On February 24, 2022, Kinross Gold completed the plan of arrangement (“Transaction”) to acquire all of the issued and outstanding shares of Great Bear Resources Ltd. (“Great Bear”).

Under the Transaction, Great Bear Securityholders received, among other consideration, contingent consideration in the form of contingent value rights (“CVR”) providing for further potential consideration equal to 0.1330 of a Kinross common share per Great Bear share (the “Contingent Consideration”) held prior to February 24, 2022 (the “Effective Time”).

The Contingent Consideration will be payable in connection with Kinross’ public announcement of commercial production at the Dixie project, located in Red Lake, Ontario, provided that a cumulative total of at least 8.5 million gold ounces of mineral reserves and measured and indicated mineral resources have been publicly announced by Kinross for the project. The CVRs are transferable and have a term of 10 years.

Kinross estimates the fair market value of each CVR was C$0.10 at the Effective Time. This estimate of fair market value is not binding upon third parties, including tax authorities. You should consult with your broker and/or tax advisor if you have questions about your CVR.