dedicated to being world class€¦ · dedicated to being world class Kinross Gold Corporation 40 King Street West, 52nd Floor Scotia Plaza Toronto, ON M5H 3Y2 416-365-5123 416-363-6622

Robert M. BuchanPresident &

Chief Executive Officer

dedicated tobeing world class

Merrill Lynch Mining ConferenceMerrill Lynch Mining ConferenceSeptember 16, 2004September 16, 2004

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

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

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

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

securities regulatory authorities.

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

Forward Looking StatementForward Looking Statement

• Very liquid senior gold producer

• Strong balance sheet

• Total cash costs similar to other senior gold producers

• No gold hedging

• Experienced management team

• Part of S&P TSX 60, S&P TSX Capped Gold Index, XAU Index, HUI Index

Why Kinross?Why Kinross?

challenging opportunities require innovative strategies

Key Facts

• Senior gold producer, 2004 gold equivalent production of 1.7 million ozs @ $230 total cash cost

• ~3,600 employees in 6 countries

• Debt free

Key Attributes

• Excellent spread of geopolitical risk

• Modern, low cost asset base

• Exciting pipeline of development projects and exploration targets

Kinross at a GlanceKinross at a Glance


1.0

1.5

2.0

2.5

3.0

3.5

0.2% 0.3% 0.4% 0.5% 0.6% 0.7% 0.8% 0.9% 1.0%

Liquidity

Pric

e / N

AV

Highly liquid, undervalued stockHighly liquid, undervalued stock


Newmont

Goldcorp

Kinross

PlacerBarrick

Glamis

MeridianCambior

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

Concerns addressed:

Financial leverage –

Kinross TodayKinross Today

strong balance sheet


Balance Sheet (at December 31, 1999)Balance Sheet (at December 31, 1999)


Assets Liabilities$ millions $ millions

Cash 113.9 Current liabilities 50.5 Other working capital 101.2

Property, plant and equipment 632.6 Total debt 397.7 Other long term assets 34.7 Site restoration costs 58.5

Future Taxes 7.3 Common Shareholders Equity 368.4

Total assets 882.4 Total Liabilities 882.4

Balance Sheet (at June 30, 2004)Balance Sheet (at June 30, 2004)


Assets Liabilities$ millions $ millions

Cash 189.0 Current liabilities 79.6 Other working capital 182.7

Property, plant and equipment 778.8 Total debt 31.5 Goodwill 918.0 Site restoration costs 128.4 Other long term assets 51.7 Future taxes 52.4

Common shareholders equity 1,828.3

Total assets 2,120.2 Total Liabilities 2,120.2

-300

-200

-100

0

100

200

1998

1999

2000

2001

2002

2003

2004

E

$ m

illio

nsFrom Net Debt to Net CashFrom Net Debt to Net Cash

Estimated net cash

at year end 2004

~$478M




Concerns addressed:

Financial leverage – strong balance sheet


comparable to other North American seniors

Cash costs –

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?

Total Cash CostsTotal Cash Costs




Concerns addressed:


Cash costs –




Deliver on production and cost targets

Share Price PerformanceShare Price Performance


0

2

4

6

8

10

12

14

Jul-0

0

Oct

-00

Jan-

01

Apr

-01

Jul-0

1

Oct

-01

Jan-

02

Apr

-02

Jul-0

2

Oct

-02

Jan-

03

Apr

-03

Jul-0

3

Oct

-03

Jan-

04

Apr

-04

Jul-0

4

US

dolla

rs

0

20

40

60

80

100

120

US d

olla

rs

June 10/ 02Announced deal

with TVX and Echo Bay

April 11/ 02Announced PJV deal with Placer

Dome

Jan. 31/ 03Completed

merger with TVX and Echo Bay

Feb. 11/ 03Added to TSX

S&P 60

Aug. 11/ 03Redeemed convertible debentures

Nov. 5/ 03Announced

Q3/03 results

Philadelphia Gold IndexKinross Share Price

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

200

205

210

215

220

225

230

235

240

245

US d

olla

rs

Production - BudgetProduction - ActualTotal Cash Costs

Deliverables…Deliverables…




Concerns addressed:


Cash costs –





increasing year over yearReserve life –

0

2

4

6

8

10

12

14

16

18

20

Harmony Barrick AgnicoEagle

Placer Glamis Anglo Meridian Newmont GoldCorp Kinross Cambior

Year

s

0

0.5

1

1.5

2

2.5

3

3.5

Pric

e / N

AV m

ultip

le

Reserve mine life

Price/NAV

Low Price/NAV due to short mine life?Low Price/NAV due to short mine life?


0

4

8

12

16

31-Dec-02 Depletion New Discoveries 31-Dec-03

Reserve Replacement - 2003Reserve Replacement - 2003


13.214.12.7(1.8)

Mill

ions

of o

unce

s

0

4

8

12

16

31-Dec-03($325)

Depletion NewDiscoveries

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

Reserve Replacement – 2004EReserve Replacement – 2004E


14.116.0

(2.1) 2.7 0.8 0.5

Mill

ions

of o

unce

s

Exploration Pre-feasibility Feasibility Construction Production

Current Project PipelineCurrent Project Pipeline

Proven & Probable ReservesMeasured & Indicated Resources

Progress January 03 to September 04

Pending AcquisitionNew Discovery

South Gold Hill

Emanuel North

Forquilha Sul

Round Mtn U/G

Buckhorn

Round Mtn Exp.

Refugio

Pamour

Birkachan

Paracatu Exp.

Puren

Gold Hill

PQ Deeps

Gurupi

0

40

80

120

160

200

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

EM

illio

ns U

S do

llars

Cash flow Capex

Cash Flow Supporting CapexCash Flow Supporting Capex


0

5

10

15

20

25

30

35

40

45

50

Refugio Fort Knox Porcupine Kubaka RoundMountain

Other

Mill

ions

US

dolla

rs

Project

Sustaining

2004 Capex Summary2004 Capex Summary


Fort Knox• Investment - $74 million over three years to complete pit

laybacks on phase 5 and phase 6 of mine plan

• Liberates 1.4 million oz of gold to be produced in 2005 –2009 timeframe

Porcupine• Investment $33 million spread over 2004 – 2005 to

bring Pamour mine into operation

• Ensures adequate mill feed for the 15,000 tpd mill

2004 Capex2004 Capex


Refugio• $56 million (Kinross’ share) to retrofit and restart plant that has

been idle since 2001

• Produce 210,000 to 230,000 oz/year (100% basis) @ $220 to $240


2004 Capex2004 Capex

Reserve Growth 2005Reserve Growth 2005


Round Mountain

Fort Knox

Kettle River

Round Mountain / Gold HillRound Mountain / Gold Hill

East Surprise Target

South Gold HillTarget

Mt JeffersonCaldera Margin

Target

half mile

Completed drilling Q2Proposed drillingCaldera boundaryFault

Quaternary Cover

Mt. Jefferson Caldera

S325 Pit Outline

Deep HG FeederTarget

Bench 5590

Direction

LEGENDLEGEND

Inferred Target Blocks

Bench Drill Intercept Target

Inferred BlocksDrill Hole Targeting Concept

Current Ultimate Pit Outline

Round Mountain Pit ExpansionRound Mountain Pit Expansion

Fort Knox Drill TargetsFort Knox Drill Targets

Pit Expansion Target

Ultimate Pit

Current Pit

5ft @ 0.09 OPT Au

5ft @ 0.11 OPT Au

5ft @ 0.20 OPT Au

Rejected Assays5ft @ 0.33 OPT Au

5ft @ 0.45 OPT Au5ft @ 0.18 OPT Au

5ft @ 0.16 OPT Au

65 feet @ 0.316 OPT Au

35 feet @ 0.273 OPT Au

FFC-04-716Looking West

SECTION 10,600 EA A'

FORT KNOX MINESECTION 10,600 E

PIT EXPANSION TARGET

SCALE

1,000 FT

Mineralized Shear>0.030 Au opt

E X P L A N A T I O N

Granite

Schist Drill Intercepts>0.15 Au opt



Concerns addressed:


Cash costs –


Reserve life –



increasing year over year


dedicated tobeing world class

Kinross Gold Corporation40 King Street West, 52nd Floor

Scotia PlazaToronto, ON M5H 3Y2

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

[email protected]

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

www.kinross.com

Documents

dedicated to being world class€¦ · dedicated to being world class Kinross Gold Corporation 40 King Street West, 52nd Floor Scotia Plaza Toronto, ON M5H 3Y2 416-365-5123 416-363-6622