<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>tex99_1-29831.txt
<DESCRIPTION>EX-99.1
<TEXT>
<PAGE>

[LOGO] K
2003                                            KINROSS
FIRST QUARTER REPORT                                GOLD CORPORATION
                                                --------------------


NEW BUSINESS COMBINATION COMPLETED.
KINROSS TO PRODUCE 1.7 MILLION GOLD EQUIVALENT OUNCES AT CASH COSTS
BETWEEN US$215 AND US$220 IN 2003

      FIRST QUARTER

      Kinross' attributable gold equivalent production was 335,891 ounces in the
first quarter of 2003, an increase of 49% when compared to 225,302 ounces in
2002. Average total cash costs per attributable gold equivalent ounce were $238
in the first quarter of 2003, compared to $197 in 2002. Had the combination
taken effect on December 31, 2002, Kinross' pro-forma attributable gold
equivalent production would have been 427,813 ounces in the first quarter of
2003 at total cash costs of $231 per gold equivalent ounce.Although the first
quarter operating results are disappointing, significant improvements have
already been achieved in the second quarter and are expected to improve further
as the year unfolds, as described in the Operations sections of this report.
With the transitional quarter for the combination behind us, Kinross now expects
to produce approximately 1.7 million gold equivalent ounces in 2003 at total
cash costs in the range of $215 to $220 per ounce. This equates to a twelvemonth
pro-forma production rate of approximately 1.8 million gold equivalent ounces
when the January 2003 production from the components of the combination is
included. Cash flow provided from operating activities in the first quarter of
2003 was $19.0 million, compared to $19.9 million in 2002. Cash flow provided
from operating activities was affected by higher gold equivalent production as a
result of the business combination with TVX and Echo Bay, offset by higher total
unit cash costs per equivalent ounce of gold produced and the payment of $5.6
million of deal costs accrued in 2002.The net loss for the first quarter of 2003
was $11.2 million, or $0.05 per share that compares to a net loss of $7.9
million or $0.09 per share in 2002.


--------------------------------------------------------------------------------
      ALL RESULTS ARE EXPRESSED IN UNITED STATES DOLLARS, UNLESS OTHERWISE
STATED.ALL PER SHARE INFORMATION HAS BEEN ADJUSTED TO GIVE RETROACTIVE EFFECT
FOR THE THREE FOR ONE CONSOLIDATION OF THE COMMON SHARES,WHICH WAS COMPLETED ON
JANUARY 31,2003. ACCORDINGLY, LOSS PER SHARE FOR THE THREE MONTHS ENDED MARCH
31, 2002 HAS BEEN ADJUSTED TO GIVE RETROACTIVE IMPACT OF THE SHARE
CONSOLIDATION.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 FIRST QUARTER FINANCIAL STATEMENTS AND GOLD EQUIVALENT
PRODUCTION STATISTICS REFLECT OPERATING RESULTS FOR THE ACQUIRED PROPERTIES FOR
THE MONTHS OF FEBRUARY AND MARCH 2003 ONLY.


2003 FIRST QUARTER REPORT                                                      1
<PAGE>
<TABLE>
<CAPTION>

2003 FIRST QUARTER HIGHLIGHTS
(ALL DOLLAR AMOUNTS, EXCEPT PER SHARE AND
PER OUNCE AMOUNTS EXPRESSED IN US$ MILLIONS)          FIRST QUARTER       First Quarter
                                                               2003                2002
---------------------------------------------------------------------------------------
<S>                                                    <C>                <C>
NET LOSS FOR THE PERIOD                                $      (11.2)      $        (7.9)
NET LOSS PER SHARE1                                    $      (0.05)      $       (0.09)
REVENUE                                                $      120.1       $        69.0
CASH FLOW PROVIDED FROM
  OPERATING ACTIVITIES                                 $       19.0       $        19.9
    - PER SHARE (1)                                    $       0.08       $        0.18
CAPITAL EXPENDITURES                                   $       12.8       $         3.1
---------------------------------------------------------------------------------------
GOLD EQUIVALENT PRODUCTION (OUNCES)                         335,891             225,302
AVERAGE REALIZED PRICE PER OUNCE
  OF GOLD SOLD                                         $        342       $         295
AVERAGE SPOT GOLD PRICE PER OUNCE                      $        352       $         290
TOTAL CASH COSTS PER OUNCE                             $        238       $         197
TOTAL PRODUCTION COSTS PER OUNCE                       $        326       $         295
</TABLE>

1     ADJUSTED TO GIVE RETROACTIVE EFFECT FOR THE THREE FOR ONE SHARE
      CONSOLIDATION WHICH WAS COMPLETED ON JANUARY 31, 2003

      Total cash costs are non-GAAP measures. For further information on this
      non-GAAP measure, please refer to the disclosure under the heading "Costs
      and Expenses - Operations Summary".


--------------------------------------------------------------------------------
CAUTIONARY STATEMENT:

      THIS DOCUMENT 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.

2                                                       KINROSS GOLD CORPORATION
<PAGE>
<TABLE>
<CAPTION>

GOLD EQUIVALENT PRODUCTION
AND COST SUMMARY
                                                                    THREE MONTHS ENDED
                                                                         MARCH 31,
                                                                    2003           2002
---------------------------------------------------------------------------------------
<S>                                                         <C>              <C>
FORT KNOX
Tonnes milled/crushed (000'S) (1)                                3,069.4        3,545.4
Grade (GRAMS PER TONNE)                                             1.11           0.98
Recovery                                                             83%            83%
Gold equivalent production to dore (2)                            91,214         93,160
Per ounce:   Total cash costs                               $        260     $      256
             Depreciation, depletion and amortization                105            118
             Site restoration cost accruals                            2              3
---------------------------------------------------------------------------------------
Total production costs                                      $        367     $      377
---------------------------------------------------------------------------------------

PORCUPINE JOINT VENTURE (3)
Tonnes milled/crushed (000'S) (1)                                  986.7          122.7
Grade (GRAMS PER TONNE)                                             3.34          14.80
Recovery                                                             92%            92%
Gold equivalent production to dore (2)                            47,580         53,476
Per ounce:   Total cash costs                               $        257     $      144
             Depreciation, depletion and amortization                 84             66
             Site restoration cost accruals                            6              7
---------------------------------------------------------------------------------------
Total production costs                                      $        347     $      217
---------------------------------------------------------------------------------------

KUBAKA (4)
Tonnes milled/crushed (000'S) (1)                                  220.0          209.0
Grade (GRAMS PER TONNE)                                             6.23          15.55
Recovery                                                             97%            98%
Gold equivalent production to dore (2)                            30,050         56,645
Per ounce:   Total cash costs                               $        188     $      141
             Depreciation, depletion and amortization                 98             83
             Site restoration cost accruals                            3              4
---------------------------------------------------------------------------------------
Total production costs                                      $        289     $      228
---------------------------------------------------------------------------------------

ROUND MOUNTAIN JOINT VENTURE (5) (8)
Tonnes milled/crushed (000'S) (1)                                9,080.6              -
Grade (GRAMS PER TONNE)                                             0.65              -
Recovery                                                             66%              -
Gold equivalent production to dore (2)                            64,034              -
Per ounce:   Total cash costs                               $        192     $        -
             Depreciation, depletion and amortization                 96              -
             Site restoration cost accruals                            5              -
---------------------------------------------------------------------------------------
Total production costs                                      $        293     $        -
---------------------------------------------------------------------------------------

LUPIN (8)
Tonnes milled/crushed (000'S) (1)                                   94.5              -
Grade (GRAMS PER TONNE)                                             6.06              -
Recovery                                                             93%              -
Gold equivalent production to dore (2)                            18,784              -
Per ounce:   Total cash costs                               $        411     $        -
             Depreciation, depletion and amortization                 48              -
             Site restoration cost accruals                           16              -
---------------------------------------------------------------------------------------
Total production costs                                      $        475     $        -
---------------------------------------------------------------------------------------
</TABLE>

2003 FIRST QUARTER REPORT                                                      3
<PAGE>
<TABLE>
<CAPTION>

                                                                    THREE MONTHS ENDED
                                                                         MARCH 31,
                                                                    2003           2002
---------------------------------------------------------------------------------------
<S>                                                         <C>              <C>
LA COIPA (5) (8)
Tonnes milled/crushed (000'S) (1)                                1,039.0              -
Grade (GRAMS PER TONNE)                                             1.09              -
Recovery                                                             87%              -
Gold equivalent production to dore (2)                            23,923              -
Per ounce:   Total cash costs                               $        244     $        -
             Depreciation, depletion and amortization                 46              -
             Site restoration cost accruals                            4              -
---------------------------------------------------------------------------------------
Total production costs                                      $        294     $        -
---------------------------------------------------------------------------------------

CRIXAS (5) (8)
Tonnes milled/crushed (000'S) (1)                                  123.0              -
Grade (GRAMS PER TONNE)                                             8.25              -
Recovery                                                             96%              -
Gold equivalent production to dore (2)                            15,604              -
Per ounce:   Total cash costs                               $        101     $        -
             Depreciation, depletion and amortization                115              -
             Site restoration cost accruals                            -              -
---------------------------------------------------------------------------------------
Total production costs                                      $        216     $        -
---------------------------------------------------------------------------------------

BRASILIA     (6) (8)
Tonnes milled/crushed (000'S) (1)                                3,101.5              -
Grade (GRAMS PER TONNE)                                             0.46              -
Recovery                                                             77%              -
Gold equivalent production to dore (2)                            16,958              -
Per ounce:   Total cash costs                               $        166     $        -
             Depreciation, depletion and amortization                 59              -
             Site restoration cost accruals                            6              -
---------------------------------------------------------------------------------------
Total production costs                                      $        231     $        -
---------------------------------------------------------------------------------------

MUSSELWHITE JOINT VENTURE (7) (8)
Tonnes milled/crushed (000'S) (1)                                  191.7              -
Grade (GRAMS PER TONNE)                                             5.05              -
Recovery                                                             95%              -
Gold equivalent production to dore (2)                             9,475              -
Per ounce:   Total cash costs                               $        319     $        -
             Depreciation, depletion and amortization                106              -
             Site restoration cost accruals                            -              -
---------------------------------------------------------------------------------------
Total production costs                                      $        425     $        -
---------------------------------------------------------------------------------------

NEW BRITANNIA JOINT VENTURE (5) (8)
Tonnes milled/crushed (000'S) (1)                                  102.8              -
Grade (GRAMS PER TONNE)                                             4.80              -
Recovery                                                             95%              -
Gold equivalent production to dore (2)                             7,460              -
Per ounce:   Total cash costs                               $        272     $        -
             Depreciation, depletion and amortization                 54              -
             Site restoration cost accruals                            -              -
---------------------------------------------------------------------------------------
Total production costs                                      $        326     $        -
---------------------------------------------------------------------------------------
</TABLE>

(1) Tonnes milled/crushed represents 100% of mine production.
(2) Gold equivalent to dore represents the Company's share.
(3) 100% of Hoyle Pond mine in 2002, 49% of Porcupine Joint Venture in 2003.
(4) 54.7% ownership interest to February 28, 2003, 100% thereafter. March, 2003.
(5) 50% ownership interest.
(6) 49% ownership interest.
(7) 32% ownership interest.
(8) Production and cost data is for two months of February and

4                                                       KINROSS GOLD CORPORATION
<PAGE>
<TABLE>
<CAPTION>

GOLD EQUIVALENT PRODUCTION
OUNCES

                                                                    THREE MONTHS ENDED
                                                                         MARCH 31,
                                                                    2003           2002
---------------------------------------------------------------------------------------
<S>                                                         <C>              <C>
PRIMARY OPERATIONS:
Fort Knox                                                         91,214        93,160
Porcupine Joint Venture (2)                                       47,580        53,476
Kubaka (3)                                                        30,050        56,645
Round Mountain (1) (4)                                            64,034             -
Lupin (1)                                                         18,784             -
La Coipa (1) (4)                                                  23,923             -
Crixas (1) (4)                                                    15,604             -
Brasilia (1) (5)                                                  16,958             -
Musselwhite (1) (6)                                                9,475             -
New Britannia (1) (4)                                              7,460             -
---------------------------------------------------------------------------------------
                                                                 325,082       203,281
---------------------------------------------------------------------------------------

OTHER OPERATIONS:
Refugio (4)                                                            -         6,590
Blanket                                                            9,079         9,697
Denton-Rawhide (7)                                                 1,730         3,876
Andacollo (7)                                                          -         1,858
---------------------------------------------------------------------------------------
                                                                  10,809        22,021
---------------------------------------------------------------------------------------
Total gold equivalent ounces                                     335,891       225,302
---------------------------------------------------------------------------------------




CONSOLIDATED PRODUCTION COSTS
($ PER OUNCE OF GOLD EQUIVALENT)


Cash operating costs                                        $        230     $      191
Royalties                                                              8              6
---------------------------------------------------------------------------------------
Total cash costs                                                     238            197
Reclamation                                                            4              4
Depreciation and amortization                                         84             94
---------------------------------------------------------------------------------------
Total production costs                                      $        326     $      295
---------------------------------------------------------------------------------------
</TABLE>

(1) Production data is for two months of February and March, 2003.
(2) 2003 production reflects the Company's 49% ownership interest in the
    Porcupine Joint Venture. 2002 production reflects the Company's 100%
    ownership interest in the Hoyle Pond mine.
(3) Represents the Company's 54.7% ownership interest to February 28, 2003, 100%
    thereafter.
(4) Represents the Company's 50% ownership interest.
(5) Represents the Company's 49% ownership interest.
(6) Represents the Company's 32% ownership interest.
(7) Includes proportionate share of Denton-Rawhide and Andacollo production
    attributable to the Pacific Rim (formerly Dayton) ownership interest.


2003 FIRST QUARTER REPORT                                                      5
<PAGE>
<TABLE>
<CAPTION>

CASH OPERATING COSTS
($ PER OUNCE OF GOLD EQUIVALENT)

                                                                    THREE MONTHS ENDED
                                                                         MARCH 31,
                                                                    2003           2002
---------------------------------------------------------------------------------------
<S>                                                         <C>              <C>
PRIMARY OPERATIONS:
Fort Knox                                                   $        258     $      256
Porcupine Joint Venture                                              257            143
Kubaka                                                               167            122
Round Mountain (1)                                                   166              -
Lupin (1)                                                            411              -
La Coipa (1)                                                         244              -
Crixas (1)                                                           94               -
Brasilia (1)                                                         161              -
Musselwhite (1)                                                      319              -
New Britannia (1)                                                    272              -
---------------------------------------------------------------------------------------
                                                                     228            189
---------------------------------------------------------------------------------------

OTHER OPERATIONS:
Refugio                                                                -            117
Blanket                                                              286            253
Denton-Rawhide                                                       218            230
Andacollo                                                              -            287
---------------------------------------------------------------------------------------
                                                                     275            211
---------------------------------------------------------------------------------------
                                                            $        230     $      191
---------------------------------------------------------------------------------------

TOTAL CASH COSTS
($ PER OUNCE OF GOLD EQUIVALENT)

PRIMARY OPERATIONS:
Fort Knox                                                   $        260     $      256
Porcupine Joint Venture                                              257            144
Kubaka                                                               188            141
Round Mountain (1)                                                   192              -
Lupin (1)                                                            411              -
La Coipa (1)                                                         244              -
Crixas (1)                                                           101              -
Brasilia (1)                                                         166              -
Musselwhite (1)                                                      319              -
New Britannia (1)                                                    272              -
---------------------------------------------------------------------------------------
                                                                     237            194
---------------------------------------------------------------------------------------

OTHER OPERATIONS:
Refugio                                                                -            133
Blanket                                                              288            257
Denton-Rawhide                                                       221            233
Andacollo                                                              -            295
---------------------------------------------------------------------------------------
                                                                     277            219
---------------------------------------------------------------------------------------
                                                            $        238     $      197
---------------------------------------------------------------------------------------
</TABLE>

6                                                       KINROSS GOLD CORPORATION
<PAGE>

MERGERS AND ACQUISITIONS

      TVX , ECHO BAY AND THE PURCHASE OF NEWMONT MINING CORPORATION'S INTEREST
IN THE TVX NEWMONT AMERICAS JOINT VENTURE

      On June 10, 2002, Kinross,TVX and Echo Bay entered into a combination
agreement, for the purpose of combining the ownership of their respective
businesses.The combination was effected by way of a plan of arrangement under
the Canada Business Corporations Act ("CBCA") on January 31, 2003.

      Also on June 10, 2002, TVX and a subsidiary of TVX entered into two
agreements, with a subsidiary of Newmont Mining Corporation ("Newmont").TVX
acquired Newmont's 50% non-controlling interest in the TVX Newmont Americas
joint venture ("TVX Newmont J/V") for an aggregate purchase price of $180.0
million on January 31, 2003.This transaction closed immediately prior to the
combination and Kinross advanced TVX $94.5 million of cash to close this
transaction. Therefore, the preliminary allocation of the purchase consideration
is based on the fair values of the assets and liabilities of TVX including the
acquisition of the 50% non-controlling interest in the TVX Newmont J/V.

      TVX amalgamated with a newly formed, wholly owned subsidiary of Kinross on
January 31, 2003, and each holder of TVX common shares received 2.1667 common
shares of Kinross. Shareholders of Echo Bay (other than Kinross) received 0.1733
common shares of Kinross for each Echo Bay common share.The exchange ratio
reflects the three for one consolidation of Kinross' common shares that was
completed on January 31, 2003 prior to the arrangement. Kinross issued 177.8
million common shares to the shareholders of Echo Bay (other than itself) and
TVX with an aggregate fair value of $1,269.8 million with respect to the TVX and
Echo Bay acquisitions.

      Since the transaction closed on January 31, 2003, all revenue, costs and
production data reported in the first quarter reflects Kinross' share for the
months of February and March of 2003.

      The acquisitions are being accounted for using the purchase method of
accounting in accordance with both section 1581 "Business Combinations", of the
CICA Handbook for the purposes of Canadian generally accepted accounting
principles ("CDN GAAP") and Statement of Financial Accounting Standards ("SFAS")
141, "Business Combinations", for the purposes of United States generally
accepted accounting principles ("U.S. GAAP"). Pursuant to the purchase method of
accounting under both CDN and U.S. GAAP, the TVX and Echo Bay assets acquired
and liabilities assumed were recorded at their fair values as of the effective
date of the combination.The excess of the purchase price over such fair value
was recorded as goodwill. In accordance with Section 3062, "Goodwill and Other
Intangible Assets", of the CICA Handbook, for purposes of CDN GAAP, and SFAS
142, "Goodwill and Other Intangible Assets", for purposes of U.S. GAAP, goodwill
will be assigned to specific reporting units and will not be amortized.

      The goodwill resulting from the preliminary purchase price allocation is
$888.6 million. Goodwill is subject to a determination of fair values and will
be revised for possible impairment at least annually or more frequently upon the
occurrence of certain events or when circumstances indicate the reporting unit's
carrying value, including goodwill that was allocated to it, is greater than its
fair value. Kinross has not determined if a goodwill impairment exists, and
expects to make that determination in 2004 in accordance with Canadian and U.S.
GAAP.

2003 FIRST QUARTER REPORT                                                      7
<PAGE>

REVENUES

      GOLD AND SILVER SALES

      Kinross' primary source of revenue is from the sale of its gold
production. Kinross sold 330,022 ounces of gold in the first quarter of 2003,
compared to 231,673 ounces in 2002. Revenue from gold and silver sales was
$117.0 million in the first quarter of 2003 compared to $68.8 million in 2002.
Revenue from gold and silver sales in 2003 increased as a result of higher gold
sales due to the completion of the combination with TVX and Echo Bay on January
31, 2003. In the first quarter of 2003, Kinross realized $342 per ounce of gold,
compared to $295 in 2002. The average London market spot price for gold in the
first quarter of 2003 was $352 per ounce compared to $290 in 2002.

                                                             THREE MONTHS ENDED
                                                                  MARCH 31,
                                                             2003          2002
-------------------------------------------------------------------------------
Attributable gold equivalent production - ounces          335,891       225,302

Gold sales - ounces (excluding equity accounted ounces)   330,022       231,673

Gold sales revenue (millions)                           $   112.4    $     67.0
Gold deferred revenue realized (millions)                     0.6           1.3
-------------------------------------------------------------------------------
Total gold revenue realized (millions)                  $   113.0    $     68.3
-------------------------------------------------------------------------------

Average sales price per ounce of gold                   $     340    $      289
Deferred revenue realized per ounce of gold             $       2             6
-------------------------------------------------------------------------------
Average realized price per ounce of gold sold           $     342    $      295
-------------------------------------------------------------------------------

Average spot gold price per ounce                       $     352    $      290

Silver sales revenue (millions)                         $     4.0    $      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 two
comparative quarters.The resulting ratios are 75.6:1 in the first quarter of
2003 and 64.7:1 in 2002.

      The above non-GAAP measure of average realized price per ounce of gold
sold has been calculated on a consistent basis in each period.The calculation of
average realized price per ounce of gold sold might not be comparable to
similarly titled measures of other companies. Average realized price per ounce
of gold sold is used by management to assess profitability and cash flow of
individual operations as well as to compare with other precious metal producers.

      INTEREST AND OTHER INCOME

      Kinross invests its surplus cash in high quality, interest-bearing cash
equivalents. Interest and other income during the first quarter of 2003 totaled
$1.0 million compared to $1.2 million in 2002. Interest and other income in 2003
was comprised of interest of $0.8 million and $0.2 million of joint venture
management fees.This compares to 2002 interest of $0.4 million and joint venture
management fees of $0.8 million.

8                                                       KINROSS GOLD CORPORATION
<PAGE>

      MARK-TO-MARKET GAIN (LOSS) ON WRITTEN CALL OPTIONS

      Premiums received at the inception of written call options are recorded as
a liability. Changes in the fair value of the liability are recognized in
earnings.The change in fair value of the written call options resulted in a
mark-to-market gain of $2.1 million in the first quarter of 2003. This compared
to a loss of $1.0 million in 2002. The Company plans to reduce its written call
position in 2003 by delivering gold production into any contracts that are
exercised in 2003. Details on the outstanding written call options at March 31,
2003 are discussed in the section entitled "Commodity Price Risks".

COSTS AND EXPENSES

      OPERATIONS - SUMMARY

      Gold equivalent production in the first quarter of 2003 (excluding equity
accounted ounces) increased by 55% when compared to 2002 production, while
operating costs increased by 85%. Consolidated operating costs were $86.7
million in the first quarter of 2003 compared to $46.8 million in 2002.Total
cash costs per ounce of gold equivalent were $238 in the first quarter of 2003
compared to $197 in 2002.Total cash costs per ounce of gold equivalent in the
first quarter were higher than planned due to higher than planned fuel prices,
energy costs, and various operating issues, which are discussed in the section
entitled "Operations - Individual Mine Disclosure".

CONSOLIDATED PRODUCTION COSTS PER                           THREE MONTHS ENDED
EQUIVALENT OUNCE OF ATTRIBUTABLE GOLD PRODUCTION                MARCH 31,
                                                              2003        2002
------------------------------------------------------------------------------
Cash operating costs                                    $      230    $    191
Royalties                                                        8           6
------------------------------------------------------------------------------
Total cash costs                                               238         197
------------------------------------------------------------------------------
Reclamation                                                      4           4
Depreciation, depletion and amortization                        84          94
------------------------------------------------------------------------------
Total production costs                                  $      326    $    295
------------------------------------------------------------------------------

      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 gold industry guidelines.

<TABLE>
<CAPTION>

RECONCILIATION OF TOTAL CASH COSTS PER                             THREE MONTHS ENDED
EQUIVALENT OUNCE OF GOLD TO CONSOLIDATED FINANCIAL STATEMENTS           MARCH 31,
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)        2003        2002

-------------------------------------------------------------------------------------
<S>                                                             <C>          <C>
Operating costs per financial statements                        $   86.7     $   46.8
Operating costs for attributable production                          3.0          4.0
Site restoration cost accruals                                      (1.4)        (0.8)
Change in bullion inventory                                         (8.0)        (4.0)
Operating costs not related to gold production                      (0.4)        (1.7)
-------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes              $   79.9     $   44.3
-------------------------------------------------------------------------------------
Gold equivalent production - ounces                              335,891      225,302
Total cash costs per equivalent ounce of gold                   $    238     $    197
</TABLE>

2003 FIRST QUARTER REPORT                                                      9
<PAGE>

      The above non-GAAP measure of total cash costs per ounce has been
calculated on a consistent basis in each period. For reasons of comparability,
total cash costs do not include certain items such as property write-downs,
which do not occur in all periods but are included under GAAP in the
determination of net earnings or loss.Total cash costs per ounce are calculated
in accordance with gold industry guidelines. Total cash costs per ounce may not
be comparable to similarly titled measures of other companies.Total cash costs
per ounce information is used by management to assess profitability and cash
flow of individual operations, as well as to compare with other precious metal
producers.Total cash costs per ounce of gold equivalent increased by 20% during
the first quarter of 2003. Details of the individual mine performance are
discussed in the following sections.

      The item total cash cost per ounce is furnished to provide additional
information and is a non-GAAP measure.This measure should not be considered in
isolation as a substitute for a measure of performance prepared in accordance
with generally accepted accounting principles and is not necessarily indicative
of operating profit or cost from operations as determined under generally
accepted accounting principles.There are no differences in computing operating
costs under U.S. GAAP. Therefore, total cash costs per ounce computed in
accordance with U.S. GAAP are unchanged from the Canadian GAAP amounts.

OPERATIONS - INDIVIDUAL MINE DISCLOSURE

      FORT KNOX MINE (100% Ownership Interest) - USA

      The Fort Knox open pit mine consists of the main Fort Knox open pit and
the True North open pit located near Fairbanks, Alaska. Gold equivalent
production in the first quarter of 2003 was 91,214 ounces compared to 93,160 in
2002. In the first quarter of 2003, total cash costs were $260 per ounce of gold
equivalent compared to $256 in 2002. During the first quarter operating costs
were $0.7 million below plan at $23.8 million.Total ore production from the Fort
Knox and True North open pit mines exceeded budget for the quarter. Ore grade
from the Fort Knox open pit mine was over budget and grade from the True North
open pit mine was slightly below budget due to short-term alterations in the
mining plan. Total waste mining rates for Fort Knox and True North are presently
back at planned levels. The reduction in ounces produced for the quarter was due
primarily to less than budgeted mill throughput during the quarter due to the
processing of hard ore. As at March 31, 2003, more than 300,000 tonnes of ore
were stockpiled at the Fort Knox mill ready to be processed. While the budget
was adjusted to account for the expected harder ore, the extent of the impact
was underestimated.To address this, a number of mill operations initiatives
began during the quarter to provide long-term solutions to this problem. In the
month of April, mill optimization initiatives resulted in a throughput increase
of 8% when compared to the rates in the first quarter of the year. This
production rate was achieved while maintaining the planned recovery of 84.8%.
Further mill process stream modification should result in mill production rates
increasing by an additional 5%. It is anticipated that these initiatives will
allow Kinross to process the unusually large ore stockpiles during the second
quarter, achieve planned levels of production for the year and produce
approximately 410,000 ounces at total cash costs of approximately $230 per
ounce.

10                                                      KINROSS GOLD CORPORATION
<PAGE>
<TABLE>
<CAPTION>
RECONCILIATION OF THE FORT KNOX MINE TOTAL CASH COSTS PER               THREE MONTHS ENDED
EQUIVALENT OUNCE OF GOLD TO CONSOLIDATED FINANCIAL STATEMENTS                 MARCH 31,
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)              2003        2002
------------------------------------------------------------------------------------------
<S>                                                                   <C>         <C>
Operating costs per financial statements                              $   23.8    $   27.9
Site restoration cost accruals                                            (0.2)       (0.3)
Change in bullion inventory                                                0.1        (3.8)
------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes                    $   23.7    $   23.8
------------------------------------------------------------------------------------------
Gold equivalent production - ounces                                     91,214      93,160
Total cash costs per equivalent ounce of gold                         $    260    $    256

      Total cash costs are non-GAAP measures. For further information on this
non-GAAP measure, please refer to the disclosure under the heading "Costs and
Expenses - Operations Summary".

      Capital expenditures at the Fort Knox operations in the first quarter of
2003 were $9.2 million compared to $1.0 million during 2002.The majority of
capital expenditures incurred during the first quarter of 2003 were incurred to
replace the True North ore haulage fleet and certain mobile mining equipment
used at the Fort Knox open pit.

      ROUND MOUNTAIN JOINT VENTURE (50% Ownership Interest) - USA

      Kinross acquired its ownership interest in the Round Mountain mine,
located in Nye County, Nevada, USA upon completion of the combination with Echo
Bay on January 31, 2003. Round Mountain is an open pit mine capable of mining
and processing 170,000 tonnes of ore per day. Kinross' share of gold equivalent
production during the two-month period of ownership in 2003 was 64,034 ounces at
total cash costs of $192 per ounce. During this period, Kinross' share of
operating costs were nominally over plan at $14.1 million. Kinross expects that
its share of estimated gold equivalent production for 2003 from the Round
Mountain mine to be 330,000 ounces at total cash costs of approximately $210 per
ounce.

RECONCILIATION OF THE ROUND MOUNTAIN MINE TOTAL CASH COSTS              THREE MONTHS ENDED
PER EQUIVALENT OUNCE OF GOLD TO CONSOLIDATED FINANCIAL STATEMENTS             MARCH 31,
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)              2003        2002
------------------------------------------------------------------------------------------
Operating costs per financial statements                              $   14.1    $      -
Site restoration cost accruals                                            (0.3)          -
Change in bullion inventory                                               (1.5)          -
------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes                    $   12.3    $      -
------------------------------------------------------------------------------------------
Gold equivalent production - ounces                                     64,034           -
Total cash costs per equivalent ounce of gold                         $    192    $      -
</TABLE>

      Total cash costs are non-GAAP measures. For further information on this
non-GAAP measure, please refer to the disclosure under the heading "Costs and
Expenses - Operations Summary".

      Kinross' share of capital expenditures at the Round Mountain mine in the
first quarter of 2003 was $0.3 million. Kinross estimates its share of capital
expenditures to be approximately $7.4 million for 2003.These capital
expenditures will be primarily incurred on the expansion of the dedicated leach
pad, pit dewatering, and mobile equipment purchases.

2003 FIRST QUARTER REPORT                                                     11
<PAGE>

      PORCUPINE JOINT VENTURE (49% Ownership Interest) - Canada

      On July 1, 2002, Kinross formed a joint venture with a wholly owned
subsidiary of Placer Dome Inc. ("Placer").The formation of the joint venture
combined the two companies' gold mining operations in the Porcupine district in
Timmins, Ontario.The ownership of this unincorporated joint venture is 51%
Placer and 49% Kinross. Placer contributed the Dome mine and mill and Kinross
contributed the Hoyle Pond, Nighthawk Lake, and Pamour mines, exploration
properties in the Porcupine district and the Bell Creek mill.

      Kinross' share of gold equivalent production in the first quarter of 2003
was 47,580 ounces compared to 53,476 in 2002.Total cash costs were $257 per
ounce of gold equivalent in the first quarter of 2003, compared to $144 in
2002.The first quarter 2002 comparative data represents the results of
operations from the Hoyle Pond mine that Kinross owned 100% during the first
half of 2002. Production during the first quarter of 2003 was lower due to lower
than planned mill throughput as a result of a failure of a secondary screen in
the mill. During the first quarter Kinross' share of operating costs were $1.6
million higher than planned at $13.8 million. Operating costs were negatively
impacted by a $1.2 million reduction in the amount of in process inventory,
higher than planned fuel costs and higher than planned energy costs due to the
deregulation of the Ontario energy market.

      On March 26, 2003, the joint venture reduced its staff by 43 people.The
nearby Pamour mine is expected to commence production, replacing any lost
production from the eventual closure of the Dome mine. Kinross expects that its
share of estimated gold equivalent production for 2003 from the joint venture
will remain at 219,000 ounces at total cash costs of approximately $210 per
ounce.The Porcupine operation exceeded budgeted gold production by 18% at lower
than expected total cash costs per ounce in March.This positive trend continued
in the month of April. Expectations are that the shortfall in production that
occurred in the first quarter will be overcome by the end of the second
quarter.The current forecast reflects cost savings resulting from reduced labour
and electrical power.

<TABLE>
<CAPTION>
RECONCILIATION OF THE PORCUPINE JOINT VENTURE TOTAL CASH COSTS PER        THREE MONTHS ENDED
EQUIVALENT OUNCE OF GOLD TO CONSOLIDATED FINANCIAL STATEMENTS                  MARCH 31,
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)               2003         2002
--------------------------------------------------------------------------------------------
<S>                                                                   <C>         <C>
Operating costs per financial statements                              $    13.8   $      9.0
Site restoration cost accruals                                             (0.3)        (0.3)
Change in bullion inventory                                                (1.2)        (0.8)
Operating costs not related to gold production                                -         (0.2)
--------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes                    $    12.3   $      7.7
--------------------------------------------------------------------------------------------
Gold equivalent production - ounces                                      47,580       53,476
Total cash costs per equivalent ounce of gold                         $     257   $      144
</TABLE>

      Total cash costs are non-GAAP measures.For further information on this
non-GAAP measure, please refer to the disclosure under the heading "Costs and
Expenses - Operations Summary".

      Kinross' share of capital expenditures at the Porcupine Joint Venture in
the first quarter of 2003 was $1.4 million compared to $1.7 million during 2002.
The majority of capital expenditures for 2002 were required to further advance
the 1060 ramp at the Hoyle Pond mine, underground development drilling at the
Hoyle Pond mine and permitting and engineering activities on the Pamour mine

12                                                      KINROSS GOLD CORPORATION
<PAGE>

      KUBAKA MINE (98.1% Ownership Interest) - Russia

      Kinross acquired its 54.7% ownership interest in the Kubaka open pit mine,
located in the Magadan Oblast in far eastern Russia in three transactions during
1998 and 1999. On December 3, 2002, Kinross entered into purchase agreements
with four Russian shareholders (holding in aggregate 44.17% of the shares of
Omolon Gold Mining Company ("Omolon"), the Russian joint stock company that owns
the Kubaka mine).The four shareholders agreed to tender their shares in Omolon
and Omolon agreed to pay $44.7 million including certain transaction costs for
these shares. On March 26, 2003, the final of the four transactions closed
resulting in Kinross owning 98.1% of Omolon.

      Kinross' share of gold equivalent production in the first quarter of 2003
was 30,050 ounces compared to 56,645 in 2002.Total cash costs were $188 per
ounce of gold equivalent in the first quarter of 2003, compared to $141 in 2002.
During the first quarter Kinross' share of operating costs were $0.1 million
higher than planned at $5.7 million. Although per ounce cash costs increased,
total operating costs decreased during the first quarter of 2003, as Kinross
only processed the low-grade stockpiles. There were no mining activities during
the quarter. Kinross will supplement the processing of the low- grade stockpiles
with underground ore from the North High Wall, Centre Zone and the North Vein
later in 2003. Kinross continues to actively pursue the nearby Birkachan and
Tsokol deposits for additional mineralization that will hopefully extend the
life of Kubaka into 2005 and beyond. The extension of the Exploration and Mining
Licence for the Birkachan deposit was recently signed and it is now valid until
2012.With the Birkachan Licence in place, Omolon will now begin the process of
permitting the ore deposit with the production targeted for the first quarter of
2004.The Tsokol deposit is already included within the Kubaka Mining Licence
area.

      After reflecting the above purchase agreements, estimated gold equivalent
production for Kinross from the Kubaka mine in 2003 is 188,000 ounces at total
cash costs of approximately $190 per ounce.

<TABLE>
<CAPTION>
RECONCILIATION OF THE KUBAKA MINE TOTAL CASH COSTS PER                    THREE MONTHS ENDED
EQUIVALENT OUNCE OF GOLD TO CONSOLIDATED FINANCIAL STATEMENTS                  MARCH 31,
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)               2003         2002
--------------------------------------------------------------------------------------------
<S>                                                                   <C>         <C>
Operating costs per financial statements                              $     5.7   $      7.0
Site restoration cost accruals                                             (0.1)        (0.2)
Change in bullion inventory                                                   -          0.9
Management fees                                                             0.1          0.3
--------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes                    $     5.7   $      8.0
--------------------------------------------------------------------------------------------
Gold equivalent production - ounces                                      30,050       56,645
Total cash costs per equivalent ounce of gold                         $     188   $      141
</TABLE>

      Total cash costs are non-GAAP measures. For further information on this
non-GAAP measure, please refer to the disclosure under the heading "Costs and
Expenses - Operations Summary".

      Kinross' share of capital expenditures at the Kubaka mine in the first
quarter of 2003 were $0.1 million compared to $0.1 million during 2002. Kinross
acquired the mining equipment for the underground mining program at Kubaka early
in the second quarter and has now commenced mining.

2003 FIRST QUARTER REPORT                                                     13
<PAGE>

      BRASILIA MINE (49% Ownership Interest) - Brazil

      Kinross acquired its ownership interest in the Brasilia mine, located in
the State of Minas Gerais, Brazil upon completion of the combination with TVX on
January 31, 2003. Brasilia is an open pit mine capable of mining and milling
55,000 tonnes of ore per day. Kinross' share of gold equivalent production
during the two-month period of ownership in 2003 was 16,958 ounces at total cash
costs of $166 per ounce. During this period, Kinross' share of operating costs
were $0.3 million higher than planned at $3.6 million. Kinross expects that its
share of estimated gold equivalent production for 2003 from the Brasilia mine
will be 97,000 ounces at total cash costs of approximately $175 per ounce.

<TABLE>
<CAPTION>
RECONCILIATION OF THE BRASILIA MINE TOTAL CASH COSTS PER                  THREE MONTHS ENDED
EQUIVALENT OUNCE OF GOLD TO CONSOLIDATED FINANCIAL STATEMENTS                  MARCH 31,
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)               2003         2002
--------------------------------------------------------------------------------------------
<S>                                                                   <C>         <C>
Operating costs per financial statements                              $     3.7   $        -
Site restoration cost accruals                                             (0.1)           -
Change in bullion inventory                                                (0.8)           -
--------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes                    $     2.8   $        -
--------------------------------------------------------------------------------------------
Gold equivalent production - ounces                                      16,958            -
Total cash costs per equivalent ounce of gold                         $     166   $        -
</TABLE>

      Total cash costs are non-GAAP measures. For further information on this
non-GAAP measure, please refer to the disclosure under the heading "Costs and
Expenses - Operations Summary".

      Kinross' share of capital expenditures at the Brasilia mine in the first
quarter of 2003 was $0.4 million. Kinross estimates its share of capital
expenditures to be approximately $2.0 million for 2003.These capital
expenditures will be primarily incurred on constructing an additional lift on
the tailings impoundment dam and equipment upgrades.

      LA COIPA MINE (50% Ownership Interest) - Chile

      Kinross acquired its ownership interest in the La Coipa mine, located in
the Copiapo Province, Chile upon completion of the combination with TVX on
January 31, 2003. La Coipa is an open pit mine capable of mining and milling
17,000 tonnes of ore per day. Kinross' share of gold equivalent production
during the two-month period of ownership in 2003 was 23,923 ounces at total cash
costs of $244 per ounce. During this period, Kinross' share of operating costs
were $1.2 million higher than planned at $8.4 million. Operating costs were
negatively impacted by a reduction in the amount of in-process inventory from
January 31, 2003. Kinross expects that its share of estimated gold equivalent
production for 2003 from the La Coipa mine will be 133,000 ounces at total cash
costs of approximately $255 per ounce.

14                                                      KINROSS GOLD CORPORATION
<PAGE>
<TABLE>
<CAPTION>

RECONCILIATION OF THE LA COIPA MINE TOTAL CASH COSTS PER                  THREE MONTHS ENDED
EQUIVALENT OUNCE OF GOLD TO CONSOLIDATED FINANCIAL STATEMENTS                  MARCH 31,
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)               2003         2002
--------------------------------------------------------------------------------------------
<S>                                                                   <C>         <C>
Operating costs per financial statements                              $     8.4   $        -
Site restoration cost accruals                                             (0.1)           -
Change in bullion inventory                                                (2.4)           -
--------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes                    $     5.9   $        -
--------------------------------------------------------------------------------------------
Gold equivalent production - ounces                                      23,923            -
Total cash costs per equivalent ounce of gold                         $     244   $        -

      Total cash costs are non-GAAP measures. For further information on this
non-GAAP measure, please refer to the disclosure under the heading "Costs and
Expenses - Operations Summary".

      There we no capital expenditures at La Coipa during the period of Kinross'
ownership in the first quarter of 2003. Kinross estimates its share of capital
expenditures to be approximately $0.9 million for 2003.

      CRIXAS MINE (50% Ownership Interest) - Brazil

      Kinross acquired its ownership interest in the Crixas mine, located in the
State of Goias, Brazil upon completion of the combination with TVX on January
31, 2003. Crixas is an underground mine capable of mining and milling 2,000
tonnes of ore per day. Kinross' share of gold equivalent production during the
two-month period of ownership in 2003 was 15,604 ounces, at total cash costs of
$101 per ounce. During this period, Kinross' share of operating costs were $0.7
million higher than planned at $2.5 million. Operating costs were negatively
impacted by a reduction in the amount of in-process inventory from January 31,
2003. Kinross expects that its share of estimated gold equivalent production for
2003 from the Crixas mine will be 85,000 ounces at total cash costs of
approximately $125 per ounce.

RECONCILIATION OF THE CRIXAS MINE TOTAL CASH COSTS PER                    THREE MONTHS ENDED
EQUIVALENT OUNCE OF GOLD TO CONSOLIDATED FINANCIAL STATEMENTS                  MARCH 31,
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)               2003         2002
--------------------------------------------------------------------------------------------
Operating costs per financial statements                              $     2.5   $        -
Site restoration cost accruals                                             (0.1)           -
Change in bullion inventory                                                (0.8)           -
--------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes                    $     1.6   $        -
--------------------------------------------------------------------------------------------
Gold equivalent production - ounces                                      15,604            -
Total cash costs per equivalent ounce of gold                         $     101   $        -
</TABLE>

      Total cash costs are non-GAAP measures. For further information on this
non-GAAP measure, please refer to the disclosure under the heading "Costs and
Expenses - Operations Summary".

      Kinross' share of capital expenditures at the Crixas mine in the first
quarter of 2003 was $0.1 million. Kinross estimates its share of capital
expenditures to be approximately $2.2 million for 2003. These capital
expenditures will be primarily incurred on underground development.

2003 FIRST QUARTER REPORT                                                     15
<PAGE>

      MUSSELWHITE JOINT VENTURE (31.93% Ownership Interest) - Canada

      Kinross acquired its ownership interest in the Musselwhite mine, located
in northwestern Ontario, Canada upon completion of the combination with TVX on
January 31, 2003. Musselwhite is an underground mine capable of mining and
milling 3,650 tonnes of ore per day. Kinross' share of gold equivalent
production during the two-month period of ownership in 2003 was 9,475 ounces at
total cash costs of $319 per ounce. During this period Kinross' share of
operating costs were on plan at $2.8 million. During the two months of Kinross'
ownership, the grade of ore processed was 10% lower than planned, which resulted
in lower production and higher unit total cash costs per ounce. As a result of
the production shortfall experienced during the first quarter, current higher
than planned energy and fuel costs, Kinross' share of forecasted production has
been reduced to 58,000 ounces at total cash costs of $250 per ounce. Management
is currently reviewing all aspects of the operation in order to improve
productivity and reduce costs.

<TABLE>
<CAPTION>
RECONCILIATION OF THE MUSSELWHITE MINE TOTAL CASH COSTS                   THREE MONTHS ENDED
PER EQUIVALENT OUNCE OF GOLD TO CONSOLIDATED FINANCIAL STATEMENTS              MARCH 31,
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)               2003         2002
--------------------------------------------------------------------------------------------
<S>                                                                   <C>         <C>
Operating costs per financial statements                              $     2.8   $        -
Site restoration cost accruals                                             (0.1)           -
Change in bullion inventory                                                 0.3            -
--------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes                    $     3.0   $        -
--------------------------------------------------------------------------------------------
Gold equivalent production - ounces                                       9,475            -
Total cash costs per equivalent ounce of gold                         $     319   $        -
</TABLE>

      Total cash costs are non-GAAP measures. For further information on this
non-GAAP measure, please refer to the disclosure under the heading "Costs and
Expenses - Operations Summary".

      Kinross' share of capital expenditures at the Musselwhite mine in the
first quarter of 2003 was $0.2 million. Kinross estimates its share of capital
expenditures to be approximately $2.9 million for 2003.These capital
expenditures will be primarily incurred on underground development and additions
to the underground fleet.

      NEW BRITANNIA JOINT VENTURE (50% Ownership Interest) - Canada

      Kinross acquired its ownership interest in the New Britannia mine, located
in Snow Lake, Manitoba, Canada upon completion of the combination with TVX on
January 31, 2003. New Britannia is an underground mine capable of mining and
milling 2,000 tonnes of ore per day. Kinross' share of gold equivalent
production during the two-month period of ownership in 2003 was 7,460 ounces at
total cash costs of $272 per ounce. During this period, Kinross' share of
operating costs were nominally over plan at $2.2 million. During the two months
of Kinross' ownership, the grade of ore processed was 17% higher than planned
which compensated for 17% lower than planned tonnes processed. Kinross expects
that its share of estimated gold equivalent production for 2003 from the New
Britannia mine will be 42,000 ounces at total cash costs of approximately $255
per ounce.

16                                                      KINROSS GOLD CORPORATION
<PAGE>
<TABLE>
<CAPTION>

RECONCILIATION OF THE NEW BRITANNIA MINE TOTAL CASH COSTS PER             THREE MONTHS ENDED
EQUIVALENT OUNCE OF GOLD TO CONSOLIDATED FINANCIAL STATEMENTS                  MARCH 31,
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)               2003         2002
--------------------------------------------------------------------------------------------
<S>                                                                   <C>         <C>
Operating costs per financial statements                              $     2.2   $        -
Site restoration cost accruals                                             (0.1)           -
Change in bullion inventory                                                (0.1)           -
--------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes                    $     2.0   $        -
--------------------------------------------------------------------------------------------
Gold equivalent production - ounces                                       7,460            -
Total cash costs per equivalent ounce of gold                         $     272   $        -

      Total cash costs are non-GAAP measures. For further information on this
non-GAAP measure, please refer to the disclosure under the heading "Costs and
Expenses - Operations Summary".

      Kinross' share of capital expenditures at the New Britannia mine in the
first quarter of 2003 was $0.2 million. Kinross estimates its share of capital
expenditures to be approximately $1.5 million for 2003.These capital
expenditures will be primarily incurred on underground development and
underground equipment replacements.

      LUPIN MINE (100% Ownership Interest) - Canada

      Kinross acquired its ownership interest in the Lupin mine, located in the
Nunavut Territory, Canada upon completion of the combination with Echo Bay on
January 31, 2003. Lupin is an underground mine capable of mining and processing
2,000 tonnes of ore per day. Kinross' share of gold equivalent production during
the two-month period of ownership in 2003 was 18,784 ounces at total cash costs
of $411 per ounce. During this period, Kinross' operating costs were $2.6
million over plan at $9.2 million. Operating costs were negatively impacted by a
$1.2 million reduction in the amount of in-process inventory from January 31,
2003, higher than planned fuel prices, underground ore handling inefficiencies
and higher than planned air freight costs. Kinross has reviewed all aspects of
the Lupin operation and has developed an action plan that will substantially
reduce operating costs and improve productivity.The plan includes the reduction
of 75 positions throughout the operations, changing shift rotations and the sale
of the aircraft and hanger. Including the above cost savings, Kinross expects
estimated gold equivalent production for 2003 from the Lupin mine to be 110,000
ounces at total cash costs of approximately $320 per ounce.

RECONCILIATION OF THE LUPIN MINE TOTAL CASH COSTS PER                     THREE MONTHS ENDED
EQUIVALENT OUNCE OF GOLD TO CONSOLIDATED FINANCIAL STATEMENTS                  MARCH 31,
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)               2003         2002
--------------------------------------------------------------------------------------------
Operating costs per financial statements                              $     9.2   $        -
Site restoration cost accruals                                             (0.3)           -
Change in bullion inventory                                                (1.2)           -
--------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes                    $     7.7   $        -
--------------------------------------------------------------------------------------------
Gold equivalent production - ounces                                      18,784            -
Total cash costs per equivalent ounce of gold                         $     411   $        -
</TABLE>

      Total cash costs are non-GAAP measures.For further information on this
non-GAAP measure, please refer to the disclosure under the heading "Costs and
Expenses - Operations Summary".

2003 FIRST QUARTER REPORT                                                     17
<PAGE>

      Kinross' share of capital expenditures at the Lupin mine in the first
quarter of 2003 was $0.8 million. Kinross estimates its share of capital
expenditures to be approximately $1.9 million for 2003.The additional capital
expenditures are necessary in order to raise the tailings dam.

ADMINISTRATION

      Administration costs include corporate office expenses related to the
overall management of the business which are not part of direct mine operating
costs.Administration expenses totaled $5.8 million in the first quarter of 2003,
compared to $2.3 million in 2002. Administrative expenses increased in 2003 due
to the completion of the combination. Included in the first quarter's
administrative costs were $1.1 million of expenditures associated with
transitional issues associated with the business combination that will not be
recurring in the remaining quarters.

EXPLORATION AND BUSINESS DEVELOPMENT

      Total exploration and business development expenditures in the first
quarter of 2003 were $6.2 million compared to $2.1 million in 2002. Exploration
activities in 2003 primarily focused around existing operating mines and on the
Refugio and Kettle River - Emanuel Creek Project. During the first quarter of
2003, Kinross spent $1.4 million on exploration drilling at the Refugio mine and
$1.5 million on exploration drifting and underground drilling at the Emanuel
Creek Project. At Refugio exploration drilling continues to be successful. The
results will form the basis for an updated reserve estimate and study of the
restart of operations. At the Emanuel Creek Project underground development is
currently underway to provide access to the new Emanuel Creek discovery. Upon
completion, infill drilling will be completed to confirm the continuity of the
deposit.

DEPRECIATION, DEPLETION AND AMORTIZATION

      Depreciation, depletion and amortization totaled $28.2 million in the
first quarter of 2003 compared to $21.8 million in 2002. Depreciation, depletion
and amortization have decreased per equivalent ounce of gold to $84 in the first
quarter of 2003, from $94 in 2002. The 2003 decrease per equivalent ounce of
gold sold is due to the cost of the newly acquired assets of TVX and Echo Bay
and the associated production.

INTEREST EXPENSE

      Interest expense totaled $1.1 million in the first quarter of 2003,
compared to $1.5 million in 2002. Interest expense in 2002 is comprised of $0.1
million relating to the Company's proportionate share of interest on the Kubaka
project loans, $0.2 million of interest on the Alaskan industrial revenue bonds
and the Fort Knox capital leases, $0.7 million of interest on the debt component
of the convertible debentures and $0.1 million on other items. Interest expense
decreased due to lower debt balances outstanding. Interest expense will continue
to decrease since rates remain low and debt balances continue to decrease as
scheduled repayments are made.

18                                                      KINROSS GOLD CORPORATION
<PAGE>

INCOME AND MINING TAXES

      Kinross is subject to tax in various jurisdictions including Canada, the
United States, Brazil, Russia, Zimbabwe and Chile. However, the Company has
substantial operating losses and other tax deductions to shelter future taxable
income in Canada, Zimbabwe and the United States. The first quarter 2003
liability arises from income taxes in Russia, Brazil and Chile. The effective
tax rate incurred during the first quarter was 40% in Russia, 30% in Chile and
24% in Brazil. For details on the substantial operating losses and other tax
deductions available to shelter future taxable income please see Note 16 to the
2002 Audited Consolidated Financial Statements of Kinross.

LIQUIDITY AND FINANCIAL RESOURCES

      OPERATING ACTIVITIES

      Cash flow provided from operating activities in the first quarter of 2003
was $19.0 million compared to $19.9 million in 2002. Cash flow provided from
operating activities in 2003 was affected by higher gold equivalent production
due to the completion of the business combination with TVX Gold Inc. ("TVX") and
Echo Bay Mines Ltd. ("Echo Bay"), offset by higher total unit cash costs per
equivalent ounce of gold produced and the payment of $5.6 million of deal costs
accrued in 2002.The 2002 cash flow from operating activities was used to finance
capital expenditures and service existing debt.

      FINANCING ACTIVITIES

      During the first quarter of 2003, Kinross issued 0.6 million common shares
for net proceeds of $1.8 million pursuant to the employee share incentive plan.

      The debt component of convertible debentures was reduced by $1.4 million
during the first quarter of 2003 compared to $1.3 million during 2002. Long-term
debt repayments were $1.0 million during the first quarter of 2003 compared to
$10.5 million during 2002. Long-term debt repayments consisted of scheduled
repayments under various capital leases.

      Kinross did not declare nor pay any dividends to the holders of the
convertible preferred shares of subsidiary company in 2003 or 2002.

      Kinross has restricted cash of $10.8 million at March 31, 2003.The
remaining restricted cash is associated with cash deposits that were made by TVX
and Echo Bay to secure letters of credit for various financial assurance
requirements. On February 27, 2003, Kinross entered into a credit facility for
$125.0 million with a maturity date of December 31, 2005.The credit facility is
secured by Kinross' Fort Knox mine and shares in various wholly owned
subsidiaries.The purpose of the credit facility is to issue letters of credit to
various regulatory agencies to satisfy financial assurance requirements to which
Kinross is subject. Kinross is currently in the process of issuing new letters
of credit under this facility to replace all outstanding financial assurance.The
Company anticipates all remaining restricted cash will be released during the
second quarter.

      As at March 31, 2003, Kinross' long-term debt consists of $4.8 million
relating to the Kubaka project financing, $25.0 million of Fort Knox industrial
revenue bonds and various capital leases, and other debt of $9.8 million.The
current portion of the long-term debt is $27.0 million.

2003 FIRST QUARTER REPORT                                                     19
<PAGE>

      INVESTING ACTIVITIES

      Capital expenditures increased substantially in the first quarter of 2003
as $12.8 million was spent on capital additions, compared to $3.1 million in
2002. The majority of capital expenditures incurred during the first quarter of
2003 were at the Fort Knox mine. During the quarter, $9.2 million was spent to
replace the True North ore haulage fleet and to replace certain mobile mining
equipment used at the Fort Knox open pit. Capital expenditures were financed out
of cash flow provided from operating activities.

      The business combination between Kinross,TVX and Echo Bay required Kinross
to utilize $81.4 million of its cash reserves, net of the cash reserves acquired
from TVX and Echo Bay and $4.2 million of cash was utilized for miscellaneous
items including $2.5 million of fees (including legal) associated with the new
credit facility.

      Kinross decreased its restricted cash by $31.8 million during the
quarter.This decrease includes the change from Kinross' restricted cash at
December 31, 2002 and the change in restricted cash acquired on January 31, 2003
from TVX and Echo Bay. The balance of the restricted cash should be released by
June 30, 2003 once all of the new letters of credit have been issued and the
remaining cash collateralizing the surety bonds is released.

      INVESTMENT IN TVX HELLAS

      On January 9, 2003, the Greek Ministry of Development ordered TVX Hellas
to suspend mining beneath the village of Stratoniki.The suspension at the
Stratoni mine took immediate effect and would be released upon the receipt of
new mining permits signed by the five relevant ministries of the Greek
Government. Pursuant to the order, operations were suspended and did not
re-commence once the revised permits were issued on February 18, 2003 as Kinross
attempted to negotiate a settlement and possible exit strategy with the Greek
Government.

      The Greek Government undertook initiatives to put together a viable
long-term structure for the re-opening of the Stratoni mine. Representatives of
the participants of the plan will meet in order to set in motion the legal
processes for the completion of the new structure.

      The new structure includes a major Greek mining enterprise, a group of
Greek construction companies and Kinross, as well as local Prefectural and
Municipal Authorities.

      As part of the overall agreement, and with Kinross' commitment of $10
million for the support of the new plan, Kinross will retain the mineral rights
at Skouries, with the prospect of conducting a systematic exploration and
evaluation of the deposit.

      For the transitional period and until the undertaking of the mines by the
new structure, Kinross has pledged to the Greek Government that it will maintain
the operation of the water treatment plant for the protection of the
environment, thus safeguarding public health and safety in the region. In the
meantime,TVX Hellas, in order to protect its interest has filed a petition for
suspension of payments.

      COMMODITY PRICE RISKS

      Kinross 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. Kinross
does not hold these financial instruments for speculative or trading purposes.
Kinross is not subject to margin requirements on any of its hedging lines.

20                                                      KINROSS GOLD CORPORATION
<PAGE>

      The outstanding number of ounces, average expected realized prices and
maturities for the gold commodity derivative contracts as at March 31, 2003 are
as follows:

                                                             CALL       AVERAGE
                                    OUNCES     AVERAGE    OPTIONS        STRIKE
      YEAR                          HEDGED       PRICE       SOLD         PRICE
      -------------------------------------------------------------------------
      2003                          97,500     $   281    100,000      $    320
      2004                         137,500         277     50,000           340
      2005                          37,500         296          -             -
      -------------------------------------------------------------------------
      Total                        272,500                150,000
      -------------------------------------------------------------------------

      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, as at March 31, 2003 was negative $15.3
million. Kinross will continue to deliver into these contracts as they mature
and not replace them with new contracts.

OUTLOOK

      As at March 31, 2003, Kinross has $122.4 million of unrestricted cash and
$10.8 million of restricted cash that should become unrestricted during the
second quarter. Kinross is in the process of applying its continuous improvement
program to all of the mines it operates with the goal of improving production or
reducing spending in both cases with a goal to reduce total cash costs per ounce
produced. In addition, Kinross will continue to invest in quality projects that
will replace mine production consumed by mining activities. The first quarter
was a transitional quarter and now, with the activity associated with the
combination behind us, our total management team is focused on improving
existing operations and maximizing the benefit of our investment in quality
projects. Including the revised production estimates from the Lupin and
Musselwhite mines, Kinross' revised production estimate for 2003 is 1.7 million
ounces of gold equivalent at total cash costs of approximately $215 to $220 per
ounce.

2003 FIRST QUARTER REPORT                                                     21
<PAGE>

CONSOLIDATED BALANCE SHEETS
KINROSS GOLD CORPORATION
(EXPRESSED IN MILLIONS OF U.S. DOLLARS)
(UNAUDITED)
                                                            AS AT          As at
                                                         MARCH 31    December 31
                                                             2003           2002
--------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents                              $    122.4    $    170.6
Restricted cash                                              10.8          21.1
Accounts receivable and other assets                         39.7          15.5
Inventories                                                  97.3          38.9
Marketable securities                                         2.9           0.1
--------------------------------------------------------------------------------
                                                            273.1         246.2
Property, plant and equipment                               843.3         330.0
Goodwill                                                    888.6             -
Long-term investments                                        27.5          11.8
Future income and mining taxes                               13.4             -
Deferred charges and other assets                            31.5          10.0
--------------------------------------------------------------------------------
                                                       $  2,077.4    $    598.0
--------------------------------------------------------------------------------

LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued liabilities               $    107.3    $     35.5
Current portion of long-term debt                            27.0          23.3
Current portion of site restoration cost accruals            18.4          15.0
--------------------------------------------------------------------------------
                                                            152.7          73.8

Long-term debt                                               12.6          12.9
Site restoration cost accruals                              101.1          42.0
Future income and mining taxes                               46.0           3.3
Deferred revenue                                              3.9           4.5
Other long-term liabilities                                   5.5           5.5
Debt component of convertible debentures                     21.7          21.7
Redeemable retractable preferred shares                       2.6           2.5
--------------------------------------------------------------------------------
                                                            346.1         166.2
--------------------------------------------------------------------------------
CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY           13.1          12.9
--------------------------------------------------------------------------------

COMMON SHAREHOLDERS' EQUITY
Common share capital                                      1,598.1       1,058.5
Contributed surplus                                          12.9          12.9
Equity component of convertible debentures                  134.5         132.3
Deficit                                                     (13.3)       (761.4)
Cumulative translation adjustments                          (14.0)        (23.4)
--------------------------------------------------------------------------------
                                                          1,718.2         418.9
--------------------------------------------------------------------------------
                                                       $  2,077.4    $    598.0
--------------------------------------------------------------------------------

22                                                      KINROSS GOLD CORPORATION
<PAGE>
<TABLE>
<CAPTION>

CONSOLIDATED STATEMENTS OF OPERATIONS
KINROSS GOLD CORPORATION
FOR THE THREE MONTHS ENDED MARCH 31
(EXPRESSED IN MILLIONS OF U.S. DOLLARS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

                                                                   THREE MONTHS
                                                                      ENDED
                                                                    MARCH 31
                                                                2003         2002
---------------------------------------------------------------------------------
<S>                                                        <C>          <C>
REVENUE
Mining revenue                                             $   117.0    $    68.8
Interest and other income                                        1.0          1.2
Mark-to-market gain (loss) on call options                       2.1         (1.0)
---------------------------------------------------------------------------------
                                                               120.1         69.0
---------------------------------------------------------------------------------

EXPENSES
Operating                                                       86.7         46.8
General and administrative                                       5.8          2.3
Exploration and business development                             6.2          2.1
Depreciation, depletion and amortization                        28.2         21.8
Gain on sale of assets                                          (0.1)        (0.3)
Foreign exchange loss                                            0.7          0.8
Interest expense on long-term liabilities                        1.1          1.5
---------------------------------------------------------------------------------
                                                               128.6         75.0
---------------------------------------------------------------------------------
                                                                (8.5)        (6.0)

Share in income of investee companies                              -          0.3
---------------------------------------------------------------------------------
LOSS BEFORE TAXES AND DIVIDENDS ON CONVERTIBLE
  PREFERRED SHARES OF SUBSIDIARY COMPANY                        (8.5)        (5.7)

PROVISION FOR INCOME AND MINING TAXES                           (2.5)        (1.4)
---------------------------------------------------------------------------------
LOSS FOR THE PERIOD BEFORE DIVIDENDS ON CONVERTIBLE
  PREFERRED SHARES OF SUBSIDIARY COMPANY                       (11.0)        (7.1)

DIVIDENDS ON CONVERTIBLE PREFERRED SHARES
  OF SUBSIDIARY COMPANY                                         (0.2)        (0.8)
---------------------------------------------------------------------------------

NET LOSS FOR THE PERIOD                                    $   (11.2)   $    (7.9)
---------------------------------------------------------------------------------

ATTRIBUTABLE TO COMMON SHAREHOLDERS:

NET LOSS FOR THE PERIOD                                    $   (11.2)   $    (7.9)
---------------------------------------------------------------------------------
INCREASE IN EQUITY COMPONENT OF CONVERTIBLE
  DEBENTURES                                                    (2.1)        (2.1)

NET LOSS ATTRIBUTABLE TO COMMON SHARES                     $   (13.3)   $   (10.0)
---------------------------------------------------------------------------------
LOSS PER SHARE
Basic and diluted                                          $   (0.05)   $   (0.09)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING           253.1        112.6
TOTAL OUTSTANDING AND ISSUED COMMON SHARES AT MARCH 31         314.7        119.4
</TABLE>

2003 FIRST QUARTER REPORT                                                     23
<PAGE>

CONSOLIDATED STATEMENTS OF CASH FLOWS
KINROSS GOLD CORPORATION
FOR THE THREE MONTHS ENDED MARCH 31
(EXPRESSED IN MILLIONS OF U.S. DOLLARS)
(UNAUDITED)

                                                                  THREE MONTHS
                                                                      ENDED
                                                                    MARCH 31
                                                                2003       2002
-------------------------------------------------------------------------------
NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING
ACTIVITIES:

OPERATING:
Loss for the period before dividends on convertible
preferred shares of subsidiary company                      $  (11.0)   $  (7.1)
Items not affecting cash:
  Depreciation, depletion and amortization                      28.2       21.8
  Future income and mining taxes                                 0.1          -
  Deferred revenue realized                                     (0.6)      (1.3)
  Site restoration cost accruals                                 1.4        0.8
  Other                                                          1.5       (0.4)
-------------------------------------------------------------------------------
                                                                19.6       13.8

Site restoration cash expenditures                              (2.1)      (1.1)
Changes in non-cash working capital items
  Accounts receivable and other assets                           6.2        4.6
  Inventories                                                   (5.4)       1.5
  Marketable securities                                            -        1.5
  Accounts payable and accrued liabilities                      (1.6)      (0.8)
Effect of exchange rate changes on cash                          2.3        0.4
-------------------------------------------------------------------------------
CASH FLOW PROVIDED FROM OPERATING ACTIVITIES                    19.0       19.9
-------------------------------------------------------------------------------

FINANCING:
Issuance of common shares                                        1.8       19.0
Acquisition of preferred shares of subsidiary company              -      (11.1)
Reduction of debt component of convertible debentures           (1.4)      (1.3)
Repayment of debt                                               (1.0)     (10.5)
-------------------------------------------------------------------------------
CASH FLOW USED IN FINANCING ACTIVITIES                          (0.6)      (3.9)
-------------------------------------------------------------------------------

INVESTING:
Additions to property, plant and equipment                     (12.8)      (3.1)
Business acquisitions, net of cash acquired                    (81.4)         -
Long-term investments and other assets                          (4.2)         -
Proceeds from the sale of property, plant and equipment            -        0.1
Decrease (increase) in restricted cash                          31.8       (4.0)
-------------------------------------------------------------------------------
CASH FLOW USED IN INVESTING ACTIVITIES                         (66.6)      (7.0)
-------------------------------------------------------------------------------

(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS               (48.2)       9.0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                 170.6       81.0
-------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS, END OF PERIOD                    $  122.4    $  90.0
-------------------------------------------------------------------------------
Supplementary disclosure of cash flow information:
Cash paid for: Interest                                     $    0.3    $   0.6
  Income taxes                                              $    1.2    $   0.4


24                                                      KINROSS GOLD CORPORATION
<PAGE>
<TABLE>
<CAPTION>

CONSOLIDATED STATEMENT OF
COMMON SHAREHOLDERS' EQUITY
KINROSS GOLD CORPORATION
FOR THE THREE MONTHS ENDED MARCH 31, 2003
(EXPRESSED IN MILLIONS OF U.S. DOLLARS)
(UNAUDITED)
                                                                                     CUMULATIVE
                                  COMMON     CONTRIBUTE   CONVERTIBLE               TRANSLATION
                                  SHARES       SURPLUS    DEBENTURES     DEFICIT    ADJUSTMENTS      TOTAL
------------------------------------------------------------------------------------------------------------
<S>                             <C>            <C>        <C>           <C>          <C>          <C>
BALANCE,
  DECEMBER 31, 2002             $  1,058.5     $  12.9    $   132.3     $ (761.4)    $  (23.4)    $    418.9

Reduction of stated capital         (761.4)          -            -        761.4            -              -

Issuance of common shares          1,301.0           -            -            -            -        1,301.0

Increase in equity component
of convertible debentures                -           -          2.2         (2.1)           -            0.1

Net loss for the period                  -           -            -        (11.2)           -          (11.2)

Cumulative translation
  adjustments                            -           -            -            -          9.4            9.4
------------------------------------------------------------------------------------------------------------
BALANCE,
  MARCH 31, 2003                $  1,598.1     $  12.9    $   134.5     $  (13.3)    $  (14.0)    $  1,718.2
------------------------------------------------------------------------------------------------------------
</TABLE>

2003 FIRST QUARTER REPORT                                                     25
<PAGE>

NOTES TO THE FINANCIAL STATEMENTS
KINROSS GOLD CORPORATION
FOR THE THREE MONTHS ENDED MARCH 31
(ALL DOLLAR AMOUNTS ARE EXPRESSED IN MILLIONS OF U.S. DOLLARS,
EXCEPT PER SHARE AMOUNTS)
(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, 2002,
 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 ("CDN GAAP") 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, 2002.

 2.    NEW PRONOUNCEMENTS

       In 2003, the Accounting Standards Board of CICA issued Accounting
 Guideline No. 14 -Disclosure of Guarantees, which is effective for financial
 periods ending after December 15, 2002.The guideline requires the disclosure of
 guarantees including indemnification pursuant to contractual arrangement.

       Kinross has guaranteed a land lease for 20 acres on which the E-Crete
 facility, a producer of aerated concrete, located in Casa Grande, Arizona, is
 built. The agreements expire in March 2023 and may be extended for four
 additional five-year periods. Maximum exposure is $1 million.

 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 three months of 2003, the mark-to-market
 adjustments decreased the liability by $2.1 million.

26                                                      KINROSS GOLD CORPORATION
<PAGE>

4.    STOCK OPTIONS

      The Company's stock option plan is described in note 14 of the
consolidated financial statements for the year ended December 31, 2002.The
Company has elected not to use the fair value method of accounting for stock
options.As a result it does not recognize compensation expense nor the fair
value of the options issued to its employees. No stock-based awards are made
available to non-employees.

      Had compensation expense for the stock-based compensation plans been
determined based upon the fair value method of accounting for awards granted on
or after January 1, 2002, the pro forma net loss attributed to common shares
would have amounted to $13.5 million (2002 - $10.1 million) and pro forma EPS
would have remained at loss of $0.05 per share for the three month period ended
March 31, 2003 (2002 - $0.03).The fair value of the options granted during the
three month period ended March 31, 2003 is estimated to be $0.2 million (2002 -
$0.1 million).The fair value of each option grant is estimated on the date of
grant using the Black-Scholes option pricing model with the following weighted
average assumptions used for grants in the three months period ended March 31,
2003: dividend yield of 0%, expected volatility of 70%, risk-free interest rate
of 2.8% and expected lives of 5 years. The Company has not included those
options outstanding on the date of adoption of this new recommendation in the
calculation if its proforma earnings per share for the period.

5.    SEGMENTED INFORMATION

      The Company operates six gold mines and has a significant interest in five
joint ventures. In addition the Company has a 90% interest in E-Crete and
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 of December 31, 2001, the Company no longer consolidates the
Zimbabwe operation as a result of the political situation in that country. As
the products and services in each of the reportable segments, except for the
corporate activities, are essentially the same, the 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.

2003 FIRST QUARTER REPORT                                                     27
<PAGE>

        AS AT MARCH 31, 2003 AND FOR THE THREE MONTHS ENDED MARCH 31, 2003:



                                         OWNERSHIP     MINING    OPERATING
                             LOCATION     INTEREST    REVENUE        COSTS
-------------------------------------------------------------------------------
OPERATED BY KINROSS
Fort Knox                    Alaska           100%   $   33.2     $   23.8
Kubaka                       Russia          98.1%       11.5          5.7
Round Mountain               Nevada            50%       21.3         14.1
Lupin                        Nunavut          100%        7.5          9.2
New Britannia                Manitoba          50%        2.4          2.2

JOINT VENTURE PARTICIPANT
La Coipa                     Chile             50%       10.6          8.4
Crixas                       Brazil            50%        5.6          2.5
Brasilia                     Brazil            49%        5.8          3.7
Musselwhite                  Ontario           32%        2.9          2.8
Porcupine Joint Venture      Ontario           49%       18.2         13.8

OTHER
E - Crete                    Arizona           90%          -          0.5
Corporate and other (B)                                  (2.0)           -
-------------------------------------------------------------------------------
TOTAL                                                $  117.0     $   86.7
-------------------------------------------------------------------------------

        AS AT MARCH 31, 2002 AND FOR THE THREE MONTHS ENDED MARCH 31, 2002:

OPERATED BY KINROSS
Fort Knox                    Alaska           100%   $   33.0     $   27.9
Kubaka                       Russia          54.7%       15.2          7.0
Hoyle Pond                   Ontario          100%       17.5          9.0

OTHER
E-Crete                      Arizona           90%          -          0.8
Corporate and other (B)                                   3.1          2.1
-------------------------------------------------------------------------------
TOTAL                                                $   68.8     $   46.8
-------------------------------------------------------------------------------

        (A) includes $91.1 million (2002 - $75.8 million) in cash and cash
            equivalents held at the Corporate level.
        (B) includes Corporate and other non core mining operations.


RECONCILIATION OF REPORTABLE OPERATING SEGMENT LOSS TO NET LOSS FOR THE PERIOD:

                                                             THREE MONTHS ENDED
                                                                    MARCH 31,
                                                                2003       2002
-------------------------------------------------------------------------------
Segment loss                                                 $   0.1    $  (2.3)
Add (deduct) items not included in segment (loss) profit:
  Corporate and other                                           (8.7)      (4.0)
-------------------------------------------------------------------------------

                                                                (8.6)      (6.3)
Gain on sale of assets                                           0.1        0.3
Share in loss of investee companies                                -        0.3
Provision for income taxes                                      (2.5)      (1.4)
Dividends on convertible preferrred shares of subsidiary        (0.2)      (0.8)
company
-------------------------------------------------------------------------------

Net loss for the period                                      $ (11.2)   $  (7.9)
-------------------------------------------------------------------------------

28                                                      KINROSS GOLD CORPORATION
<PAGE>
<TABLE>
<CAPTION>

        AS AT MARCH 31, 2003 AND FOR THE THREE MONTHS ENDED MARCH 31, 2003:

                                                                DEPRECIATION,
                                                                    DEPLETION       SEGMENT
                                         INTEREST    INTEREST             AND        PROFIT
                             LOCATION     REVENUE     EXPENSE    AMORTIZATION        (LOSS)
----------------------------------------------------------------------------------------------
<S>                                      <C>         <C>         <C>             <C>
OPERATED BY KINROSS
Fort Knox                    Alaska      $      -    $    0.2    $       10.0    $    (1.2)
Kubaka                       Russia             -           -             3.1          2.5
Round Mountain               Nevada             -           -             6.1          0.9
Lupin                        Nunavut            -           -             0.9         (2.9)
New Britannia                Manitoba           -           -             0.4         (0.5)

JOINT VENTURE PARTICIPANT
La Coipa                     Chile              -           -             1.1          1.3
Crixas                       Brazil           0.1           -             1.8          1.4
Brasilia                     Brazil           0.1           -             1.0          0.9
Musselwhite                  Ontario            -           -             1.0         (1.2)
Porcupine Joint Venture      Ontario            -           -             4.4         (0.3)

OTHER
E - Crete                    Arizona            -         0.1             0.1         (0.8)
Corporate and other (B)                       0.6         0.8            (1.7)        (8.7)
----------------------------------------------------------------------------------------------
TOTAL                                     $   0.8    $    1.1    $       28.2    $    (8.6)
----------------------------------------------------------------------------------------------

        AS AT MARCH 31, 2002 AND FOR THE THREE MONTHS ENDED MARCH 31, 2002:

OPERATED BY KINROSS
Fort Knox                    Alaska       $     -    $    0.6    $       12.4    $    (7.9)
Kubaka                       Russia             -         0.1             4.7          3.5
Hoyle Pond                   Ontario            -           -             4.7          3.3

OTHER
E-Crete                      Arizona            -         0.1             0.4         (1.2)
Corporate and other (B)                       0.4         0.7            (0.4)        (4.0)
----------------------------------------------------------------------------------------------
TOTAL                                     $   0.4    $    1.5    $       21.8    $    (6.3)
----------------------------------------------------------------------------------------------
</TABLE>


ENTERPRISE WIDE DISCLOSURE:
GEOGRAPHIC INFORMATION:

                                        MINING REVENUE      MINERAL PROPERTIES
                                      THREE MONTHS ENDED    PLANT AND EQUIPMENT
                                             MARCH 31          AS AT MARCH 31
                                  ---------------------------------------------
                                        2003       2002         2003      2002
-------------------------------------------------------------------------------
United States                     $     54.5   $   33.3    $   360.7  $  255.9
Russia                                  11.5       15.2         22.4      26.2
Chile                                   10.6        2.2         48.1         -
Brazil                                  11.4          -        169.7         -
Other                                      -          -          5.2       5.1
-------------------------------------------------------------------------------
Total foreign                           88.0       50.7        606.1     287.2
Canada                                  29.0       18.1        237.9      86.9
-------------------------------------------------------------------------------
Total                             $    117.0   $   68.8    $   844.0  $  374.1
-------------------------------------------------------------------------------

2003 FIRST QUARTER REPORT                                                     29
<PAGE>

6.    (LOSS) EARNINGS PER SHARE

      (Loss) earnings per share ("EPS") has been calculated using the weighted
average number of shares outstanding during the period. Diluted EPS is
calculated using the treasury stock method. The calculation of diluted earnings
per share assumes that employee stock options were exercised at the beginning of
the period, or time of issue, if later. Employee stock options with an exercise
price greater than the average market price of the common shares were not
included in the calculation of diluted earnings per share as the effect is
anti-dilutive. The average price of the common shares during the three-month
period was $6.89 (2002 - $3.02).

                                                               2003       2002
------------------------------------------------------------------------------
Weighted average number of common shares outstanding
  at March 31                                               253,096    112,566

Add: Options, warrants and participating securities as
  if issued, exercised and outstanding at January 1
    Options                                                   3,169      1,146
    Restricted shares                                             -         13
    Convertible debentures (A)                                4,884      4,884
    Redeemable retractable preferred shares (B)               1,058      1,058
    Convertible preferred shares of subsidiary company (C)      360        391
    Kinross warrants                                          8,333          -
    TVX warrants                                                 17          -
    Echo Bay warrants                                         6,777          -
------------------------------------------------------------------------------
Weighted average number of common shares used for
  diluted earnings per share.                               277,694    120,058
------------------------------------------------------------------------------

(a)   Convertible debentures - $133.3 million (Cdn. $195.8 million) principal
      issued and outstanding
(b)   Redeemable retractable preferred shares - 384,613 shares issued and
      outstanding
(c)   Convertible preferred shares of subsidiary company - 223,528 shares issued
      and outstanding to non-affiliated shareholders as at March 31, 2003.


7.    BUSINESS ACQUISITIONS

      (A) On January 28, 2003, the shareholders of the Company approved the
consolidation of the issued and outstanding common shares of the Company on the
basis of one consolidated common share for each three old common shares. At the
same meeting, the shareholders of the Company approved the elimination of the
Company's deficit balance at December 31, 2002 of $761.4 million through a
reduction of the Company's stated share capital account.

30                                                      KINROSS GOLD CORPORATION
<PAGE>

      On January 28, 2003, the Company approved the issuance of that number of
common shares of the Company necessary to effect a combination with Echo Bay
Mines Ltd. ("Echo Bay") and TVX Gold Inc. ("TVX").The combination was carried
out as a plan of arrangement whereby each holder of TVX common shares received
2.1667 common shares of the Company. Also pursuant to the arrangement,
shareholders of Echo Bay received 0.1733 common shares of the Company for each
Echo Bay common share.The exchange ratio reflects the three for one
consolidation of the Company's common shares described above. The Company issued
177.8 million common shares to the shareholders of Echo Bay (other than itself)
and TVX with an aggregate fair value of $1,269.8 million with respect to these
acquisitions.

      In a separate transaction, TVX acquired Newmont Mining Corporation's 50%
non-controlling interest in the TVX Newmont Americas joint venture ("TVX Newmont
JV") for an aggregate purchase of $180.0 million.The purchase price was
satisfied using TVX's available cash of $85.5 million and cash advanced by the
Company to TVX of $94.5 million.

      Upon completion of the arrangement and TVX's purchase of Newmont's
interest in the TVX Newmont JV, the Company owns all of the outstanding TVX
common shares and Echo Bay common shares and owns, indirectly, all of the TVX
Newmont JV.TVX holds interests in various operating mines around the world,
including those held through its 50% controlling interest in the TVX Newmont
JV.The underlying operating mines in the TVX Newmont JV are located in Canada,
Brazil, and Chile. The production from the TVX Newmont JV in 2002 was 473,602
ounces of gold equivalent.

      Echo Bay holds interests in various operating mines in Canada and the
United States. Echo Bay's share of production from these mines in 2002 was
522,208 ounces of gold equivalent.

      The acquisitions are being accounted for using the purchase method of
accounting in accordance with both sections 1581 "Business Combinations", of the
CICA Handbook for the purposes of CDN GAAP and Statement of Financial Accounting
Standards ("SFAS") 141, "Business Combinations", for the purposes of United
States generally accepted accounting principles ("U.S. GAAP"). Pursuant to the
purchase method of accounting under both CDN and U.S. GAAP, the TVX and Echo Bay
identifiable assets acquired and liabilities assumed will be recorded at their
fair values as of the effective date of the acquisition.The excess of the
purchase price over such fair value will be recorded as goodwill. In accordance
with CICA Handbook Section 3062, "Goodwill and Other Intangible Assets", for
purposes of CDN GAAP, and SFAS 142, "Goodwill and Other Intangible Assets", for
purposes of U.S. GAAP, goodwill will be assigned to specific reporting units and
will not be amortized.

      The goodwill resulting from the preliminary purchase price allocation is
$888.6 million. Goodwill is subject to a determination of fair values and will
be revised for possible impairment at least annually or more frequently upon the
occurrence of certain events or when circumstances indicate the reporting unit's
carrying value, including goodwill that was allocated to it, is greater than its
fair value. Kinross has not determined if a goodwill impairment exists and
expects to make that determination annually, or more frequently as circumstances
dictate, in accordance with CDN and U.S. GAAP.

2003 FIRST QUARTER REPORT                                                     31
<PAGE>

      The fair values of the assets and liabilities of Echo Bay and TVX and the
preliminary allocation of the purchase consideration are as follows:

<TABLE>
<CAPTION>
                                                                                         IN MILLIONS EXCEPT
                                                                                            SHARE PRICE AND
                                                                                           NUMBER OF SHARES

                                                                               ECHO BAY                 TVX
-----------------------------------------------------------------------------------------------------------
<S>                                                                          <C>                 <C>
Calculation of preliminary allocation of purchase price:

Common shares of the Company issued to the Echo Bay and
  TVX shareholders                                                           93,820,424          93,930,887
-----------------------------------------------------------------------------------------------------------
The average closing market price of the Company's shares over
  the four trading days from June 6 through June 11, 2002              $           7.14    $           7.14
-----------------------------------------------------------------------------------------------------------
Fair value of the Company's common stock issued                                   669.9               670.7

Plus - fair value of warrants and options to be assumed by
  the Company (100% vested)                                                        22.5                 6.8
Plus - direct acquisition costs incurred by the Company                             6.1                 6.1
Less - the Company's previous 10.6% ownership interest in Echo Bay                (63.8)                  -
-----------------------------------------------------------------------------------------------------------

Total purchase price                                                              634.7               683.6

Plus - fair value of liabilities assumed by the Company
  Accounts payable and accrued liabilities                                         21.8                38.1
  Current portion of site restoration cost accruals                                 2.5                 1.1
  Long-term debt (including current portion)                                          -                 2.1
  Site restoration cost accruals                                                   42.4                12.9
  Future income tax liabilities                                                     1.0                42.0
  Other long-term liabilities                                                         -                 8.1
  Liability with respect to TVX Newmont JV assets acquired                            -                94.5

Less - fair value of assets acquired by the Company
  Cash                                                                            (16.4)              (27.8)
  Short-term investments                                                           (1.9)               (0.5)
  Accounts receivable and other assets                                             (2.8)              (20.4)
  Inventories                                                                     (19.9)              (20.7)
  Prepaid expense and other                                                        (2.7)               (2.5)
  Properties, plant and equipment                                                (169.6)             (337.8)
  Restricted cash                                                                 (10.1)              (11.3)
  Future income tax assets                                                            -               (13.8)
  Other non-current assets                                                        (24.9)              (13.1)
-----------------------------------------------------------------------------------------------------------

Residual purchase price allocated to non-amortizable goodwill          $          454.1    $          434.5
-----------------------------------------------------------------------------------------------------------
</TABLE>

32                                                      KINROSS GOLD CORPORATION
<PAGE>

      (B) On December 3, 2002 the Company entered into purchase agreements with
four of the five Russian shareholders (holding, in aggregate 44.17% of the share
of Omolon Gold Mining Corporation ("Omolon"). The four shareholders agreed to
tender their shares in Omolon and Omolon agreed to pay $44.7 million including
legal fees for said shares. As at March 31, 2003 the Company owns 98.1% of
Omolon.

      The fair value of the assets and liabilities of the recently acquired
45.3% interest in Omolon and the allocation of the purchase consideration are as
follows:

                                                           IN MILLIONS EXCEPT
                                                              SHARE PRICE AND
                                                             NUMBER OF SHARES
-----------------------------------------------------------------------------
Fair value of assets acquired by the Company:
  Cash                                                     $             26.1
  Accounts receivable                                                     2.9
  Inventories                                                            12.3
  Property, plant and equipment                                          13.8
  Other non-current assets                                                1.9

Less - fair value of liabilities assumed by the Company
  Accounts payable and accrued liabilities                               (5.7)
  Current portion of site restoration cost accruals                      (0.2)
  Long-term debt (including current portion)                             (2.2)
  Site restoration obligations                                           (3.2)
  Non-controlling interest                                               (1.0)
-----------------------------------------------------------------------------

Total cash consideration                                   $             44.7
-----------------------------------------------------------------------------

Financed by:
  Cash (including cash acquired - $26.1 million)           $             44.7
-----------------------------------------------------------------------------

8.    LEGAL PROCEEDINGS

      In addition to the legal proceedings described in the consolidated
financial statements for the year ended December 31, 2002, Kinross is involved
in the following legal proceedings as a result of the business combination with
Echo Bay and TVX.

      LITIGATION IN BRAZIL

      In September 2001, Rio Tinto Brasil Ltda., ("Rio Tinto Brasil"), a
subsidiary of Rio Tinto PLC, purported to terminate the shareholders agreement
relating to Rio Paracatu Mineracao S.A., the operating corporation which holds
the Brasilia mine. Rio Tinto Brasil also caused Rio Paracatu to call a meeting
of its shareholders to amend its Articles of Association. The proposed
amendments would permit Rio Tinto Brasil to have sole decision-making authority
over Rio Paracatu through its 51.0% interest. Rio Tinto Brasil alleged that the
transaction resulting in the formation of TVX Newmont Americas joint venture
(formerly, TVX Normandy Americas joint venture) in June 1999 and the resignation
of the former Chairman and Chief Executive officer of TVX in April 2001 had
triggered rights of first refusal under the shareholders agreement in favour of
Rio Tinto Brasil and as such rights were not made available to Rio Tinto Brasil,
it was permitted to terminate the shareholders agreement.

2003 FIRST QUARTER REPORT                                                     33
<PAGE>

      The TVX Newmont Americas joint venture disagrees with Rio Tinto Brasil's
interpretation of the shareholders agreement and was successful in obtaining an
injunction against Rio Paracatu from holding the proposed shareholders meeting.
Following the granting of the injunction, in November 2001, the TVX Newmont
Americas joint venture commenced a claim in Brazil against Rio Tinto Brasil and
Rio Paracatu to declare that the shareholders agreement continues to be valid.
Rio Tinto Brasil and the TVX Newmont Americas joint venture have each filed
pleadings with respect to this action. In October 2002, Rio Tinto Brasil again
caused Rio Paracatu to call a meeting of its shareholders and TVX Newmont
Americas was successful in obtaining another injunction. Subsequently, Rio Tinto
Brasil and TVX Newmont Americas agreed to freeze litigation activities until the
end of January, 2003, which date coincided with the termination date specified
in the combination agreement among Kinross,TVX and Echo Bay.The freeze date for
litigation was extended to April 22, 2003. On April 28, 2003, a TVX subsidiary
received notification from Rio Tinto Brasil stating that they preserve their
right to litigate in respect of the alleged breach of the shareholders agreement
and alleging that the combination of Kinross,TVX and Echo Bay breached the
shareholders agreement as well.

      In the event that Rio Tinto Brasil is successful in having the court rule
that its termination of the shareholders agreement was valid, TVX would not be
able to exercise joint control of Rio Paracatu under the terms of the agreement.
In the event of such outcome,TVX will evaluate other legal remedies with respect
to the management of Rio Paracatu. If TVX is not able to retain joint control of
Rio Paracatu, management of Rio Paracatu and operation of the Brasilia Mine
would be subject to the discretion of Rio Tinto Brasil. Further upon a loss of
joint control, TVX would no longer proportionately consolidate its interest in
Rio Paracatu and would account for its interest using the equity method under
CDN and U.S. GAAP.The termination of the shareholders agreement would not effect
TVX's current ownership in Rio Paracatu.

      LITIGATION IN GREECE

      On March 1, 2002, the Counseil d'Etat, the Greek Supreme Court, issued its
judgement which annulled the purportedly valid permits issued by the Greek
Government to TVX Hellas with respect to the Olympias project.The Counseil
d'Etat ruling effectively prohibits development of the Olympias project.As a
result of the judgement, the Company wrote off the carrying value of Olympias in
2001.

34                                                      KINROSS GOLD CORPORATION
<PAGE>

      On February 15, 2002, a new mining permit, allowing for the continuation
of mining beneath the village of Stratoniki was issued to TVX Hellas.A local
action group filed a Petition of Annulment against the Greek Government to have
the new mine permit annulled. This action was heard on June 7, 2002. On December
9, 2002, the Conseil D'Etat released its decision on the challenge to the
Stratoni mining permits.The Company was informed that the court ruled that TVX
Hellas is not required to submit a new environment impact study to support the
relevant mine permits. The court also ruled, however, that the Greek Government
had improperly issued the new mining permits because the Ministry of Development
had not obtained a joint ministerial decision signed by five relevant ministries
prior to issuing the permits.

      On January 9, 2003, the Greek Ministry of Development ordered TVX Hellas
to suspend mining beneath the village of Stratoniki.The suspension at the
Stratoni mine took immediate effect and would be released upon the receipt of
new mining permits signed by the five relevant ministries of the Greek
Government. Pursuant to the order, operations were suspended and did not
re-commence once the revised permits were issued on February 18, 2003 as Kinross
attempted to negotiate a settlement and possible exit strategy with the Greek
Government.

      The Greek Government undertook initiatives to put together a viable
long-term structure for the re-opening of the Stratoni mine. Representatives of
the participants of the plan will meet in order to set in motion the legal
processes for the completion of the new structure.

      The new structure includes a major Greek mining enterprise, a group of
Greek construction companies and Kinross, as well as local Prefectural and
Municipal Authorities.

      As part of the overall agreement, and with Kinross' commitment of $10
million for the support of the new plan, Kinross will retain the mineral rights
at Skouries, with the prospect of conducting a systematic exploration and
evaluation of the deposit.

      For the transitional period and until the undertaking of the mines by the
new structure, Kinross has pledged to the Greek Government that it will maintain
the operation of the water treatment plant for the protection of the
environment, thus safeguarding public health and safety in the region. In the
meantime,TVX Hellas, in order to protect its interest has filed a petition for
bankruptcy.

      THE HELLENIC GOLD PROPERTIES LITIGATION

      The Ontario Court (General Division) issued its judgement in connection
with the claim against TVX by three individuals (collectively the "Alpha Group")
on October 14, 1998 relating to TVX's interest in the Hellenic Gold Mining
assets in Greece.

      The Court rejected full ownership and monetary damages claims but did
award the Alpha Group a 12% carried interest and the right to acquire a further
12% participating interest in the Hellenic Gold Assets TVX filed a notice to
appeal and the Alpha Group filed a notice of cross appeal.

2003 FIRST QUARTER REPORT                                                     35
<PAGE>

      Subsequent to the trial decision in October, 1998, TVX received
notification of two actions commenced by 1235866 Ontario Inc., the successor to
Curragh Inc., Mineral Services Limited and Curragh Limited, against the Alpha
Group, and others, in Ontario and English Courts, in relation to the claim by
the Alpha Group against TVX for an interest in the Hellenic gold mines.

      On July 28, 1999 TVX entered into an agreement with 1235866 to ensure that
these new claims would not result in any additional diminution of TVX's interest
in the Hellenic gold mines. 1235866 agreed not to pursue any claim against TVX
for an interest in the Hellenic Gold Properties beyond the interest which had
been awarded to the Alpha Group. In the event that 1235866 is successful in its
claim against the Alpha Group, 1235866 would be entitled to a 12% carried
interest as defined in the agreement and the right to acquire a 12%
participating interest upon payment of 12% of the aggregate amounts expended by
TVX and its subsidiaries in connection with the acquisition, exploration,
development and operation of the Hellenic Gold Properties up to the date of
exercise.

      The TVX appeal, the Alpha Group cross appeal and a motion by 1235866 were
all heard on February 17, 18 and 25, 2000. By judgement released June 1, 2000,
the Court of Appeal, while partially granting the TVX appeal, upheld the trial
decision and rejected the Alpha Group cross appeal. The Court also rejected the
motion of 1235866 for a new trial. The result is that TVX holds, as constructive
trustee, a 12% carried interest and a right to acquire 12% participating
interest in the Hellenic Gold Properties upon the payment of costs associated
with that interest.The action by 1235866 against the Alpha Group continues.

      TVX and the Alpha Group have been unable to agree on the definition and
application of the 12% carried interest and the right to acquire a 12%
participating interest in the Hellenic Gold Properties awarded to Alpha Group in
the trial judgement. Accordingly, in June 2001, a new action was commenced
between the Alpha Group and TVX to clarify the award.TVX anticipates that the
hearing with respect to such matter may be held in 2004.

36                                                      KINROSS GOLD CORPORATION
<PAGE>

      SUMMA

      In September 1992, Summa Corporation ("Summa") commenced a lawsuit against
Echo Bay Exploration Inc. and Echo Bay Management Corporation, (together, the
"Subsidiaries"), indirect subsidiaries of Echo Bay, alleging improper deductions
in the calculation of royalties payable over several years of production at
McCoy/Cove and another mine, which is no longer in operation.The matter was
tried in the Nevada State Court in April 1997, with Summa claiming more than $13
million in damages, and, in September 1997, judgement was rendered for the
Subsidiaries.The decision was appealed by Summa to the Supreme Court of Nevada,
which in April 2000 reversed the decision of the trial court and remanded the
case back to the trial court for "a calculation of the appropriate [royalties]
in a manner not inconsistent with this order." The case was decided by a panel
comprised of three of the seven Justices of the Supreme Court of Nevada and the
Subsidiaries petitioned that panel for a rehearing.The petition was denied by
the three member panel on May 15, 2000 and remanded to the lower court for
consideration of other defenses and arguments put forth by the Subsidiaries.The
Subsidiaries filed a petition for a hearing before the full Supreme Court and on
December 22, 2000, the Court recalled its previous decision. Both the
Subsidiaries and their counsel believe that grounds exist to modify or reverse
the decision. Echo Bay has $1.5 million accrued related to this litigation. If
the appellate reversal of the trial decision is maintained and the trial court,
on remand, were to dismiss all of the Subsidiaries' defenses, the royalty
calculation at McCoy/Cove would change and additional royalties would be
payable. Neither Echo Bay, nor counsel to the Subsidiaries, believe it is
possible to quantify the precise amount of liability pursuant to a revised
royalty calculation.

      HANDY AND HARMAN

      On March 29, 2000, Handy & Harman Refining Group, Inc., which operated a
facility used by the Echo Bay for the refinement of dore bars, filed for
protection under Chapter 11 of the U.S. Bankruptcy Code. Echo Bay has filed a
claim for gold and silver accounts at this refining facility with an estimated
market value of approximately $2.2 million at the time the shipments were made.
Echo Bay has fully provided for this amount as unrecoverable. Further, in March
2002, the liquidating trustee for Handy & Harman commenced a series of adversary
proceedings against numerous creditors, including two of Echo Bay's
subsidiaries, alleging that certain creditors received preferential payments in
metal or otherwise. The preferential payment claims against the Echo Bay's
subsidiaries approximate $9.0 million. The ultimate amount recoverable or
payable will depend on the success or failure of the liquidating trustee in
prosecuting these claims.The ultimate percentage payout by the liquidating
trustee will also be affected by the success or failure of the trustee in
prosecuting preferential payment claims against all creditors. The trustee
currently projects the ultimate distribution of funds to be 50% to 60% of
amounts owed to creditors.

2003 FIRST QUARTER REPORT                                                     37
<PAGE>

      Based on this range, the maximum liability to Echo Bay would be $3.4
million assuming a 50% payout to creditors and no success in defending any of
the preferential payment claims while the maximum amount recoverable would be
$1.3 million assuming a 60% payout to creditors and success in defending itself
against all of the preferential payment claims. Echo Bay intends to oppose the
preferential payment claims vigorously.The outcome of these proceedings is
uncertain at this time. As such, Echo Bay has not made any provision with
respect to the preferential payment claims.

      OTHER

      Kinross is also involved in legal proceedings and claims which arise in
the ordinary course of its business. The Company believes these claims are
without merit and is vigorously defending them. In the opinion of management,
the amount of ultimate liability with respect to these actions will not
materially affect the financial position, results of operations or cash flows of
the Company.

38                                                      KINROSS GOLD CORPORATION
<PAGE>
<TABLE>
<CAPTION>
<S>                                                                            <C>
CORPORATE INFORMATION
DIRECTORS AND OFFICERS


DIRECTORS                         OFFICERS                                                             INVESTOR RELATIONS
                                                                                                         CONTACT:
JOHN A. BROUGHA  A C N            JOHN E. OLIVER                       CORPORATE OFFICE                E-MAIL: INFO@KINROSS.COM
PRESIDENT                         INDEPENDENT CHAIRMAN                 52nd Floor, Scotia Plaza
Torwest Inc.                                                           40 King Street West             WEBSITE:
                                  ROBERT M. BUCHAN                     Toronto, Ontario                WWW.KINROSS.COM
ROBERT M. BUCHAN                  PRESIDENT AND CHIEF                  Canada  M5H 3Y2
PRESIDENT AND CHIEF                 EXECUTIVE OFFICER                                                  TOLL FREE:
  EXECUTIVE OFFICER                                                    Tel: (416) 365-5123             (866) 561-3636
Kinross Gold Corporation          JOHN W. IVANY                        Fax: (416) 363-6622
                                  EXECUTIVEVICE PRESIDENT              Toll free: (866) 561-3636       Carl B. Hansen
SCOTT A. CALDWELL                                                                                      DIRECTOR, INVESTOR RELATIONS
EXECUTIVE VICE PRESIDENT AND      SCOTT A. CALDWELL                    U.S. OFFICE                     Tel: (416) 365-5673
  CHIEF OPERATING OFFICER         EXECUTIVE VICE PRESIDENT AND         681 Sierra Rose Drive
Kinross Gold Corporation            CHIEF OPERATING OFFICER            Suite B                         Tracey M.Thom
                                                                       Reno, Nevada                    MANAGER, INVESTOR RELATIONS
ARTHUR H. DITTO                   BRIAN W. PENNY                       USA 89509                       Tel: (416) 365-1362
RETIRED MINING EXECUTIVE          VICE PRESIDENT, FINANCE AND          Tel: (775) 829-1000
                                    CHIEF FINANCIAL OFFICER            Fax: (775) 829-1666
DAVID HARQUAIL  E                                                                                      STOCK EXCHANGES
PRESIDENT AND                     JERRY W. DANNI                       TRANSFER AGENT                     K - TSX
  MANAGING DIRECTOR               VICE PRESIDENT,                        AND REGISTRAR                    KGC - NYSE
Newmont Capital Limited              ENVIRONMENTAL AFFAIRS             COMPUTERSHARE
                                                                         TRUST COMPANY
JOHN M.H.HUXLEY  A C N            KEVIN C. DROVER                        OF CANADA
PRINCIPAL                         VICE PRESIDENT, UNDERGROUND          Toronto, Ontario
Algonquin Power                     OPERATIONS                         Canada
  Corporation
                                  CHRISTOPHER T. HILL                  Tel: (416) 981-9633
JOHN A. KEYES  E                  VICE PRESIDENT,TREASURER             Toll free: 1 800 663-9097
RETIRED MINING EXECUTIVE
                                  GORDON A. MCCREARY                   COMPUTERSHARE
GEORGE F. MICHALS  A G            VICE PRESIDENT, CORPORATE              TRUST COMPANY INC.
PRESIDENT                           AFFAIRS                            Denver, Colorado
Baymont Capital                                                        USA
  Resources Inc.                  ALLAN D. SCHOENING
                                  VICE PRESIDENT, HUMAN                Tel: (303) 262-0600
CAMERON A.                          RESOURCES AND
   MINGAYE  G                       COMMUNITY RELATIONS
PARTNER
Cassels, Brock &                  RONALD W. STEWART
  Blackwell LLP                   VICE PRESIDENT, EXPLORATION

JOHN E. OLIVER  C G N             SHELLEY M. RILEY
EXECUTIVE MANAGING                CORPORATE SECRETARY
  DIRECTOR AND CO-HEAD
Scotia Capital U.S.
   Bank of Nova Scotia
</TABLE>

--------------------------------------------------------
A    Audit Committee
C    Compensation Committee
E    Environmental and Health and Safety Committee
G    Corporate Governance Committee
N    Nominating Committee WWW.KINROSS.COM

2003 FIRST QUARTER REPORT                                                     39
<PAGE>





                               KINROSS
                                 GOLD CORPORATION
                               ------------------


                                  www.kinross.com

</TEXT>
</DOCUMENT>
