PRESS RELEASE

August 7, 2003…Toronto, Ontario –

Kinross Gold Corporation

(TSX-K; NYSE-KGC)

(“Kinross”) announced today the results for the three and six months ended June 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 six months ended June 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

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

properties for the months of February, March, April, May, and June only.

Management’s Discussion and Analysis of Financial and Operating Results

S

ECOND QUARTER CONSOLIDATED RESULTS

Kinross’ attributable gold equivalent production was 470,177 ounces in the second quarter of

2003, an increase of 130% over the 204,148 ounces produced in the same period for 2002.

Average total cash cost per attributable gold equivalent ounce was $216 in the second quarter of

2003, compared to $209 in 2002. Cash flow provided from operating activities in the second

quarter of 2003 was $20.7 million, compared to $11.1 million in 2002. Cash flow provided from

operating activities was positively affected by higher gold equivalent production as a result of the

business combination with TVX and Echo Bay, and by higher realized prices on gold sales. This

was offset by slightly higher total cash cost per equivalent ounce of gold produced and by the

payment of $9.4 million to Newmont, the final payment in conjunction with the business

combination completed in January.

The net loss for the second quarter of 2003 was $5.2 million, or $0.02 per share. That compares

to a net loss of $4.3 million or $0.05 per share in the same period last year. The quarterly results

were positively affected by a 9% decline in average total cash costs per equivalent ounce of gold

produced. Unfortunately, high production costs at the Lupin and New Britannia mines, primarily

due to a strengthening Canadian dollar, negatively impacted second quarter 2003 earnings as did

expenditures related to our Greek asset, which is in the process of being resolved.

F

IRST HALF CONSOLIDATED RESULTS

Gold equivalent production of 806,068 ounces at a total cash cost of $225 per ounce, combined

with changes in working capital resulted in cash flow provided from operating activities of $39.7

million during the first half of 2003. This compares to gold equivalent production of 429,450

ounces at a total cash cost of $202 per ounce that resulted in cash flow provided from operating

activities of $31.0 million during the first half of 2002. The Company recorded a net loss of

$16.4 million or $0.07 per share for the first half of 2003, compared to a net loss of $12.2 million

or $0.14 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 440,990

ounces of gold in the second quarter of 2003, compared to 194,447 ounces in the second quarter

of 2002. Revenue from gold and silver sales was $157.8 million in the second quarter of 2003

compared to $59.2 million in 2002. Revenue from gold and silver sales in 2003 increased as 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 second quarter of 2003, Kinross

realized $345 per ounce of gold, compared to $303 in 2002. The average London market spot

price for gold in the second quarter of 2003 was $347 per ounce compared to $313 in 2002.

The Company sold 771,012 ounces of gold during the first half of 2003, compared with 426,120

in 2002. Revenue from gold and silver sales was $274.8 million in the first half of 2003,

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

2003 was 115% higher than the revenue in 2002 due to the increased production levels and

higher realized prices. In the first half of 2003, the Company realized $344 per ounce of gold,

compared with $299 in 2002. The average spot price for gold was $350 per ounce in the first

half of 2003 compared with $302 in 2002.

Three months ended

June 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)

$

$

$

$

$

$

470,177

440,990

151.6

0.5

152.1

344

1

345

347

5.7

$

$

$

$

$

$

204,148

194,447

57.4

1.4

58.8

296

7

303

313

0.4

$

$

$

$

$

$

Six months ended

June 30,

2003

2002

806,068

771,012

264.0

1.1

265.1

343

1

344

350

9.7

$

$

$

$

$

$

429,450

426,120

124.7

2.5

127.2

293

6

299

302

0.8

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 quarters. The resulting ratios are

76.6:1 in the second quarter of 2003 and 66.2:1 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.

Kinross Q2

2



Interest and Other Income

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

other income totaled $1.8 million in the second quarter and $2.8 in the first half of 2003

compared to $6.5 million in the second quarter and $7.7 in the first half of 2002.

Interest and other income in 2003 was comprised of interest of $1.9 million, $0.2 million of joint

venture management fees and $0.7 million of other items. The 2002 second quarter results

included a $5.5 million accrual of the Refugio arbitration award.

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

second quarter and gain of $1.2 million in the first half of 2003 compared to a loss of $0.6

million in the second quarter and a loss of $1.6 in the first half 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 June 30, 2003 are discussed

in the section entitled “Commodity Price Risks”.

C

OSTS AND

E

XPENSES

Operations – Summary

Gold equivalent production in the second quarter of 2003 (excluding equity accounted ounces)

increased by 145% compared to second quarter 2002 production, while operating costs increased

by 162%. Consolidated operating costs were $107.6 million in the second quarter and $194.3

million in the first half of 2003 compared to $41.1 million in the second quarter and $87.9 in the

first half of 2002.

Consolidated Production Costs per Equivalent Ounce of Attributable Gold Production

Three months ended

June 30,

2003

2002

Cash operating costs

Royalties

Total cash costs

Reclamation

Depreciation, depletion and amortization

Total production costs

$ 206

10

216

5

91

$ 312

$ 202

7

209

4

101

$ 314

Six months ended

June 30,

2003

2002

$ 216

9

225

5

89

$ 318

$ 196

6

202

4

97

$ 303

Kinross’ accounting policy is to expense stripping costs as incurred, one of the most conservative

policies in the industry. 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 $213 and $223 for the three and six months ended June 30, 2003, respectively.

Kinross Q2

3



Similarly, unlike some senior North American producers, Kinross’ policy is to include gains

(losses) on foreign exchange forward sales contracts as part of foreign exchange gains (losses) on

the statement of operations and not treat the gains as by-product credits. Had Kinross treated the

gains as a by-product credit, total cash costs per equivalent ounce would have been $4 and $3

less for the three and six months ended June 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

June 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

$

$

107.6

2.5

(2.3)

(1.0)

(5.1)

101.7

470,177

216

$

$

41.1

3.5

(0.8)

(0.8)

(0.4)

42.6

209

$

204,148

$

Six months ended

June 30,

2003

2002

194.3

5.5

(3.7)

(9.1)

(5.5)

181.5

806,068

225

$

$

87.9

7.5

(1.6)

(4.8)

(2.2)

86.8

202

429,450

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

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 decreased by

9% during the second quarter of 2003 compared to the first quarter of 2003. Details of the

individual mine performance 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.

Kinross Q2

4



O

PERATIONS

– I

NDIVIDUAL

M

INE

D

ISCLOSURE

Fort Knox (100% Ownership Interest) – USA

Gold production at the Fort Knox operation during the second quarter 2003 was 101,425 gold

equivalent ounces, a 13.3% improvement over the 89,553 ounces produced during the same

period last year and 11.2% improvement over first quarter 2003. Despite lower than plan gold

recoveries, production during the period was 6.4% better than budget as a result of initiatives

taken during the first quarter to increase mill throughput combined with higher than plan gold

grades. Second quarter total cash costs of $241 per ounce, although 4.7% lower than similar

period last year, were slightly above budget as a result of higher power, reagent and grinding

media costs. Over the first six months of 2003, gold equivalent production was 192,639 ounces,

a 5% improvement over the 182,713 ounces achieved during the first half of 2002.

Total cash costs per ounce improved by 7.3% in the second quarter compared to the first quarter

due primarily to increased mill throughput. During the second half of 2003, continued

improvements in mill throughput are forecasted such that gold production and total cash costs

estimates for the full year remain unchanged at 410,000 ounces and $230 per ounce,

respectively.

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

June 30,

2003

2002

$

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

24.5

$

(0.5)

0.4

24.4

101,425

241

$

24.1

(0.2)

(1.2)

22.7

89,553

253

$

Six Months Ended

June 30,

2003

2002

48.3

(0.6)

0.5

$

48.2

192,639

$

250

$

52.1

(0.5)

(5.0)

46.6

182,713

255

$

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 second quarter of 2003 were $2.0 million

compared to $3.5 million in the same period last year. The majority of capital expenditures

incurred during the second quarter of 2003 were incurred to drill pit dewatering wells.

During the second quarter, drilling outside the western boundary of the Fort Knox ultimate pit

shell returned very encouraging results. Follow-up drilling is in progress with the objective of

establishing the viability of a revision to the ultimate pit boundary in this area.

Kinross Q2

5



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. The

mine had a very good second quarter with Kinross’ share of gold equivalent production totaling

116,336 ounces, a 28.5% improvement over plan. The Company’s share of gold equivalent

production during for the five months ending June 30, 2003, of 180,370 ounces was 15% higher

than plan. Gold equivalent production was positively impacted by better than planned gold

recoveries due to the installation of new carbon columns and the implementation of side slope

leaching of the historic dedicated leach pad. The success of side slope leaching has the potential

to significantly improve ultimate heap leach recoveries.

Total cash costs per gold equivalent ounce were $167 per ounce during the second quarter and

$176 per ounce for the five month period ending June 30, 2003, 18.5% and 12% below plan,

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

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 Six Months Ended

June 30,

June 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

$

20.6

(0.7)

(0.5)

19.4

116,336

167

$

34.7

(1.0)

(2.0)

31.7

180,370

176

$

$

$

$

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 second quarter of 2003

was $0.9 million.

Metallurgical test work is currently in progress on mineralization from the nearby Gold Hill

deposit and a new resources model is being generated. During the quarter, a Plan of Operations

to develop a mine at Gold Hill was filed with Nevada Bureau of Land Management.

Exploration drilling continued to focus on the high-grade underground vein targets along the

margins of the caldera that hosts the Round Mountain open pit. One reverse circulation drill hole

returned 70.6 grams per tonne gold over a width of 16.8 meters on the deep northwest vein. A

diamond drill hole, drilled to confirm the high-grade results, cut numerous sections with visible

gold and assays are pending. Considering the continued encouraging drill results, a preliminary

feasibility study for the underground mining of the high-grade vein system has been initiated.

Kinross Q2

6



Porcupine (49% Ownership Interest) - Canada

On July 1, 2002, Kinross and a wholly owned subsidiary of Placer Dome Inc. (“Placer”) formed

the Porcupine Joint Venture through the combination of their respective gold mining operations

and exploration properties in the Porcupine District, Timmins, Ontario. Ownership of the

unincorporated joint venture is 49% Kinross and 51% Placer with Placer as the operator. The

quarter and six-month 2002 comparative production figures related to results from the Hoyle

Pond mine, 100% owned by Kinross during those periods, whereas, 2003 production figures

reflect Kinross’ 49% ownership share in the Porcupine Joint Venture.

Kinross’ share of gold equivalent production during the second quarter 2003 was 59,964 ounces

at a total cash cost of $196 per ounce compared to the 38,067 ounces at a total cash cost of $191

per ounce achieved during the same period last year. Kinross’ share of gold production for the

first six months of 2003 was 107,544 ounces, a 17.5% increase over the 91,543 ounces produced

during the first six months of 2002. As a result of the increased strength of the Canadian dollar,

it is anticipated that the total cash costs per gold equivalent ounce for the year will increase to

$220 from the previous guidance of $210. Guidance on gold production remains unchanged at

219,000 ounces.

Production during the second quarter was 9% better than budget as a result of higher than plan

gold grades (+6.3%), milled throughput (+2.6%) and recoveries (+1.1%). Mechanical

difficulties at the Dome mill, which negatively impacted production during the first quarter 2003,

were resolved and year-to-date gold production has essentially returned to plan.

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

June 30,

2003

2002

Six Months Ended

June 30,

2003

2002

$

Operating costs per financial statements

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

13.6

$

(0.4)

-

(1.4)

11.8

$

59,964

196

$

7.8

$

(0.3)

(0.1)

(0.2)

7.2

$

38,067

191

$

27.3

$

(0.7)

(1.2)

(1.4)

24.0

$

107,544

223

$

16.9

(0.6)

(1.1)

(0.3)

14.9

91,543

163

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 Porcupine Joint Venture in the second quarter of

2003 was $1.9 million. The majority of capital expenditures for 2002 were required to further

advance the 1060 ramp at the Hoyle Pond mine, underground development drilling at the Hoyle