Toronto, Ontario -

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

announced today the results for

the three months ended March 31, 2002 are as follows:

q

Financials

Notes To First Quarter Interim Consolidated Financial Statements

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

In the first quarter of 2002, the Company’s three primary mines produced more gold equivalent ounces

at slightly higher total cash costs per ounce than the first quarter of the previous year. Excluding the

cash gain on the restructuring of gold forward sales contracts during the first quarter of 2001, cash

flow provided from operating activities improved dramatically in the first quarter of 2002 when

compared to the first quarter of 2001. During the quarter, the Company continued with its strategy to

reduce the outstanding convertible preferred shares of Kinam (“Kinam Preferred Shares”), thus

improving the perceived quality of our balance sheet. During the first quarter the Company’s net free

cash balance increased by $9.0 million. “We continue to remain focused on our total obligations and on

reducing those wherever possible” Robert M Buchan, Chairman and Chief Executive Officer said,

“During the first quarter we repaid $10.5 million of long-term debt and completed a cash tender offer

acquiring Kinam Preferred Shares with a book value of $35.6 million for $10.4 million”.

First Quarter Consolidated Results

Gold equivalent production of 225,302 ounces at total cash costs of $197 per ounce, combined with

positive changes in working capital resulted in cash flow provided from operating activities of $19.9

million or $0.06 per share during the first quarter of 2002. This compares to gold equivalent production

of 239,352 ounces at total cash costs of $191 per ounce that resulted in cash flow provided from

operating activities of $32.7 million or $0.11 per share during the first quarter of 2001, which included

$21.1 million or $0.07 per share of proceeds from the restructuring of gold forward sales contracts.

The Company recorded a net loss of $7.9 million or $0.03 per share for the first quarter of 2002,

compared to a net loss of $3.5 million or $0.02 per share for the first quarter of 2001. The 2001 first

quarter results as well as the December 31, 2001 balance sheet have been restated to comply with the

new Canadian GAAP treatment of unrealized foreign exchange gains (see Note 2 to the Consolidated

Financial Statements for details of this restatement).

Revenues

Gold and Silver Sales

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

231,673 ounces of gold during the first quarter of 2002, compared with 229,909 ounces in 2001.

Revenue from gold and silver sales was $68.8 million in the first quarter of 2002 compared with $64.1

million in 2001. Revenue from gold and silver sales in the first quarter of 2002 was higher than 2001

due to higher realized prices. In the first quarter of 2002, the Company realized $295 per ounce of

gold, compared with $277 in 2001. The average spot price for gold was $290 per ounce in the first



quarter of 2002 compared with $264 in 2001.

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 periods. The resulting ratios are 64.70:1 in

2002 and 58.06:1 in 2001.

Interest and Other Income

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

other income during the first quarter of 2002 totaled $1.2 million compared with $2.5 million in 2001.

Interest and other income in the first quarter of 2002 declined due to lower interest earned on cash

deposits due to substantially lower interest rates.

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

Premiums received at the inception of written call options are recorded as a liability at the time of

issuance. Changes in the fair value of the liability are recognized in earnings. The change in fair value

of the written call options during the first quarter of 2002 resulted in a mark to market loss of $1.0

million compared with a gain of $3.1 million in 2001.

Costs and Expenses

Operating Costs

Gold sales in the first quarter of 2002, (excluding equity accounted ounces) increased by 1% when

compared with 2001 first quarter sales, while operating costs increased by 5%. Consolidated operating

costs were $46.8 million in the first quarter of 2002 compared to $44.7 million in 2001. Total cash

costs per ounce of gold equivalent produced were $197 in the first quarter of 2002 compared to $191

in 2001. Total cash costs per ounce of gold equivalent in the first quarter of 2002, when compared to

2001, improved at the Hoyle Pond mine, remained constant at the Kubaka mine and increased at the

Fort Knox mine.

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.



Details of the individual mine performance are discussed in the following sections.

Fort Knox Mine

The Fort Knox open pit mine, located near Fairbanks, Alaska includes the results of operations for both

the True North and Fort Knox open pit mines. Gold equivalent production in the first quarter of 2002

was 93,160 ounces compared to 100,347 in 2001. During the first quarter of 2002, total cash costs

were $256 per ounce of gold equivalent compared to $186 in 2001. Cash production costs were $5.2

million higher than the first quarter of 2001 due primarily to the operation of the True North mine,

which was not active during the same period in 2001. Total cash costs per ounce exceeded plan by 7%

due primarily to lower than reserve grades coming from the Fort Knox open pit. The current mine plan

has mining of this lower grade portion of the Fort Knox open pit ending in the second quarter of 2002.

The True North open pit provided slightly higher than anticipated grades demonstrating a much-

improved reconciliation with the revised True North reserve model. Also impacting costs during the first

quarter of 2002 when compared to 2001 was significant planned maintenance spending on the Fort

Knox operating fleet. This maintenance effort will be completed early in the second quarter resulting in

reduced costs and higher equipment availability and production for the remainder of the year.

Estimated production and total cash costs per ounce for the year remain unchanged from previous

estimates of 440,000 ounces of gold equivalent at total cash costs of $210 per ounce.

Capital expenditures at the Fort Knox operations during the first quarter of 2002 were $1.0 million

compared with $7.9 million during 2001. Capital expenditures during the first quarter of 2002 involved

engineering and design work on the new thickener at the Fort Knox mill and the purchase of a road

grader for the True North mine.

Hoyle Pond Mine

The Hoyle Pond underground mine is located in Timmins, Ontario. Gold equivalent production in the

first quarter of 2002 was 53,476 ounces compared to 36,066 ounces in 2001. In the first quarter of

2002, total cash costs were $144 per ounce of gold equivalent compared to $208 in 2001. Cash

production costs were on plan during the first quarter of 2002, unchanged from 2001. Higher gold

equivalent production due to a 28% increase in the grade of ore processed, and a 7% increase in mill

tonnages processed, resulted in the lower per ounce total cash costs.

Capital expenditures at the Hoyle Pond operations during the first quarter of 2002 were $1.7 million

compared to $3.0 million during 2001. Capital expenditures during the first quarter of 2002 were

required to further advance the 1060 ramp, underground development drilling and underground fleet

replacements.



The Company is currently involved in completing due diligence and negotiating the joint venture

agreement with Placer Dome Inc. that will combine the two companies operations in the Porcupine

mining camp located in Timmins, Ontario. Once completed and effective, which is anticipated to be

early in the third quarter of 2002, the Company will provide revised estimates of its share of

production, total cash costs and capital expenditures for 2002. Preliminary expectations, based on an

assumed effective date of July 1, 2002 for the joint venture are for Kinross Timmins gold production in

2002 to grow to almost 200,000 ounces at total cash costs of approximately $175 per ounce.

Kubaka Mine (54.7% Ownership Interest)

The Kubaka open pit mine is located in the Magadan Oblast in the Russian Far East. The Company’s

share of gold equivalent production in the first quarter of 2002 was 56,645 ounces compared to 56,175

ounces in 2001. In the first quarter of 2002, total cash costs were $141 per gold equivalent ounce

unchanged from 2001. The Kubaka mine continues to perform exceptionally well. Cash production

costs were on plan during the first quarter of 2002, unchanged from 2001. In the first quarter of 2002,

mill tonnages processed declined by 7%, which was compensated by an 8% increase in the grade of

the ore processed.

Open pit mining operations at Kubaka will continue until the third quarter of 2002. After the open pits

are exhausted, gold reserves will be mined in the North High Wall, Center Zone and North Vein using

underground mining methods. This program is scheduled to start in the third quarter of 2002 and

continue through the second quarter of 2003. Currently, final approval of mine plans is being sought

for these projects.

Exploration activities at the Birkachan project continued during the quarter. The Company completed a

preliminary estimate of mineral resources, for the Birkachan project during the first quarter. The

Company is pleased to announce the inferred resources (100% basis) are estimated to contain 726,700

tonnes at a grade of 18.76 grams per tonne for approximately 438,000 ounces of gold. The Company

has commenced the process of converting the exploration license at Birkachan to a mining license.

Other Operations

In addition to its primary operating mines, the Company has ownership interests in other locations

including the Refugio mine, which is in residual leach production and the Blanket mine in Zimbabwe.

Gold equivalent production at these locations during the first quarter of 2002 was a total of 22,021

ounces of gold equivalent at total cash costs of $219 per ounce.

Other Expenses

General, administration and exploration expenditures totaled $4.4 million in the first quarter of 2002

compared with $4.6 million in 2001. The Company continues to focus on containment of its overhead

costs, but anticipates higher exploration spending during the next three quarters. Exploration activities

will increase as the Company completes the exploration programs required to expend the flow-through

funds raised in late 2001.

Depreciation, Depletion and Amortization

Depreciation, depletion and amortization totaled $21.8 million during the first quarter of 2002

compared with $19.4 million in 2001. Depreciation, depletion and amortization have increased to $94

per equivalent ounce of gold sold in the first quarter of 2002, from $84 in 2001. Depreciation, depletion

and amortization increased primarily due to a change in the mix of production at the Fort Knox Mine.

The True North production has a higher per ounce charge than the Fort Knox production.

Interest Expense on Long-Term Liabilities



Interest expense on long-term liabilities totaled $1.5 million during the first quarter of 2002, compared

with $2.6 million in 2001. Interest expense on long-term liabilities during the first quarter of 2002 is

comprised of $0.6 million related to the Fort Knox industrial revenue bonds and capital leases, $0.7

million on the debt component of convertible debentures and the balance on the Kubaka project

financing debt. Interest expense decreased in 2002 due to lower debt balances outstanding and lower

interest rates.

Provision for Income and Mining Taxes

Provision for income and mining taxes totaled $1.4 million during the first quarter of 2002 compared

with $1.0 million in 2001. Income taxes during the first quarter of 2002 comprised of $1.3 million of

Russian income taxes and Canadian large corporations tax of $0.1 million.

Dividends on Convertible Preferred Shares of Subsidiary Company

Cumulative dividends accrued on the convertible preferred shares of subsidiary company (“Kinam

Preferred Shares”) held by non-affiliated shareholders were $0.8 million during the first quarter of 2002

compared with $1.7 million in 2001. A lower number of Kinam Preferred Shares held by non-affiliated

shareholders when compared with the first quarter of 2001 resulted in the lower dividend accrual.

Liquidity and Financial Resources

Operating Activities

Cash flow provided from operating activities during the first quarter of 2002 was $19.9 million

compared with $32.7 million in 2001. Included in the first quarter 2001 cash flow from operating

activities was $21.1 million of cash flow generated upon the restructuring of certain spot deferred

forward sales contracts. The first quarter 2002 cash flow from operating activities was positively

effected by nominally higher gold sales and a 6% increase in average realized gold prices. The 2002

cash flow from operating activities was used to finance capital expenditures and service existing debt.

Financing Activities

During the first quarter of 2002, the Company completed an equity issue and issued 23.0 million

common shares from treasury for net proceeds of $18.5 million. The majority of the funds received

were used on March 28, 2002 to acquire Kinam Preferred Shares with a book value of $35.6 million for

$10.4 million ($11.1 million including costs of the tender offer).

The debt component of convertible debentures was reduced by $1.3 million during the first quarter of

2002 compared to $1.3 million during 2001. Long-term debt repayments were $10.5 million during the

first quarter of 2002 compared to $24.3 million during 2001. Long-term debt repayment during the

first quarter of 2002 were comprised of $9.0 million of the Fort Knox industrial revenue bonds, $1.0

million of capital leases and $0.5 million of Kubaka project financing debt.

The Company did not declare and pay any dividends on the Kinam Preferred Shares during the first

quarter of 2002 or 2001.

As at March 31, 2002, the Company had a $50.0 million operating line of credit in place with a bank

syndicate, which is utilized for letters of credit purposes. As at March 31, 2002, $54.0 million of letters

of credit were issued under this facility, which required the Company to restrict $4.0 million of cash as

security for the excess letters of credit outstanding. The Company has extended the final maturity date

of the operating line of credit to April 2, 2003. The Company is currently in the process of re-marketing

this credit facility with the intention of increasing its size and extending the final maturity date.



As at March 31, 2002, the Company’s long-term debt consists of $3.7 million relating to the Kubaka

project financing, $40.0 million of Fort Knox industrial revenue bonds and various capital leases and

other debt of $9.9 million. The current portion of the long-term debt is $22.1 million.

Investing Activities

Capital expenditures decreased by 73% in the first quarter of 2002 compared with 2001. During the

first quarter of 2002, $3.1 million was spent on capital additions, compared to $11.5 million in 2001.

The first quarter 2002 capital expenditures focused primarily on the Hoyle Pond and Fort Knox

operations with 90% of total capital expenditures incurred at these two mines. 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 March 31, 2002 are as follows:

The fair value of the call options sold is recorded in the financial statements at each measurement

date. The fair value of the gold forward sales and spot deferred forward sales contracts was negative

$14.2 million

Contingencies

The Company has been named as a defendant in a class action complaint filed on or about April 26,

2002, entitled

Robert A. Brown, et al.v. Kinross Gold U.S.A., Inc., et al.,

Case No. CV-S-02-0605-KJD-

RJJ, brought in the United States District Court for the District of Nevada. The complaint names as

defendants the Company, its subsidiary, Kinross Gold U.S.A., Inc., its subsidiary Kinam Gold Inc., and

Robert M. Buchan. The complaint is based on claims arising out of the purchase of the Kinam Preferred

Shares by the Company. The complaint seeks damages in cash or by the issuance of common shares of

the Company. The Company believes this claim is without merit and plans to vigorously defend the

litigation.

Outlook

As at March 31, 2002, the Company has $78.3 million of working capital, which includes a strong cash

balance. The Company is continually focused on improving its balance sheet by reducing its obligations.

In addition, the recently announced intent to form the Porcupine Area Joint Venture with Placer Dome

combined with improved cash flow from operating activities due to higher spot gold prices should allow



the Company to pursue opportunities as they present themselves.

Mr. Buchan, Chairman and CEO, is also pleased to announce the appointment of Mr. Scott Caldwell to

the positions of President and Chief Operating Officer. Mr. Caldwell, previously Senior Vice President of

Operations for Kinross, assumes this role following the appointment of Art Ditto, previously President

and COO, to the position of Vice Chairman. Mr. Buchan stated “We welcome Scott to his new positions

and thank Art for his contributions over the years and we look forward to his continued strategic

counsel to the Company’s operations and development efforts in his new role.”

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.

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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Gold Equivalent Production - Ounces

Cash Operating Costs

Gold Production and Cost Summary

Consolidated Balance Sheets

Consolidated Statements of Operations

Consolidated Statements of Cash Flows

Notes To First Quarter Interim Consolidated Financial Statements

Kinross Gold Corporation

Gold Equivalent Production - Ounces



Kinross Gold Corporation

Cash Operating Costs



Kinross Gold Corporation

Gold Production and Cost Summary



Kinross Gold Corporation

Consolidated Balance Sheets





Kinross Gold Corporation

Consolidated Statements of Operations



Kinross Gold Corporation

Consolidated Statements of Cash Flows



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NOTES TO FIRST QUARTER INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Basis of Presentation

The interim consolidated financial statements (the “financial statements”) of Kinross Gold Corporation (the

“Company”) have been prepared in accordance with the accounting principles and methods of application

disclosed in the consolidated financial statements for the year ended December 31, 2001, except for those

indicated below.

The accompanying interim unaudited consolidated financial statements include all adjustments that are, in

the opinion of management, necessary for a fair presentation. These financial statements do not include all

disclosures required by Canadian Generally Accepted Accounting Principles for annual financial statements,

and accordingly the financial statements should be read in conjunction with the financial statements and

notes thereto contained in the Company’s annual report for the year ended December 31, 2001.

2. New Pronouncements

Effective January 1, 2002, the Company adopted the new Canadian Institute of Chartered Accountants

("CICA") recommendations for foreign currency translation. This standard eliminates the practice of

deferring and amortizing unrealized translation gains and losses on foreign currency denominated

monetary items that have a fixed or ascertainable life extending beyond the end of the fiscal year

following the current reporting period. Foreign exchange gains and losses arising on translation of these

monetary items are now included in the determination of current period losses. The Company previously

had unrealized foreign exchange gains and losses on converting the debt component of Canadian dollar

dominated convertible debentures to U.S. dollars. In addition, the Canadian dollar denominated

retractable preferred shares were translated to U.S dollars at the historical rate on the date of issue. The

adoption of this new standard has been applied retroactively, with prior year comparative amounts

restated. The effects on the consolidated financial statements are as follows:

Change in Statement of Operations and Deficit amounts:

($ millions)

Increase in foreign exchange gain for the three months ended March 31, 2001

Decrease in net loss for the three months ended March 31, 2001

Decrease in deficit - December 31, 2000

Decrease in deficit - December 31, 2001

2001

1.4

(1.4)

2.2

2.8

3. Financial Instruments

The Company manages its exposure to fluctuations in commodity prices, foreign exchange rates and

interest rates by entering into derivative financial instrument contracts in accordance with the formal risk

management policy approved by the Company’s Board of Directors. The Company does not hold or issue

derivative contracts for speculative or trading purposes.

Realized and unrealized gains or losses on derivative contracts, that qualify for hedge accounting, are

deferred and recorded in income when the underlying hedged transaction is recognized. Gains on the



early settlement of gold hedging contracts are recorded as deferred revenue on the balance sheet and

included in income over the original delivery schedule of the hedged production.

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

value of the liability are recognized currently in earnings. In the first quarter of 2002, the mark-to-market

adjustments increased the liability by $1.0 million.

4. Acquisition of Convertible Preferred Shares of Subsidiary Company

In 2001, the Company embarked on a strategy to reduce the outstanding book value of the Convertible

Preferred Shares of Subsidiary Company (“Kinam Preferred Shares”). The benefit to future consolidated

results would be a reduced accrual of the dividends on the Kinam Preferred Shares and lower non-cash

charges, such as depreciation, depletion and amortization, due to a negative purchase price discrepancy

resulting from the transaction being applied to the carrying value of property, plant and equipment since

the Kinam Preferred Shares were trading at a discount to their book value. During 2001, the Company

acquired 945,400 Kinam Preferred Shares with a book value of $48.9 million in exchange for 24,186,492

common shares of the Company valued at $23.2 million. The $25.7 million difference in value associated

with this transaction was applied against the carrying value of certain property, plant and equipment.

Continuing with the strategy to reduce the outstanding book value of the Kinam Preferred Shares, the

Company completed an equity offering in February, 2002, and issued 23,000,000 common shares from

treasury for gross proceeds before costs of the issue of $19.5 million. The majority of funds raised will be

used to complete a $16.00 per share cash tender offer for the Kinam Preferred Shares owned by non-

affiliated shareholders. On March 28, 2002, 652,992 Kinam Preferred Shares were tendered under the

cash tender offer and after extending the offer an additional 17,730 Kinam Preferred Shares were

tendered on April 4, 2002, leaving 223,878 or 12.2% of the issued and outstanding Kinam Preferred

Shares held by non-affiliated shareholders. The Company has commenced de-registration of the Kinam

Preferred Shares and once completed, the Company anticipates completing a merger between Kinam and

a newly created wholly owned subsidiary of the Company in which the remaining non-affiliated

shareholders will receive $16.00 cash for each of their Kinam Preferred Shares. On March 28, 2002, the

652,992 Kinam Preferred Shares tendered had a book value of $35.6 million and were purchased by the

Company for $10.4 million ($11.1 million including costs of the tender offer). The $24.5 million difference

in value associated with this transaction was applied against the carrying value of certain property, plant

and equipment.

5. Segmented Information

The Company operates five gold mines: Hoyle Pond, located in Ontario, Canada; Kubaka (54.7%

ownership), located in Russia; Fort Knox, located in Alaska, United States; Blanket, located in Zimbabwe;

and Refugio (50.0% ownership), located in Chile. In addition to its producing gold mines, the Company

has an 85.9% interest in E-Crete, a producer of aerated concrete, several other gold mining assets in

various stages of reclamation, closure, care and maintenance and development, and two corporate offices

in Canada and the United States. As the products and services in each of the reportable segments, except

for the corporate activities, are essentially the same, reportable segments have been determined at the

level where decisions are made on the allocation of resources and capital, and where complete internal

financial statements are available.