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

Kinross Announces First Quarter Positive Earnings and Cashflow

May 10, 2004…Toronto, Ontario – Kinross Gold Corporation

(TSX-K; NYSE-KGC) (“Kinross” or the

“Company”) announced today the unaudited results for the three months ended March 31, 2004, as follows:

All results are expressed in United States dollars, unless otherwise stated, and are unaudited. The combination with TVX

Gold Inc. (“TVX”) and Echo Bay Mines Ltd. (“Echo Bay”) was accounted for as a purchase with an effective date of

January 31, 2003. Accordingly, the financial statements and gold equivalent production statistics for the first quarter of

2003 reflect operating results for the acquired properties for the months of February and March only.

Highlights

•

•

•

Earnings of $13.2 million, earnings per share of $0.04 for the first quarter 2004.

Production of 397,011 gold equivalent ounces at total cash costs of $241 per ounce both ahead of

expectations.

Cash flow from operating activities of $17.9 million, after a final payment of $13.6 million on the

Greek properties, and winter road re-supply costs of $12.9 million. Excluding these items, cash flow

would have been $44.4 million.

Made final repayment of $25.0 million on tax exempt Industrial Revenue Bonds, 5 years ahead of

the scheduled repayment date.

Quarter end cash balance of $217.6 million, after debt repayment, final payment on Greece, and

winter road re-supply payments.

Gold hedge book will be now be eliminated by end of Q2 2004.

Kinross and High River Gold have reached an agreement to suspend development at the New

Britannia mine. The mine is expected to go into reclamation and closure at the end of the third

quarter of 2004. Kinross and High River would like to thank the entire team at New Britannia for

their hard work and dedication over the years, and for a job well done.

•

•

•

•

Scott Caldwell, Executive Vice-President and C.O.O. said “the first quarter was expected to be our most

difficult quarter this year. I am very pleased with how the operations have come through with results

that beat our expectations. Even with higher energy costs and difficult currency markets, our cash costs

still exceeded plan. I am looking forward to the Kinross operating team continuing to deliver positive

results for the balance of this year.”



Management’s Discussion and Analysis of Operating Results and Financial Condition

This section of the quarterly report contains management’s analysis of the financial performance of the Company

and its financial position and it should be read in conjunction with the consolidated financial statements. Readers

are cautioned that management’s discussion and analysis of Operating results and Financial Condition (“MD&A”)

contains forward-looking statements and that actual events may vary from management’s. Readers are

encouraged to consult the Kinross Gold Corporation Annual Report for the year ended December 31, 2003 filed

with Canadian securities regulatory agencies on April 16, 2004 “2003 Annual Report” for additional details

including risks affecting the business. The Annual report is available on the Company’s website

www.kinross.com

or on

www.sedar.com.

In our MD&A and elsewhere, we refer to measures such as total cash costs per

equivalent ounce of gold, realized revenue and total cash costs items that are not defined by generally accepted

accounting principles (“GAAP”). Our use of these terms may not be consistent with the way these terms are used

by others. Where possible, we provide tables or other information that enables readers to reconcile between such

non-GAAP measures and standard GAAP measures. While these measures are not defined by or required by

GAAP, we provide this information to readers to help them better understand the significant events, transactions

and trends that affect our businesses.

Where we say “we”, “us”, “our”, the “Company” or “Kinross”, we mean Kinross Gold Corporation or Kinross Gold

Corporation and its subsidiaries, as applicable. Where we refer to the “industry”, we mean the gold mining

industry.

This interim MD & A focuses on the Company’s results from operations for the three months ended March and

with discussion and analysis of the Company’s financial condition as at March 31, 2004 and for the three months

then ended with comparisons to the corresponding period in 2003. This discussion should be read in conjunction

with the financial statements and notes included within this Quarterly Report, along with the Company’s year-end

December 31, 2003 financial statements, accompanying notes and the annual MD & A. This interim MD & A

provides an update to the annual MD & A and includes material information so the reader may continue the

assessment of the Company’s operating and financial performance and its prospects.

The financial statements have been prepared in accordance with Canadian generally accepted accounting

principles (“CDN GAAP”). Reconciliation to United States generally accepted accounting principles is provided

annually as a note to the financial statements. All amounts expressed herein are in United States dollars unless

otherwise stated. This interim MD & A is made as of May 7, 2004.

Overview

The profitability of the Company and its competitors is subject to the world prices of gold and silver and the costs

associated with: the acquisition of mining interests; exploration and development of mining interests; mining and

processing of gold and silver; regulatory and environmental compliance and general and administrative functions.

The prices of gold and silver are subject to a multitude of variables outside of the Company’s control. In order to

minimize the impact of price movements, management continually strives to be an efficient, cost effective

producer. This discussion is based on issues, which the Company can control, and references to the Company’s

progress in meeting its primary objective for 2004 of producing between 1.70 and 1.75 million ounces of gold

equivalent at total cash costs in the range of $225 to $235 per ounce.

On January 31, 2003, the Company combined its operations with those of TVX Gold Inc. (“TVX”) and Echo Bay

Mines Ltd. (“Echo Bay”). This transaction is fully described in the December 31, 2003 financial statements, the

accompanying notes and the annual MD & A. As a result, comparative numbers for the first quarter of 2003

include only two months of operations of the mines acquired from the combination. This transaction had a

material impact on the Company’s operations and its balance sheet rendering comparisons rather meaningless

except in the discussion of the operations of each mine.

Page

2



Results Summary

Three months ended March 31,

2004

2003

397,011

$

155.6

$

13.2

$

0.04

326,812

$

117.0

$

(12.0)

$

(0.06)

Summary of First Quarter Consolidated Results

Attributable Gold Equivalent Production - ounces

Mining Revenues (millions)

Net earnings (loss) for the period (millions)

Basic and Diluted earnings (loss) per share

Change

21%

33%

210%

167%

The Company’s share of attributable gold equivalent production for the first quarter of 2004 was 397,011 ounces,

an increase of 21% over the 326,812 gold equivalent ounces produced in the corresponding period in 2003. The

principal reason for the increase is that the first quarter of 2003 includes only two months of operations for the

mines acquired in the TVX and Echo Bay combinations.

Revenue from gold and silver sales in the first quarter of 2004 was $155.6 million compared to $117.0 million in

first quarter of 2003, an increase of 33%. The Company sold 374,126 ounces of gold in the quarter at an average

realized price of $403 per ounce while the average spot gold price for the quarter was $408. This compares to

330,022 ounces of gold sold in the first quarter of 2003 at an average realized price per ounce of gold of $342 per

ounce ($352 average spot price). There is discussion later concerning the Company’s hedge position, which

causes the difference between the realized price and the average spot price for gold.

Average total cash costs per attributable gold equivalent ounce for the quarter were $241 compared to $237 per

ounce in 2003. Cash flow provided from operating activities for the quarter was $17.9 million in 2004 compared to

$16.2 million in 2003. Cash flow provided from operating activities increased due to higher production and gold

sales and decreased due to an increase in working capital requirements. Two significant factors in the use of cash

were: $12.9 million related to winter road resupply purchases at Kubaka and Lupin; and $13.6 million of reduction

in accrued liabilities due to payments associated with the completion of the settlement agreement regarding TVX

Hellas.

Net earnings for the quarter was $13.2 million or $0.04 per share compared to a net loss of $12.0 million or $0.06

per share for the first quarter of 2003. The net loss for the first quarter of 2003 has been restated to reflect the

adoption of the Canadian Institute of Chartered Accountants (“CICA”) Handbook Section 3110 “Asset retirement

obligations” (“Section 3110”). This restatement increased the net loss for the first quarter of 2003 by $0.8 million

to $12.0 million and increased the basic and diluted loss per share by $0.01 to $0.06. The bottom line

improvement in the first quarter of 2004 was principally due to higher production levels coupled with higher gold

selling prices.

The Company’s first quarter plan called for gold equivalent production of 389,800 ounces at average total cash

costs per equivalent ounce of $255. The actual results for the quarter exceeded both targets.

Due to poor economic performance, Kinross Management and our joint venture partner, High River Gold have

made the decision to suspend all underground mine development work. Mining and milling of developed ore will

continue until late in the third quarter of 2004.

Operating Results

Revenues

A summary of revenue and production for the Company, as a whole, is provided below. This clearly highlights the

increases in production, gold and silver sales and realized prices in the first quarter of 2004 as compared to the

first quarter of 2003.

Page

3



Revenue and production

Three months ended

March 31,

2004

2003

397,011

374,126

150.0

150.5

402

1

403

408

5.1

155.6

326,812

320,943

$ 112.4

0.6

$

$

$

$

$

$

113.0

340

2

342

352

4.0

117.0

Attributable gold equivalent production – ounces

Gold sales – 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)

Total gold and silver revenue (millions)

$

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 commodities for each comparative quarter. The resulting ratios are 61.1:1 for

the first quarter of 2004 and 75.6: 1 for the first quarter of 2003. The Company produced 0.8 million ounces of

silver in each of the first quarters of 2004 and 2003, respectively.

Realized revenue is furnished to provide additional information and is a non-GAAP measure. This measure

combined with total cash costs is intended to provide investors with information about the cash generating

capability (realized revenue per ounce 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. The

measure of average realized price per ounce of gold sold has been calculated on a consistent basis in each

period.

Costs and Expenses

The following tables compare consolidated production costs per equivalent ounce of attributable gold production

for the first quarter of 2004 and 2003 and provide reconciliations of total cash costs as per the financial

statements.

Consolidated production costs per equivalent ounce of

attributable gold production

Cash operating costs

Royalties

Total cash costs

Accretion expense

Depreciation, depletion and amortization

Total production costs

$

$

$

Three months ended

March 31,

2004

2003

227

14

241

6

87

335

$

$

$

228

9

237

4

84

325

The following table reconciles the production costs per equivalent ounce of gold presented above to the operating

costs presented in the consolidated financial statements.

Page

4



Reconciliation of total cash costs per equivalent

ounce of gold to consolidated financial statements

(millions except production in ounces and per ounce amounts)

Operating costs per financial statements

Accretion expense

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

$

Three months ended

March 31,

2004

2003

94.5

(2.2)

5.7

(2.1)

95.9

397,011

241

$

87.5

(2.1)

(8.0)

(0.1)

$

77.3

326,812

$

237

$

$

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 intends to

provide investors with information about the cash generating capabilities of the Company’s 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 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 throughout the MD&A. and included in the segmented

information note to the consolidated financial statements.

Operations

Operations

Details of each individual mine operation, its performance and outlook are discussed in this section.

summary:

Production and Cost Summary

Gold Equivalent Production

(ounces)

2004

2003

75,980

94,984

51,867

29,259

24,340

40,549

22,511

17,549

6,707

5,187

25,347

2,731

-

397,011

91,214

64,034

47,580

30,050

16,958

23,923

15,604

9,475

7,460

18,784

-

-

1,730

326,812

Total Cash Costs

($/ounce)

2004

2003

290

191

251

323

201

229

127

294

422

304

228

211

-

241

260

192

257

188

166

244

101

319

272

411

-

-

221

237

First a

Three months ended March 31,

Mining Operations:

Fort Knox

Round Mountain

1, 2

Porcupine

3

Kubaka

4

Paracatu

1, 4

La Coipa

1, 2

Crixás

1, 2

Musselwhite

1, 5

New Britannia

1, 2

Lupin

1

Kettle River

Refugio

2

Denton-Rawhide

6

Total

1.

2.

3.

4.

5.

6.

Average

Production and cost data for 2003 are for two months from January 31, 2003 to March 31, 2003.

Production reflects the Company’s 50% ownership interest.

Production reflects the Company’s 49% ownership interest.

Production reflects the Company’s 54.7% ownership interest to February 28, 2003, and its 98.1% interest thereafter.

Production reflects the Company’s 32% ownership interest

Includes the Company’s share of Denton-Rawhide and Andacollo production attributable to the Pacific Rim (formerly

Dayton) ownership interest.

Page

5



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

the disclosure under the heading Costs and Expenses.

Mine Operations

Fort Knox (100% ownership and operator) – U.S.A

The Company acquired the Fort Knox open pit mine, located near Fairbanks, Alaska, in 1998. The Fort Knox

operation consists of the main Fort Knox open pit and the True North open pit located approximately 15

kilometres northwest of Fort Knox. Gold equivalent production in the first quarter of 2004 was 75,980 ounces at a

total cash cost per gold equivalent ounce of $290. Production levels for the first quarter 2004 was marginally

ahead of plan and total cash costs per ounce were 6% below plan. This compares to first quarter 2003 gold

equivalent production of 91,214 ounces at a total cash cost per gold equivalent ounce of $260.

Management has decided to suspend mining of the True North mine for several months this year and use the

True North mining fleet to complete the next phase of the tailings dam lift at Fort Knox rather than rely on more

expensive third party contractors. This will result in decreased production for the full year 2004 compared to

2003. The Company’s plan for 2004 is for gold production of 340,000 ounces at total cash costs of $220 per

ounce.

During the first half of the year the mill feed grades are low due to the mining sequence at Fort Knox and the

deferral of True North Mining to the second half of 2004. Mill feed grades are expected to increase in the second

half of the year due to improved grade at Fort Knox and the resumption of mining at True North. During the first

half of 2004 gold production is expected to be approximately 145,000 ounces, increasing to approximately

195,000 ounces in the second half of the year. Cash costs usually decrease quarter over quarter as the waste

mining efforts shift to the Fort Knox Mine expansion program. This expansion is of a capital nature and as a

result major pit expansion will take place over the next several years, releasing approximately 1 million ounces of

gold. Total cash cost per ounce for the first half of the year are expected to average approximately $280 per

ounce, decreasing to approximately $176 per ounce for the second half of the year.

Reconciliation of the Fort Knox total cash costs per equivalent ounce

of gold to consolidated financial statements

(millions except production in ounces and per ounce amounts)

Operating costs included in financial statements

Accretion expense

Change in bullion inventory

Total cash costs for per ounce calculation purposes

Gold equivalent production – ounces

Total cash costs per equivalent ounce of gold

$

Three months ended

March 31,

2004

2003

23.0

(0.3)

(0.6)

$

22.1

75,980

$

290

$

23.8

(0.2)

0.1

$

23.7

91,214

$

260

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

the disclosure under the heading Costs and Expenses.

During 2003, exploration was conducted within the Fort Knox pit, at the True North Mine, on the Gil project and at

Ryan Lode. Results from the Fort Knox in-pit work confirmed sufficient continuity of the mineralized zones to

justify a major pit wall layback at an assumed gold price of $325 per ounce. This major layback is comprised of a

three year, approximately $60.0 million capital expenditure program mostly in the form of stripping to liberate ore

to prolong the economic life of the Fort Knox mine. The 2004 capital budget totals $39.0 million. In the first

quarter of 2004 $7.2 million was spent - $4.7 million for mine development, $1.0 million on the tailings dam with

the balance spent on new equipment or equipment rebuilds.

Round Mountain (50% ownership and operator) – U.S.A

The Company acquired its ownership interest in the Round Mountain open pit mine, located in Nye County,

Nevada, upon completion of the combination with Echo Bay on January 31, 2003. The Company’s share of

production for the first quarter of 2004 was 94,984 ounces at total cash costs per gold equivalent ounce of $191

compared to 64,034 ounces for the corresponding period in 2003 (two months only) at total cash costs per gold

Page

6



equivalent ounce of $192. Production levels exceeded plan by 9% while total cash costs per equivalent ounce

were 13% below plan.

Due to the failure of an electrical transformer in the last half of 2003, the Company’s focus was then on

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

stockpile higher grade ore. Once the mine was back operating efficiently, the stockpiled ore was processed in the

first quarter of 2004 at levels exceeding plan. Total cash costs per equivalent ounce of gold were below plan due

principally to the higher than expected production.

Management’s expectations for the full year are for the production of 367,000 ounces at total cash costs of $223

per ounce. This target is considered achievable.

Reconciliation of the Round Mountain total cash costs per equivalent

ounce of gold to consolidated financial statements

(millions except production in ounces and per ounce amounts)

Operating costs included in financial statements

Accretion expense

Change in bullion inventory

Total cash costs for per ounce calculation purposes

Gold equivalent production – ounces

Total cash costs per equivalent ounce of gold

1. Includes only the months of February and March 2003.

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

the disclosure under the heading Costs and Expenses

Capital expenditures during the quarter were $1.8 million with total year planned expenditures of $8.1 million (the

Company’s share). Capital expenditures during the first quarter of 2004 were incurred primarily on leach pad

expansions and capitalized exploration on the Gold Hill deposit.

Porcupine Joint Venture (49% interest, Placer Dome 51%, operator) – Canada

The Company formed this joint venture on July 1, 2002 with a wholly owned subsidiary of Placer Dome Inc.

combining each company’s gold mining operations in the Porcupine district of Timmins, Ontario. The Company’s

share of gold production in the first quarter of 2004 was 51,867 ounces at a total cash cost of $251 per equivalent

ounce compared to 47,580 ounces for 2003 at total cash costs per gold equivalent ounce of $257. Production

increases over last year were due principally to higher underground grades being processed. Total cash costs

per ounce improved slightly as the impact of greater production output more than offset the approximately 15%

appreciation of the Canadian dollar, compared to the United States dollar, during the quarter. Results to date are

essentially on plan with the expectation of producing 200,000 ounces to the Company’s account at total cash

costs per equivalent ounce of $230 for the whole year 2004.

Reconciliation of the Porcupine total cash costs per equivalent ounce of

gold to consolidated financial statements

(millions except production in ounces and per ounce amounts)

Operating costs included in financial statements

Accretion expense

Change in bullion inventory

Total cash costs for per ounce calculation purposes

Gold equivalent production – ounces