Name of the Project
Round Mountain Phase W.

Location
The project is located in the US state of Nevada.

Client
Kinross Gold Corporation.

Project Description
The Round Mountain Phase W feasibility study envisages a layback of the current pit, construction of a new carbon-in-column (CIC) plant and heap-leach pad, and additions to the mining fleet and equipment, as well as the relocation of some existing infrastructure.

As a result of the Phase W feasibility study, estimated proven and probable mineral reserves at Round Mountain have increased from 1.3-million ounces of gold as at December 31, 2016, to 2.8-million ounces of gold.

Phase W is expected to add 1.5-million ounces of gold to the life-of-mine plan.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an incremental after-tax net present value, at a 5% discount rate, of $135-million and an internal rate of return of 13%.

Value
Initial plant and infrastructure capital costs are estimated at $230-million.

Duration
Stripping of Phase W ore is expected to begin in early 2018, pending the permitting process, which is proceeding on schedule.

Construction and relocation of infrastructure is expected to be completed by the second quarter of 2019, and initial low-grade Phase W ore to be encountered in mid-2019.

Latest Developments
With Phase W approved for development, procurement activities for long-lead items and mining equipment have started, along with advanced engineering. Additional state and federal permitting for the project is required, which is proceeding as planned.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Too early to state.

Contact Details for Project Information
Kinross Gold Corporation senior VP: investor relations and corporate development Tom Elliott, tel +1 416 365-3390 or
email tom.elliott@kinross.com.