Business Summary

The merger of Kinross Gold Corporation with Amax Gold Inc. that became effective June 1, 1998 has brought Kinross to a new status as the fourth largest North American based gold producer with annualized gold production estimated at more than one million ounces.

The combination of Kinross' mines and strong balance sheet with Amax Gold's efficient new open-pit mines has created a well-financed senior gold producer with estimated cash costs in the lower quartile of world production. The combined company will provide the elevated platform from which Kinross will continue to pursue an aggressive growth strategy.

Going forward, management will continue to give scope to the entrepreneurial vision and adhere to the principles whereby Kinross has grown to its present size and status. Shareholders can expect nothing less.

Highlights

Recent News: Outlook

As of December 31, 2002, the company had $170.6 million of unrestricted cash

These cash reserves combined with TVX's and Echo Bay's year-end cash reserves, and the restricted cash released early in 2003, provided ample cash to pay for the TVX Newmont J/V, the outstanding transaction costs, and the increase in ownership of Omolon. As a result of the completion of the combination on January 31, 2003, the company plans to produce 1.7 million ounces of gold in 2003 at total cash costs of approximately $210 per ounce. Estimated production in 2003 reflects production from the TVX and Echo Bay mines commencing February 1, 2003.

The company's prudent fiscal management over the past few years of low gold prices has positioned it as a beneficiary of the improved gold price environment.

The company has a strong balance sheet with low debt and ample cash to fund exploration and capital programs that will allow it to continue on its growth path. The company's current plans include the recommencement of operations at Refugio, and, if approved, the recommencement of operations at Kettle River, as well as the development of the Birkachan satellite deposit near the Kubaka processing plant in Russia. All of this is expected to be accomplished without incurring any additional long-term debt.

Fundamental Considerations

In December of last year, the gold price broke out of its trading range at $ 325 in a powerful rally that lifted it to a multi-year high at $390. A normal correction followed bringing the price back into the up-trend channel where, at present, it offers an excellent buying opportunity.

With a planned production of 1.7M ounces this year and the potential to add significantly to the resources over the coming years, Kinross is well positioned to fully benefit from the unfolding bull market in precious metals.

Technical Considerations

The share price of Kinross Gold reached almost $9 in May of last year but succumbed to profit taking in line with all gold shares.

Another rally followed last December.

The up-trend is intact. It is leading the share price higher and the resistance at the $8 to $9 will eventually be overcome.

The recent gloom in gold shares represents an outstanding buying opportunity.

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Peter Zihlmann
March 28, 2003

Disclosure: The author has not been paid to write this article nor has he received any other inducement to do so. The author is a shareholder in the company and will benefit from any increase in the company's share price. Disclaimer: The author's objective in writing this article is to invoke an interest on the part of potential investors in this stock to the point where they are encouraged to conduct their own further diligent research. Neither the information nor the opinions expressed should be construed as a solicitation to buy or sell this stock. Investors are recommended to obtain the advice of a qualified investment advisor before entering into any transactions in the stock.