PRESS RELEASE

November 5, 2003…Toronto, Ontario – Kinross Gold Corporation

(TSX-K; NYSE-KGC)

(“Kinross” or “the Company”) announced today the results for the three and nine months ended

September 30, 2003 are as follows:

All results are expressed in United States dollars unless otherwise stated. All per share information has been

adjusted to give retroactive effect for the three for one consolidation of the common shares, which was completed on

January 31, 2003. Accordingly, loss per share for the nine months ended September 30, 2002 has been adjusted to

give retroactive impact of the share consolidation. The combination with TVX Gold Inc. (“TVX”) and Echo Bay

Mines Ltd. (“Echo Bay”) was accounted for as a purchase with an effective date of January 31, 2003. Accordingly,

the financial statements and gold equivalent production statistics reflect operating results for the acquired

properties for the months of February to September only.

Management’s Discussion and Analysis of Financial and Operating Results

THIRD QUARTER CONSOLIDATED RESULTS

Kinross’ attributable gold equivalent production was 434,816 ounces in the third quarter of 2003,

an increase of 91% over the 227,946 ounces produced in the same period for 2002 as a result of

the business combination with TVX and Echo Bay effective January 31, 2003. Average total

cash cost per attributable gold equivalent ounce was $225 in the third quarter of 2003, compared

to $205 in the third quarter of 2002. Cash flow provided from operating activities in the third

quarter of 2003 was $42.0 million, compared to $17.5 million achieved during the same period in

2002. Cash flow provided from operating activities was positively affected by higher gold

equivalent production and by higher realized prices on gold sales.

The net earnings, attributable to common shares, was $8.2 million resulting in third quarter 2003

earnings per share of $0.03 versus a net loss attributable to common shares of $7.1 million, or

$0.06 per share for the same 2002 period. The net loss for the third quarter of 2003 before

accounting for the redemption and the increase in the equity component of the convertible

debenture was $6.1 million. This loss can be attributed to the $1.3 million of costs associated

with TVX’s investment in TVX Hellas and the $4.6 million of severance associated with the

suspension of operations at the Lupin mine.

Three months ended

September 30,

2003

2002

$

(5.8)

(1.3)

-

$

$

(7.1)

119.4

(0.06)

$

$

$

Nine months ended

September 30,

2003

(22.5)

(6.5)

16.5

(12.5)

297.4

(0.04)

$

$

2002

(18.0)

(5.5)

-

(23.5)

118.2

$ (0.20)

Net loss for the period

Increase in equity component of the convertible debenture

Gain on redemption of convertible debentures

Net earnings (loss) attributable to common shares

Weighted average number of common shares outstanding

Earnings (loss) per share

$

(6.1)

(2.2)

16.5

$

$

8.2

323.4

0.03



NINE MONTH CONSOLIDATED RESULTS

Gold equivalent production of 1,240,884 ounces at total cash costs of $225 per ounce, combined

with changes in working capital resulted in cash flow provided from operating activities of $81.7

million during the first nine months of 2003. This compares to gold equivalent production of

657,396 ounces at total cash costs of $203 per ounce that resulted in cash flow provided from

operating activities of $48.5 million achieved during the first nine months of 2002. The

Company recorded a net loss attributable to common shares of $12.5 million or $0.04 per share

for the first nine months of 2003, compared to a net loss attributable to common shares of $23.5

million or $0.20 per share in 2002.

R

EVENUES

Gold and Silver Sales

Kinross’ primary source of revenue is from the sale of its gold production. Kinross sold 405,561

ounces of gold in the third quarter of 2003, compared to 181,585 ounces in the third quarter of

2002. Revenue from gold and silver sales was $153.8 million in the third quarter of 2003

compared to $56.5 million in 2002. The increase in 2003 revenue from gold and silver sales was

a result of higher gold sales due to the completion of the combination with TVX and Echo Bay

on January 31, 2003 and from higher realized gold prices. In the third quarter of 2003, Kinross

realized $363 per ounce of gold, compared to $310 in 2002. The average London market spot

price for gold in the third quarter of 2003 was $363 per ounce compared to $313 in 2002.

The Company sold 1,176,573 ounces of gold during the first nine months of 2003, compared

with 607,705 in 2002. Revenue from gold and silver sales was $428.6 million in the first nine

months of 2003, compared with $184.5 million in 2002. Revenue from gold and silver sales in

the first nine months of 2003 was 132% higher than the revenue in 2002 due to the increased

production levels and higher realized prices. In the first nine months of 2003, the Company

realized $351 per ounce of gold, compared with $302 in 2002. The average spot price for gold

was $354 per ounce in the first nine months of 2003 compared with $302 in 2002.

Three months ended

September 30,

2003

2002

Attributable gold equivalent production – ounces

Gold sales – ounces (excluding equity accounted ounces)

Gold sales revenue (millions)

Gold deferred revenue realized (millions)

Total gold revenue realized (millions)

Average sales price per ounce of gold

Deferred revenue realized per ounce of gold

Average realized price per ounce of gold sold

Average spot gold price per ounce

Silver sales revenue (millions)

$

$

$

$

$

$

434,816

405,561

146.8

0.6

147.4

362

1

363

363

6.4

$

$

$

$

$

$

227,946

181,585

55.1

1.3

56.4

303

7

310

313

0.1

$

$

$

$

$

Nine months ended

September 30,

2003

2002

1,240,884

1,176,573

$

410.9

1.7

412.6

349

2

351

354

16.0

$

$

$

$

$

$

657,396

607,705

179.8

3.8

183.6

296

6

302

302

0.9

Kinross Q3

2



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

ratio of the average spot market prices. The Company produced 1.5 million ounces of silver

(20,112 ounces of gold equivalent) and 3.5 million ounces of silver (47,040 ounces of gold

equivalent) in the third quarter and first nine months of 2003, respectively. Third quarter silver to

gold ratios were 72.8:1 in 2003 and 66.1:1 in 2002.

The above non-GAAP measure of average realized price per ounce of gold sold has been

calculated on a consistent basis in each period. The calculation of average realized price per

ounce of gold sold might not be comparable to similarly titled measures of other companies.

Average realized price per ounce of gold sold is used by management to assess profitability and

cash flow of individual operations as well as to compare with other precious metal producers.

Interest and Other Income

Kinross invests its surplus cash in high quality, interest-bearing cash equivalents. Interest and

other income totaled $2.4 million in the third quarter and $5.2 million in the first nine months of

2003 compared to $6.0 million in the third quarter and $13.7 million in the first nine months of

2002.

Interest and other income in the third quarter of 2003 was comprised of interest of $1.1 million,

$0.2 million of joint venture management fees and $1.1 million of other items.

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

Premiums received at the inception of written call options are recorded as a liability. Changes in

the fair market value of the liability are recognized in earnings each quarter. The change in fair

market value of the written call options resulted in a mark to market loss of $0.9 million in the

third quarter and a gain of $0.3 million in the first nine months of 2003 compared to a loss of

$0.3 million in the third quarter of 2002 and $1.9 million in the first nine months of 2002. The

Company plans to reduce its written call position in 2003 by delivering gold production into any

contracts that are exercised in 2003. Details on the outstanding written call options at September

30, 2003 are discussed in the section entitled “Commodity Price Risks”.

C

OSTS AND

E

XPENSES

Operations – Summary

Gold equivalent production of 434,816 ounces in the third quarter of 2003 (excluding the

Blanket mine ounces which results are non consolidated) increased by 98% compared to third

quarter 2002 production, while mine operating costs increased by 109%. Consolidated operating

costs were $107.1 million in the third quarter and $301.4 million in the first nine months of 2003

compared to $39.0 million in the third quarter and $126.9 million in the first nine months of

2002.

Kinross Q3

3



Included in operating costs for the third quarter of 2003 were $1.3 million of costs associated

with TVX’s investment in TVX Hellas ($3.7 million for the first nine months) and $4.6 million

of severance associated with the suspension of operations at the Lupin mine.

Consolidated Production Costs per Equivalent Ounce of Attributable Gold Production

Three months ended

September 30,

2003

2002

Cash operating costs

Royalties

Total cash costs

Reclamation

Depreciation, depletion and amortization

Total production costs

$ 213

12

$ 225

6

95

$ 326

$ 198

7

$ 205

4

110

$ 319

Nine months ended

September 30,

2003

2002

$ 214

11

$ 225

5

92

$ 322

$ 197

6

$ 203

4

101

$ 308

Kinross applies a conservative policy, which is to expense stripping costs as incurred. Had

Kinross deferred stripping costs in excess of mine averages, as a number of the North America

senior gold producers do, total cash costs per equivalent ounce would have been $220 and $220

for the three and nine months ended September 30, 2003, 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 gold

industry guidelines.

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

September 30,

2003

2002

Operating costs per financial statements

Operating costs for attributable production

Site restoration cost accruals

Change in bullion inventory

Operating costs not related to gold production

Operating costs for per ounce calculation purposes

Gold equivalent production – ounces

Total cash costs per equivalent ounce of gold

$

$

$

107.1

2.5

(2.4)

1.8

(11.2)

97.8

434,816

225

$

$

$

39.0

3.8

(0.8)

5.9

(1.2)

46.7

227,964

205

$

$

$

Nine months ended

September 30,

2003

2002

301.4

7.5

(6.1)

(7.3)

(15.8)

279.8

225

$

$

1,240,884

$

126.9

11.5

(2.3)

1.1

(3.6)

133.5

657,396

203

The above non-GAAP measure of total cash costs per ounce has been calculated on a consistent

basis in each period. For reasons of comparability, total cash costs do not include certain items

such as property write-downs, which do not occur in all periods but are included under GAAP in

the determination of net earnings or loss. Total cash costs per ounce are calculated in accordance

with gold industry guidelines. Total cash costs per ounce may not be comparable to similarly

titled measures of other companies. Total cash costs per ounce information is used by

Kinross Q3

4



management to assess profitability and cash flow of individual operations, as well as to compare

with other precious metal producers. Total cash costs per ounce of gold equivalent increased by

10% during the third quarter of 2003 compared to the third quarter of 2002. Details of the

individual mine performances are discussed in the following sections.

The item total cash cost per ounce is furnished to provide additional information and is a non-

GAAP measure. This measure should not be considered in isolation as a substitute for a measure

of performance prepared in accordance with generally accepted accounting principles and is not

necessarily indicative of operating profit or cost from operations as determined under generally

accepted accounting principles. There are no differences in computing operating costs under

U.S. GAAP. Therefore, total cash costs per ounce computed from operating costs in accordance

with U.S. GAAP are unchanged from the Canadian GAAP amounts.

O

PERATIONS

– I

NDIVIDUAL

M

INE

D

ISCLOSURE

Fort Knox (100% Ownership Interest), USA

Production at the Fort Knox operation during the third quarter 2003 was 98,518 gold equivalent

ounces, down from the 113,449 ounces produced during the same period last year, and 6% less

than plan, due to lower gold grades and mill recoveries. The processing of slightly more

refractory, sulphidic True North ore adversely impacted gold recoveries during the quarter. It is

anticipated that the metallurgical properties of the True North ore will remain the same until

mining at the satellite deposit ceases in early 2005; therefore, in order to optimize gold

recoveries, efforts are underway to provide the mill with a more uniform blend of True North

and Fort Knox open pit ores. Assisting in offsetting the lower recoveries were initiatives

undertaken in the first quarter to increase mill capacity, which resulted in an 8% improvement in

mill throughput as compared to plan.

Over the first nine months of 2003, gold equivalent production was 291,157 ounces, slightly

lower than the 296,162 ounces achieved during the first nine months of 2002 as a result of the

lower gold recoveries.

Third quarter total cash costs were $249 per gold equivalent ounce, a 14% rise over the same

period last year and 10% higher than budget. Total cash costs per gold equivalent ounce for the

nine-month period ending September 30, 2003 increased 4% to $250 compared to the same

period last year. Total cash costs were higher as a result of lower than plan gold production and

higher than planned consumable costs.

Kinross’ expectation for the Fort Knox mine is to produce approximately 116,000 ounces at total

cash costs of $205 per ounce in the fourth quarter of 2003.

Kinross Q3

5



Reconciliation of the Fort Knox Mine Total Cash Costs per

Equivalent Ounce of Gold to Consolidated Financial Statements

(millions except production in ounces and per ounce amounts)

Three Months Ended

September 30,

2002

2003

Operating costs per financial statements

Site restoration cost accruals

Change in bullion inventory

Operating costs for per ounce calculation purposes

Gold equivalent production – ounces

Total cash costs per equivalent ounce of gold

$ 25.4

(0.9)

0.0

$ 24.2

98,518

$ 249

$ 20.8

(0.3)

4.3

$ 24.8

113,449

$ 219

Nine Months Ended

September 30,

2002

2003

$ 73.7

(1.5)

0.6

$ 72.8

291,157

$ 250

$ 72.8

(0.9)

(0.6)

$ 71.3

296,162

$ 241

Total cash costs are non-GAAP measures. For further information on this non-GAAP measure, please refer

to the disclosure under the heading “Costs and Expenses - Operations Summary”.

Capital expenditures at the Fort Knox operations in the third quarter of 2003 were $7.8 million

compared to $7.6 million in the same period last year. Phase 5 mine development was $1.3

million with the remainder of capital directed towards equipment rebuilds, the drilling of pit de-

watering well and exploration.

During the quarter, exploration was conducted within the Fort Knox pit, on the Gil prospect and

at Ryan Lode. Results from the in-pit work confirmed the continuity of the mineralized zones

beyond the current limit of the ultimate pit. At Gil, 10 km east of the Fort Knox mine site, an

engineering scoping study was initiated to evaluate the economic merits of the project.

Round Mountain (50% Ownership Interest), USA

Kinross acquired its ownership interest in the Round Mountain mine, located in Nye County,

Nevada, USA upon completion of the combination with Echo Bay on January 31, 2003. Round

Mountain continues to perform well with Kinross’ share of third quarter gold equivalent

production totaling 97,468 ounces and eight-month, ending September 30, 2003, production of

277,838 ounces, 13% better than plan. Gold equivalent production was positively impacted by

higher gold recoveries due to the installation of new carbon columns during the second quarter

and the implementation of side slope leaching of the historic dedicated leach pad.

Due to the failure of one of the operations electrical transformers, production activities have

focused on accelerating ore placement on the dedicated leach pads to offset crushing and milling

limitations. Higher-grade ore, which would have been milled during the quarter, is presently

being stockpiled. As a result of the flexibility provided by having three separate processing

streams, the lower mill throughput did not adversely impact production for the quarter. It is

anticipated that the transformer repairs will be completed prior to the end of the fourth quarter

2003.

Total cash costs per gold equivalent ounce were $209 per ounce during the third quarter and

$188 per ounce for the eight month period ending September 30, 2003, a 4% and 9%

improvement over plan, respectively, largely as a result of the higher gold production.

Kinross Q3

6



Kinross’ expectation for Round Mountain is to produce approximately 70,000 ounces to the

Company’s account at total cash costs of $229 per ounce in the fourth quarter of 2003.

Reconciliation of the Round Mountain Mine Total Cash Costs per

Equivalent Ounce of Gold to Consolidated Financial Statements

(millions except production in ounces and per ounce amounts)

Three Months Ended Eight Months Ended

September 30,

September 30,

2003

2003

Operating costs per financial statements

Site restoration cost accruals

Change in bullion inventory

Operating costs for per ounce calculation purposes

Gold equivalent production – ounces

Total cash costs per equivalent ounce of gold

$ 19.9

(0.5)

1.1

$ 20.5

97,468

$ 209

$ 54.6

(1.4)

(1.0)

$ 52.2

277,838

$ 188

Total cash costs are non-GAAP measures. For further information on this non-GAAP measure, please refer

to the disclosure under the heading “Costs and Expenses - Operations Summary”.

Kinross’ share of capital expenditures at the Round Mountain mine in the third quarter of 2003

was $3.5 million. Pit dewatering and dedicated leach pad construction accounted for the

majority of the capital expenditures.

At the Gold Hill project, 8,945 feet of reverse circulation diamond drilling was completed

during the quarter in order to verify the resource block models. It is anticipated that a feasibility

study will be initiated in early 2004 to evaluate the economic merits of the project.

Porcupine (49% Ownership Interest), Canada

Kinross’ share of third quarter gold production from the Porcupine Joint Venture was 57,779

ounces, a 30% improvement over the 44,344 ounces produced during the same period last year.

Total cash cost per ounce was $204, a marked improvement over the $245 per ounce achieved

during the third quarter 2002. Year-to-date gold production increased to 165,323 ounces at a

total cash cost of $215 per ounce as compared to the 135,887 ounces produced during the first

nine months of 2002. Kinross’ share of nine-month comparable production figures includes only

100% of Hoyle Pond mine production for the first six month 2002, whereas, 2003 production

figures reflect Kinross’ 49% ownership share in the Porcupine Joint Venture formed on July 1,

2002.

Third quarter 2003 production was 4% greater than plan and total cash cost were 5% lower than

plan as a result of higher than plan mill throughput (+4%) and gold recoveries (+2%). These

improvements were achieved despite power outages and associated power constraints, which

resulted in 60 hours of downtime during August.

Kinross’ expectation for Porcupine is to produce approximately 55,000 ounces to the Company’s

account at total cash costs of $217 per ounce in the fourth quarter of 2003.

Kinross Q3

7



Reconciliation of the Porcupine Joint Venture Total Cash Costs per

Equivalent Ounce of Gold to Consolidated Financial Statements

(millions except production in ounces and per ounce amounts)

Three Months Ended

September 30,