<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tex99_1-5046.txt
<DESCRIPTION>EX-99.1
<TEXT>
<PAGE>

                                  FORM 51-102F3
                             MATERIAL CHANGE REPORT

ITEM 1.   NAME AND ADDRESS OF COMPANY
          Kinross Gold Corporation ("Kinross" or the "Company"),
          52nd Floor, 40 King St. West,
          Toronto, ON   M5H 3Y2

ITEM 2.   DATE OF MATERIAL CHANGE
          February 15, 2005

ITEM 3.   NEWS RELEASE
          News release was issued by Kinross in Toronto on February 15, 2005
          with respect to the material change and filed via SEDAR.

ITEM 4.   SUMMARY OF MATERIAL CHANGE

          Kinross announced a 37% increase in gold reserves at December 31, 2004
          from 14.1 million to 19.4 million ounces. The Company also announced
          gold production for the period ended December 31, 2004 of 1.65 million
          ounces at total cash costs per ounce of approximately $242*.

ITEM 5.   FULL DESCRIPTION OF MATERIAL CHANGE

          The Company announced that Proven and Probable gold reserves at
          December 31, 2004 increased 37% from 14.1 million ounces to 19.4
          million ounces. Silver reserves at the end of 2004 are 32.8 million
          ounces. Reserves were calculated using a $350 gold price and $5.50
          silver price and resources were calculated using a $400 gold price and
          $5.50 silver price for 2004. Reserves and resources for 2003 were
          calculated using a $325 and $350 gold price, respectively. The change
          in reserves was calculated as follows:

                                                    `000 oz. Gold
                                                    -------------
            Opening Reserves                           14,131
              Depleted through mining                  (1,913)
              Acquired (Paracatu)                       4,316
              Reserve additions                         2,876
                                                    -------------
            Ending Balance                             19,410

          GOLD RESERVES AND RESOURCES HISTORY

                                        2000     2001     2002     2003     2004
                                    --------------------------------------------

          Proven and Probable          6,920    5,661   13,153   14,131   19,410

          Measured and Indicated      10,489    9,460    7,724    6,244    8,186


                                       -1-
<PAGE>




             [GRAPH SHOWING GOLD RESERVES AND RESOURCES - 2000-2004]




          The Gurupi project has not been included in reserves at year-end as a
          feasibility study is still in progress. A drill program is underway at
          Paracatu that may significantly expand the reserve base at the mine,
          and influence how we approach the expansion at that operation.

          See also the proven and probable mineral reserves and measured and
          indicated mineral resources charts attached.

          The Company also announced that gold equivalent production for the
          year ended 2004 was 1.65 million ounces at total cash costs per ounce*
          of approximately $242.

          The following is the mine by mine production information:

                                                      PRODUCTION
                                                         2004
                                                       (OUNCES)
                                                  ------------------
             PRIMARY OPERATIONS
                   Fort Knox                           338,300
                   Round Mountain                      387,800
                   Porcupine                           193,800
                   Paracatu                             92,300
                   La Coipa                            150,900
                   Crixas                               93,500
                   Musselwhite                          76,600
                   Kettle River                         96,800
                   Refugio                               9,800
             OTHER OPERATIONS:
                   Kubaka                              123,600
                   New Britannia                        23,700
                   Lupin                                66,600
                                                  ------------------
                                                     1,653,700


                                       -2-
<PAGE>

          As previously announced, the Company's release of financial results
          will be delayed until a third party independent valuation on the value
          of the goodwill that arose from the merger with TVX Gold Inc. and Echo
          Bay Mines Ltd. is completed.

          In addition, the Board of Directors approved a budget for 2005 that
          contemplates a production level of approximately 1.6 million ounces.
          This is a decline from the 1.65 million ounces reported for 2004,
          primarily due to the closure of Lupin and New Britannia and the
          delayed start at Refugio until the second quarter of 2005. Total cash
          costs are expected to be marginally higher than 2004, between
          $250-$255 per ounce, primarily as a result of higher consumable costs
          and the impact of the weaker US dollar on non-US dollar based
          operating costs.

          Capital costs are budgeted to be $160 million with the major
          expenditures being; $43 million at Fort Knox, $36 million at Paracatu,
          $25 million at Refugio and $22 million at Porcupine.

THIS MATERIAL CHANGE REPORT 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 THE KINROSS'
FINANCIAL STATEMENTS FOR ITS FISCAL YEAR ENDED DECEMBER 31, 2004, POTENTIAL
MINERALIZATION AND RESERVES, EXPLORATION RESULTS AND FUTURE PLANS AND OBJECTIVES
OF KINROSS GOLD CORPORATION, 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. ANY RESTATEMENT OF
HISTORICAL FINANCIAL STATEMENTS IS DEPENDANT ON THE OUTCOME OF THE INDEPENDENT
VALUATION OF THE ACQUIRED ASSETS, AND KINROSS DOES NOT KNOW WHAT THAT OUTCOME
WILL BE. OTHER 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. ALL DOLLAR AMOUNTS ARE EXPRESSED IN US DOLLARS.

*    TOTAL CASH COSTS PER OUNCE IS A NON-GAAP MEASURE INTENDED TO PERMIT
     INVESTORS TO EVALUATE THE COMPANY'S ABILITY TO MANAGE CURRENT CASH COSTS
     RELATED TO ITS MINING OPERATIONS DURING THE PERIOD, INCLUDING LABOR,
     SUPPLIES, AND UTILITIES, COMPARED TO THE PERFORMANCE OF OTHER GOLD
     PRODUCERS IN MANAGING SIMILAR CASH COSTS OVER THE SAME PERIOD. DUE TO THE
     SUBSTANTIAL HISTORICAL AND ONGOING CAPITAL COSTS ASSOCIATED WITH MINING
     OPERATIONS THAT VARY FROM PERIOD TO PERIOD, REALIZED REVENUES AND CASH
     COSTS SHOULD NOT BE VIEWED BY INVESTORS AS A MEASURE OF LIQUIDITY OR CASH
     FLOWS ASSOCIATED WITH THE COMPANY'S OPERATIONS. THE COMPANY USES THIS
     INFORMATION FOR ASSESSING THE RELATIVE CURRENT PERFORMANCE AND OPERATING
     EFFICIENCIES OF EACH OF ITS INDIVIDUAL MINING OPERATIONS. THIS INFORMATION
     IS FACTORED INTO DECISIONS AS TO POTENTIAL EXPANSION, CAPITAL EXPENDITURES,
     AND CONTINUATION OR TERMINATION OF MINING OPERATIONS. TOTAL CASH COSTS PER
     OUNCE IS A STANDARD GOLD MINING INDUSTRY MEASURE THAT WAS DEVELOPED IN
     CONJUNCTION WITH THE GOLD INSTITUTE IN AN EFFORT TO PROVIDE A LEVEL OF
     COMPARABILITY AMONG PRECIOUS METALS PRODUCERS. THIS MEASURE DIFFERS FROM
     EARNINGS DETERMINED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING
     PRINCIPLES ("GAAP") AND SHOULD NOT BE CONSIDERED IN ISOLATION OR A
     SUBSTITUTE FOR MEASURES OF PERFORMANCE DETERMINED IN ACCORDANCE WITH GAAP.
     TOTAL CASH COSTS MAY REFLECT ADJUSTMENTS FOR ITEMS THAT ARE RECURRING SUCH
     AS CHANGE IN INVENTORY AND SITE RESTORATION COST ACCRUALS. TOTAL CASH COSTS
     PER OUNCE DOES NOT HAVE A STANDARDIZED MEANING PRESCRIBED BY GAAP, AND
     THEREFORE MAY NOT BE COMPARABLE TO SIMILARLY TITLED MEASURES OF OTHER
     MINING COMPANIES. A RECONCILIATION OF TOTAL CASH COSTS WITH OPERATING COSTS
     PER THE CONSOLIDATED FINANCIAL STATEMENTS WILL BE PUBLISHED BY THE COMPANY
     ONCE ITS DECEMBER 31, 2004 YEAR END FINANCIAL STATEMENTS ARE AVAILABLE.


                                       -3-
<PAGE>

ITEM 6.   RELIANCE ON SUBSECTION 7.1(2) OR (3) OF NATIONAL INSTRUMENT 51-102
          N/A

ITEM 7.   OMITTED INFORMATION
          N/A

ITEM 8.   EXECUTIVE OFFICER
          Ms. Shelley M. Riley
          Corporate Secretary
          Telephone: (416) 365-5198
          Facsimile: (416) 365-0237

ITEM 9.   DATE OF REPORT
          February 25, 2005.

                                                KINROSS GOLD CORPORATION

                                                PER:  /s/ Shelley Riley
                                                      ------------------------
                                                      Shelley Riley
                                                      Corporate Secretary


                                       -4-
<PAGE>
<TABLE>
<CAPTION>

MINERAL RESERVE AND RESOURCE STATEMENT                                                  PROVEN AND PROBABLE MINERAL RESERVES
PROVEN AND PROBABLE MINERAL RESERVES (1,3,5,6,7,23)                                                             $350/oz gold
KINROSS GOLD CORPORATION'S SHARE AT DECEMBER 31, 2004                                                        $5.50/oz silver
----------------------------------------------------------------------------------------------------------------------------
       Property         Location   Kinross            Proven                    Probable             Proven and Probable
                                   Interest  Tonnes    Grade   Ounces   Tonnes    Grade   Ounces   Tonnes    Grade   Ounces
                                     (%)     (,000)    (g/t)   (000s)   (,000)    (g/t)   (000s)   (,000)    (g/t)   (000s)
----------------------------------------------------------------------------------------------------------------------------
GOLD
NORTH AMERICA
----------------------------------------------------------------------------------------------------------------------------
<S>                      <C>       <C>      <C>        <C>     <C>     <C>        <C>     <C>    <C>         <C>     <C>
Fort Knox and area (13)  USA        100.0%   53,333     0.76    1,301   47,471     1.02    1,556  100,803     0.88    2,858
----------------------------------------------------------------------------------------------------------------------------
Round Mtn and area (14)  USA         50.0%   45,179     0.57      824   30,129     0.67      652   75,309     0.61    1,475
----------------------------------------------------------------------------------------------------------------------------
Porcupine JV (9,12)      Canada      49.0%   11,005     1.31      463   23,072     1.65    1,223   34,077     1.54    1,685
----------------------------------------------------------------------------------------------------------------------------
Aquarius (10)            Canada     100.0%        -        -        -   15,017     2.16    1,042   15,017     2.16    1,042
----------------------------------------------------------------------------------------------------------------------------
Musselwhite (12)         Canada      31.9%    1,897     5.61      342    1,447     5.70      265    3,343     5.65      607
----------------------------------------------------------------------------------------------------------------------------
Lupin Mine               Canada     100.0%       33     8.47        9        -        -        -       33     8.47        9
----------------------------------------------------------------------------------------------------------------------------
New Britannia            Canada      50.0%        -        -        -        -        -        -        -          -      -
----------------------------------------------------------------------------------------------------------------------------
Kettle River             USA        100.0%      169     9.98       54        -        -        -      169     9.98       54
----------------------------------------------------------------------------------------------------------------------------
SUBTOTAL                                    111,615     0.83    2,993  117,136     1.26    4,738  228,751     1.05    7,731
----------------------------------------------------------------------------------------------------------------------------

SOUTH AMERICA
----------------------------------------------------------------------------------------------------------------------------
Paracatu                 Brazil     100.0%  425,947     0.44    6,025  178,464     0.43    2,437  604,411     0.44    8,463
----------------------------------------------------------------------------------------------------------------------------
La Coipa (12,15,19,20)   Chile       50.0%    9,159     1.25      369    4,089     1.04      137   13,248     1.19      506
----------------------------------------------------------------------------------------------------------------------------
Refugio                  Chile       50.0%   49,160     0.88    1,388   12,867     0.80      329   62,027     0.86    1,717
----------------------------------------------------------------------------------------------------------------------------
Crixas (11, 18)          Brazil      50.0%    1,386     6.13      273      683     7.22      159    2,069     6.49      432
----------------------------------------------------------------------------------------------------------------------------
SUBTOTAL                                    485,651     0.52    8,055  196,103     0.49    3,062  681,754     0.51   11,116
----------------------------------------------------------------------------------------------------------------------------

ASIA
----------------------------------------------------------------------------------------------------------------------------
Kubaka and area (16,17)  Russia      98.1%      424     3.55       48      614    10.60      209    1,038     7.72      258
----------------------------------------------------------------------------------------------------------------------------
SUBTOTAL                                        424     3.55       48      614    10.60      209    1,038     7.72      258
----------------------------------------------------------------------------------------------------------------------------
TOTAL GOLD w/o BLANKET                      597,691     0.58   11,096  313,853     0.79    8,009  911,544     0.65   19,104
----------------------------------------------------------------------------------------------------------------------------
Blanket (22)             Zimbabwe   100.0%      684     4.32       95    1,536     4.26      210    2,220     4.28      305
----------------------------------------------------------------------------------------------------------------------------
TOTAL GOLD W BLANKET                        598,375     0.58   11,191  315,389     0.81    8,219  913,764     0.66   19,410
----------------------------------------------------------------------------------------------------------------------------

SILVER
SOUTH AMERICA
----------------------------------------------------------------------------------------------------------------------------
La Coipa (12,15,19,20)   Chile       50.0%    9,159     68.1   20,044    4,089     94.6   12,437   13,248     76.3   32,480
----------------------------------------------------------------------------------------------------------------------------
SUBTOTAL                                      9,159     68.1   20,044    4,089     94.6   12,437   13,248     76.3   32,480
----------------------------------------------------------------------------------------------------------------------------
ASIA
----------------------------------------------------------------------------------------------------------------------------
Kubaka and area (16,17)  Russia      98.1%      424      9.0      123      614     12.4      245    1,038     11.0      368
----------------------------------------------------------------------------------------------------------------------------
SUBTOTAL                                        424      9.0      123      614     12.4      245    1,038     11.0      368
----------------------------------------------------------------------------------------------------------------------------
TOTAL SILVER                                  9,583     65.5   20,167    4,703     83.9   12,682   14,286     71.5   32,848
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

Rounding differences may occur


                                      -5-
<PAGE>
<TABLE>
<CAPTION>

                                                                                          MEASURED AND INDICATED MINERAL RESOURCES
                                                                                                                      $400/oz gold
MINERAL RESERVE AND RESOURCE STATEMENT                                                                             $5.50/oz silver
MEASURED AND INDICATED MINERAL RESOURCES (EXCLUDES PROVEN AND PROBABLE RESERVES) (2,3,4,6,7,8,23)
KINROSS GOLD CORPORATION'S SHARE AT DECEMBER 31, 2004
----------------------------------------------------------------------------------------------------------------------------------
       Property         Location  Kinross           Measured                     Indicated              Measured and Indicated
                                  Interest Tonnes    Grade    Ounces     Tonnes   Grade    Ounces     Tonnes    Grade    Ounces
                                    (%)    (,000)    (g/t)    (000s)     (,000)   (g/t)    (000s)     (,000)    (g/t)    (000s)
----------------------------------------------------------------------------------------------------------------------------------
GOLD
NORTH AMERICA
----------------------------------------------------------------------------------------------------------------------------------
<S>                      <C>      <C>      <C>        <C>         <C>    <C>       <C>         <C>    <C>        <C>         <C>
Fort Knox and area (13)  USA       100.0%   11,927     0.65        251    24,970    0.74        591    36,897     0.71        842
----------------------------------------------------------------------------------------------------------------------------------
Round Mtn and area (14)  USA        50.0%   14,749     0.48        227    21,437    0.57        393    36,186     0.53        620
----------------------------------------------------------------------------------------------------------------------------------
Porcupine JV (9,12,19)   Canada     49.0%    3,043     2.62        256    23,473    1.87      1,412    26,515     1.96      1,668
----------------------------------------------------------------------------------------------------------------------------------
Aquarius (10)            Canada    100.0%        -        -          -         -       -          -         -        -          -
----------------------------------------------------------------------------------------------------------------------------------
Musselwhite (12,19)      Canada     31.9%      496     3.94         63       427    6.50         89       922     5.12        152
----------------------------------------------------------------------------------------------------------------------------------
Lupin Mine               Canada    100.0%        -        -          -       446    9.33        134       446     9.33        134
----------------------------------------------------------------------------------------------------------------------------------
New Britannia            Canada     50.0%       40     4.77          6     1,066    5.14        176     1,106     5.12        182
----------------------------------------------------------------------------------------------------------------------------------
Kettle River             USA       100.0%        -        -          -         -       -          -         -        -          -
----------------------------------------------------------------------------------------------------------------------------------
George-Goose Lake (10)   Canada    100.0%        -        -          -     2,842   11.78      1,076     2,842    11.78      1,076
----------------------------------------------------------------------------------------------------------------------------------
SUBTOTAL                                    30,254     0.83        803    74,660    1.61      3,871   104,913     1.39      4,674
----------------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------------
SOUTH AMERICA
----------------------------------------------------------------------------------------------------------------------------------
Paracatu                 Brazil    100.0%    1,645     0.30         16       647    0.31          6     2,292     0.30         22
----------------------------------------------------------------------------------------------------------------------------------
La Coipa (12,15,19,20)   Chile      50.0%    9,077     0.91        266     5,033    1.09        176    14,110     0.97        442
----------------------------------------------------------------------------------------------------------------------------------
Refugio                  Chile      50.0%   21,688     0.78        541    11,616    0.68        256    33,304     0.74        797
----------------------------------------------------------------------------------------------------------------------------------
Crixas (11,18)           Brazil     50.0%      324     7.10         74       193    5.80         36       517     6.62        110
----------------------------------------------------------------------------------------------------------------------------------
Gurupi (10, 21)          Brazil    100.0%        -        -          -    53,283    1.11      1,907    53,283     1.11      1,907
----------------------------------------------------------------------------------------------------------------------------------
SUBTOTAL                                    32,734     0.85        897    70,772    1.05      2,380   103,505     0.98      3,277
----------------------------------------------------------------------------------------------------------------------------------
ASIA
----------------------------------------------------------------------------------------------------------------------------------
Kubaka and area (16,17)  Russia     98.1%       92     3.89         12         -       -          -        92     3.89         12
----------------------------------------------------------------------------------------------------------------------------------
SUBTOTAL                                        92     3.89         12         -       -          -        92     3.89         12
----------------------------------------------------------------------------------------------------------------------------------
AUSTRALIA
----------------------------------------------------------------------------------------------------------------------------------
Norseman (10)            Australia 100.0%        -        -          -     1,482    2.55        122     1,482     2.55        122
----------------------------------------------------------------------------------------------------------------------------------
SUBTOTAL                                         -        -          -     1,482    2.55        122     1,482     2.55        122
----------------------------------------------------------------------------------------------------------------------------------
TOTAL GOLD w/o BLANKET                      63,080     0.84      1,711   146,914    1.35      6,373   209,993     1.20      8,084
----------------------------------------------------------------------------------------------------------------------------------
Blanket (22)             Zimbabwe  100.0%        -        -          -       724    4.35        101       724     4.35        101
----------------------------------------------------------------------------------------------------------------------------------
TOTAL GOLD W BLANKET                        63,080     0.84      1,711   147,638    1.36      6,474   210,717     1.21      8,186
----------------------------------------------------------------------------------------------------------------------------------


----------------------------------------------------------------------------------------------------------------------------------
SILVER
SOUTH AMERICA
----------------------------------------------------------------------------------------------------------------------------------
La Coipa (12,15,19,20)   Chile      50.0%    9,077     34.0      9,916     5,033    35.2      5,695    14,110     34.4     15,612
----------------------------------------------------------------------------------------------------------------------------------
SUBTOTAL                                     9,077     34.0      9,916     5,033    35.2      5,695    14,110     34.4     15,612
----------------------------------------------------------------------------------------------------------------------------------
ASIA
----------------------------------------------------------------------------------------------------------------------------------
Kubaka and area (16,17)  Russia     98.1%       92      9.3         28         -       -          -        92      9.3         28
----------------------------------------------------------------------------------------------------------------------------------
SUBTOTAL                                        92      9.3         28         -       -          -        92      9.3         28
----------------------------------------------------------------------------------------------------------------------------------
TOTAL SILVER                                 9,169     33.7      9,944     5,033    35.2      5,695    14,202     34.3     15,639
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Rounding differences may occur


                                       -6-
<PAGE>

MINERAL RESERVE AND RESOURCE STATEMENT

(1)  Unless otherwise noted, the Company's reserves are estimated using
     appropriate cut-off grades derived from an assumed gold price of $US 350
     per oz, and a silver price of $US 5.50 per oz. Reserves are estimated using
     current and/or projected process recoveries, operating costs and mine plans
     that are unique to each property and include estimated allowances for
     dilution and mining recovery.

(2)  Unless otherwise noted, the Company's resources are estimated using
     appropriate cut-off grades derived at a gold price of $US 400 per oz and a
     silver price of $US 5.50 per oz.

(3)  The Company's reserves and resources as at December 31, 2004 are classified
     in accordance with the Canadian Institute of Mining Metallurgy and
     Petroleum's "CIM Standards on Mineral Resources and Reserves, Definition
     and Guidelines" as per Canadian Securities Administrator's National
     Instrument 43-101 ("the Instrument") requirements.

(4)  CAUTIONARY NOTE TO US INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED
     AND INFERRED RESOURCES. US Investors are advised that use of the terms
     "measured resource", "indicated resource " and "inferred resource" are
     recognized and required by Canadian Securities regulations. These terms are
     not recognized by the U.S. Securities and Exchange Commission.

     U.S. INVESTORS ARE CAUTIONED NOT TO ASSUME THAT ALL OR ANY PART OF MINERAL
     DEPOSITS IN THESE CATEGORIES WILL EVER BE CONVERTED INTO RESERVES.

(5)  The mineral reserves presented herein comply with the reserve categories of
     Industry Guide 7 applied in the United States by the Securities and
     Exchange Commission.

(6)  Mineral resource and reserve estimates completed under the supervision of
     Mr. R. Cooper, P. Eng, an officer of Kinross, who is a qualified person as
     defined by Canada's National Instrument 43-101

(7)  The Company's normal data verification procedures have been used in
     collecting, compiling, interpreting and processing the data used to
     estimate reserves and resources. Independent data verification has not been
     performed.

(8)  Resources, unlike reserves, do not have demonstrated economic viability.

(9)  Includes the Pamour deposit which is subject to permitting from Canadian
     authorities. Permits are required to mine south of highway 101, which is
     outside the phase one mine plan. There is a high level of assurance that
     the project will receive all of the permits required to complete
     development.

(10) Undeveloped property, development assumes successful permitting allowing
     mining operations to be conducted.

(11) Operated by AngloGold Ltd.

(12) Operated by Placer Dome Inc.

(13) Includes mineral reserves and resources from the undeveloped Gil and Ryan
     Lode deposits, both are part of the Fort Knox and area. The Company holds a
     100% interest in the properties forming the Fort Knox and area except for
     the Gil property in which the Company holds an 80% interest.

(14) Includes mineral reserves and resources from the undeveloped Gold Hill
     deposit, exploitation of which is dependent on successful permitting.

(15) Includes mineral reserves and resources from the undeveloped Puren Norte
     deposit, exploitation of which is dependent on successful permitting.

(16) Includes mineral reserves and resources from the Birkachan deposit. Open
     pit mining at Birkachan has been approved, underground mining remains to be
     permitted by Russian authorities.

(17) Includes mineral reserves and resources from the undeveloped Tsokol
     deposit, exploitation of which is dependent on successful permitting.

(18) Mineral reserves reported at a gold price of $375 per ounce, mineral
     resources reported at a gold price of $425 per ounce

(19) Mineral reserves reported at a gold price of $350 per ounce, mineral
     resources reported at a gold price of $425 per ounce.

(20) Mineral reserves reported at a silver price of $5.00 per ounce, mineral
     resources reported at a silver price of $6.00 per ounce.

(21) Feasibility Study currently underway

(22) Blanket Mine is not included in Kinross' Financial Disclosure Statements

(23) Mineral resource and reserve estimates completed using the following
     foreign exchange rates:

     $ CAD to $ US 1.35

     Rubles to $US   29.00

     Chilean Peso to $US  575.00

     Brazilian Reais to $US  3.00


                                       -7-
<PAGE>

STATEMENT OF INFERRED RESOURCES
In addition to the reported measured and indicated resources estimated at a gold
price of $400, inferred resources total 132,096,000 tonnes at an average grade
of 1.05 grams per tonne gold. Inferred silver resources total 853,000 tonnes at
an average grade of 44.1 grams per tonne using a $5.50 silver price.


                                       -8-
</TEXT>
</DOCUMENT>
