KINROSS GOLD CORPORATION ANNUAL & SPECIAL MEETING

KINROSS GOLD CORPORATIONANNUAL & SPECIAL MEETING

Toronto, OntarioMay 10, 2004

Dedicated to being world class

Forward Looking StatementForward Looking Statement

challenging opportunities require innovative strategies

Certain statements set forth in this presentation constitute "forward looking statements" within the meaning of the United States

Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and other factors that

may cause the actual results, performance or achievements to differ from those expressed or implied by such forward looking

statements. Such risks and uncertainties are described in periodic filings made by Kinross Gold Corporation with the U.S. Securities and Exchange Commission and Canadian provincial

securities regulatory authorities.

All dollar amounts used throughout this presentation are expressed in US dollars, unless otherwise noted.

our global producing assetsKinross Gold CorporationKinross Gold Corporation


1. Turn three operating styles into one… Kinross’

2. Generate cash flow, operating costs and production expected of a senior producer

3. Achieve and maintain 2 million ounce production profile

4. Layout a growth strategy

2003 Goals / Achievements2003 Goals / Achievements


1. Going from net debt to net cash• Strengthened balance sheet

2. Crown transaction• Amended F-4 filed with SEC, awaiting response

• Closing anticipated by mid-2004

3. Replaced and increased reserves• Added approximately one million ounces to last years proven

and probable reserves

Further Achievements in 2003Further Achievements in 2003


Financial ResultsFinancial Results

$ 0.30

$ 92.7

$ 0.06

$ 19.7

$ 571.9

2003

$ 0.50- per share

$ 59.5Cash flow from operating activities

$ (0.32)Earnings (loss) per share

$ (38.2)Net earnings (loss)

$ 261.0Revenue

2002($ millions, except per share amounts)


Operating ResultsOperating Results

$ 357

$ 318

$ 222

1,620,410

2003

$ 306Gold price realized (per ounce)

$ 306Total costs (per ounce)

$ 201Total cash costs (per ounce)

888,634Gold equivalent production (ounces)

2002


• Approved Refugio restart, construction underway

• Moving ahead with Pamour project in Timmins

• Fort Knox pit layback approved and underway

• Paracatu SAG mill

• Buckhorn transaction

• Hedge book now expected to be eliminated in Q2/04

Progress…Ongoing InitiativesProgress…Ongoing Initiatives


• Out of Greece

Proven and Probable Reserve HistoryProven and Probable Reserve History

0

3

6

9

12

15

1997 1998 1999 2000 2001 2002 2003

Oun

ces

of g

old

(mill

ions

)

Canada USASouth America Rest of World


-200 -100 0 100 200 300 400 500 600 700 800

AquariusLupin

New BritanniaBlanketCrixas

MusselwhiteLaCoipa

Kettle RiverPJV

BrasiliaRound Mtn

KubakaRefugio

Fort Knox

Reserve Ounces (000's)IncreasesDecreases

Total New 2P Reserves Added in 2003

Reserve Growth (excluding production)Reserve Growth (excluding production)


2004 Guidance2004 Guidance

$ 165.0

$ 20.0

$ 24.0

$ 225 - 235

1.70

2004E

$ 73.4Capital expenditures

$ 24.3Exploration

$ 25.0General and administrative

$ 222Total cash costs (per ounce)

1.62Gold equivalent production (ounces)

2003(millions, except per ounce results)


Looking Ahead - 2004 GoalsLooking Ahead - 2004 Goals

2. Use excess capital to advantage• Kinross has cash on hand, strong cash flows and is virtually debt free

3. Deliver on the deliverables• Kinross must meet its production and operating cost forecast

4. Achieve and maintain 2 million ounce production profile• Existing mines and a robust pipeline to make this ultimate goal a reality

1. Replace and increase reserves• Paracatu expansion; Buckhorn

• Increase average mine life from 7 to 8 years in 2004


2004 Q1 Financial Highlights2004 Q1 Financial Highlights

$ 342 $ 403 Gold price realized per ounce

Total cash costs per ounce

- add back payment for Greece, winter road resupply

Cash flow from operating activities

Earnings (loss) per share

Net earnings (loss)

Revenue

(millions, except per share and per ounce amounts)

$ 241

$ 44.4

$ 17.9

$ 0.04

$ 13.2

$ 155.6

Q1/04

$ 237

$ 33.5

$ 16.2

$ (0.06)

$ (14.1)

$ 117.0

Q1/03


2004 Q1 Operating Results2004 Q1 Operating Results

241397,0112112,731Refugio

LupinKettle RiverNew BritanniaMusselwhiteCrixasLa CoipaParacatuKubakaPorcupineRound MountainFort Knox

5,18725,347

6,70717,54922,51140,54924,34029,25951,86794,98475,980

Gold equivalent production(ounces)

304228422294127229201323251191290

Total cash costs (per ounce)


Fort Knox (100%)Fort Knox (100%)



Gold production (ounces): 391,831 Total cash costs (per ounce): $243

Increased reserves by 9%

Phase 6 pit expansion approved

(47)337290Total cash costs ($ per ounce)

1,98074,00075,980Gold production (ounces)

VarianceBudgetActual

Fort Knox (100%)Fort Knox (100%)

Expected gold production and total cash costs remain unchanged for 2004.

2003highlights

2004first quarter

Round Mountain (50%, operator)Round Mountain (50%, operator)



Round Mountain (50%, operator)Round Mountain (50%, operator)


Reserves essentially unchanged

Approved first phase of a major drilling program designed to expand Round Mountain pit shell


6,38488,60094,984Gold production (ounces)


2003highlights

2004first quarter


Porcupine (49%; Placer Dome 51%, operator)Porcupine (49%; Placer Dome 51%, operator)



Porcupine (49%; Placer Dome 51%, operator)Porcupine (49%; Placer Dome 51%, operator)


Replaced reserves

Pamour project approved, commercial production expected to commence in 2005

22229251Total cash costs ($ per ounce)

(933)52,80051,867Gold production (ounces)


2003highlights

2004first quarter



Paracatu (49%; Rio Tinto 51%, operator)Paracatu (49%; Rio Tinto 51%, operator)

Paracatu (49%; Rio Tinto 51%, operator)Paracatu (49%; Rio Tinto 51%, operator)



Reserves increased by almost 5%

Feasibility study on SAG mill and expansion


(1,460)25,80024,340Gold production (ounces)


2003highlights

2004first quarter



Kubaka (97.1%)Kubaka (97.1%)


Kubaka (97.1%)Kubaka (97.1%)

Gold production (ounces): 164,006Total cash costs (per ounce): $194

Reserves increased to 410,000 ounces of gold, silver reserves increased to 755,000 ounces

Exploration efforts extend mine life

9314323Total cash costs ($ per ounce)

1,25928,00029,259Gold production (gold equivalent ounces)


2003highlights

2004first quarter



La Coipa (50%; Placer Dome 50%, operator)La Coipa (50%; Placer Dome 50%, operator)


La Coipa (50%; Placer Dome 50%, operator)La Coipa (50%; Placer Dome 50%, operator)


Gold reserves decreased by 9% while silver reserves increased by 18%

Exploration focused on newly discoveredPuren Norte deposit


4,04936,50040,549Gold production (gold equivalent ounces)


2003highlights

2004first quarter



Kettle River (100%)Kettle River (100%)


Kettle River (100%)Kettle River (100%)

Gold production (ounces): n/a Total cash costs (per ounce): n/a

Reserves developed at Emanuel

Production recommenced

The mine is expected to produce 100,000 ounces of gold at total cash costs of $208 per ounce in 2004.


24725,10025,347Gold production (ounces)


2003highlights

2004first quarter

New BritanniaNew Britannia


• Decision was made in May/04 to shut down New Britannia, mining will continue until Q3/04

• Continuing deficiencies in grade and increasing cash costs

• Has been in production for over 10 years

• Five-time winner of the John T. Ryan award for safety

• Surpassed initial mine life expectation

Corporate InitiativesCorporate Initiatives


• New logo, new look

• Reduced costs on Annual Report

• Website redesign

• Videos of major operations in the coming months

dedicated to beingworld class

Corporate VideoCorporate Video


KINROSS GOLD CORPORATION ANNUAL & SPECIAL MEETING

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