August 2, 2001

Toronto, Ontario -

Kinross Gold Corporation (TSE-K; AMEX-KGC)

announced today the results for

the three and six months ended June 30, 2001 are as follows:

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

q

Financial Tables

Notes to Second Quarter Interim Report to Shareholders

q

Management Discussion and Analysis

Consolidated Results

Second Quarter

The Company’s share of attributable gold equivalent production of 233,722 ounces at total cash costs

of $191 per ounce during the second quarter of 2001 resulted in higher cash flow provided from

operations, when compared to the second quarter of 2000. Cash flow provided from operations for the

second quarter was $15.3 million or $0.05 per share, compared to $10.0 million or $0.03 per share for

the three months ended June 30, 2000. Increased attributable gold equivalent production at

significantly lower total cash costs per ounce more than compensated for a $14 per ounce decrease in

average realized prices for the quarter. The net loss for the second quarter of 2001 was $6.0 million or

$0.03 per share compared to $10.8 million or $0.04 per share for the second quarter of 2000.

First Half

The Company’s share of attributable gold equivalent production during the first half increased by 2% to

473,074 and total cash costs per ounce of gold equivalent decreased by 11% to $191. The improved

production resulted in cash flow provided from operations for the first half of 2001 of $28.9 million or

$0.10 per share, compared to $22.0 million or $0.07 per share for the first six months of 2000. The net

loss for the first six months of 2001 was $10.9 million or $0.05 per share compared to $18.6 million or

$0.07 per share for the first half of 2000.

Revenues

Gold and Silver Sales

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

Company’s share of gold equivalent sales was 238,476 ounces during the second quarter of 2001

compared to 214,237 ounces in 2000. Revenue from gold and silver sales was $70.7 million during the

second quarter of 2001 compared to $66.4 million in 2000. Revenue in 2001 increased due to higher

gold and silver sales that were partially offset by lower average realized prices per ounce sold. During



the second quarter of 2001, the Company realized $296 per ounce of gold, compared to $310 in 2000.

The average spot price for gold during the second quarter of 2001was $268 per ounce compared to

$280 in 2000.

The Company’s share of gold equivalent sales was 469,843 ounces during the first half of 2001

compared to 447,729 ounces in 2000. Revenue from gold and silver sales was $134.8 million during

the first half of 2001 compared to $136.4 million in 2000. The decrease in revenue in 2001 was

primarily due to the inclusion in the first quarter of 2000 of the results from the Denton-Rawhide mine

as it was sold effective March 31, 2000. During the first half of 2001, the Company realized $287 per

ounce of gold, compared to $305 in 2000. The average spot price for gold during the first half of 2001

was $266 per ounce compared to $285 in 2000.

Interest and Other Income

Interest and other income was $2.2 million during the second quarter of 2001 and $7.8 million for the

first half of 2001, compared to $2.3 million during the second quarter of 2000 and $6.8 million for the

first half of 2000. Interest and other income increased during the first half of 2001 due to a $2.4

million positive mark-to-market adjustment to the written call options outstanding at June 30, 2001,

which was partially offset by lower interest income due to lower cash balances and interest rates.

Operating Performance and Costs

Operating costs in the second quarter of 2001 decreased at the Hoyle Pond, Kubaka and the Refugio

mines when compared to 2000. The net result was operating costs of $46.6 million during the second

quarter of 2001 compared to $46.4 million in 2000. With the higher production in the second quarter of

2001, total cash costs were $191 per gold equivalent ounce compared to $212 in 2000.

For the first six months of 2001, total operating costs were $91.3 million compared to $99.0 million in

2000. Excluding the Company’s share of operating costs for the Denton-Rawhide mine of $3.9 million

during the first quarter of 2000, operating costs decreased by 4% when compared to 2000. The lower

operating costs, combined with higher production during the first six months in 2001, resulted in total

cash costs of $191 per gold equivalent ounce compared to $214 in 2000. Included in gold equivalent

production were 204,000 and 322,000 ounces of silver for the first half of 2001 and 2000, respectively.

These ounces were converted at silver to gold ratio of 59.52:1 and 56.03:1 for the first half of 2001

and 2000 respectively.

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.

Primary Operations

Fort Knox Mine:

Gold equivalent production during the second quarter of 2001 was 104,743 ounces

compared to 83,825 in 2000. Total cash costs were $193 per ounce of gold equivalent compared to

$214 in 2000. Operating costs were lower than planned, but delays in obtaining final permits and start-

up problems associated with the haulage contractor resulted in lower than planned production from the

True North deposit during the second quarter. These start up issues have been resolved and in July,

the mine hauled 10,500 tonnes per day to the Fort Knox crusher, 22% more than planned. Capital

expenditures in Alaska totaled $2.5 million during the quarter. The majority of the capital expenditures

focused on the completion of a new haulage road from the True North deposit to the Fort Knox crusher,

exploration drilling and the construction of maintenance facilities at True North. Although year to date

production is behind schedule local management has identified opportunities to recover the majority of

the lost production. Therefore, estimated gold equivalent production for 2001 has been reduced by

10,000 ounces, to approximately 440,000 ounces, while, total cash costs per ounce remain unchanged

from previous estimates.

Hoyle Pond Mine:

Gold equivalent production during the second quarter of 2001 was 36,497 ounces

compared to 31,130 in 2000. Total cash costs were $178 per ounce of gold equivalent compared to

$241 in 2000. Operating costs in the second quarter of 2001 were $0.8 million less than incurred in the

same period of 2000 as a result of continued cost containment at the Hoyle Pond operations. Capital

expenditures at Hoyle Pond totaled $1.5 million during the quarter. The majority of capital

expenditures focused on exploration and underground development. Mill recoveries improved for the

quarter back to historic levels. The results of operations are generally as planned leaving estimated

gold equivalent production and total cash costs per ounce for 2001 at the Hoyle Pond operations

unchanged from previous estimates.

Kubaka Mine (54.7% Ownership Interest):

The Company’s share of gold equivalent production

during the second quarter of 2001 was 50,300 ounces compared to 59,066 in 2000. Total cash costs

were $157 per ounce of gold equivalent compared to $159 in 2000. The Company’s share of cash

production costs were on plan, while mill throughput was 8% higher than planned resulting in higher

production and reduced unit costs. The Kubaka operations have exceeded plan for the first six months

of 2001. Therefore, the Company’s share of estimated gold equivalent production for 2001 has been

increased by 11,000 ounces, to approximately 225,000 ounces while total cash costs per ounce for

2001 are now estimated to be $150 per ounce, $10 per ounce lower then previous estimates

.

Refugio Mine (50% Ownership Interest):

The Company’s share of gold equivalent production

during the second quarter of 2001 was 22,799 ounces compared to 21,894 in 2000. Total cash costs



were $237 per ounce of gold equivalent compared to $282 in 2000. The Refugio operations

commenced residual leaching and the mining activities were placed on care and maintenance effective

June 1, 2001 due to persistent low spot gold prices. The transformation from mining to a residual

leaching operation, at Refugio to date has been achieved on plan and on budget. Estimated gold

equivalent production and total cash costs per ounce for 2001 at the Refugio operations remain

unchanged from previous estimates.

Blanket Mine:

Gold equivalent production during the second quarter of 2001 was 10,478 ounces

compared to 10,166 in 2000. Total cash costs were $233 per ounce of gold equivalent compared to

$207 in 2000. The Zimbabwe operations continue to provide positive cash flow from operating activities

in this highly inflationary environment. During the second quarter, the Company received

approximately $0.2 million in price support under the Zimbabwean Floor Price Scheme. Estimated gold

equivalent production for 2001 at the Blanket operations remain unchanged, but total cash costs per

ounce could remain at current levels if inflationary conditions persist in Zimbabwe.

Other Expenses

General, administrative and exploration expenditures totaled $5.4 million in the second quarter a

decline of 8% from $5.9 million in the second quarter of 2000. The decline represents reduced

exploration expenditures as the Company focused its exploration efforts near existing processing

plants. The Company continues to focus on cost containment and is continually looking for

opportunities to reduce expenditures in all areas.

Interest expense on long-term liabilities was $2.0 million and $3.8 million for the second quarter of

2001 and 2000, respectively. Interest expense decreased due to lower interest rates and lower debt

balances.

Liquidity and Financial Resources

Consolidated Cash Flow

Operating Activities:

Cash flow provided from operations for the second quarter of 2001 was $15.3

million compared to $10.0 million in 2000. Increased gold equivalent production positively affected the

second quarter 2001 cash flow provided from operations. Working capital items consumed $1.9 million

of cash. As a result, cash flow from operating activities in the second quarter of 2001 was $13.4 million.

Financing Activities:

During the second quarter of 2001, the Company issued 0.4 million common

shares (2000 - 0.4 million) pursuant to the employee share purchase plan for $0.3 million (2000 - $0.4

million).

The debt component of convertible debentures was reduced by $1.4 million during the second quarter

of 2001 compared to $1.2 million during 2000. Long-term debt repayments were $11.8 million during

the second quarter of 2001 compared to $12.2 million during 2000. Long-term debt repayments were

primarily comprised of repayments under the Kubaka project-financing debt and the Kubaka

subordinated debt.

There were no dividends paid during the second quarter of 2001 on the preferred shares of Kinam, a

subsidiary company, compared to $1.7 million during 2000. Included in the carrying value of the Kinam

preferred shares, as at June 30, 2001, is an accrual of $6.9 million that represents the cumulative

unpaid dividends. Subsequent to June 30, 2001, the Company acquired 945,400 of the Kinam

preferred shares (See note 7). After reflecting this transation on a pro-forma basis the carrying value

of the Kinam preferred shares will be $46.3 million as at June 30, 2001.

As at June 30, 2001, the Company’s long-term debt consists of $9.6 million relating to the Kubaka

project financing, $4.6 million of the Kubaka subordinated debt, $49.0 million of Alaskan Industrial



Revenue Bonds and various capital leases and other indebtedness totaling $12.0 million. The current

portion of the long-term debt at June 30, 2001 was $45.6 million.

Investing Activities:

Capital expenditures incurred during the second quarter of 2001 were $4.6

million compared to $12.2 million in 2000. Capital spending at the Hoyle Pond mine totaled $1.5 million

(2000 - $4.1 million), for exploration drilling and underground development. Capital spending at the

Fort Knox mine totaled $2.5 million (2000 - $3.4 million), on the completion of a new haulage road

from the True North deposit to the Fort Knox crusher, exploration drilling and the construction of

maintenance facilities at True North. Capital spending at the remaining mines totaled $0.6 million

during the second quarter compared to $4.7 million in 2000. 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, 2001 are as follows:

Expected

Year

Of Delivery

2001

2002

2003

2004

Total

Ounces

Hedged

'000 oz.

150

100

100

100

450

Call

Options

Sold '000 oz.

150

100

100

100

450

Average

Strike

Price

$280

$340

$340

$340

Average

Price

$276

$270

$270

$270

Exploration Update

Exploration and definition drilling programs continued at the Birkachan (Russia), True North (Alaska),

and Goose Lake (Canada) projects during the second quarter of 2001.

A mix of diamond and reverse circulation drilling at True North continues to focus on the conversion of

resources to reserves and to outline the limits of mineralization. The 2001 program is approximately

50% complete and results are positive. Since November, 2000 a total of 193 new drillholes have been

completed at True North, largely in the Central and Sheppard zones. An interim reserve calculation was

recently completed indicating that 144,000 ounces of gold have been added to the 611,000 ounces of

probable reserves from year-end 2000. This addition is modestly better than the goal established for

the entire 2001 program. In addition, drilling results at the newly identified West Zeppelin zone are

encouraging. As the understanding of the geologic model for True North continues to improve, it is

anticipated that more reserve ounces will be added to the reserve estimate by year-end.

Four diamond drill rigs continue working at Birkachan, with efforts directed toward defining the depth

and strike extensions of multiple, high grade, epithermal veins within a very large, altered and

mineralized zone that is about 2,500 meters (m) long and 150-200 m wide and extending at least 350

m in depth. Within this mineralized envelope, high grade shoots are developing along Vein 3 and Vein

5. Each exhibits notable lateral and vertical continuity. Vein 3 extends over a strike length of at least

450 m, to a depth of at least 300 m, has an average width of about 2 m, with grades in excess of 12

grams of gold per tonne (g/t). Vein 5, where 21.9 m @ 31.3 g/t was intersected within 30 m of

surface, has dimensions similar to Vein 3, but lies 150 m to the north. These and other veins cut

pervasively mineralized rock over very significant widths, such as 122 m @1.93 g/t, 148 m @ 1.46 g/t,



and 330 m @ 1.1 g/t. A recent step-out drillhole located 400 m east of the Vein 3 zone has cut what

may be a new oreshoot, with 2.9 m @ 70.23 g/t. Third quarter drilling is focused on this area.

A summer diamond drilling program was recently started at the Goose Lake project in Nunavut

Territory, while the results of the last winter’s program continue to be assessed and used to guide the

new program. Strong, near surface gold mineralization was encountered at the South Extension of the

Main Zone, extending the deposit to at least 600 m along strike and to depths of at least 300 m. Some

of the significant shallow drill hits from the winter campaign include: 7 m @ 38.6 g/t, 2 m @ 52.3 g/t,

9.3 m @ 17.5 g/t, and 3 m @ 21.7 g/t. Results of this work, when confirmed by additional drilling,

increases the potential for high grade, open pit mining at Goose Lake in addition to the potential for

future underground development.

Subsequent Event

On July 12, 2001, the Company completed the acquisition of 945,400 convertible preferred shares of

subsidiary company for 24,186,492 common shares valued at $23.3 million. The convertible preferred

shares of subsidiary company had a book value $48.9 million. The $25.6 million difference in value

associated with this transaction has been reflected in the attached pro-forma consolidated balance

sheet and will reduce the carrying values of certain property, plant and equipment.

Outlook

As at June 30, 2001, the Company has $71.4 million of unrestricted cash. The Company is continually

focused on cost containment and maintaining its cash balance in the current spot gold environment. In

addition, with the exception of the Goose Lake advanced exploration program, virtually all exploration

efforts are now focused near existing producing assets, which should provide synergistic opportunities

in the future. These initiatives, combined with the operating cash flow from the current production

profile, a partial restructuring of the Kinam preferred shares and a manageable debt repayment

schedule, enhances the Company’s ability to operate in this low gold price environment.

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.

-30-

For additional information contact:

Robert M. Buchan

Chairman 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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Index



Consolidated Balance Sheets

Consolidated Statements of Operations

Consolidated Statements of Cash Flows

Gold Equivalent Production - Ounces

Cash Operating Costs

Gold Production and Cost Summary

Notes to Second Quarter Interim Report to Shareholders

Kinross Gold Corporation

Consolidated Balance Sheets

(expressed in millions of U.S. dollars) (unaudited)

As at

June

30

2001

Pro-

forma

per

Note 7

$ 71.4

-

18.6

47.8

0.3

138.1

453.5

14.0

19.4

As at

June

30

2001

As at

December

31

2000

Assets

Current assets

Cash and cash equivalents

Restricted cash

Accounts receivable

Inventories

Marketable securities

Property, plant and equipment

Long - term investments

Deferred charges and other assets

Liabilities

Current liabilities

Accounts payable and accrued liabilities

Current portion of long - term debt

Current portion of site restoration cost accruals

Long-term debt

Site restoration cost accruals

Future income and mining taxes

$ 71.4

-

18.6

47.8

0.3

138.1

479.1

14.0

19.4

$ 77.8

2.9

20.3

54.6

0.7

156.3

505.6

14.4

23.7

$ 700.0

$ 40.8

31.5

9.3

81.6

79.8

47.9

3.5

$ 625.0 $ 650.6

$ 34.0

45.6

7.1

86.7

29.6

48.2

3.5

$ 34.0

45.6

7.1

86.7

29.6

48.2

3.5



Deferred revenue

Other long-term liabilities

Debt component of convertible debentures

Redeemable retractable preferred shares

Convertible preferred shares of subsidiary

company

Common shareholders' equity

Common share capital

Contributed surplus

Equity component of convertible debentures

Deficit

Cumulative translation adjustments

18.5

8.3

30.9

3.1

228.8

46.3

18.5

8.3

30.9

3.1

228.8

95.2

10.1

10.1

33.4

3.1

269.5

91.8

936.9

913.6

12.9

12.9

120.9

120.9

(696.1) (696.1)

(24.7)

(24.7)

349.9

326.6

$ 625.0 $ 650.6

913.2

12.9

117.0

(681.4)

(23.0)

338.7

$ 700.0

Kinross Gold Corporation

Consolidated Statements of Operations

(expressed in millions of U.S. dollars except per share

amounts) (unaudited)

Revenue

Mining revenue

Interest and other income

Expenses

Operating

General and administrative

Exploration and business development

Depreciation, depletion and amortization

Income (loss) before the undernoted

Gain on sale of marketable securities

Gain on sale of long-term investments

Gain on sale of property, plant and equipment

Foreign exchange (loss) gain

Share in (loss) income of associated companies

Interest expense on long-term liabilities

Loss before taxes and dividends on convertible

preferred shares of subsidiary company

Provision for income and mining taxes

Three months

ended

August 2, 2001

Toronto, Ontario -

Kinross Gold Corporation (TSE-K; AMEX-KGC)

announced today the results for

the three and six months ended June 30, 2001 are as follows:

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

q

Financial Tables

Notes to Second Quarter Interim Report to Shareholders

June 30

2001

2000

$ 70.7

2.2

72.9

46.6

2.9

2.5

23.7

75.7

(2.8)

-

-

-

(0.1)

(0.3)

(2.0)

(5.2)

0.9

Six months ended

June 30

2001

2000

$ 66.4 $ 134.8 $ 136.4

2.3

7.8

6.8

68.7