<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>tex99_2-1177.txt
<DESCRIPTION>EX-99.2
<TEXT>
<PAGE>


                                     KINROSS
                                Gold Corporation
                                ----------------




--------------------------------------------------------------------------------











                                    [PICTURE]













--------------------------------------------------------------------------------


                                                2003
                                Third Quarter Report

<PAGE>
<TABLE>
<CAPTION>

2003 THIRD QUARTER HIGHLIGHTS
(ALL DOLLAR AMOUNTS, EXCEPT PER SHARE AND PER OUNCE AMOUNTS
EXPRESSED IN US$ MILLIONS)

                                                  Three Months                 Nine Months
                                                     ended                        ended
                                                  September 30                 September 30
                                               2003          2002           2003           2002
-------------------------------------------------------------------------------------------------
<S>                                          <C>           <C>           <C>            <C>
Revenue                                      $  155.3      $   62.2      $    434.1     $  196.3
=================================================================================================
Net loss for the period                      $   (6.1)     $   (5.8)     $    (22.5)    $  (18.0)
Increase in equity component
  of convertible debentures                      (2.2)         (1.3)           (6.5)        (5.5)
Gain on redemption
  of convertible debentures                      16.5             -            16.5            -
-------------------------------------------------------------------------------------------------
Net earnings (loss) attributable to shares   $    8.2      $   (7.1)     $    (12.5)    $  (23.5)
=================================================================================================
Weighted average number
  of common shares outstanding                  323.4         119.4           297.4        118.2
-------------------------------------------------------------------------------------------------
Basic earnings (loss) per share (1)          $   0.03      $  (0.06)     $    (0.04)    $  (0.20)
-------------------------------------------------------------------------------------------------
Cash flow provided from
  operating activities                       $   42.0      $    17.5     $     81.7     $   48.5

Capital expenditures                         $   27.4      $    8.9      $     52.3     $   18.1

Gold equivalent production (ounces)           434,816       227,946       1,240,884      657,396
Average realized price per ounce
  of gold sold (2)                           $    363      $    310      $      351     $    302
Average spot price per ounce                 $    363      $    313      $      354     $    302
Total cash costs per ounce (3)               $    225      $    205      $      225     $    203
Total production costs per ounce             $    326      $    319      $      322     $    308
</TABLE>

1    Adjusted to give retroactive effect for the three for one share
     consolidation which was completed on January 31, 2003

2    Average realized price per ounce of gold sold is a non-GAAP measure, for
     further information on this non-GAAP measure, please refer to the
     disclosure under "Revenues - Gold and Silver Sales".

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

                                                        KINROSS Gold Corporation

<PAGE>

MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL AND OPERATING RESULTS


THIRD QUARTER CONSOLIDATED RESULTS

     Kinross' attributable gold equivalent production was 434,816 ounces in the
third quarter of 2003, an increase of 91% over the 227,946 ounces produced in
the same period of 2002 as a result of the business combination with TVX and
Echo Bay effective January 31, 2003. Average total cash costs per attributable
gold equivalent ounce were $225 in the third quarter of 2003, compared to $205
in the third quarter of 2002. Cash flow provided from operating activities in
the third quarter of 2003 was $42.0 million, compared to $17.5 million achieved
during the same period in 2002. Cash flow provided from operating activities was
positively affected by higher gold equivalent production and by higher realized
prices on gold sales.

     Net earnings attributable to common shares was $8.2 million resulting in
third quarter 2003 earnings per share of $0.03 versus a net loss attributable to
common shares of $7.1 million, or $0.06 per share, for the same 2002 period.The
net loss for the third quarter of 2003, before accounting for the redemption and
the increase in the equity component of the convertible debentures, was $6.1
million.This loss can be attributed to the $1.3 million of costs associated with
TVX's investment in TVX Hellas and the $4.6 million of severance associated with
the suspension of operations at the Lupin mine.

NINE MONTH CONSOLIDATED RESULTS

     Gold equivalent production of 1,240,884 ounces at total cash costs of $225
per ounce, combined with changes in working capital, resulted in cash flow
provided from operating activities of $81.7 million during the first nine months
of 2003. This compares to gold equivalent production of 657,396 ounces at total
cash costs of $203 per ounce, which resulted in cash flow provided from
operating activities of $48.5 million, achieved during the first nine months of
2002. The Company recorded a net loss attributable to common shares of $12.5
million, or $0.04 per share, for the first nine months of 2003, compared to a
net loss attributable to common shares of $23.5 million, or $0.20 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 nine months ended September
30, 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 financial statements and gold equivalent production
statistics reflect operating results for the acquired properties for the months
of February to September only.


2003 Third Quarter Report                                                      1

<PAGE>
<TABLE>
<CAPTION>

GOLD EQUIVALENT PRODUCTION
AND COST SUMMARY


                                                             Three months                Nine months
                                                                ended                       ended
                                                             September 30                September 30
                                                          2003          2002          2003           2002
----------------------------------------------------------------------------------------------------------
<S>                                                     <C>           <C>           <C>           <C>
FORT KNOX
Tonnes milled/crushed (000's) (1)                        3,653.3       3,663.1      10,180.1      10,445.8
Grade (grams per tonne)                                     1.00          1.13          1.07          1.04
Recovery                                                     84%           85%           83%           85%
Gold equivalent production to dore (2)                    98,518       113,449       291,157       296,162
Per ounce: Total cash costs                             $    249      $    219      $    250      $    241
           Depreciation, depletion and amortization           87           147            98           123
           Site restoration cost accruals                      5             3             5             4
----------------------------------------------------------------------------------------------------------
           Total production costs                       $    341      $    369      $    353      $    368
==========================================================================================================

ROUND MOUNTAIN (5) (8)
Tonnes milled/crushed (000's) (1)                        3,972.5             -      14,723.6             -
Grade (grams per tonne)                                     0.51             -          0.62             -
Recovery                                                     66%             -           66%             -
Gold equivalent production to dore (2)                    97,468             -       277,838             -
Per ounce: Total cash costs                             $    209      $      -      $    188      $      -
           Depreciation, depletion and amortization           97             -            90             -
           Site restoration cost accruals                      5             -             5             -
----------------------------------------------------------------------------------------------------------
           Total production costs                       $    311      $      -      $    283      $      -
==========================================================================================================

PORCUPINE (3)
Tonnes milled/crushed (000's) (1)                        1,063.8       1,068.4       3,112.0        1311.9
Grade (grams per tonne)                                     3.70          2.87          3.65          4.80
Recovery                                                     93%           95%           93%           90%
Gold equivalent production to dore (2)                    57,779        44,344       165,323       135,887
Per ounce: Total cash costs                             $    204      $    245      $    215      $    190
           Depreciation, depletion and amortization          122            98           103            91
           Site restoration cost accruals                      7             7             7             7
----------------------------------------------------------------------------------------------------------
           Total production costs                       $    333      $    350      $    325      $    288
==========================================================================================================

KUBAKA (4)
Tonnes milled/crushed (000's) (1)                          227.8         205.7         661.8         636.0
Grade (grams per tonne)                                     6.14         15.98          6.47         15.73
Recovery                                                     96%           98%           97%           98%
Gold equivalent production to dore (2)                    43,144        56,806       120,770       173,847
Per ounce: Total cash costs                             $    206      $    126      $    195      $    135
           Depreciation, depletion and amortization          114            93           109            92
           Site restoration cost accruals                      -             4             2             3
----------------------------------------------------------------------------------------------------------
           Total production costs                       $    320      $    223      $    306      $    230
==========================================================================================================

BRASILIA (6) (8)
Tonnes milled/crushed (000's) (1)                        4,654.6             -      12,251.5             -
Grade (grams per tonne)                                     0.43             -          0.40             -
Recovery                                                     75%             -           77%             -
Gold equivalent production to dore (2)                    23,577             -        66,242             -
Per ounce: Total cash costs                             $    214      $      -      $    189      $      -
           Depreciation, depletion and amortization           64             -            60             -
           Site restoration cost accruals                      5             -             5             -
----------------------------------------------------------------------------------------------------------
           Total production costs                       $    283      $      -      $    254      $      -
==========================================================================================================


2                                                                                 KINROSS Gold Corporation
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

                                                             Three months                Nine months
                                                                ended                       ended
                                                             September 30                September 30
                                                          2003          2002          2003           2002
----------------------------------------------------------------------------------------------------------
<S>                                                     <C>           <C>           <C>           <C>
LA COIPA (5) (8)
Tonnes milled/crushed (000's) (1)                        1,626.0             -       4,212.0             -
Grade (grams per tonne)                                     1.15             -          1.00             -
Recovery                                                     83%             -           84%             -
Gold equivalent production to dore (2)                    42,890             -        99,667             -
Per ounce: Total cash costs                             $    235      $      -      $    256      $      -
           Depreciation, depletion and amortization           39             -            46             -
           Site restoration cost accruals                      3             -             3             -
----------------------------------------------------------------------------------------------------------
           Total production costs                       $    277      $      -      $    305      $      -
==========================================================================================================

CRIXAS (5) (8)
Tonnes milled/crushed (000's) (1)                          190.9             -         502.6             -
Grade (grams per tonne)                                     8.27             -          8.30             -
Recovery                                                     96%             -           96%             -
Gold equivalent production to dore (2)                    24,216             -        63,923             -
Per ounce: Total cash costs                             $    105      $      -      $    103      $      -
           Depreciation, depletion and amortization          103             -           111             -
           Site restoration cost accruals                      1             -             1             -
----------------------------------------------------------------------------------------------------------
           Total production costs                       $    209      $      -      $    215      $      -
==========================================================================================================

MUSSELWHITE (7) (8)
Tonnes milled/crushed (000's) (1)                          339.4             -         873.2             -
Grade (grams per tonne)                                     5.40             -          5.40             -
Recovery                                                     95%             -           96%             -
Gold equivalent production to dore (2)                    18,593             -        46,157             -
Per ounce: Total cash costs                             $    265      $      -      $    257      $      -
           Depreciation, depletion and amortization          124             -           123             -
           Site restoration cost accruals                      1             -             1             -
----------------------------------------------------------------------------------------------------------
           Total production costs                       $    390      $      -      $    381      $      -
==========================================================================================================

NEW BRITANNIA (5) (8)
Tonnes milled/crushed (000's) (1)                          141.0             -         413.7             -
Grade (grams per tonne)                                     3.62             -          4.00             -
Recovery                                                     95%             -           95%             -
Gold equivalent production to dore (2)                     8,235             -        25,060             -
Per ounce: Total cash costs                             $    325      $      -      $    306      $      -
           Depreciation, depletion and amortization          137             -           136             -
           Site restoration cost accruals                      1             -             1             -
----------------------------------------------------------------------------------------------------------
           Total production costs                       $    463      $      -      $    443      $      -
==========================================================================================================

LUPIN (8)
Tonnes milled/crushed (000's) (1)                           50.6             -         178.1             -
Grade (grams per tonne)                                     7.20             -          6.69             -
Recovery                                                     93%             -           93%             -
Gold equivalent production to dore (2)                    11,690             -        56,008             -
Per ounce: Total cash costs                             $    395      $      -      $    407      $      -
           Depreciation, depletion and amortization           61             -            59             -
           Site restoration cost accruals                     15             -            15             -
----------------------------------------------------------------------------------------------------------
           Total production costs                       $    471      $      -      $    481      $      -
==========================================================================================================

(1)  Tonnes milled/crushed represents 100% of mine production        (5)  50% ownership  interest
(2)  Gold equivalent to dore represents the Company's share          (6)  49% ownership  interest
(3)  100% of Hoyle Pond mine to June 30, 2002, 49% of Porcupine      (7)  32%  ownership interest
     JointVenture thereafter.                                        (8)  Production and cost data is for
(4)  54.7% ownership interest to February 28, 2003, 100% thereafter       eight months from February to
                                                                          September, 2003


2003 Third Quarter Report                                                                                3
</TABLE>

<PAGE>

GOLD EQUIVALENT PRODUCTION

OUNCES


                                         Three months            Nine months
                                            ended                   ended
                                         September 30            September 30
                                       2003       2002         2003       2002
--------------------------------------------------------------------------------
PRIMARY OPERATIONS:
Fort Knox                             98,518    113,449      291,157    296,162
Round Mountain (1) (4)                97,468          -      277,838          -
Porcupine (2)                         57,779     44,344      165,323    135,887
Kubaka (3)                            43,144     56,806      120,770    173,847
Brasilia (1) (5)                      23,577          -       66,242          -
La Coipa (1) (4)                      42,890          -       99,667          -
Crixas (1) (4)                        24,216          -       63,923          -
Musselwhite (1) (6)                   18,593          -       46,157          -
New Britannia (1) (4)                  8,235          -       25,060          -
Lupin (1)                             11,690          -       56,008          -
--------------------------------------------------------------------------------
                                     426,110    214,599    1,212,145    605,896
--------------------------------------------------------------------------------

OTHER OPERATIONS:
Blanket                                8,706     11,130       27,009     31,783
Refugio (4)                                -          -            -      8,902
Denton-Rawhide (7)                         -      2,217        1,730      8,957
Andacollo (7)                              -          -            -      1,858
--------------------------------------------------------------------------------
                                       8,706     13,347       28,739     51,500
--------------------------------------------------------------------------------
Total gold equivalent ounces         434,816    227,946    1,240,884    657,396
================================================================================

CONSOLIDATED PRODUCTION COSTS
($ PER OUNCE OF GOLD EQUIVALENT)

Cash operating costs                $    213   $    198   $      214   $    197
Royalties                                 12          7           11          6
--------------------------------------------------------------------------------
Total cash costs                         225        205          225        203
Reclamation                                6          4            5          4
Depreciation and amortization             95        110           92        101
--------------------------------------------------------------------------------
Total production costs              $    326   $    319   $      322   $    308
================================================================================

(1)  Production data is for the eight months from February to September, 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 to June 30, 2002 and the 49%
     interest in the Porcupine Joint Venture thereafter.
(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.


4                                                       KINROSS Gold Corporation
<PAGE>

CASH OPERATING COSTS

($ PER OUNCE OF GOLD EQUIVALENT)


                                         Three months            Nine months
                                            ended                   ended
                                        September 30            September 30
                                      2003        2002        2003        2002
--------------------------------------------------------------------------------
PRIMARY OPERATIONS:
Fort Knox                           $    246   $    217    $     247   $    240
Round Mountain (1)                       169          -          157          -
Porcupine                                204        244          215        189
Kubaka                                   184        105          173        114
Brasilia (1)                             210          -          184          -
La Coipa (1)                             235          -          256          -
Crixas (1)                               101          -           99          -
Musselwhite (1)                          266          -          257          -
New Britannia (1)                        325          -          306          -
Lupin (1)                                395          -          407          -
--------------------------------------------------------------------------------
                                         211        193          213        192
--------------------------------------------------------------------------------

OTHER OPERATIONS:
Blanket                                  281        295          270        268
Refugio                                    -          -            -        165
Denton-Rawhide                             -        250          218        241
Andacollo                                  -          -            -        287
--------------------------------------------------------------------------------
                                         281        287          267        247
--------------------------------------------------------------------------------
                                    $    213   $    198    $     214   $    197
================================================================================

TOTAL CASH COSTS

($ PER OUNCE OF GOLD EQUIVALENT)

PRIMARY OPERATIONS:
Fort Knox                           $    249   $    219    $     250   $    241
Round Mountain (1)                       209          -          188          -
Porcupine                                204        245          215        190
Kubaka                                   206        126          195        135
Brasilia (1)                             214          -          189          -
La Coipa (1)                             235          -          256          -
Crixas (1)                               105          -          103          -
Musselwhite (1)                          265          -          257          -
New Britannia (1)                        325          -          306          -
Lupin (1)                                395          -          407          -
--------------------------------------------------------------------------------
                                         224        199          224        199
--------------------------------------------------------------------------------

OTHER OPERATIONS:
Blanket                                  288        298          278        272
Refugio                                    -          -            -        182
Denton-Rawhide                             -        256          221        246
Andacollo                                  -          -            -        295
--------------------------------------------------------------------------------
                                         288        291          275        253
--------------------------------------------------------------------------------
                                    $    225   $    205    $     225   $    203
================================================================================


(1)  Cost data is for eight months from February to September, 2003.


2003 Third Quarter Report                                                      5
<PAGE>

REVENUES

     GOLD AND SILVER SALES

     Kinross' primary source of revenue is from the sale of its gold production.
Kinross sold 405,561 ounces of gold in the third quarter of 2003, compared to
181,585 ounces in the third quarter of 2002. Revenue from gold and silver sales
was $153.8 million in the third quarter of 2003 compared to $56.5 million in
2002.The increase in 2003 revenue from gold and silver sales was a result of
higher gold sales due to the completion of the combination with TVX and Echo Bay
on January 31, 2003, and from higher realized gold prices. In the third quarter
of 2003, Kinross realized $363 per ounce of gold, compared to $310 in 2002.The
average London market spot price for gold in the third quarter of 2003 was $363
per ounce compared to $313 in 2002.

     The Company sold 1,176,573 ounces of gold during the first nine months of
2003, compared with 607,705 in 2002. Revenue from gold and silver sales was
$428.6 million in the first nine months of 2003, compared with $184.5 million in
2002. Revenue from gold and silver sales in the first nine months of 2003 was
132% higher than the revenue in 2002 due to the increased production levels and
higher realized prices. In the first nine months of 2003, the Company realized
$351 per ounce of gold, compared with $302 in 2002.The average spot price for
gold was $354 per ounce in the first nine months of 2003 compared with $302 in
2002.

<TABLE>
<CAPTION>
                                                               Three months            Nine months
                                                                   ended                  ended
                                                               September 30            September 30
                                                             2003       2002         2003       2002
------------------------------------------------------------------------------------------------------
<S>                                                       <C>        <C>         <C>          <C>
Attributable gold equivalent production - ounces            434,816    227,946    1,240,884    657,396

Gold sales - ounces (excluding equity accounted ounces)     405,561    181,585    1,176,573    607,705
Gold sales revenue (millions)                             $   146.8  $    55.1   $    410.9   $  179.8
Gold deferred revenue realized (millions)                       0.6        1.3          1.7        3.8
------------------------------------------------------------------------------------------------------
Total gold revenue realized (millions)                    $   147.4  $    56.4   $    412.6   $  183.6
======================================================================================================

Average sales price per ounce of gold                     $     362  $     303   $      349   $    296
Deferred revenue realized per ounce of gold                       1          7            2          6
------------------------------------------------------------------------------------------------------

Average realized price per ounce of gold sold             $     363  $     310   $      351   $    302
======================================================================================================
Average spot gold price per ounce                         $     363  $     313   $      354   $    302

Silver sales revenue (millions)                           $     6.4  $     0.1   $     16.0   $    0.9
</TABLE>

     Included in gold equivalent production is silver production converted to
gold production using a ratio of the average spot market prices.The Company
produced 1.5 million ounces of silver (20,112 ounces of gold equivalent) and 3.5
million ounces of silver (47,040 ounces of gold equivalent) in the third quarter
and first nine months of 2003, respectively.Third quarter silver to gold ratios
were 72.8:1 in 2003 and 66.1:1 in 2002.


6                                                       KINROSS Gold Corporation
<PAGE>

     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 totaled $2.4 million in the third quarter
and $5.2 million in the first nine months of 2003 compared to $6.0 million in
the third quarter and $13.7 million in the first nine months of 2002.

     Interest and other income in the third quarter of 2003 was comprised of
interest of $1.1 million, $0.2 million of joint venture management fees and $1.1
million of other items.

     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 market value of the liability are recognized in
earnings each quarter.The change in fair market value of the written call
options resulted in a mark-to-market loss of $0.9 million in the third quarter
and a gain of $0.3 million in the first nine months of 2003 compared to a loss
of $0.3 million in the third quarter of 2002 and $1.9 million in the first nine
months of 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 September 30, 2003 are
discussed in the section entitled "Commodity Price Risks".

COSTS AND EXPENSES

     OPERATIONS - SUMMARY

     Gold equivalent production of 426,110 ounces in the third quarter of 2003
(excluding equity accounted ounces increased by 98% compared to third quarter
2002 production, while mine operating costs) increased by 109%. Consolidated
operating costs were $107.1 million in the third quarter and $301.4 million in
the first nine months of 2003 compared to $39.0 million in the third quarter and
$126.9 million in the first nine months of 2002.

     Included in operating costs for the third quarter of 2003 were $1.3 million
of expenditures associated with TVX's investment in TVX Hellas ($3.7 million for
the first nine months) and $4.6 million of severance associated with the
suspension of operations at the Lupin mine.

     Kinross applies a conservative policy, which is to expense stripping costs
as incurred. Had Kinross deferred stripping costs in excess of mine averages, as
do a number of the North America senior gold producers, total cash costs per
equivalent ounce would have been $220 and $220 for the three and nine months
ended September 30, 2003, respectively.


2003 Third Quarter Report                                                      7
<PAGE>

     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            Nine months
Equivalent Ounce of Gold                                                ended                   ended
to Consolidated Financial Statements                                September 30            September 30
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)      2003        2002        2003         2002
-------------------------------------------------------------------------------------------------------------
<S>                                                             <C>        <C>         <C>           <C>
Operating costs per financial statements                        $  107.1   $   39.0    $    301.4    $  126.9
Operating costs for attributable production                          2.5        3.8           7.5        11.5
Site restoration cost accruals                                      (2.4)      (0.8)         (6.1)       (2.3)
Change in bullion inventory                                          1.8        5.9          (7.3)        1.1
Operating costs not related to gold production                     (11.2)      (1.2)        (15.8)       (3.6)
-------------------------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes              $   97.8   $   46.7    $    279.7    $  133.6
=============================================================================================================
Gold equivalent production - ounces                              434,816    227,964     1,240,884     657,396
Total cash costs per equivalent ounce of gold                   $    225   $    205    $      225    $    203
</TABLE>

     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 10% during
the third quarter of 2003 compared to the third quarter of 2002. Details of the
individual mine performances 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 from
operating costs in accordance with U.S. GAAP are unchanged from the Canadian
GAAP amounts.


8                                                       KINROSS Gold Corporation
<PAGE>

OPERATIONS - INDIVIDUAL MINE DISCLOSURE

     FORT KNOX (100% Ownership Interest) - USA

     Production at the Fort Knox operation during the third quarter of 2003 was
98,518 gold equivalent ounces, down from the 113,449 ounces produced during the
same period last year, and 6% less than plan, due to lower gold grades and mill
recoveries.The processing of slightly more refractory, sulphidic True North ore
adversely impacted gold recoveries during the quarter. It is anticipated that
the metallurgical properties of the True North ore will remain the same until
mining at the satellite deposit ceases in early 2005; therefore, in order to
optimize gold recoveries, efforts are underway to provide the mill with a more
uniform blend of True North and Fort Knox open pit ores. Assisting in offsetting
the lower recoveries were initiatives undertaken in the first quarter to
increase mill capacity, which resulted in an 8% improvement in mill throughput
as compared to plan.

     Over the first nine months of 2003, gold equivalent production was 291,157
ounces, slightly lower than the 296,162 ounces achieved during the first nine
months of 2002 as a result of the lower gold recoveries.

     Third quarter total cash costs were $249 per gold equivalent ounce, a 14%
rise over the same period last year and 10% higher than budget. Total cash costs
per gold equivalent ounce for the nine-month period ending September 30, 2003
increased 4% to $250 compared to the same period last year. Total cash costs
were higher as a result of lower than plan gold production and higher than
planned consumable costs.

     Kinross' expectation for the Fort Knox mine is to produce approximately
116,000 ounces at total cash costs of $205 per ounce in the fourth quarter of
2003.

<TABLE>
<CAPTION>

Reconciliation of the Fort Knox Mine                                Three months            Nine months
Total Cash Costs per Equivalent Ounce of Gold                          ended                   ended
to Consolidated Financial Statements                                September 30            September 30
------------------------------------------------------------------------------------------------------------
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)     2003         2002        2003        2002
<S>                                                           <C>         <C>           <C>         <C>
Operating costs per financial statements                      $    25.4   $     20.8    $   73.7    $   72.8
Site restoration cost accruals                                     (0.9)        (0.3)       (1.5)       (0.9)
Change in bullion inventory                                           -          4.3         0.6        (0.6)
------------------------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes            $    24.5   $     24.8    $   72.8    $   71.3
------------------------------------------------------------------------------------------------------------
Gold equivalent production - ounces                              98,518      113,449     291,157     296,162
Total cash costs per equivalent ounce of gold                 $     249   $      219    $    250    $    241
</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".

     Capital expenditures at the Fort Knox operations in the third quarter of
2003 were $7.8 million compared to $7.6 million in the same period last year.
Phase 5 mine development was $1.3 million with the remainder of capital directed
towards equipment rebuilds, the drilling of pit de-watering wells and
exploration.

     During the quarter, exploration was conducted within the Fort Knox pit, on
the Gil prospect and at Ryan Lode. Results from the in-pit work confirmed the
continuity of the mineralized zones beyond the current limit of the ultimate
pit. At Gil, 10 km east of the Fort Knox mine site, an engineering scoping study
was initiated to evaluate the economic merits of the project.


2003 Third Quarter Report                                                      9
<PAGE>

     ROUND MOUNTAIN (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 continues to perform well with Kinross' share
of third quarter gold equivalent production totaling 97,468 ounces and
eight-month production, ending September 30, 2003, totaling 277,838 ounces, 13%
better than plan. Gold equivalent production was positively impacted by higher
gold recoveries due to the installation of new carbon columns during the second
quarter and the implementation of side slope leaching of the historic dedicated
leach pad.

     Due to the failure of an electrical transformer, production activities have
focused on accelerating ore placement on the dedicated leach pads to offset
crushing and milling limitations. Higher-grade ore, which would have been milled
during the quarter, is presently being stockpiled. As a result of the
flexibility provided by having three separate processing streams, the lower mill
throughput did not adversely impact production for the quarter. It is
anticipated that the transformer repairs will be completed prior to the end of
the fourth quarter of 2003.

     Total cash costs per gold equivalent ounce were $209 per ounce during the
third quarter and $188 per ounce for the eight month period ending September 30,
2003, a 4% and 9% improvement over plan, respectively, largely as a result of
the higher gold production.

     Kinross' expectation for Round Mountain is to produce approximately 70,000
ounces to the Company's account at total cash costs of $229 per ounce in the
fourth quarter of 2003.

<TABLE>
<CAPTION>

Reconciliation of the Round Mountain Mine                           Three months             Eight months
Total Cash Costs per Equivalent Ounce of Gold                          ended                    ended
to Consolidated Financial Statements                                September 30             September 30
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)     2003         2002         2003       2002
------------------------------------------------------------------------------------------------------------
<S>                                                           <C>          <C>          <C>         <C>
Operating costs per financial statements                      $    19.9    $       -    $    54.6   $      -
Site restoration cost accruals                                     (0.5)           -         (1.4)         -
Change in bullion inventory                                         1.1            -         (1.0)         -
------------------------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes            $    20.5    $       -    $    52.2   $      -
------------------------------------------------------------------------------------------------------------
Gold equivalent production - ounces                              97,468            -      277,838          -
Total cash costs per equivalent ounce of gold                 $     209    $       -    $     188   $      -
</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
third quarter of 2003 was $3.5 million. Pit dewatering and dedicated leach pad
construction accounted for the majority of the capital expenditures.

     At the Gold Hill project, 8,945 feet of reverse circulation diamond
drilling was completed during the quarter in order to verify the resource block
models. It is anticipated that a feasibility study will be initiated in early
2004 to evaluate the economic merits of the project.


10                                                      KINROSS Gold Corporation
<PAGE>

     PORCUPINE (49% Ownership Interest) - Canada

     Kinross' share of third quarter gold production from the Porcupine Joint
Venture was 57,779 ounces, a 30% improvement over the 44,344 ounces produced
during the same period last year.Total cash cost per ounce was $204, a marked
improvement over the $245 per ounce achieved during the third quarter
2002.Year-to-date gold production increased to 165,323 ounces at a total cash
cost of $215 per ounce as compared to the 135,887 ounces produced during the
first nine months of 2002. Kinross' share of nine-month comparable production
figures includes only 100% of Hoyle Pond mine production for the first six
months of 2002, whereas, 2003 production figures reflect Kinross' 49% ownership
share in the Porcupine Joint Venture formed on July 1, 2002.

     Third quarter 2003 production was 4% greater than plan and total cash cost
were 5% lower than plan as a result of higher than plan mill throughput (+4%)
and gold recoveries (+2%).These improvements were achieved despite power outages
and associated power constraints, which resulted in 60 hours of downtime during
August.

     Kinross' expectation for Porcupine is to produce approximately 55,000
ounces to the Company's account at total cash costs of $217 per ounce in the
fourth quarter of 2003.

<TABLE>
<CAPTION>

Reconciliation of the Porcupine Joint Venture                       Three months             Nine months
Total Cash Costs per Equivalent Ounce of Gold                          ended                    ended
to Consolidated Financial Statements                                September 30             September 30
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)     2003         2002         2003       2002
------------------------------------------------------------------------------------------------------------
<S>                                                           <C>          <C>          <C>         <C>
Operating costs per financial statements                      $    14.3    $    11.0     $   41.3   $   27.9
Site restoration cost accruals                                     (0.4)        (0.3)        (1.2)      (0.9)
Change in bullion inventory                                        (0.7)         0.2         (2.0)      (0.8)
Operating costs not related to gold production                     (1.4)           -         (2.5)      (0.4)
------------------------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes            $    11.8    $    10.9     $   35.6   $   25.8
------------------------------------------------------------------------------------------------------------
Gold equivalent production - ounces                              57,779       44,344      165,313      5,887
Total cash costs per equivalent ounce of gold                 $     204    $     245     $    215   $    190
</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 third quarter of 2003 was $2.5 million.This amount included expenditures on
the tailings dam lifts and the development of the Pamour project.

     The Pamour open pit feasibility study is in the process of being finalized
and permitting work has commenced. Demolition of the old Pamour headframe and
associated infrastructure has been completed in preparation of the development
of the open pit operations.

     An aggressive exploration program continued during the third quarter with
23,876 metres of exploration diamond drilling completed. In the Pamour area,
drilling of the north contact returned significant results including 1.82 grams
per tonne over 27.1 metres, 1.39 grams per tonne over 36.0 metres and 1.37 grams
per tonne over 21.3 metres. At the Hoyle Pond mine, diamond drilling continues
to expand the size of the newly discovered high grade "A"Vein. Underground
development has commenced to access the "A"Vein on the 740 level.


2003 Third Quarter Report                                                     11
<PAGE>

     KUBAKA (98.1% Ownership Interest) - Russia

     During the third quarter of 2003, Kinross' share of gold equivalent
production from the Kubaka mine was 43,144 ounces (98.1% ownership) at a total
cash cost of $206 per ounce, compared with the 56,806 ounces (54.7% ownership)
produced at a total cash cost of $126 per ounce achieved during the same three
month period in 2002. Comparable production was lower due to the completion of
mining activities at the Kubaka pit at the end of 2002 and the commencement of
processing of relatively lower grade ore stockpiles which was partially offset
by the increased ownership interest in 2003.The processing of stockpiled ore,
combined with underground mining activities, continued in the third quarter.

     Nine-month 2003 production figures were similarly impacted by the closure
of the Kubaka open pit with Kinross' share of gold equivalent production
totaling 120,770 ounces (98.1% ownership) at a total cash cost of $195 per ounce
down from the 173,847 (54.7% ownership) ounces at a total cash cost of $135 per
ounce achieved during the first nine months of 2002.

     Third quarter 2003 gold equivalent production was 28% less than plan due to
lower underground production partially offset by 5% higher than plan mill
throughput. Underground production is expected to return to plan during the
fourth quarter of 2003.

     Kinross' expectation for Kubaka is to produce approximately 55,000 gold
equivalent ounces to the Company's account at total cash costs of $190 per ounce
in the fourth quarter of 2003.

<TABLE>
<CAPTION>

Reconciliation of the Kubaka Mine                                   Three months             Nine months
Total Cash Costs per Equivalent Ounce of Gold                          ended                    ended
to Consolidated Financial Statements                                September 30             September 30
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)     2003         2002         2003       2002
------------------------------------------------------------------------------------------------------------
<S>                                                           <C>          <C>          <C>         <C>
Operating costs per financial statements                      $     8.9    $     5.6    $    23.7   $   20.6
Site restoration cost accruals                                     (0.1)        (0.2)        (0.4)      (0.6)
Change in bullion inventory                                         0.3          1.4          0.6        2.7
Management fees                                                       -          0.4            -        0.8
------------------------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes            $     9.1    $     7.2    $    23.9   $   23.5
------------------------------------------------------------------------------------------------------------
Gold equivalent production - ounces                              43,144       56,806      120,770    173,847
Total cash costs per equivalent ounce of gold                 $     206    $     126    $     195   $    135
</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 third quarter 2003 capital expenditures at the Kubaka
mine was $0.1 million.

     Underground development activities on the North High Wall, Centre Zone and
North Vein, which are extensions of the main vein system at the mined out Kubaka
mine, are continuing to progress slowly due to lower than plan equipment
availability, however, development rates had begun to improve during the last
half of September.The Kubaka underground veins will provide high-grade mill feed
to supplement the stockpile mill feed presently being processed.


12                                                      KINROSS Gold Corporation
<PAGE>

     During the quarter, authorization to commence mining the Birkachan open pit
was received from the Ministry of Natural Resources. Planning for the
development of the test open pit is being finalized. Exploration drilling
commenced during the quarter to determine the potential for additional gold
mineralization along the flanks of the proposed pit. At the Tsokol vein,
preliminary underground mining plans were completed during the quarter and a
final mining proposal is being prepared.

     BRASILIA (49% Ownership Interest) - Brazil

     Kinross acquired its ownership interest in the Brasilia open pit mine,
located in the State of Minas Gerais, Brazil, upon completion of the combination
with TVX on January 31, 2003. During the three months and eight months ending
September 30, 2003, the Company's share of gold production was 23,577 ounces at
a total cash cost of $214 per ounce and 66,242 ounces at a total cash cost of
$189 per ounce, respectively. Harder than anticipated ore, which reduced mill
throughput, and the higher sulphide content of the ore processed, which lowered
recoveries, combined to negatively impact gold production as compared to plan.
The lower gold production in addition to higher electricity, fuel and
maintenance costs resulted in third quarter total cash costs per ounce being 24%
above plan.

     The economics of the Calha Mill expansion prefeasibility study, completed
during the second quarter, were favourable and, as a result, work has begun on a
full feasibility study to be completed during the first quarter of 2004.The
study envisions the installation of a SAG mill to increase mill throughput by
approximately 50% to 30 million tonnes per annum.

     Kinross' expectation for the Brasilia mine is to produce approximately
28,000 ounces to the Company's account at total cash costs of $169 per ounce in
the fourth quarter of 2003.

<TABLE>
<CAPTION>

Reconciliation of the Brasilia Mine                                 Three months             Eight months
Total Cash Costs per Equivalent Ounce of Gold                          ended                    ended
to Consolidated Financial Statements                                September 30             September 30
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)     2003         2002         2003       2002
------------------------------------------------------------------------------------------------------------
<S>                                                           <C>          <C>          <C>         <C>
Operating costs per financial statements                      $     5.1    $       -    $    13.5   $      -
Site restoration cost accruals                                     (0.1)           -         (0.3)         -
Change in bullion inventory                                           -            -         (0.7)         -
------------------------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes            $     5.0    $       -    $    12.5   $      -
------------------------------------------------------------------------------------------------------------
Gold equivalent production - ounces                              23,577            -       66,242          -
Total cash costs per equivalent ounce of gold                 $     214    $       -    $     189   $      -
</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 third
quarter of 2003 was $2.1 million. Capital expenditures in the quarter were
mainly related to additions to the mining fleet and work related to the tailings
dam.


2003 Third Quarter Report                                                     13
<PAGE>

LA COIPA (50% Ownership Interest) - Chile

     Kinross acquired its ownership interest in the La Coipa mine, Chile, upon
completion of the combination with TVX on January 31, 2003. The Company's share
of gold equivalent production for the three months ending September 30, 2003 was
42,890 ounces at total cash costs of $235 per equivalent ounce, a significant
improvement over the 32,854 ounces, at a total cash cost of $291, produced
during the second quarter 2003. For the eight-month period ending September 30,
2003, gold equivalent production was 99,667 ounces at a total cash cost of $256
per ounce. Unlike a number of senior mining companies, it is Kinross' policy to
expense open pit stripping costs rather than defer these costs until a later
date. If stripping costs had been deferred, third quarter and eight-month total
cash costs per gold equivalent ounce would have been $204 and $221,
respectively.

     Third quarter 2003 gold equivalent production was 9% above plan, as the
result of higher silver grades combined with better than anticipated gold and
silver recoveries. Better than plan silver grade and precious metal recoveries
were due to changes to the mining plan as mining activities focused on the
Brecha Norte pit while remediation work continued on the Coipa Norte pit.

     Kinross' expectation for the La Coipa mine is to produce approximately
30,000 gold equivalent ounces to the Company's account at total cash costs of
$307 per ounce in the fourth quarter of 2003. It should be noted that the most
significant component of the difference with our joint venture partner in total
cash cost expectations for La Coipa is the fact that Kinross does not defer
stripping.

<TABLE>
<CAPTION>

Reconciliation of the La Coipa Mine                                 Three months             Eight months
Total Cash Costs per Equivalent Ounce of Gold                          ended                    ended
to Consolidated Financial Statements                                September 30             September 30
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)     2003         2002         2003       2002
------------------------------------------------------------------------------------------------------------
<S>                                                           <C>          <C>          <C>         <C>
Operating costs per financial statements                      $     7.9    $       -    $    25.7   $      -
Site restoration cost accruals                                     (0.1)           -         (0.2)         -
Change in bullion inventory                                         2.3            -            -          -
------------------------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes            $    10.1    $       -    $    25.5   $      -
------------------------------------------------------------------------------------------------------------
Gold equivalent production - ounces                              42,890            -       99,667          -
Total cash costs per equivalent ounce of gold                 $     235    $       -    $     256   $      -
</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 La Coipa during the third quarter
of 2003 was $0.4 million.


14                                                      KINROSS Gold Corporation
<PAGE>

     CRIXAS (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.The mine continues to perform well with the Company's share of gold
production during the third quarter 2003 totaling 24,216 ounces at a total cash
cost of $105 per ounce. For the eight months ending September 30, 2003, Kinross'
share of production was 63,923 ounces of gold at a total cash cost of $103 per
ounce.

     Kinross' expectation for the Crixas mine is to produce approximately 22,000
ounces to the Company's account at total cash costs of $118 per ounce in the
fourth quarter of 2003.

<TABLE>
<CAPTION>

Reconciliation of the Crixas Mine                                   Three months             Eight months
Total Cash Costs per Equivalent Ounce of Gold                          ended                    ended
to Consolidated Financial Statements                                September 30             September 30
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)     2003         2002         2003       2002
------------------------------------------------------------------------------------------------------------
<S>                                                           <C>          <C>          <C>         <C>
Operating costs per financial statements                      $     2.3    $       -    $     7.3   $      -
Site restoration cost accruals                                        -            -         (0.1)         -
Change in bullion inventory                                         0.3            -         (0.7)         -
------------------------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes            $     2.6    $       -    $     6.5   $      -
------------------------------------------------------------------------------------------------------------
Gold equivalent production - ounces                              24,216            -       63,923          -
Total cash costs per equivalent ounce of gold                 $     105    $       -    $     103   $      -
</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 third
quarter of 2003 was $0.8 million.

     Exploration drilling for the quarter of 5,570 metres was completed around
the Crixas Mine.Work on the Forquilha Sul ore zone, which overlies the principle
Mina III ore body, has confirmed continuity mineralization over a strike length
of approximately 200m and a down-plunge length of 300m. To date, eight diamond
drill holes, spaced approximately 50m both along strike and downdip, have
returned intercepts over widths of 3m to 10m grading 3.0 g/t to 7.5 g/t.The zone
remains open down plunge.

     MUSSELWHITE (31.93% Ownership Interest) - Canada

     Kinross acquired its ownership interest in the Musselwhite underground
mine, located in northwestern Ontario, Canada, upon completion of the
combination with TVX on January 31, 2003.The Company's share of third quarter
gold production totaled 18,593 ounces, essentially as plan, however, total cash
costs of $265 per ounce were greater than plan due to unbudgeted underground
contractor development work in the PQ zone. In September, Musselwhite took over
development from the contractor and it is anticipated that total cash costs will
return to plan during the fourth quarter.

     For the eight-month period ending September 30, 2003, gold production was
46,157 ounces at a total cash cost of $257 per ounce compared to plan production
of 50,671 ounces at $250 per ounce. Operational shortfalls in the first quarter
are largely responsible for the lower than plan gold production.


2003 Third Quarter Report                                                     15
<PAGE>

     Kinross' expectation for the Musselwhite mine is to produce approximately
18,000 ounces to the Company's account at total cash costs of $255 per ounce in
the fourth quarter of 2003.

<TABLE>
<CAPTION>

Reconciliation of the Musselwhite Mine                              Three months             Eight months
Total Cash Costs per Equivalent Ounce of Gold                          ended                    ended
to Consolidated Financial Statements                                September 30             September 30
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)     2003         2002         2003       2002
------------------------------------------------------------------------------------------------------------
<S>                                                           <C>          <C>          <C>         <C>
Operating costs per financial statements                      $     5.1    $       -    $    12.1   $      -
Site restoration cost accruals                                        -            -            -          -
Change in bullion inventory                                        (0.2)           -            -          -
Operating costs not related to gold production                        -            -         (0.2)         -
------------------------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes            $     4.9    $       -    $    11.9   $      -
------------------------------------------------------------------------------------------------------------
Gold equivalent production - ounces                              18,593            -       46,157          -
Total cash costs per equivalent ounce of gold                 $     265    $       -    $     257   $      -
</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 third
quarter of 2003 was $1.0 million, essentially in line with budget.

     Positive results continue to be obtained from both barge and underground
infill diamond drilling of the PQ Deep zone. A step-out drill hole, drilling 300
metres north of the known PQ Deep zone, returned 14.6 grams per tonne over 5.4
metres. Elsewhere on the property, diamond drilling on the Camp zone, a
potential small open pit target, returned 8.7 grams per tonne over 24.8 metres.

     NEW BRITANNIA (50% Ownership Interest) - Canada

     Kinross operates and owns a 50% interest in the New Britannia underground
mine, located in northern Manitoba, acquired in the combination with TVX on
January 31, 2003. During the third quarter 2003, Kinross' share of gold
production was 8,235 ounces at a total cash cost of $325 per ounce. The
Company's share of gold production for the eight months ending September 30,
2003 was 25,060 ounces at a total cash cost of $306 per ounce.

     Kinross and its joint venture partner, High River Gold Mines Limited, are
evaluating the future of the mine as a result of the higher than anticipated
mining costs, result of the stronger Canadian dollar and challenging mining
conditions experienced recently. The mine will continue operations as normal
while the joint venture partners reassess the operations.

     Kinross' expectation for the New Britannia mine is to produce approximately
14,000 ounces to the Company's account at total cash costs of $305 per ounce in
the fourth quarter of 2003.


16                                                      KINROSS Gold Corporation
<PAGE>
<TABLE>
<CAPTION>

Reconciliation of the New Britannia Mine                            Three months             Eight months
Total Cash Costs per Equivalent Ounce of Gold                          ended                    ended
to Consolidated Financial Statements                                September 30             September 30
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)     2003         2002         2003       2002
------------------------------------------------------------------------------------------------------------
<S>                                                           <C>          <C>          <C>         <C>
Operating costs per financial statements                      $     3.1    $       -    $     8.9   $      -
Site restoration cost accruals                                        -            -            -          -
Change in bullion inventory                                        (0.3)           -         (1.2)         -
Operating costs not related to gold production                     (0.1)           -         (0.1)         -
------------------------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes            $     2.7    $       -    $     7.6   $      -
------------------------------------------------------------------------------------------------------------
Gold equivalent production - ounces                               8,235                    25,060
Total cash costs per equivalent ounce of gold                 $     325    $       -    $     306   $      -
</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 New Britannia mine in the
third quarter of 2003 was $0.2 million with the majority of those expenditures
focused on ore development.

     LUPIN (100% Ownership Interest) - Canada

     In August 2003, Kinross announced the immediate suspension of operations at
the Lupin mine in Canada due to the poor economic performance of the operation
over a protracted period of time. As a result, gold production during the third
quarter fell to 11,690 ounces, at a total cash cost of $395 per ounce, down from
the 25,534 ounces achieved during the second quarter of 2003.The plant and
equipment has been placed on care and maintenance pending the results of the
review of future alternatives for the property. Personnel remain on site to
continue with environmental management programs to ensure compliance with all
regulatory requirements.

     Kinross is reviewing future alternatives for the property including the
development of a mine plan to extract the shaft and crown pillars.These pillars
and other remnant mining are expected to contain almost 110,000 ounces of gold
(approximately 400,000 tonnes at an average grade of about 8.5 grams of gold per
tonne). Recovery of these pillars through 2004 has the potential for the
operation to produce a comparable amount of gold to that originally planned for
2004, but at a higher grade and, consequently, at lower total cash costs per
ounce. In addition, preliminary plans indicate that the materials and supplies
inventory will be consumed during this program and cash flow will support the
remaining mine values, therefore no impairment has been recorded during the
third quarter of 2003.

<TABLE>
<CAPTION>

Reconciliation of the Lupin Mine                                    Three months             Eight months
Total Cash Costs per Equivalent Ounce of Gold                          ended                    ended
to Consolidated Financial Statements                                September 30             September 30
(MILLIONS EXCEPT PRODUCTION IN OUNCES AND PER OUNCE AMOUNTS)     2003         2002         2003       2002
------------------------------------------------------------------------------------------------------------
<S>                                                           <C>          <C>          <C>         <C>
Operating costs per financial statements                      $    11.4    $       -    $    32.2   $      -
Site restoration cost accruals                                     (0.2)           -         (0.9)         -
Change in bullion inventory                                        (1.0)           -         (2.9)         -
Operating costs not related to gold production                     (5.6)           -         (5.6)         -
------------------------------------------------------------------------------------------------------------
Operating costs for per ounce calculation purposes            $     4.6    $       -    $    22.8   $      -
------------------------------------------------------------------------------------------------------------
Gold equivalent production - ounces                              11,690                    56,008
Total cash costs per equivalent ounce of gold                 $     395    $       -    $     407   $      -
</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 Third Quarter Report                                                     17
<PAGE>

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 $4.7 million in the third quarter and
$16.5 million in the first nine months of 2003, compared to $3.2 million in the
third quarter and $8.0 million in the first nine months of 2002, respectively.
Administrative expenses increased in 2003 due to the completion of the
combination with TVX and Echo Bay. Administrative costs per ounce of equivalent
production for the third quarter of 2003 and 2002 were $11 and $14,
respectively.

EXPLORATION AND BUSINESS DEVELOPMENT

     Total exploration and business development expenditures in the third
quarter and first nine months of 2003 were $5.4 million and $18.7 million,
respectively, compared to $2.4 million in the third quarter and $6.5 million in
the first nine months of 2002.

     Exploration activities in 2003 focused primarily at and around existing
operating mines and on the Kettle River - Emanuel Creek project. During the
third quarter of 2003, the Company spent $2.0 million on exploration at Kinross
operated mines, including $0.7 million on the Fort Knox in-pit program as well
as Gil and Ryan Lode projects, $0.6 million on district exploration and
advancing the Gold Hill project at Round Mountain.At the Musselwhite Joint
Venture, third quarter expenditures to Kinross' account totaled $0.5 million
advancing the new PQ Deeps deposit and $0.4 million on exploration activities on
the Porcupine Joint Venture in Timmins. At Kettle River a new gold zone, named
the West Zone, has been discovered in the vicinity of the Emanuel Creek deposit.
To date 26 drill holes have pierced the West Zone.A follow-up program has been
designed to define the extent and continuity of mineralized structures. During
the third quarter, drill programs were initiated on the Gurupi project in Brazil
and on the Norseman project in Australia.

DEPRECIATION, DEPLETION AND AMORTIZATION

     Depreciation, depletion and amortization totaled $40.0 million in the third
quarter and $108.5 million in the first nine months of 2003 compared to $19.9
million in the third quarter and $61.3 million in the first nine months of 2002.
Depreciation, depletion and amortization have decreased per equivalent ounce of
gold sold to $95 in the third quarter and $92 in the first nine months of 2003,
from $110 in the third quarter and $101 in the first nine months of 2002.The
2003 decrease in depreciation, depletion and amortization 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 from those assets.

INTEREST EXPENSE

     Interest expense totaled $0.6 million in the third quarter and $3.1 million
in the first nine months of 2003, compared to $1.2 million in the third quarter
and $4.0 million in the first nine months of 2002. Interest expense in the first
nine months of 2003 includes interest accrued on the debt component of the
convertible debentures up to September 29, 2003. Interest costs should decline
going forward as these convertible debentures have been redeemed and there will
be no further accrual of interest on the debt component.


18                                                      KINROSS Gold Corporation
<PAGE>

INCOME AND MINING TAXES

     Kinross is subject to tax in various jurisdictions including Canada, the
United States, Brazil, Russia and Chile. However, the Company has operating
losses and other tax deductions to shelter future taxable income in Canada and
the United States.The third quarter of 2003 liability arises from income taxes
in Russia, Brazil, and Chile. For details on the 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 third quarter of 2003
was $42.0 million compared to $17.5 million in 2002. Cash flow provided from
operating activities increased in the third quarter of 2003 due to higher gold
equivalent production as a result of the completion of the business combination
with TVX and Echo Bay and higher realized gold prices per ounce of gold sold.

     FINANCING ACTIVITIES

     On August 28, 2003, Kinross issued 23 million common shares for gross
proceeds of Cdn.$213 million.After giving effect to the closing of the offering,
the total number of common shares outstanding was approximately 338.4
million.The net proceeds from the offering were used to redeem Kinross'
outstanding 5.5% convertible unsecured subordinated debentures. The principal
amount of the convertible debentures was Cdn.$195.6 million.The convertible
debentures were redeemed on September 29, 2003.

     During the third quarter of 2003, Kinross issued 32,549 common shares for
net proceeds of $0.3 million pursuant to the employee share incentive plan.
Kinross also issued 340,927 common shares for net proceeds of $1.1 million
pursuant to the employee stock option plan.

     The debt component of convertible debentures was reduced by $1.4 million
during the third quarter and by $4.2 million during the first nine months of
2003 compared to $1.3 million during the third quarter and $3.8 million during
the first nine months of 2002. Long-term debt repayments were $0.8 million
during the third quarter of 2003 compared to $0.2 million during 2002. Long-term
debt repayments consisted of scheduled repayments under various capital leases.

     No dividends were declared nor paid to the holders of the convertible
preferred shares of subsidiary company Kinam Gold Inc. in 2003 or 2002.

     Kinross has unrestricted cash and cash equivalents of $141.2 million and
restricted cash of $5.2 million at September 30, 2003. This restricted cash is
associated with cash deposits that were made by 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. At the end of the third quarter, letters of credit had
been issued to replace all of the old financial assurance. Some state agencies
have not released the old financial assurance they were holding, causing
restricted cash for longer than had been anticipated. The remaining restricted
cash is expected to be released during the fourth quarter of 2003.


2003 Third Quarter Report                                                     19
<PAGE>

     As at September 30, 2003, Kinross' long-term debt was $30.7 million
consisting of $25.0 million of Fort Knox industrial revenue bonds, $2.8 million
relating to the Kubaka project financing, and various capital leases and other
debt of $2.9 million.The current portion of the long-term debt is $19.6 million,
which includes $15.0 million of repayments on the industrial revenue bonds which
is not mandatory, but planned.

     INVESTING ACTIVITIES

     Capital expenditures were $27.4 million in the third quarter and $52.3
million in the first nine months of 2003 compared to $8.9 million in the third
quarter and $18.1 million in the first nine months of 2002. Capital expenditures
were spread fairly evenly across all of the operating mines. Capital
expenditures were financed out of cash flow from operating activities.

     INVESTMENT IN TVX HELLAS

     Since January 2003, the Stratoni lead/zinc mine located in Greece, owned by
TVX Hellas, a subsidiary of the Company, has been shut down. The Company has
been working with the Greek government and potential investors to determine
whether this mine can be reopened under a revised ownership structure in which
the Company will hold a minority interest. If the Company achieves this goal,
the Olympias and Skouries gold projects would also undergo similar changes in
ownership. Resolution is expected in this quarter.As a protective measure, the
Company has commenced proceedings in Greece to place TVX Hellas, which holds all
of the Greek properties of the Company, into bankruptcy.

     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.

     The outstanding number of ounces, average expected realized prices and
maturities for the gold commodity derivative contracts as at September 30, 2003
are as follows:

                                                      Call      Average
                             Ounces     Average    Options       Strike
     Year                    Hedged       Price       Sold        Price
     ------------------------------------------------------------------
     2003                    20,000     $   274     50,000     $    300
     2004                   137,500         277     50,000          340
     2005                    37,500         296          -            -
     ------------------------------------------------------------------
     Total                  195,000     $   281    100,000     $    320
     ==================================================================

     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 September 30, 2003 was negative
$21.4 million based on a gold price of $388. Kinross will continue to deliver
into these contracts as they mature and not replace them with new contracts.


20                                                      KINROSS Gold Corporation
<PAGE>

NEW DEVELOPMENTS

     THE ACQUISITION OF CROWN RESOURCES

     On October 8, 2003, Kinross announced that it had executed a Letter of
Intent with Crown Resources Corporation ("Crown") whereby Kinross will acquire
Crown and its 100%-owned Buckhorn Mountain gold deposit located in north central
Washington State, USA, approximately 67 kilometres by road from Kinross' Kettle
River gold milling facility.

     The Buckhorn Mountain gold deposit is a high-grade skarn gold deposit
located 240 kilometres northwest of Spokane,Washington.As at December 31, 2002,
Crown had reported total proven and probable reserves of 1.94 million tonnes
grading 13.44 grams per tonne gold and further mineralized material of 1.07
million tonnes grading 13.82 grams per tonne gold. In late 2002 and early 2003,
Crown completed a very successful 41-hole infill diamond drilling program
designed to upgrade some of the mineralized material to the proven and probable
category.

     The current plan, which contemplates the development of an underground mine
rather than an open pit mine, positively addresses major environmental concerns
identified during previous permitting efforts. Kinross is confident that by
working in conjunction with Federal, State and local agencies as well as other
stakeholders, the permitting process, initiated by Crown, will be successful in
obtaining the necessary regulatory approvals to develop an underground mine in a
timely manner. In conjunction with the permitting process, Kinross will review
potential synergies between its Kettle River operation and the Buckhorn Mountain
deposit.

     EQUITY INVESTMENTS SOLD

     On October 24, 2003, Kinross sold its entire equity ownership stake in
Minefinders (4,250,000 common shares) for net proceeds of Cdn.$43.6 million.
Kinross also sold its entire equity ownership in Endeavour Mining Capital
Corporation (2,026,586 common shares) on November 5, 2003, for net proceeds of
Cdn.$6.8 million.The Company's investments in Minefinders and Endeavour were
deemed not to be strategic on a going forward basis.

OUTLOOK

     As at September 30, 2003, Kinross has $141.2 million of unrestricted cash
and $5.2 million of restricted cash, which should become unrestricted during the
fourth quarter. Cash balances have increased due to positive results at
operations. Kinross was able to issue equity, and the proceeds were applied to
redeem 100% of the convertible debentures. Kinross will continue to focus on
improving operational profitability and maximizing the benefit of our investment
in quality projects.The forecast for the full year 2003 is gold equivalent
production of approximately 1.7 million ounces at total cash costs of
approximately $223 per ounce, which implies total cash costs of approximately
$216 for the fourth quarter.



     /s/ Robert M. Buchan

     ROBERT M. BUCHAN
     PRESIDENT AND CHIEF EXECUTIVE OFFICER

     NOVEMBER 5, 2003


2003 Third Quarter Report                                                     21
<PAGE>

<TABLE>
<CAPTION>

CONSOLIDATED BALANCE SHEETS
KINROSS GOLD CORPORATION
(EXPRESSED IN MILLIONS OF U.S. DOLLARS)

(UNAUDITED)

                                                                  AS AT        AS AT
                                                           SEPTEMBER 30  DECEMBER 31
                                                                   2003         2002
---------------------------------------------------------------------------------------
<S>                                                            <C>          <C>
ASSETS
Current assets
Cash and cash equivalents                                      $  141.2     $  170.6
Restricted cash                                                     5.2         21.1
Accounts receivable and other assets                               27.0         15.5
Inventories                                                        98.2         38.9
Marketable securities                                               1.6          0.1
---------------------------------------------------------------------------------------
                                                                  273.2        246.2
Property, plant and equipment                                     811.7        330.0
Goodwill                                                          888.6            -
Long-term investments                                              31.1         11.8
Future income and mining taxes                                     16.2            -
Deferred charges and other assets                                  33.5         10.0
---------------------------------------------------------------------------------------
                                                               $2,054.3     $  598.0
=======================================================================================

LIABILITIES
Current liabilities
Accounts payable and accrued liabilities                       $   87.3     $   35.5
Current portion of long-term debt                                  19.6         23.3
Current portion of site restoration cost accruals                  11.5         15.0
---------------------------------------------------------------------------------------
                                                                  118.4         73.8

Long-term debt                                                     11.1         12.9
Site restoration cost accruals                                    106.6         42.0
Future income and mining taxes                                     44.6          3.3
Deferred revenue                                                    2.8          4.5
Other long-term liabilities                                         6.4          5.5
Debt component of convertible debentures                              -         21.7
Redeemable retractable preferred shares                             2.8          2.5
---------------------------------------------------------------------------------------
                                                                  292.7        166.2
---------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY                 12.6         12.9
---------------------------------------------------------------------------------------

COMMON SHAREHOLDERS' EQUITY
Common share capital                                            1,747.2      1,058.5
Contributed surplus                                                29.4         12.9
Equity component of convertible debentures                            -        132.3
Deficit                                                           (29.0)      (761.4)
Cumulative translation adjustments                                  1.4        (23.4)
---------------------------------------------------------------------------------------
                                                                1,749.0        418.9
---------------------------------------------------------------------------------------
                                                               $2,054.3     $  598.0
=======================================================================================


22                                                             KINROSS Gold Corporation

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

CONSOLIDATED STATEMENTS OF OPERATIONS
KINROSS GOLD CORPORATION
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30
(EXPRESSED IN MILLIONS OF U.S. DOLLARS EXCEPTPER SHARE AMOUNTS)
                                                                        THREE MONTHS         NINE MONTHS
(UNAUDITED)                                                                 ENDED               ENDED
                                                                        SEPTEMBER 30        SEPTEMBER 30
                                                                      2003       2002      2003       2002
------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>        <C>       <C>        <C>
REVENUE
Mining revenue                                                      $ 153.8    $  56.5   $ 428.6    $ 184.5
Interest and other income                                               2.4        6.0       5.2       13.7
Mark-to-market (loss) gain on call options                             (0.9)      (0.3)      0.3       (1.9)
------------------------------------------------------------------------------------------------------------
                                                                      155.3       62.2     434.1      196.3
------------------------------------------------------------------------------------------------------------
EXPENSES
Operating                                                             107.1       39.0     301.4      126.9
General and administrative                                              4.7        3.2      16.5        8.0
Exploration and business development                                    5.4        2.4      18.7        6.5
Depreciation, depletion and amortization                               40.0       19.9     108.5       61.3
(Gain) loss on sale of assets                                          (0.2)      (0.5)      0.2       (2.0)
Loss on redemption of convertible debentures                            1.1          -       1.1          -
Foreign exchange (gain) loss                                           (0.5)         -      (0.8)       3.0
Interest expense on long-term liabilities                               0.6        1.2       3.1        4.0
Writedown of marketable securities                                        -          -       0.1          -
------------------------------------------------------------------------------------------------------------
                                                                      158.2       65.2     448.8      207.7
------------------------------------------------------------------------------------------------------------
                                                                       (2.9)      (3.0)    (14.7)     (11.4)
Minority interest                                                         -          -      (0.1)         -
Share in loss of investee companies                                       -       (0.8)        -       (0.6)
------------------------------------------------------------------------------------------------------------
Loss before taxes and dividends on convertible
  preferred shares of subsidiary company                               (2.9)      (3.8)    (14.8)     (12.0)

Provision for income and mining taxes                                  (3.0)      (1.7)     (7.1)      (4.7)
Loss for the period before dividends on convertible
  preferred shares of subsidiary company                               (5.9)      (5.5)    (21.9)     (16.7)

Dividends on convertible preferred shares
  of subsidiary company                                                (0.2)      (0.3)     (0.6)      (1.3)
------------------------------------------------------------------------------------------------------------
Net loss for the period                                             $  (6.1)   $  (5.8)  $ (22.5)   $ (18.0)
============================================================================================================
Attributable to common shareholders:

Net loss for the period                                             $  (6.1)   $  (5.8)  $ (22.5)   $ (18.0)
Increase in equity component of convertible
  debentures                                                           (2.2)      (1.3)     (6.5)      (5.5)

Gain on redemption of convertible debentures                           16.5          -      16.5          -
------------------------------------------------------------------------------------------------------------
Net earnings (loss) attributable to common shares                   $   8.2    $  (7.1)  $ (12.5)   $ (23.5)
============================================================================================================

Earnings (loss) per share
Basic                                                               $  0.03    $ (0.06)  $ (0.04)   $ (0.20)
Diluted                                                             $  0.03    $     -   $     -    $     -

Weighted average number of common shares outstanding
Basic                                                                 323.4      119.4     297.4      118.2
Diluted                                                               326.2          -         -          -
Total outstanding and issued common shares at September 30                                 338.4      119.5


2003 Third Quarter Report                                                                                23
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30
(EXPRESSED IN MILLIONS OF U.S. DOLLARS )
                                                                        THREE MONTHS         NINE MONTHS
(UNAUDITED)                                                                 ENDED               ENDED
                                                                        SEPTEMBER 30        SEPTEMBER 30
                                                                      2003       2002      2003       2002
------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>        <C>       <C>        <C>
NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES:

OPERATING:
Loss for the period before dividends on convertible
  preferred shares                                                  $  (5.9)   $  (5.5)  $ (21.9)   $ (16.7)
Items not affecting cash:
  Depreciation, depletion and amortization                             40.0       19.9     108.5       61.3
  Future income and mining taxes                                       (2.6)         -      (4.7)         -
  Deferred revenue realized                                            (0.6)      (1.3)     (1.7)      (3.8)
  Site restoration cost accruals                                        2.4        0.8       6.1        2.3
  Other                                                                 1.0       (0.8)      6.0       (0.8)
------------------------------------------------------------------------------------------------------------
                                                                       34.3       13.1      92.3       42.3

Site restoration cash expenditures                                     (4.8)      (2.4)     (9.8)      (5.0)
Changes in non-cash working capital items
  Accounts receivable and other assets                                  1.7        6.9      18.9        5.9
  Inventories                                                           2.2       (6.3)     (7.3)      (2.7)
  Marketable securities                                                 0.5          -       1.1        2.5
  Accounts payable and accrued liabilities                              3.8        5.8     (21.6)       3.1
Effect of exchange rate changes on cash                                 4.3        0.4       8.1        2.4
------------------------------------------------------------------------------------------------------------
Cash flow provided from operating activities                           42.0       17.5      81.7       48.5
------------------------------------------------------------------------------------------------------------

FINANCING:
Issuance of common shares                                             147.6        0.2     150.9       19.5
Redemption of convertible debentures                                 (144.8)         -    (144.8)         -
Acquisition of preferred shares of subsidiary company                  (0.2)         -      (0.2)     (11.4)
Reduction of debt component of convertible debentures                  (1.4)      (1.3)     (4.2)      (3.8)
Repayment of debt                                                      (0.8)      (0.2)    (10.0)     (12.4)
------------------------------------------------------------------------------------------------------------
Cash flow provided from used in financing activities                    0.4       (1.3)     (8.3)      (8.1)
------------------------------------------------------------------------------------------------------------

INVESTING:
Additions to property, plant and equipment                            (27.4)      (8.9)    (52.3)     (18.1)
Business acquisitions, net of cash acquired                               -          -     (81.4)         -
Long-term investments and other assets                                  1.0        0.2      (6.7)       2.1
Proceeds from the sale of property, plant and equipment                 0.2        0.5       0.2        0.6
Decrease (increase) in restricted cash                                    -      (17.1)     37.4      (21.5)
------------------------------------------------------------------------------------------------------------
Cash flow used in investing activities                                (26.2)     (25.3)   (102.8)     (36.9)
------------------------------------------------------------------------------------------------------------

Increase (decrease) in cash and cash equivalents                       16.2       (9.1)    (29.4)       3.5
Cash and cash equivalents, beginning of period                        125.0       93.6     170.6       81.0
Cash and cash equivalents, end of period                            $ 141.2    $  84.5   $ 141.2    $  84.5
============================================================================================================
Supplementary disclosure of cash flow information:
Cash paid for: Interest                                             $   2.0    $   0.2   $   6.4    $   4.9
               Income taxes                                         $   2.6    $   2.1   $   6.3    $   3.7


24                                                                                  KINROSS Gold Corporation
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

CONSOLIDATED STATEMENT OF
COMMON SHAREHOLDERS' EQUITY
KINROSS GOLD CORPORATION
FOR THE NINE MONTHS ENDED SEPTEMBER 30
(EXPRESSED IN MILLIONS OF U.S. DOLLARS)

(UNAUDITED)
                                                                                         CUMULATIVE
                                       COMMON   CONTRIBUTED  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             1,450.1            -             -            -             -      1,450.1

Increase in equity component
  of convertible debentures                 -            -           6.7         (6.5)            -          0.2

Redemption
  of convertible debentures                 -         16.5        (139.0)           -             -       (122.5)

Net loss for the period                     -            -             -        (22.5)            -        (22.5)

Cumulative translation
  adjustments                               -            -             -            -          24.8         24.8
------------------------------------------------------------------------------------------------------------------

BALANCE,
  SEPTEMBER 30, 2003               $  1,747.2    $    29.4    $        -    $   (29.0)   $      1.4   $  1,749.0
------------------------------------------------------------------------------------------------------------------

BALANCE,
  DECEMBER 31, 2001                $    945.7    $    12.9    $    124.8    $  (723.2)   $    (28.6)  $    331.6

Issuance of common shares                19.6            -             -            -             -         19.6

Increase in equity component
  of convertible debentures                 -            -           5.6         (5.5)            -          0.1

Net loss for the period                     -            -             -        (18.0)            -        (18.0)

Cumulative translation
  adjustments                               -            -             -            -           3.7          3.7
------------------------------------------------------------------------------------------------------------------

Balance,
  September 30, 2002               $    965.3    $    12.9    $    130.4    $  (746.7)   $    (24.9)  $    337.0
==================================================================================================================


2003 Third Quarter Report                                                                                       25

</TABLE>

<PAGE>

NOTES TO THE FINANCIAL STATEMENTS

KINROSS GOLD CORPORATION
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30

(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.

     For the nine months ended September 20, 2003, the Company had no contracts
or obligations that qualified as a guarantee under ACG - 14.

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. For the nine months ended September 30, 2003, the mark-to-market
adjustments decreased the liability by $0.3 million (2002 - 1.9 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, the Company 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, pro forma net loss attributable to common shares would
have amounted to $13.0 million (2002 - $23.6 million) and pro forma EPS would
have remained at a loss of $0.04 per share for the nine month period ended
September 30, 2003 (2002 - $0.20). In the third quarter of 2003 pro forma net
earnings attributable to common shares would have amounted to $8.1 million (2002
- loss of $7.1 million) and pro forma earnings per share would have remained at
$0.03 (2002 - loss of $0.06).The fair value of the options granted during the
nine month period ended September 30, 2003 is estimated to be $0.5 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 assumption used for grants in the nine month period ended September 30,
2003: dividend yield of 0.0%, expected volatility of 69.9%, risk-free interest
rate of 2.75% 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 pro forma 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, a
producer of aerated concrete, 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 Third Quarter Report                                                     27

<PAGE>

<TABLE>
<CAPTION>

     AS AT SEPTEMBER 30, 2003 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30,2003:

                                              OWNERSHIP        MINING      OPERATING
                                LOCATION       INTEREST       REVENUE          COSTS
-------------------------------------------------------------------------------------
<S>                             <C>               <C>        <C>            <C>
Operated by Kinross
Fort Knox                         Alaska           100%      $  105.0       $   73.7
Kubaka                            Russia          98.1%          43.3           22.7
Round Mountain                    Nevada            50%          97.8           54.8
Lupin                            Nunavut           100%          23.8           32.2
New Britannia                   Manitoba            50%           9.8            8.9

Joint Venture participant
La Coipa                           Chile            50%          33.4           25.7
Crixas                            Brazil            50%          22.3            7.3
Brasilia                          Brazil            49%          23.3           14.4
Musselwhite                      Ontario            32%          16.0           12.1
Porcupine                        Ontario            49%          61.0           41.5

Other
E-Crete                          Arizona            90%             -            1.8
Corporate and other (b)                                          (7.1)           6.3
-------------------------------------------------------------------------------------
Total                                                        $  428.6       $  301.4
=====================================================================================

     AS AT SEPTEMBER 30, 2002 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30,2002:

Operated by Kinross
Fort Knox                         Alaska           100%      $   92.6       $   72.8
Kubaka                            Russia          54.7%          47.1           20.6

Joint Venture participant
Porcupine                        Ontario            49%          43.7           27.9

Other
E-Crete                          Arizona            88%             -            2.2
Corporate and other (b)                                           1.1            3.4
-------------------------------------------------------------------------------------
Total                                                        $  184.5       $  126.9
=====================================================================================

     (a)  includes $95.0 million (2002 - $78.9 million) in cash and cash
          equivalents held at the Corporate level.
     (b)  includes Corporate and other non core mining operations.


28                                                           KINROSS Gold Corporation
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

     AS AT SEPTEMBER 30, 2003 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30,2003:

                                                     DEPRECIATION,
                                                         DEPLETION     SEGMENT
                            INTEREST     INTEREST              AND      PROFIT      SEGMENT        CAPITAL
                             REVENUE      EXPENSE     AMORTIZATION      (LOSS)       ASSETS   EXPENDITURES
----------------------------------------------------------------------------------------------------------
<S>                         <C>          <C>           <C>            <C>         <C>          <C>
Operated by Kinross
Fort Knox                   $      -     $    0.7      $     28.4     $    0.5    $   256.0    $      19.2
Kubaka                           0.1          0.1            12.9          7.3         63.1            0.6
Round Mountain                     -            -            25.1         16.5        124.8            4.7
Lupin                              -            -             3.3        (12.3)        30.0            4.7
New Britannia                      -            -             3.8         (3.5)        18.3            0.9

Joint Venture participant
La Coipa                           -            -             4.4          2.1         56.6            0.4
Crixas                           0.6            -             7.1          7.3         58.0            1.8
Brasilia                         0.7            -             4.0          6.3        132.7            3.4
Musselwhite                        -            -             5.7         (3.0)        71.4            1.8
Porcupine                          -            -            17.7          0.1         83.4            5.8

Other
E-Crete                            -          0.2             0.4         (2.0)         7.9              -
Corporate and other (b)          1.4          2.1            (4.3)       (32.6)     1,152.1            9.0
----------------------------------------------------------------------------------------------------------
Total                       $    2.8     $    3.1      $    108.5     $  (13.3)   $ 2,054.3    $      52.3
==========================================================================================================

     AS AT SEPTEMBER 30, 2002 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002.

Operated by Kinross
Fort Knox                   $      -     $    1.2      $     37.1     $  (19.4)   $   279.9    $      12.0
Kubaka                           0.2          0.2            13.9         13.2         61.4            0.1

Joint Venture participant
Porcupine                          -            -            13.0          1.5         84.0            5.0

Other
E-Crete                            -          0.4             1.0         (3.3)         8.3            0.5
Corporate and other (b)          1.0          2.2            (3.7)        (5.4)        98.8            0.5
----------------------------------------------------------------------------------------------------------
Total                       $    1.2     $    4.0      $     61.3     $  (13.4)   $   532.4    $      18.1
==========================================================================================================


2003 Third Quarter Report                                                                               29

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

     FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2003:


                                              OWNERSHIP        MINING      OPERATING
                                LOCATION       INTEREST       REVENUE          COSTS
-------------------------------------------------------------------------------------
<S>                             <C>               <C>        <C>            <C>
Operated by Kinross
Fort Knox                         Alaska           100%      $   37.0       $   25.4
Kubaka                            Russia          98.1%          15.6            8.5
Round Mountain                    Nevada            50%          34.5           19.8
Lupin                            Nunavut           100%           7.1           11.5
New Britannia                   Manitoba            50%           3.5            3.0

Joint Venture participant
La Coipa                           Chile            50%          11.2            7.9
Crixas                            Brazil            50%           8.0            2.1
Brasilia                          Brazil            49%           8.7            6.0
Musselwhite                      Ontario            32%           7.6            5.1
Porcupine                        Ontario            49%          22.5           14.1

Other
E-Crete                          Arizona            90%             -            0.6
Corporate and other (a)                                          (1.9)           3.1
-------------------------------------------------------------------------------------
Total                                                        $  153.8       $  107.1
=====================================================================================

     FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2002:

Operated by Kinross
Fort Knox                         Alaska           100%      $   29.6       $   20.8
Kubaka                            Russia          54.7%          13.9            5.6

Joint Venture participant
Porcupine                        Ontario            49%          13.8            11.0

Other
E-Crete                          Arizona            88%             -             0.8
Corporate and other (a)                                          (0.8)            0.8
-------------------------------------------------------------------------------------
Total                                                        $   56.5       $    39.0
=====================================================================================

     (a)  includes Corporate and other non core mining operations.

<CAPTION>

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

                                                                      THREE MONTHS        NINE MONTHS
                                                                         ENDED               ENDED
                                                                      SEPTEMBER 30        SEPTEMBER 30
                                                                     2003      2002      2003      2002
---------------------------------------------------------------------------------------------------------
<S>                                                                <C>       <C>       <C>       <C>
Segment loss                                                       $   9.5   $  (4.6)  $  19.3   $  (8.0)
Add (deduct) items not included in segment (loss) profit:
  Corporate and other                                                (11.5)      1.1     (32.6)     (5.4)
---------------------------------------------------------------------------------------------------------
                                                                      (2.0)     (3.5)    (13.3)    (13.4)
(Loss) gain on sale of assets                                          0.2       0.5      (0.2)      2.0
Minority interest                                                        -         -      (0.1)        -
Writedown of marketable securities                                       -         -      (0.1)        -
Loss on redemption of convertible debentures                          (1.1)        -      (1.1)        -
Share in loss of investee companies                                      -      (0.8)        -      (0.6)
Provision for income taxes                                            (3.0)     (1.7)     (7.1)     (4.7)
Dividends on convertible preferred shares of subsidiary company       (0.2)     (0.3)     (0.6)     (1.3)
---------------------------------------------------------------------------------------------------------
Net loss for the period                                            $  (6.1)  $  (5.8)  $ (22.5)  $ (18.0)
=========================================================================================================


30                                                                               KINROSS Gold Corporation

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

     FOR THE THREE MONTHS END SEPTEMBER 30, 2002:

                                                     DEPRECIATION,
                                                         DEPLETION     SEGMENT
                            INTEREST     INTEREST              AND      PROFIT       CAPITAL
                             REVENUE      EXPENSE     AMORTIZATION      (LOSS)  EXPENDITURES
---------------------------------------------------------------------------------------------
<S>                         <C>          <C>           <C>            <C>         <C>
Operated by Kinross
Fort Knox                   $      -     $    0.1      $      8.6     $    2.4    $      8.0
Kubaka                             -            -             4.7          2.3           0.1
Round Mountain                     -            -             9.5          4.6           3.5
Lupin                              -            -             1.2         (5.6)          3.4
New Britannia                      -            -             1.5         (1.2)          0.2

Joint Venture participant
La Coipa                           -            -             1.2          1.6           0.1
Crixas                           0.1            -             2.5          2.3           0.8
Brasilia                         0.3            -             1.5          3.3           2.2
Musselwhite                        -            -             2.3         (0.4)          1.0
Porcupine                          -            -             7.5          0.5           2.5

Other
E-Crete                            -            -             0.1         (0.3)            -
Corporate and other (a)          0.5          0.5            (0.6)       (11.5)          5.6
---------------------------------------------------------------------------------------------
Total                       $    0.9     $    0.6      $     40.0     $   (2.0)   $     27.4
=============================================================================================

     FOR THE THREE MONTHS END SEPTEMBER 30, 2002:

Operated by Kinross
Fort Knox                   $      -     $    0.3      $     13.8     $   (5.9)   $      7.6
Kubaka                           0.1            -             4.1          4.5             -

Joint Venture participant
Porcupine                          -            -             4.3         (2.1)          1.0

Other
E-Crete                            -          0.2             0.2         (1.1)          0.1
Corporate and other (a)          0.3          0.7            (2.5)         1.1           0.2
---------------------------------------------------------------------------------------------
Total                       $    0.4     $    1.2      $     19.9     $   (3.5)   $      8.9
=============================================================================================

<CAPTION>

ENTERPRISE WIDE DISCLOSURE:
     GEOGRAPHIC INFORMATION:

                                      MINING REVENUE                      MINING
                                                                     PROPERTIES, PLANT
                            THREE MONTHS          NINE MONTHS          AND EQUIPMENT
                                ENDED                ENDED                 AS AT
                            SEPTEMBER 30          SEPTEMBER 30          SEPTEMBER 30
                          2003       2002       2003       2002       2003        2002
---------------------------------------------------------------------------------------
<S>                     <C>        <C>        <C>        <C>        <C>        <C>
United States           $   71.5   $   28.7   $  202.8   $   90.2   $  345.4   $  244.8
Russia                      15.6       13.8       43.3       47.0       12.8       15.9
Chile                       11.2          -       33.4        3.1       46.2          -
Brazil                      16.7          -       45.6          -      166.0          -
Other                          -          -          -          -        5.2        5.2
---------------------------------------------------------------------------------------
Total foreign              115.0       42.5      325.1      140.3      575.6      265.9
Canada                      38.8       14.0      103.5       44.2      236.1       82.6
---------------------------------------------------------------------------------------
Total                   $  153.8$      56.5   $  428.6$     184.5   $  811.7   $  348.5
=======================================================================================


2003 Third Quarter Report                                                            31

</TABLE>

<PAGE>

6.   EARNINGS (LOSS) PER SHARE

     Earnings (loss) 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 the options, common share purchase warrants, convertible
debentures, redeemable retractable preferred shares and convertible preferred
shares of subsidiary company were exercised or converted at the beginning of the
period, or time of issue, if later. Exercise or conversion of the options,
common share purchase warrants, convertible debentures, redeemable retractable
preferred shares and convertible preferred shares of subsidiary company would
have had no dilutive effect for the quarter ended September 30, 2002 and the
nine month periods ended September 30, 2003 and 2002.

     The average price of the common shares during the third quarter of 2003 was
$7.01 (2002 - $6.01) and during the nine-month period was $6.80 (2002 - $5.05).

<TABLE>
<CAPTION>

                                                          THREE MONTHS             NINE MONTHS
                                                         ENDED SEPT. 30          ENDED SEPT. 30
                                                       2003         2002       2003         2002
     ---------------------------------------------------------------------------------------------
     <S>                                              <C>          <C>        <C>         <C>
     Weighted average number of common shares
         outstanding at beginning of period           323,422      119,442    297,352     118,163

     Add:  Options, warrants and participating
         securities as if issued, exercised and
         outstanding at beginning of period:
           Options                                      1,036            -          -           -
           Echo Bay warrants                            1,753            -          -           -
     ---------------------------------------------------------------------------------------------
     Weighted average number of common shares
         used for diluted earnings per share          326,211      119,442    297,352     118,163
     =============================================================================================

</TABLE>

7.   CONVERTIBLE DEBENTURES

     On September 29, 2003, the Company redeemed all of its unsecured
subordinated convertible debentures ("Debentures") for $144.8 million (Cdn$195.6
million).

     These Debentures bore interest at 5.5% per annum, were to mature on
December 5, 2006 and, at the holders' option were convertible into common shares
of the Company at a conversion price of Cdn$40.05 per share.

     The Debentures were being accounted for in accordance with their substance
and were presented in the financial statements in their debt and equity
component parts, measured at their respective fair values at the time of issue.

     The cost of redemption was allocated based on their respective fair values
of the components at the date of redemption.The redemption of the Debentures
resulted in a loss on redemption of the debt component of the Debentures of
approximately $1.1 million and a net gain on redemption of the equity component
of the Debentures of approximately $16.5 million.The loss on the debt component
has been charged against income and the gain on the equity component has been
accounted for as an increase to contributed surplus.


32                                                      KINROSS Gold Corporation

<PAGE>

8.   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.

     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 have been 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 have been recorded at their
fair values as of the effective date of the acquisition.The excess of the
purchase price over such fair value has been 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. The purchase price allocation is preliminary as the Company is
currently in the process of estimating the fair values of the acquired property,
plant and equipment based on the quantity of proven and probable reserves and
undeveloped mineral interests at each site and the estimated future production
costs and capital expenditures required to produce the reserve material and the
replacement cost of land, buildings and equipment; the estimation of the fair
values of


2003 Third Quarter Report                                                     33

<PAGE>

other long-term liabilities for reclamation and remediation liabilities; and
estimating the fair value of mining royalty properties and other based on the
expected returns on those royalties. The determination of these fair values is
expected to be completed in the fourth quarter of 2003. Goodwill is subject to a
determination of fair values and will be reviewed 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.

     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>


34                                                      KINROSS Gold Corporation

<PAGE>

     (b) On December 5, 2002, the Company entered into purchase agreements with
four of the five Russian shareholders (holding in aggregate 44.17% of the shares
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
     ---------------------------------------------------------------------------

     The combination of the Company, Echo Bay and TVX was effective on January
31, 2003. If the combination had been effective as of January 1, 2003, the pro
forma revenues of the Company for the nine month period ending September 30,
2003, would have been increased by $28.9 million to $463.0 million and the net
loss would have been reduced by $3.4 million to $19.1 million for this
period.These pro forma results were adjusted to exclude the transaction costs
incurred by Echo Bay and TVX, and depreciation, depletion and amortization were
calculated based on the allocation determined in the preliminary purchase
equation pertaining to the combination. The pro forma financial information does
not purport to represent what the Company's results of operations would have
been had the acquisition occurred at the beginning of 2003 or to project the
Company's results of operations for any future periods.

9.   LEGAL PROCEEDINGS AND CONTINGENCIES

     DERIVATIVE ACTION

     In October 1996, a shareholder derivative action was filed in the Court of
Chancery of Delaware on behalf of a shareholder of the Company, entitled Harry
Lewis v. Milton H.Ward, et al., C.A. No. 15255-NC, against Cyprus Amax, the
directors of the Company and the Company as a nominal defendant.The complaint
alleges, among other things, that the defendants engaged in self-dealing in
connection with the Company's entry in March 1996 into a demand


2003 Third Quarter Report                                                     35

<PAGE>

loan facility provided by Cyprus Amax.The complaint seeks, among other things, a
declaration that the demand loan facility is not entirely fair to the Company
and damages in an unspecified amount.The Company subsequently filed a motion to
dismiss the action with the court. On October 30, 2003, the Court of Chancery of
Delaware granted the Company's motion to dismiss the complaint.The plaintiff has
the right to appeal the decision of the court within thirty days of the date of
the judgement.The Company believes that the complaint is without merit and will
continue to defend the matter as required.

     CLASS ACTION

     The Company was named as a defendant in a class action complaint filed on
or about April 26, 2002, entitled Robert A. Brown, et al. v. Kinross Gold
U.S.A., Inc., et al., Case No. CV-S-02-0605-KJD-RJJ, brought in the United
States District Court for the District of Nevada. Defendants named in the
complaint are Kinross and its subsidiaries, Kinross Gold U.S.A., Inc. and Kinam
Gold Inc., and Robert M. Buchan, president and C.E.O. of the Company. The
complaint is brought on behalf of two potential classes, those who tendered
their Kinam preferred stock into the tender offer for the Kinam $3.75 Series B
Preferred Stock made by Kinross Gold U.S.A. and those who did not. Plaintiffs
argue, among other things, that amounts historically advanced by the Company to
Kinam should be treated as capital contributions rather than loans, that the
purchase of Kinam preferred stock from institutional investors in July 2001 was
a constructive redemption of the preferred stock, an impermissible amendment to
the conversion rights of the preferred stock, or constituted the commencement of
a tender offer, that the Company and its subsidiaries have intentionally taken
actions for the purpose of minimizing the value of the Kinam preferred stock,
and that the amount offered in the tender offer of $16.00 per share was not a
fair valuation of the Kinam preferred stock. The complaint alleges breach of
contract based on the governing provisions of the Kinam preferred stock, breach
of fiduciary duties, violations of the "best price" rule under Section 13(e) of
the Securities Exchange Act of 1934, as amended, and the New York Stock Exchange
rules, violations of Section 10(b) and 14(e) of the Securities Exchange Act of
1934, as amended, and Rules 10b-5 and 14c-6(a) hereunder, common law fraud based
on the acts taken and information provided in connection with the tender offer,
violation of Nevada's anti-racketeering law, and control person liability under
Section 20A of the Securities Exchange Act of 1934, as amended. A second action
seeking certification as a class action and based on the same allegations was
also filed in the United States district Court for the District of Nevada on or
about May 22, 2002. It names the same parties as defendants.This action has been
consolidated into the Brown case and the Brown plaintiffs have been designated
as lead plaintiffs.The plaintiffs seek damages ranging from $9.80 per share,
plus accrued dividends, to $39.25 per share of Kinam preferred stock or, in the
alternative,the issuance of 26.875 to 80.625 shares of the Company for each
Kinam preferred share.They also seek triple damages under Nevada statutes.The
Company brought a motion for judgement on the pleadings with respect to the
federal securities claims based on fraud. Discovery was stayed pending the
resolution of this matter. On September 29, 2003, the Court ruled that
plaintiffs had failed to adequately state a federal securities fraud claim.The
plaintiffs were given an opportunity to amend the complaint to try and state a
claim that would meet the pleading standards established by the Court but, if
they are unable to do so, these claims will be dismissed.The Company believes
the complaint is without merit and anticipates continuing to vigorously defend
this litigation.


36                                                      KINROSS Gold Corporation

<PAGE>

     LITIGATION IN GREECE

     In January 2003, the Stratoni lead/zinc mine located in Greece, owned by
TVX Hellas, a subsidiary of Kinross, was shut down pending the receipt of new
mining permits. Revised permits were issued on February 18, 2003, however,
operations remain suspended as Kinross works with the Greek Government and
potential investors to determine whether this mine can be reopened under a
revised ownership structure in which the Company would hold a minority interest.
If the Company could achieve this result, the Olympias and Skouries gold
projects could also undergo similar changes in ownership.The Greek Government
has undertaken initiatives to put together a viable long-term structure for the
re-opening of the Stratoni mine, which includes a group of Greek construction
companies as well as local Prefectural and Municipal Authorities.As part of the
overall agreement, it would be the Company's intention to contribute 10 million
euros towards the support of the new plan. 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, as a protective measure, Kinross has
commenced proceedings in Greece to place TVX Hellas, which holds all of the
Greek properties, into bankruptcy. In response, an action has been launched by
various unions against TVX Hellas, in the Greek courts, in respect of unpaid
wages since the suspension of operations in January 2003.

     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.

     Subsequent to the trial decision in October, 1998, TVX received
notification of two actions commenced by 1235866 Ontario Inc. ("1235866"), 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 awarded to the
Alpha Group by the courts. 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. As a result,TVX holds, as constructive trustee, a 12%
carried interest and a right to acquire 12%


2003 Third Quarter Report                                                     37

<PAGE>

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 2005.

     RUSSIA

     The Company recently received notice that local taxation authorities in
Russia are seeking a reassessment of the tax paid on the Company's Russian
operations in the approximate amount of $8.5 million, which includes penalties
and interest.The notice challenges certain deductions taken by the Company and
tax concessions relating to tax returns filed by the Company in prior years.The
Company believes its interpretation of the tax regulations is correct and has
lodged a complaint with the Regional Tax Inspection and filed claims in the
Magadan Arbitrage court refuting the findings of the city tax inspection. After
failing to receive a reply from the Regional Tax Inspection, the Company has
lodged a complaint with the Federal Ministry of Taxation. In addition, the
Company is attempting to change the jurisdiction of the action from the Magadan
Arbitration court to the Moscow arbitration court. The Company will continue to
oppose the reassessment vigorously.

     CHILE

     The Company's 100% owned Chilean mining company, Compania Minera Kinam
Guanaco ("CMKG") received a tax reassessment from the Chilean IRS.The
reassessment, in the amount of $6.7 million, disallows certain deductions
utilized by a third party. The Company believes this reassessment will be
resolved with no material adverse affect to the financial position, results of
operations or cash flows of the Company. The third party has indemnified the
Company for any amount in excess of the claim.There was no activity on this
reassessment during the third quarter.

     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


38                                                      KINROSS Gold Corporation

<PAGE>

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 Echo Bay for the refinement of dore bars, filed for protection
under Chapter 11 of the U.S. Bankruptcy Code. Echo Bay filed a claim for gold
and silver accounts at this refining facility with an estimated market value of
approximately $2.8 million at the time the shipments were made. $0.6 million of
this amount was on behalf of Case, Pomeroy & Company, Inc. ("Case Pomeroy), who
owned a 25 percent interest in the Round Mountain mine at the time of the
bankruptcy filing. Echo Bay fully provided for its net claim of $2.2 million 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 approximated $9.0 million.

     In October 2003, a settlement was reached between the liquidating trustee,
Echo Bay, Homestake Mining Company, a subsidiary of Barrick Gold Corporation
("Barrick") and Case Pomeroy. Under the terms of the settlement, the liquidating
agent will receive payments of $0.2 million from Homestake and $0.1 million from
Echo Bay. The liquidating agent agrees to release Kinross and Barrick from any
and all future claims. In addition, Echo Bay agrees to waive the $2.8 million
claim against the refinery and to pay $0.2 million to Case Pomeroy in settlement
of their share of the claim.

     OTHER

     In November 2001, two former employees of Echo Bay brought a claim against
Echo Bay pursuant to the Class Proceedings Act (British Columbia) as a result of
the temporary suspension of operations at Echo Bay's Lupin mine in the spring of
1998 and the layoff of employees at that time. On August 12, 2002, the Supreme
Court of British Columbia dismissed Echo Bay's application for a declaration
that British Columbia did not have jurisdiction in connection with this claim or
in the alternative, that the Court should decline jurisdiction. Echo Bay
appealed this decision. On April 4, 2003, the appeal was heard by the Court of
Appeal for British Columbia. On May 16, 2003, in a unanimous decision, the Court
of Appeal allowed the Company's appeal and service was set aside on the basis
that British Columbia does not have jurisdiction in connection with this claim.
In addition, the court ordered the former employees to reimburse Echo Bay for
costs associated with the appeal and the Supreme Court of British Columbia
proceedings. On August 18, 2003, counsel for the former employees filed an
application for leave to appeal to the Supreme Court of Canada. Although the
outcome cannot be predicted, the Company and their counsel believe that the
Company will prevail. Kinross is also involved in legal proceedings and claims
arising 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.


2003 Third Quarter Report                                                     39

<PAGE>

10.  SUBSEQUENT EVENT

     CROWN RESOURCES

     On October 8, 2003, Kinross Gold Corporation and Crown Resources
Corporation announced that they have executed a Letter of Intent whereby Kinross
will acquire Crown and its 100%-owned Buckhorn Mountain gold deposit located in
north central Washington State, USA, approximately 67 kilometres by road from
Kinross' Kettle River gold milling facility.

     Under the terms of the Letter of Intent, shareholders of Crown will receive
0.2911 shares of Kinross for each share of Crown. Assuming all of Crown's
warrants, options and convertible debentures are converted, a total of
approximately 13.1 million common shares of Kinross will be issued upon the
completion of the transaction. Before the transaction contemplated by the Letter
of Intent becomes binding, execution of definitive documentation and respective
board approvals are required.The transaction is also subject to regulatory
approvals, the successful completion of due diligence and a minimum two-thirds
approval at a special meeting of Crown shareholders. Prior to the completion of
the acquisition, Crown would dividend to its shareholders its approximate 41%
equity interest in Solitario Resources Corporation (TSX-SLR).

     The Buckhorn Mountain gold deposit is a high-grade skarn gold deposit
located 240 kilometres northwest of Spokane,Washington. As at December 31, 2002,
Crown had reported total proven and probable reserves of 1.94 million tonnes
grading 13.44 grams per tonne gold and further mineralized material of 1.07
million tonnes grading 13.82 grams per tonne gold. In late 2002 and early 2003,
Crown completed a very successful 41-hole infill diamond drilling program
designed to upgrade some of the mineralized material to the proven and probable
category.

     The current plan, which contemplates the development of an underground mine
rather than an open pit mine, positively addresses major environmental concerns
identified during previous permitting efforts. Kinross is confident that by
working in conjunction with Federal, State and local agencies as well as other
stakeholders, the permitting process, initiated by Crown, will be successful in
obtaining the necessary regulatory approvals to develop an underground mine in a
timely manner. In conjunction with the permitting process, Kinross will review
potential synergies between its Kettle River operation and the Buckhorn Mountain
deposit.


40                                                      KINROSS Gold Corporation

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<S>                                                                           <C>

CORPORATE INFORMATION
DIRECTORS AND OFFICERS


DIRECTORS                       OFFICERS                        CORPORATE DATA              INVESTOR RELATIONS
                                John E. Oliver                                                CONTACT:
John A. BroughA C N             Independent Chairman            Corporate Office
President                                                       52nd Floor, Scotia Plaza    E-mail:
Torwest Inc.                    Robert M. Buchan                40 King Street West         info@kinross.com
                                President and Chief             Toronto, Ontario
Robert M. Buchan                  Executive Officer             Canada  M5H 3Y2             Website:
President and Chief                                                                         www.kinross.com
  Executive Officer             Scott A. Caldwell               Tel: (416)  365-5123
Kinross Gold Corporation        Executive Vice President and    Fax: (416) 363-6622         Toll free:
                                  Chief Operating Officer       Toll free: (866) 561-3636   (866) 561-3636
Scott A. Caldwell
Executive Vice President and    John W. Ivany                   U.S. Office                 Carl B. Hansen
  Chief Operating Officer       ExecutiveVice President         681 Sierra Rose Drive       Director, Investor Relations
Kinross Gold Corporation                                        Suite B                     Tel: (416) 365-5673
                                Brian W. Penny                  Reno, Nevada
Arthur H. Ditto                 Vice President, Finance and     USA 89509                   Tracey M.Thom
Retired Mining Executive          Chief Financial Officer                                   Manager, Investor Relations
                                                                Tel: (775) 829-1000         Tel: (416) 365-1362
John M.H.Huxley A C N           Jerry W. Danni                  Fax: (775) 829-1666
Principal                       Vice President,Environment,
Algonquin Power                   Health and Safety             Transfer Agent              Stock Exchanges
  Corporation                                                     and Registrar                K - TSX
                                Kevin C. Drover                                                KGC - NYSE
John A. KeyesE                  Vice President, Operations      Computershare
Retired Mining Executive                                          Trust Company
                                Alan C. Edwards                   of Canada
George F. MichalsAG             Vice President,Operations       Toronto, Ontario
President                                                       Canada
Baymont Capital                 Christopher T. Hill
  Resources Inc.                Vice President,Treasurer        Tel: (514) 982-8994
                                                                Toll free: 1 800 663-9097
Cameron A.                      Gordon A.
  MingayE G                       McCreary                      Computershare
Partner                         Vice President, Corporate         Trust Company Inc.
Cassels, Brock &                  Affairs                       Denver, Colorado
  Blackwell LLP                                                 USA
                                Allan D. Schoening
John E. OliverC G N             Vice President, Human           Tel: (303) 262-0600
Executive Managing                Resources and
  Director and Co-head            Community Relations
Scotia Capital U.S.
  Bank of Nova Scotia           Ronald W. Stewart
                                Vice President, Exploration
---------------------
 A                              Shelley M. Riley
   Audit Committee              Corporate Secretary
 C
   Compensation Committee
 E
   Environmental and Health
   and Safety Committee
 G
   Corporate Governance
   Committee
 N
   Nominating Committee


2003 Third Quarter Report

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[LOGO] KINROSS





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

                                www.kinross.com

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