BMO Nesbitt Burns Gold ConferenceBMO Nesbitt Burns Gold ConferenceMarch 3, 2004March 3, 2004

ASPIRING TO BE WORLD CLASSASPIRING TO BE WORLD CLASS

Kinross is now a major gold producer, focused Kinross is now a major gold producer, focused in the Americasin the Americas

Concerns addressed:

Financial leverage – strong balance sheet

Cash costs – comparable to other North American seniors

Reserve life – increasing year over year

Execution risk – None

Deliver on the deliverables

Kinross TodayKinross Today

0

500

1,000

1,500

2,000

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004E

000'

s ou

nces

go

ld e

quiv

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Formation Nerco FalconbridgeMacassa AMAX Echo Bay / TVX

Each transaction is a stepping stone…

Kinross Has GrownKinross Has Grown

Production Profile and MarginProduction Profile and Margin

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50

100

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1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004E-

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Gold Equivalent Production Average Realized Gold Price Total Cash Costs

Shrinking margins

Expanding margins

2003 Results…Returning to Profitability

2003 Results…Returning to Profitability

Produced 1.62 million gold equivalent ounces at total cash costs of $222 per ounce

Cash flow from operations of $106.4 million in 2003

Increased reserves by;

7.5% to 14.1 million ounces of gold

19% to 38.6 million ounces of silver

Year end cash balance ~$250 million

Gold hedges are <2% of reserves and to be eliminated by Q1/05

EPS of $0.09 in Q4/03; EPS of $0.06 in 2003

K.TO, Last Trade [O/H/L/C Bar] Monthly26Jan89 - 21Jul04

Jul89 Jan90 Jul Jan91 Jul Jan92 Jul Jan93 Jul Jan94 Jul Jan95 Jul Jan96 Jul Jan97 Jul Jan98 Jul Jan99 Jul Jan00 Jul Jan01 Jul Jan02 Jul Jan03 Jul Jan04 Jul

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TOR KINROSS GOLD , Last Trade, O/H/L/C Bar29Feb04 9.20 10.10 8.92 9.37

K.TO, Last Trade [O/H/L/C Bar] .XAU, Close(Last Trade) [Line] Monthly16Nov 89 - 15Jul04

Jul89 Jan90 Jul Jan91 Jul Jan92 Jul Jan93 Jul Jan94 Jul Jan95 Jul Jan96 Jul Jan97 Jul Jan98 Jul Jan99 Jul Jan00 Jul Jan01 Jul Jan02 Jul Jan03 Jul Jan04 Jul

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PrUSD

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TOR KINROSS GOLD , Last Trade, O/H/L/C Bar29Feb04 9.20 10.10 8.92 9.33

XPH GOLD/SILVER INDX , Close(Last Trade), Line29Feb04 100.05

Kinross Share Performance Kinross Share Performance Poised…

Kinross share price ($CDN) Philadelphia Gold Index - XAU

-300

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1998 1999 2000 2001 2002 2003

$ m

illio

nsNet CashNet Cash

~$380M

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1998 1999 2000 2001 2002 2003

$ m

illio

ns

Year end net cash

expectation at Q3

Actual net cash

at year end 2003

~$460M

Fort Knox, USA (100% Kinross)Fort Knox, USA (100% Kinross)

• Large, efficient mill fed by two open pit mines

• ~350,000 ounces of gold produced annually

• Reserves increased 10% in 2003

20%

80%

USA

2004 Estimated Production(% of total production)

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

• World’s largest and most efficient heap leach mine

• 360,000 ounces of gold produced annually to Kinross’ account

• Renewed exploration focus almost replaced reserves in 2003

20%

80%

USA42%

58%

USA 48%52%

USA

2004 Estimated Production(% of total production)

Porcupine, Canada (49% Kinross)Porcupine, Canada (49% Kinross)

• Largest historic gold district in North America having produced over 65 million ounces

• 200,000 ounces of gold production per year for Kinross

• Replaced reserves consumed in 2003

48%52%

USA 48%

12%

40%

USA

Canada

48%

23%

29%

USA

Canada2004 Estimated Production

(% of total production)

Paracatu, Brazil (49% Kinross)Paracatu, Brazil (49% Kinross)

• Large and efficient open pit mine and mill to be expanded

• Kinross’ production to grow from 100,000 to 150,000 per year

• Reserves increased by almost 5% in 2003 with a further increase expected when the expansion is approved

48%

23%

29%

USA

Canada

48%

23%

6%

23%

USA

Canada

Brazil48%

23%

21%

8%

USA

Canada

South America

Other

2004 Estimated Production(% of total production)

Geographic Distribution of Reserves at $325 Gold

South America

36%

North America

59%

Other5%

14.4% increase

Rest of WorldKubaka

CrixasRefugioLa CoipaParacatu

OtherPorcupineRound MountainFort Knox

North America

South America

Other - Global

12/31/03 @ $400

16.2

14.1

12/31/03 @ $325

Geographic Distribution of Reserves at $400 Gold

South America

40%

North America

56%

Other4%

Reserve ComparisonReserve Comparison

13.2

12/31/02 @ $300

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Millions of ounces of gold

Reserves up 7.5% year over year

Exploration Pre-feasibility Feasibility Construction Production

New Discovery

Proven & Probable ReservesMeasured & Indicated Resources

Progress January to December 2003

New Acquisition

Current Project PipelineCurrent Project Pipeline

Round Mountain UG Aquarius

Emanuel CreekRefugio

Pamour

Paracatu Expansion

Emanuel North

Tsokol

PQ Deeps

Birkachan

Puren

Gil

Gurupi

Forquila Sul

Gold Hill

BuckhornWind River

Capital ExpendituresCapital Expenditures

• Kinross’ current asset base requires sustaining capital of $50 - $75 million per year

• Have added managerial and technical personnel to oversee development of the project pipeline

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2002 2003 2004

OtherPorcupineParacatuRefugioSustaining

$ millions

Renewed life…

Restarting Refugio (50% Kinross, operator)Restarting Refugio (50% Kinross, operator)

Proven and probable reserves at $325/oz and $400/oz of 1.4 and 2.7 million ounces, respectively (50% basis)

Capital cost ~ $100 million (100% basis)

Initial production Q4/04

Annual life of mine production (100% basis) ranging from 230,000 – 260,000 ounces over 10 years

Average total cash costs of ~ $225/oz

Restarting Refugio (50% Kinross, operator)Restarting Refugio (50% Kinross, operator)

Renewed life…

Paracatu Expansion (49% Kinross)Paracatu Expansion (49% Kinross)

Optimizing…

Paracatu Expansion (49% Kinross)Paracatu Expansion (49% Kinross)

Increase milling capacity and improve efficiency resulting in:• Increased gold recoveries

• Lower costs

• Increased resources due to lower cutoff grade

Increase production to 250,000 oz/yr (100%) thru 2025• Average yearly production in first 5 years of +300,000 ozs (100%)

Reviewing feasibility• Decision Q2/04; construction 2004/05; and production late 2005

• Preliminary cost estimated at $70 M (100%)

Estimated 36% IRR @ $350 / oz gold (base case scenario)

Optimizing…

PROPOSED PITOUTLINE

PROPOSED PITOUTLINE

WEST PITWEST PIT

#3 PIT#3 PIT

CENTRALZONE

2002 EXPLORATION DRILLING

2003 North Zone Discovery

Porcupine (49% Kinross)Porcupine (49% Kinross)

Extending life…

Pamour open pit to extend mine life beyond 2012 Mill expansion to 15,000 tpd in 2004

First ore from new pit in 2005

+200,000 ozs per year (100%) at total cash costs of ~ $215 - $235 / oz

Open pit feasibility study complete, permitting in progress

Total Porcupine production of ~400,000 ozs per year (100%)

Porcupine (49% Kinross)Porcupine (49% Kinross)

Extending life…

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

Rebirth…

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

Emanuel Creek orebodies are fully permitted

Production has commenced

~100,000 ozs per year

Emanuel North zone appears to be comparable grade to the Emanuel Creek and Emanuel West zones, but larger

Developing an access strategy to further delineate and ultimately develop Emanuel North

Rebirth…

Drilling at Kubaka (98.1%) in Russia extends mine life– Production at Birkachan to commence in 2004– U/G development at Tsokol to commence in 2004

Other Projects Other Projects

Gold Hill at Round Mountain (50%) advancing to feasibility in 2004

Definition drilling on the newly discoveredForquilha Sul ore body at the Crixas (50%)mine in Brazil will continue in 2004

Puren Norte adds to La Coipa (50%) mine life

• Deploy capital strategically

• Closely monitor operations

• Maintain quality management teams

• Continuous improvements initiatives at existing sites

Operational Strategic Initiatives Operational Strategic Initiatives

Continue expanding the reserve base

Go back to the drill bit

Find and retain quality employees

Meet or exceed Corporate Governance standards

Corporate Mission…StrategyCorporate Mission…Strategy

“ASPIRING TO BE WORLD CLASS”

Work the current portfolio to its potential

3

0

3

Audit Committee

Total

Mgmt. & other

Independent

3310

003

337

Nominating Committee

Compensation Committee

Board of Directors

Corporate Governance Corporate Governance

Board Composition

John E. Oliver – Chairman, Kinross Robert M. Buchan – President & CEO

John A. Brough Scott A. Caldwell – Executive VP and COOJohn M.H. Huxley Arthur H. Ditto – retired mining exec.

John A. KeyesCam A. MingayGeorge F. MichalsRichard S. Hallisey

Independent Directors Other

• Split the role of Chairman and CEO in 2003

• Stock options and other compensation schemes not excessive

• Independent internal auditor reporting directly to the audit committee will be in place this year

• Added independent Board members with backgrounds in mining operations and mining investment banking

Corporate GovernanceCorporate GovernanceOngoing Initiatives

Growth from within

Attention to assets

Bench Strength

Proven transactionalcapabilities

Paracatu expansion, Gurupi

Optimize cash starved assets -Round Mountain, Kettle River

Strengthen management team by attracting and retaining quality employees

Corporate transactions where synergies can be realized

StrategyStrategy

Permitting process has begun at Buckhorn

Acquisition of Crown anticipated to be complete in Q2/04

Initial results indicate: • Yearly production of ~150,000 – 160,000 ozs Au• Total cash costs of < $150 / oz• Initial capital costs of ~ $10 – $15 million

Accretive transaction on all relevant metrics

Payback, including acquisition costs, in less than 3 years (at $350 Au)

Business DevelopmentBusiness Development

Crown Acquisition

2003 Goals / Achievements2003 Goals / Achievements

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

Looking Ahead - 2004 GoalsLooking Ahead - 2004 Goals

2. Deploy surplus capital appropriately

3. Deliver on the deliverables

4. Achieve and maintain 2 million ounce production profile

1. Grow reserves

• Paracatu expansion; Buckhorn

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

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.

Forward Looking StatementForward Looking Statement

Kinross Gold Corporation Kinross Gold Corporation

Shares outstanding: 345.6 millionKGC: NYSE K: TSXK.U: TSX (US dollar trading symbol)K.WT: TSX

Kinross Gold Corporation40 King Street West, 52nd Floor

Scotia PlazaToronto, ON M5H 3Y2

416-365-5123416-363-6622866-561-3636

info@kinross.comwww.kinross.com

Aspiring to be World ClassAspiring to be World Class