40 King Street West, 52

nd

Floor

Toronto, ON M5H 3Y2

Tel: 416 365 5123

Fax: 416 363 6622

Toll Free: 866-561-3636

PRESS RELEASE

February 15, 2006

Kinross announces financial results for

the nine months ended September 30, 2005

Status update on regulatory filings

Toronto, Ontario

– Kinross Gold Corporation (TSX-K; NYSE-KGC) (“Kinross” or the

“Company”), the third largest primary gold producer in North America, announced today

its unaudited results for the nine months ended September 30, 2005. As previously

committed this week, Kinross has also completed filing its restated financial statements

for 2003 and 2004 and the respective interim periods.

Kinross has previously discussed operating results in its press release dated November

21, 2005.

(All dollar amounts in this press release are expressed in U.S. dollars, unless otherwise noted)

2005 nine-month summary

(to September 30, 2005)

•

Production on plan with 1.23 million ounces at a total cash cost

1

of approximately

$272 per ounce;

•

Revenues rose 10% to $535.5 million and cash flow from operating activities

increased 6% to $109.9 million compared to the same period last year;

•

The Company reported a net loss of $(61.7) million or $(0.18) per share, including a

non-cash foreign currency impact on future tax liabilities totaling $22.9 million and a

non-cash write-down of the Aquarius property of $36.8 million;

•

Kinross increased proven and probable reserve estimates at its Paracatu mine by 4.8

million ounces;

•

Kinross had a cash position of $81.6 million and $42 million available on its revolving

credit facility.

“This is an exceptional time for Kinross. We’re now in a position to fully capitalize on a

historic point in the gold market and for our Company,” said Tye Burt, President and

Chief Executive Officer of Kinross Gold Corporation. “I am pleased that we have turned

the page on merger accounting matters and resolved the questions related to the 2003

acquisitions. We will be up to date in our financial reporting with the release of the

restated financial statements and our results for the first three quarters of 2005,” said

Total cash costs per equivalent ounce of gold is a non-GAAP measure. Please see the disclosure following the

Forward Looking Statements section at the end of this release.

1



Burt. “Moving forward, our strategic objective is to maximize net asset value and cash

flow per share. To do that, we are executing a four-point plan: (1) growth from core

operations; (2) expanding our capacity for the future; (3) attracting and retaining the

best people in the industry; and (4) driving new opportunities from exploration and

acquisitions. For example, our exploration team had great success by increasing

reserves at Paracatu by an additional 4.8 million ounces to 13.3 million ounces, making

it a truly world-class ore body.”

For the nine months ended September 30, 2005, the Company reported a net loss of

$(61.7) million or $(0.18) per share, compared to restated net earnings of $24.9 million

or $0.07 per share for the same period in 2004. The nine-month period ended

September 30, 2005 includes a non-cash foreign currency impact on future tax liabilities

totaling $22.9 million or $0.07 per share and a write-down of the Aquarius property of

$36.8 million or $0.11 per share. The nine-month period ended September 30, 2004

has been restated to account for the correction of a non-cash foreign currency impact

on future tax liabilities, which had a negative impact to earnings of $1.0 million.

The Company’s share of gold equivalent ounces sold for the first nine months of 2005

was similar to the corresponding period of 2004. Increased attributable production at

Paracatu, Fort Knox, Kubaka, Musselwhite, Crixas and Refugio was offset by lower

production resulting from the shutdown of New Britannia and Lupin and lower

production from La Coipa, Round Mountain and Kettle River.

For the nine months ended September 30, 2005, Kinross revenues rose 10% to $535.5

million from $487.6 million in the first nine months of 2004. The higher revenue was

primarily due to the higher number of gold equivalent ounces sold and a higher realized

gold price. The Company sold 1.2 million ounces of gold at a realized price of $430 per

ounce, while the average spot gold price was $432 per ounce.

The cost of sales increase in 2005 was due to the inclusion of 100% of Paracatu (up

from 49% in 2004) and higher costs across the Company’s operating mines with the

exception of Fort Knox. The higher operating costs are mainly a result of the stronger

Brazilian, Chilean and Canadian currencies against the U.S. dollars and higher prices

for energy, fuel and other supplies.

General and administrative expenses for the nine months ended September 30, 2005,

were $33.8 million, $11.8 million higher than 2004. This increase was largely as a result

of the increased professional fees due to the review of the accounting for the acquisition

of TVX and Echo Bay, severance expenses, and the strength of the Canadian dollar.

For the nine months ended September 30, 2005, cash flow from operating activities

increased 6% to $109.9 million in 2005 compared to $103.3 million in the same period

of 2004. The increase in cash flow is primarily as a result of the higher realized gold

price. During the nine month period ending September 30, 2005, cash increased by

$33.7 million to $81.6 million.

Financial Results For The Nine-months Ended September 30, 2005

Page 2



Key financial and operating highlights

(in millions of U.S. dollars, except per share amounts)

(Unaudited, Canadian GAAP)

Three months ended

September 30,

2005

2004

$

$

$

$

$

$

$

406,195

181.1

113.1

36.9

(44.4)

(0.13)

345.3

52.5

32.8

$

$

$

$

$

$

$

412,196

174.6

107.8

-

5.5

0.02

346.2

62.9

46.8

Nine months ended

September 30,

2005

2004

1,230,272

$ 535.5

$ 337.2

$

37.5

$

(61.7)

$

(0.18)

345.2

$ 109.9

$ 109.5

1,229,300

$ 487.6

$ 298.2

$

-

$

24.9

$

0.07

346.0

$ 103.3

$ 107.0

Production

(ounces of gold equivalent)

Metal sales

Cost of sales

Impairment charges

Net earnings (loss)

Net earnings (loss) per share - basic

Weighted average common shares outstanding - basic

Cash flow provided from operating activities

Capital expenditures

2005 full year outlook

The Company achieved its target for full year production of 1.6 million gold equivalent

ounces and expects total cash costs

1

of approximately $275 - $280 per ounce. Cash

flow from operating activities remains strong, and will continue to be used to fund capital

expenditures for the Company’s growth projects. Capital expenditures for 2005 were

approximately $165 million.

Sale of non-core assets

As previously disclosed, Kinross has agreed to sell the Aquarius property near Timmins,

Ontario, to St Andrew Goldfields in return for an approximate 14 per cent ownership

stake in the company. The Aquarius property is located seven kilometers from St

Andrew's Stock Gold Complex near Timmins. St Andrew will hold the largest land

position in the prolific Timmins gold camp. This transaction results in a write-down of

$36.8 million in the third quarter of 2005. Though the agreement with St Andrew was

signed in the fourth quarter of 2005, the Company made the decision to sell the property

in the third quarter resulting in a write-down of its book value to the sale price.

As previously disclosed, Kinross sold part of its holding in Kinross Forrest Ltd. during

the third quarter. In the fourth quarter of 2005, Kinross sold its Norseman property for

$1.7 million. Kinross also sold its positions in Cumberland Resources Ltd. and other

equity holdings.

Other developments

Kinross maintains a no-hedging policy on gold revenues, however, the Company does,

from time to time, generate premiums through the sale of call positions and sells gold

forward for cash management purposes. The Company limits these positions in both

size and duration. At September 30, 2005, the Company had spot deferred contracts to

deliver 125,000 ounces of gold in the fourth quarter of 2005, having a mark-to-market

loss of $1.7 million based on the spot price of gold of $473 as at that date.

Financial Results For The Nine-months Ended September 30, 2005

Page 3



As at September 30, 2005, the Company had sold call options on 100,000 ounces of

gold. Mark-to-market loss on the call options sold totaled $0.8 million for the nine

months ended September 30, 2005. This amount was recorded in third quarter

earnings. At December 31, 2005, the company had sold 255,000 ounces of call options

at an average strike price of $522 per ounce. This position has been reduced to

100,000 ounces of call options sold and is not expected to exceed that level in the

future. Kinross' no-hedging policy on gold remains in effect.

2006 outlook

Kinross plans to produce 1.44 million ounces in 2006 at total cash costs

1

of

approximately $285 - $295 per ounce. Capital spending is expected to be $285 million,

$115 million for sustaining capital and $170 million in capital expansions, primarily at

Paracatu, Kettle River, Fort Knox and Round Mountain.

“2006 represents the transition year in our operational profile,” said Burt. “We have

closed non-core operations. We are focusing our capital expenditure program on core

operations to drive production and margin growth in 2007 and beyond.”

Planned exploration spending will increase in 2006 by approximately 30% to $26.3

million. Exploration will focus on Kinross’ core assets with a goal of replacing reserves

at existing locations and adding new projects and investment opportunities.

Status update regarding regulatory filings

This press release serves as a status up-date pursuant to the alternative information

guidelines (the “Alternative Information Guidelines”) of the Ontario Securities

Commission (“OSC”) Policy 57-603 and Canadian Securities Administrators Staff Notice

57-301. Kinross filed its restated financial statements for the years ended December 31,

2003 and 2004 and the corresponding management’s discussion and analysis

("MD&As") on February 15, 2006. The statements, along with their respective MD&As

will be accessible on its website,

www.kinross.com,

or from SEDAR (www.sedar.com)

or Edgar (www.sec.gov).

Kinross will file within the next two days its Annual Information Form for the year ended

December 31, 2004 (and corresponding Form 40-F in the United States) and its

quarterly financial statements and MD&As for the first three quarters of the year 2005.

Once these filings are completed, Kinross will be current with its regulatory filings and

therefore, the management cease trade order issued by the OSC on April 14, 2005 and

the similar order subsequently issued by the Nova Scotia Securities Commission

prohibiting certain directors, officers and insiders of Kinross from trading securities of

Kinross will be lifted two full business days after the date of filing. In addition, Kinross

advises that after the completion of these filings, it will cease reporting pursuant to the

Alternative Information Guidelines.

Financial Results For The Nine-months Ended September 30, 2005

Page 4



Conference call details

Kinross will host a conference call on February 16, 2006 at 2 p.m. EST / 11 a.m. PST to

discuss the third quarter results announcement followed by a question and answer

session.

To access the call, please dial:

Toronto and internationally

– 416-644-3414

Toll free in North America

– 1-800-814-4860

Replay: (available Feb. 16 – Mar. 2, 2006)

Passcode – 21177379#

Toronto and internationally

– 416-640-1917

Toll free in North America

– 1-877-289-8525

The conference call will also be available on a listen-only basis via webcast. The

webcast can be accessed and will be archived at www.kinross.com.

About Kinross Gold Corporation

Kinross Gold, a world-class gold company based in Canada, has since 1993 become

the third largest primary gold producer in North America and the seventh largest in the

world. With nine mines in stable countries including Canada, the United States, Brazil

and Chile, Kinross employs more than 4,000 people worldwide. In 2006, Kinross is

expected to produce 1.44 million ounces of gold equivalent at total cash costs

1

of

approximately $285 - $295 per ounce.

Kinross enjoys manageable levels of debt and a no-hedging policy maximizing cash

flow, revenues and profit margins per ounce of gold. By expanding existing operations,

increasing exploration spending and seeking prudent acquisitions, Kinross is generating

shareholder value and growth.

Kinross’ financial results for the first, second and third quarter of 2005 will be available

at

www.kinross.com

upon filing.

Kinross maintains listings on the New York Stock Exchange (symbol:KGC) and on the

Toronto Stock Exchange (symbol:K).

Financial Results For The Nine-months Ended September 30, 2005

Page 5



Forward Looking Statements

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, expected production and exploration results, expected costs and expenditures and future

plans and objectives of Kinross Gold Corporation, 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.

Total cash costs per equivalent ounce of gold is calculated in accordance with The Gold Institute

Production Cost Standard (the “Standard”). Adoption of the Standard is voluntary, but is used in order to

give the reader comparative data to our peers. Total cash costs per equivalent ounce of gold has no

standardized meaning under generally accepted accounting principles and therefore may not be

comparable to similar measures presented by other issuers. Total cash costs per equivalent ounce of

gold is furnished to provide additional information and is a non-GAAP measure. This measure should not

be considered in isolation as a substitute for measures of performance prepared in accordance with

generally accepted accounting principles and is not necessarily indicative of operating expenses as

determined under generally accepted accounting principles. This measure is intended to provide

investors with information about the cash generating capabilities (realized revenue, net of total cash costs

per ounce) of the mining operations. The Company uses this information for the same purpose and for

assessing the performance of its mining operations. Mining operations are capital intensive. The measure

total cash costs excludes capital expenditures but is reconciled below to total operating costs for each

mine. Capital expenditures require the use of cash in the current period, and in prior periods and are

discussed in the Company’s filings.

The technical information about the Company’s material mineral properties contained in this press

release has been prepared under the supervision of Mr. Rod Cooper, an officer of the Company, who is a

“qualified person” within the meaning of National Instrument 43-101.

For additional information, e-mail

info@kinross.com

or contact:

Tracey M. Thom

Director, Investor Relations

& Communications

Tel. (416) 365-1362

Financial Results For The Nine-months Ended September 30, 2005

Page 6



Revenue Analysis

(in millions, except per ounce amounts)

(Unaudited, Canadian GAAP)

Three months ended

September 30,

2004

2005

406,195

399,372

177.6

(1.8)

175.8

445

(5)

440

440

5.3

181.1

412,196

425,443

171.3

(3.8)

167.5

403

(9)

394

401

7.1

174.6

Nine months ended

September 30,

2004

2005

1,230,272

1,200,377

$

520.7

(4.6)

$

516.1

$

434

(4)

$

430

$

432

$

19.4

$

535.5

1,229,300

1,191,306

$

479.8

(10.1)

$

469.7

$

402

(9)

$

393

$

401

$

17.9

$

487.6

Gold equivalent production – ounces

Gold sales – ounces

Gold sales – revenue

Gold deferred revenue (expense) realized

Total gold revenue realized

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

Total metal sales

$

$

$

$

$

$

$

$

$

$

$

$

$

$

The following table reconciles cost of sales per consolidated financial statements to total

cash costs per equivalent ounce of gold presented above.

Total Cash Cost Reconciliation

(millions except production in ounces and per ounce amounts)

Three months ended

September 30,

2004

2005

$

Nine months ended

September 30,

2004

2005

Cost of sales per financial statements

Change in bullion inventory

Operating costs not related to gold production

Total cash costs for per ounce calculation purposes

Gold equivalent production – ounces

Total cash costs per equivalent ounce of gold

113.1 $ 107.8 $

337.2 $

298.2

0.5

(8.4)

3.4

(0.5)

(0.7)

(0.7)

(6.1)

(3.1)

$

112.9 $

98.7 $

334.5 $

294.6

406,192

412,196 1,230,272 1,229,300

$

278 $

239 $

272 $

240

2005 Quarterly Operating and Financial Summary

(in millions except ounces and per share amounts)

Three months ended

March 31,

June 30,

September 30,

2005

2005

2005

$

$

$

$

$

410,480

429

179.8

(0.9)

-

26.8

$

$

$

$

$

413,597

421

174.6

(16.4)

(0.05)

30.6

$

$

$

$

$

406,195

440

181.1

(44.4)

(0.13)

52.5

Gold equivalent ounces - produced

Average realized gold price ($/ounce)

Metal sales

Net earnings (loss)

Basic and diluted earnings (loss) per share

Cash flow from operating activities

(a)

Financial Results For The Nine-months Ended September 30, 2005

Page 7



Consolidated balance sheets

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

As at

September 30,

2005

Assets

Current assets

Cash and cash equivalents

Restricted cash

Short-term investments

Accounts receivable and other assets

Inventories

Property, plant and equipment

Goodwill

Long-term investments

Deferred charges and other long-term assets

$

Liabilities

Current liabilities

Accounts payable and accrued liabilities

Current portion of long-term debt

Current portion of reclamation and remediation obligations

Long-term debt

Reclamation and remediation obligations

Future income and mining taxes

Other long-term liabilities

Redeemable retractable preferred shares

Commitments and Contingencies

Non-controlling interest

Convertible preferred shares of subsidiary company

Common shareholders' equity

Common share capital and common share purchase warrants

Contributed surplus

Accumulated deficit

Cumulative translation adjustments

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