Kinross Gold CorporationKinross Gold CorporationCorporate OverviewCorporate Overview
November 2005November 2005
Driving Value GrowthDriving Value Growth
Legal NoticeLegal Notice
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 andother 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.
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Kinross: A Major Gold ProducerKinross: A Major Gold Producer
• 2005 estimated:• Gold production – 1.6 million ounces • Total cash costs – $275 per ounce
• ~4,000 employees in 6 countries
• Straight-forward balance sheet• Simple debt structure• No gold hedging
• Continuing reserve growth• 19.4 million ounces at Dec. 31/04 ($350/oz Au)
• Additional 4.8 million ounces of est. reserves at Paracatu* (at Oct. 31/05; $400/oz Au)
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* The reserve increase at Paracatu includes estimated depletion from January to October, 2005.
Global Reach; Americas FocusGlobal Reach; Americas Focus
Fort Knox (100%)Alaska, USA (Open Pit)
Musselwhite (32%)Ontario, Canada (U/G)
Porcupine (49%)Ontario, Canada (Open Pit, U/G)Kettle River (100%)
Washington, USA (U/G)
Round Mountain (50%)Nevada, USA (Open Pit)
La Coipa (50%)Chile (Open Pit)
Refugio (50%)Chile (Open Pit)
Paracatu (100%)Brazil (Open Pit)
Crixas (50%)Brazil (U/G) Blanket (100%)
Zimbabwe (U/G)
Kubaka (98.1%)Magadan, Russia (Open Pit, U/G)
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Kinross Success FactorsKinross Success Factors
• Exceptional EH&S record
• Experienced and driven management/ops teams
• Excellent spread of geopolitical risk: focus in Americas
• Strong portfolio of assets and JVs to work with
• Modern, high-capacity production base
• Building pipeline of development projects and exploration targets
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Attractive Asset LocationAttractive Asset Location2004 RESERVES
US Canada Brazil Chile Other
19.4 million ounces of gold at Dec. 31, 2004, an increase of 47% over 2002
Reserves located in politically stable countries6
46%17%
23%
11%
3%
2005 PRODUCTION
63% of production is North American based
65% of costs are US dollar based
8%
48%
15% 16%
13%
US Canada Brazil Chile Other
Large U.S. base offers security, lowers foreign exchange risk7
Attractive Asset LocationAttractive Asset Location
MineGold Equivalent
ProductionTotal Cash
Cost(ounces) ($/oz)
Fort Knox 338,334 $254Round Mountain 387,785 $214Porcupine 193,799 $232Musselwhite 76,640 $267Kettle River 96,789 $238New Britannia 23,652 $288Lupin 66,577 $351
Paracatu 92,356 $231La Coipa 150,887 $270Crixas 93,540 $132Refugio 9,809 $222
Kubaka 123,616 $298
Total Kinross 1,653,784 $242
2004 Production and Total Cash Cost2004 Production and Total Cash Cost
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Highlights 2004Highlights 2004
Production: 1.65 mm oz. (gold equiv.)
Cash flow from operating activities: $161.2 mm
Capital expenditures: $169.5 mm
Net loss: $55.9 mm (includes impairment charges of $59.9 mm)
Net reserve additions: 5.3 mm ozs.
Closed acquisition of 51% at Paracatu: $261 mm
Previous goodwill impairment charge of $143 mm in Q3 2004 eliminated as part of 2003 restatement
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2003 Restatement Summary2003 Restatement Summary
unaudited Previous Restated(all amounts are expressed in millions, except per share amounts) 2003 Change 2003Revenue 571.9$ -$ 571.9$ Depreciation, depletion and amortization 140.9$ 31.8$ 172.7$ Impairment charges (9.9)$ (406.8)$ (416.7)$ Net earnings (loss) attributable to common shareholders 19.7$ (425.7)$ (406.0)$ Basic and diluted earnings (loss) per share 0.06$ (1.38)$ (1.32)$
Cash and cash equivalents 245.8$ -$ 245.8$ Goodwill 918.0$ (575.6)$ 342.4$ Total assets 2,142.5$ (352.8)$ 1,789.7$ Total shareholders' equity 1,814.7$ (437.3)$ 1,377.4$
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New Carrying Values New Carrying Values –– Dec. 31/03Dec. 31/03
0
100
200
300
Paraca
tu
Gurup
i
Crixas
La C
oipa
Round
Mou
ntain
Musse
lwhit
e
Aquar
iusKett
le Rive
r
$ m
illio
ns
PP&E Mineral Int. & Exp. Properties Goodwill
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Cash Flow from OperationsCash Flow from Operations11
Growth
0
20
40
60
80
100
120
140
160$
mill
ions
1998 1999 2000 2001 2002 2003 2004
1. Before working capital adjustments
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Production and CostsProduction and Costs
1. Production and costs are for the 11 months of the assets acquired in the TVX/Echo Bay transaction from February to December 2003 only.2. Total Cash Costs are a non-GAAP measurement and should not be used in isolation as a substitute for measurers of performance prepared in accordance with GAAP.
Please see our press release of October 20, 2005 which can be found on our website at www.Kinross.com
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50
100
150
200
250
300
350
400
450
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005e
US$
-
0.3
0.5
0.8
1.0
1.3
1.5
1.8
2.0
Oun
ces
of P
rodu
ctio
n (m
illio
ns
Gold Equivalent Production Average Realized Gold Price Total Cash Costs
1
Avg. Realized Gold Price
Total Cash Costs2.
-
50
100
150
200
250
300
350
400
450
500
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005e
US$
-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
Oun
ces
of P
rodu
ctio
n (m
illio
ns)
Gold Equivalent Production Average Realized Gold Price Total Cash Costs
Expanding Cash Margin and Increasing Production Levels14
-
20
40
60
80
100
120
140
160
180
2000 2001 2002 2003 2004 2005e
Increasing cash margin
Growing Cash MarginsGrowing Cash Margins
Cash Margin Cash Margin –– Senior ProducersSenior Producers
50
100
150
200
2000 2001 2002 2003 2004 1H2005
US$
/oun
ce
New mont
Placer
Kinross
Barrick
2000 2001 2002 2003 2004 1H 2005 CAGR*Newmont $111 $87 $124 $163 $181 $182 10%Placer 179 155 161 148 151 125 (3%)Kinross 96 103 105 136 158 160 11%Barrick 191 164 165 191 179 184 (1%)
Source: Company Reports* Does not include 1H 2005
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Cash Margin Per Ounce Produced
Capital Projects Drive New Organic Capital Projects Drive New Organic GrowthGrowth
1. Refugio
2. PJV - Pamour
3. Puren
4. Round Mtn. Layback
5. Buckhorn
6. Paracatu Exp.16
First Full Year
2006
2006
2007
2007
2007
2008
Contributes
Q4 2005
Q4 2005
Q3 2006
Q4 2006
Q4 2006
Q4 2007
Refugio, Chile Refugio, Chile (50%, operator)(50%, operator)
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Restart is complete and contributing in 2005
Paracatu, Brazil Paracatu, Brazil (100%)(100%)
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Expansion study to be completed in 2006, will contribute late 2007 and beyond
Round Mountain, USA Round Mountain, USA (50%, operator)(50%, operator)
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Pit layback has begun, expect additional ore in late 2006
Round Mountain, USA Round Mountain, USA (50%, operator)(50%, operator)
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Deep underground exploration program; drifting has begun
Fort Knox, USA Fort Knox, USA (100%)(100%)
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La Coipa, Chile La Coipa, Chile (50%)(50%)
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Puren deposit pre-strip underway for contribution in 2006
Kettle River, USA Kettle River, USA (100%)(100%)
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Buckhorn Mountain – start-up in late 2006 after closing Crown Resources transaction
• Continue with strong EH&S component
• Growth from Core Operating assets
• Exit non-core assets
• Operational “Building Blocks” optimized
• Focus on quality mines, Kinross as operator
• Continuous cost control and gross margin focus
• Enhanced greenfield exploration
• Metrics: NAV / margin per ounce / CF per share
Kinross Driving ForwardKinross Driving Forward
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High PriorityMedium PriorityLow Priority
Exploration PrioritiesExploration Priorities
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Existing AssetsExploration Targets
Continued Reserve Growth Continued Reserve Growth –– at Oct./05at Oct./05
13.214.1
19.4
(1.9)
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2.9
4.3 (1.4)
4.8
Depletion31-Dec-02@ $300
31-Dec-03@ $325
ReserveAdditions
Acquisitions 31-Dec-04@ $350
Estimated Depletion
to 31-Oct-05
Paracatu Reserve
Additions@ $400
0
5
10
15
20
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Paracatu ExplorationParacatu Exploration
Paracatu Mine
Brazil
Rio de Janeiro
Town Limits
298,000E
8,100,000N
Brasilia210km
$400 Scoping Pit Crest
roads
Mine grade oreLow grade oreOld drill hole2004 drill holePhase A drill holes
Phase B drill holes
Phase C drill holes
Mineral Rights andSurface Access Area
300,000E 302,000E
8,098,000N
8,096,000N
Dec.04 Pit Outline
0 500 1000
metres
RPMPlant
Toe
Section 10200N
Total Drilling - 30,000m, 154 holes
ActiveMining Lease
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Paracatu Mine, Cross Section Paracatu Mine, Cross Section
7,500E 8,000E 8,500E
600m Elev.
400m Elev.
$400 Scoping Pit
Outline
0 100 200
metres
SurfaceWCR-706
0.60g/t Au / 80m100m South
0.59g/t Au / 111m
0.47g/t Au / 99m
0.50g/t Au / 16m
0.48g/t Au / 69m
0.44g/t Au / 144m
open west
Existing drill holePhase B completed drill holePhase C planned drill holeMetasiltstoneLateriteReserve mineralizationPotential mineralizationVisible mineralization
10,200N10,200NWest Rico Creek, Looking NorthWest Rico Creek, Looking North
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• Focus on large core assets
• Focus on the best people
• Focus on selected countries
• Focus on Kinross-operated assets
• Focus on increased exploration spend and JVs
Strategic FocusStrategic Focus
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Bullish On GoldBullish On Gold
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0.60
0.80
1.00
1.20
1.40
1.60
1.80
Jan-
02
Apr
-02
Jul-0
2
Oct
-02
Jan-
03
Apr
-03
Jul-0
3
Oct
-03
Jan-
04
Apr
-04
Jul-0
4
Oct
-04
Jan-
05
Apr
-05
Jul-0
5
Oct
-05
U.S.
India
Europe
Canada
Australia
South Africa
US$ weakness, Supply/Demand Fundamentals
Growth from the core
Location, location…
Management strength
Proven transactionalcapabilities
Disciplined capital and attention for assets that contribute value to Kinross
Asset portfolio in secure countries
Strong management team; excellence in operations and EH&S
Corporate transactions driven by value creation
Kinross Driving ForwardKinross Driving Forward
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Kinross Gold Corporation40 King Street West, 52nd Floor
Scotia PlazaToronto, ON M5H 3Y2
416-365-5123416-363-6622866-561-3636
Shares outstanding: 345.3 millionMarket cap.: US$2.6 billion (at Nov. 21, 2005)
KGC: NYSE (Common shares)K: TSX (Common shares)K.U: TSX (US dollar trading symbol)K.WT: TSX (Warrants expiring 05/12/07)
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