Press Release

May 8, 2003

Toronto, Ontario –

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

(“Kinross”) announced today the results for the

three months ended March 31, 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 three months ended March 31, 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

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

properties for the months of February and March 2003 only.

First Quarter

Kinross’ attributable gold equivalent production was 335,891 ounces in the first quarter of 2003, an increase of 49%

when compared to 225,302 ounces in 2002. Average total cash costs per attributable gold equivalent ounce were

$238 in the first quarter of 2003, compared to $197 in 2002. Had the combination taken effect on December 31, 2002,

Kinross’ pro-forma attributable gold equivalent production would have been 427,813 ounces in the first quarter of

2003 at total cash costs of $231 per gold equivalent ounce. Although the first quarter operating results are

disappointing, significant improvements have already been achieved in the second quarter and are expected to

improve further as the year unfolds, as described in the Operations sections of this press release. With the

transitional quarter for the comb ination behind us, Kinross now expects to produce approximately 1.7 million gold

equivalent ounces in 2003 at total cash costs in the range of $215 to $220 per ounce. This equates to a twelve-month

pro-forma production rate of approximately 1.8 million gold equivalent ounces when the January 2003 production

from the components of the combination is included. Cash flow provided from operating activities in the first quarter

of 2003 was $19.0 million, compared to $19.9 million in 2002. Cash flow provided from operating activities was

affected by higher gold equivalent production as a result of the business combination with TVX and Echo Bay, offset

by higher total unit cash costs per equivalent ounce of gold produced and the payment of $5.6 million of deal costs

accrued in 2002. The net loss for the first quarter of 2003 was $11.2 million, or $0.05 per share that compares to a net

loss of $7.9 million or $0.09 per share in 2002.

Mergers and Acquisitions

TVX , Echo Bay and the Purchase of Newmont Mining Corporation’s interest in the TVX Newmont Americas

Joint Venture

On June 10, 2002, Kinross, TVX and Echo Bay entered into a combination agreement, for the purpose of combining

the ownership of their respective businesses. The combination was effected by way of a plan of arrangement under

the

Canada Business Corporations Act

(“CBCA”) on January 31, 2003.

Also on June 10, 2002, TVX and a subsidiary of TVX entered into two agreements, with a subsidiary of Newmont

Mining Corporation (“Newmont”). TVX acquired Newmont’s 50% non-controlling interest in the TVX Newmont

Americas joint venture (“TVX Newmont J/V”) for an aggregate purchase price of $180.0 million on January 31, 2003.

This transaction closed immediately prior to the combination and Kinross advanced TVX $94.5 million of cash to

close this transaction. Therefore, the preliminary allocation of the purchase consideration is based on the fair values

of the assets and liabilities of TVX including the acquisition of the 50% non-controlling interest in the TVX Newmont

J/V.



TVX amalgamated with a newly formed, wholly owned subsidiary of Kinross on January 31, 2003, and each holder of

TVX common shares received 2.1667 common shares of Kinross. Shareholders of Echo Bay (other than Kinross)

received 0.1733 common shares of Kinross for each Echo Bay common share. The exchange ratio reflects the three

for one consolidation of Kinross’ common shares that was completed on January 31, 2003 prior to the arrangement.

Kinross issued 177.8 million common shares to the shareholders of Echo Bay (other than itself) and TVX with an

aggregate fair value of $1,269.8 million with respect to the TVX and Echo Bay acquisitions.

Since the transaction closed on January 31, 2003, all revenue, costs and production data reported in the first quarter

reflects Kinross’ share for the months of February and March of 2003.

The acquisitions are being accounted for using the purchase method of accounting in accordance with both section

1581 “Business Combinations”, of the CICA Handbook for the purposes of Canadian generally accepted accounting

principles (“CDN GAAP”) and Statement of Financial Accounting Standards (“SFAS”) 141, “Business

Combinations”, for the purposes of United States generally accepted accounting principles (“U.S. GAAP”). Pursuant

to the purchase method of accounting under both CDN and U.S. GAAP, the TVX and Echo Bay assets acquired and

liabilities assumed were recorded at their fair values as of the effective date of the combination. The excess of the

purchase price over such fair value was recorded as goodwill. In accordance with Section 3062, “Goodwill and Other

Intangible Assets”, of the CICA Handbook, for purposes of CDN GAAP, and SFAS 142, “Goodwill and Other

Intangible Assets”, for purposes of U.S. GAAP, goodwill will be assigned to specific reporting units and will not be

amortized.

The goodwill resulting from the preliminary purchase price allocation is $888.6 million. Goodwill is subject to a

determination of fair values and will be revised for possible impairment at least annually or more frequently upon the

occurrence of certain events or when circumstances indicate the reporting unit’s carrying value, including goodwill

that was allocated to it, is greater than its fair value. Kinross has not determined if a goodwill impairment exists, and

expects to make that determination in 2004 in accordance with Canadian and U.S. GAAP.

Revenues

Gold and Silver Sales

Kinross’ primary source of revenue is from the sale of its gold production. Kinross sold 330,022 ounces of gold in

the first quarter of 2003, compared to 231,673 ounces in 2002. Revenue from gold and silver sales was $117.0 million

in the first quarter of 2003 compared to $68.8 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.

In the first quarter of 2003, Kinross realized $342 per ounce of gold, compared to $295 in 2002. The average London

market spot price for gold in the first quarter of 2003 was $352 per ounce compared to $290 in 2002.

Three Months Ended

March 31,

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

$

$

$

$

$

335,891

330,022

112.4

0.6

113.0

340

2

342

$

$

$

$

225,302

231,673

67.0

1.3

68.3

289

6

295

2



Average spot gold price per ounce

Silver sales revenue (millions)

$

$

352

4.0

$

$

290

0.5

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 75.6:1 in the first quarter of 2003 and

64.7:1 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 during

the first quarter of 2003 totaled $1.0 million compared to $1.2 million in 2002. Interest and other income in 2003 was

comprised of interest of $0.8 million and $0.2 million of joint venture management fees. This compares to 2002 interest

of $0.4 million and joint venture management fees of $0.8 million.

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 value of the

liability are recognized in earnings. The change in fair value of the written call options resulted in a mark to market

gain of $2.1 million in the first quarter of 2003. This compared to a loss of $1.0 million in 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 March 31, 2003 are discussed in the section entitled “Commodity

Price Risks”.

Costs and Expenses

Operations - Summary

Gold equivalent production in the first quarter of 2003 (excluding equity accounted ounces) increased by 55% when

compared to 2002 production, while operating costs increased by 85%. Consolidated operating costs were $86.7

million in the first quarter of 2003 compared to $46.8 million in 2002. Total cash costs per ounce of gold equivalent

were $238 in the first quarter of 2003 compared to $197 in 2002. Total cash costs per ounce of gold equivalent in the

first quarter were higher than planned due to higher than planned fuel prices, energy costs, and various operating

issues, which are discussed in the section entitled “Operations – Individual Mine Disclosure”.

Consolidated Production Costs per

Equivalent Ounce of Attributable Gold Production

Three Months Ended

March 31,

2003

2002

$

230

8

238

4

84

326

$

191

6

197

4

94

295

Cash operating costs

Royalties

Total cash costs

Reclamation

Depreciation, depletion and amortization

Total production costs

$

$

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.

3



Reconciliation of Total Cash Costs per

Equivalent Ounce of Gold to Consolidated Financial S tatements

(millions except production in ounces and per ounce amounts)

Three Months Ended

March 31,

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

$

86.7 $

3.0

(1.4)

(8.0)

(0.4)

79.9 $

335,891

238 $

46.8

4.0

(0.8)

(4.0)

(1.7)

44.3

225,302

197

$

$

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 increased by 20% during 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 is olation 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 in accordance with U.S. GAAP

are unchanged from the Canadian GAAP amounts.

Operations – Individual Mine Disclosure

Fort Knox Mine (100% Ownership Interest) – USA

The Fort Knox open pit mine consists of the main Fort Knox open pit and the True North open pit located near

Fairbanks, Alaska. Gold equivalent production in the first quarter of 2003 was 91,214 ounces compared to 93,160 in

2002. In the first quarter of 2003, total cash costs were $260 per ounce of gold equivalent compared to $256 in 2002.

During the first quarter operating costs were $0.7 million below plan at $23.8 million. Total ore production from the

Fort Knox and True North open pit mines exceeded budget for the quarter. Ore grade from the Fort Knox open pit

mine was over budget and grade from the True North open pit mine was slightly below budget due to short-term

alterations in the mining plan. Total waste mining rates for Fort Knox and True North are presently back at planned

levels. The reduction in ounces produced for the quarter was due primarily to less than budgeted mill throughput

during the quarter due to the processing of hard ore. As at March 31, 2003, more than 300,000 tonnes of ore were

stockpiled at the Fort Knox mill ready to be processed. While the budget was adjusted to account for the expected

harder ore, the extent of the impact was underestimated. To address this, a number of mill operations initiatives began

during the quarter to provide long-term solutions to this problem. In the month of April, mill optimization initiatives

resulted in a throughput increase of 8% when compared to the rates in the first quarter of the year. This production

rate was achieved while maintaining the planned recovery of 84.8%. Further mill process stream modification should

result in mill production rates increasing by an additional 5%. It is anticipated that these initiatives will allow Kinross

4



to process the unusually large ore stockpiles during the second quarter, achieve planned levels of production for the

year and produce approximately 410,000 ounces at total cash costs of approximately $230 per ounce.

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

March 31,

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

$

23.8 $

(0.2)

0.1

23.7 $

91,214

260 $

27.9

(0.3)

(3.8)

23.8

93,160

256

$

$

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 first quarter of 2003 were $9.2 million compared to $1.0 million

during 2002. The majority of capital expenditures incurred during the first quarter of 2003 were incurred to replace the

True North ore haulage fleet and certain mobile mining equipment used at the Fort Knox open pit.

Round Mountain Joint Venture (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 is an open pit mine capable of

mining and processing 170,000 tonnes of ore per day. Kinross’ share of gold equivalent production during the two-

month period of ownership in 2003 was 64,034 ounces at total cash costs of $192 per ounce. During this period,

Kinross’ share of operating costs were nominally over plan at $14.1 million. Kinross expects that its share of

estimated gold equivalent production for 2003 from the Round Mountain mine to be 330,000 ounces at total cash

costs of approximately $210 per ounce.

Reconciliation of the Round Mountain Mine Total Cash Costs per

Equivalent Ounce of Gold to C onsolidated Financial Statements

(millions except production in ounces and per ounce amounts)

Three Months Ended

March 31,

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

$

14.1

(0.3)

(1.5)

12.3

64,034

192

$

-

-

-

-

-

-

$

$

$

$

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”.

5



Kinross’ share of capital expenditures at the Round Mountain mine in the first quarter of 2003 was $0.3 million.

Kinross estimates its share of capital expenditures to be approximately $7.4 million for 2003. These capital

expenditures will be primarily incurred on the expansion of the dedicated leach pad, pit dewatering, and mobile

equipment purchases.

Porcupine Joint Venture (49% Ownership Interest) - Canada

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

formation of the joint venture combined the two companies’ gold mining operations in the Porcupine district in

Timmins, Ontario. The ownership of this unincorporated joint venture is 51% Placer and 49% by Kinross. Placer

contributed the Dome mine and mill and Kinross contributed the Hoyle Pond, Nighthawk Lake, and Pamour mines,

exploration properties in the Porcupine district and the Bell Creek mill.

Kinross’ share of gold equivalent production in the first quarter of 2003 was 47,580 ounces compared to 53,476 in

2002. Total cash costs were $257 per ounce of gold equivalent in the first quarter of 2003, compared to $144 in 2002.

The first quarter 2002 comparative data represents the results of operations from the Hoyle Pond mine that Kinross

owned 100% during the first half of 2002. Production during the first quarter of 2003 was lower due to lower than

planned mill throughput as a result of a failure of a secondary screen in the mill. During the first quarter Kinross’

share of operating costs were $1.6 million higher than planned at $13.8 million. Operating costs were negatively

impacted by a $1.2 million reduction in the amount of in process inventory, higher than planned fuel costs and higher

than planned energy costs due to the deregulation of the Ontario energy market.

On March 26, 2003, the joint venture reduced its staff by 43 people. The nearby Pamour mine is expected to

commence production, replacing any lost production from the eventual closure of the Dome mine. Kinross expects

that its share of estimated gold equivalent production for 2003 from the joint venture will remain at 219,000 ounces at

total cash costs of approximately $210 per ounce. The Porcupine operation exceeded budgeted gold production by

18% at lower than expected total cash costs per ounce in March. This positive trend continued in the month of April.

Expectations are that the shortfall in production that occurred in the first quarter will be overcome by the end of the

second quarter. The current forecast reflects cost savings resulting from reduced labour and electrical power.

Reconci liation 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

March 31,

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

$

13.8 $

(0.3)

(1.2)

-

12.3 $

47,580

257 $

9.0

(0.3)

(0.8)

(0.2)

7.7

53,476

144

$

$

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 first quarter of 2003 was $1.4 million

compared to $1.7 million during 2002. The majority of capital expenditures for 2002 were required to further advance

6



the 1060 ramp at the Hoyle Pond mine, underground development drilling at the Hoyle Pond mine and permitting and

engineering activities on the Pamour mine.

Kubaka Mine (98.1% Ownership Interest) – Russia

Kinross acquired its 54.7% ownership interest in the Kubaka open pit mine, located in the Magadan Oblast in far

eastern Russia in three transactions during 1998 and 1999. On December 3, 2002, Kinross entered into purchase

agreements with four Russian shareholders (holding in aggregate 44.17% of the shares of Omolon Gold Mining

Company (“Omolon”), the Russian joint stock company that owns the Kubaka mine). The four shareholders agreed

to tender their shares in Omolon and Omolon agreed to pay $44.7 million including certain transaction costs for these

shares. On March 26, 2003 the final of the four transactions closed resulting in Kinross owning 98.1% of Omolon.

Kinross’ share of gold equivalent production in the first quarter of 2003 was 30,050 ounces compared to 56,645 in

2002. Total cash costs were $188 per ounce of gold equivalent in the first quarter of 2003, compared to $141 in 2002.

During the first quarter Kinross’ share of operating costs were $0.1 million higher than planned at $5.7 million.

Although per ounce cash costs increased, total operating costs decreased during the first quarter of 2003, as Kinross

only processed the low-grade stockpiles. There were no mining activities during the quarter. Kinross will

supplement the processing of the low- grade stockpiles with underground ore from the North High Wall, Centre Zone

and the North Vein later in 2003. Kinross continues to actively pursue the nearby Birkachan and Tsokol deposits for

additional mineralization that will hopefully extend the life of Kubaka into 2005 and beyond. The extension of the

Exploration and Mining Licence for the Birkachan deposit was recently signed and it is now valid until 2012. With

the Birkachan Licence in place, Omolon will now begin the process of permitting the ore deposit with the production

targeted for the first quarter of 2004. The Tsokol deposit is already included within the Kubaka Mining Licence area.

After reflecting the above purchase agreements, estimated gold equivalent production for Kinross from the Kubaka

mine in 2003 is 188,000 ounces at total cash costs of approximately $190 per ounce.

Reconciliation of the Kubaka 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

March 31,

2003

2002

Operating costs per financial statements

Site restoration cost accruals

Change in bullion inventory

Management fees

Operating costs for per ounce calculation purposes

Gold equivalent production – ounces

Total cash costs per equivalent ounce of gold

$

5.7 $

(0.1)

-

0.1

5.7 $

30,050

188 $

7.0

(0.2)

0.9

0.3

8.0

56,645

141

$

$

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 Kubaka mine in the first quarter of 2003 were $0.1 million compared to

$0.1 million during 2002. Kinross acquired the mining equipment for the underground mining program at Kubaka

early in the second quarter and has now commenced mining.

Brasília Mine (49% Ownership Interest) – Brazil

Kinross acquired its ownership interest in the Brasília mine, located in the State of Minas Gerais, Brazil upon

completion of the combination with TVX on January 31, 2003. Brasília is an open pit mine capable of mining and

milling 55,000 tonnes of ore per day. Kinross’ share of gold equivalent production during the two-month period of

7



ownership in 2003 was 16,958 ounces at total cash costs of $166 per ounce. During this period, Kinross’ share of

operating costs were $0.3 million higher than planned at $3.6 million. Kinross expects that its share of estimated gold

equivalent production for 2003 from the Brasília mine to be 97,000 ounces at total cash costs of approximately $175

per ounce.

Reconciliation of the Brasília 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

March 31,

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

$

3.7 $

(0.1)

(0.8)

2.8 $

16,958

166 $

-

-

-