Toronto, Ontario -

Kinross Gold Corporation (TSX-K; Amex-KGC)

announced today the results for

the three and six months ended June 30, 2002 are as follows:

Financial Tables

All results are expressed in United States dollars unless otherwise stated.

Second Quarter Consolidated Results

Gold equivalent production of 204,148 ounces at total cash costs of $209 per ounce, combined with

changes in working capital resulted in cash flow provided from operating activities of $11.1 million or

$0.03 per share during the second quarter of 2002. This compares to gold equivalent production of

233,722 ounces at total cash costs of $191 per ounce that resulted in cash flow provided from

operating activities of $13.4 million or $0.04 per share during the second quarter of 2001. The

Company recorded a net loss of $4.3 million or $0.02 per share for the second quarter of 2002,

compared to a net loss of $7.5 million or $0.03 per share in 2001.

First Half Consolidated Results

Gold equivalent production of 429,450 ounces at total cash costs of $202 per ounce, combined with

changes in working capital resulted in cash flow provided from operating activities of $31.0 million or

$0.09 per share during the first half of 2002. This compares to gold equivalent production of 473,074

ounces at total cash costs of $191 per ounce that resulted in cash flow provided from operating

activities of $46.1 million or $0.15 per share during the first half of 2001, which included $21.1 million

of proceeds from the restructuring of gold forward sales contracts. The Company recorded a net loss of

$12.2 million or $0.05 per share for the first half of 2002, compared to a net loss of $11.0 million or

$0.05 per share in 2001.

The 2001 second quarter and first half results, as well as the December 31, 2001 balance sheet have

been restated to comply with the new Canadian GAAP treatment of unrealized foreign exchange gains

(see Note 2 to the Consolidated Financial Statements for details of this restatement).

Revenues

Gold and Silver Sales

The Company’s primary source of revenue is from the sale of its gold production. The Company sold

194,447 ounces of gold during the second quarter of 2002, compared with 236,811 ounces in 2001.

Revenue from gold and silver sales was $59.2 million in the second quarter of 2002 compared with

$70.7 million in 2001. Revenue from gold and silver sales in the second quarter of 2002 was lower than

the revenue in 2001 due to lower gold production and sales. In the second quarter of 2002, the

Company realized $303 per ounce of gold, compared with $297 in 2001. The average spot price for

gold was $313 per ounce in the second quarter of 2002 compared with $268 in 2001.

The Company sold 426,120 ounces of gold during the first half of 2002, compared with 466,414 in



2001. Revenue from gold and silver sales was $128.0 million in the first half of 2002, compared with

$134.8 million in 2001. Revenue from gold and silver sales in the first half of 2002 was lower than the

revenue in 2001 due to lower gold production and sales. In the first half of 2002, the Company realized

$299 per ounce of gold, compared with $287 in 2001. The average spot price for gold was $302 per

ounce in the first half of 2002 compared with $266 in 2001.

Three months ended

June 30,

2002

2001

Attributable gold equivalent production - ounces

Attributable gold production - ounces

Gold sales - ounces (excluding equity accounted ounces)

Gold revenue (millions)

Average realized gold price per ounce

Average spot gold price per ounce

204,148

202,696

194,447

$ 58.9

$ 303

$ 313

233,722

232,143

236,811

$ 70.4

$ 297

$ 268

Six months ended

June 30,

2002

2001

429,450

426,652

426,120

$ 127.2

$ 299

$ 302

473,074

469,535

466,414

$ 134.0

$ 287

$ 266

Included in gold equivalent production is silver production converted to gold production using a ratio of

the average spot market prices for the two comparative periods. The resulting ratios are 66.42:1 in

2002 and 59.52:1 in 2001.

Interest and Other Income

Interest and other income was $6.5 million in the second quarter of 2002 and $7.7 million in the first

half of 2002, compared with $2.9 million in the second quarter of 2001 and $5.4 million in the first half

of 2001. Interest and other income in the second quarter of 2002 increased as the Company accrued

its share of the undisputed portion of the Refugio arbitration award of $5.5 million. The Company

expects to be paid this portion of the award during the third quarter. The contractor who designed and

built the Refugio mine has disputed the balance of the award of approximately $12.0 million of which

the Company’s share is approximately $6.0 million. The Chilean Court of Appeals has heard arguments

and a decision is expected before year end.

Mark-to-Market Gain (Loss) on Written Call Options

Premiums received at the inception of written call options are recorded as a liability at the time of

issuance. Gains and losses on changes in the fair value of the liability are recognized in earnings. The

change in fair value of the written call options resulted in a loss of $0.6 million in the second quarter of

2002 and $1.6 million in the first half of 2002. This compares with a loss of $0.7 million in the second

quarter of 2001 and a gain of $2.4 million in the first half of 2001.

Costs and Expenses

Operating Costs

Consolidated operating costs were $41.1 million in the second quarter of 2002 and $87.9 million in the

first half of 2002, compared with $46.6 million in the second quarter of 2001 and $91.3 million in the

first half of 2001. Total cash costs per ounce of gold equivalent produced were $209 in the second

quarter of 2002 and $202 in the first half of 2002, compared with $191 in both the second quarter and

first half of 2001. Total cash costs per ounce of gold equivalent in the first half of 2002, when

compared to 2001, were lower at the Hoyle Pond and Kubaka mines and higher at the Fort Knox mine.

We have included cash costs per ounce data, a non GAAP measurement, in this quarterly report

because we understand that certain investors use this data to determine the Company’s ability to

generate cash flow from operating activities. We believe that this information provides the reader with

details on the ability of the operating mines to generate cash flow from operating activities. Operating

costs for other attributable production include operating costs for the Denton-Rawhide, Andacollo, and

Blanket mines. These mines are held by non-consolidated subsidiaries.



The following table provides a reconciliation of operating costs per the consolidated financial

statements to operating costs for per ounce calculation of total cash costs pursuant to the Gold

Institute guidelines. The Gold Institute is a worldwide association of suppliers of gold and gold products

and includes leading North American gold producers. Costs are derived from amounts included in the

consolidated statement of operations and include mine site operating costs such as mining, processing,

administration, royalties and production taxes, but are exclusive of amortization, reclamation, capital,

development and exploration costs.

Reconciliation of Total Cash Costs per

Equivalent Ounce of Gold to Consolidated Financial Statements

(millions except production in ounces and per ounce amounts)

Three months ended

June 30,

2002

2001

Operating costs per financial statements

Operating costs for attributable production

Site restoration cost accruals

Change in bullion inventory

Other

Operating costs for per ounce calculation purposes

Gold equivalent production - ounces

Total cash costs per equivalent ounce of gold

$ 41.1

3.5

(0.8)

(0.8)

(0.4)

$ 42.6

204,148

$ 209

$ 46.6

2.0

(0.4)

(1.5)

(2.1)

$ 44.6

233,722

$ 191

Six months ended

June 30,

2002

2001

$ 87.9

7.5

(1.6)

(4.8)

(2.2)

$ 86.8

429,450

$ 202

$ 91.3

4.1

(0.8)

(1.5)

(2.9)

$ 90.2

473,074

$ 191

Details of the individual mine performance are discussed in the following sections.

Fort Knox Mine

The Fort Knox open pit mine, located near Fairbanks, Alaska includes the results of operations for both

the True North and Fort Knox open pit mines. Gold equivalent production in the second quarter of 2002

was 89,553 ounces and 182,713 ounces in the first half of 2002, compared with 104,743 ounces in the

second quarter of 2001 and 205,090 ounces in the first half of 2001. Total cash costs per equivalent

ounce were $253 in the second quarter of 2002 and $255 in the first half of 2002, compared with $193

in the second quarter of 2001 and $189 in the first half of 2001.

Total cash costs per gold equivalent ounce exceeded plan in the second quarter by approximately 13%

due primarily to the lower than budgeted mill throughput. The main reason for the shortfall in mill

throughput was the poor availability of the haulage fleet that moves the ore from the True North mine

to the mill. Even with the addition of a contractor to increase haulage capacity, the operation was

unable to deliver the planned tonnage of True North ore to the mill. The contractor has added further

haulage capacity as a short term solution. The lower grade of ore processed reflects the decision to

process more Fort Knox material to partially offset the delivery problems for the higher grade True

North ore. While the problems are being addressed, as can be seen by the declining monthly costs, the

decision has been made to replace the Peterbilt tractors with Kenworth’s. This approximate $2.1 million

expenditure is expected to solve this problem. Since the grade at both operations continue to meet or

exceed plan, the resolution of the haulage problems and the continued improvement in maintenance

procedures resulting in higher equipment availability, will result in total cash costs continuing to trend

downward during the balance of 2002.

Gold equivalent production is estimated to be approximately 239,000 ounces at total cash costs of

$204 per ounce for the second half of 2002.

Capital expenditures at the Fort Knox operations during the first half of 2002 were $4.5 million



compared with $10.3 million during 2001. Capital expenditures during the first half of 2002 were

primarily incurred to raise the tailings dam, to engineer, design and start the construction of the

tailings thickener project, and to conduct capitalized exploration on the Fort Knox main pit.

At Fort Knox, a major in-pit drilling campaign has been initiated to upgrade existing resources and test

extensions of the orebody. To the end of the second quarter roughly one third of the drilling has been

completed. Results to date have been encouraging, confirming the existing model and illustrating the

extensions of the mineralized zone into both the north and south pit walls. Work will continue through

the second half of the year.

Click here for the assay results to date for this program.

Hoyle Pond Mine

The Hoyle Pond underground mine is located in Timmins, Ontario. Gold equivalent production in the

second quarter of 2002 was 38,067 ounces and 91,543 ounces in the first half of 2002, compared with

36,497 ounces in the second quarter of 2001 and 72,563 ounces in the first half of 2001. Total cash

costs per equivalent ounce were $191 in the second quarter of 2002 and $163 in the first half of 2002,

compared with $178 in the second quarter of 2001 and $193 in the first half of 2001.

Cash production costs were slightly higher than planned for the first half of 2002 and slightly higher

than incurred during the first half of 2001, but higher gold equivalent production more than offset the

increased costs. Gold equivalent production and unit costs per ounce for the first half of 2002 were

positively affected by an 11% increase in ore processed and an 8% increase in the grade of the ore

processed.

Capital expenditures at the Hoyle Pond operations during the first half of 2002 were $4.0 million

compared with $4.4 million during 2001. Capital expenditures during the first half of 2002 were

required to further advance the 1060 ramp, underground development drilling and underground fleet

replacements. Within the Hoyle Pond mine drilling at depth on the B1 vein system continues to

intersect impressive mineralization 200 to 275 metres below the 720 metre level and 150 metres below

the lowest level of the current resource estimate. In addition exploration work continues on the A vein,

beneath the 420 metre level and on the upper and lower porphyry zones.

Effective July 1, 2002, the Company agreed to form a joint venture with a wholly owned subsidiary of

Placer Dome Inc. (“Placer”). The formation of the joint venture combined the two companies’

respective gold mining operations in the Porcupine district in Ontario, Canada. Placer owns 51% of this

joint venture and is the operator, while the Company owns 49%. Placer contributed the Dome mine

and mill and the Company contributed the Hoyle Pond, Nighthawk Lake and Pamour mines, exploration

properties in the Porcupine district, as well as the Bell Creek mill. Future capital, exploration and

operating costs will be shared in proportion to each party’s ownership interest.

The formation of the joint venture will be accounted in accordance with Section 3055 of the CICA

Handbook as an exchange of productive assets in the ordinary course of business. Since these assets

were exchanged for an interest in similar assets and there has been no culmination of the earnings

process, the exchange will be recorded at the carrying value of the assets contributed.

Kubaka Mine (54.7% Ownership Interest)

The Kubaka open pit mine is located in the Magadan Oblast in the Russian Far East. The Company’s

share of gold equivalent production in the second quarter of 2002 was 60,396 ounces and 117,041

ounces in the first half of 2002, compared with 50,300 ounces in the second quarter of 2001 and

106,475 ounces in the first half of 2001. Total cash costs per equivalent ounce were $139 in the second

quarter of 2002 and $140 in the first half of 2002, compared with $157 in the second quarter of 2001

and $148 in the first half of 2001.

The Kubaka mine continues to perform exceptionally well, having achieved the lowest total cash costs



per ounce of the Company’s primary operations. Cash production costs were less than plan during the

first half of 2002, unchanged from 2001. In the first half of 2002, mill tonnages processed declined by

2%, which was more than compensated by a 12% increase in the grade of the ore processed.

Open pit mining operations at Kubaka will continue until late in the third quarter of 2002. After the

open pits are exhausted, gold reserves will be mined in the North High Wall, Center Zone and North

Vein using underground mining methods. This program is scheduled to start in the fourth quarter of

2002 and continue through the third quarter of 2003.

Exploration activities at the Birkachan project continued during the quarter as activities focused within

and adjacent to the proposed pit area. The Company continues to analyze the results of drilling to date

and continues with the process of converting the exploration license at Birkachan to a mining license.

Other Operations

In addition to its primary operating mines, the Company has ownership interests in other locations

including the Refugio mine, which is in residual, leach production and the Blanket mine located in

Zimbabwe. Gold equivalent production at these locations during the first half of 2002 was 38,153

ounces at total cash costs of $239 per ounce.

With the increase in spot gold prices, the Company and its joint venture partner are reassessing the

status of the Refugio mine. The Company has commenced a detailed review of the operating,

exploration, capital and working capital requirements to restart operations. Once definitive plans are

developed, which is expected to be in the second half of this year, the Company will report back to its

stakeholders.

George/Goose Lake Exploration

At Goose Lake located south of Bathurst Inlet in Nunavut Territory, Canada, a 5,734 metre drill

program consisting of 26 holes was completed during the second quarter. Significant mineralization

was encountered in 19 of the drill holes with additional assays pending on two holes. These results are

being evaluated, together with previous exploration results on the George/Goose Lake properties, in

the context of the proposed business combination with Echo Bay and TVX Gold. Echo Bay operates the

Lupin mine located approximately 175 kilometres west of the George/Goose Lake properties. In

addition, the Nunavut Territorial Government is conducting a feasibility study for a port on Bathurst

Inlet and a road to the Lupin mine and other resource projects in the area. If constructed this

infrastructure has the potential to enhance the economic viability of the George/Goose Lake project.

Other Expenses

General, administration and exploration expenditures were $4.5 million in the second quarter of 2002

and $8.9 million in the first half of 2002, compared with $5.4 million in the second quarter of 2001 and

$10.0 million in the first half of 2001. The Company continues to focus on containment of its overhead

costs, but anticipates higher exploration spending during the remainder of the year. Exploration

activities will increase as the Company completes the exploration programs required to expend the flow

through funds raised in late 2001.

Depreciation, Depletion and Amortization

Depreciation, depletion and amortization was $19.6 million during the second quarter of 2002 and

$41.4 million in the first half of 2002, compared with $23.7 million in the second quarter of 2001 and

$43.1 million in the first half of 2001. Depreciation, depletion and amortization have increased to $97

per equivalent ounce of gold sold in the first half of 2002, from $94 in 2001. Depreciation, depletion

and amortization increased primarily due to a change in the mix of production at the Fort Knox mine.

The True North production has a higher per ounce charge than the Fort Knox production and there was



no significant production from the True North mine in the first half of 2001.

Interest Expense on Long-Term Liabilities

Interest expense on long-term liabilities was $1.3 million during the second quarter of 2002 and $2.8

million in the first half of 2002, compared with $2.0 million in the second quarter of 2001 and $4.6

million in the first half of 2001. Interest expense on long-term liabilities during the first half of 2002 is

comprised of $0.9 million related to the Fort Knox industrial revenue bonds and capital leases, $1.5

million on the debt component of convertible debentures and the balance on the Kubaka project

financing debt. Interest expense decreased in 2002 due to lower debt balances outstanding and lower

interest rates.

Provision for Income and Mining Taxes

Provision for income and mining taxes was $1.6 million during the second quarter of 2002 and $3.0

million in first half of 2002, compared with a recovery of $0.9 million in the second quarter of 2001 and

an expense of $0.1 million in the first half of 2001. Income taxes during the first half of 2002

comprised of $2.9 million of Russian income taxes and Canadian large corporations tax of $0.1 million.

Dividends on Convertible Preferred Shares of Subsidiary Company

Cumulative dividends accrued on the convertible preferred shares of subsidiary company (“Kinam

Preferred Shares”) held by non-affiliated shareholders were $0.2 million in the second quarter of 2002

and $1.0 million in the first half of 2002, compared with $1.7 million in the second quarter of 2001 and

$3.4 million in the first half of 2001. During the first half of 2002, the Company completed a cash

tender offer and acquired 670,722 Kinam Preferred Shares, leaving 223,878 or 12.2% of the issued

and outstanding Kinam Preferred Shares held by non-affiliated shareholders. The resulting effect of this

transaction, combined with the Kinam Preferred Shares acquired in the third quarter of 2001 was to

reduce the accrual of dividends to non-affiliated shareholders.

Liquidity and Financial Resources

Operating Activities

Cash flow provided from operating activities was $11.1 million in the second quarter of 2002 and $31.0

million in the first half of 2002, compared with $13.4 million in the second quarter of 2001 and $46.1

million in the first half 2001. Included in the first half 2001 cash flow from operating activities was

$21.1 million of cash flow generated upon the restructuring of certain spot deferred forward sales

contracts. The first half 2002 cash flow from operating activities was positively affected by lower

working capital requirements. The 2002 cash flow from operating activities was used to finance capital

expenditures and service existing debt.

Financing Activities

During the first quarter of 2002, the Company completed an equity issue and issued 23.0 million

common shares from treasury for net proceeds of $18.5 million. The majority of the funds received

were used to acquire Kinam Preferred Shares with a book value of $36.5 million for $10.7 million

($11.4 million including costs of the tender offer). The $25.1 difference in value associated with this

transaction was applied against the carrying value of certain property, plant and equipment.

The debt component of the convertible debentures was reduced by $1.2 million in the second quarter

of 2002 and $2.5 million in the first half of 2002, compared with $1.4 million in the second quarter of

2001 and $2.7 million in the first half of 2001.



Long-term debt repayments were $1.7 million in the second quarter of 2002 and $12.2 million in the

first half of 2002, compared with $11.8 million in the second quarter of 2001 and $36.1 million during

the first half of 2001. Long-term debt repayments during the first half of 2002 were comprised of $9.0

million of the Fort Knox industrial revenue bonds, $2.1 million of capital leases and $1.1 million of

Kubaka project financing debt.

The Company did not declare or pay any dividends on the Kinam Preferred Shares during the second

quarter or first six months of 2002 or 2001.

As at June 30, 2002, the Company had a $50 million operating line of credit in place with a bank

syndicate, which is utilized for letters of credit purposes. As at June 30, 2002, $54.4 million of letters of

credit were issued under this facility, which required the Company to restrict $4.4 million of cash as

security for the excess letters of credit outstanding. The Company has extended the final maturity date

of the operating line of credit to October 3, 2003 and the June 30, 2002 $20.0 million reduction of the

facility has been extended to December 31, 2002. The Company is currently in the process of re-

marketing this credit facility with the intention of increasing the size and term of this facility.

As at June 30, 2002, the Company’s long-term debt consists of $3.1 million relating to the Kubaka

project financing, $40.0 million of Fort Knox industrial revenue bonds and various capital leases and

other debt of $8.9 million. The current portion of the long-term debt is $20.6 million.

Investing Activities

Capital expenditures were $6.1 million in the second quarter of 2002 and $9.2 million in the first half of

2002, compared to $4.6 million in the second quarter of 2001 and $16.1 million in the first half of

2001. The first half 2002 capital expenditures focused primarily on the Hoyle Pond and Fort Knox

operations with 91% of total capital expenditures incurred at these two mines. Capital expenditures

were financed out of cash flow from operating activities.

Commodity Price Risks

The Company has entered into gold forward sales contracts, spot deferred forward sales contracts and

written call options for some portion of expected future production to mitigate the risk of adverse price

fluctuations. The Company does not hold these financial instruments for speculative or trading

purposes. The Company is not subject to margin requirements on any of its hedging lines.

The outstanding number of ounces, average expected realized prices and maturities for the gold

commodity derivative contracts as at June 30, 2002 are as follows:

Ounces

Hedged

000 oz

149

137

137

38

461

Average

Price

$292

277

277

296

Call Options

Sold

000 oz

-

100

50

-

150

Average

Strike

Price

$-

320

340

-

Year

2002

2003

2004

2005

Total

The fair value of the call options sold is recorded in the financial statements at each measurement

date. The fair value of the gold forward sales and spot deferred forward sales contracts, as at June 30,

2002 was negative $18.8 million.

In a press release on May 2, 2002 the Company indicated its intent to deliver into its relatively small

gold forward sales and not to replace these hedges. Consequently, during the second quarter the

ounces of gold hedged declined by 77,000 ounces and call options sold representing 50,000 ounces of

gold expired unexercised.



Proposed Combination Involving the Company, TVX Gold Inc. (“TVX”) and Echo Bay Mines

Ltd. (“Echo Bay”)

The Company, TVX and Echo Bay have entered into a combination agreement dated June 10, 2002 as

amended July 12, 2002 for the purpose of combining the ownership of their respective businesses. TVX

shareholders will receive 6.5 common shares of the Company for each TVX share outstanding and Echo

Bay shareholders’ will receive 0.52 common shares of the Company for each Echo Bay common share

outstanding. Concurrent with the business combination, TVX has agreed to acquire Newmont Mining

Corporation’s 50% non-controlling interest in the TVX Newmont America’s joint venture for $180

million. Echo Bay, a U.S. registrant, is required to clear the information circular with the Securities and

Exchange Commission of the U.S. (“SEC”) before mailing to its shareholders. The draft information

circular was filed with the SEC for review on July 16, 2002. The Company will provide shareholders with

details of the transaction, in an information circular to be mailed in connection with a special

shareholders meeting once this process is finalized.

Outlook

As at June 30, 2002, the Company has $90.2 million of working capital, which includes a strong cash

balance and low debt. Kinross anticipates improved performance of its assets in the second half of

2002 with significantly more gold production from Fort Knox at much lower unit total cash costs than in

the first half of 2002, expanded output from Timmins as a result of the formation of the Porcupine Joint

Venture and continued excellent performance from Kubaka.

The Company’s strong working capital position, combined with the cash, working capital and low debt

of TVX and Echo Bay will provide Kinross with a solid balance sheet upon completion of the business

combination. In addition, Kinross’ annual production is expected to increase to approximately 2.0

million ounces at total cash costs of less than $200 per ounce. This will provide strong cash flow from

operating activities to be used for future growth opportunities.

Appointment

In keeping with recent corporate governance guidelines proposed by regulatory authorities regarding

Board of Directors’ independence, Kinross is pleased to announce the appointment of John E. Oliver as

Chairman of the Company. Robert M. Buchan, formerly Chairman and CEO, has been appointed

President and CEO and Scott A. Caldwell, formerly President and COO, has been appointed Executive

Vice President and COO. Mr. Oliver is Executive Managing Director and Co-head Scotia Capital U.S.,

Bank of Nova Scotia. Mr. Oliver has been a member of the Board of Directors of Kinross since 1995 and

has been the Independent Board Leader of Kinross since February 13, 2002.

This press release includes certain “Forward-Looking Statements” within the meaning of section 21E of

the United States Securities Exchange Act of 1934, as amended. All statements, other than statements

of historical fact, included herein, including without limitation, statements regarding potential

mineralization and reserves, exploration results and future plans and objectives of Kinross Gold

Corporation (“Kinross”), are forward-looking statements that involve various risks and uncertainties.

There can be no assurance that such statements will prove to be accurate and actual results and future

events could differ materially from those anticipated in such statements. Important factors that could

cause actual results to differ materially from Kinross’ expectations are disclosed under the heading

“Risk Factors” and elsewhere in Kinross’ documents filed from time to time with the Toronto Stock

Exchange, the United States Securities and Exchange Commission and other regulatory authorities.

Robert M. Buchan

President and Chief

Executive Officer

Tel. (416) 365-5650

Gordon A. McCreary

Vice-President, Investor Relations

and Corporate Development

Tel. (416) 365-5132

Brian W. Penny

Vice President, Finance

and Chief Financial Officer

Tel. (416) 365-5662



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