dedicated to being world class -...

San Francisco Gold & Precious Metals ConferenceNovember 29, 2004

dedicated to beingworld class

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

United States Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and

other factors that may cause the actual results, performance or achievements to differ from those expressed or implied by such forward looking statements. Such risks and uncertainties are

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

securities regulatory authorities.

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

Forward Looking StatementForward Looking Statement

Kinross at a GlanceKinross at a Glance

Key Attributes

• Excellent spread of geopolitical risk

• Modern, low cost asset base

• Exciting pipeline of development projects and exploration targets

• Experienced management team

Key Facts

• Senior gold producer, 2004 gold equivalent production of 1.7 million ozs @ $235 to $240 per oz. total cash cost

• ~3,600 employees in 6 countries

• Straight forward balance sheet

challenging opportunities require innovative strategies

Kinross GoalsKinross Goals

Extend Mine Life

Be a Good Operator

Sustainable Growth and Development

Simplify the Company

our global producing assetsKinross Gold CorporationKinross Gold Corporation

Fort Knox (100%)Alaska, USA (Open Pit)

New Britannia (50%)Manitoba, Canada (U/G)

Musselwhite (32%)Ontario, Canada (U/G)

Porcupine (49%)Ontario, Canada (Open Pit, U/G)Kettle River (100%)

Washington, USA (U/G)

Round Mountain (50%)Nevada, USA (Open Pit)

La Coipa (50%)Chile (Open Pit)

Refugio (50%)Chile (Open Pit)

Paracatu (49%)Brazil (Open Pit)

Crixas (50%)Brazil (U/G)

Blanket (100%)Zimbabwe (U/G)

Kubaka (98.1%)Magadan, Russia (Open Pit, U/G)

Lupin (100%)Nunavut, Canada (U/G)


our global producing assetsKinross Gold CorporationKinross Gold Corporation















Significant Reserve IncreaseSignificant Reserve Increase

10

15

20

2002 2003 2004E

Prov

en a

nd P

roba

ble

Res

erve

s (m

illio

ns o

f oun

ces)

Buckhorn

Paracatu

Reserves at Dec. 31

0

4

8

12

16

20

Cambior

GoldCorp

Glamis

KinrossHarm

ony

Agnico

Eagle

Barrick

Anglo

Meridian

NewmontPlac

erA

vera

ge M

ine

Life (1

)

Increasing Average Mine LifeIncreasing Average Mine Life

Source: BMO Nesbitt Burns Third Quarter 2004 “Red Book”

Increasing Production ProfileIncreasing Production Profile

0

500

1,000

1,500

2,000

2,500

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

E20

05E

2006

E20

07E

2008

E

000'

s ou

nces

gol

d eq

uiva

lent

pro

duct

ion

Formation Nerco Falconbridge Macassa AMAX Echo Bay / TVX

Each transaction is a stepping stone…challenging opportunities require innovative strategies

Paracatu AcquisitionParacatu Acquisition

• Signed letter of intent to purchase 51% of Paracatu from Rio Tinto for $US 260 million, transaction should close late 2004

• Kinross will be 100% owner and operator

• Paracatu mine life greater than 20 years

• Increases Kinross’ proven and probable gold reserves by 4.0 million oz.

• Eliminates one joint venture relationship

• Synergies with Gurupi in Northern Brazil (currently in feasibility)


Extend Mine Life

Be a Good Operator




Be a Good OperatorBe a Good Operator

0

100

200

300

400

500

600

Q1 2003 Q2 2003 Q3 2003 Q4 2003 Q1 2004 Q2 2004 Q3 2004E Q4 2004E

000s

gol

d eq

uiva

lent

oun

ces

0

50

100

150

200

250

Production - Budget Production - ActualTotal Cash Cost - Budget Total Cash Costs - Actual


0

50

100

150

200

250

300

350

400

Har

mon

y

Ang

lo

Pla

cer

Kin

ross

New

mon

t

Cam

bior

Bar

rick

Gla

mis

Gol

dcor

p

Agn

ico

Eag

le

Mer

idia

n

US d

olla

rs

Total Cash Costs 2000 Total Cash Costs 2004E

How Kinross has improved relative to other producers over time?

Be a Good Operator – Total Cash CostsBe a Good Operator – Total Cash Costs


Be a Good Operator –Reclamation Safety AwardsBe a Good Operator –Reclamation Safety Awards

• Nevada Bureau of Land Management 2004 Reclamation and Sustainable Development award for the Manhattan project near Round Mountain

• QR Mine – John MacDonald Mine Reclamation Award (British Columbia) – 2002

• Kinross Gold Corporation - Corporate Knights “Canada’s Most Environmentally Responsible Companies” 2002

• Manhattan Mine Reclamation – Nevada Excellence in Mine Reclamation– 2000

• Hayden Hill Waste Rock and Lookout Pit Closure - California Mining Association Excellence in Reclamation Award – 2000

• Fort Knox - Alaska Department of Natural Resources Reclamation Award -Reclamation of legacy placer mining remnants in the Fish Creek –2000

• Sleeper Pit Lake - Nevada Excellence in Mine Reclamation 2002, Renew America and the National Awards Council for Environmental Sustainability Certificate of Environmental Achievement – 1999


Extend Mine Life

Be a Good Operator



0

4

8

12

16

31-Dec-03($325)

Depletion NewDiscoveries

Acquisitions Gold Price 31-Dec-04E($350)

Growth and Development –Reserve Replacement – 2004EGrowth and Development –Reserve Replacement – 2004E

14.1

20.1

(2.1) 2.7

4.9 0.5

Mill

ions

of o

unce

s

18

20


0 500 1000 1500 2000 2500 3000 3500 4000 4500

Crixas

Musselwhite

La Coipa

Round Mtn

PJV

Fort Knox

Buckhorn

Gurupi

Paracatu

Reserve Ounces (000's)

Estimated New 2P Reserves To Be Added in 2004

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


On target to replace reserves


On target to replace 55% of reserves

On target to replace 25% of reserves



Exploration Pre-feasibility Feasibility Construction Production

Growth and Development –Current Project Pipeline

Growth and Development –Current Project Pipeline

Proven & Probable ReservesMeasured & Indicated Resources

Progress January 03 to September 04

Pending AcquisitionNew Discovery

Buckhorn

Refugio

Pamour

Birkachan

Emanuel North

Forquilha Sul

Round Mtn U/G

Round Mtn Exp.

Paracatu Exp.

Puren

Gold Hill

PQ Deeps

Gurupi

Paracatu ExpansionParacatu Expansion

Optimizing…

Paracatu ExpansionParacatu Expansion

Increase milling capacity and improve efficiency resulting in:

• Increased gold recoveries

• Lower costs

• Increased resources due to lower cutoff grade

Increase production to 250,000 oz/yr (100%) thru 2025

• Average yearly production in first 5 years of +300,000 ozs (100%)

Reviewing feasibility

• Decision Q2/05; construction 2005/06; and production early 2007

• Current cost estimated $109 M (100%)

Optimizing…

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

Renewed life…



Renewed life…


Renewed life…New power line has been put in up to site, defective insulators need to be swapped out

Mobile equipment is arriving, new operators being trained on equipment, pre-strip is underway

Cement work is complete, now hanging structural steel on new buildings

Anticipate conveyors, first crushing line to be up in early March, second line in late March, commercial production in April 2005

Delivery slippages of parts etc. not getting worse

Gurupi Update Gurupi Update

New life…

Gurupi Update Gurupi Update

Kinross completed an internal scoping study which gave a positive indication of economic viability

Feasibility study is underway, expected to be completed in first quarter 2005

Project is located in northern Brazil, four hours from two cities of several million people each, 30 miles from a major highway, good access to power grid

Current vision is to have several open pits, conventional milling operation with CIL gold extraction

New life…


Extend Mine Life

Be a Good Operator



40% or shareholders or 52,000 shareholders hold fewer than 100 shares

Shareholder voted on November 26 to pay out all small shareholders, using a consolidation / deconsolidation mechanism

Kinross will re-purchase maximum of 1.75 million shares

Should reduce admin costs, lower cost of mailing annual reports, proxy circulars, other information

Reduces cost of distributing dividend payments if declared

The plan will be effective December 6th

Small Shareholder Buyback ProgramSmall Shareholder Buyback Program

our global producing assetsSimplify the CompanySimplify the Company
















Extend Mine Life

Be a Good Operator



dedicated tobeing world class

Shares outstanding: 346.6 millionMarket cap.: US$2.9 billion

KGC: NYSE K: TSXK.U: TSX (US dollar trading symbol)K.WT: TSX

www.kinross.com

Kinross Gold Corporation40 King Street West, 52nd Floor

Scotia PlazaToronto, ON M5H 3Y2

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

[email protected]

dedicated to being world class -...

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