Exhibit No.		Description
99.1		Kinross Gold Corporation Management’s Discussion and Analysis for the year ended December 31, 2022
99.2		Audited Consolidated Financial Statements of Kinross Gold Corporation as at December 31, 2022 and December 31, 2021 and for the years then ended, together with the reports of the independent registered public accounting firm of Kinross Gold Corporation
99.3		Consent of KPMG LLP

		KINROSS GOLD CORPORATION
		By:	/s/
		Name: Title:	Kar Ng Vice-President, Finance
		Date:	February 15, 2023

This management's discussion and analysis ("MD&A"), prepared as of February 15, 2023, relates to the financial condition and results of operations of Kinross Gold Corporation together with its wholly owned subsidiaries, as at December 31, 2022 and for the year then ended, and is intended to supplement and complement Kinross Gold Corporation’s audited annual consolidated financial statements for the year ended December 31, 2022 and the notes thereto (the “financial statements”). Readers are cautioned that the MD&A contains forward-looking statements about expected future events and financial and operating performance of the Company, and that actual events may vary from management's expectations. Readers are encouraged to read the Cautionary Statement on Forward Looking Information included with this MD&A and to consult Kinross Gold Corporation's financial statements for 2022 and corresponding notes to the financial statements which are available on the Company's web site at www.kinross.com and on www.sedar.com. The financial statements and MD&A are presented in U.S. dollars. The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (“IASB”). This discussion addresses matters we consider important for an understanding of our financial condition and results of operations as at and for the year ended December 31, 2022, as well as our outlook.

This MD&A contains forward-looking statements and should be read in conjunction with the risk factors described in "Risk Analysis" on pages 38 – 51 of this MD&A and in the “Cautionary Statement on Forward-Looking Information” on pages 59 – 60 of this MD&A. For additional discussion of risk factors, please refer to the Company's Annual Information Form for the year ended December 31, 2021, which is available on the Company's website www.kinross.com and on www.sedar.com. In certain instances, references are made to relevant notes in the financial statements for additional information.

Where we say "we", "us", "our", the "Company" or "Kinross", we mean Kinross Gold Corporation or Kinross Gold Corporation and/or one or more or all of its subsidiaries, as it may apply. Where we refer to the "industry", we mean the gold mining industry.

Kinross is engaged in gold mining and related activities, including exploration and acquisition of gold-bearing properties, the extraction and processing of gold-containing ore, and reclamation of gold mining properties. Kinross’ gold production and exploration activities are carried out principally in Canada, the United States, Brazil, Chile and Mauritania. Gold is produced in the form of doré, which is shipped to refineries for final processing. Kinross also produces and sells a quantity of silver.

The profitability and operating cash flow of Kinross are affected by various factors, including the amount of gold and silver produced, the market prices of gold and silver, operating costs, interest rates, regulatory and environmental compliance, the level of exploration activity and capital expenditures, general and administrative costs, and other discretionary costs and activities. Kinross is also exposed to fluctuations in currency exchange rates, political risks, and varying levels of taxation that can impact profitability and cash flow. Many of these factors have been or may be influenced by the continued economic and business uncertainties caused by the COVID-19 pandemic and global sanctions. Kinross seeks to manage the risks associated with its business operations; however, many of the factors affecting these risks are beyond the Company’s control.

Commodity prices continue to be volatile as economies around the world continue to experience economic challenges along with political changes and uncertainties. Volatility in the price of gold and silver impacts the Company's revenue, while volatility in the price of input costs, such as oil, and foreign exchange rates, particularly the Brazilian real, Chilean peso, Mauritanian ouguiya and Canadian dollar, may have an impact on the Company's operating costs and capital expenditures.

Segment Profile

Each of the Company's significant operating mines is generally considered to be a separate segment. The reportable segments are those operations whose operating results are reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance.

				Ownership percentage at December 31,
Operating Segments	Operator	Location		2022				2021
Fort Knox	Kinross	USA			100%				100%
Round Mountain	Kinross	USA			100%				100%
Bald Mountain	Kinross	USA			100%				100%
Paracatu	Kinross	Brazil			100%				100%
La Coipa	Kinross	Chile			100%				100%
Tasiast	Kinross	Mauritania			100%				100%
Discontinued operations
Kupol(a)	Kinross	Russian Federation			-				100%
Chirano(b)	Kinross	Ghana			-				90%

(a)	On June 15, 2022, the Company announced that it had completed the sale of its Russian operations, which includes the Kupol and Dvoinoye mines.

(b)	On August 10, 2022, the Company announced that it had completed the sale of its Chirano mine in Ghana.

Consolidated Financial and Operating Highlights

		Years ended December 31,												2022 vs. 2021								2021 vs. 2020
(in millions, except ounces, per share amounts and per ounce amounts)		2022				2021				2020(c)				Change				% Change(j)				Change				% Change(j)
Operating Highlights
Total gold equivalent ounces(a)
Produced(b)			2,208,453				2,083,016				2,383,307				125,437				6%				(300,291	)			(13%	)
Sold(b)			2,137,936				2,075,738				2,375,548				62,198				3%				(299,810	)			(13%	)
Attributable gold equivalent ounces(a)
Produced(b)			2,200,247				2,067,549				2,366,648				132,698				6%				(299,099	)			(13%	)
Sold(b)			2,129,154				2,060,909				2,358,927				68,245				3%				(298,018	)			(13%	)
Total and attributable gold equivalent ounces from continuing operations(c)
Produced(b)			1,957,237				1,447,240				2,383,307				509,997				35%				(936,067	)			(39%	)
Sold(b)			1,927,818				1,446,477				2,375,548				481,341				33%				(929,071	)			(39%	)
Financial Highlights from Continuing Operations(c)
Metal sales		$	3,455.1			$	2,599.6			$	4,213.4			$	855.5				33%			$	(1,613.8	)			(38%	)
Production cost of sales		$	1,805.7			$	1,218.3			$	1,725.7			$	587.4				48%			$	(507.4	)			(29%	)
Depreciation, depletion and amortization		$	784.0			$	695.7			$	842.3			$	88.3				13%			$	(146.6	)			(17%	)
Impairment charges (reversals) and asset derecognition - net		$	350.0			$	144.5			$	(650.9	)		$	205.5				142%			$	795.4			nm
Operating earnings		$	117.7			$	72.1			$	1,899.4			$	45.6				63%			$	(1,827.3	)			(96%	)
Net earnings (loss) from continuing operations attributable to common shareholders		$	31.9			$	(29.9	)		$	1,342.4			$	61.8			nm				$	(1,372.3	)			(102%	)
Basic earnings (loss) per share from continuing operations attributable to common shareholders		$	0.02			$	(0.02	)		$	1.07			$	0.04			nm				$	(1.09	)			(102%	)
Diluted earnings (loss) per share from continuing operations attributable to common shareholders		$	0.02			$	(0.02	)		$	1.06			$	0.04			nm				$	(1.08	)			(102%	)
Adjusted net earnings from continuing operations attributable to common shareholders(d)		$	283.1			$	210.8			$	966.8			$	72.3				34%			$	(756.0	)			(78%	)
Adjusted net earnings from continuing operations per share(d)		$	0.22			$	0.17			$	0.77			$	0.05				29%			$	(0.60	)			(78%	)
Net cash flow of continuing operations provided from operating activities		$	1,002.5			$	695.1			$	1,957.6			$	307.4				44%			$	(1,262.5	)			(64%	)
Adjusted operating cash flow from continuing operations(d)		$	1,256.5			$	932.1			$	1,912.7			$	324.4				35%			$	(980.6	)			(51%	)
Capital expenditures from continuing operations(e)		$	764.2			$	821.7			$	916.1			$	(57.5	)			(7%	)		$	(94.4	)			(10%	)
Free cash flow from continuing operations(d)		$	238.3			$	(126.6	)		$	1,041.5			$	364.9			nm				$	(1,168.1	)			(112%	)
Average realized gold price per ounce from continuing operations(f)		$	1,793			$	1,797			$	1,774			$	(4	)			(0%	)		$	23				1%
Production cost of sales from continuing operations per equivalent ounce(b) sold(g)		$	937			$	842			$	726			$	95				11%			$	116				16%
Attributable(h) production cost of sales from continuing operations per ounce sold on a by-product basis(d)		$	912			$	833			$	700			$	79				9%			$	133				19%
Attributable(h) all-in sustaining cost from continuing operations per ounce sold on a by-product basis(d)		$	1,255			$	1,238			$	970			$	17				1%			$	268				28%
Attributable(h) all-in sustaining cost from continuing operations per equivalent ounce(b) sold(d)		$	1,271			$	1,244			$	987			$	27				2%			$	257				26%
Attributable(h) all-in cost(i) from continuing operations per ounce sold on a by-product basis(d)		$	1,538			$	1,631			$	1,248			$	(93	)			(6%	)		$	383				31%
Attributable(h) all-in cost(i) from continuing operations per equivalent ounce(b) sold(d)		$	1,545			$	1,632			$	1,260			$	(87	)			(5%	)		$	372				30%

(b)	“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 2022 was 82.90:1 (2021 – 71.51:1 and 2020 – 86.32:1).

(f)	"Average realized gold price per ounce from continuing operations” is defined as gold metal sales from continuing operations divided by total gold ounces sold from continuing operations.

(g)	"Production cost of sales from continuing operations per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold from continuing operations.

(h)	"Attributable" includes Kinross' share of Chirano (90%) production for the year ended December 31, 2020.

(i)	"Attributable all-in cost” includes Kinross’ share of Manh Choh (70%) costs.

(j)	"nm" means not meaningful.

Consolidated Financial Performance

This Consolidated Financial Performance section references production cost of sales from continuing operations per ounce sold on a by-product basis, adjusted net earnings from continuing operations attributable to common shareholders and adjusted net earnings from continuing operations per share, adjusted operating cash flow from continuing operations, free cash flow from continuing operations, all-in sustaining cost from continuing operations per equivalent ounce sold and per ounce sold on a by-product basis, and attributable all-in cost from continuing operations per equivalent ounce sold and per ounce sold on a by-product basis, all of which are non-GAAP financial measures or ratios. The definitions and reconciliations of these non-GAAP financial measures and ratios are included in Section 11 of this MD&A.

2022 vs. 2021

Results for the year ended December 31, 2021 have been updated retrospectively to exclude results from the Company’s Chirano and Russian operations due to the classification of these operations as discontinued as at December 31, 2022.

Kinross’ production from continuing operations in 2022 increased by 35% compared to 2021, primarily due to higher production at Tasiast due to the temporary suspension of milling operations in the prior year as a result of the mill fire in June 2021, and production at La Coipa due to the restart and ramp-up in the current year.

Metal sales from continuing operations increased by 33% in 2022, compared to 2021, largely due to the increase in gold equivalent ounces sold. Total gold equivalent ounces sold from continuing operations in 2022 increased to 1,927,818 ounces from 1,446,477 ounces in 2021, primarily due to the increase in production at Tasiast and La Coipa, as described above. The average realized gold price from continuing operations decreased marginally to $1,793 per ounce in 2022 from $1,797 per ounce in 2021.

Production cost of sales from continuing operations increased by 48% in 2022, compared to 2021 and production cost of sales from continuing operations per equivalent ounce sold and per ounce sold on a by-product basis increased by 11% and 9%, respectively, in 2022, compared to 2021. The increases were primarily due to the increase in gold equivalent ounces sold, and inflationary cost pressure on key consumables, such as fuel, emulsion and reagents, at all mine sites.

In 2022, depreciation, depletion and amortization from continuing operations increased by 13% compared to 2021, mainly due to increases at Tasiast and La Coipa due to the increase in gold equivalent ounces sold, partially offset by decreases at Fort Knox due to an increase in mineral reserves at the end of 2021, and at Bald Mountain due to a decrease in the depreciable asset base.

During the year ended December 31, 2022, the Company recorded non-cash after-tax impairment charges of $289.3 million related to metal inventory and property, plant and equipment at Round Mountain. The after-tax inventory impairment charge of $87.9 million related to a reduction in the estimate of recoverable ounces on the Round Mountain heap leach pads due to changes in recovery rates resulting from changes to the mine plan. The after-tax property, plant and equipment impairment charge of $201.4 million was a result of changes to the mine plan and slope design, as well as increased costs due to inflationary pressure experienced in the state of Nevada. The impairment charges to inventory and property, plant and equipment were net of income tax recoveries of $18.9 million and $41.8 million, respectively. During the year ended December 31, 2021, the Company recorded after-tax impairment and asset derecognition charges of $106.1 million related to metal inventory and property, plant and equipment at Bald Mountain. The 2021 after-tax inventory impairment charge of $69.9 million resulted from a reduction in the estimate of recoverable ounces on the Vantage heap leach pad at December 31, 2021 due to the presence of carbonaceous ore. Property, plant and equipment related to the Vantage heap leach pad was also derecognized, resulting in an after-tax charge of $36.2 million. The impairment and derecognition charges to inventory and property, plant and equipment were net of income tax recoveries of $25.3 million and $13.1 million, respectively.

In 2022, operating earnings from continuing operations were $117.7 million compared to $72.1 million in 2021. The increase was primarily due to an increase in margins (metal sales less production cost of sales), largely related to higher production at Tasiast as a result of the temporary suspension of milling operations in the prior year, and the restart of operations at La Coipa in the current year. In addition, other operating expense decreased due to costs in 2021 associated with the mill fire at Tasiast and stabilizing the north

wall at Round Mountain. These increases to operating earnings were partially offset by the higher impairment charge related to metal inventory and property, plant and equipment in 2022 in comparison to 2021.

In 2022, the Company recorded an income tax expense from continuing operations of $76.1 million compared to $115.0 million in 2021. The $76.1 million income tax expense recognized in 2022 included $25.5 million of deferred tax recovery resulting from the net foreign currency translation of tax deductions related to the Company’s operations in Brazil, and a deferred tax recovery of $60.7 million related to the impairment charges at Round Mountain. In 2021, the $115.0 million income tax expense included $22.7 million of deferred tax expense resulting from the net foreign currency translation of tax deductions related to the Company’s operations in Brazil and a deferred tax recovery of $38.4 million related to the impairment and asset derecognition charges at Bald Mountain. Income tax expense, excluding these foreign exchange impacts, increased in 2022 compared to 2021, due to the differences in the level of income in the Company’s operating jurisdictions. Kinross' combined federal and provincial statutory tax rate for both 2022 and 2021 was 26.5%.

Net earnings from continuing operations attributable to common shareholders in 2022 were $31.9 million, or $0.02 per share, compared to a net loss of $29.9 million, or $0.02 per share, in 2021. The increase is a result of the increase in operating earnings from continuing operations, as described above.

Adjusted net earnings from continuing operations attributable to common shareholders were $283.1 million, or $0.22 per share, for 2022 compared to $210.8 million, or $0.17 per share, for 2021. The increase is primarily due to the increase in margins, partially offset by the increases in exploration expense and depreciation, depletion and amortization.

In 2022, net cash flow of continuing operations provided from operating activities increased to $1,002.5 million from $695.1 million in 2021, and adjusted operating cash flow from continuing operations in 2022 increased to $1,256.5 million from $932.1 million in 2021, mainly due to the increase in margins, as described above.

Capital expenditures from continuing operations decreased to $764.2 million compared with $821.7 million in 2021, primarily due to mine sequencing at Tasiast, Fort Knox and Round Mountain, involving a decrease in capital stripping. These decreases were partially offset by increased expenditures for development activities at La Coipa and an increase in capital stripping at Bald Mountain.

Free cash flow from continuing operations increased to $238.3 million in 2022, compared with a net outflow of $126.6 million in 2021, primarily due to the increase in net cash flow of continuing operations provided from operating activities and decrease in capital expenditures, as described above.

All-in sustaining cost from continuing operations per equivalent ounce sold and per ounce sold on a by-product basis in 2022 were comparable to 2021. Attributable all-in cost from continuing operations per equivalent ounce sold and per ounce sold on a by-product basis decreased by 5% and 6%, respectively, compared to 2021 primarily due to the increase in gold equivalent ounces sold from continuing operations, partially offset by the increase in production cost of sales, as described above.

2021 vs. 2020

Results for the year ended December 31, 2021 have been updated retrospectively and exclude results from the Company's Chirano and Russian operations due to the classification of these operations as discontinued as at December 31, 2022. Results for the year ended December 31, 2020 have not been updated retrospectively and include results from the Company’s Chirano and Russian operations. As a result, the discussion presented below is based on results as presented in the December 31, 2021 MD&A, including results from the Company’s Chirano and Russian operations for the years ended December 31, 2021 and 2020. Accordingly, results for 2020 may not be comparable.

Kinross’ attributable production in 2021 decreased by 13% compared to 2020, and was in line with expectations after taking into account the Tasiast mill fire. Lower production levels were seen at Tasiast due to the temporary suspension of milling operations as a result of the mill fire in June 2021, with lower mill grades prior to the incident also contributing to the reduction, at Round Mountain due to the change in mine plan as a result of the instability in the north wall of the pit detected in the first quarter of 2021, and at Kupol due to lower grades. These reductions were partially offset by an increase in ounces recovered from the heap leach pads at Fort Knox and at Bald Mountain.

Metal sales decreased by 11% in 2021, compared to 2020, due to a decrease in gold equivalent ounces sold, primarily due to the decrease in production as described above, partially offset by an increase in the average metal prices realized. Total gold equivalent ounces sold in 2021 decreased to 2,075,738 ounces from 2,375,548 ounces in 2020. The average realized gold price increased to $1,797 per ounce in 2021 from $1,774 per ounce in 2020.

Production cost of sales in 2021 was comparable to 2020. Production cost of sales increased at Paracatu and Bald Mountain due to increases in gold equivalent ounces sold and higher operating waste mined, at Round Mountain due to higher operating waste mined, and at Fort Knox due to an increase in gold equivalent ounces sold. These increases were offset by a decrease in production cost of sales at Tasiast due to a decrease in gold equivalent ounces sold as a result of the temporary suspension of milling operations.

In 2021, attributable production cost of sales per equivalent ounce sold and per ounce sold on a by-product basis increased by 15% and 14%, respectively, compared to 2020, due to the decrease in ounces sold, as described above, as well as inflationary pressures on consumables. Consolidated production cost of sales per equivalent ounce sold was comparable to both attributable production cost of sales per equivalent ounce sold and per ounce sold on a by-product basis.

Depreciation, depletion and amortization in 2021 was comparable to 2020, mainly due to increases in the depreciable asset bases at Bald Mountain, Round Mountain, and Chirano, with the increase at Chirano largely related to the reversal of property, plant and equipment impairment at the end of 2020. These increases were largely offset by decreases at Kupol due to a decrease in the depreciable asset base related to the completion of mining activities at Dvoinoye and at Tasiast due to the decrease in gold equivalent ounces sold.

During the year ended December 31, 2021, the Company recorded non-cash after-tax impairment and asset derecognition charges of $106.1 million (pre-tax $144.5 million) related to metal inventory and property, plant and equipment at Bald Mountain. The inventory impairment charge of $69.9 million (pre-tax $95.2 million) resulted from a reduction in the estimate of recoverable ounces on the Vantage heap leach pad at December 31, 2021 due to the presence of carbonaceous ore. Property, plant and equipment related to the Vantage heap leach pad was also derecognized, resulting in an after-tax charge of $36.2 million (pre-tax $49.3 million). During the year ended December 31, 2020, the Company recorded after‐tax impairment reversals of $612.8 million (pre-tax $650.9 million), related entirely to property, plant and equipment at Tasiast ($299.5 million), Chirano ($132.9 million, pre-tax $204.5 million) and Lobo-Marte ($180.4 million, pre-tax $185.0 million, which included $48.3 million for the impairment reversal recorded at June 30, 2020). These impairment reversals were mainly due to increases in the Company’s long‐term gold price estimate, the mine life extension at Chirano and the increase in mineral reserves at Lobo-Marte.

Operating earnings were $463.6 million in 2021 compared to $1,899.4 million in 2020. The decrease was largely related to the temporary suspension of milling operations at Tasiast and the deferred mining activity at Round Mountain due to instability in the north wall of the pit. Additionally, inventory impairment and asset derecognition charges at Bald Mountain were recorded as compared to the impairment reversals recorded in 2020.

In 2021, the Company recorded income tax expense of $250.7 million, compared to $439.8 million in 2020. The $250.7 million of income tax expense in 2021 included $24.1 million of deferred tax expense resulting from the net foreign currency translation of the tax deductions related to the Company’s operations in Brazil and the Russian Federation, and additional tax expenses of $49.9 million in respect of the settlement of tax amounts relating to prior years. Income tax expense decreased in 2021 compared to 2020 largely due to lower operating mine profitability compared to 2020. In 2020, the $439.8 million income tax expense included $101.2 million of deferred tax expense resulting from the net foreign currency translation of tax deductions related to the Company’s operations in Brazil and the Russian Federation, an additional deferred tax expense of $76.2 million related to the reversal of impairment charges at Chirano and Lobo-Marte, as well as $25.4 million net tax benefit from U.S. tax law changes legislated through the U.S. Cares Act. Kinross' combined federal and provincial statutory tax rate for both 2021 and 2020 was 26.5%.

Net earnings attributable to common shareholders in 2021 were $221.2 million, or $0.18 per share, compared to $1,342.4 million, or $1.07 per share, in 2020. The decrease is a result of the decrease in operating earnings as described above, partially offset by the decrease in income tax expense.

Adjusted net earnings attributable to common shareholders in 2021 were $541.3 million, or $0.43 per share, compared to $966.8 million, or $0.77 per share, in 2020. The decrease in adjusted net earnings was primarily due to the decrease in metal sales, as described above, and an increase in exploration expenses.

In 2021, net cash flow provided from operating activities decreased to $1,135.2 million, from $1,957.6 million in 2020, mainly due to the decrease in operating earnings as described above, higher net taxes paid and unfavourable working capital movements.

Adjusted operating cash flow in 2021 decreased to $1,309.9 million, from $1,912.7 million in 2020, primarily due to the decrease in net cash flow provided from operating activities as described above.

Capital expenditures increased to $938.6 million in 2021, compared with $916.1 million in 2020, primarily due to increased expenditures for development activities at La Coipa, the feasibility study at Lobo-Marte and the pre-feasibility and feasibility studies

at Udinsk, and an increase in capital stripping at Tasiast. These increases were partially offset by reduced capital stripping at Bald Mountain, Round Mountain and Fort Knox.

Free cash flow decreased to $196.6 million in 2021, compared with $1,041.5 million in 2020, largely due to the decrease in net cash flow provided from operating activities, as described above.

Attributable all-in sustaining cost per equivalent ounce sold and per ounce sold on a by-product basis in 2021 both increased by 15%, compared to 2020, primarily due to the decrease in gold ounces sold. Attributable all-in cost per equivalent ounce sold and per ounce sold on a by-product basis increased by 16% and 17%, respectively, compared to 2020, due to the decrease in ounces sold and increases in capital expenditures and non-sustaining exploration expenses.

Mineral Reserves¹

Kinross’ total estimated proven and probable gold reserves at December 31, 2022 were approximately 25.5 million ounces, a decrease of 2.1 million ounces from 27.6 million ounces (excluding 5.0 million ounces related to the Chirano and Russian operations) at December 31, 2021. The decrease in estimated gold reserves compared to December 31, 2021 was mainly a result of production depletion. Amongst the operating sites, 0.4 million ounces were also added to proven and probable reserves to partially offset production depletion.

Proven and probable silver reserves at December 31, 2022 were approximately 36.1 million ounces, a decrease of 6.8 million ounces from 48.9 million ounces (excluding 14.9 million ounces related to the Chirano and Russian operations) at December 31, 2021. The decrease was primarily due to production depletion.

__________________________

Price of Gold

Source: Bloomberg – based on daily closing prices

The price of gold is the largest single factor in determining profitability and cash flow from operations. Therefore, the financial performance of the Company has been, and is expected to be, closely linked to the price of gold. Historically, the price of gold has been subject to volatile price movements over short periods of time and is affected by numerous macroeconomic and industry factors that are beyond the Company’s control. Major influences on the gold price include currency exchange rate fluctuations and the relative strength of the U.S. dollar, the supply of and demand for gold and macroeconomic factors such as the level of interest rates and inflation expectations. During 2022, the price of gold fluctuated between a low of $1,622 per ounce in September and a high of $2,051 per ounce in March, based on daily closing prices. The average price for the year based on the London Bullion Market Association PM Fix was $1,800 per ounce, compared to the 2021 average price of $1,799 per ounce. Influences on the gold price during 2022 included geopolitical risks, a strong U.S. dollar, and interest rate increases.

 Source: London Bullion Marketing Association London PM Fix

¹ “Average realized gold price per ounce” is defined as gold metal sales divided by the total number of gold ounces sold.

In 2022, the Company realized an average gold price of $1,793 per ounce compared to the average PM Fix of $1,800 per ounce.

Gold Supply and Demand Fundamentals

Source: World Gold Council 2022 Gold Demand Trends report

According to the World Gold Council, total gold supply in 2022 increased by approximately 2% compared to 2021 as mine supply and recycling increased marginally. Both mine production and recycled gold supply each increased by 1% in 2022.

Source: World Gold Council 2022 Gold Demand Trends report

According to the World Gold Council, total demand for gold in 2022 was at an eleven year high and increased by approximately 18% compared to 2021. Physical investment in gold from central banks increased by 152% during the year, largely driven by geopolitical uncertainty and high inflation. In addition, global bar and coin demand increased by 2% and ETF outflows slowed during the year.

Cost Sensitivity

The Company’s profitability is subject to industry wide cost pressures on development and operating costs with respect to labour, energy, capital expenditures and consumables in general. Since mining is generally an energy intensive activity, especially in open pit mining, energy prices can have a significant impact on operations. The cost of fuel as a percentage of operating costs varies amongst the Company’s mines, and overall, operations experienced relatively high fuel prices in 2022. The volatile fuel prices are primarily due to geopolitical risk and negative developments on both the demand and supply side. Kinross manages its exposure to energy costs by entering, from time to time, into various hedge positions – refer to Section 6 - Liquidity and Capital Resources for details.

Source: Bloomberg

In order to mitigate the impact of higher consumable prices, the Company continues to focus on continuous improvement, both by promoting more efficient use of materials and supplies, and by pursuing more advantageous pricing, whilst increasing performance and without compromising operational integrity.

Currency Fluctuations

Source: Bloomberg

At the Company’s non-U.S. mining operations and exploration activities, which are primarily located in Brazil, Chile, Mauritania, and Canada, a portion of operating costs and capital expenditures are denominated in their respective local currencies. Generally, as the U.S. dollar strengthens, these currencies weaken, and as the U.S. dollar weakens, these foreign currencies strengthen. These currencies were subject to high market volatility over the course of the year. Approximately 68% of the Company’s expected production in 2023 is forecast to come from operations outside the U.S. and costs will continue to be exposed to foreign exchange rate movements. In order to manage this risk, the Company uses currency hedges for certain foreign currency exposures – refer to Section 6 - Liquidity and Capital Resources for details.

3.

OUTLOOK

The following section of this MD&A represents forward-looking information and users are cautioned that actual results may vary. We refer to the risks and assumptions contained in the Cautionary Statement on Forward-Looking Information on pages 59 - 60 of this MD&A.

This Outlook section references all-in sustaining cost per equivalent ounce sold and sustaining and non-sustaining capital expenditures, which are non-GAAP ratios and financial measures, as applicable, with no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers. The definitions of these non-GAAP ratios and financial measures and comparable reconciliations are included in Section 11 of this MD&A.

Production Guidance

In 2023, Kinross expects to produce 2.1 million gold equivalent ounces² (+/- 5%) from its operations, which is an increase of approximately 140,000 gold equivalent ounces compared with 2022 production. Kinross’ annual production is expected to remain stable in 2024 and 2025 at 2.1 million and 2.0 million attributable³ gold equivalent ounces (+/- 5%), respectively.

Production is forecasted to be lower in the first quarter of 2023 compared with the rest of the year, mainly as a result of the current shutdown at Tasiast related to the 24k project, the on-going ramp-up including planned mill shutdown at La Coipa, and the seasonal impacts on mining at Paracatu and on the Company’s US heap leach operations.

Cost Guidance

		2023 Guidance				2022 Full-Year
		(+/- 5%)				Results
Production cost of sales per equivalent ounce sold		$	970			$	937
All-in sustaining cost per equivalent ounce sold		$	1,320			$	1,271

Production cost of sales per equivalent ounce sold is expected to be $970 (+/- 5%) for 2023. The moderate year-over-year increase is mainly due to inflationary impacts, and including higher costs for labour and consumables.

The Company expects its all-in sustaining cost per equivalent ounce sold to be $1,320 (+/- 5%) for 2023.

Material assumptions used to forecast 2023 production cost of sales are: a gold price of $1,800 per ounce, a silver price of $20 per ounce, an oil price of $90 per barrel, and foreign exchange rates of 5.00 Brazilian reais to the U.S. dollar, 850 Chilean pesos to the U.S. dollar, 35 Mauritanian ouguiyas to the U.S. dollar and 1.30 Canadian dollars to the U.S. dollar.

Taking into account existing currency and oil hedges, a 10% change in foreign currency exchange rates would be expected to result in an approximate $20 impact on production cost of sales per equivalent ounce sold; and specific to the Brazilian real and Chilean peso, a 10% change in these exchange rates would be expected to result in impacts of approximately $30 and $50 on Brazilian and Chilean production cost of sales per equivalent ounce sold, respectively. A $10 per barrel change in the price of oil would be expected to result in an approximate $3 impact on fuel consumption costs on production cost of sales per equivalent ounce sold, and a $100 change in the price of gold would be expected to result in an approximate $4 impact on production cost of sales per equivalent ounce sold as a result of a change in royalties.

______________________________

Other 2023 Guidance

The 2023 forecast for exploration⁵ is $150 million (+/- 5%), of which approximately $5 million is expected to be capitalized, and is a $10 million increase from last year’s revised guidance. The 2023 exploration program (greenfields and brownfields) will follow up on 2022’s exploration success, and will focus on Great Bear, developing the Phase X exploration drift at Round Mountain, and underground exploration at Curlew Basin.

The 2023 forecast for overhead (general and administrative and business development expenses) is $135 million (+/- 5%), which is in line with the 2022 results, and approximately $25 million less than the Company’s previous year guidance primarily as a result of the adjustments to Kinross’ regional head office presence to align with its Americas-focused portfolio following the divestitures in 2022.

Other operating costs expected to be incurred in 2023 are approximately $100 million, which are principally related to care and maintenance and reclamation.

Tax expense is expected to be $135 million and taxes paid is expected to be $105 million. Adjusting the Brazilian real and Mauritanian Ouguiya to the respective exchange rates of 5.22 and 36.64 to the U.S. dollar in effect at December 31, 2022, the tax expense would be expected to be approximately $175 million.  Tax expense is expected to increase by 25% of any profit resulting from higher gold prices. Taxes paid is expected to increase by approximately $8 million for every $100 movement in the realized gold prices.

Depreciation, depletion and amortization is forecast to be approximately $450 per gold equivalent ounce sold (+/- 5%).

Interest paid is forecast to be approximately $160 million, which includes approximately $90 million of capitalized interest.

Tasiast

The Tasiast 24k project continues to progress on schedule to reach throughput of 24,000 tonnes per day (“t/d”) by mid-year and ramp-up to operate consistently at design tonnage by the end of the year. The final expansion to the leach circuit is now complete and has successfully been put into operation. The plant is currently undergoing a planned shutdown to allow for the installation of tie ins as part of the work for the 24k project. Civil works are substantially complete and the mechanical contractor is advancing with the installation of an additional classifying cyclone which is the final stage in the series of 24k debottlenecking scopes.

The 34MW Tasiast solar power plant continues to advance and remains on schedule for completion in the second half of 2023. Engineering is focused on deliverables for integration with existing power infrastructure. Delivery of materials at site has started and all photovoltaic modules are in transit or have arrived. Construction is underway and earthworks are ongoing. Mechanical works commenced in early February and electrical works are expected to commence in early March.

Great Bear

_____________________________________

Manh Choh

At the 70% owned Manh Choh project, activities remain on schedule and on budget, with the early works program progressing as planned. Camp refurbishments were completed in advance of the construction season and all long-lead procurement orders for both the Fort Knox mill modifications and the Manh Choh site have been placed. The Company has selected an Alaska-based supplier for the life-of-mine ore haul trucking and has also awarded the contract mining to a company with significant experience working in Alaska. This contract will include initial construction along with mining and closure activities. Permitting is progressing well and a public comment period is expected to open in early 2023 regarding the Company’s applications. Kinross continues to focus on safely advancing the project, listening to stakeholder concerns, and building on relationships with the local communities and the Native Village of Tetlin.

The Company announced on July 27, 2022, that it was proceeding with the Manh Choh project as the operator of the joint venture. Initial production from Manh Choh is expected in the second half of 2024 and is expected to add approximately 640,000 attributable gold equivalent ounces to the Company’s production profile over its approximately 4.5 years life of mine.

Lobo-Marte

Kinross’ activities in Chile are currently focused on La Coipa and opportunities to extend its mine life up to the end of the decade with the potential of additional pushbacks. The Lobo-Marte project continues to provide optionality as a potential large, low-cost mine upon the conclusion of mining at La Coipa. While the Company focuses its technical resources on La Coipa, it will continue to engage and build relationships with communities related to Lobo-Marte and government stakeholders.

Round Mountain mine optimization

Other developments

Return of capital

In 2022, Kinross bolstered its capital allocation strategy through its enhanced share buyback and quarterly dividend programs. During the past year, Kinross returned $455 million in capital to shareholders, consisting of approximately $155 million in dividends and $300 million as part of its share buyback program, an increase of approximately $200 million compared with the prior year. In 2023 and 2024, the Company expects to maintain its dynamic share buyback program, which is based on an allocation of excess free cash flow, and baseline dividend programs while reinvesting in the business and maintaining its investment grade balance sheet.

Operating Highlights

		Years ended December 31,												2022 vs. 2021								2021 vs. 2020
		2022				2021				2020				Change				% Change(e)				Change				% Change
Operating Statistics
Total gold equivalent ounces(a)
Produced(b)			2,208,453				2,083,016				2,383,307				125,437				6%				(300,291	)			(13%	)
Sold(b)			2,137,936				2,075,738				2,375,548				62,198				3%				(299,810	)			(13%	)
Attributable gold equivalent ounces(a)
Produced(b)			2,200,247				2,067,549				2,366,648				132,698				6%				(299,099	)			(13%	)
Sold(b)			2,129,154				2,060,909				2,358,927				68,245				3%				(298,018	)			(13%	)
Total and attributable gold equivalent ounces from continuing operations(a),(d)
Produced(b)			1,957,237				1,447,240				2,383,307				509,997				35%				(936,067	)			(39%	)
Sold(b)			1,927,818				1,446,477				2,375,548				481,341				33%				(929,071	)			(39%	)
Gold ounces - sold from continuing operations(d)			1,872,342				1,432,396				2,324,324				439,946				31%				(891,928	)			(38%	)
Silver ounces - sold from continuing operations (000's)(d)			4,647				1,005				4,429				3,642			nm					(3,424	)			(77%	)
Average realized gold price per ounce from continuing operations(c),(d)		$	1,793			$	1,797			$	1,774			$	(4	)			(0%	)		$	23				1%
Financial data from Continuing Operations(d)
Metal sales		$	3,455.1			$	2,599.6			$	4,213.4			$	855.5				33%			$	(1,613.8	)			(38%	)
Production cost of sales		$	1,805.7			$	1,218.3			$	1,725.7			$	587.4				48%			$	(507.4	)			(29%	)
Depreciation, depletion and amortization		$	784.0			$	695.7			$	842.3			$	88.3				13%			$	(146.6	)			(17%	)
Impairment charges (reversals) and asset derecognition - net		$	350.0			$	144.5			$	(650.9	)		$	205.5				142%			$	795.4				122%
Operating earnings		$	117.7			$	72.1			$	1,899.4			$	45.6				63%			$	(1,827.3	)			(96%	)
Net earnings (loss) from continuing operations attributable to common shareholders		$	31.9			$	(29.9	)		$	1,342.4			$	61.8			nm				$	(1,372.3	)			(102%	)

(b)	“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 2022 was 82.90:1 (2021 – 71.51:1 and 2020 - 86.32:1).

(c)	“Average realized gold price per ounce from continuing operations" is defined as gold metal sales from continuing operations divided by total gold ounces sold from continuing operations.

(d)

On June 15, 2022, the Company announced that it had completed the sale of its Russian operations, which includes the Kupol and Dvoinoye mines and the Udinsk project. On August 10, 2022, the Company announced that it had completed the sale of its Chirano mine in Ghana. Results for the years ended December 31, 2022 and 2021 are from continuing operations and exclude results from the Company’s Chirano and Russian operations due to the classification of these operations as discontinued as at December 31, 2022. Results for the year ended December 31, 2020 are from total operations and include results from the Company’s Chirano and Russian operations. Accordingly, results for 2020 may not be comparable.

(e)	“nm" means not meaningful.

Operating Earnings (Loss) from Continuing Operations by Segment^(a)

		Years ended December 31,												2022 vs. 2021								2021 vs. 2020
(in millions)		2022				2021				2020				Change				% Change(d)				Change				% Change(d)
Operating segments
Fort Knox		$	58.9			$	91.9			$	67.0			$	(33.0	)			(36%	)			24.9				37%
Round Mountain			(327.6	)			108.6				286.8				(436.2	)		nm					(178.2	)			(62%	)
Bald Mountain			(5.6	)			(174.7	)			34.6				169.1				97%				(209.3	)		nm
Paracatu			330.9				384.4				407.0				(53.5	)			(14%	)			(22.6	)			(6%	)
La Coipa			81.8				(8.4	)			(12.5	)			90.2			nm					4.1				33%
Tasiast			299.5				(67.0	)			504.3				366.5			nm					(571.3	)			(113%	)
Non-operating segments
Great Bear(b)			(61.7	)			-				-				(61.7	)		nm					-			nm
Corporate and other(c)			(258.5	)			(262.7	)			(36.4	)			4.2				2%				(226.3	)		nm
Discontinued operations
Kupol			-				-				410.5				-			nm					(410.5	)		nm
Chirano			-				-				238.1				-			nm					(238.1	)		nm
Total		$	117.7			$	72.1			$	1,899.4			$	45.6				63%			$	(1,827.3	)			(96%	)

(a)

On June 15, 2022, the Company announced that it had completed the sale of its Russian operations, which includes the Kupol and Dvoinoye mines and the Udinsk project. On August 10, 2022, the Company announced that it had completed the sale of its Chirano mine in Ghana. Results for the years ended December 31, 2022 and 2021 are from continuing operations and exclude results from the Company’s Chirano and Russian operations, which also includes the Udinsk project previously included in the Corporate and other segment, due to the classification of these operations as discontinued as at December 31, 2022. Results for the year ended December 31, 2020 are from total operations and include results from the Company’s Chirano and Russian operations. Accordingly, results for 2020 may not be comparable.

(b)	On February 24, 2022, the Company acquired Great Bear.

(c)

Corporate and other" includes operating costs which are not directly related to individual mining properties such as overhead expenses, gains and losses on disposal of assets and investments, and other costs relating to corporate, shutdown, and other non-operating assets (including Kettle River-Buckhorn, Lobo-Marte, the Manh Choh project, and Maricunga).

(d)	"nm" means not meaningful.

Mining Operations

Fort Knox (100% ownership and operator) – USA

		Years ended December 31,
		2022				2021				Change				% Change(c)
Operating Statistics
Tonnes ore mined (000's)			56,086				34,961				21,125				60%
Tonnes processed (000's)(a)			59,353				37,899				21,454				57%
Grade (grams/tonne)(b)			0.70				0.70				-				0%
Recovery(b)			79.6%				81.2%				(1.6%	)			(2%	)
Gold equivalent ounces:
Produced			291,248				264,283				26,965				10%
Sold			291,793				263,590				28,203				11%
Financial Data (in millions)
Metal sales		$	521.7			$	473.3			$	48.4				10%
Production cost of sales			350.7				267.2				83.5				31%
Depreciation, depletion and amortization			109.7				109.8				(0.1	)			(0%	)
			61.3				96.3				(35.0	)			(36%	)
Other operating (income) expense			(3.1	)			0.7				(3.8	)		nm
Exploration and business development			5.5				3.7				1.8				49%
Segment operating earnings		$	58.9			$	91.9			$	(33.0	)			(36%	)

(a)	Includes 50,368,000 tonnes placed on the heap leach pads during 2022 (2021 - 29,840,000 tonnes).

(b)	Amount represents mill grade and recovery only. Ore placed on the heap leach pads had an average grade of 0.19 grams per tonne during 2022 (2021 - 0.20 grams per tonne). Due to the nature of heap leach operations, point-in-time recovery rates are not meaningful.

(c)	“nm” means not meaningful.

The Company has been operating the Fort Knox open pit mine, located near Fairbanks, Alaska, since it was acquired in 1998.

2022 vs. 2021

In 2022, tonnes of ore mined increased by 60%, compared to 2021, largely due to planned mine sequencing. During the year, mining activities were primarily focused on mining a higher proportion of leachable ore from Phase 9 and mill ore from Gil. First production at the Gil satellite deposit was achieved during fourth quarter of 2021. Tonnes of ore processed in 2022 increased by 57%, compared to 2021, primarily due to an increase in tonnes placed on the Barnes Creek heap leach facility. Gold equivalent ounces produced and sold in 2022 increased by 10% and 11%, respectively, compared to 2021, due to increases in mill throughput and ounces recovered from the heap leach pads. Gold equivalent ounces sold in 2022 were higher than production due to timing of sales.

Metal sales increased in 2022 by 10%, compared to 2021, due to the increase in gold equivalent ounces sold. Production cost of sales increased by 31% in 2022, compared to 2021, due to inflationary cost pressures on consumables, such as fuel, power and reagents, higher contractor costs related to Gil mining, and the increase in gold equivalent ounces sold. Depreciation, depletion, and amortization in 2022 was comparable to 2021.

Round Mountain (100% ownership and operator) – USA

		Years ended December 31,
		2022				2021				Change				% Change(c)
Operating Statistics
Tonnes ore mined (000's)			24,502				9,680				14,822				153%
Tonnes processed (000's)(a)			26,688				16,623				10,065				61%
Grade (grams/tonne)(b)			0.71				0.62				0.09				15%
Recovery(b)			77.5%				77.2%				0.3%				0%
Gold equivalent ounces:
Produced			226,374				257,005				(30,631	)			(12%	)
Sold			227,655				259,941				(32,286	)			(12%	)
Financial Data (in millions)
Metal sales		$	407.3			$	466.6			$	(59.3	)			(13%	)
Production cost of sales			309.2				235.9				73.3				31%
Depreciation, depletion and amortization			60.5				65.2				(4.7	)			(7%	)
Impairment charges			350.0				-				350.0			nm
			(312.4	)			165.5				(477.9	)			nm
Other operating expense			5.2				51.3				(46.1	)			(90%	)
Exploration and business development			10.0				5.6				4.4				79%
Segment operating (loss) earnings		$	(327.6	)		$	108.6			$	(436.2	)			nm

(a)	Includes 22,831,000 tonnes placed on the heap leach pads during 2022 (2021 - 12,542,000 tonnes).

(b)	Amounts represent mill grade and recovery only. Ore placed on the heap leach pads had an average grade of 0.32 grams per tonne during 2022 (2021 - 0.37 grams per tonne). Due to the nature of heap leach operations, point-in-time recovery rates are not meaningful.

(c)	“nm” means not meaningful.

The Company acquired a 50% ownership interest in the Round Mountain open pit mine, located in Nye County, Nevada, with the acquisition of Echo Bay Mines Ltd. on January 31, 2003. On January 11, 2016, the Company acquired the remaining 50% interest in Round Mountain, along with the Bald Mountain gold mine, from Barrick.

2022 vs. 2021

Tonnes of ore mined in 2022 increased by 153%, compared to 2021, primarily due to lower tonnes mined in 2021 as a result of precautionary measures taken after wall instability in the north wall of the pit was detected late in the first quarter of 2021. Tonnes of ore processed in 2022 increased by 61%, compared to 2021, largely due to an increase in tonnes of ore placed on the heap leach pads. Mill grades increased by 15% in 2022, compared to 2021, due to mine sequencing. Gold equivalent ounces produced and sold each decreased by 12% in 2022, compared to 2021, primarily due to timing of ounces recovered from the heap leach pads. Gold equivalent ounces sold in 2022 were higher than production due to timing of sales.

In 2022, metal sales decreased by 13%, compared to 2021, due to the decrease in gold equivalent ounces sold. Production cost of sales in 2022 increased by 31% compared to 2021, due to inflationary cost pressures on consumables, such as fuel, cyanide, lime and power, partially offset by the decrease in gold equivalent ounces sold. Depreciation, depletion and amortization decreased by 7% in 2022, compared to 2021, primarily due to the decrease in gold equivalent ounces sold and an increase in mineral reserves at the end of 2021. Other operating expense in 2021 included $50.1 million of costs associated with stabilizing the north wall.

During the year ended December 31, 2022, the Company recorded impairment charges of $350.0 million related to metal inventory and property, plant and equipment at Round Mountain. The inventory impairment charge of $106.8 million related to a reduction in the estimate of recoverable ounces on the Round Mountain heap leach pads due to changes in recovery rates resulting from changes to the mine plan. The property, plant and equipment impairment charge of $243.2 million was a result of changes to the mine plan and changes in slope design, as well as increased costs due to inflationary pressure experienced in the state of Nevada. Tax recoveries related to the impairment charges of $18.9 million and $41.8 million, respectively, were recorded within income tax expense. No such charges were recognized in 2021 for Round Mountain.

Bald Mountain (100% ownership and operator) – USA

		Years ended December 31,
		2022				2021				Change				% Change(b)
Operating Statistics(a)
Tonnes ore mined (000's)			15,969				19,063				(3,094	)			(16%	)
Tonnes processed (000's)			15,924				19,063				(3,139	)			(16%	)
Grade (grams/tonne)			0.51				0.51				-				-
Gold equivalent ounces:
Produced			214,094				204,890				9,204				4%
Sold			214,808				196,066				18,742				10%
Financial Data (in millions)
Metal sales		$	386.0			$	352.1			$	33.9				10%
Production cost of sales			208.8				177.5				31.3				18%
Depreciation, depletion and amortization			176.0				195.9				(19.9	)			(10%	)
Impairment charge and asset derecognition			-				144.5				(144.5	)		nm
			1.2				(165.8	)			167.0				101%
Other operating expense			2.0				1.7				0.3				18%
Exploration and business development			4.8				7.2				(2.4	)			(33%	)
Segment operating loss		$	(5.6	)		$	(174.7	)		$	169.1				97%

(a)	Due to the nature of heap leach operations, point-in-time recovery rates are not meaningful.

(b)	“nm” means not meaningful.

The Company completed the acquisition of 100% of the Bald Mountain open pit mine on January 11, 2016 from Barrick, which includes a large associated land package. On October 2, 2018, the Company acquired the remaining 50% interest in the Bald Mountain exploration joint venture that it did not already own from Barrick, giving Kinross 100% ownership of the Bald Mountain land package.

2022 vs. 2021

Tonnes of ore mined and processed each decreased by 16% in 2022, compared to 2021, due to planned mine sequencing as mining activities in 2022 were primarily focused on various smaller satellite pits in the North area. In 2022, gold equivalent ounces produced and sold increased by 4% and 10%, respectively, compared to 2021, due to an increase in ounces recovered from the heap leach pads. Gold equivalent ounces sold in 2022 were higher than production due to timing of sales.

Metal sales in 2022 increased by 10% compared to 2021, due to the increase in gold equivalent ounces sold. Production cost of sales in 2022 increased by 18% compared to 2021, largely due to the increase in gold equivalent ounces sold and inflationary cost pressure on fuel and reagents, partially offset by a decrease in operating waste mined. Depreciation, depletion and amortization decreased by 10% in 2022, compared to 2021, due to a decrease in the depreciable asset base, partially offset by the increase in gold equivalent ounces sold.

During the year ended December 31, 2021, the Company recorded impairment and asset derecognition charges of $144.5 million related to metal inventory and property, plant and equipment at Bald Mountain. The inventory impairment charge of $95.2 million resulted from a reduction in the estimate of recoverable ounces on the Vantage heap leach pad at December 31, 2021 due to the presence of carbonaceous ore. The derecognized property, plant and equipment of $49.3 million was also related to the Vantage heap leach pad. The tax impacts of the impairment and derecognition charges were income tax recoveries of $25.3 million and $13.1 million, respectively. No such charges were recognized in 2022 for Bald Mountain.

Paracatu (100% ownership and operator) – Brazil

 

		Years ended December 31,
		2022				2021				Change				% Change
Operating Statistics
Tonnes ore mined (000's)			42,252				52,379				(10,127	)			(19%	)
Tonnes processed (000's)			56,422				60,046				(3,624	)			(6%	)
Grade (grams/tonne)			0.41				0.37				0.04				11%
Recovery			77.9%				76.0%				1.9%				3%
Gold equivalent ounces:
Produced			577,354				550,560				26,794				5%
Sold			571,164				549,900				21,264				4%
Financial Data (in millions)
Metal sales		$	1,021.5			$	987.9			$	33.6				3%
Production cost of sales			497.6				412.1				85.5				21%
Depreciation, depletion and amortization			185.5				180.6				4.9				3%
			338.4				395.2				(56.8	)			(14%	)
Other operating expense			5.6				9.9				(4.3	)			(43%	)
Exploration and business development			1.9				0.9				1.0				111%
Segment operating earnings		$	330.9			$	384.4			$	(53.5	)			(14%	)

The Company acquired a 49% ownership interest in the Paracatu open pit mine, located in the State of Minas Gerais, Brazil, upon the acquisition of TVX Gold Inc. on January 31, 2003. On December 31, 2004, the Company purchased the remaining 51% of Paracatu from Rio Tinto Plc.

2022 vs. 2021

Tonnes of ore mined decreased by 19% in 2022, compared to 2021, largely due to planned mine sequencing involving higher waste mined, and focused on stripping in the South-West area of the pit to access higher grade Phase 13b ore for the second half of the year. Tonnes of ore processed decreased by 6% in 2022, compared to 2021, due to temporary mill downtime due to a conveyor belt failure in the first quarter of 2022, and lower mill throughput as a result of lower mill availability and ore hardness experienced during the second half of the year. Grades increased by 11% in 2022, compared to 2021, largely due to planned mine sequencing. Gold equivalent ounces produced and sold increased by 5% and 4% in 2022, respectively, compared to 2021, due to the increase in grade and recovery.

Metal sales in 2022 increased by 3%, compared to 2021, largely due to the increase in gold equivalent ounces sold. Production cost of sales increased by 21% in 2022, compared to 2021, largely due to an increase in gold equivalent ounces sold, inflationary cost pressures on consumables, contractors, labour, and maintenance costs, as well as unfavourable foreign exchange movements. Depreciation, depletion and amortization increased by 3% in 2022, compared to 2021, largely due to the increase in gold equivalent ounces sold.

La Coipa (100% ownership and operator) – Chile

		Year ended
		December 31, 2022
Operating Statistics
Tonnes ore mined (000's)			2,850
Tonnes processed (000's)			1,949
Grade (grams/tonne):
Gold			1.23
Silver			115.50
Recovery:
Gold			81.8%
Silver			60.7%
Gold equivalent ounces:(a)
Produced			109,576
Sold			99,915
Silver ounces:
Produced (000's)			4,182
Sold (000's)			3,779
Financial Data (in millions)
Metal sales		$	177.9
Production cost of sales			57.2
Depreciation, depletion and amortization			25.6
			95.1
Other operating expense			7.7
Exploration and business development			5.6
Segment operating earnings		$	81.8

(a)	“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 2022 was 82.90:1.

Kinross acquired its 100% interest in the La Coipa open pit mine, located in the Atacama region in Chile, in 2007. In February 2022, the mine poured its first gold bar after restarting operations following the suspension of activities since October 2013.

Mining in 2022 was focused on the Phase 7 and Puren deposits. Production at La Coipa began in February 2022 and continued to increase throughout 2022 with December achieving an average mill throughput of 11,400 t/d. The mill is expected to increase to its sustained design capacity of 13,000 t/d by the end of the first quarter of 2023.

Tasiast (100% ownership and operator) – Mauritania

		Years ended December 31,
		2022				2021				Change				% Change(a)
Operating Statistics
Tonnes ore mined (000's)			14,689				3,544				11,145			nm
Tonnes processed (000's)			6,572				3,733				2,839				76%
Grade (grams/tonne)			2.75				1.69				1.06				63%
Recovery			90.5%				94.1%				(3.6%	)			(4%	)
Gold equivalent ounces:
Produced			538,591				170,502				368,089			nm
Sold			519,292				174,193				345,099			nm
Financial Data (in millions)
Metal sales		$	935.0			$	314.7			$	620.3			nm
Production cost of sales			380.1				123.6				256.5			nm
Depreciation, depletion and amortization			220.2				136.9				83.3				61%
			334.7				54.2				280.5			nm
Other operating expense			30.3				116.9				(86.6	)			(74%	)
Exploration and business development			4.9				4.3				0.6				14%
Segment operating earnings (loss)		$	299.5			$	(67.0	)		$	366.5			nm

(a)	"nm" means not meaningful.

Kinross acquired its 100% interest in the Tasiast mine on September 17, 2010 upon completing its acquisition of Red Back Mining Inc. The Tasiast mine is an open pit operation located in north-western Mauritania and is approximately 300 kilometres north of the capital, Nouakchott.

2022 vs. 2021

Tonnes of ore mined increased in 2022, compared to 2021, primarily due to mine sequencing involving the completion of mining in West Branch 3 in the first quarter of 2021 and access to a lower strip ratio section of West Branch 4 in 2022. Tonnes of ore processed in 2022 increased by 76% compared to 2021, due to the ramp-up of the 21k project in 2022 and the temporary suspension of milling operations due to the mill fire in June 2021. Mill grades in 2022 increased by 63%, compared to 2021, mainly due to planned mine sequencing involving a higher grade section of West Branch 4. Gold equivalent ounces produced and sold increased, compared to 2021, primarily due to higher mill grades and ramp-up of the 21k project in 2022 as well as the temporary suspension of milling operations in the prior year.

Metal sales in 2022 increased compared to 2021, due to the increases in gold equivalent ounces sold. In 2022, production cost of sales increased, compared to 2021, primarily due to the increase in gold equivalent ounces sold, and higher operating waste mined in 2022. Depreciation, depletion and amortization increased by 61%, compared to 2021, primarily due to the increase in gold equivalent ounces sold. In 2021, other operating expense included $59.2 million of costs associated with the temporary suspension of milling operations and mill repair.

Maricunga (100% ownership and operator) – Chile

Kinross acquired its original 50% interest in the Maricunga open pit mine (formerly known as the Refugio mine), located 120 kilometres northeast of Copiapó, Chile in 1998. On February 27, 2007, Kinross acquired the remaining 50% interest in Maricunga through the acquisition of Bema Gold Corporation. During 2016, mining activities at Maricunga were suspended as a result of the imposition of a water curtailment order by Chile’s environmental enforcement authority.

As a result of the suspension of mining and crushing activities at Maricunga in the fourth quarter of 2019, no ore was mined or processed in 2022 and 2021. No further production is expected while Maricunga continues to sell its remaining finished metals inventories.

In 2022, gold equivalent ounces sold of 3,191 increased by 14% compared to gold equivalent ounces sold of 2,787 for 2021. Metal sales and operating loss were $5.7 million and $40.0 million, respectively, for 2022, compared to $5.0 million and $17.8 million, respectively, for 2021. Operating loss includes net reclamation expense of $26.8 million, for 2022, compared to $3.6 million in 2021.

Discontinued operations

Russian operations (100% ownership and operator) – Russian Federation

On June 15, 2022, the Company announced that it had completed the sale of its Russian operations to the Highland Gold Mining group of companies for total cash consideration of $340.0 million, of which $300.0 million was received on closing and the remaining $40.0 million is receivable on the one-year anniversary of closing. The Company’s Russian operations are classified as discontinued operations.

In connection with the sale, the Company recognized an impairment charge of $671.0 million, which included $158.8 million related to goodwill, and a loss on disposition of $80.9 million during the year ended December 31, 2022.

		Years ended December 31,
		2022				2021				Change				% Change(f)
Operating Statistics(a)
Tonnes ore mined (000's)(b)			570				1,280				(710	)			(55%	)
Tonnes processed (000's)			762				1,697				(935	)			(55%	)
Grade (grams/tonne):
Gold			6.31				8.29				(1.98	)			(24%	)
Silver			60.57				71.73				(11.16	)			(16%	)
Recovery:
Gold			93.6%				95.0%				(1.4%	)			(1%	)
Silver			85.0%				84.9%				0.1%				0%
Gold equivalent ounces:(c)
Produced			169,156				481,108				(311,952	)			(65%	)
Sold			122,295				480,968				(358,673	)			(75%	)
Silver ounces:
Produced (000's)			1,296				3,329				(2,033	)			(61%	)
Sold (000's)			690				3,322				(2,632	)			(79%	)
Financial Data (in millions)
Metal sales		$	213.8			$	862.8			$	(649.0	)			(75%	)
Production cost of sales			83.8				306.2				(222.4	)			(73%	)
Depreciation, depletion and amortization			12.6				72.2				(59.6	)			(83%	)
Impairment charges(d)			671.0				-				671.0			nm
			(553.6	)			484.4				(1,038.0	)		nm
Other operating expense (income)			(28.7	)			39.4				(68.1	)			(173%	)
Exploration and business development			13.6				33.0				(19.4	)			(59%	)
		$	(538.5	)		$	412.0			$	(950.5	)		nm
Other expense - net(e)			42.5				6.7				35.8			nm
Net (loss) earnings before tax		$	(581.0	)		$	405.3			$	(986.3	)		nm
Income tax expense			61.2				143.8				(82.6	)			(57%	)
Net (loss) earnings from discontinued operations		$	(642.2	)		$	261.5			$	(903.7	)		nm

(d)	At March 31, 2022, the Company recognized an impairment charge of $671.0 million related to the remeasurement of the Company’s Russian operations to fair value less costs to sell.

(f)	"nm" means not meaningful.

Chirano (90% ownership and operator) – Ghana^(a)

On August 10, 2022, the Company announced that it had completed the sale of its 90% interest in the Chirano mine in Ghana to Asante Gold Corporation (“Asante”) for total consideration of $225.0 million in cash and shares. In accordance with the sale agreement, the Company received $60.0 million in cash and 34,962,584 Asante shares on closing, and the remaining cash consideration is receivable, with $55.0 million due on the six-month anniversary of closing, and $36.9 million due on each of the one-year and two-year anniversaries of closing. The Company’s Chirano operations are classified as discontinued operations.

On February 10, 2023, the Company and Asante amended the sale agreement in respect of the deferred payment consideration of $55.0 million due on February 10, 2023. Under the amended agreement, the $55.0 million will be paid over 4 instalments ending on May 31, 2023 plus interest. In addition, the Company received 5.0 million Asante warrants on closing of the amended agreement.

In connection with the sale, the Company recognized a gain on disposition of $0.5 million during the year ended December 31, 2022.

		Years ended December 31,
		2022				2021				Change				% Change(c)
Operating Statistics
Tonnes ore mined (000's)			1,731				3,095				(1,364	)			(44%	)
Tonnes processed (000's)			2,129				3,433				(1,304	)			(38%	)
Grade (grams/tonne)			1.33				1.59				(0.26	)			(16%	)
Recovery			83.0%				86.9%				(3.9%	)			(4%	)
Gold equivalent ounces:
Produced			82,060				154,668				(72,608	)			(47%	)
Sold			87,823				148,293				(60,470	)			(41%	)
Financial Data (in millions)
Metal sales		$	162.3			$	267.0			$	(104.7	)			(39%	)
Production cost of sales			131.2				201.6				(70.4	)			(35%	)
Depreciation, depletion and amortization			14.9				73.0				(58.1	)			(80%	)
			16.2				(7.6	)			23.8			nm
Other operating (income) expense			(4.5	)			1.0				(5.5	)		nm
Exploration and business development			4.9				11.9				(7.0	)			(59%	)
		$	15.8			$	(20.5	)		$	36.3				177%
Other income - net(b)			(1.9	)			(0.3	)			(1.6	)		nm
Net earnings (loss) before tax		$	17.7			$	(20.2	)		$	37.9				188%
Income tax expense (recovery)			11.8				(8.1	)			19.9			nm
Net earnings (loss) from discontinued operations		$	5.9			$	(12.1	)		$	18.0				149%