Exhibit 99.1

Great Bear Gold Project

Ontario, Canada

Voluntary National Instrument 43-101 Technical Report

Preliminary Economic Assessment

Prepared for:

Kinross Gold Corporation

Prepared by:

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Contents

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Tables

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Figures

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

This Technical Report (the Technical Report or the Report) has been prepared by Kinross Gold Corporation (Kinross) to disclose the results of a Preliminary Economic Assessment (PEA) on the Great Bear gold project (the Project or the Property), located in northwest Ontario, Canada. Kinross acquired the Project as part of its acquisition of Great Bear Resources Ltd. (Great Bear) in February 2022. Great Bear is a wholly owned subsidiary of Kinross and owns a 100% interest in the Property.

The Project is a gold exploration property located within the Red Lake Mining District of Ontario, an area of historic gold mining and exploration. The Project is located approximately 24 km southeast of the town of Red Lake, Ontario and consists of 380 unpatented mining claims and seven mining leases, totalling 11,852 hectares (ha).

The PEA contemplates a combined open pit and underground mining scenario for the Project that provides approximately 10,000 tonnes per day (tpd) of plant feed to an on-site processing facility over a life-of-mine (LOM) of approximately 12 years.

This Technical Report conforms to National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) and is considered by Kinross and the Qualified Persons (QP) as meeting the requirements of a Preliminary Economic Assessment as defined in NI 43-101.

The economic analysis contained in this Technical Report is based, in part, on Inferred Mineral Resources, and is preliminary in nature. Inferred Mineral Resources are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that economic forecasts on which this PEA is based will be realized.

Costs prepared or quoted in Canadian dollars (CAD) have been converted to US dollars (USD) at an exchange rate of 0.74 USD to 1.00 CAD. All revenues and costs cited in this Report are expressed in first quarter 2024 USD unless stated otherwise.

Key Project Outcomes

The reader is advised that the results of the PEA summarized in this Report are intended to provide a preliminary view of the Project and potential design options. There is no guarantee that Inferred Mineral Resources can be converted to Indicated or Measured Mineral Resource categories and thus there is no guarantee that the Project outcomes described in this Report will be realized.

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

The following list summarizes the key results of this Technical Report and PEA of the Great Bear Project. All values listed are approximate.

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Table 1-1: After-tax NPV and IRR sensitivity results

Conclusions

Based on the information presented in this Technical Report and the results of ongoing work on the Project, the QPs offer the following conclusions on the Project by area:

Overall Project Development

Geology and Mineral Resources

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Mine Design and Mining Methods

Metallurgical Testing and Mineral Processing

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Infrastructure and Tailings Management

Environment, Permitting, and Social Aspects

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Recommendations

Based on the information presented in this Technical Report and the results of ongoing work on the Project, the QPs offer the following recommendations on the Project by area:

Overall Project Development

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Geology and Mineral Resources

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Mine Design and Mining Methods

Metallurgical Testing and Mineral Processing

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Infrastructure and Tailings Management

Environment, Permitting, and Social Aspects

Proposed Program and Budget

Table 1-2 summarizes preliminary budget estimates for carrying out several of the aforementioned recommendations. The recommendation activities proposed below will be developed in a phased approach. The continued progress of Advanced Exploration is the highest priority item.

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Table 1-2: Preliminary budget for recommended actions

Notes: Totals may not sum due to rounding.

Property Description, Location and Land Tenure

The Project is located in northwest Ontario, Canada at latitude 50.8764°N and longitude 93.6398° (Universal Transverse Mercator (UTM) Zone 15N 455665E, 5633910N (NAD83)). Red Lake, the nearest municipality, is 24 km north-northwest of the Property. Red Lake consists of six small communities—Balmertown, Cochenour, Madsen, McKenzie Island, Red Lake, and Starratt-Olsen—and is an enclave within the Unorganized Kenora District. Red Lake is 535 km northwest of Thunder Bay, Ontario and 250 km east of Winnipeg, Manitoba.

The Property consists of a contiguous block comprising 380 unpatented mining claims and seven mining leases, totalling 11,852 ha. Kinross’ wholly-owned subsidiary Great Bear owns 100% of the claims.

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

History

The first exploration work on the Property documented by Geology Ontario dates to 1944, with mapping/prospecting, diamond drilling, and geophysical work continuing to present.

Prior to acquisition by Kinross, a total of 974 diamond drill holes (DDH) for 390,227 m had been completed on the Property (historically named the Dixie Lake Property) between 1944 and February 2022. Other exploration activities included geological mapping, and airborne and ground-based geophysical and geochemical surveys.

Historically, the most significant drill programs on the Project were completed by Consolidated Silver Standard Mines Ltd. (1988), Teck Resources Ltd. (1989-1990), Alberta Star Mining Corp./Fronteer Development Group Joint Venture (2003-2004), Grandview Gold Inc. (2005-2011), and Great Bear Resources Ltd. (2017-2022). These programs focused on two main target areas historically identified as the 88-4 Zone and the NS Zone. These zones are currently known as the Limb Zone and Hinge Zone respectively. In 2019, Great Bear discovered and subsequently drill-tested the third and largest target on the Property, the LP Zone.

Geology and Mineralization

The Property lies within the Red Lake greenstone belt of the Uchi Subprovince of the Archean Superior Province of the Canadian Shield. The belt is one of the most prolific gold camps in Canada, with gold production over 29 million ounces (Moz) from multiple deposits, including the Campbell-Goldcorp (>23 Moz), Cochenor-Willans (1.2 Moz), and Madsen (2.4 Moz) mines.

Because of the overburden and lack of outcrop exposure throughout the Property, most of the previous geological interpretation was based on geophysics, limited regional scale mapping, and diamond drilling.

The Property area lies within a regional northwest-southeast trending belt of metavolcanic and metasedimentary rocks which are bounded by intrusive batholiths. The southwestern portion of the Property is within the mafic domain and consists of mafic volcanic flows (high Fe-tholeiites and high Mg-tholeiites) intercalated with argillite, siltstone, iron formation, and minor local felsic volcanics. The younger sequence of intermediate to mafic volcanic and volcanic derived sedimentary rocks is located at the centre of the Property and has a similar stratigraphy to the western and eastern portions of the Property. The felsic domain dominates the northeastern portion of the Property. It consists of porphyritic felsic flows (dacites) and volcaniclastics intercalated with sedimentary rocks. The sequence is interpreted as a deformed felsic flow-dome complex. The mafic domain is in contact with a largely felsic/sedimentary domain in the northeast portion of the Property.

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Mafic volcanic dykes and sills are common throughout the Property, ranging from lamprophyre to gabbro/diorite. Intermediate felsic intrusive rocks are also noted throughout the region.

Three dominant styles of mineralization are observed within three target areas on the Property:

Mineralization is associated with the rheological and geochemical contact between pillow basalt (Fe-tholeiites) and massive basalt and occurs as replacement of sediments, if present, or as silica flooding and quartz-calcite veining in the absence of sediments. Pyrrhotite (2% to 40%) is the dominant sulphide, with other sulphides including pyrite, arsenopyrite, chalcopyrite, minor sphalerite, and trace magnetite. Visible gold is not uncommon and, where observed, is associated with strong pyrrhotite and weaker arsenopyrite-pyrite mineralization. The zone is approximately 800 m long and has been drilled to a vertical depth exceeding 400 m. Mineralization plunges steeply northwest in a fold limb host dipping steeply to subvertically northeast.

Mineralization is hosted by multiple lithologies including massive basalt (high Mg-tholeiite), argillite, and pillow basalt (high-Fe tholeiite). Individual veins are variable in width ranging from 1 cm to 5 m and can create zones up to 40 m. They are generally mineralized with fine-grained disseminated sulphides including pyrrhotite, pyrite, chalcopyrite, minor arsenopyrite, and trace sphalerite. Visible gold is very common ranging from trace to 5% as pin pricks, centimetre scale clusters, and fracture fill. The Hinge Zone is comprised of several subparallel anastomosing veins formed along the axial trace of a property wide D2 fold.

Mineralization occurs within a wide zone of high strain and increased metamorphic grade. The strain zone is very continuous for over 4 km and is slightly oblique to stratigraphy, intersecting multiple lithologies. The higher-grade gold mineralization appears to be controlled by the intersection of this strain zone and a metasediment unit. Recent drilling results indicate that it occurs within 50 m to 100 m of the metasedimentary/felsic volcanic contact. At least three gold mineralizing events have been recognized, including foliation parallel free gold in host rock, transposed quartz veins, and later quartz veins with visible gold that are slightly oblique to foliation.

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Exploration

Due to overburden and lack of outcrop in the area, exploration targets were interpreted from geophysical and surface geochemical surveys. These exploration tools include airborne magnetic and electromagnetic (EM) surveys, ground magnetics, very low frequency electromagnetic (VLF-EM), horizontal loop/Max-Min EM, induced polarization (IP), soil, mobile metal ion (MMI), and rock sampling. Anomalies and conductors from the geophysical surveys predominantly coincide with iron formation, graphitic argillites, and sulphide-bearing (pyrite and/or pyrrhotite) argillites, or mafic volcanics. The geochemical surveys, which were typically completed over the geophysical surveys, were then used to vector in on the most prospective targets for diamond drilling.

Diamond drilling has been carried out since 1944 and totals 1,636 DDH for approximately 800,165 m. Of these, Kinross has drilled 620 DDH for approximately 428,876 m. In addition, Kinross has drilled a total of 433 reverse circulation (RC) holes for approximately 34,530 m.

The objective of the recent drill program since the initial year-end 2022 Mineral Resource estimate was five-fold:

Mineral Resources

Mineral Resources are stated in accordance with CIM (2014) Definitions as incorporated by reference into NI 43-101. Mineral Resources are estimated for the LP Zone and satellite Hinge and Limb zones and have an effective date of April 2, 2024 (Table 1-3).

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Table 1-3: Summary of Project Mineral Resources – April 2, 2024

Notes:

The QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.

For the LP Zone, Snowden Supervisor v 8.14.2 (Supervisor) was used for geostatistical analysis, Leapfrog Geo 2023.1.2 (Leapfrog) was used to generate estimation domains, and Vulcan 2023.2 (Vulcan) was used for compositing and estimation. The bulk estimation domains were interpolated by ordinary kriging (OK), while the high-grade estimation domains and background domain were interpolated using inverse distance cubed (ID3). Validation of the 2024 Great Bear LP Zone model against grade control data using the ground truth estimation showed a less than 5% difference at a 0.0 g/t Au cut-off grade in ounces of gold. The 2024 Great Bear LP Zone model classification criteria are based upon the geostatistical drill hole spacing analysis supported by historic exploration and deposit growth drilling, as well as the recent 2023 and 2024 drill campaign designed to upgrade unclassified material to Inferred status between the 500 m and 1,000 m depth at the LP Zone.

Great Bear’s Hinge and Limb zones are satellite deposits located approximately 750 m southwest of the main LP Zone. The resource inventory was built using Snowden Supervisor v8.14.3.1 for geostatistical analysis and Leapfrog Geo/Edge 2023.2 for geological and domain modelling, compositing, and estimation. The Limb Zone estimation domains comprise a mineralized zone within metasediments with silica and sulphide replacement hosted in the north limb of the fold. The Hinge Zone estimation domains encompass quartz veins within a tholeiitic basalt in the axial plane of the fold. The main vein at Limb was interpolated using OK and the remaining lenses, using ID3. The model classification criteria are based on drilling spacing analysis and vary between the zones given the differences in the mineralization and its continuity between the two.

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Mine Design and Mining Methods

The PEA contemplates extraction of the deposits at Great Bear using a combination of conventional open pit and underground mining methods. Open pit and underground extraction are proposed to occur in parallel. Surface mining pre-production for construction purposes begins in Year -3. Plant feed will be stockpiled until the process plant begins commissioning in the second half of Year -1. Open pit operations will feed the process plant directly from the mine for eight years and continue with processing of stockpiles for an additional four years. The underground operations are planned to be a feed source for the process plant for approximately 12 years. The combined open pit and underground production is expected to sustain a processing rate of 10,000 tpd for approximately 12 years. Over the LOM, the Project is expected to produce a total of 44.7 Mt of mineralized material producing 5.3 Moz of gold and with an average annual gold production of 482 koz from Year 1 to Year 10.

Laboratory testing indicates a strong rock mass with a mean unconfined compressive strength (UCS) ranging between 128 MPa and 164 MPa in the main rock types. The open pits will expose overburden ranging from fine sand to glacio-lacustrine clays.

At the peak of the operation, the open pits are expected to generate approximately 9,000 tpd of plant feed. In total, the open pits extract approximately 24 Mt of mineralized material and 164 Mt of waste overburden and rock. The Project’s open pit designs include one pit phase at the LP Viggo zone and three pit phases at the LP Central zone. A combined semi-bulk and selective loading unit fleet was selected for the open pit operation.

The Project’s primary underground mining method is longhole open stoping with paste backfill and cemented rock fill (CRF), with sublevel intervals of 30 m, and average stope widths of approximately 4 m to 5 m and stope strike lengths of 25 m. Stope minimum mining widths range from 3.0 m to 3.7 m, based on a minimum vein width of 2.5 m, plus total unplanned dilution ranging from 0.5 m to 1.2 m. Mining recovery assumptions include a 95% extraction factor for typical stopes with top and bottom cuts.

The main access to the underground mine is planned to be through underground portals and twin declines. The main materials handling approach includes load haul dump (LHD) units and mine trucks on sublevels for haulage to the surface re-handling point.

First stope production is expected to begin in Year -1 and will continue for an additional 12 years with a peak production rate of approximately 6,000 tpd. Underground production over the LOM is estimated at 20.3 Mt of mineralized material with an average grade of 4.92 Au g/t, containing approximately 3.2 Moz of gold.

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Mineral Processing and Metallurgical Testing

Previous to Kinross acquiring the Project, preliminary test work was conducted on composites from the LP, Hinge, and Limb zones of the Great Bear deposit to provide an initial understanding of gold dissolution using standard cyanidation methods. Additional cyanidation tests were conducted to evaluate the impacts of grind size, cyanide concentration, and lead nitrate addition on gold leaching.

Following Kinross’ acquisition of the Project, a more comprehensive test program was initiated that included a wide range of characterization tests comprised of chemical head analysis, mineralogy, gold deportment, comminution, and gold recovery testing.

Results from investigative test work led to the selection of a process comprising gravity separation followed by cyanidation of the gravity separation tailings. A grind size of P80 75 µm was selected for the flowsheet. Variability test work was conducted on the ten variability samples using the selected process, optimal conditions determined in optimization testing, and with a leach retention time of up to 48 hours. The variability test work indicated that leaching was largely complete after 24 hours, with only a small amount of additional gold extraction after 48 hours. A leach retention time of 40 hours was selected for the conceptual flowsheet. Overall gold extractions in the variability test work ranged from 88.2% to 96.9%, with gravity recovery ranging from 23.2% to 67.4%.

The process plant design assumes a processing rate of approximately 10,000 tpd. The proposed process flowsheet includes primary crushing, SAG and ball milling, pebble crushing, gravity concentration, cyanide leaching followed by carbon adsorption in a carbon-in-pulp (CIP) circuit, carbon elution, electrowinning, and smelting to produce doré bars. Tailings handling will consist of cyanide destruction, tailings desulphurization using flotation, tailings thickening, and conventional slurried tailings disposal. The concentrate from the desulphurization flotation circuit is planned to be sent to a sulphide concentrate management facility in the mined-out LP Viggo Pit, while the tailings from the desulphurization circuit will be dewatered and then pumped to a separate TMF. The Project design assumes a portion of the detoxified tailings will be pumped to a paste backfill plant for use as backfill in the underground mine.

Infrastructure and Tailings Management

Site access is provided through an existing forestry road (Tuzyk’s Road) that branches off Highway 105.

The main power supply for the Project is expected to come from the existing 115 kV overhead powerline from the Hydro One transmission powerline, with on-site distribution via a 34.5 kV distribution line. Pending grid infrastructure upgrades by Hydro One, the substation will be adapted to deliver full capacity for the operations phase. In the interim period (Bridging Phase), it is assumed that a thermal power plant installed at site will be supplied by a natural gas pipeline.

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

The Chukuni River is planned to be the primary source of fresh water for the Project, however, the Project is designed to recycle as much process water as possible.

The Project’s infrastructure design assumes a centralized Service and Administration Area (SAA) that includes an administration/dry building, a truck shop/truck wash building, emergency and security facilities, warehouses, and tire maintenance and fueling facilities. A paste backfill plant is contemplated, located on surface, southwest of the LP Central Pit. The Project design assumes an accommodations facility will be located adjacent to and east of Tuzyk’s Road to accommodate construction and operations demand.

Non-sulphide and concentrate tailings streams are expected to be stored in the TMF and the LP Viggo Pit facility, respectively. The TMF perimeter containment is proposed to be a series of granular dams which contain the tailings solids. Surface run-off and process water captured in the TMF Pond are planned to be contained to the south by the TMF Pond Dam. The TMF Pond Dam design incorporates a cut-off wall to reduce seepage through the dam fill and foundation. Seepage will be collected downstream of the TMF North, TMF West, and TMF Pond dams and pumped back into the TMF. Water in the TMF Pond is planned to be re-circulated to the process plant via a fixed intake or pumped to the WTP.

Surface water is planned to be managed using a series of channels, ponds, and pipelines and pumping infrastructure across the Project area.

NPAG rock mined and stockpiled from the LP Viggo Pit is expected to be used in the majority of the Project’s construction activities and allow for contact water and sulphide concentrate tailings to be managed within the mined-out LP Viggo Pit. The Project design assumes that surplus soil and rock will be stored in engineered stockpiles located to the north and northwest of the LP Central Pit.

Environment, Permitting, and Social Aspects

The Project will require federal review under the Impact Assessment Act and an Impact Statement is currently in preparation. A Provincial Class environmental assessment (EA) may be required; this will be confirmed through discussions with the Provincial regulator. The Project will also require several Provincial and Federal environmental approvals.

Kinross has actively engaged with Indigenous communities and organizations. Indigenous knowledge will also be used to inform Project design decisions, review alternatives methods, and to support development of mitigation measures for the Project as available. Lac Seul First Nation and Wabauskang First Nation have indicated an interest in completing an Anishinaabe-led Impact Assessment. Discussions are underway to determine the most efficient manner of integrating information across the Federal and Anishinaabe-led processes that are anticipated to proceed in parallel.

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Multi-disciplinary baseline studies were initiated in 2021 and these are ongoing and will support environmental assessments and permitting. Some species at risk occur on the Property, i.e., little brown myotis and tri-coloured bat (endangered bat species), wolverine (threatened), and eastern whip-poor-will and bank swallow (threatened bird species).

Archaeology studies have been completed for the Project site and local vicinity and three locations have been identified for additional archaeological investigations in 2024. Proposed Project development currently avoids these locations and a surrounding 100 m buffer has been applied pending additional information and dialogue with local Indigenous communities. There are no known archaeological sites that will be directly or indirectly affected by the Project.

Comprehensive geochemical studies are underway for the Project and are ongoing. The Project design considers the results of the test work to date. Water management planning is also underway, and the Project has a conceptual plan for managing contact and non-contact water. Studies are ongoing to better define the tailings management facility water management strategy.

A Certified Closure Plan will be prepared for the Project in parallel with other approval processes for the Project as information is updated or becomes available. A conceptual closure plan and cost estimate have been developed for the Project.

Capital and Operating Costs

Capital cost estimates address the scope of the Project’s mine, 10,000 tpd processing facilities, site infrastructure and ancillary buildings, and include estimates of:

Capital cost estimates are expressed in Q1 2024 US dollars with no allowances for escalation, currency fluctuation, or interest. Costs quoted in Canadian dollars were converted to US dollars at an exchange rate of 0.74 USD to 1.00 CAD.

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

As summarized in Table 1-4, the Project’s total Initial Capital Cost is estimated to be $1,429 million. This is comprised of $1,181 million in construction capital and $248 million in capitalized mine development costs before commercial production.

Table 1-4: Summary of Project initial capital cost estimate

LOM sustaining capital costs have been estimated from Year 1 onward and are summarized in Table 1-5.

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Table 1-5: Summary of sustaining capital cost estimates

The Project’s reclamation and closure costs total approximately $91 million over the LOM, distributed annually from the middle of the LOM (Year 6) until post-closure.

The estimated total and unit operating costs over the LOM are summarized in Table 1-6.

Table 1-6:      Summary of Project operating costs

Notes:

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

The economic analysis presented in this Technical Report contains forward-looking information regarding Mineral Resource estimates, commodity prices, exchange rates, proposed production plans, projected mining and metallurgical recoveries, costs, and Project schedule aspects and are subject to known and unknown risks, uncertainties, and other factors, many of which cannot be controlled or predicted and may cause actual results to differ materially from those presented. More details on the assumptions used and the factors applied when developing the forward-looking information, as well as certain risk factors that could cause actual results to differ materially from the forward-looking information are provided in the relevant sections of this Technical Report. The reader is cautioned that this Technical Report is based in part, on Inferred Mineral Resources, and the economic analysis presented is preliminary in nature. Inferred Mineral Resources are considered too geologically speculative to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. The QP notes that there is no certainty that the economic forecasts presented or the assumptions on which this Technical Report is based will be realized.

The economic analysis of the Project was carried out using a discounted cash flow approach on a pre-tax and after-tax basis, based on a long-term gold price of $1,900/oz in United States currency and cost estimates prepared in Canadian currency. An exchange rate of 0.74 USD per 1.00 CAD was assumed to convert CAD market price projections and particular components of the capital cost estimates into US Dollars (USD).

The IRR on the total investment that is presented in the economic analysis was calculated assuming 100% equity financing, except on financing for the open pit fleet, though Kinross may decide in the future to finance part of the Project with debt financing.

The after-tax NPV was calculated from the cash flows generated by the Project, assuming a discount rate of 5%.

An after-tax sensitivity analysis has been performed to assess the impact of variations in the Project’s economic assumptions, i.e., capital costs, exchange rate, gold price, gold head grade, metallurgical recoveries, and operating costs.

Economic Criteria

All values presented in this section are approximate.

Physicals

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Revenue

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Capital Costs

Operating Costs

Taxation

Exclusions

The economic analysis does not consider the following components:

An after-tax cash flow summary is presented in Table 1-7. All costs are presented in Q1 2024 USD millions.

Kinross Gold Corporation Great Bear Gold Project Ontario, Canada NI 43-101 Technical Report

Table 1-7: After-tax cash flow summary