SITE MINE SITE High Andes at 4200 y 4700 m.a.s.l. 185 Km East Copiapo. Winter: -30° to -5 °C. Summer: 0° to 20 °C. Snow: 1 m/yr average Wind: Up to 100 Km/hour Humidity: 20% to 40% RH. DEPOSIT The rock densities  2.37 and 2.57 t/m3 low grade gold deposit – 0.5 to 1.3 g/t grade The rock hardness  40 to 150 MPa Maricunga Mine CHILE Pancho Pit 2009 to 2016. Z = 4700 m.a.s.l.

5. kinross.com FIRST APPROACH ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA Symptoms observedReal problems observed 5

6. kinross.com Some examples of the fragmentation performance FIRST APPROACH ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA Mr. Benjamin Cebrian – Blast Consult, was hired as an independent consultant to complete a Whole Audit, reviewing Maricunga’s D&B practices 1.Why we have high blasting costs and very poor performance in the rock fragmentation? 2.Why we have high-energy blasting with a very poor performance in the rock fragmentation? 3.Do we have the cat taking care of the meat? 1.Why we have high blasting costs and very poor performance in the rock fragmentation? 2.Why we have high-energy blasting with a very poor performance in the rock fragmentation? 3.Do we have the cat taking care of the meat? 6

7. kinross.com AUDIT SUMMARY OUTPUT – BLAST DYNAMICS The average overall score was below versus other mines in the industry. The average value in the global industry is 2,94 ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA May 2013 7

8. kinross.com SOME OBSERVATIONS ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA 31% de tacos cortos 57 % de pozos cortos 12% de tacos largos 8

9. kinross.com SOME OBSERVATIONS ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA 9

10. kinross.com FOCUS ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA Drilling Practices: Build a D&B design matrix based on hardness and Rock Mass Classification (FF). QAQC of the drilling (over drilling / short holes / xyz / etc.). Pre-Blast Practices: Change the use of 100% emulsion (1.34 gr/cm3) to 100% ANFO (0.8 gr/cm3) – Energy Blasting Criteria.(50% reduction) QAQC of explosive blended in the hole.. Blasting Practices: Timing sequence re-definition Blasting documents with pre and post analysis (CI). Focus onto main customer – Crushing Performance. General Practices: D&B should take back control of the process. Improving integration between key areas involved -- D&B & Geology & Operations & Geomechanics & Mine Planning. 10

11. kinross.com FIRST RESULTS – DEC 2013 AUDIT RE-VISIT ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA 11

12. kinross.com FIRST RESULTS – DEC 2013 AUDIT RE-VISIT ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA 12

13. kinross.com FIRST RESULTS – DEC 2013 AUDIT RE-VISIT ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA Before improvement After improvement 13

14. kinross.com FIRST RESULTS – DEC 2013 AUDIT RE-VISIT ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA Now: Energy Factor Before: Load Factor 14

15. kinross.com FIRST RESULTS – DEC 2013 AUDIT RE-VISIT ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA Additionally, the boulder problem was solved. 15

16. kinross.com FOLLOW UP - DEC 2013 AUDIT RE-VISIT ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA 12% improvement 16

17. kinross.com 2014 RESULTS – DEC 2014 AUDIT 2 ND RE-VISIT ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA 90% reduction of Boulder Events. Wall Damage Control. Significant Improvement into crests of final walls. 17

18. kinross.com 2014 RESULTS – DEC 2014 AUDIT 2 ND RE-VISIT ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA 29% overall improvement Top 5 World Class Standard 18

19. kinross.com 2014 RESULTS – DEC 2014 AUDIT 2 ND RE-VISIT ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA Before improvement After improvement 8% primary YTD crusher tonnage Significant Improvement size distribution 19

20. kinross.com 2014 RESULTS – DEC 2014 AUDIT 2 ND RE-VISIT ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA USD$ 300k - Cost Savings Mid 2013 Pre-Audit Budget cost estimated USD$ 2.7M – Cost Avoidance Production Performance Improvement. Significant Improvement into YTD processed tonnage. THE PRODUCTION LEVELS WERE GREATLY INCREASED WITH AN IMPORTANT COST REDUCTION 8% improvement +1.2 Mton 20

21. kinross.com CONCLUSION ISEE – 41ST INTERNATIONAL CONFERENCE – NEW ORLEANS, USA Can we improve fragmentation and reduce the D&B cost? YES!!!! Best Year Ever -1.2 Mton main crushing over 2014 Budget - Best Year Ever -USD $300k direct savings on 2014 -USD $2.7M cost avoidance.YES!!!! Best Year Ever -1.2 Mton main crushing over 2014 Budget - Best Year Ever -USD $300k direct savings on 2014 -USD $2.7M cost avoidance. 21