ITEMTable PAGE ---- ---- Form 6-K Cover Sheet 1 Index of Items Furnished Under Cover of Form 6-K 2 TVX Gold Inc. Management Information Circular (including 3 notice of special shareholders meeting) Management Information Circular Supplement 40 Signature Page 453Contents

~~CONSOLIDATED~~OMB ~~KINROSS~~APPROVAL ~~KINROSS~~OMB ~~PERCENTAGE PRIOR TO THE EXCHANGE COMMON COMMON OWNERSHIP ARRANGEMENT RATIO SHARES SHARES 1~~Number:3 ~~OF KINROSS~~ 3235-~~-----------~~0116 ~~--------~~Expires: ~~-----------~~March ~~------------ ---------- Kinross -- current shareholders... 408~~31,~~478,727~~ ~~N/A~~2003 ~~408,478,727~~Estimated ~~136,159,576~~average ~~43.42~~burden ~~TVX~~hours --per ~~current~~response: shareholders (excluding Newmont)............. 42,788,343 6.5 278,124,230 92,708,077 29.57 Echo Bay -- current shareholders (excluding Newmont and Kinross)........................ 239,151,851 0.52 124,358,963 41,452,988 13.22 Newmont -- current TVX ownership interest........................ 356,665 6.5 2,318,323 772,774 0.25 Newmont -- current Echo Bay ownership interest.............. 244,994,150 0.52 127,396,958 42,465,653 13.54 Newmont -- total.................. -- -- 129,715,281 43,238,427 13.79 ----------- ----------- ------ Total pro forma ownership......... 940,677,200 313,559,067 100.00 =========== =========== ======8

~~PERCENTAGE~~FORM OF COMMON NAME NUMBER OF COMMON SHARES SHARES OUTSTANDING ---- ----------------------- ------------------------- Beech L.L.C.(1)................................ 7,959,854 18.4% Fidelity(2).................................... 4,340,040 10.1% CDS & Co.(3)................................... 40,387,481 93.6~~% Cede & Co.(4).................................. 2,692,700 6.2%~~-K

~~LONG-TERM ANNUAL COMPENSATION COMPENSATION ---------------------------------------------~~ SECURITIES ~~OTHER ANNUAL UNDER OPTIONS ALL OTHER NAME~~ AND ~~PRINCIPAL~~EXCHANGE POSITION YEAR SALARY BONUS COMPENSATION(7) GRANTED(13) COMPENSATION --------------------------- ---- ------- ------ --------------- ------------- ------------ ($) ($) ($) (#) ($) T. SEAN HARVEY(1)........ 2001 300,000 -- 55,000 200,000 4,000(8) President and Chief 2000 -- -- 99,000 -- -- Executive Officer 1999 -- -- -- -- -- EIKE F. BATISTA(2)....... 2001 133,168(11) -- 450,000 -- -- Former Chairman and 2000 548,648(11) 2,837(11) -- -- -- Chief Executive Officer 1999 600,000(12) 3,094 -- 115,000 -- MELVYN WILLIAMS(3)....... 2001 181,667 43,750 -- 100,000 24,000(9) Chief Financial Officer 2000 175,000 -- -- -- 6,600(10) 1999 173,524 -- -- 2,000 17,400(10) JOHN RAISBECK(4)......... 2001 155,000 20,000 -- 55,000 18,000(10) Chairman and Chief 2000 155,000 -- -- -- 18,000(10) Executive Officer, 1999 155,000 -- -- -- 18,000(10) TVX Hellas R. GREGORY LAING(5)...... 2001 146,667 35,000 -- 77,500 -- General Counsel, 2000 140,000 -- -- -- -- Vice President and 1999 140,000 -- -- 2,000 -- Corporate Secretary WILLIAM SMITH(6)......... 2001 130,000 10,000 -- 35,000 18,000(10) Finance and Administration 2000 130,000 -- -- -- -- Manager, TVX Hellas 1999 110,000 -- -- -- --COMMISSION

MARKET VALUE OF SECURITIES % OF TOTAL SECURITIES UNDER OPTIONS GRANTED UNDERLYING OPTIONS TO EMPLOYEES IN EXERCISE OPTIONS ON THE GRANTED(1) 2001 PRICE DATE OF THE GRANT EXPIRATION DATE(2) ---------- --------------- -------- ----------------- ------------------ (#) (CDN.$) (CDN.$) T. SEAN HARVEY.......... 200Washington,~~000~~ 23D.~~5% $8~~C.50 $8.50 September 11, 2006 MELVYN WILLIAMS......... 100,000 11.8% $8.50 $8.50 September 11, 2006 JOHN RAISBECK........... 55,000 6.3% $8.50 $8.50 September 11, 2006 R. GREGORY LAING........ 77,500 9.1% $8.50 $8.50 September 11, 2006 WILLIAM SMITH........... 35,000 4.1% $8.50 $8.50 September 11, 200620549

~~VALUE~~Report OFof ~~UNEXERCISED~~Foreign ~~IN-~~Private SECURITIES AGGREGATE UNEXERCISED OPTIONS AT THE-MONEY OPTIONS AT ACQUIRED VALUE DECEMBER 31, 2001(1) DECEMBER 31, 2001(2) ON EXERCISE REALIZED EXERCISABLE/UNEXERCISABLE EXERCISABLE/UNEXERCISABLE ----------- --------- ------------------------- -------------------------- (#) (CDN.$) (#) (#) (CDN.$) (CDN.$) T. SEAN HARVEY............... -- -- 66,667 133,333 -- -- EIKE F. BATISTA.............. -- -- 161,000 -- -- -- MELVYN WILLIAMS.............. -- -- 36,683 67,167 -- -- JOHN RAISBECK................ -- -- 20,933 36,667 -- -- R. GREGORY LAING............. -- -- 29,583 52,167 -- -- WILLIAM SMITH................ -- -- 12,467 23,333 -- --Issuer

~~FOURTH~~Pursuant ~~QUARTER~~to ~~2002 YEAR ENDED DECEMBER 31, (THROUGH NINE MONTHS ENDED~~ Rule 13a-~~--------------------------------------~~16 ~~NOVEMBER~~or ~~30) SEPTEMBER 30, 2002 2001 2000 1999~~ 15d------------------- ------------------ ----------- ----------- ----------- High................. Cdn.$1.5990 Cdn.$1.6132 Cdn.$1.6012 Cdn.$1.5593 Cdn.$1.5514 Low.................. 1.5511 1.5110 1.4936 1.4341 1.4433 Average(1)........... 1.5746 1.5706 1.5482 1.4852 1.4864 End of Period........ 1.5650 1.5858 1.5956 1.5002 1.4433 YEAR ENDED DECEMBER 31, ------------------------- 1998 1997 ----------- ----------- High................. Cdn.$1.5765 Cdn.$1.4358 Low.................. 1.4075 1.3353 Average(1)........... 1.4823 1.3838 End of Period........ 1.5512 1.435216

~~NINE~~of ~~MONTHS~~the ~~ENDED~~Securities ~~SEPTEMBER~~Exchange ~~30,~~Act YEAR ENDED DECEMBER 31, --------------------- ------------------------------------------------------------------------ 2002 2001 2001 2000 1999 1998 1997 ------ ------------ ------------ ------------ ------------ ------------ ------------ (CDN. GAAP) (CDN. GAAP) (restated)(1) (restated)(1) (restated)(1) (restated)(1) (restated)(1) (restated)(1) FOR THE PERIOD: Revenue........................ 196.3 206.3 $ 282.9 $ 289.3 $ 317.0 $ 286.6 $ 183.5 Loss from operations........... (19.2) (12.2) (29.9) (113.5) (231.0) (240.3) (96.9) Net loss....................... (18.0) (18.8) (36.4) (125.4) (243.9) (243.1) (81.4) Net loss attributable to common shareholders................. (23.5) (24.5) (44.1) (132.6) (250.4) (249.0) (86.8) Cash flow provided from operating activities......... 48.5 58.7 74.5 47.8 69.5 102.0 46.6 Cash flow used in financing activities................... (8.1) (41.1) (46.5) (36.8) (31.5) (107.6) (6.9) Cash flow used in investing activities................... (36.9) (23.4) (24.8) (47.1) (77.5) (31.3) (50.0) Weighted average common shares outstanding (millions)....... 354.5 308.5 313.4 298.1 299.2 233.2 123.9 Capital expenditures........... 18.1 25.3 30.4 41.6 44.0 33.8 39.9 PER COMMON SHARE: Net loss -- basic and diluted...................... (0.07) (0.08) $ (0.14) $ (0.44) $ (0.84) $ (1.07) $ (0.70) Cash dividends to common shareholders................. -- -- -- -- -- -- -- Dividends declared per common share........................ -- -- -- -- -- -- -- AT PERIOD END: Cash and cash equivalents...... 84.5 72.0 $ 81.0 $ 77.8 $ 113.9 $ 153.4 $ 190.3 Current assets................. 163.5 136.8 138.7 156.3 215.1 264.6 246.5 Total assets................... 532.4 605.3 577.6 700.0 882.4 1,114.8 461.0 Current liabilities............ 68.8 82.0 76.7 81.6 90.5 80.4 17.0 Long-term debt(2).............. 76.9 102.9 92.5 145.6 177.6 192.1 52.9 Convertible preferred shares of subsidiary company........... 12.6 47.1 48.0 91.8 88.3 88.3 -- Net shareholders' equity....... 337.0 339.8 331.6 340.9 477.1 691.2 356.0 Working capital................ 94.7 54.8 62.0 74.7 124.6 184.2 229.51934

~~NINE~~For ~~MONTHS~~the ~~ENDED~~month ~~SEPTEMBER~~of 30January, YEAR ENDED DECEMBER 31, ------------- --------------------------------------------------------------------- 2002 2001 2001 2000 1999 1998 1997 ----- ----- ------------- ------------- ------------- ------------- ----- (U.S. GAAP) (U.S. GAAP) (restated)(4) (restated)(4) (restated)(4) (restated)(4) FOR THE PERIOD: Loss from operations.................... (37.5) (20.8) (28.6) (91.5) (215.3) (322.6) (86.2) Net loss................................ (14.6) (24.9) (32.5) (113.7) (228.3) (325.8) (81.5) Net loss attributable to common shareholders.......................... (14.6) (24.9) (32.5) (113.7) (228.3) (325.8) (81.5) Cash flow provided from operating activities............................ 33.1 42.1 41.6 19.5 40.4 97.5 43.2 Cash flow used in financing activities............................ (3.1) (21.9) (6.5) (12.5) (7.0) (106.7) (3.5) Cash flow used in investing activities............................ (18.4) (23.8) (23.3) (46.9) (75.3) 40.2 (50.0) Net (loss) income per share -- basic and diluted............................... (0.04) (0.08) (0.10) (0.38) (0.76) (1.40) (0.66) AT PERIOD END: Current assets.......................... 131.3 103.2 123.6 118.6 178.4 239.2 246.5 Current liabilities..................... 79.3 80.3 69.9 51.2 64.1 65.0 17.0 Total assets............................ 546.0 525.2 526.2 602.3 758.0 952.6 461.6 Long-term debt(3)....................... 174.8 172.9 185.6 205.8 218.1 203.5 145.7 Net shareholders' equity................ 247.4 198.8 200.8 194.1 318.6 512.9 262.9 Working capital......................... 52.0 22.9 53.7 67.4 114.3 174.2 229.52003

~~NINE~~TVX ~~MONTHS~~GOLD ENDED SEPTEMBER 30, YEAR ENDED DECEMBER 31, ------------------- --------------------------------------------------- 2002 2001 2001 2000 1999 1998 1997 ------ ---------- ---------- ------ ------- ------- ------- (CDNINC. GAAP) (CDN. GAAP) (restated) (restated) FOR THE PERIOD: Revenue................................. $135.7 $119.3 $ 158.3 $170.0 $ 162.9 $ 162.1 $ 161.4 Earnings (loss) from operations......... 21.5 9.6 (11.1) 25.2 27.5 19.7 11.7 Net earnings (loss)..................... 4.2 0.1 (227.9) 12.4 (47.6) (66.0) (49.8) Net earnings (loss) attributable to common shareholders................... 4.2 28.1(1) (199.9)(1) 0.1 (59.4) (77.5) (58.1) Cash provided by operating activities... 31.6 35.9 45.8 32.6 46.6 84.8 24.5 Cash provided by (used for) investing activities............................ 27.4 (10.6) (18.1) (96.0) 109.6 (84.6) (203.7) Cash provided by (used for) financing activities............................ 33.0 (54.7) (60.5) 19.3 (104.1) (3.3) 155.6 Weighted average common shares outstanding (millions)(2)............. 40.3 13.2 18.9 3.6 3.4 3.2 3.2 Capital expenditures.................... 12.9 20.6 25.6 48.7 55.3 94.6 136.8 PER COMMON SHARE: Basic earnings (loss)................... $ 0.11 $ 2.13(1) $(10.58)(1) $ 0.03 $(17.33) $(23.94) $(17.87) Diluted earnings (loss)................. $ 0.10 $ 2.13(1) $(10.58)(1) $ 0.03 $(17.33) $(23.94) $(17.87) Cash dividends to common shareholders... -- -- -- -- -- -- -- Dividends declared per common share..... -- -- -- -- -- -- -- AT PERIOD END: Cash and cash equivalents............... $108.5 $ 20.0 $ 16.6 $ 49.3 $ 93.4 $ 41.2 $ 57.0 Current assets.......................... 156.2 98.8 95.3 161.4 220.5 141.3 158.0 Total assets............................ 433.1 703.7 458.3 763.0 740.2 750.2 803.6 Current liabilities..................... 34.0 34.8 49.0 78.8 89.7 119.7 104.1 Long-term debt(3)....................... 2.3 74.2 74.2 115.2 85.6 199.0 214.4 Gold linked convertible notes (included in net shareholders' equity).......... -- -- -- 234.0 221.6 209.8 198.3 Net shareholders' equity (includes gold linked convertible notes)............. 225.6 402.5 174.5 396.5 386.8 410.4 476.4 Working capital......................... 122.2 64.0 46.3 82.6 130.8 21.6 53.9

NINE MONTHS ENDED SEPTEMBER 30, YEAR ENDED DECEMBER 31, --------------- ------------------------------------------------ 2002 2001 2001 2000 1999 1998 1997 ------ ------ ------- ------ ------- ------- ------- (~~U.S.~~Translation ~~GAAP)~~of ~~(U.S.~~registrant’s ~~GAAP)~~name ~~FOR~~into ~~THE PERIOD: Earnings (loss~~English) from operations.......... $ 23.7 $ 11.7 $ (19.0) $ 28.6 $ 33.5 $ 17.4 $ 8.9 Net earnings/(loss)...................... 2.2 33.1 (238.3) 15.9 (92.4) (72.3) (47.8) Net earnings/(loss) attributable to common shareholders.................... 2.2 33.1 (238.3) 15.9 (92.4) (72.3) (47.8) Cash provided by operating activities.... 31.6 35.9 45.8 32.6 45.6 81.0 20.0 Cash provided by (used for) investing activities............................. 27.4 (19.7) (27.2) (106.5) 101.0 (89.6) (203.7) Cash provided by (used for) financing activities............................. 33.0 (45.5) (51.3) 29.8 (94.4) (7.3) 164.0 Net earnings/(loss) per share -- basic and diluted............................ 0.05 2.50 (12.61) 4.45 (26.92) (22.33) (14.69) AT PERIOD-END: Current assets........................... $156.2 $ 99.0 $ 95.5 $171.6 $ 220.5 $ 141.3 $ 158.0 Total assets............................. 418.3 744.2 447.7 798.3 764.3 772.7 832.5 Long-term debt(4)........................ 2.3 74.2 74.2 345.0 302.8 404.5 409.0 Net shareholders' equity................. 221.7 451.7 178.7 194.2 178.9 247.3 319.5 Working capital.......................... 124.6 69.1 51.8 101.1 138.1 29.8 62.7

~~NINE MONTHS ENDED SEPTEMBER 30~~Suite 1200, ~~YEAR~~220 ~~ENDED~~Bay DECEMBER 31, --------------- ------------------------------------------ 2002 2001 2001 2000 1999 1998 1997 ------ ------ ------ ------ ------ ------ ------ (CDN. GAAP) (CDN. GAAP) FOR THE PERIOD: Revenue..................................... $161.8 $186.7 $237.7 $281.0 $210.4 $232.2 $305.4 Earnings (loss) from operations............. 13.3 2.1 (7.1) 19.8 (28.9) (7.9) (409.7) Net earnings (loss)......................... 7.7 3.2 (5.7) 18.6 (37.3) (20.1) (420.5) Net earnings (loss) attributable to common shareholders.............................. (129.2) (9.5) (23.0) 3.2 (51.0) (32.6) (426.2) Cash flow provided from (used in) operating activities................................ 14.9 27.2 31.6 46.5 29.6 12.1 (12.0) Cash flow provided from (used in) investing activities................................ (11.9) (21.1) (24.0) (10.9) (33.6) (2.3) (50.2) Cash flow provided from (used in) financing activities................................ 5.5 (9.5) (9.5) (24.7) (0.6) (18.8) (24.0) Weighted average common shares outstanding (millions)................................ 392.6 140.6 140.6 140.6 140.6 140.1 139.4 Capital and exploration expenditures........ 15.6 21.9 26.2 16.5 14.7 24.1 151.1 PER COMMON SHARE: Net earnings (loss) -- basic and diluted.... $(0.33) $(0.07) $(0.16) $ 0.02 $(0.36) $(0.23) $(3.06) Cash dividends to common shareholders....... -- -- -- -- -- -- -- Dividends declared per common share......... -- -- -- -- -- -- -- AT PERIOD END: Cash and cash equivalents................... $ 20.9 $ 10.9 $ 12.4 $ 14.3 $ 3.4 $ 8.0 $ 17.0 Current assets.............................. 56.9 53.9 51.1 65.0 61.2 59.5 79.4 Total assets................................ 249.0 274.5 260.8 313.6 340.2 368.1 432.8 Current liabilities......................... 30.5 47.5 49.6 62.3 57.2 59.9 108.1 Long-term debt(1)........................... -- 23.3 23.7 32.5 56.7 52.8 66.5 Net shareholders' equity.................... 151.1 116.6 106.8 116.8 101.1 133.8 153.7 Working capital (deficiency)................ 26.4 8.4 1.6 2.7 4.0 (0.5) (28.7)Street

~~NINE MONTHS ENDED SEPTEMBER 30~~Toronto, ~~YEAR~~Ontario ~~ENDED~~M5J DECEMBER 31, --------------- ------------------------------------------- 2002 2001 2001 2000 1999 1998 1997 ------ ------ ------ ------ ------ ------ ------- (U.S. GAAP) (U.S. GAAP) FOR THE PERIOD: Operating earnings (loss).................. $ 12.4 $ (0.8) $ (6.8) $ 22.7 $(25.6) $(15.5) $(437.7) Net earnings (loss) before extraordinary loss..................................... 7.6 (15.9) (29.1) 2.3 (48.3) (40.8) (454.7) Loss on retirement of capital securities, net of nil tax effect........................... (137.8) -- -- -- -- -- -- Net earnings (loss)........................ (130.2) (15.9) (29.1) 2.3 (48.3) (40.8) (454.7) Cash flow provided from (used in) operating activities............................... 14.9 27.2 31.6 46.5 29.6 12.1 (12.0) Cash flow provided from (used in) investing activities............................... (11.9) (21.1) (24.0) (10.9) (33.6) (2.3) (50.2) Cash flow provided from (used in) financing activities............................... 5.5 (9.5) (9.5) (24.7) (0.6) (18.8) (24.0) Net earnings (loss) per share -- basic and diluted -- before extraordinary loss............... 0.02 (0.11) (0.21) 0.02 (0.34) (0.29) (3.26) -- extraordinary loss...................... (0.35) -- -- -- -- -- -- -- after extraordinary loss................ (0.33) (0.11) (0.21) 0.02 (0.34) (0.29) (3.26) AT PERIOD-END: Total assets............................... $237.6 $265.1 $234.4 $314.5 $341.3 $370.1 $ 435.5 Long-term debt(2).......................... -- 117.0 117.0 126.5 151.3 144.9 159.3 Accrued interest on capital securities..... -- 59.4 64.2 46.1 30.0 15.7 3.0 Shareholders' equity (deficit)............. 157.1 (10.9) (29.8) (19.5) (19.6) 24.2 67.4 Working capital (deficiency)............... 38.8 10.6 4.4 3.4 4.0 (3.5) (23.7)2W4

PRO FORMA FOR THE NINE PRO FORMA FOR MONTHS ENDED THE YEAR ENDED SEPTEMBER 30, DECEMBER 31, 2002 2001 ------------- -------------- OPERATING RESULTS: Revenues.................................................... $ 494.4 $ 653.4 Net loss for the period..................................... (~~47.5)~~Address ~~(340.6)~~of ~~Net~~principal ~~loss~~executive ~~attributable to common shareholders................ (189.9~~offices) ~~(337.5) PER SHARE DATA Net loss per share -- basic and diluted..................... $ (0.20) $ (0.38)~~

~~PRO~~Indicate ~~FORMA~~by AScheck ATmark ~~SEPTEMBER~~whether ~~30,~~the ~~2002~~registrant ~~--------------~~files ~~FINANCIAL~~or ~~POSITION:~~will ~~Cash~~file ~~and~~annual ~~cash~~reports under ~~equivalents...................................~~cover $Form 20-F ~~83.8~~or Current assets.............................................. 261.9 Total assets................................................ 2,103.1 Current liabilities......................................... 137.0 LongForm 40-~~term debt(1)~~F.~~.......................................... 82.5 Common shareholders' equity................................. 1,716.7 Working capital............................................. 124.9~~

~~NINE~~Form ~~MONTHS ENDED YEAR ENDED SEPTEMBER 30, DECEMBER 31, 2002 2001~~ 20-~~-------------~~F ~~------------~~o ~~PRO~~Form ~~FORMA NET LOSS UNDER CANADIAN GAAP...................... $ (47.5) $(340.6) ADJUSTMENTS FOR: Write~~40-~~down~~F of property, plant and equipment under U.S. GAAP(a)................................................ -- (49.9) Reduction in depreciation, depletion and amortization under U.S. GAAP(a)..................................... 8.1 8.9 Increase in convertible debenture interest(b)............. (7.8) (22.5) Recognition of exchange gains (losses) on convertible debentures(b).......................................... (0.1) 6.3 Change in market value of commodity and foreign exchange derivative contracts(c)................................ (4.9) (8.4) Reclassification of realized earnings related to derivative contracts(f)................................ 1.0 (3.1) Income tax recovery(e).................................... -- 3.7 Minority interests and participation rights(d)............ (1.1) 2.1 Kettle River exploration expense(g)....................... -- (2.2) Kettle River amortization expense(g)...................... -- 2.1 Premium on flow through shares issued(i).................. 0.6 -- Loss on retirement of capital securities(j)............... 5.5 -- ------- ------- PRO FORMA NET LOSS UNDER U.S. GAAP(j)....................... $ (46.2) $(403.6) ======= =======x

ASIndicate ATby ~~SEPTEMBER~~check ~~30,~~mark ~~2002~~whether ~~-------------~~the ~~PRO~~registrant ~~FORMA~~by ~~SHAREHOLDERS'~~furnishing ~~EQUITY~~the ~~UNDER~~information contained ~~CANADIAN~~in ~~GAAP..........~~this ~~$1,716.7~~Form ~~ADJUSTMENTS~~is ~~FOR:~~also ~~Write-down~~thereby offurnishing ~~property,~~the ~~plant~~information ~~and~~to ~~equipment~~the Commission ~~under~~pursuant ~~U.S.~~to ~~GAAP~~Rule 12g3-2(ab)~~................................................~~ ~~(60.5) Reduction in depreciation, depletion and amortization~~ under ~~U.S.~~the ~~GAAP(a).....................................~~Securities ~~23.9~~Exchange ~~Convertible~~Act debentures(b)................................. (100.4) Premium on flow through shares issued(i).................. (0.5) Unrealized gains on marketable securities and long term investments(h)......................................... 59.9 Change in market value of ~~commodity and foreign exchange derivative contracts(c)~~ 1934................................ (12.0) Reduction in common share capital net of decrease in deficit(k)............................................. -- -------- PRO FORMA SHAREHOLDERS' EQUITY UNDER U.S. GAAP.............. $1,627.1 ========

ASYes ATo ~~AND~~No FOR THE AS AT AND FOR THE NINE MONTHS ENDED YEAR ENDED SEPTEMBER 30, 2002 DECEMBER 31, 2001 ------------------ ----------------- KINROSS COMMON SHARES Net Income (loss): Income (loss) from continuing operations per share........ $(0.07) $ (0.14) Pro forma................................................. (0.20) (0.38) Cash dividends per Kinross common share: Historical................................................ -- -- Pro forma................................................. -- -- Book value per Kinross common share at period end: Historical................................................ $ 0.58 $ 0.61 Pro forma................................................. 1.69 -- TVX COMMON SHARES(1) Net Income (loss): Income (loss) from continuing operations per share (basic)................................................ $ 0.11 $(10.58) TVX per share equivalent.................................. (1.30) (2.47) Cash dividends per TVX common share: Historical................................................ -- -- TVX per share equivalent.................................. -- -- Book value per TVX common share at period end: Historical................................................ $ 5.23 $ 4.88 TVX per share equivalent.................................. 10.98 -- ECHO BAY COMMON SHARES Net Income (loss): Income (loss) from continuing operations per share........ $(0.33) $ (0.16) Echo Bay per share equivalent............................. (0.10) (0.20) Cash dividends per Echo Bay common share: Historical................................................ -- -- Echo Bay per share equivalent............................. -- -- Book value per Echo Bay common share at period end: Historical................................................ $ 0.28 $ (0.36) Echo Bay per share equivalent............................. 0.88 --x

~~KINROSS~~If ~~TVX(1)~~“Yes” ~~ECHO~~is ~~BAY~~marked, ~~-------------------------------~~indicate ~~---------------------------------~~below ~~---------------------------~~the ~~NEW~~file ~~YORK~~number ~~STOCK~~assigned ~~EXCHANGE/~~to ~~NEW~~the ~~YORK~~registrant ~~AMERICAN~~in ~~TORONTO~~connection ~~STOCK~~with ~~AMERICAN STOCK TORONTO STOCK STOCK TORONTO STOCK STOCK EXCHANGE EXCHANGE(~~Rule 12g3-2(b): ~~EXCHANGE EXCHANGE EXCHANGE EXCHANGE~~ 82------------- -------------- ---------------- ------------- ------------- ----------- HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW ----- ----- ----- ----- ------ ------ ----- ----- ----- ----- ---- ---- Cdn__________.$ Cdn.$ $ $ Cdn.$ Cdn.$ $ $ Cdn.$ Cdn.$ $ $ 2000 First Quarter........... 3.35 2.13 2.31 1.44 80.00 49.00 56.50 34.50 2.85 1.76 1.94 1.25 Second Quarter.......... 2.30 1.22 1.63 0.81 57.50 31.50 40.50 22.00 2.09 1.30 1.38 0.88 Third Quarter........... 1.35 0.78 0.94 0.50 34.00 31.50 27.50 25.00 1.61 1.05 1.06 0.69 Fourth Quarter.......... 1.12 0.50 0.75 0.38 32.00 20.00 20.90 13.10 1.15 0.52 0.75 0.32 2001 First Quarter........... 1.04 0.66 0.67 0.44 28.30 13.20 19.50 8.20 1.49 0.59 0.95 0.38 Second Quarter.......... 1.63 0.70 1.20 0.44 16.00 4.50 10.10 2.70 2.00 0.89 1.24 0.51 Third Quarter........... 1.73 1.19 1.05 0.77 9.90 5.00 6.20 3.50 1.60 0.79 1.04 0.51 Fourth Quarter.......... 1.53 0.95 0.99 0.62 7.90 5.80 5.00 3.70 1.12 0.81 0.73 0.50 2002 January................. 1.39 1.32 0.96 0.71 8.90 6.80 5.50 4.30 1.05 0.82 0.65 0.50 February................ 1.74 1.63 1.20 0.94 11.90 8.90 7.50 5.60 1.60 0.97 0.97 0.60 March................... 1.81 1.72 1.36 0.97 12.20 8.90 7.70 5.70 1.55 1.02 0.98 0.64 April................... 2.87 1.85 1.85 1.16 13.40 10.30 8.50 6.40 1.55 1.18 0.96 0.76 May..................... 4.44 2.45 2.90 1.51 19.70 12.50 12.80 8.10 2.18 1.01 1.35 0.66 June.................... 4.31 3.00 2.82 1.90 25.60 15.70 16.90 10.00 2.13 1.46 1.39 0.91 July.................... 3.67 2.06 2.40 1.25 23.54 13.10 15.35 8.35 1.86 1.08 1.22 0.70 August.................. 3.26 2.45 2.10 1.55 21.00 15.46 13.43 9.75 1.64 1.21 1.05 0.77 September............... 3.75 3.15 2.36 2.05 24.25 20.10 15.35 13.00 1.91 1.58 1.21 1.00 October................. 3.43 2.41 2.16 1.54 22.24 15.35 14.00 9.88 1.75 1.25 1.08 0.80 November................ 3.11 2.60 1.99 1.65 19.85 16.25 12.63 10.47 1.60 1.30 1.02 0.82

~~MEETING~~Index ~~DATE~~on ~~TIME~~Page ~~(LOCAL~~2 ~~TIME)~~of ~~PLACE ------- ---- ----------------- ----- Kinross~~5............................ January 28, 2003 10:00 a.m. Design Exchange, Toronto, Ontario, Canada TVX................................ January 31, 2003 9:30 a.m. Royal York Hotel, Toronto, Ontario, Canada Echo Bay........................... January 31, 2003 9:30 a.m. Toronto Hilton Hotel, Toronto, Ontario, Canada

~~CONSOLIDATED~~TABLE ~~KINROSS KINROSS PERCENTAGE PRIOR TO THE EXCHANGE COMMON COMMON OWNERSHIP ARRANGEMENT RATIO SHARES SHARES 1:3~~ OF KINROSS ------------ -------- ----------- ------------ ---------- Kinross -- current shareholders........... 408,478,727 N/A 408,478,727 136,159,576 43.42 TVX -- current shareholders (excluding Newmont)................................ 42,788,343 6.5 278,124,230 92,708,077 29.57 Echo Bay -- current shareholders (excluding Newmont and Kinross)......... 239,151,851 0.52 124,358,963 41,452,988 13.22 Newmont -- current TVX ownership interest................................ 356,665 6.5 2,318,323 772,774 0.25 Newmont -- current Echo Bay ownership interest................................ 244,994,150 0.52 127,396,958 42,465,653 13.54 Newmont -- total..................... -- -- 129,715,281 43,238,427 13.79 ----------- ----------- ------ Total pro forma ownership................. 940,677,200 313,559,067 100.00 =========== =========== ======CONTENTS

~~GOLD~~Items ~~SILVER~~Furnished ~~GRADE~~Under ~~GRADE~~Cover ~~CONTAINED~~of ~~CONTAINED~~Form MINE GRAMS/ GRAMS/ OUNCES OUNCES MINE(1) OWNERSHIP TONNES TONNE TONNE GOLD SILVER ------- --------- -------------- ------ ------ -------------- -------------- (%) (in thousands) (in thousands) (in thousands) KINROSS(2) Hoyle Pond(3)...................... 100 921 13.74 -- 407 -- Pamour (undeveloped)(3)(4)......... 100 14,167 1.65 -- 753 -- Fort Knox and area(5).............. 100 85,645 1.01 -- 2,768 -- Stockpile(6~~)..................... 100 18,275 0.54~~ --K ~~315~~MATERIAL --CHANGE ~~Kubaka.............................~~REPORT 54.7 411 20.58 18.15 272 500 Stockpile(6)..................... 54.7 446 5.44 -- 78 -- Pacific Rim-Denton-Rawhide......... 15.7 1,315 0.78 11.35 33 480 Refugio............................ 50 23,555 0.93 -- 706 -- ------ ------ SUBTOTAL......................... 5,332 980 TVX(2) La Coipa........................... 25 10,440 1.19 56.9 399 19,106 Crixas(7).......................... 25 1,059 7.33 -- 250 -- Brasilia........................... 24.5 90,601 0.43 -- 1,246 -- New Britannia...................... 25 573 4.86 -- 89 -- Musselwhite........................ 16 2,058 5.53 -- 366 -- Skouries (undeveloped)(4)(8)(9)(10)....... 100(11) 129,548 0.89 -- 3,715 -- Stratoni(9)(10)(11)................ 100(11) 2,085 -- 200.1 -- 13,413 ------ ------ SUBTOTAL......................... 6,065 32,519 ECHO BAY(2)(12) Round Mountain..................... 50 107,492 0.65 -- 2,244 -- Lupin.............................. 100 1,240 8.78 -- 350 -- Kettle River....................... 100 117 6.65 -- 25 -- Aquarius Project (undeveloped)..... 100 15,900 2.33 -- 1,189 -- ------ ------ SUBTOTAL......................... 3,808 -- NEWMONT INTEREST(2) La Coipa........................... 25 10,440 1.19 56.9 399 19,106 Brasilia........................... 24.5 90,601 0.43 -- 1,246 -- Crixas(7).......................... 25 1,059 7.33 -- 250 -- Musselwhite........................ 16 2,058 5.53 -- 366 -- New Britannia...................... 25 573 4.86 -- 89 -- ------ ------ SUBTOTAL......................... 2,350 19,106 ------ ------ COMBINED PROVEN AND PROBABLE RESERVES......................... 17,555 52,605 ====== ======SIGNATURES

2001Table METALof PRICE ASSUMPTIONS -------------------------------------------------- GOLD SILVER ZINC LEAD COPPER ----------- ------ ---- ----------- ------ ($ per ounce) ($ per pound) MINES La Coipa.................................................... 265 4.65 -- -- -- Crixas...................................................... 300 -- -- -- -- Brasilia.................................................... 300 -- -- -- -- New Britannia............................................... 300 -- -- -- -- Musselwhite................................................. 275 -- -- -- -- Stratoni(10)................................................ -- 4.25 0.37 0.23 -- --- ---- ---- ---- ---- PROJECTS Skouries(10)................................................ 300 -- -- -- 0.80 --- ---- ---- ---- ----Contents

2001 2000 1999 ---------- ---------- ---------- KINROSS(1) Production (ounces) Gold....................................................... 937,852 932,423 997,958 Silver..................................................... 430,997 638,515 771,626 Total gold equivalent(2)................................... 944,803 943,798 1,012,408 Average realized price ($ per ounce) Gold....................................................... 296 298 300 Silver..................................................... 4.37 4.95 5.22 Average total cash costs(3) ($ per gold equivalent ounce)................................................... 193 202 196 TVX Production (ounces)(4) Gold....................................................... 189,000 208,000 234,400 Silver..................................................... 3,029,900 2,773,100 8,733,500 Total gold equivalent(2)................................... 237,800 257,100 398,000 Average realized price ($ per ounce) Gold....................................................... 306 351 393 Silver..................................................... 3.94 3.85 4.17 Average total cash costs(3) ($ per gold equivalent ounce)................................................... 180 178 170 ECHO BAY(5) Production (ounces) Gold....................................................... 657,784 694,663 499,836 Silver..................................................... 6,451,425 12,328,297 8,430,072 Total gold equivalent(2)................................... 762,329 915,863 657,216 Average realized price ($ per ounce) Gold....................................................... 281 294 335 Silver..................................................... 4.77 5.21 5.22 Average total cash costs(3) ($ per gold equivalent ounce)................................................... 233 204 226 NEWMONT INTEREST IN TVX NEWMONT AMERICAS JOINT VENTURE(6) Production (ounces) Gold....................................................... 189,000 208,000 93,500 Silver..................................................... 3,029,900 2,773,100 1,551,500 Total gold equivalent(2)................................... 237,800 257,100 122,700 Average total cash costs(3) ($ per gold equivalent ounce)................................................... 180 178 172 PRO FORMA PRODUCTION (OUNCES) Gold....................................................... 1,973,636 2,043,086 1,825,694 Silver..................................................... 12,942,222 18,513,012 19,486,698 Total gold equivalent(2)................................... 2,182,732 2,373,861 2,190,324 Average total cash costs(3) ($ per gold equivalent ounce)................................................... 204 197 199INDEX

~~SPOT~~Items ~~DEFERRED~~Furnished ~~CALL~~Under ~~PUT~~Cover ~~OUNCES~~of ~~OPTIONS AVERAGE OPTIONS AVERAGE HEDGED AVERAGE SOLD STRIKE PURCHASED STRIKE EXPECTED YEAR OF DELIVERY '000 OZ. PRICE '000 OZ. PRICE '000 OZ. PRICE~~ Form 6------------------------- ------------- ------- -------- ------- --------- ------- 2002............................. 48.0 $279.8 75.0 $294.0 100.0 $280.0 2003............................. 137.5 $277.0 100.0 $320.0 150.0 $260.0 2004............................. 137.5 $277.0 50.0 $340.0 150.0 $250.0 2005............................. 37.5 $296.0 -- -- 150.0 $250.0 2006............................. -- -- -- -- 150.0 $250.0 ----- ------ ----- ------ ----- ------ Total............................ 360.5 $279.3 225.0 $315.8 700.0 $256.4 ===== ====== ===== ====== ===== ======K

FOREIGN EXCHANGE CONTRACTS -- CDN.$ FOREIGN EXCHANGE CONTRACTS -- EURO E (IN MILLIONS) (IN MILLIONS) --------------------------------------------- --------------------------------------------- AMOUNT AMOUNT AMOUNT AMOUNT YEAR SOLD BOUGHT YEAR SOLD BOUGHT ---- ------ ------ ---- ------ ------ US$ Cdn.$ US$ E 2002........................ 15.6 24.5 2002........................ 6.0 6.7 2003........................ 45.0 70.9 2003........................ -- -- ---- ---- ---- ---- Total....................... 60.6 95.4 Total....................... 6.0 6.7 ==== ==== ==== ====


ITEM	PAGE

Form 6-K Cover Sheet		1
Index of Items Furnished Under Cover of Form 6-K		2
Material Change Report of TVX Gold Inc., dated January 14, 2003		3
Signature Page		5

NEW YORK STOCK EXCHANGE/ TORONTO STOCK EXCHANGE AMERICAN STOCK EXCHANGE ------------------------- ------------------------- PRICE RANGE APPROXIMATE PRICE RANGE APPROXIMATE ----------- TRADING ----------- TRADING HIGH LOW VOLUME HIGH LOW VOLUME ---- ---- ----------- ---- ---- ----------- (Cdn.$) (100s) ($) (100s) 2000 First Quarter.................................. 3.35 2.13 48,900 2.31 1.44 19,961 Second Quarter................................. 2.30 1.22 44,779 1.63 0.81 19,410 Third Quarter.................................. 1.35 0.78 46,748 0.94 0.50 17,122 Fourth Quarter................................. 1.12 0.50 43,466 0.75 0.38 21,909 2001 First Quarter.................................. 1.04 0.66 41,661 0.67 0.44 18,668 Second Quarter................................. 1.63 0.70 100,014 1.20 0.44 44,525 Third Quarter.................................. 1.73 1.19 66,764 1.05 0.77 23,809 Fourth Quarter................................. 1.53 0.95 62,662 0.99 0.62 17,878 2002 January........................................ 1.39 1.32 38,970 0.96 0.71 8,783 February....................................... 1.74 1.63 75,360 1.20 0.94 17,521 March.......................................... 1.81 1.72 54,536 1.36 0.97 14,620 April.......................................... 2.87 1.85 86,529 1.85 1.16 42,085 May............................................ 4.44 2.45 132,230 2.90 1.51 44,467 June........................................... 4.31 3.00 193,302 2.82 1.90 48,564 July........................................... 3.67 2.06 1,239,120 2.40 1.25 236,328 August......................................... 3.26 2.45 798,305 2.10 1.55 156,831 September...................................... 3.75 3.15 1,167,076 2.36 2.05 149,581 October........................................ 3.43 2.41 830,149 2.16 1.54 178,162 November....................................... 3.11 2.60 627,042 1.99 1.65 83,027

TORONTOTable STOCKof EXCHANGE NEW YORK STOCK EXCHANGE --------------------------- --------------------------- PRICE RANGE APPROXIMATE PRICE RANGE APPROXIMATE ------------- TRADING ------------- TRADING HIGH LOW VOLUME HIGH LOW VOLUME ----- ----- ----------- ----- ----- ----------- (Cdn.$) (100s) ($) (100s) 2000 First Quarter.............................. 80.00 49.00 347 56.50 34.50 595 Second Quarter............................. 57.50 31.50 246 40.50 22.00 457 Third Quarter.............................. 49.50 30.90 239 31.30 15.00 522 Fourth Quarter............................. 32.00 20.00 313 20.90 13.10 937 2001 First Quarter.............................. 28.30 13.20 340 19.50 8.20 994 Second Quarter............................. 16.00 4.50 552 10.10 2.70 1,529 Third Quarter.............................. 9.90 5.00 3,745 6.20 3.50 3,508 Fourth Quarter............................. 7.90 5.80 2,586 5.00 3.70 3,721 2002 January.................................... 8.90 6.80 2,858 5.50 4.30 1,218 February................................... 11.90 8.90 10,649 7.50 5.60 4,653 March...................................... 12.20 8.90 8,118 7.70 5.70 2,993 April...................................... 13.40 10.30 6,506 8.50 6.40 3,253 May........................................ 19.70 12.50 10,256 12.80 8.10 4,192 June....................................... 25.60 15.70 16,158 16.90 10.00 35,504 July....................................... 23.54 13.10 77,065 15.35 8.35 53,024 August..................................... 21.00 15.46 41,012 13.43 9.75 23,879 September.................................. 24.25 20.10 52,672 15.35 13.00 21,343 October.................................... 22.24 15.35 51,416 14.00 9.88 16,216 November................................... 19.85 16.25 35,733 12.63 10.47 11,255Contents

~~TORONTO~~MATERIAL ~~STOCK~~CHANGE EXCHANGE AMERICAN STOCK EXCHANGE ------------------------- ------------------------- PRICE RANGE APPROXIMATE PRICE RANGE APPROXIMATE ----------- TRADING ----------- TRADING HIGH LOW VOLUME HIGH LOW VOLUME ---- ---- ----------- ---- ---- ----------- (Cdn.$) (100s) ($) (100s) 2000 First Quarter.................................. 2.85 1.76 24,448 1.94 1.25 70,524 Second Quarter................................. 2.09 1.30 28,244 1.38 0.88 67,763 Third Quarter.................................. 1.61 1.05 20,753 1.06 0.69 47,625 Fourth Quarter................................. 1.15 0.52 27,481 0.75 0.32 86,795 2001 First Quarter.................................. 1.49 0.59 43,066 0.95 0.38 68,422 Second Quarter................................. 2.00 0.89 37,998 1.24 0.51 110,255 Third Quarter.................................. 1.60 0.79 28,601 1.04 0.51 71,218 Fourth Quarter................................. 1.12 0.81 20,300 0.73 0.50 55,743 2002 January........................................ 1.05 0.82 8,634 0.65 0.50 36,863 February....................................... 1.60 0.97 19,837 0.97 0.60 64,573 March.......................................... 1.55 1.02 20,257 0.98 0.64 58,500 April.......................................... 1.55 1.18 88,817 0.96 0.76 93,021 May............................................ 2.18 1.01 562,620 1.35 0.66 393,307 June........................................... 2.13 1.46 552,654 1.39 0.91 211,836 July........................................... 1.86 1.08 269,059 1.22 0.7 129,271 August......................................... 1.64 1.21 182,080 1.05 0.77 82,040 September...................................... 1.91 1.58 238,726 1.21 1.00 97,335 October........................................ 1.75 1.25 173,263 1.08 0.80 68,440 November....................................... 1.60 1.30 107,800 1.02 0.82 63,348REPORT

~~PROPERTY~~Subsection ~~OWNERSHIP % -------- ----------- Fort Knox Mine~~75(~~1)........................................... 100%(~~2) ~~Porcupine~~of ~~Joint~~the ~~Venture(3)..................................~~Securities ~~49%~~Act ~~Kubaka Mine~~(4Ontario)~~.............................................. 54.7%~~

~~2001~~and ~~2000 1999 ------- ------- --------- Attributable gold~~ equivalent ~~production~~sections --in ~~ounces...........~~the ~~944,803~~securities ~~943,798~~acts ~~1,012,408~~of ~~Attributable~~each ~~gold~~of ~~production~~the --other ~~ounces......................~~provinces ~~937,852~~of ~~932,423 1,006,453 Gold sales -- ounces (excluding equity accounted ounces).... 907,149 897,428 1,006,453~~Canada

~~GOLD~~1. ~~EQUIVALENT~~Reporting ~~PRODUCTION~~Issuer ~~FOR~~TVX ~~THE~~Gold ~~YEAR~~Inc. ~~ENDED~~220 ~~DECEMBER~~Bay 31Street, ~~-------------------------------~~Suite ~~2001~~1200 ~~2000~~Toronto, ~~1999~~Ontario ~~-------~~M5J ~~-------~~2W4 ~~---------~~2. ~~PRIMARY~~Date ~~OPERATIONS:~~of ~~Fort~~Material ~~Knox~~Change ~~Mine..............................................~~January ~~411~~9,~~221~~ ~~362,959~~2003 ~~351,120~~3. ~~Hoyle~~Publication ~~Pond~~of ~~Mine.............................................~~Material ~~156~~Change Press Release issued at Toronto,~~581~~ ~~140~~Ontario,~~441~~ ~~136~~on January 9,~~709~~ ~~Kubaka~~2003 ~~Mine(1)~~4. Summary of Material Change TVX Gold Inc.~~............................................~~ ~~237,162~~(“TVX”) ~~244,641~~announced ~~254~~on January 9,~~625~~ ~~Refugio~~2003 ~~Mine~~that TVX Hellas A.E.~~..............................................~~ ~~67,211~~(“TVX 85Hellas”),~~184~~ 90TVX’s Greek subsidiary operating the Stratoni base metal facilities,~~008~~ ~~Blanket~~received ~~Mine~~notice from the Greek Ministry of Development instructing that mining in selected areas be interrupted until the Greek Government completes certain actions specified by the Greek Conseil d’Etat in its recent decision relating to this matter.~~...............................................~~ ~~39,592~~As ~~34,571~~a 37result,~~755~~ ~~-------~~TVX ~~-------~~Hellas ~~---------~~has ~~911,767~~declared ~~867,796~~force ~~870,217~~majeure ~~-------~~at ~~-------~~its ~~---------~~Stratoni ~~OTHER~~base ~~OPERATIONS:~~metal ~~Andacollo(2)~~operation in Greece. 5.~~..............................................~~ 11Full Description of Material Change TVX announced on January 9,~~718~~ 212003 that TVX Hellas,~~030~~ --TVX’s ~~Denton~~Greek subsidiary operating the Stratoni base metal facilities, received notice from the Greek Ministry of Development instructing that mining in selected areas be interrupted until the Greek Government obtains a joint ministerial decision signed by five relevant ministries and re-~~Rawhide~~approves ~~Mine(2)~~previously issued permits.~~.....................................~~ ~~17,713~~As ~~29,361~~a 62result,~~792~~ ~~Hayden~~TVX ~~Hill~~Hellas ~~Mine~~has declared force majeure at its Stratoni base metal operation in Greece and ceased mining operations.~~...........................................~~ ~~1,887~~In ~~9,582~~December 172002,~~020~~ ~~Macassa~~the ~~Mine~~Greek Conseil d’Etat ruled that no new environmental impact study (3“EIS”)~~.............................................~~ --was --required ~~38,689~~to ~~Guanaco~~support ~~Mine................................................~~the ~~1,718~~permits 16issued by the Greek Government allowing for the expansion of the Mavres Petres mine at Stratoni.~~029~~ 23However,~~690~~ ~~-------~~the ~~-------~~Conseil ~~---------~~d’Etat ~~33,036~~also ~~76,002~~held ~~142,191~~that ~~-------~~the ~~-------~~Greek ~~---------~~Government ~~Total~~had ~~gold~~improperly ~~equivalent~~issued ~~production~~the permits because the Ministry of Development had not obtained a joint ministerial decision signed by five relevant ministries waiving the requirement for a new EIS prior to issuing the permits.~~...........................~~ ~~944,803~~While ~~943,798~~the 1Greek Government has undertaken to obtain the necessary joint ministerial decision as soon as possible and has confirmed its full support of the mining operations,~~012,408~~ ~~=======~~TVX ~~=======~~Hellas ~~=========~~has declared force majeure with respect to mining activities until the Greek Government re-approves the permits.

NINE MONTHS ENDED YEARS ENDED SEPTEMBER 30, --------------------------------------- ------------------- DECEMBER 31 DECEMBER 31 DECEMBER 31 (IN MILLIONS EXCEPT UNIT COSTS) 2002 2001 2001 2000 1999 ------------------------------- -------- -------- ----------- ----------- ----------- CASH COSTS Operating expense per financial statements.............................. 126.9 133.9 $ 180.7 $ 189.6 $ 209.4 Operating costs for non-consolidated production.............................. 11.5 5.9 7.4 9.4 -- Operating costs for E - Crete.............. (2.2) (1.7) (2.5) -- -- Site restoration cost accruals............. (2.4) (1.2) (1.9) (2.7) (3.1) Care, maintenance, severance and other..... (1.2) (2.4) (2.7) -- -- Contract termination costs................. -- -- -- -- (1.5) Change in bullion inventory................ 1.1 0.1 1.5 -- -- -------- -------- -------- -------- ---------- Total cash costs of production............... 133.7 134.6 $ 182.5 $ 190.9 $ 198.9 ======== ======== ======== ======== ========== Ounces produced.............................. 657,396 706,559 944,803 943,798 1,012,408 Total cash costs per equivalent ounce of gold....................................... 203 191 $ 193 $ 202 $ 196 REALIZED REVENUE Mining revenue per financial statements.... 184.5 199.8 270.1 271.0 304.0 Silver revenue............................. (0.9) (1.0) (1.3) (3.2) (1.7) -------- -------- -------- -------- ---------- 183.6 198.8 268.8 (267.8) 302.3 ======== ======== ======== ======== ========== Gold ounces sold........................... 607,705 677,634 907,149 897,428 1,006,453 Total realized revenue per ounce............. 302 293 $ 296 $ 298 $ 300

REPORTABLETable OPERATING SEGMENTS -------------------------------------------------------------- CORPORATE HOYLE/ AND PORCUPINE KUBAKA FORT KNOX BLANKET REFUGIO E-CRETE OTHER TOTAL --------- -------- --------- ------- ------- ------- --------- --------- FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002: Total cash costs: Operating expense per financial statements........................... 27.9 20.6 72.8 -- 2.3 2.2 1.1 126.9 Operating costs for non-consolidated production........................... -- -- -- 8.6 -- -- 2.7 11.3 Site restoration costs................. (0.9) (0.6) (0.9) -- -- -- -- (2.4) Change in bullion inventory............ (0.8) 2.7 (0.6) -- (0.2) -- -- 1.1 Management fees........................ -- 0.8 -- -- -- -- -- 0.8 Operating costs not related to gold production........................... (0.4) -- -- -- (0.5) (2.2) (1.1) (4.2) -------- -------- -------- ------- ------- ----- ------- --------- Total cash costs of production........... 25.8 23.5 71.3 8.6 1.6 -- 2.7 133.5 ======== ======== ======== ======= ======= ===== ======= ========= Equivalent gold ounces produced.......... 135,887 173,847 296,162 31,783 8,902 -- 10,815 657,396 ======== ======== ======== ======= ======= ===== ======= ========= Total cash costs per ounce............... 190 135 241 272 182 -- 250 203 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001: Total cash costs:(a) Operating expense per financial statements........................... $ 22.8 $ 24.4 $ 59.2 $ 7.6 $ 15.5 $ 1.6 $ 2.8 $ 133.9 Operating costs for non-consolidated production........................... -- -- -- -- -- -- 5.9 5.9 Site restoration costs................. (0.1) (0.2) (0.8) (0.1) -- -- -- (1.2) Change in bullion inventory............ (1.0) (0.1) 1.9 -- (0.7) -- -- 0.1 Management fees........................ -- 0.8 -- -- -- -- -- 0.8 Operating costs not related to gold production........................... (1.0) (0.2) -- -- (0.5) (1.6) (1.6) (4.9) -------- -------- -------- ------- ------- ----- ------- --------- $ 20.7 $ 24.7 $ 60.3 $ 7.5 $ 14.3 $ -- $ 7.1 $ 134.6 ======== ======== ======== ======= ======= ===== ======= ========= Equivalent gold ounces produced.......... 110,530 174,747 306,700 30,713 57,081 -- 26,788 706,559 ======== ======== ======== ======= ======= ===== ======= ========= Total cash costs per ounce............... $ 187 $ 142 $ 197 $ 245 $ 251 $ -- $ 267 $ 191 ======== ======== ======== ======= ======= ===== ======= ========= FOR THE YEAR ENDED DECEMBER 31, 2001 Total cash costs(a): Operating expense per financial statements........................... $ 28.9 $ 34.1 $ 82.9 $ 11.2 $ 17.4 $ 2.5 $ 3.7 $ 180.7 Operating costs for non-consolidated production........................... -- -- -- -- -- -- 7.4 7.4 Site restoration costs................. (0.2) (0.4) (1.2) (0.1) -- -- -- (1.9) Change in bullion inventory............ 0.7 (1.6) 3.3 -- (0.9) -- -- 1.5 Management fees........................ -- 2.5 -- -- 0.2 -- -- 2.7 Operating costs not related to gold production........................... (0.9) (1.5) -- -- (0.3) (2.5) (2.7) (7.9) -------- -------- -------- ------- ------- ----- ------- --------- Total cash costs of production........... $ 28.5 $ 33.1 $ 85.0 $ 11.1 $ 16.4 $ -- $ 8.4 $ 182.5 ======== ======== ======== ======= ======= ===== ======= ========= Equivalent gold ounces produced.......... 156,581 237,162 411,221 39,592 67,211 -- 33,036 944,803 ======== ======== ======== ======= ======= ===== ======= ========= Total cash costs per ounce............... $ 182 $ 140 $ 207 $ 279 $ 242 $ -- $ 263 $ 193 FOR THE YEAR ENDED DECEMBER 31, 2000 Total cash costs(a): Operating expense per financial statements........................... $ 33.6 $ 33.7 $ 74.9 $ 8.4 $ 26.4 $ 1.3 $ 11.3 $ 189.6 Operating costs for non-consolidated production........................... -- -- -- -- -- -- 9.4 9.4 Site restoration costs................. (0.1) (0.8) (1.3) (0.1) (0.4) -- -- (2.7) Management fees........................ -- 1.1 -- -- 0.4 -- -- 1.5 Operating costs not related to gold production........................... (4.1) -- -- -- (0.8) (1.3) (0.7) (6.9) -------- -------- -------- ------- ------- ----- ------- --------- Total cash costs of production........... $ 29.4 $ 34.0 $ 73.6 $ 8.3 $ 25.6 $ -- $ 20.0 $ 190.9 ======== ======== ======== ======= ======= ===== ======= ========= Equivalent gold ounces produced.......... 140,441 244,641 362,959 34,571 85,184 -- 76,002 943,798 ======== ======== ======== ======= ======= ===== ======= ========= Total cash costs per ounce............... $ 209 $ 139 $ 203 $ 236 $ 300 $ -- $ 263 $ 202 FOR THE YEAR ENDED DECEMBER 31, 1999 Total cash costs(a): Operating expense per financial statements........................... $ 28.9 $ 36.4 $ 69.1 $ 6.5 $ 27.9 $ -- $ 40.6 $ 209.4 Site restoration costs................. (0.1) (0.8) (1.1) -- (0.4) -- (0.7) (3.1) Management fees........................ -- 0.8 -- -- 0.2 -- -- 1.0 Operating costs not related to gold production........................... (0.1) -- -- -- (2.8) -- (5.5) (8.4) -------- -------- -------- ------- ------- ----- ------- --------- Total cash costs of production........... $ 28.7 $ 36.4 $ 68.0 $ 6.5 $ 24.9 $ -- $ 34.4 $ 198.9 ======== ======== ======== ======= ======= ===== ======= ========= Equivalent gold ounces produced.......... 136,709 254,625 351,120 37,755 90,008 -- 142,191 1,012,408 ======== ======== ======== ======= ======= ===== ======= ========= Total cash costs per ounce............... $ 210 $ 143 $ 194 $ 173 $ 277 $ -- $ 241 $ 196Contents

~~PROVEN~~Based ~~PROBABLE~~on ~~TOTAL~~assurances ~~KINROSS'~~from ~~----------------------------~~the ~~----------------------------~~Greek ~~----------------------------~~Government, ~~PROPERTY~~TVX ~~SHARE~~continues ~~TONNES~~to ~~GRADE~~anticipate ~~CONTAINED~~that ~~TONNES~~the ~~GRADE CONTAINED TONNES GRADE CONTAINED~~ re-~~-------~~approval ~~--------~~of ~~-------~~the ~~------~~permits ~~---------~~will ~~-------~~be ~~------~~issued ~~---------~~by ~~-------~~the ~~------~~end ~~---------~~of ~~(%)~~January ~~(000)~~2003, ~~(g/t)~~at ~~(ozs)~~which ~~(000)~~time ~~(g/t)~~mining ~~(ozs)~~operations ~~(000)~~at ~~(g/t)~~Stratoni ~~(ozs)~~may ~~GOLD Timmins -- Canada: Hoyle Pond~~resume.~~............~~ ~~100.0~~In ~~367~~the ~~13.31~~event ~~157,000~~that ~~554~~TVX ~~14.04~~is ~~250,000~~unable ~~921~~to ~~13.74~~resume ~~407,000~~mining ~~Pamour~~operations ~~(undeveloped)...~~at ~~100.0 -- -- -- 14~~Stratoni,~~167~~ ~~1.65~~as ~~753,000~~a ~~14,167~~result ~~1.65~~of ~~753,000~~the ~~Fort~~failure ~~Knox~~to ~~and~~obtain ~~Area~~ re--approval ~~USA(1)(2)..............~~of ~~100.0~~the ~~42,594~~permits ~~0.95~~or 1otherwise,~~305,000~~ ~~43,051~~TVX ~~1.06~~will ~~1,463,000~~not ~~85,645~~continue ~~1.01~~to ~~2,768,000~~generate ~~Stockpile(3)...........~~revenue ~~100.0~~from ~~16,618 0~~Stratoni.51 ~~270~~Further,~~000~~ ~~1,657~~in ~~0.84~~the ~~45,000~~event ~~18,275~~of ~~0.54~~a ~~315,000 Kubaka~~ long--term ~~Russia.........~~or ~~54.7~~permanent ~~166~~suspension ~~21.55~~of ~~115,000~~mining ~~245~~operations ~~19.93~~at ~~157~~Stratoni,~~000~~ ~~411~~it ~~20.58~~is ~~272,000~~unlikely ~~Stockpile..............~~that ~~54.7~~TVX ~~446~~would ~~5.44~~continue ~~78,000~~to --report --the --mineralization ~~446~~as 5reserves.44 ~~78,000~~6. ~~Refugio~~Reliance --on ~~Chile.........~~Subsection ~~50.0~~75(3) ~~11,275~~of ~~0.96~~the ~~347,000~~Securities ~~12,280~~Act ~~0.91~~(Ontario) ~~359,000~~and ~~23,555~~similar ~~0.93~~provisions ~~706,000~~of ~~Pacific~~applicable ~~Rim~~securities ~~Denton~~laws ~~Rawhide~~Not ~~-- USA~~applicable.~~........~~ ~~15.~~7 ~~1,296 0~~.79 ~~33,000~~Omitted --Information --Not --applicable. ~~1,296 0~~8.79 ~~33,000~~Senior ~~------~~Officer ~~------~~For ~~---------~~further ~~------~~information ~~------~~contact ~~--------- ------- ------ --------- Total~~R.~~.................~~ ~~72,762~~Gregory ~~0.99 2~~Laing,~~305,000~~ ~~71,954~~General ~~1.31 3~~Counsel,~~027,000~~ ~~144,716~~Vice ~~1.15~~President ~~5,332,000~~and ~~======~~Corporate ~~======~~Secretary ~~=========~~of ~~======~~TVX ~~======~~Gold ~~========= ======= ====== ========= SILVER Kubaka -- Russia~~Inc.~~........ 54.7 612 15.8 310~~,~~000~~ ~~245~~(416) ~~24.1 190,000 857 18.2 500,000 Pacific Rim Denton Rawhide~~ 941--0141 ~~USA..~~or 15glaing@tvxgold.~~7 1,296 11~~com.3 ~~470,000 19 16~~9.4 ~~10,000~~Statement ~~1,315~~of ~~11.4~~Senior ~~480,000~~Officer ~~------~~The ~~------~~foregoing ~~---------~~accurately ~~------~~discloses ~~------~~the ~~---------~~material ~~-------~~change ~~------~~referred ~~---------~~to ~~Total~~herein.~~.................~~ ~~1,908~~DATED ~~12.7~~at ~~780~~Toronto,~~000~~ ~~264~~Ontario ~~23.6~~this ~~200,000~~14th ~~2,172~~day ~~14.00~~of ~~980~~January,~~000~~ ~~====== ====== ========= ====== ====== ========= ======= ====== =========~~2003.

~~MEASURED~~TVX INDICATED TOTAL KINROSS' ---------------- ---------------- ---------------- PROPERTY SHARE TONNES GRADE TONNES GRADE TONNES GRADE -------- -------- ------- ------ ------- ------ ------- ------ (%) (000) (g/t) (000) (g/t) (000) (g/t) GOLD ~~Timmins~~INC. ~~-- Canada~~Per: ~~Hoyle Pond Underground~~“R.~~..............~~ ~~100.0~~Gregory ~~300~~Laing” 11R.22 ~~746~~Gregory ~~9.78~~Laing ~~1,046~~General ~~10.19 Pamour Open Pit...................... 100.0 -- -- 37~~Counsel,~~619~~ ~~1.53~~Vice ~~37,619~~President ~~1.53 United States: Ft. Knox~~ and ~~Area(4).................~~Corporate 100.0 12,421 0.66 25,335 0.92 37,756 0.84 Kubaka -- Russia....................... 54.7 348 2.32 25 2.49 373 2.33 Refugio -- Chile....................... 50.0 4,575 0.75 21,810 0.75 26,385 0.75 Pacific Rim Denton Rawhide -- USA...... 32.1 1,123 0.55 46 0.68 1,169 0.56 ------ ----- ------- ---- ------- ----- Total................................ 18,767 0.88 85,581 1.22 104,348 1.16 ====== ===== ======= ==== ======= ===== SILVER Kubaka -- Russia....................... 54.7 348 8.9 -- -- 348 8.9 Pacific Rim Denton Rawhide -- USA...... 32.1 1,123 8.9 46 13.5 1,169 9.0 ------ ----- ------- ---- ------- ----- Total................................ 1,471 8.9 46 13.5 1,517 9.0 ====== ===== ======= ==== ======= =====Secretary

AVERAGE AVERAGE PRODUCING PROCESS GOLD CUTOFF PROPERTY RECOVERY GRADE(S) G/T --------- -------- ------------ Hoyle Pond.................................................. 88.0% 7.68 Fort Knox................................................... 85.6% 0.43 True North.................................................. 85.0% 0.69 Kubaka...................................................... 97.5% 3.20 Refugio..................................................... 67.2% 0.484

MINE/PROPERTYTable NAMEof TITLE(S) ------------- ---- -------- Hoyle Pond Mine........................ R. Cooper, P. Eng. & A. Still, AGO Manager Technical Services, Chief Geologist (Hoyle Pond) Other Timmins.......................... A. Still, AGO Chief Geologist (Hoyle Pond) Pamour................................. R. Cooper, P. Eng. Manager Technical Services (Hoyle Pond) Fort Knox Mine......................... T. Wilton, P. Geo. & V. Miller, PE Chief Geologist (Fort Knox), Engineering Manager (Kinross Technical Services) True North, Ryan Lode and Gil.......... T. Wilton, P. Geo. Chief Geologist (Fort Knox) DeLamar................................ V. Miller, PE Engineering Manager (Kinross Technical Services) Goldbanks.............................. V. Miller, PE Engineering Manager (Kinross Technical Services) Kubaka................................. V. Miller, PE & B. Falletta, PE Engineering Manager (Kinross Technical Services), Engineering Manager (Kubaka) Refugio................................ V. Miller, PE Engineering Manager (Kinross Technical Services) Norseman............................... B. Butler, P. Geo. & T. Wilton, P. Sr. Geologist (Norseman), Geo. Chief Geologist (Fort Knox) OTHER SOURCES George/Goose Lake...................... MRDI, S. Juras, P. Geo. Angostura.............................. Information provided by Greystar Resources Dayton................................. Information provided by Dayton Mining Corp.Contents

2001 2000 --------------------------------- --------------------------------- AVERAGE GOLD AVERAGE GOLD TONNES GRADE CONTENT TONNES GRADE CONTENT ------- ------- ----------- ------- ------- ----------- (000's) (gpt) (000's oz) (000's) (gpt) (000's oz) Proven.............................. 59,212 0.83 1,575 104,834 0.80 2,678 Probable............................ 44,708 1.05 1,508 20,302 1.50 1,008 ------- ---- ----- ------- ---- ----- Total............................... 103,920 0.92 3,083 125,136 0.90 3,686 ======= ==== ===== ======= ==== =====SIGNATURES

~~NINE~~ Pursuant ~~MONTHS~~to ~~NINE~~the ~~MONTHS~~requirements YEARS ENDED ENDED ENDED ------------------------------------------ SEPTEMBER 30, SEPTEMBER 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, 2002 2001 2001 2000 1999 ------------- ------------- ------------ ------------ ------------ SELECTED PRODUCTION AND OPERATING INFORMATION: Tonnes mined (000's of ~~tonnes).............~~the ~~24,321.2~~Securities ~~23,650.3~~Exchange ~~31,212.9~~Act ~~32,301.9 27,532.8 Ore processed (000's~~ of ~~tonnes)............ 10~~1934,~~455.8~~ ~~10,413.6~~the registrant ~~14,209.1~~has ~~13,603.2~~duly ~~12,533.8~~caused ~~Gold~~this ~~grade~~report ~~(gpt)...........................~~to ~~1.04~~be ~~1.06~~signed ~~1.05~~on ~~0.94~~its ~~0.95~~behalf ~~Average~~by ~~gold recovery (%).................. 85 86 86 89 90 Gold equivalent production................. 296~~the undersigned,~~162~~ ~~306,700~~thereunto ~~411,221~~duly ~~362,959 351,120 Number of employees~~authorized........................ 382 355 361 256 253 SELECTED FINANCIAL INFORMATION: (in millions except unit costs) Revenue.................................... 92.6 81.6 $ 109.0 $ 102.8 $ 98.3 -------- -------- --------- --------- --------- Cost of production......................... 71.3 60.4 85.0 73.6 68.0 Inventory change........................... 0.7 (1.9) (3.0) -- -- Site restoration cost accruals........... 0.8 0.8 1.1 1.3 1.1 Depreciation, depletion and amortization... 37.1 31.7 42.9 31.9 43.9 Mining property writedown................ -- -- -- -- 108.8 Interest expense........................... 1.2 2.9 3.6 5.7 5.7 Exploration................................ 0.9 0.2 0.3 -- -- -------- -------- --------- --------- --------- 112 94.1 129.9 112.5 227.5 -------- -------- --------- --------- --------- Net loss................................... (19.4) (12.5) $ (20.9) $ (9.7) $ (129.2) ======== ======== ========= ========= ========= OTHER FINANCIAL INFORMATION: Capital expenditures....................... 12.0 16.9 $ 20.2 $ 17.6 $ 9.5 Unit costs: Total cash costs per gold equivalent ounce produced......................... 241 197 207 203 194 Total cash costs per tonne milled........ 7 6 6 5 5 Total production cost per gold equivalent ounce.................................. 369 333 314 294 322

2001 2000 ------------------------------- ------------------------------- AVERAGE GOLD AVERAGE GOLD TONNES GRADE CONTENT TONNES GRADE CONTENT ------ ------- ---------- ------ ------- ---------- (000's) (gpt) (000's oz) (000's) (gpt) (000's oz) Proven.................................. 367 13.31 157 362 12.20 142 Probable................................ 554 14.04 250 568 12.40 227 --- ----- --- --- ----- --- Total................................... 921 13.74 407 930 12.30 369 === ===== === === ===== ===


	TVX GOLD INC.

Dated: January 15, 2003	By:	R. GREGORY LAING

		R. Gregory Laing
		General Counsel, Vice President
		and Corporate Secretary

2001 2000 -------------------------------- -------------------------------- AVERAGE GOLD AVERAGE GOLD TONNES GRADE CONTENT TONNES GRADE CONTENT ------- ------- ---------- ------- ------- ---------- (000's) (gpt) (000's oz) (000's) (gpt) (000's oz) Proven................................. -- -- -- -- -- -- Probable............................... 14,167 1.65 753 14,167 1.65 753 ------ ---- --- ------ ---- --- Total.................................. 14,167 1.65 753 14,167 1.65 753 ====== ==== === ====== ==== ===5

NINE MONTHS NINE MONTHS YEARS ENDED ENDED ENDED ----------------------------------------- SEPTEMBER 30, SEPTEMBER 30, DECEMBER 31 DECEMBER 31 DECEMBER 31 2002 2001 2001 2000 1999 ------------- ------------- ----------- ----------- ----------- SELECTED FINANCIAL INFORMATION: (in millions except unit costs) Revenue...................... $ 43.7 $ 30.8 $ 41.7 $ 38.4 $ 38.2 ------- -------- -------- -------- -------- Cost of production........... 25.8 20.7 28.5 29.4 28.7 Inventory change............. 0.8 1.0 (0.3) -- -- Site restoration cost accruals................... 0.9 0.1 0.2 0.1 0.1 Depreciation, depletion and amortization............... 13.0 10.4 12.8 13.1 12.2 Care and maintenance......... 0.4 1.0 0.9 4.1 0.1 Exploration.................. 1.3 -- 0.3 -- -- ------- -------- -------- -------- -------- 42.2 33.2 42.4 46.7 41.1 ------- -------- -------- -------- -------- Net earnings (loss).......... $ 1.5 $ (2.4) $ (0.7) $ (8.3) $ (2.9) ======= ======== ======== ======== ======== OTHER FINANCIAL INFORMATION: Capital expenditures......... $ 5.0 $ 6.3 $ 7.9 $ 13.9 $ 18.6 Unit costs: Total cash costs per gold equivalent ounce produced................ 190 187 182 209 210 Total cash costs per tonne milled.................. 20 65 64 63 68 Total production cost per gold equivalent ounce... 350 288 265 303 300

2001 2000 -------------------------------- -------------------------------- AVERAGE GOLD AVERAGE GOLD TONNES GRADE CONTENT TONNES GRADE CONTENT ------- ------- ---------- ------- ------- ---------- (000's) (gpt) (000's oz) (000's) (gpt) (000's oz) Proven.................................. 1,119 9.81 353 1,433 10.90 501 Probable................................ 448 19.93 287 910 15.70 459 ----- ----- --- ----- ----- --- Total................................... 1,567 12.70 640 2,343 12.70 960 ===== ===== === ===== ===== ===

NINE MONTHS NINE MONTHS YEARS ENDED ENDED ENDED ------------------------------------------- SEPTEMBER 30, SEPTEMBER 30, DECEMBER 31 DECEMBER 31 DECEMBER 31 2002 2001 2001 2000 1999 ------------- ------------- ----------- ------------- ------------- SELECTED PRODUCTION AND OPERATING INFORMATION: Tonnes mined (000's of tonnes) (100%)............. 6,027.2 7,518.0 9,938.9 11,510.9 9,470.8 Ore processed (000's of tonnes) (100%)............ 635.6 666.0 889.3 856.8 797.7 Gold grade (gpt).................................. 15.73 15.04 15.28 16.28 18.74 Average gold recovery (%)......................... 98 98 98 98 98 Gold equivalent production........................ 173,847 174,747 237,162 244,641 254,625 Number of employees............................... 451 475 466 441 407 SELECTED FINANCIAL INFORMATION: (in millions except unit costs) Revenue........................................... 49.0 49.1 $ 71.3 $ 72.1 $ 75.6 -------- -------- -------- ------- ------- Cost of production................................ 23.5 24.9 33.1 34.0 36.4 Inventory change/other............................ (3.5) (0.7) 0.9 (1.1) (0.6) Site restoration cost accruals.................... 0.6 0.2 0.4 0.8 0.8 Depreciation, depletion and amortization.......... 13.9 17.9 24.1 30.8 35.9 Mining property writedown......................... -- -- -- -- 10.7 Interest expense.................................. 0.2 0.9 2.0 3.5 4.1 Exploration....................................... 1.1 1.8 2.1 2.3 1.8 Other............................................. -- -- (0.4) -------- -------- -------- ------- ------- 35.8 45.0 62.6 69.9 89.1 -------- -------- -------- ------- ------- Earnings (loss) before taxes...................... 13.2 4.1 8.7 2.2 (13.5) Income and mining taxes........................... 4.4 2.7 4.3 4.1 2.9 -------- -------- -------- ------- ------- Net earnings (loss)............................... 8.8 1.4 $ 4.4 $ (1.9) $ (16.4) ======== ======== ======== ======= ======= OTHER FINANCIAL INFORMATION: Capital expenditures.............................. 0.1 0.4 $ 0.4 $ 0.1 $ 1.1 Unit costs: Total cash costs per gold equivalent ounce produced...................................... 135 142 140 139 143 Total cash costs per tonne milled............... 37 37 39 39 46 Total production cost per gold equivalent ounce......................................... 230 243 243 268 287

-------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ANNUAL LONG TERM COMPENSATION ALL OTHER ----------------------------------------- --------------------------------- COMPENSATION NAME AND PRINCIPAL POSITION(1) YEAR SALARY BONUS COMMON SHARE RESTRICTED $ $ OPTIONS SHARE RIGHTS GRANTED GRANTED # # ----------------------------------------------------------------------------------------------------------------------- Robert M. Buchan 2001 387,360 64,560(2) 200,000 -- 52,534 Chairman and CEO 2000 403,932 -- 1,000,000 -- 79,183 (now President and CEO) 1999 403,850 146,194(3) 500,000 -- 95,109 -------------------------------------------------------------------------------------------------------------------------------- Arthur H. Ditto 2001 228,421 32,900 125,000 -- 23,398 President and COO 2000 232,183 -- 435,000 -- 43,380 (now Vice-Chairman) 1999 232,164 92,160 250,000 -- 44,457 -------------------------------------------------------------------------------------------------------------------------------- John W. Ivany 2001 193,680 64,560 80,000 -- 22,055 Exec. Vice President 2000 185,135 -- 280,000 -- 21,933 1999 185,098 57,212 250,000 -- 20,584 -------------------------------------------------------------------------------------------------------------------------------- Scott A. Caldwell 2001 172,892 63,527 80,000 -- 35,341(4) Senior Vice-President 2000 175,037 26,929 100,000 72,000 17,371 Mining Operations 1999 175,002 40,385 250,000 -- 25,638 (now Executive Vice-President and COO) -------------------------------------------------------------------------------------------------------------------------------- Brian W. Penny 2001 159,592 47,904 70,000 -- 30,613(4) Vice President Finance 2000 161,573 16,830 110,000 28,000 13,775 and CFO 1999 161,540 29,616 100,000 -- 15,186 -------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- COMMON VALUE OF UNEXERCISED SHARES AGGREGATE UNEXERCISED AT IN-THE-MONEY OPTIONS AT ACQUIRED ON VALUE FISCAL YEAR-END FISCAL YEAR-END (CDN$)(2) NAME EXERCISE REALIZED ($)(1) EXERCISABLE/UNEXERCISABLE EXERCISABLE/UNEXERCISABLE ----------------------------------------------------------------------------------------------------------------------- Robert M. Buchan -- -- 2,583,333/366,667 90,000/0 --------------------------------------------------------------------------------------------------------------------------------- Arthur H. Ditto -- -- 1,151,666/208,334 39,150/0 --------------------------------------------------------------------------------------------------------------------------------- John W. Ivany -- -- 646,666/163,334 25,200/0 --------------------------------------------------------------------------------------------------------------------------------- Scott A. Caldwell -- -- 466,666/163,334 9,000/0 --------------------------------------------------------------------------------------------------------------------------------- Brian W. Penny -- -- 376,667/103,333 9,900/0 --------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------

CURRENT PRECIOUS METALS MINES INTEREST 2001 2000 1999 1998 1997 --------------------- -------- --------- ------- ------- ------- ------- (gold ounces) La Coipa, Chile(1)................. 25% 78,000 87,300 186,200 225,600 182,200 Crixas, Brazil(2).................. 25% 48,100 48,200 57,700 72,100 64,100 Brasilia, Brazil(3)................ 24.5% 45,800 56,100 67,200 88,800 51,600 New Britannia, Canada(4)........... 25% 28,600 26,400 37,000 48,800 45,700 Musselwhite, Canada(5)............. 16% 37,300 39,100 49,900 63,800 48,900 Casa Berardi, Canada(6)............ 0% n/a n/a n/a n/a 2,800 --------- ------- ------- ------- ------- 237,800 257,100 398,000 499,100 395,300 ========= ======= ======= ======= =======

CURRENT BASE METALS MINES INTEREST 2001 2000 ----------------- -------- --------- ------- Stratoni(7)........................ 100%* Zinc (tonnes).................... 31,700 16,800 Lead (tonnes).................... 26,500 15,600 Silver (ounces).................. 2,005,000 985,000

NINE MONTHS NINE MONTHS YEARS ENDED ENDED ENDED ------------------------------------------ SEPTEMBER 30, SEPTEMBER 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, 2002 2001 2001 2000 1999 ------------- ------------- ------------ ------------ ------------ CASH COSTS Total cost of sales (000,s)............ 89,569 79,922 108,148 106,804 87,298 Stratoni cost of sales (000's)......... (23,481) (16,794) (22,530) (16,004) -- -------- -------- -------- -------- -------- Cash cost of precious metal sales...... 66,088 63,128 85,618 90,800 87,298 Ounces sold (000's) -- consolidated.... 356.3 357.3 474.9 508.7 514.4 Cash Cost per Ounce.................... $ 185 $ 177 $ 180 $ 178 $ 170 PRODUCTION COSTS Total mine operating costs (000's)..... 114,135 109,728 148,391 144,804 135,334 Stratoni mine operating costs (000's).............................. (25,262) (17,890) (24,401) (17,007) -- -------- -------- -------- -------- -------- Production costs -- precious metals.... 88,873 91,838 123,990 127,797 135,334 Ounces sold (000's) -- consolidated.... 356.3 357.3 474.9 508.7 514.4 Production costs per ounce............. $ 249 $ 257 $ 261 $ 251 $ 263 REALIZED REVENUE Total revenue (000's).................. 135,683 119,312 158,340 170,030 162,856 Stratoni revenue (000's)............... (21,986) (18,736) (24,160) (16,081) -- -------- -------- -------- -------- -------- 113,697 100,576 134,180 153,949 162,856 Revenue -- mine operations (000's) --................................... 109,608 96,285 128,900 142,481 146,569 Revenue -- hedging (000's) --.......... 4,089 4,291 5,280 11,468 16,287 -------- -------- -------- -------- -------- 113,697 100,576 134,180 153,949 162,856 Ounces sold (000's) -- consolidated --................................... 356.3 357.3 474.9 508.7 514.4 Ounces sold (000's) -- TVX's share --................................... 178.1 178.6 237.4 254.4 393.1 Revenue per ounce -- mine operations(1)........................ $ 308 $ 270 $ 272 $ 279 $ 285 Revenue per ounce -- hedging(2)........ 23 24 22 45 42 -------- -------- -------- -------- -------- Total realized revenue per ounce....... $ 331 $ 294 $ 294 $ 324 $ 327

2001 2000 --------------------------------------------------------------------------------------- --------- PROVEN + PROVEN PROBABLE PROVEN + PROBABLE PROBABLE --------------------------- --------------------------- --------------------------- --------- CONTAINED CONTAINED CONTAINED CONTAINED GOLD AND GOLD EQUIVALENT TONNES GRADE OUNCES TONNES GRADE OUNCES TONNES GRADE OUNCES OUNCES ------------------------ ------- ----- --------- ------- ----- --------- ------- ----- --------- --------- (000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's) (000's) OPERATING MINES La Coipa.................... 8,583 1,857 10,440 Gold...................... 1.14 313 1.43 86 1.19 399 410 Silver.................... 57.5 15,853 54.5 3,253 56.9 19,106 23,453 ------ ---- ------ ------- ---- ----- ------- ---- ------ ------ Gold Equivalent(5)........ 8,583 2.15 591 1,857 2.39 143 10,440 2.19 734 840 Crixas...................... 578 7.27 135 481 7.41 114 1,059 7.33 250 271 Brasilia(6)................. 78,572 0.43 1,081 12,029 0.43 164 90,601 0.43 1,246 873 New Britannia............... 107 5.42 19 464 4.73 70 573 4.86 89 119 Musselwhite................. 1,631 5.73 301 427 4.78 65 2,058 5.53 366 406 ------ ---- ------ ------- ---- ----- ------- ---- ------ ------ MINES TOTAL................. 2,127 556 2,685 2,509 TVX HELLAS PROJECTS Olympias (undeveloped) +.... -- -- -- -- -- -- -- -- -- 3,767 Skouries (undeveloped)...... 20,274 1.01 656 109,274 0.87 3,059 129,548 0.89 3,715 3,715 ------ ---- ------ ------- ---- ----- ------- ---- ------ ------ TVX HELLAS TOTAL............ 656 3,059 3,715 7,482 ====== ===== ====== ====== TVX GRAND TOTAL............. 2,783 3,615 6,400 9,991 ====== ===== ====== ======

2001 -------------------------------------------------------------------------------------------- PROVEN PROBABLE PROVEN + PROBABLE ---------------------------- ----------------------------- ----------------------------- TVX HELLAS CONTAINED CONTAINED CONTAINED BASE METALS AND SILVER TONNES GRADE METAL TONNES GRADE METAL TONNES GRADE METAL ---------------------- ------ ------- --------- ------- ------- --------- ------- ------- --------- (000's) (000's) (000's) (000's) (000's) (000's) Stratoni.................... 723 1,362 2,085 Zinc...................... 9.9% 72 t 11.4% 155 t 10.9% 227 t Lead...................... 8.0% 57 t 7.9% 108 t 7.9% 165 t Silver.................... 213 g/t 4,946 oz 193 g/t 8,467 oz 200 g/t 13,413 oz ------ ------- -------- ------- ------- -------- ------- ------- --------- Olympias (U/G)*+............ -- -- -- Zinc...................... -- -- -- -- -- Lead...................... -- -- -- -- -- Silver.................... -- -- -- -- -- ------ ------- -------- ------- ------- -------- ------- ------- --------- Skouries Copper.................... 20,274 0.58% 119 t 109,274 0.55% 606 t 129,548 0.56% 725 t ====== ======= ======== ======= ======= ======== ======= ======= ========= 2000 --------- PROVEN + PROBABLE --------- TVX HELLAS CONTAINED BASE METALS AND SILVER METAL ---------------------- --------- (000's) Stratoni.................... Zinc...................... 66 t Lead...................... 56 t Silver.................... 4,200 oz --------- Olympias (U/G)*+............ Zinc...................... 702 t Lead...................... 530 t Silver.................... 51,000 oz --------- Skouries Copper.................... 725 =========

2001 2000 --------------------------------------------------- --------------- MEASURED + MEASURED + MEASURED INDICATED INDICATED INDICATED --------------- --------------- --------------- --------------- GOLD AND GOLD EQUIVALENT TONNES GRADE TONNES GRADE TONNES GRADE TONNES GRADE ------------------------ ------- ----- ------- ----- ------- ----- ------- ----- (000's) (g/t) (000's) (g/t) (000's) (g/t) (000's) (g/t) AMERICAS -- MINES La Coipa........................................... 2,476 1,625 4,101 4,788 Gold............................................. 1.12 1.30 1.19 1.16 Silver........................................... 45.39 28.6 38.7 35.00 ------ ----- ------ ----- ------ ----- ------ ----- Gold Equivalent(5)............................... 2,476 1.92 1,625 1.80 1.87 1.80 Crixas............................................. -- -- -- -- -- -- -- -- Brasilia(6)........................................ 11,025 0.45 35,525 0.38 46,550 0.40 37,262 0.43 New Britannia...................................... 13 3.45 340 3.51 353 3.51 552 3.84 Musselwhite........................................ 402 7.63 88 11.87 489 8.39 632 5.34 AMERICAS -- EXPLORATION Gurupi............................................. -- -- 30,192 1.39 30,192 1.39 15,096 1.39 TVX HELLAS PROJECTS Olympias........................................... 9,019 9.00 3,604 9.83 12,623 9.24 Skouries........................................... -- -- 61,685 0.67 61,685 0.67

2001 2000 -------------------------------------------------------- ------------------- MEASURED + MEASURED + MEASURED INDICATED INDICATED INDICATED TVX HELLAS ---------------- ----------------- ----------------- ------------------- BASE METALS AND SILVER TONNES GRADE TONNES GRADE TONNES GRADE TONNES GRADE ---------------------- ------ ------- ------- ------- ------- ------- ------- --------- (000's) (g/t) (000's) (g/t) (000's) (000's) Stratoni....................................... -- -- -- -- Zinc......................................... -- -- -- -- Lead......................................... -- -- -- -- Silver....................................... -- -- -- -- ------ ------- ------- ------- ------- ------- ------- --------- Olympias (U/G)*................................ 6,566 3,604 10,170 275 6.9% Zinc......................................... 6.8% 7.1% 6.9% 4.8% Lead......................................... 5.1% 5.3% 5.2% 170.2 g/t Silver....................................... 155 g/t 156 g/t 155 g/t ------ ------- ------- ------- ------- ------- ------- --------- Skouries Copper....................................... -- -- 61,685 0.54% 61,685 0.54% 61,685 0.54% ====== ======= ======= ======= ======= ======= ======= =========

2001 GOLD RESERVE 2001 GOLD RESOURCE CUT-OFF GRADES CUT-OFF GRADES ----------------- ------------------ (g/mt) (g/mt) MINES La Coipa.................................................... 0.95* 0.95* Crixas...................................................... 3.00 3.00 Brasilia.................................................... 0.30 0.30 New Britannia............................................... 3.26 3.26 Musselwhite................................................. 3.25 3.25 PROJECTS Gurupi...................................................... -- 0.50

2001 METAL PRICES 2000 METAL PRICES ---------------------------------------- ---------------------------------------- GOLD SILVER ZINC LEAD COPPER GOLD SILVER ZINC LEAD COPPER ---- ------ ---- ---- ------ ---- ------ ---- ---- ------ ($ per ounce) ($ per pound) ($ per ounce) ($ per pound) MINES La Coipa............................. 265 4.65 -- -- -- 300 5.50 -- -- -- Crixas............................... 300 -- -- -- -- 300 -- -- -- -- Brasilia............................. 300 -- -- -- -- 300 -- -- -- -- New Britannia........................ 300 -- -- -- -- 290 -- -- -- -- Musselwhite.......................... 275 -- -- -- -- 300 -- -- -- -- Stratoni............................. -- 4.25 0.37 0.23 -- -- 5.00 0.51 0.23 -- --- ---- ---- ---- ---- --- ---- ---- ---- ---- PROJECTS Olympias............................. 325 5.50 0.50 0.25 -- 325 5.50 0.50 0.25 -- Skouries............................. 300 -- -- -- 0.80 300 -- -- -- 0.80 Gurupi............................... 325 -- -- -- -- 325 -- -- -- -- --- ---- ---- ---- ---- --- ---- ---- ---- ----

RESERVES RESOURCES MINE/ ------------------------------------------- ------------------------------------- PROJECT NAME TITLE NAME TITLE EMPLOYED BY --------------------- ----------------------- ----------------- ----------------- ----------------- ---------------- La Coipa Juan Ochoa Chief Engineer Mauricio Rubio Geologist Placer Dome Andres Guaringa Chief Mining Eng. Placer Dome Crixas Marcos Geraldo de Mining Engineer Walter Yamaoka Geologist AngloGold Simoni Brasilia Marcelo Batolochi Fabio Geologist Marcelo Batolochi Geologist RTZ Marques Fabio Marques New Britannia Bill Lewis Chief Geologist Bill Lewis Chief Geologist TVX Newmont Musselwhite Rob Usher Chief Engineer Andrew Cheatle Chief Geologist Placer Dome Gurupi Albrecht Schneider Consultant Albrecht Consultant TVX Newmont Schneider Stratoni Mike Hodgson Manager, Mike Hodgson Manager, TVX Hellas Olympias Technical Technical Skouries Services Services

2001 2000 1999 1998 1997 ---- ---- ---- ---- ----- (millions) North America............................................... $1.0 $1.1 $0.8 $1.2 $ 2.6 South America............................................... 2.1 4.3 3.4 4.3 9.3 Europe...................................................... -- 0.1 0.3 0.6 -- Other....................................................... 0.3 -- -- 0.2 2.1 ---- ---- ---- ---- ----- $3.4 $5.5 $4.5 $6.3 $14.0 ==== ==== ==== ==== =====

2001 ---------------------------------------------------------------------- PROVEN PROBABLE --------------------------------- --------------------------------- CONTAINED CONTAINED GOLD AND GOLD EQUIVALENT TONNES GRADE OUNCES TONNES GRADE OUNCES ------------------------ ---------- ----- ---------- ---------- ----- ---------- (millions) (g/t) (millions) (millions) (g/t) (millions) Total................................ 34.3 2.15 2.366 7.5 2.39 0.570

GRADE (G/T) CONTAINED OZ (MILLIONS) -------------- -------------------------------- GOLD DECEMBER 31, 2001 TONNES GOLD SILVER GOLD SILVER EQUIVALENT(1) ----------------- ---------- ---- ------ ----- ------ ------------- (100%) (millions) Farellon Bajo........................... 0.2 0.51 157.35 0.003 0.9 0.018 Coipa Norte............................. 22.5 1.43 54.41 1.033 39.4 1.724 Brecha Norte............................ 5.2 1.05 77.37 0.177 13.1 0.406 Cancan.................................. 2.9 1.31 69.60 0.122 6.5 0.235 Stock Coipa............................. 11.0 0.74 47.36 0.261 16.7 0.553 ---- ---- ------ ----- ---- ----- Total................................... 41.8 1.19 56.9 1.596 76.6 2.936 ==== ==== ====== ===== ==== =====

GRADE (G/T) CONTAINED OZ (MILLIONS) -------------- -------------------------------- GOLD DECEMBER 31, 2000 TONNES GOLD SILVER GOLD SILVER EQUIVALENT(1) ----------------- ---------- ---- ------ ----- ------ ------------- (100%) (millions) Ladera-Farellon......................... 1.0 0.77 91.10 0.026 3.1 0.082 Farellon Bajo........................... 0.8 0.34 101.10 0.009 2.7 0.059 Coipa Norte............................. 24.2 1.31 65.37 1.021 50.9 1.954 Brecha Norte............................ 5.0 1.10 74.10 0.177 11.9 0.395 Cancan.................................. 2.5 1.43 70.50 0.116 5.7 0.221 Stock Coipa............................. 12.5 0.73 48.55 0.293 19.5 0.650 ---- ---- ------ ----- ---- ----- Total................................... 46.0 1.11 63.3 1.642 93.8 3.361 ==== ==== ====== ===== ==== =====

2001 ------------------------------------------ MEASURED INDICATED ------------------- ------------------- GOLD AND GOLD EQUIVALENT TONNES GRADE TONNES GRADE ------------------------ ---------- ----- ---------- ----- (millions) (g/t) (millions) (g/t) Total...................................................... 9.9 1.92 6.5 1.87

YEARS ENDED DECEMBER 31, ------------------------------------------------------------------ 2001 2000 1999 1998 1997 ---------- ---------- ---------- ---------- ---------- Total tonnes mined (ore and waste)......................... 34,001,000 23,966,000 15,180,610 13,470,000 20,050,000 Total tonnes milled.............. 6,347,000 6,012,000 4,712,330 4,206,000 5,590,000 Average grade milled (grams per tonne) Gold........................... 0.7 0.8 0.6 0.9 1.5 Silver......................... 90 90 178 196 88 Recovery rate (%) Gold........................... 82.4 83.4 84.1 83 80 Silver......................... 65.9 63.3 76.3 75 65 Production (ounces) Gold........................... 116,800 152,726 80,691 102,200 210,300 Silver......................... 12,120,000 11,092,548 20,570,012 19,774,000 10,280,000 Gold equivalent................ 311,800 349,412 466,149 451,200 364,500 Number of employees.............. 442 434 474 524 492

YEARS ENDED DECEMBER 31, ----------------------------------------------------- 2001 2000 1999 1998 1997 -------- -------- ------- ------- ------- Revenue...................................... $ 41,404 $ 48,902 $64,830 $67,075 $70,374 -------- -------- ------- ------- ------- Cost of sales................................ 32,128 37,256 38,267 36,158 44,584 Depletion and depreciation................... 16,260 13,859 24,074 26,045 19,485 -------- -------- ------- ------- ------- 48,388 51,115 62,341 62,203 64,069 -------- -------- ------- ------- ------- Earnings (loss) before the undernoted........ (6,984) (2,213) 2,489 4,872 6,305 -------- -------- ------- ------- ------- Mining property write-down................... 13,000 -- -- -- -- Interest expense............................. 309 426 82 -- -- Exploration.................................. 320 768 894 1,313 1,138 Other........................................ 595 8,581 (195) (3,196) 454 -------- -------- ------- ------- ------- 14,224 9,775 781 (1,883) 1,592 -------- -------- ------- ------- ------- Earnings (loss) before the undernoted........ (21,208) (11,988) 1,708 6,755 4,713 Income taxes (recovery)...................... (41) (1,298) 1,103 2,069 1,815 Minority interests and participation rights..................................... (10,584) (5,345) (1,006) -- -- -------- -------- ------- ------- ------- Net earnings (loss).......................... $(10,583) $ (5,345) $ 1,611 $ 4,686 $ 2,898 -------- -------- ------- ------- ------- Other financial information: Capital expenditures......................... $ 5,975 $ 6,053 $ 4,475 $11,937 $11,527 Unit costs: Cash cost per gold equivalent ounce........ $ 210 $ 211 $ 169 $ 161 $ 222 Cash cost per tonne milled................. 10 12 16 17 16 Total production cost per gold equivalent ounce................................... 317 290 276 276 319

2001 ---------------------------------------------------------------------- PROVEN PROBABLE --------------------------------- --------------------------------- CONTAINED CONTAINED GOLD TONNES GRADE OUNCES TONNES GRADE OUNCES ---- ---------- ----- ---------- ---------- ----- ---------- (millions) (g/t) (millions) (millions) (g/t) (millions) Total................................ 2.3 7.27 0.540 1.9 7.41 0.458

CONTAINED DECEMBER 31, 2001 TONNES GOLD GRADE GOLD OZ ----------------- ---------- ---------- --------- (100%) (millions) (g/t) (millions) Mina III.................................................... 2.7 8.98 0.769 Mina Nova................................................... 1.6 4.53 0.229 --- ---- ----- Total....................................................... 4.3 7.33 0.998 === ==== =====

CONTAINED DECEMBER 31, 2000 TONNES GOLD GRADE GOLD OZ ----------------- ---------- ---------- --------- (100%) (millions) (g/t) (millions) Mina III.................................................... 2.3 10.88 0.815 Mina Nova................................................... 1.8 4.63 0.270 --- ----- ----- Total....................................................... 4.1 8.14 1.085 === ===== =====

YEARS ENDED DECEMBER 31, --------------------------------------------------- 2001 2000 1999 1998 1997 ------- ------- ------- ------- ------- Total tonnes milled................... 740,300 736,000 620,000 602,000 558,600 Average grade milled (grams per tonne).............................. 8.5 8.5 8.0 7.8 7.5 Recovery rate (%)..................... 95.3 95.4 98.0 95 95 Production (ounces)................... 192,300 192,800 124,000 144,200 128,100 Number of employees................... 451 434 435 433 441

YEARS ENDED DECEMBER 31, ----------------------------------------------- 2001 2000 1999 1998 1997 ------- ------- ------- ------- ------- Revenue........................................... $26,699 $26,774 $21,712 $20,329 $22,328 ------- ------- ------- ------- ------- Cost of sales..................................... 10,719 10,624 9,694 11,623 11,978 Depletion and depreciation........................ 5,007 4,897 4,623 4,143 3,884 ------- ------- ------- ------- ------- 15,726 15,521 14,317 15,766 15,862 ------- ------- ------- ------- ------- Earnings before the undernoted.................... 10,973 11,253 7,395 4,563 6,466 ------- ------- ------- ------- ------- Interest expense.................................. 534 1,131 741 711 646 Exploration....................................... 237 584 215 83 422 Other............................................. (166) (499) (687) (243) (590) ------- ------- ------- ------- ------- 605 1,216 269 551 478 ------- ------- ------- ------- ------- Earnings before the undernoted.................... 10,368 10,037 7,126 4,012 5,988 Income taxes...................................... 1,325 2,529 2,474 438 1,165 Minority interests and participation rights....... 4,522 3,754 1,430 -- -- ------- ------- ------- ------- ------- Net earnings...................................... $ 4,521 $ 3,754 $ 3,222 $ 3,574 $ 4,823 ------- ------- ------- ------- ------- Other financial information: Capital expenditures.............................. $ 3,254 $ 2,912 $ 2,362 $ 3,129 $ 3,720 Unit costs: Cash cost per gold ounce........................ $ 110 $ 112 $ 125 $ 167 $ 187 Cash cost per tonne milled...................... 29 29 31 39 43 Total production cost per gold ounce............ 161 164 184 227 247

CONTAINED DECEMBER 31, 2001 TONNES GOLD GRADE GOLD OZ ----------------- ---------- ---------- --------- (millions) (g/t) (millions) C/T/B1 and B2 zones......................................... 369.8 0.43 5.084 ----- ---- ----- Total....................................................... 369.8 0.43 5.084 ===== ==== =====

CONTAINED DECEMBER 31, 2000 TONNES GOLD GRADE GOLD OZ ----------------- ---------- ---------- --------- (millions) (g/t) (millions) C/T/B1 and B2 zones......................................... 260.8 0.42 3.563 ----- ---- ----- Total....................................................... 260.8 0.42 3.563 ===== ==== =====

YEARS ENDED DECEMBER 31, ------------------------------------------------------------------ 2001 2000 1999 1998 1997 ---------- ---------- ---------- ---------- ---------- Total tonnes milled.............. 16,488,000 19,745,000 17,474,725 15,613,000 15,310,000 Average grade milled (grams per tonne)......................... 0.45 0.47 0.45 0.48 0.47 Recovery rate (%)................ 78.3 75.8 73.4 72 74 Production (ounces).............. 186,900 228,800 185,200 181,300 156,500 Number of employees.............. 512 512 510 460 558

YEARS ENDED DECEMBER 31, --------------------------------------------------- 2001 2000 1999 1998 1997 ------- ------- ------- ------- ------- Revenue....................................... $25,386 $30,361 $26,318 $25,784 $17,067 ------- ------- ------- ------- ------- Cost of sales................................. 17,953 19,402 16,608 20,409 11,129 Depletion and depreciation.................... 5,091 8,079 7,296 7,714 5,331 ------- ------- ------- ------- ------- 23,044 27,481 23,904 28,123 16,460 ------- ------- ------- ------- ------- (Loss) earnings before the undernoted......... 2,342 2,880 2,414 (2,339) 607 ------- ------- ------- ------- ------- Interest expense.............................. 575 505 3,406 4,706 2,514 Other......................................... 593 (4,060) (6,306) (5,602) (749) ------- ------- ------- ------- ------- 1,168 (3,555) (2,900) (896) 1,765 ------- ------- ------- ------- ------- Earnings (loss) before the undernoted......... 1,174 6,435 5,314 (1,443) (1,158) Income taxes (recovery)....................... (215) 253 -- -- 365 Minority interests and participation rights... 695 3,091 2,039 -- -- ------- ------- ------- ------- ------- Net earnings (loss)........................... $ 694 $ 3,091 $ 3,275 $(1,443) $(1,523) ------- ------- ------- ------- ------- Other financial information: Capital expenditures.......................... $ 2,004 $ 2,171 $ 4,636 $ 2,434 $12,532 Unit costs: Cash cost per gold ounce.................... $ 191 $ 179 $ 176 $ 234 $ 215 Cash cost per tonne milled.................. 2.20 2.00 1.90 2.70 2.20 Total production cost per gold ounce........ 246 254 253 322 319

2001 ---------------------------------------------------------------------- PROVEN PROBABLE --------------------------------- --------------------------------- CONTAINED CONTAINED GOLD TONNES GRADE OUNCES TONNES GRADE OUNCES ---- ---------- ----- ---------- ---------- ----- ---------- (millions) (g/t) (millions) (millions) (g/t) (millions) Total................................ 10.2 5.73 1.882 10.2 4.78 0.411

CONTAINED DECEMBER 31, 2001 TONNES GOLD GRADE GOLD OZ ----------------- ---------- ---------- --------- (millions) (g/t) (millions) Total....................................................... 12.9 5.53 2.293

CONTAINED DECEMBER 31, 2000 TONNES GOLD GRADE GOLD OZ ----------------- ---------- ---------- --------- (millions) (g/t) (millions) Total....................................................... 14.2 5.58 2.545

2001 ------------------------------------------ MEASURED INDICATED ------------------- ------------------- GOLD TONNES GRADE TONNES GRADE ---- ---------- ----- ---------- ----- (millions) (g/t) (millions) (g/t) Total...................................................... 2.5 7.63 0.5 11.87

YEARS ENDED DECEMBER 31, ----------------------------------------------------------- 2001 2000 1999 1998 1997 --------- --------- --------- --------- ------- Total tonnes milled..................... 1,291,400 1,228,100 1,218,931 1,194,500 961,400 Average grade milled (grams per tonne)................................ 5.9 6.5 5.6 5.5 5.3 Recovery rate (%)....................... 95.3 95.8 95 95 94 Production (ounces)..................... 233,600 244,600 209,176 199,700 153,100 Number of employees..................... 319 262 272 263 241

YEARS ENDED DECEMBER 31, --------------------------------------------------- 2001 2000 1999 1998 1997(1) ------- ------- ------- ------- ------- Revenue....................................... $20,122 $21,892 $18,507 $18,864 $14,751 ------- ------- ------- ------- ------- Cost of sales................................. 14,281 12,526 11,924 11,790 9,704 Depletion and depreciation.................... 5,904 5,922 7,477 7,504 5,643 ------- ------- ------- ------- ------- 20,185 18,448 19,401 19,294 15,347 ------- ------- ------- ------- ------- Earnings (loss) before the undernoted......... (63) 3,444 (894) (430) (596) ------- ------- ------- ------- ------- Exploration................................... 488 555 255 216 587 Other......................................... 47 166 29 272 82 ------- ------- ------- ------- ------- 535 721 284 488 669 ------- ------- ------- ------- ------- Earnings (loss) before the undernoted......... (598) 2,723 (1,178) (918) (1,265) Income taxes.................................. -- -- -- -- -- Minority interests and participation rights... (299) 1,362 (112) -- -- ------- ------- ------- ------- ------- Net earnings (loss)........................... $ (299) $ 1,361 $(1,066) $ (918) $(1,265) ------- ------- ------- ------- ------- Other financial information: Capital expenditures.......................... $ 4,032 $ 1,076 $ 2,017 $ 1,708 $24,226 Unit costs: Cash cost per gold ounce.................... $ 192 $ 161 $ 180 $ 184 $ 208 Cash cost per tonne milled.................. 35 32 31 31 32 Total production cost per gold ounce........ 272 237 293 301 329

2001 ---------------------------------------------------------------------- PROVEN PROBABLE --------------------------------- --------------------------------- CONTAINED CONTAINED GOLD TONNES GRADE OUNCES TONNES GRADE OUNCES ---- ---------- ----- ---------- ---------- ----- ---------- (millions) (g/t) (millions) (millions) (g/t) (millions) Total................................ 0.4 5.42 0.075 1.9 4.73 0.283

CONTAINED DECEMBER 31, 2001 TONNES GOLD GRADE GOLD OZ ----------------- ---------- ---------- --------- (millions) (g/t) (millions) Main........................................................ 2.3 4.86 0.358 --- ---- ----- Total....................................................... 2.3 4.86 0.358 === ==== =====

CONTAINED DECEMBER 31, 2000 TONNES GOLD GRADE GOLD OZ ----------------- ---------- ---------- --------- (millions) (g/t) (millions) Main........................................................ 2.8 5.33 0.478 --- ---- ----- Total....................................................... 2.8 5.33 0.478 === ==== =====

YEARS ENDED DECEMBER 31, --------------------------------------------------- 2001 2000 1999 1998 1997 ------- ------- ------- ------- ------- Total tonnes milled........................... 721,700 743,862 786,520 733,700 688,200 Average grade milled (grams per tonne)........ 5.3 4.8 4.4 4.5 4.6 Recovery rate (%)............................. 93.8 92.8 91.0 91 90 Production (ounces)........................... 114,500 105,512 100,911 97,600 91,400 Number of employees........................... 241 243 242 250 275

YEARS ENDED DECEMBER 31, --------------------------------------------------- 2001 2000 1999 1998 1997 ------- ------- ------- ------- ------- Revenue....................................... $15,289 $14,552 $15,202 $21,472 $19,311 ------- ------- ------- ------- ------- Cost of sales................................. 10,537 10,992 10,805 11,783 12,621 Depletion and depreciation.................... 5,916 4,158 4,364 4,848 4,936 ------- ------- ------- ------- ------- 16,453 15,150 15,169 16,631 17,557 ------- ------- ------- ------- ------- Earnings (loss) before the undernoted......... (1,164) (598) 33 4,841 1,754 ------- ------- ------- ------- ------- Mining property write-down.................... 8,000 -- -- -- -- Interest expense.............................. -- -- -- -- 729 Exploration................................... 466 515 530 855 1,539 Other......................................... 62 28 -- 437 21 ------- ------- ------- ------- ------- 8,528 543 530 1,292 2,289 ------- ------- ------- ------- ------- Earnings (loss) before the undernoted......... (9,692) (1,141) (497) 3,549 (535) Income taxes.................................. -- -- -- -- -- Minority interests and participation rights... (4,846) (571) (250) -- -- ------- ------- ------- ------- ------- Net earnings (loss)........................... $(4,846) $ (570) $ (247) $ 3,549 $ (535) ------- ------- ------- ------- ------- Other financial information: Capital expenditures.......................... $ 1,298 $ 1,612 $ 1,435 $ 2,678 $ 3,894 Unit costs: Cash cost per gold ounce.................... $ 187 $ 213 $ 216 $ 238 $ 279 Cash cost per tonne milled.................. 29 30 27 32 37 Total production cost per gold ounce........ 292 293 303 336 388

DECEMBER 31, 2001 TONNES GRADE ----------------- ------ ---------------------------- (000s) (g/t) Ag (%) Pb (%) Zn Reserves.................................................... 2,100 200 7.9 10.9 ----- --- --- ---- Total Reserves.............................................. 2,100 200 7.9 10.9 ===== === === ====

DECEMBER 31, 2000 TONNES GRADE ----------------- ------ ---------------------------- (000s) (g/t) Ag (%) Pb (%) Zn Reserves.................................................... 643 202 8.7 10.2 ----- --- --- ---- Total Reserves.............................................. 643 202 8.7 10.2 ===== === === ====

YEARS ENDED DECEMBER 31, ------------------ 2001 2000 ------- ------- Tonnes milled............................................... 337,000 183,000 Grade Lead (%).................................................. 8.65 9.73 Zinc (%).................................................. 10.46 10.57 Silver g/tonne............................................ 214 199 Recovery Lead (%).................................................. 90.8 87.4 Zinc (%).................................................. 90.0 86.8 Silver (%)................................................ 86.5 84.2 Metal production (000s) Lead (tonnes)............................................... 26.5 15.6 Zinc (tonnes)............................................... 31.7 16.8 Silver (ounces)............................................. 2,005 985 Number of employees......................................... 500 550

YEARS ENDED DECEMBER 31, ------------------ 2001 2000 ------- ------- Revenue..................................................... $24,160 $16,081 ------- ------- Cost of sales............................................... 22,530 16,004 Depletion and depreciation.................................. 1,871 1,003 ------- ------- 24,401 17,007 ------- ------- Loss from mining operations................................. (241) (926) Exploration................................................. -- 146 ------- ------- Loss before the undernoted.................................. (241) (1,072) Income taxes................................................ -- -- ------- ------- Net loss.................................................... $ (241) $(1,072) ------- ------- Other financial information: Capital expenditures........................................ $ 3,471 $ 3,258 Unit operating costs ($/tonne milled)....................... 72 93

2001 ---------------------------------------------------------------------- PROVEN PROBABLE --------------------------------- --------------------------------- CONTAINED CONTAINED GOLD TONNES GRADE OUNCES TONNES GRADE OUNCES ---- ---------- ----- ---------- ---------- ----- ---------- (millions) (g/t) (millions) (millions) (g/t) (millions) Total................................ 20.3 1.01 0.656 109.2 0.87 3.059

CONTAINED DECEMBER 31, 2001 TONNES GOLD GRADE COPPER GRADE GOLD OZ ----------------- ---------- ---------- ------------ ---------- (millions) (g/t) % (millions) Open Pit......................................... 24.8 0.99 0.57 0.786 Sub Level Cave................................... 46.2 1.08 0.61 1.610 Block Cave....................................... 58.6 0.70 0.51 1.320 ----- ---- ---- ----- Total............................................ 129.6 0.89 0.56 3.716 ===== ==== ==== =====

2001 ------------------- INDICATED ------------------- GOLD TONNES GRADE ---- ---------- ----- (millions) (g/t) Total....................................................... 61.7 0.67

CONTAINED DECEMBER 31, 2001 TONNES GOLD GRADE GOLD OZ ----------------- ---------- ---------- ---------- (millions) (g/t) (millions) East........................................................ 0.0 0.00 0.000 Upper West.................................................. 0.0 0.00 0.000 Intermediate West........................................... 0.0 0.00 0.000 Lower West.................................................. 0.0 0.00 0.000 South West Extension........................................ 0.0 0.00 0.000 AsPy Stockpile.............................................. 0.0 0.00 0.000 Tailings.................................................... 0.0 0.00 0.000 --- ---- ----- Total....................................................... 0.0 0.00 0.000 === ==== =====

CONTAINED DECEMBER 31, 2000 TONNES GOLD GRADE GOLD OZ ----------------- ---------- ---------- ---------- (millions) (g/t) (millions) East........................................................ 1.3 13.74 0.558 Upper West.................................................. 0.5 12.46 0.182 Intermediate West........................................... 1.6 8.55 0.429 Lower West.................................................. 6.1 8.93 1.740 South West Extension........................................ 2.2 5.89 0.412 AsPy Stockpile.............................................. 0.3 23.24 0.207 Tailings.................................................... 2.2 3.43 0.240 ---- ----- ----- Total....................................................... 14.0 8.39 3.768 ==== ===== =====

2001 ------------------- INDICATED ------------------- GOLD TONNES GRADE ---- ---------- ----- (millions) (g/t) Total....................................................... 60.38 1.39

BUSINESS EXPERIENCE NAME MUNICIPALITY OF RESIDENCE BECAME A DIRECTOR (FOR THE PAST FIVE YEARS UNLESS OTHERWISE SHOWN) ------------------------------ ----------------- ------------------------------------------------ George F. Michals, Chairman,(1)(4) June, 2001 President, Baymont Capital Resources Inc. Toronto, Ontario (investment and business development). Harry S. Campbell, Q.C. June, 2001 Managing Partner, Burnet, Duckworth & Palmer LLP Calgary, Alberta (law firm). W. Robert Dengler(2) June, 2001 President and Chief Executive Officer of Dynatec Toronto, Ontario Corporation (engineering and mining services) since 1997. Prior to that, he was Chairman and Chief Executive Officer of Dynatec International Limited (mining services company). T. Sean Harvey(3) February, 2001 President and Chief Executive Officer of TVX Toronto, Ontario Gold Inc. Prior to April 2001, Mr. Harvey was an independent financial consultant to such companies as TVX and EBX Capital Partners (investment company). Prior to April 2000, Mr. Harvey was a Director of Deutsche Bank Securities Limited (financial advisory services) and prior to September 1998, Mr. Harvey was a Senior Coverage and Execution Director of Nesbitt Burns Inc. (investment bank). J.S.A. MacDonald(2)(4) June, 2001 Chairman and Managing Partner of Enterprise Toronto, Ontario Capital Management Inc. (investment management company) since January 1997. Prior to that, he was Deputy Chairman of Scotia McLeod Inc. (investment dealer). David P. Smith(1) June, 2001 Managing Partner of Enterprise Capital Toronto, Ontario Management Inc. (investment management company) since January 1997. Thomas Witz(1)(3) June, 2001 Managing Director of Investments and Trading, Somers, New York Paloma Partners Management Company (investment company). Mark I. Young(2)(4) December, 1998 Managing Partner, Cassels Brock & Blackwell LLP Toronto, Ontario (law firm).

OFFICE HELD AND BUSINESS EXPERIENCE NAME MUNICIPALITY OF RESIDENCE (FOR THE PAST FIVE YEARS UNLESS OTHERWISE SHOWN) ------------------------------ ------------------------------------------------------------ T. Sean Harvey............................ President and Chief Executive Officer. Prior to April 2001, Mr. Harvey Toronto, Ontario was an independent financial consultant to such companies as TVX and EBX Capital Partners (investment company). Prior to April 2000, Mr. Harvey was a Director of Deutsche Bank Securities Limited (financial advisory services) and prior to September 1998, Mr. Harvey was a Senior Coverage and Execution Director of Nesbitt Burns Inc. (investment bank). R. Gregory Laing.......................... General Counsel, Vice President and Corporate Secretary. Mississauga, Ontario Melvyn Williams........................... Chief Financial Officer Cheshire, United Kingdom Robert Whittall........................... Vice President, Finance since April 2001. From August, 1999 to March, Toronto, Ontario 2001 Mr. Whittall provided financial consulting services to TVX as well as acting as Chief Financial Officer to Orezone Resources Inc. and Scorpion Minerals Inc. (junior mining companies). From June, 1997 to July, 1999, he was a Director, Chief Financial Officer and Secretary of LatinGold Inc. (exploration company) and prior to that, he was the Chief Financial Officer of Central Asia Goldfields Corporation and Kazakstan Goldfields Corporation (gold mining and exploration companies).

GOLD SILVER ------------------------- --------------------------- HIGH LOW AVERAGE HIGH LOW AVERAGE ---- ---- ------- ----- ----- ------- 2001............................. $304 $256 $271 $4.84 $4.06 $4.35 2000............................. 313 264 279 5.45 4.57 4.95 1999............................. 326 253 279 5.75 4.88 5.22 1998............................. 313 273 294 7.81 4.69 5.53 1997............................. 367 283 331 6.24 4.22 4.89

PROPERTIES: OFFICES: A. Round Mountain (Nevada, United States) 1. Edmonton (Alberta) B. McCoy/Cove (Nevada, United States) 2. Englewood (Colorado) C. Kettle River (Washington, United States) 3. Reno (Nevada) D. Lupin (Nunavut, Canada) E. Aquarius (Ontario, Canada)

OWNERSHIP % ----------- MINES: Round Mountain(1)........................................... 50 Lupin....................................................... 100 Kettle River(2)............................................. 100 DEVELOPMENT PROPERTY: Aquarius.................................................... 100

2001 2000 1999 --------- ---------- --------- GOLD AND SILVER PRODUCTION GOLD PRODUCTION (OUNCES) Round Mountain (50)%(1)..................................... 373,475 320,064 270,904 Lupin....................................................... 139,327 117,729 -- McCoy/Cove.................................................. 94,633 162,784 124,536 Kettle River................................................ 50,349 94,086 104,396 --------- ---------- --------- Total gold.................................................. 657,784 694,663 499,836 ========= ========== ========= Percentage increase (decrease) from prior year.............. (5.3)% 39.0% (6.8)% SILVER PRODUCTION (OUNCES) Total silver-all from McCoy/Cove............................ 6,451,425 12,328,297 8,430,072 ========= ========== ========= Percentage increase (decrease) from prior year.............. (47.7)% 46.2% (10.4)%

YEAR ENDED DECEMBER 31, --------------------------------------- 2001 2000 1999 ---------- ----------- ---------- REVENUE DATA GOLD Ounces sold............................................... 667,015 676,439 486,592 Average price realized per ounce -- revenue basis......... $ 305 $ 319 $ 325 Average price realized per ounce -- cash basis(1)......... $ 281 $ 294 $ 335 Average market price per ounce............................ $ 271 $ 279 $ 279 Revenue (millions of U.S. dollars)........................ $ 203.6 $ 215.8 $ 158.2 Percentage of total revenue............................... 86% 77% 75% SILVER Ounces sold............................................... $7,241,147 $12,347,779 $9,173,012 Average price realized per ounce -- revenue basis......... $ 4.70 $ 5.28 $ 5.69 Average price realized per ounce -- cash basis(1)......... $ 4.77 $ 5.21 $ 5.22 Average market price per ounce............................ $ 4.39 $ 5.00 $ 5.25 Revenue (millions of U.S. dollars)........................ $ 34.1 $ 65.2 $ 52.2 Percentage of total revenue............................... 14% 23% 25% ---------- ----------- ---------- Total revenue (millions of U.S. dollars).................. $ 237.7 $ 281.0 $ 210.4 ========== =========== ==========

YEAR ENDED DECEMBER 31, ------------------------------- 2001 2000 1999 -------- ------- -------- (thousands of U.S. dollars) REVENUE VARIANCES Increase (decrease) in volume............................... $(29,968) $79,770 $(16,438) Lower gold prices........................................... (9,154) (4,084) (3,649) Lower silver prices......................................... (4,170) (5,061) (1,743) -------- ------- -------- Increase/(decrease) in total revenue from the previous year...................................................... $(43,292) $70,625 $(21,830) ======== ======= ========

2001 2000 1999 ---- ------ ---- PRODUCTION COSTS PER OUNCE OF GOLD PRODUCED Direct mining expense....................................... $214 $ 192 $237 Deferred stripping and mine development costs............. 11 3 (23) Inventory movements and other............................. (2) (2) 1 ---- ------ ---- Cash operating costs........................................ 223 193 215 Royalties................................................. 10 9 11 Production taxes.......................................... -- 2 -- ---- ------ ---- Total cash costs............................................ 233 204 226 Depreciation.............................................. 41 35 58 Amortization.............................................. 14 20 20 Reclamation and mine closure.............................. 8 12 11 ---- ------ ---- Total production costs...................................... $296 $ 271 $315 ==== ====== ==== Percentage increase (decrease) from prior year.............. 9.2% (14.0)% (0.6)% CASH OPERATING COSTS PER OUNCE OF GOLD PRODUCED Round Mountain.............................................. $190 $ 195 $200 Lupin....................................................... 246 213 -- McCoy/Cove.................................................. 252 179 221 Kettle River................................................ 288 218 238 ---- ------ ---- Company consolidated weighted average....................... $223 $ 193 $215 ==== ====== ==== Percentage increase (decrease) from prior year.............. 15.5% (10.2)% 3.4%

2001 2000 1999 ---------- ----------- ---------- Round Mountain Operating costs per financial statements................ $ 72,049 $ 60,501 $ 53,055 Change in finished goods inventory...................... (1,165) 2,062 1,193 ---------- ----------- ---------- Cash operating costs.................................... $ 70,884 $ 62,563 $ 54,248 ========== =========== ========== Gold ounces produced.................................... 373,475 320,064 270,904 ---------- ----------- ---------- Cash operating costs per ounce.......................... $ 190 $ 195 $ 200 ========== =========== ========== Lupin Operating costs per financial statements................ $ 34,721 $ 22,883 $ -- Change in finished goods inventory...................... (469) 2,211 -- ---------- ----------- ---------- Cash operating costs.................................... $ 34,252 $ 25,094 $ -- ========== =========== ========== Gold ounces produced.................................... 139,327 117,729 -- ---------- ----------- ---------- Cash operating costs per ounce.......................... $ 246 $ 213 $ -- ========== =========== ========== McCoy/Cove Operating costs per financial statements................ $ 53,016 $ 69,920 $ 63,429 Change in finished goods inventory...................... (2,797) (1,180) (1,122) ---------- ----------- ---------- Cash operating costs.................................... $ 50,219 $ 68,740 $ 62,307 ========== =========== ========== Gold ounces produced.................................... 94,633 162,784 124,536 Silver ounces produced.................................. 6,451,425 12,328,297 8,430,072 Average gold-to-silver price ratio...................... 61.7 55.7 53.6 ---------- ----------- ---------- Cash operating costs per ounce.......................... $ 252 $ 179 $ 221 ========== =========== ========== Kettle River Operating costs per financial statements................ $ 15,555 $ 20,131 $ 23,332 Change in finished goods inventory...................... (1,031) 333 1,551 ---------- ----------- ---------- Cash operating costs.................................... $ 14,524 $ 20,464 $ 24,883 ========== =========== ========== Gold ounces produced.................................... 50,349 94,086 104,396 ---------- ----------- ---------- Cash operating costs per ounce.......................... $ 288 $ 218 $ 238 ========== =========== ========== Consolidated Operating costs per financial statements................ $ 175,341 $ 173,435 $ 139,816 Change in finished goods inventory...................... (5,462) 3,426 1,622 ---------- ----------- ---------- Cash operating costs.................................... $ 169,879 $ 176,861 $ 141,438 ========== =========== ========== Gold ounces produced.................................... 657,784 694,663 499,836 Silver ounces produced.................................. 6,451,425 12,328,297 8,430,072 Average gold-to-silver price ratio...................... 61.7 55.7 53.6 ---------- ----------- ---------- Cash operating costs per ounce.......................... $ 223 $ 193 $ 215 ========== =========== ==========

2001 2000 1999 AVERAGE CONTAINED CONTAINED CONTAINED TONS GRADE(2) OUNCES OUNCES OUNCES ------- -------- --------- --------- --------- GOLD MINES: Round Mountain(3)(50%)....................... 118,490 0.019 2,244 2,609 2,938 Lupin........................................ 1,367 0.256 350 434 518 McCoy/Cove................................... 430 0.031 13 161 514 Kettle River................................. 129 0.194 25 70 162 ----- ------ ------ 2,632 3,274 4,132 DEVELOPMENT PROPERTIES: Aquarius..................................... 17,527 0.068 1,189 1,189 1,164 ----- ------ ------ Total gold................................... 3,821 4,463 5,296 ===== ====== ====== SILVER McCoy/Cove................................... 430 2.624 1,128 10,899 28,243 ----- ------ ------ Total silver................................. 1,128 10,899 28,243 ===== ====== ======

GOLD SILVER ---- ------ (millions of ounces) Proven and probable reserves at December 31, 2000........... 4.5 10.9 Production(1)............................................. (0.8) (9.8) Extensions, discoveries and adjustments Round Mountain.... 0.1 -- ---- ---- Proven and probable reserves at December 31, 2001........... 3.8 1.1 ==== ====

2001 2000 1999 ------------------ ----------------- ------------------- AVERAGE AVERAGE AVERAGE TONS GRADE(3) TONS GRADE(3) TONS GRADE(3) ----- -------- ----- -------- ------ -------- GOLD Round Mountain (50%)(4)................ 3,914 0.024 9,353 0.022 15,682 0.020 Lupin.................................. 3 0.215 76 0.263 69 0.275 Kettle River........................... 94 0.191 418 0.189 17 0.235 McCoy/Cove............................. -- -- -- -- 100 0.350 SILVER McCoy/Cove............................. -- -- -- -- 100 2.000

2001 2000 1999 ------------------- ------------------- ------------------- AVERAGE AVERAGE AVERAGE TONS GRADE(2) TONS GRADE(2) TONS GRADE(2) ------ -------- ------ -------- ------ -------- GOLD MINES: Round Mountain (50%)(3)............. 29,999 0.014 45,267 0.014 47,440 0.015 Lupin............................... 369 0.314 611 0.326 739 0.337 Kettle River........................ 11 0.182 96 0.177 -- -- DEVELOPMENT PROPERTIES(4): Aquarius............................ 724 0.066 724 0.066 575 0.078 Ulu................................. 1,279 0.326 1,279 0.326 1,509 0.374

2001 2000 1999 1998 1997 -------- -------- -------- -------- -------- Gold produced (ounces) (100%): Heap leached -- reusable pad....... 219,704 141,176 140,988 182,378 268,518 Heap leached -- dedicated pad...... 369,750 352,132 215,825 221,396 195,558 Milled............................. 156,854 139,870 157,901 97,686 6,410 Other(1)........................... 642 6,950 27,094 9,044 7,194 -------- -------- -------- -------- -------- Total.............................. 746,950 640,128 541,808 510,504 477,680 Mining cost/ton of ore and waste..... $ 0.83 $ 0.83 $ 0.73 $ 0.66 $ 0.65 Heap leaching cost/ton of ore........ $ 0.82 $ 0.68 $ 0.68 $ 0.74 $ 0.61 Milling cost/ton of ore.............. $ 3.07 $ 2.80 $ 2.92 $ 3.36 $ 4.38 Production cost/ounce of gold produced Direct mining expense.............. $ 178 $ 200 $ 221 $ 209 $ 208 Deferred stripping cost............ 14 (1) (19) (7) 2 Inventory movements and other...... (2) (4) (2) (4) (3) -------- -------- -------- -------- -------- Cash operating cost............. 190 195 200 198 207

2001 2000 1999 1998 1997 -------- -------- -------- -------- -------- Royalties paid.................. 18 17 19 20 22 Production taxes................ 2 1 -- 3 4 -------- -------- -------- -------- -------- Total cash cost............... 210 213 219 221 233 Depreciation.................... 40 43 48 46 39 Amortization.................... 15 18 18 18 18 Reclamation and mine closure.... 9 9 9 7 7 -------- -------- -------- -------- -------- Total production costs........ $ 274 $ 283 $ 294 $ 292 $ 297 -------- -------- -------- -------- -------- Capital expenditures (millions)(2)................... $ 15.0 $ 4.6 $ 7.7 $ 12.6 $ 30.7 Deferred (applied) mining expenditures (millions)(2)...... $ (5.3) $ 0.4 $ 5.1 $ 1.7 $ (0.4) Heap leached-reusable pad: Ore processed (tons/day)........ 23,601 24,335 15,602 18,953 26,608 Total ore processed (000 tons)......................... 8,520 8,785 5,741 6,842 9,552 Grade (ounce/ton)............... 0.035 0.028 0.034 0.036 0.036 Recovery rate (%)............... 77.4 61.6 73.4 70.6 74.9 Heap leached-dedicated pad: Ore processed (tons/day) (100%)........................ 128,637 141,047 120,020 101,892 107,716 Total ore processed (000 tons) (100%)........................ 46,438 50,918 44,167 36,783 38,670 Grade (ounce/ton)............... 0.011 0.011 0.011 0.010 0.010 Recovery rate (%)............... (3) (3) (3) (3) (3) Milled:(4) Ore processed (tons/day) (100%)........................ 10,171 9,304 8,083 7,993 n.m.(5) Total ore processed (000 tons) (100%)........................ 3,702 3,387 2,999 2,885 274 Gold grade (ounce/ton).......... 0.050 0.045 0.067 0.045 0.041 Gold recovery rate (%).......... 83.7 83.1 87.0 77.9 60.0

AVERAGE GRADE GOLD TONNAGE OF GOLD CONTENT(3) ------------------- ---------------- -------------- (000's short tons) (ounces per ton) (000's ounces) Round Mountain pit.................................. 141,057 0.022 3,132 Offloads and heap leach stockpiles(4)............... 89,368 0.010 931 Mill stockpiles..................................... 6,554 0.065 425 ------- ----- Total Proven and Probable-2001...................... 236,979 0.019 4,488 ======= ===== Proven.............................................. 175,967 0.018 3,173 Probable............................................ 61,012 0.022 1,315 ------- ----- Total Proven and Probable-2001...................... 236,979 0.019 4,488 ======= ===== Total Proven and Probable-2000...................... 273,206 0.019 5,218 ======= =====

2001 2000 1999(1) 1998(1) 1997 ------------- ------------- ------- ------- ------------- Gold produced (ounces)......... 139,327 117,729 -- -- 165,335 Mining cost/ton of ore......... Cdn.$ 47.35 Cdn.$ 42.36 -- -- Cdn.$ 46.09 Milling cost/ton of ore........ Cdn.$ 13.43 Cdn.$ 13.98 -- -- Cdn.$ 11.77 Production cost/ounce of gold produced: Canadian dollars: Direct mining expense..... Cdn.$ 420 Cdn.$ 344 -- -- Cdn.$ 381 Deferred mine development............. (16) (6) -- -- 13 Inventory movements and other................... -- -- -- -- (1) ------------- ------------- ----- ----- ------------- Cash operating cost..... Cdn.$ 404 Cdn.$ 338 -- -- Cdn.$ 393 ------------- ------------- ----- ----- ------------- U.S. dollars: Cash operating cost....... US$ 246 US$ 213 -- -- US$ 284 Royalties................. -- -- -- -- -- Production taxes.......... -- -- -- -- -- ------------- ------------- ----- ----- ------------- Total cash cost......... 246 213 -- -- 284 Depreciation.............. 30 27 -- -- 71 Amortization.............. 7 8 -- -- 24 Reclamation and mine closure................. 14 17 -- -- 14 ------------- ------------- ----- ----- ------------- Total production cost..... US$ 297 US$ 265 -- -- US$ 393 ------------- ------------- ----- ----- ------------- Capital expenditures (millions US$)......................... $ 2.6 $ 4.7 -- -- $ 12.3 Deferred (applied) mining expenditures (millions US$)......................... $ 1.5 $ 0.4 -- -- $ (1.8) Milled: Ore processed (tons/day)..... 1,883 1,861 -- -- 2,167 Total ore processed (000 tons)..................... 685 508 -- -- 789 Grade (ounce/ton)............ 0.218 0.248 -- -- 0.226 Recovery rate (%)............ 93.2 93.3 -- -- 92.6

AVERAGE GRADE TONNAGE OF GOLD GOLD CONTENT(2) ------------------- ---------------- --------------- (000's short tons) (ounces per ton) (000's ounces) Center Zone....................................... 493 0.278 137 East Zone......................................... 128 0.226 27 West Zone......................................... 590 0.251 148 McPherson Zone.................................... 156 0.263 38 ----- --- Total Proven and Probable-2001.................... 1,367 0.256 350 ===== === Proven............................................ 949 0.254 241 Probable.......................................... 418 0.259 109 ----- --- Total Proven and Probable-2001.................... 1,367 0.256 350 ===== === Total Proven and Probable-2000.................... 1,678 0.259 434 ===== ===

2001 2000 1999 1998 1997 ------- ------- -------- -------- -------- Gold produced (ounces)................... 50,349 94,086 104,396 113,692 129,866 Mining cost/ton of ore................... $ 25.20 $ 20.52 $ 23.57 $ 21.65 $ 21.53 Milling cost/ton of ore.................. $ 12.02 $ 11.58 $ 11.22 $ 10.71 $ 10.58 Production cost/ounce of gold produced: Direct mining expense.................. $ 229 $ 224 $ 239 $ 238 $ 231 Deferred mine development.............. -- -- -- -- -- Inventory movements and other.......... 59 (6) (1) 6 (4) ------- ------- -------- -------- -------- Cash operating cost................. 288 218 238 244 227 Royalties.............................. 10 13 15 12 14 Production taxes....................... 1 1 2 1 2 ------- ------- -------- -------- -------- Total cash cost..................... 299 232 255 257 243 Depreciation........................... 19 11 55 77 54 Amortization........................... 42 8 8 5 36 Reclamation and mine closure........... 15 15 15 12 12 ------- ------- -------- -------- -------- Total production cost............... $ 375 $ 266 $ 333 $ 351 $ 345 ------- ------- -------- -------- -------- Capital expenditures (millions).......... $ 4.1 $ 1.4 $ 0.5 $ 1.5 $ 3.8

2001 2000 1999 1998 1997 ------- ------- -------- -------- -------- Milled: Ore processed (tons/day)............... 934 1,470 1,698 2,017 2,118 Total ore processed (000 tons)......... 340 535 630 734 771 Grade (ounce/ton)...................... 0.178 0.209 0.198 0.187 0.197 Recovery rate (%)...................... 83.0 84.1 83.7 82.8 85.4

AVERAGE GRADE TONNAGE OF GOLD GOLD CONTENT(2) ------------------ ---------------- --------------- (000's short tons) (ounces per ton) (000's ounces) Ore stockpiles...................................... 22 0.182 4 K-2................................................. 107 0.196 21 --- --- Total Proven and Probable-2001...................... 129 0.194 25 === === Proven.............................................. 105 0.197 21 Probable............................................ 24 0.179 4 --- --- Total Proven and Probable-2001...................... 129 0.194 25 === === Total Proven and Probable-2000...................... 363 0.193 70 === ===

YEAR ENDED DECEMBER 31, ------------------------------------ 2002(*) 2001 2000 1999 1998 1997 ------- ---- ---- ---- ---- ---- High............................................. $327 $293 $313 $326 $313 $367 Low.............................................. 278 256 264 253 273 283 Average.......................................... 306 271 279 279 294 332 End of Period.................................... 324 277 274 290 286 293

YEAR ENDED DECEMBER 31, ----------------------------------------- 2002(*) 2001 2000 1999 1998 1997 ------- ----- ----- ----- ----- ----- High........................................... $5.15 $4.86 $5.53 $5.77 $7.31 $6.13 Low............................................ 4.26 4.06 4.60 4.91 4.72 4.18 Average........................................ 4.66 4.39 5.00 5.25 5.54 4.87 End of Period.................................. 4.56 4.50 4.60 5.40 4.87 6.13

PRO FORMA PRO FORMA NOTES KINROSS TVX ECHO BAY ADJUSTMENTS CONSOLIDATED ----- ------- ------ -------- ----------- ------------ ASSETS CURRENT ASSETS Cash and cash equivalents............................... $ 84.5 $108.4 $ 20.9 $ -- $ 83.8 2.3 -- -- -- (27.0) 2.4 -- -- -- 91.5 2.5 -- -- -- (180.0) 2.12 -- -- -- (14.5) Restricted cash......................................... 21.5 -- -- -- 5.6 2.12 -- -- -- (15.9) Accounts receivable..................................... 12.4 22.4 8.0 -- 43.3 2.2 -- -- -- (0.5) 2.12 -- -- -- 1.0 Inventories............................................. 39.4 21.2 25.8 -- 103.0 2.12 -- -- -- 16.6 Restricted bullion inventory............................ 5.4 -- -- -- 5.4 Marketable securities................................... 0.3 4.2 2.2 -- 20.8 2.2 -- -- -- 14.1 ------ ------ ------ ------ -------- 163.5 156.2 56.9 (114.7) 261.9 PROPERTY, PLANT AND EQUIPMENT............................. 348.5 227.1 138.3 -- 1,011.5 2.1 -- -- -- 172.1 2.2 -- -- -- 102.7 2.12 -- -- -- 22.8 GOODWILL.................................................. -- -- -- 759.6 2.1 -- -- -- 329.2 2.2 -- -- -- 432.5 2.3 -- -- -- 27.0 2.14 -- -- -- 34.9 2.6 -- -- -- (64.0) LONG-TERM INVESTMENTS..................................... 11.9 -- 53.8 -- 20.2 2.2 -- -- -- (38.8) 2.6 -- -- -- (6.7) RESTRICTED CASH........................................... -- 9.1 -- -- 9.1 FUTURE INCOME AND MINING TAXES............................ -- 12.3 -- -- 12.3 DEFERRED CHARGES AND OTHER ASSETS......................... 8.5 28.4 -- -- 28.5 2.1 -- -- -- (11.9) 2.12 -- -- -- 3.5 ------ ------ ------ ------ -------- $532.4 $433.1 $249.0 $888.6 $2,103.1 ====== ====== ====== ====== ========

PRO FORMA PRO FORMA NOTES KINROSS TVX ECHO BAY ADJUSTMENTS CONSOLIDATED ----- ------- ------ -------- ----------- ------------ LIABILITIES CURRENT LIABILITIES Accounts payable and accrued liabilities................ $ 37.7 $ 25.6 $ 25.2 $ -- $ 93.2 2.1 -- -- -- (2.0) 2.12 -- -- -- 6.7 Current portion of long-term debt....................... 23.3 2.3 -- -- 27.8 2.12 -- -- -- 2.2 Deferred revenue........................................ -- 6.1 0.7 -- -- 2.1 -- -- -- (6.1) 2.2 -- -- -- (0.7) Current portion of site restoration cost accruals....... 7.8 -- 4.6 -- 16.0 2.1 -- -- -- 2.0 2.12 -- -- -- 1.6 ------ ------ ------ ------ -------- 68.8 34.0 30.5 3.7 137.0 LONG-TERM DEBT............................................ 28.4 -- -- -- 29.5 2.1 -- -- -- 1.1 SITE RESTORATION COST ACCRUALS............................ 45.6 -- 47.4 -- 107.8 2.1 -- -- -- 23.5 2.2 -- -- -- (10.3) 2.12 -- -- -- 1.6 FUTURE INCOME AND MINING TAXES............................ 3.3 20.0 0.9 -- 59.1 2.14 -- -- -- 34.9 DEFERRED REVENUE.......................................... 5.8 -- 19.1 -- 8.1 2.2 -- -- -- (16.8) OTHER LONG-TERM LIABILITIES............................... 5.7 23.7 -- -- 5.7 2.1 -- -- -- (23.7) DEBT COMPONENT OF CONVERTIBLE DEBENTURES.................. 22.8 -- -- -- 22.8 REDEEMABLE RETRACTABLE PREFERRED SHARES................... 2.4 -- -- -- 2.4 ------ ------ ------ ------ -------- 182.8 77.7 97.9 14.0 372.4 MINORITY INTERESTS AND PARTICIPATION RIGHTS............... -- 129.8 -- -- 1.4 2.1 -- -- -- 50.2 2.5 -- -- -- (180.0) 2.12 -- -- -- 1.4 CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY.......... 12.6 -- -- -- 12.6 COMMON SHAREHOLDERS' EQUITY................................. 337.0 225.6 151.1 -- 1,716.7 3.0 -- -- -- 1,003.0 ------ ------ ------ ------ -------- $532.4 $433.1 $249.0 $888.6 $2,103.1 ====== ====== ====== ====== ========

PRO FORMA PRO FORMA NOTES KINROSS TVX ECHO BAY ADJUSTMENTS CONSOLIDATED ----- ------- ------- -------- ----------- ------------ REVENUE Mining revenue............................................ $184.5 $ 135.7 $ 161.7 $ -- $ 480.5 2.10 -- -- -- (28.2) 2.11 -- -- -- (12.1) 2.12 -- -- -- 38.9 Interest and other income................................. 13.7 5.6 -- -- 15.5 2.7 -- -- -- (2.2) 2.12 -- -- -- (1.6) Mark to market loss on call options....................... (1.9) 0.3 -- -- (1.6) ------ ------- ------- ------- ------- 196.3 141.6 161.7 (5.2) 494.4 ------ ------- ------- ------- ------- EXPENSES Operating................................................. 126.9 92.1 109.6 -- 331.6 2.11 -- -- -- (13.5) 2.12 -- -- -- 16.0 2.16 -- -- -- (2.0) 2.17 -- -- -- 2.5 General and administrative................................ 8.0 4.7 5.7 -- 18.4 Exploration............................................... 6.5 2.7 4.8 -- 14.9 2.12 -- -- -- 0.9 Depreciation, depletion and amortization.................. 61.3 24.6 28.3 -- 152.0 2.9 -- -- -- 27.1 2.11 -- -- -- (4.4) 2.12 -- -- -- 9.8 2.13 -- -- -- 5.3 Gain on sale of assets.................................... (2.0) -- -- -- (2.0) Loss on retirement of capital securities.................. -- -- 5.5 -- 5.5 Foreign exchange loss (gain).............................. 3.0 3.7 0.1 -- 6.8 2.12 -- -- -- -- Interest expense on long-term liabilities................. 4.0 0.6 -- -- 4.8 2.12 -- -- -- 0.2 ------ ------- ------- ------- ------- 207.7 128.4 154.0 41.9 532.0 ------ ------- ------- ------- ------- (11.4) 13.2 7.7 (47.1) (37.6) Share in loss of investee companies......................... (0.6) -- -- -- (0.6) ------ ------- ------- ------- ------- (LOSS) INCOME BEFORE TAXES AND DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY.................... (12.0) 13.2 7.7 (47.1) (38.2) PROVISION FOR INCOME AND MINING TAXES....................... (4.7) (2.4) -- -- (7.7) 2.12 -- -- -- (3.6) 2.14 3.0 MINORITY INTEREST AND PARTICIPATION RIGHTS.................. -- (6.6) -- -- (0.3) 2.8 -- -- -- 6.6 2.12 -- -- -- (0.3) ------ ------- ------- ------- ------- (LOSS) INCOME FOR THE YEAR BEFORE DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY.................... (16.7) 4.2 7.7 (41.4) (46.2) DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY................................................... (1.3) -- -- -- (1.3) ------ ------- ------- ------- ------- NET (LOSS) INCOME FOR THE PERIOD............................ (18.0) 4.2 7.7 (41.4) (47.5) INCREASE IN EQUITY COMPONENT OF CONVERTIBLE INSTRUMENTS..... (5.5) -- (4.6) -- (10.1) LOSS ON RETIREMENT OF CAPITAL SECURITIES, NET OF NIL TAX EFFECT.................................................... -- -- (132.3) -- (132.3) ------ ------- ------- ------- ------- NET (LOSS) INCOME FOR THE PERIOD ATTRIBUTABLE TO COMMON SHAREHOLDERS.............................................. $(23.5) $ 4.2 $(129.2) $ (41.4) $(189.9) ====== ======= ======= ======= ======= (LOSS) EARNINGS PER SHARE (NOTE 5) Basic....................................................... $(0.07) $ 0.11 $ (0.33) $ (0.20) Diluted..................................................... -- $ 0.10 -- --

PRO FORMA PRO FORMA NOTES KINROSS TVX ECHO BAY ADJUSTMENTS CONSOLIDATED ----- ------- ------- -------- ----------- ------------ REVENUE Mining revenue............................................ $270.1 $ 158.3 $237.7 $ -- $ 639.9 2.10 -- -- -- (23.2) 2.11 -- -- -- (59.2) 2.12 -- -- -- 56.2 Interest and other income................................. 9.3 9.1 -- -- 9.6 2.7 -- -- -- (6.0) 2.12 -- -- -- (2.8) Mark to market loss on call options....................... 3.5 0.4 -- -- 3.9 ------ ------- ------ ------ ------- 282.9 167.8 237.7 (35.0) 653.4 ------ ------- ------ ------ ------- EXPENSES Operating................................................. 180.7 108.1 189.2 -- 456.7 2.10 -- -- -- 2.8 2.11 -- -- -- (51.0) 2.12 -- -- -- 29.0 2.16 -- -- -- (6.1) 2.17 -- -- -- 4.0 General and administrative................................ 10.1 8.1 5.6 -- 23.8 Exploration............................................... 7.9 3.4 3.5 -- 16.5 2.12 -- -- -- 1.7 Depreciation, depletion and amortization.................. 85.8 40.2 42.1 -- 209.9 2.9 -- -- -- 32.0 2.11 -- -- -- (12.6) 2.12 -- -- -- 16.9 2.13 -- -- -- 6.8 2.15 -- -- -- (1.3) Gain on sale of assets.................................... (1.2) -- -- -- (1.2) Foreign exchange loss..................................... 1.1 3.3 -- -- 4.8 2.12 -- -- -- 0.4 Interest expense on long-term liabilities................. 9.1 3.8 1.7 -- 16.3 2.12 -- -- -- 1.7 Writedown of property, plant and equipment................ 16.1 244.5 4.4 -- 265.0 ------ ------- ------ ------ ------- 309.6 411.4 246.5 24.3 991.8 ------ ------- ------ ------ ------- (26.7) (243.6) (8.8) (59.3) (338.4) Share in loss of investee companies......................... (2.2) -- -- -- (2.2) ------ ------- ------ ------ ------- Loss before taxes and dividends on convertible preferred shares of subsidiary company.............................. (28.9) (243.6) (8.8) (59.3) (340.6) PROVISION FOR INCOME AND MINING TAXES....................... (2.9) 5.6 3.1 -- 5.1 2.12 -- -- -- (4.4) 2.14 -- -- -- 3.7 MINORITY INTEREST AND PARTICIPATION RIGHTS.................. -- 10.0 -- -- -- 2.8 -- -- -- (10.0) ------ ------- ------ ------ ------- LOSS FOR THE YEAR BEFORE DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY.............................. (31.8) (228.0) (5.7) (70.0) (335.5) DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY................................................... (5.1) -- -- -- (5.1) ------ ------- ------ ------ ------- NET LOSS FOR THE YEAR....................................... (36.9) (228.0) (5.7) (70.0) (340.6) INCREASE IN EQUITY COMPONENT OF CONVERTIBLE INSTRUMENTS..... (7.7) (6.6) (17.3) -- (31.6) INCREASE FROM THE SETTLEMENT OF CONVERTIBLE INSTRUMENTS..... -- 34.7 -- -- 34.7 ------ ------- ------ ------ ------- NET LOSS FOR THE YEAR ATTRIBUTABLE TO COMMON SHAREHOLDERS... $(44.6) $(199.9) $(23.0) $(70.0) $(337.5) ====== ======= ====== ====== ======= LOSS PER SHARE (NOTE 5) Basic and diluted........................................... $(0.14) $(10.58) $(0.16) $ (0.38)

IN MILLIONS EXCEPT SHARE PRICE AND NUMBER OF SHARES ACQUISITION OF 100% OF TVX -------------------- Calculation of preliminary allocation of purchase price: Common shares of the Corporation to be issued to the TVX shareholders.............................................. 280,442,552 The average closing market price of the Corporation's shares over the four trading days from June 6 through June 11, 2002...................................................... $ 2.38 ------------ Fair value of the Corporation's common stock issued......... $ 667.5 Plus -- fair value of TVX warrants and options to be assumed by the Corporation (100% vested).......................... 2.5 ------------ Total purchase price........................................ 670.0 Plus -- fair value of liabilities assumed by the Corporation: Accounts payable and accrued liabilities(1)............... 23.6 Current portion of site restoration accruals.............. 2.0 Long-term debt (including current portion)................ 3.4 Site restoration obligations(1)........................... 23.5 Future income tax liabilities............................. 20.0 Minority interest and participation rights................ 180.0 Less -- fair value of assets acquired by the Corporation: Cash...................................................... (108.4) Short-term investments.................................... (4.2) Accounts receivable....................................... (22.4) Inventories............................................... (21.2) Property, plant and equipment............................. (399.2) Restricted cash........................................... (9.1) Future income tax assets.................................. (12.3) Purchased put options..................................... (1.6) Other non-current assets.................................. (14.9) ------------ Residual purchase price allocated to non-amortizable goodwill.................................................. $ 329.2 ============

IN MILLIONS EXCEPT SHARE PRICE AND NUMBER OF SHARES ACQUISITION OF 100% OF ECHO BAY -------------------- Calculation of preliminary allocation of purchase price: Common shares of the Corporation to be issued to the Echo Bay shareholders.......................................... 281,461,271 The average closing market price of the Corporation's shares over the four trading days from June 6 through June 11, 2002...................................................... $ 2.38 ------------ Fair value of the Corporation's common stock issued......... $ 669.9 Plus -- fair value of Echo Bay warrants and options to be assumed by the Corporation (100% vested).................. 19.0 ------------ Total purchase price........................................ 688.9 Plus -- fair value of liabilities assumed by the Corporation: Accounts payable and accrued liabilities(1)............... 25.2 Current portion of site restoration accruals.............. 4.6 Site restoration obligations(1)........................... 37.1 Commodity derivative contracts............................ 2.3 Future income tax liabilities............................. 0.9 Less -- fair value of assets acquired by the Corporation: Cash...................................................... (20.9) Short-term investments.................................... (16.3) Interest and accounts receivable.......................... (7.5) Inventories............................................... (25.8) Property, plant and equipment............................. (241.0) Other non-current assets.................................. (15.0) ------------ Residual purchase price allocated to non-amortizable goodwill.................................................. $ 432.5 ============

ACQUISITION OF 43.44% OF OMOLON --------------- Fair value of assets acquired by the Corporation: Cash...................................................... $ 13.1 Accounts receivable....................................... 1.0 Inventories............................................... 16.6 Property, plant and equipment............................. 22.8 Other non-current assets.................................. 3.5 Less -- fair value of liabilities assumed by the Corporation: Accounts payable and accrued liabilities.................. (6.7) Current portion of site restoration accruals.............. (1.6) Long-term debt (including current portion)................ (2.2) Site restoration obligations.............................. (1.6) Minority interest......................................... (1.4) ------ Total cash consideration.................................... $ 43.5 ====== Financed by: Cash (including cash acquired -- $13.1 million)........... $ 27.6 Restricted cash........................................... 15.9 ------ $ 43.5 ======

NINE MONTHS ENDED YEAR ENDED SEPTEMBER 30, DECEMBER 31, 2002 2001 ------------- ------------ REVENUE Mining revenue............................................ $38.9 $56.2 Interest and other income................................. (1.6) (2.8) ----- ----- 37.3 53.4 ----- ----- Expenses Operating................................................. 16.0 29.0 Exploration............................................... 0.9 1.7 Depreciation, depletion and amortization.................. 9.8 16.9 Foreign exchange loss..................................... -- 0.4 Interest expense on long-term liabilities................. 0.2 1.7 ----- ----- 26.9 49.7 ----- ----- Income before taxes......................................... 10.4 3.7 Provision for income and mining taxes....................... (3.6) (4.4) Minority interests.......................................... (0.3) -- ----- ----- Net (loss) income for the period............................ $ 6.5 $(0.7) ===== =====

PRO FORMA PRO FORMA NOTES KINROSS TVX ECHO BAY ADJUSTMENTS CONSOLIDATED ----- -------- -------- -------- ----------- ------------ (Note 1) (Note 1) (Note 1) (Note 2) Common share capital................................... $965.3 $641.5 $1,042.6 $1,567.4 2.1 -- -- -- 667.5 2.1 -- -- -- (641.5) 2.2 -- -- -- 669.9 2.2 -- -- -- (1,042.6) 2.4 -- -- -- 82.1 2.6 -- -- -- (70.7) 2.15 -- -- -- (746.7) Common share purchase warrants and options............. -- -- -- -- 30.9 2.1 -- -- -- 2.5 2.2 -- -- -- 19.0 2.4 -- -- -- 9.4 Contributed surplus.................................... 12.9 36.3 -- -- 12.9 2.1 -- -- -- (36.3) Equity component of convertible debentures............. 130.4 -- -- -- 130.4 Deficit................................................ (746.7) (452.2) (863.8) -- -- 2.1 -- -- -- 452.2 2.2 -- -- -- 863.8 2.15 -- -- -- 746.7 Cumulative translation adjustments..................... (24.9) -- (27.7) -- (24.9) 2.2 -- -- -- 27.7 ------ ------ -------- --------- -------- $337.0 $225.6 $ 151.1 $ 1,003.0 $1,716.7 ====== ====== ======== ========= ========

NINE MONTHS ENDED YEAR ENDED SEPTEMBER 30, DECEMBER 31, 2002 2001 ------------- ------------ (millions of common shares) Weighted average number of common shares of the Corporation outstanding during the period............................. 354.5 313.4 Additional common shares issued to acquire TVX.............. 280.4 280.4 Additional common shares issued to acquire Echo Bay......... 251.8 251.8 Additional common shares issued pursuant to Kinross unit issue (Note 2.4).......................................... 50.0 50.0 ----- ----- 936.7 895.6 ===== =====

NINE MONTHS YEAR ENDED ENDED SEPTEMBER 30, DECEMBER 31, 2002 2001 ------------- ------------ PRO FORMA NET LOSS UNDER CANADIAN GAAP...................... $ (47.5) $(340.6) ADJUSTMENTS FOR: Write-down of property, plant and equipment under U.S. GAAP(a)................................................. -- (49.9) Reduction in depreciation, depletion and amortization under U.S. GAAP(a)...................................... 8.1 8.9 Increase in convertible debenture interest(b)............. (7.8) (22.5) Recognition of exchange gains (losses) on convertible debentures(b)........................................... (0.1) 6.3 Change in market value of commodity and foreign exchange derivative contracts(c)................................. (4.9) (8.4) Reclassification of realized earnings related to derivative contracts(f)................................. 1.0 (3.1) Income tax recovery(e).................................... -- 3.7 Minority interests and participation rights(d)............ (1.1) 2.1 Kettle River exploration expense(g)....................... -- (2.2) Kettle River amortization expense(g)...................... -- 2.1 Premium on flow through shares issued(i).................. 0.6 -- Loss on retirement of capital securities(j)............... 5.5 -- ------- ------- PRO FORMA NET LOSS UNDER U.S. GAAP(j)....................... $ (46.2) $(403.6) ======= =======

AS AT SEPTEMBER 30, 2002 ------------- PRO FORMA SHAREHOLDERS' EQUITY UNDER CANADIAN GAAP.......... $1,716.7 ADJUSTMENTS FOR: Write-down of property, plant and equipment under U.S. GAAP(a)................................................. (60.5) Reduction in depreciation, depletion and amortization under U.S. GAAP(a)...................................... 23.9 Convertible debentures(b)................................. (100.4) Premium on flow through shares issued(i).................. (0.5) Unrealized gains on marketable securities and long term investments(h).......................................... 59.9 Change in market value of commodity and foreign exchange derivative contracts(c)................................. (12.0) Reduction in common share capital net of decrease in deficit(k).............................................. -- -------- PRO FORMA SHAREHOLDERS' EQUITY UNDER U.S. GAAP.............. $1,627.1 ========

AS AT AS AT SEPTEMBER 30, DECEMBER 31, 2002 2001 ------------- ------------ (restated - Note 2) ASSETS Current assets Cash and cash equivalents.............................. $ 84.5 $ 81.0 Restricted cash (Note 3)............................... 21.5 -- Accounts receivable and other assets................... 12.4 13.8 Inventories............................................ 39.4 42.4 Restricted bullion inventory (Note 11)................. 5.4 -- Marketable securities.................................. 0.3 1.5 ------ ------ 163.5 138.7 Property, plant and equipment (Note 5).................... 348.5 415.0 Long-term investments..................................... 11.9 12.9 Deferred charges and other assets......................... 8.5 11.0 ------ ------ $532.4 $577.6 ====== ====== LIABILITIES Current liabilities Accounts payable and accrued liabilities............... $ 37.7 $ 31.0 Current portion of long-term debt...................... 23.3 33.1 Current portion of site restoration cost accruals...... 7.8 12.6 ------ ------ 68.8 76.7 Long-term debt............................................ 28.4 31.0 Site restoration cost accruals............................ 45.6 43.0 Future income and mining taxes............................ 3.3 3.3 Deferred revenue.......................................... 5.8 9.6 Other long-term liabilities............................... 5.7 6.0 Debt component of convertible debentures.................. 22.8 26.0 Redeemable retractable preferred shares................... 2.4 2.4 ------ ------ 182.8 198.0 ------ ------ Convertible preferred shares of subsidiary company (Note 5)........................................................ 12.6 48.0 ------ ------ COMMON SHAREHOLDERS' EQUITY Common share capital...................................... 965.3 945.7 Contributed surplus....................................... 12.9 12.9 Equity component of convertible debentures................ 130.4 124.8 Deficit................................................... (746.7) (723.2) Cumulative translation adjustments........................ (24.9) (28.6) ------ ------ 337.0 331.6 ------ ------ $532.4 $577.6 ====== ======

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, --------------------- --------------------- 2002 2001 2002 2001 ------ ----------- ------ ----------- (restated - (restated - Note 2) Note 2) REVENUE Mining revenue......................................... $ 56.5 $ 65.0 $184.5 $199.8 Interest and other income.............................. 6.0 1.5 13.7 6.9 Mark-to-market loss on call options.................... (0.3) (2.8) (1.9) (0.4) ------ ------ ------ ------ 62.2 63.7 196.3 206.3 ------ ------ ------ ------ EXPENSES Operating.............................................. 39.0 42.6 126.9 133.9 General and administrative............................. 3.2 2.0 8.0 7.6 Exploration and business development................... 2.4 1.9 6.5 6.3 Depreciation, depletion and amortization............... 19.9 21.3 61.3 64.4 Gain on sale of assets................................. (0.5) -- (2.0) -- Foreign exchange loss.................................. -- (0.6) 3.0 (0.2) Interest expense on long-term liabilities.............. 1.2 1.9 4.0 6.5 ------ ------ ------ ------ 65.2 69.1 207.7 218.5 ------ ------ ------ ------ (3.0) (5.4) (11.4) (12.2) Share in loss of investee companies.................... (0.8) (0.2) (0.6) (0.9) ------ ------ ------ ------ Loss before taxes and dividends on convertible preferred shares of subsidiary company........................... (3.8) (5.6) (12.0) (13.1) Provision for income and mining taxes.................... (1.7) (1.3) (4.7) (1.4) ------ ------ ------ ------ Loss for the period before dividends on convertible preferred shares of subsidiary company................. (5.5) (6.9) (16.7) (14.5) Dividends on convertible preferred shares of subsidiary company................................................ (0.3) (0.9) (1.3) (4.3) ------ ------ ------ ------ Net loss for the period.................................. (5.8) (7.8) (18.0) (18.8) Increase in equity component of convertible debentures... (1.3) (1.9) (5.5) (5.7) ------ ------ ------ ------ Net loss attributable to common shares................... $ (7.1) $ (9.7) $(23.5) $(24.5) ====== ====== ====== ====== NET LOSS PER SHARE Basic and diluted...................................... $(0.02) $(0.03) $(0.07) $(0.08) Weighted average number common shares outstanding........ 358.3 322.3 354.5 308.5 Total outstanding and issued common shares at September 30..................................................... 358.4 328.1

CUMULATIVE COMMON CONTRIBUTED CONVERTIBLE TRANSLATION SHARES SURPLUS DEBENTURES DEFICIT ADJUSTMENTS TOTAL ------ ----------- ----------- ------------ ----------- ------- (restated - Note 2) BALANCE, DECEMBER 31, 2001........ $945.7 $12.9 $124.8 $(723.2) $(28.6) $ 331.6 Issuance of common shares......... 19.6 -- -- -- -- 19.6 Increase in equity component of convertible debentures.......... -- -- 5.6 (5.5) -- 0.1 Net loss for the period........... -- -- -- (18.0) -- (18.0) Cumulative translation adjustments..................... -- -- -- -- 3.7 3.7 ------ ----- ------ ------- ------ ------- BALANCE, SEPTEMBER 30, 2002....... $965.3 $12.9 $130.4 $(746.7) $(24.9) $(337.0) ====== ===== ====== ======= ====== =======

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, --------------------- --------------------- 2002 2001 2002 2001 ------ ----------- ------ ----------- (restated - (restated - Note 2) Note 2) NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING: Loss for the period before dividends on convertible preferred shares of subsidiary company............... $ (5.5) $(6.9) $(16.7) $(14.5) Items not affecting cash: Depreciation, depletion and amortization............. 19.9 21.3 61.3 64.4 Deferred revenue realized............................ (1.3) (4.7) (3.8) (12.9) Site restoration cost accruals....................... 0.8 0.4 2.3 1.2 Other................................................ (0.8) (0.7) (0.8) 0.1 ------ ----- ------ ------ 13.1 9.4 42.3 38.3 Proceeds on restructuring of gold forward sale contracts............................................ -- -- -- 21.1 Site restoration cash expenditures...................... (2.4) (1.9) (5.0) (4.5) Changes in non-cash working capital items Accounts receivable and other assets................. 6.9 (0.9) 5.9 0.8 Inventories.......................................... (6.3) 3.4 (2.7) 8.1 Marketable securities................................ -- -- 2.5 -- Accounts payable and accrued liabilities............. 5.8 2.7 3.1 (4.1) Effect of exchange rate changes on cash................. 0.4 (0.1) 2.4 (1.0) ------ ----- ------ ------ CASH FLOW PROVIDED FROM OPERATING ACTIVITIES.............. 17.5 12.6 48.5 58.7 ------ ----- ------ ------ FINANCING: Issuance of common shares, net.......................... 0.2 2.3 19.5 2.8 Acquisition of preferred shares of subsidiary company... -- -- (11.4) -- Reduction of debt component of convertible debentures... (1.3) (1.3) (3.8) (4.0) Repayment of debt....................................... (0.2) (3.8) (12.4) (39.9) ------ ----- ------ ------ CASH FLOW USED IN FINANCING ACTIVITIES.................... (1.3) (2.8) (8.1) (41.1) ------ ----- ------ ------ INVESTING: Additions to property, plant and equipment.............. (8.9) (9.2) (18.1) (25.3) Long-term investments and other assets.................. 0.2 (0.2) 2.1 (2.6) Proceeds from the sale of property, plant and equipment............................................ 0.5 0.2 0.6 1.6 (Increase) decrease in restricted cash.................. (17.1) -- (21.5) 2.9 ------ ----- ------ ------ CASH FLOW USED IN INVESTING ACTIVITIES.................... (25.3) (9.2) (36.9) (23.4) ------ ----- ------ ------ INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS.......... (9.1) 0.6 3.5 (5.8) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD............ 93.6 71.4 81.0 77.8 ------ ----- ------ ------ CASH AND CASH EQUIVALENTS, END OF PERIOD.................. $ 84.5 $72.0 $ 84.5 $ 72.0 ====== ===== ====== ====== SUPPLEMENTARY DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for: Interest $ 0.2 $ 1.7 $ 4.9 $ 8.6 Income taxes $ 2.1 $ 0.5 $ 3.7 $ 1.4

CHANGE IN STATEMENT OF OPERATIONS AND DEFICIT AMOUNTS: ($ MILLIONS) 2001 ------------------------------------------------------ ----- Increase in foreign exchange gain for the nine months ended September 30, 2001........................................ $(0.8) Decrease in net loss for the nine months ended September 30, 2001...................................................... $(0.8) Decrease in deficit -- December 31, 2000.................... 2.2 Decrease in deficit -- December 31, 2001.................... 2.8

REPORTABLE OPERATING SEGMENTS ---------------------------------------------------------------------- PORCUPINE JOINT CORPORATE VENTURE KUBAKA FORT KNOX BLANKET REFUGIO E-CRETE AND OTHER TOTAL --------- ------ --------- ------- ------- ------- --------- ------ AS AT SEPTEMBER 30, 2002 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002: (b) Mining revenue.............. $43.7 $47.1 $ 92.6 -- $ 3.0 $ -- $ (1.9) $184.5 Operating costs............. 27.9 20.6 72.8 -- 2.3 2.2 1.1 126.9 Interest revenue............ -- 0.2 -- -- -- -- 1.0 1.2 Interest expense............ -- 0.2 1.2 -- 0.1 0.4 2.1 4.0 Depreciation, depletion and amortization.............. 13.0 13.9 37.1 -- -- 1.0 (3.7) 61.3 Segment profit (loss)....... 1.5 13.2 (19.4) -- 10.9 (3.3) (16.3) (13.4) Segment assets.............. 84.0 61.4 279.9 -- 5.5 8.3 93.3(a) 532.4 Capital expenditures........ 5.0 0.1 12.0 -- -- 0.5 0.5 18.1 AS AT SEPTEMBER 30, 2001 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001: (b) Mining revenue.............. $30.8 $47.3 $ 81.7 $ 9.7 $15.8 $ -- $ 14.5 $199.8 Operating costs............. 22.8 24.4 59.3 7.6 15.5 1.7 2.6 133.9 Interest revenue............ -- 1.0 -- 0.1 -- -- 2.4 3.5 Interest expense............ -- 0.9 2.9 -- 0.3 0.2 2.2 6.5 Depreciation, depletion and amortization.............. 10.4 17.9 31.7 1.8 -- 0.3 2.3 64.4 Segment profit (loss)....... (2.2) 3.7 (12.5) 1.3 1.4 (2.2) (1.7) (12.2) Segment assets.............. 87.2 93.5 331.5 10.9 7.0 8.2 67.0(a) 605.3 Capital expenditures........ 6.3 0.4 16.9 0.6 -- 0.4 0.7 25.3 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2002: (b) Mining revenue.............. $13.8 $13.9 $ 29.6 -- $(0.1) $ -- $ (0.7) $ 56.5 Operating costs............. 11.0 5.6 20.8 -- 0.4 0.8 0.4 39.0 Interest revenue............ -- 0.1 -- -- -- -- 0.4 0.5 Interest expense............ -- -- 0.3 -- -- 0.2 0.7 1.2 Depreciation, depletion and amortization.............. 4.3 4.1 13.8 -- -- 0.2 (2.5) 19.9 Segment profit (loss)....... (2.2) 4.7 (6.0) -- 4.3 (1.1) (3.2) (3.5) Capital expenditures........ 1.0 -- 7.5 -- -- 0.1 0.3 8.9

THREE MONTHS NINE MONTHS ENDED ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------- --------------------- 2002 2001 2002 2001 ----- ----- ------ ------ Segment loss................................................ $(0.3) $(4.4) $ 2.9 $(10.5) Add (deduct) items not included in segment (loss) profit: Corporate and other....................................... (3.2) (1.0) (16.3) (1.7) ----- ----- ------ ------ (3.5) (5.4) (13.4) (12.2) Gain on sale of assets...................................... 0.5 -- 2.0 -- Share loss of investee companies............................ (0.8) (0.2) (0.6) (0.9) (Provision for) recovery of income taxes.................... (1.7) (1.3) (4.7) (1.4) Dividends on convertible preferred shares of subsidiary company................................................... (0.3) (0.9) (1.3) (4.3) ----- ----- ------ ------ Net loss for the period..................................... $(5.8) $(7.8) $(18.0) $(18.8) ===== ===== ====== ======

MINERAL MINING REVENUE PROPERTIES, PLANT ------------------------------------------------- AND EQUIPMENT THREE MONTHS NINE MONTHS ---------------------- ENDED ENDED AS AT SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, ------------------- --------------------- ---------------------- 2002 2001 2002 2001 2002 2001 ----- ----- ------ ------ ------ ------- United States........................ $28.7 $28.8 $ 90.2 $ 92.3 $244.8 $ 298.7 Russia............................... 13.8 17.3 47.0 47.3 15.9 36.1 Chile................................ -- 2.7 3.1 16.1 -- -- Other................................ -- 3.9 -- 9.7 5.2 12.0 ----- ----- ------ ------ ------ ------- Total foreign........................ 42.5 52.7 140.3 165.4 265.9 346.8 Canada............................... 14.0 12.3 44.2 34.4 82.6 90.6 ----- ----- ------ ------ ------ ------- Total................................ $56.5 $65.0 $184.5 $199.8 $348.5 $ 437.4 ===== ===== ====== ====== ====== =======

2002 2001 ------- ------- Weighted average number of common shares outstanding at September 30th............................................ 354,489 308,456 Add: Options, warrants and participating securities as if issued, exercised and outstanding at January 1st Options................................................... 10,717 3,403 Restricted shares......................................... 2 -- Convertible debentures (a)................................ 14,651 14,651 Redeemable retractable preferred shares (b)............... 3,175 3,175 Convertible preferred shares of subsidiary company (c).... 1,086 4,340 ------- ------- Weighted average number of common shares used for diluted earnings per share........................................ 384,120 334,025 ======= =======

ELIMINATION ADDITIONAL REDUCTION UNREALIZED RECOGNITION OF EFFECTS OF WRITEDOWN IN DEPRECIATION, GAINS ON OF DEFERRED RECOGNITION OF PROPERTY, DEPLETION MARKETABLE EXCHANGE OF EQUITY PLANT AND AND REVERSAL SECURITIES GAINS ON COMPONENT EQUIPMENT AMORTIZATION OF 1991 AND UNDER CONVERTIBLE OF CONVERTIBLE UNDER UNDER DEFICIT LONG-TERM CDN GAAP DEBENTURES DEBENTURES U.S. GAAP U.S. GAAP ELIMINATION INVESTMENTS -------- ----------- -------------- ------------ ---------------- ----------- ----------- (A) (A) (B) (B) (C) (D) ASSETS Current assets Cash and cash equivalents........... $ 84.5 $ -- $ -- $ -- $ -- $ -- $ -- Restricted cash......... 21.5 -- -- -- -- -- -- Accounts receivable..... 12.4 -- -- -- -- -- -- Inventories............. 39.4 -- -- -- -- -- -- Restricted bullion inventory............. 5.4 -- -- -- -- -- -- Marketable securities... 0.3 -- -- -- -- -- -- ------ ------ ------- ------ ----- ----- ----- 163.5 -- -- -- -- -- -- Property, plant and equipment............... 348.5 -- -- (60.5) 23.9 -- -- Long-term investments..... 11.9 -- -- -- -- -- 59.9 Deferred charges and other assets.................. 8.5 -- 0.1 -- -- -- -- ------ ------ ------- ------ ----- ----- ----- $532.4 $ -- $ 0.1 $(60.5) $23.9 $ -- $59.9 ====== ====== ======= ====== ===== ===== ===== LIABILITIES Current liabilities Accounts payable and accrued liabilities..... $ 37.7 $ -- $ -- $ -- $ -- $ -- $ -- Current portion of long- term debt............. 23.3 -- -- -- -- -- -- Current portion of site restoration cost accruals.............. 7.8 -- -- -- -- -- -- ------ ------ ------- ------ ----- ----- ----- 68.8 -- -- -- -- -- -- Long-term debt............ 28.4 -- -- -- -- -- -- Site restoration cost accruals................ 45.6 -- -- -- -- -- -- Future income and mining taxes................... 3.3 -- -- -- -- -- -- Deferred revenue.......... 5.8 -- -- -- -- -- -- Other long-term liabilities............. 5.7 -- -- -- -- -- -- Debt component of convertible debentures.............. 22.8 -- 100.5 -- -- -- -- Redeemable retractable preferred shares........ 2.4 -- -- -- -- -- -- ------ ------ ------- ------ ----- ----- ----- 182.8 -- 100.5 -- -- -- -- ------ ------ ------- ------ ----- ----- ----- CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY................... 12.6 -- -- -- -- -- -- ------ ------ ------- ------ ----- ----- ----- COMMON SHAREHOLDERS' EQUITY Common share capital...... 965.3 -- -- -- -- 5.3 -- Contributed surplus....... 12.9 -- -- -- -- -- -- Equity component of convertible debentures.............. 130.4 (20.1) (110.3) -- -- -- -- Deficit................... (745.9) 20.1 9.9 (60.5) 23.9 (5.3) -- Cumulative translation adjustments............. (24.9) -- -- -- -- -- -- Other comprehensive income.................. -- -- -- -- -- -- 59.9 ------ ------ ------- ------ ----- ----- ----- 337.0 -- (100.4) (60.5) 23.9 -- 59.9 ------ ------ ------- ------ ----- ----- ----- $532.4 $ -- $ 0.1 $(60.5) $23.9 $ -- $59.9 ====== ====== ======= ====== ===== ===== ===== UNDER RECLASSIFICATION U.S. GAAP OF BEFORE TO FLOW CUMULATIVE ADJUSTING ADJUST TO SFAS THROUGH TRANSLATION TO EQUITY EQUITY UNDER 133 SHARES ADJUSTMENTS BASIS BASIS U.S. GAAP ------ ------- ---------------- --------- --------- --------- (E) (F) (H) (I) ASSETS Current assets Cash and cash equivalents........... $ -- $(2.0) $ -- $ 82.5 $ -- $ 82.5 Restricted cash......... -- 2.0 -- 23.5 (15.9) 7.6 Accounts receivable..... -- -- -- 12.4 3.7 16.1 Inventories............. -- -- -- 39.4 (14.6) 24.8 Restricted bullion inventory............. -- -- -- 5.4 (5.4) -- Marketable securities... -- -- -- 0.3 -- 0.3 ------ ----- ------ ------ ------ ------ -- -- -- 163.5 (32.2) 131.3 Property, plant and equipment............... -- -- -- 311.9 (13.8) 298.1 Long-term investments..... -- -- -- 71.8 40.4 112.2 Deferred charges and other assets.................. -- -- -- 8.6 (4.2) 4.4 ------ ----- ------ ------ ------ ------ $ -- $ -- $ -- $556.6 $ (9.8) $546.0 ====== ===== ====== ====== ====== ====== LIABILITIES Current liabilities Accounts payable and accrued liabilities..... $ 17.8 $ 0.5 $ -- $ 56.0 $ (3.3) $ 52.7 Current portion of long- term debt............. -- -- -- 23.3 (2.6) 20.7 Current portion of site restoration cost accruals.............. -- -- -- 7.8 (1.9) 5.9 ------ ----- ------ ------ ------ ------ 17.8 0.5 -- 87.1 (7.8) 79.3 Long-term debt............ -- -- -- 28.4 -- 28.4 Site restoration cost accruals................ -- -- -- 45.6 (2.0) 43.6 Future income and mining taxes................... -- -- -- 3.3 -- 3.3 Deferred revenue.......... (5.8) -- -- -- -- -- Other long-term liabilities............. -- -- -- 5.7 -- 5.7 Debt component of convertible debentures.............. -- -- -- 123.3 -- 123.3 Redeemable retractable preferred shares........ -- -- -- 2.4 -- 2.4 ------ ----- ------ ------ ------ ------ 12.0 0.5 -- 295.8 (9.8) 286.0 ------ ----- ------ ------ ------ ------ CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY................... -- -- -- 12.6 -- 12.6 ------ ----- ------ ------ ------ ------ COMMON SHAREHOLDERS' EQUITY Common share capital...... -- (1.1) -- 969.5 -- 969.5 Contributed surplus....... -- -- -- 12.9 -- 12.9 Equity component of convertible debentures.............. -- -- -- -- -- -- Deficit................... (3.8) 0.6 -- (761.8) -- (761.8) Cumulative translation adjustments............. -- -- 24.9 -- -- -- Other comprehensive income.................. (8.2) -- (24.9) 26.8 -- 26.8 ------ ----- ------ ------ ------ ------ (12.0) (0.5) -- 247.4 -- 247.4 ------ ----- ------ ------ ------ ------ $ -- $ -- $ -- $555.8 $ (9.8) $546.0 ====== ===== ====== ====== ====== ======

ELIMINATION ADDITIONAL REDUCTION UNREALIZED RECOGNITION OF EFFECTS OF WRITEDOWN IN DEPRECIATION, GAINS ON OF DEFERRED RECOGNITION OF PROPERTY, DEPLETION MARKETABLE EXCHANGE OF EQUITY PLANT AND AND REVERSAL SECURITIES GAINS ON COMPONENT EQUIPMENT AMORTIZATION OF 1991 AND UNDER CONVERTIBLE OF CONVERTIBLE UNDER UNDER DEFICIT LONG-TERM CDN GAAP DEBENTURES DEBENTURES U.S. GAAP U.S. GAAP ELIMINATION INVESTMENTS -------- ----------- -------------- ------------ ---------------- ----------- ----------- (A) (A) (B) (B) (C) (D) ASSETS Current assets Cash and cash equivalents............ $ 81.0 $ -- $ -- $ -- $ -- $ -- $ -- Restricted cash.......... -- -- -- -- -- -- -- Accounts receivable...... 13.8 -- -- -- -- -- -- Inventories.............. 42.4 -- -- -- -- -- -- Marketable securities.... 1.5 -- -- -- -- -- 0.3 ------ ------ ------- ------ ----- ----- ---- 138.7 -- -- -- -- -- 0.3 Property, plant and equipment................ 415.0 -- -- (60.5) 17.9 -- -- Long-term investments...... 12.9 -- -- -- -- -- 4.6 Deferred charges and other assets................... 11.0 -- 0.5 -- -- -- -- ------ ------ ------- ------ ----- ----- ---- $577.6 $ -- $ 0.5 $(60.5) $17.9 $ -- $4.9 ====== ====== ======= ====== ===== ===== ==== LIABILITIES Current liabilities Accounts payable and accrued liabilities.... $ 31.0 $ -- $ -- $ -- $ -- $ -- $ -- Current portion of long- term debt.............. 33.1 -- -- -- -- -- -- Current portion of site restoration cost accruals............... 12.6 -- -- -- -- -- -- ------ ------ ------- ------ ----- ----- ---- 76.7 -- -- -- -- -- -- Long-term debt............. 31.0 -- -- -- -- -- -- Site restoration cost accruals................. 43.0 -- -- -- -- -- -- Future income and mining taxes.................... 3.3 -- -- -- -- -- -- Deferred revenue........... 9.6 -- -- -- -- -- -- Other long-term liabilities.............. 6.0 -- -- -- -- -- -- Debt component of convertible debentures... 28.1 -- 94.7 -- -- -- -- Redeemable retractable preferred shares......... 3.1 -- -- -- -- -- -- ------ ------ ------- ------ ----- ----- ---- 200.8 -- 94.7 -- -- -- -- ------ ------ ------- ------ ----- ----- ---- CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... 48.0 -- -- -- -- -- -- ------ ------ ------- ------ ----- ----- ---- COMMON SHAREHOLDERS' EQUITY Common share capital....... 945.7 -- -- -- -- 5.3 -- Contributed surplus........ 12.9 -- -- -- -- -- -- Equity component of convertible debentures... 124.8 (20.2) (104.6) -- -- -- -- Deficit.................... (726.0) 20.2 10.4 (60.5) 17.9 (5.3) -- Cumulative translation adjustments.............. (28.6) -- -- -- -- -- -- Accumulated other comprehensive income..... -- -- -- -- -- -- 4.9 ------ ------ ------- ------ ----- ----- ---- 328.8 -- (94.2) (60.5) 17.9 -- 4.9 ------ ------ ------- ------ ----- ----- ---- $577.6 $ -- $ 0.5 $(60.5) $17.9 $ -- $4.9 ====== ====== ======= ====== ===== ===== ==== RECLASSIFICATION UNDER OF U.S. GAAP TO FLOW CUMULATIVE BEFORE ADJUST TO UNDER SFAS THROUGH TRANSLATION ADJUSTING TO EQUITY U.S. 133 SHARES ADJUSTMENTS EQUITY BASIS BASIS GAAP ---- ------- ---------------- ------------ ----------- ----------- (RESTATED- (E) (F) (H) (J) (I) AND (J) NOTE 10(I)) ASSETS Current assets Cash and cash equivalents............ $-- $(4.6) $ -- $ 76.4 $ (5.5) $ 70.9 Restricted cash.......... -- 4.6 -- 4.6 -- 4.6 Accounts receivable...... -- -- -- 13.8 5.7 19.5 Inventories.............. -- -- -- 42.4 (15.6) 26.8 Marketable securities.... -- -- -- 1.8 -- 1.8 ---- ----- ----- ------ ------ ------ -- -- -- 139.0 (15.4) 123.6 Property, plant and equipment................ -- -- -- 372.4 (26.9) 345.5 Long-term investments...... -- -- -- 17.5 32.4 49.9 Deferred charges and other assets................... -- -- -- 11.5 (4.3) 7.2 ---- ----- ----- ------ ------ ------ $-- $ -- $ -- $540.4 $(14.2) $526.2 ==== ===== ===== ====== ====== ====== LIABILITIES Current liabilities Accounts payable and accrued liabilities.... $4.6 $ 1.1 $ -- $ 36.7 $ (6.4) $ 30.3 Current portion of long- term debt.............. -- -- -- 33.1 (4.2) 28.9 Current portion of site restoration cost accruals............... -- -- -- 12.6 (1.9) 10.7 ---- ----- ----- ------ ------ ------ 4.6 1.1 -- 82.4 (12.5) 69.9 Long-term debt............. -- -- -- 31.0 (0.2) 30.8 Site restoration cost accruals................. -- -- -- 43.0 (1.5) 41.5 Future income and mining taxes.................... -- -- -- 3.3 -- 3.3 Deferred revenue........... (9.6) -- -- -- -- -- Other long-term liabilities.............. -- -- -- 6.0 -- 6.0 Debt component of convertible debentures... -- -- -- 122.8 -- 122.8 Redeemable retractable preferred shares......... -- -- -- 3.1 -- 3.1 ---- ----- ----- ------ ------ ------ (5.0) 1.1 -- 291.6 (14.2) 277.4 ---- ----- ----- ------ ------ ------ CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... -- -- -- 48.0 -- 48.0 ---- ----- ----- ------ ------ ------ COMMON SHAREHOLDERS' EQUITY Common share capital....... -- (1.1) -- 949.9 -- 949.9 Contributed surplus........ -- -- -- 12.9 -- 12.9 Equity component of convertible debentures... -- -- -- -- -- -- Deficit.................... (3.9) -- -- (747.2) -- (747.2) Cumulative translation adjustments.............. -- -- 28.6 -- -- -- Accumulated other comprehensive income..... 8.9 -- (28.6) (14.8) -- (14.8) ---- ----- ----- ------ ------ ------ 5.0 (1.1) -- 200.8 -- 200.8 ---- ----- ----- ------ ------ ------ $-- $ -- $ -- $540.4 $(14.2) $526.2 ==== ===== ===== ====== ====== ======

ELIMINATION ADDITIONAL RECOGNITION OF EFFECTS OF WRITEDOWN REDUCTION OF DEFERRED RECOGNITION OF PROPERTY, IN DEPRECIATION, EXCHANGE OF EQUITY PLANT AND DEPLETION AND REVERSAL GAINS ON COMPONENT EQUIPMENT AMORTIZATION OF 1991 UNDER CONVERTIBLE OF CONVERTIBLE UNDER UNDER DEFICIT CDN GAAP DEBENTURES DEBENTURES U.S. GAAP U.S. GAAP ELIMINATION -------- ----------- -------------- ------------ ---------------- ----------- (A) (A) (B) (B) (C) REVENUE Mining revenue............... $184.5 $ -- $ -- $ -- $ -- $ -- Interest and other income.... 13.7 -- -- -- -- -- Mark to market gain (loss) on call options............... (1.9) -- -- -- -- -- ------ ----- ----- ----- ----- ----- 196.3 -- -- -- -- -- ------ ----- ----- ----- ----- ----- EXPENSES Operating.................... 126.9 -- -- -- -- -- General and administrative... 8.0 -- -- -- -- -- Exploration.................. 6.5 -- -- -- -- -- Depreciation, depletion and amortization............... 61.3 -- -- -- (6.0) -- Gain on sale of assets....... (2.0) -- -- -- -- -- Foreign exchange loss........ 3.0 0.1 -- -- -- -- Interest expense on long-term liabilities................ 4.0 -- 3.2 -- -- -- Writedown of marketable securities and long-term investments................ -- -- -- -- -- -- Writedown of property, plant and equipment.............. -- -- -- -- -- -- ------ ----- ----- ----- ----- ----- 207.7 0.1 3.2 -- (6.0) -- ------ ----- ----- ----- ----- ----- (11.4) (0.1) (3.2) -- 6.0 -- Share in income (loss) of investee companies........... (0.6) -- -- -- -- -- ------ ----- ----- ----- ----- ----- LOSS BEFORE TAXES AND DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........... (12.0) (0.1) (3.2) -- 6.0 -- Provision for income and mining taxes................. (4.7) -- -- -- -- -- ------ ----- ----- ----- ----- ----- LOSS FOR THE PERIOD BEFORE DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........... (16.7) (0.1) (3.2) -- 6.0 -- DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........... (1.3) -- -- -- -- -- ------ ----- ----- ----- ----- ----- NET LOSS FOR THE PERIOD....... (18) (0.1) (3.2) -- 6.0 -- INCREASE IN EQUITY COMPONENT OF CONVERTIBLE DEBENTURES.... (5.5) -- 5.5 -- -- -- ------ ----- ----- ----- ----- ----- NET LOSS FOR THE PERIOD ATTRIBUTABLE TO COMMON SHAREHOLDERS................. $(23.5) $(0.1) $ 2.3 $ -- $ 6.0 $ -- ====== ===== ===== ===== ===== ===== LOSS PER SHARE Basic and diluted............. $(0.07) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (MILLIONS)................... 354.5 UNREALIZED UNDER GAINS ON RECLASSIFICATION U.S. GAAP MARKETABLE OF BEFORE TO SECURITIES AND FLOW CUMULATIVE ADJUSTING ADJUST TO UNDER LONG-TERM SFAS THROUGH TRANSLATION TO EQUITY EQUITY U.S. INVESTMENTS 133 SHARES ADJUSTMENTS BASIS BASIS GAAP -------------- ---- ------- ---------------- --------- --------- ------ (D) (E) (F) (H) (I) REVENUE Mining revenue............... $ -- $-- $ -- $ -- $184.5 $(46.9) $137.6 Interest and other income.... -- 0.1 0.6 -- 14.4 2.0 16.4 Mark to market gain (loss) on call options............... -- -- -- -- (1.9) -- (1.9) ----- ---- ---- ----- ------ ------ ------ -- 0.1 0.6 -- 197.0 (44.9) 152.1 ----- ---- ---- ----- ------ ------ ------ EXPENSES Operating.................... -- -- -- -- 126.9 (19.3) 107.6 General and administrative... -- -- -- -- 8.0 -- 8.0 Exploration.................. -- -- -- -- 6.5 (1.1) 5.4 Depreciation, depletion and amortization............... -- -- -- -- 55.3 (11.8) 43.5 Gain on sale of assets....... -- -- -- -- (2.0) -- (2.0) Foreign exchange loss........ -- -- -- -- 3.1 (0.1) 3.0 Interest expense on long-term liabilities................ -- -- -- -- 7.2 (0.2) 7.0 Writedown of marketable securities and long-term investments................ -- -- -- -- -- -- -- Writedown of property, plant and equipment.............. -- -- -- -- -- -- -- ----- ---- ---- ----- ------ ------ ------ -- -- -- -- 205.0 (32.5) 172.5 ----- ---- ---- ----- ------ ------ ------ -- 0.1 0.6 -- (8.0) (12.4) (20.4) Share in income (loss) of investee companies........... -- -- -- -- (0.6) 8.0 7.4 ----- ---- ---- ----- ------ ------ ------ LOSS BEFORE TAXES AND DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........... -- 0.1 0.6 -- (8.6) (4.4) (13.0) Provision for income and mining taxes................. -- -- -- -- (4.7) 4.4 (0.3) ----- ---- ---- ----- ------ ------ ------ LOSS FOR THE PERIOD BEFORE DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........... -- 0.1 0.6 -- (13.3) -- (13.3) DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........... -- -- -- -- (1.3) -- (1.3) ----- ---- ---- ----- ------ ------ ------ NET LOSS FOR THE PERIOD....... -- 0.1 0.6 -- (14.6) -- (14.6) INCREASE IN EQUITY COMPONENT OF CONVERTIBLE DEBENTURES.... -- -- -- -- -- -- -- ----- ---- ---- ----- ------ ------ ------ NET LOSS FOR THE PERIOD ATTRIBUTABLE TO COMMON SHAREHOLDERS................. $ -- $0.1 $0.6 $ -- $(14.6) $ -- $(14.6) ===== ==== ==== ===== ====== ====== ====== LOSS PER SHARE Basic and diluted............. $(0.04) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (MILLIONS)................... 354.5

ELIMINATION ADDITIONAL RECOGNITION OF EFFECTS OF WRITEDOWN REDUCTION UNREALIZED OF DEFERRED RECOGNITION OF PROPERTY, IN DEPRECIATION, GAINS ON EXCHANGE OF EQUITY PLANT AND DEPLETION REVERSAL MARKETABLE GAINS ON COMPONENT EQUIPMENT AND AMORTIZATION OF 1991 SECURITIES AND UNDER CONVERTIBLE OF CONVERTIBLE UNDER UNDER DEFICIT LONG-TERM CDN GAAP DEBENTURES DEBENTURES U.S. GAAP U.S. GAAP ELIMINATION INVESTMENTS -------- ----------- -------------- ------------ ---------------- ----------- -------------- (A) (A) (B) (B) (C) (D) REVENUE Mining revenue.......... $199.8 $ -- $ -- $ -- $ -- $ -- $ -- Interest and other income................ 6.9 -- -- -- -- -- -- Mark to market gain (loss) on call options............... (0.4) -- -- -- -- -- -- ------ ----- ----- ----- ---- ----- ----- 206.3 -- -- -- -- -- -- ------ ----- ----- ----- ---- ----- ----- EXPENSES Operating............... 133.9 -- -- -- -- -- -- General and administrative........ 7.6 -- -- -- -- -- -- Exploration............. 6.3 -- -- -- -- -- -- Depreciation, depletion and amortization...... 64.4 -- -- -- (1.3) -- -- Gain on sale of assets................ -- -- -- -- -- -- -- Foreign exchange (loss) gain.................. (0.2) (5.7) -- -- -- -- -- Interest expense on long-term liabilities........... 6.5 -- 4.0 -- -- -- -- Writedown of marketable securities and long-term investments........... -- -- -- -- -- -- -- Writedown of property, plant and equipment... -- -- -- -- -- -- -- ------ ----- ----- ----- ---- ----- ----- 218.5 (5.7) 4.0 -- (1.3) -- -- ------ ----- ----- ----- ---- ----- ----- (12.2) 5.7 (4.0) -- 1.3 -- -- Share in loss of investee companies.... (0.9) -- -- -- -- -- -- ------ ----- ----- ----- ---- ----- ----- LOSS BEFORE TAXES AND DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... (13.1) 5.7 (4.0) -- 1.3 -- -- Provision for income and mining taxes............ (1.4) -- -- -- -- -- -- ------ ----- ----- ----- ---- ----- ----- LOSS FOR THE PERIOD BEFORE DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY................. (14.5) 5.7 (4.0) -- 1.3 -- -- DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... (4.3) -- -- -- -- -- -- ------ ----- ----- ----- ---- ----- ----- NET LOSS FOR THE PERIOD.................. (18.8) 5.7 (4.0) -- 1.3 -- -- INCREASE IN EQUITY COMPONENT OF CONVERTIBLE DEBENTURES.............. (5.7) -- 5.7 -- -- -- -- ------ ----- ----- ----- ---- ----- ----- NET LOSS FOR THE PERIOD ATTRIBUTABLE TO COMMON SHAREHOLDERS............ $(24.5) $ 5.7 $ 1.7 $ -- $1.3 $ -- $ -- ====== ===== ===== ===== ==== ===== ===== LOSS PER SHARE Basic and diluted........ $(0.08) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (MILLIONS).............. 328.1 UNDER U.S. GAAP RECLASSIFICATION BEFORE FLOW OF CUMULATIVE ADJUSTING TO THROUGH TRANSLATION TO EQUITY ADJUST TO UNDER SFAS 133 SHARES ADJUSTMENTS BASIS EQUITY BASIS U.S. GAAP -------- ------- ---------------- --------- ------------ ----------- (E) (F) (H) (I) REVENUE Mining revenue.......... $ -- $ -- $ -- $ 199.8 $(46.5) $153.3 Interest and other income................ (9.1) -- -- (2.2) 1.2 (1.0) Mark to market gain (loss) on call options............... -- -- -- (0.4) -- (0.4) ----- ----- ----- ------- ------ ------ (9.1) -- -- 197.2 (45.3) 151.9 ----- ----- ----- ------- ------ ------ EXPENSES Operating............... -- -- -- 133.9 (23.3) 110.6 General and administrative........ -- -- -- 7.6 -- 7.6 Exploration............. -- -- -- 6.3 (1.8) 4.5 Depreciation, depletion and amortization...... -- -- -- 63.1 (15.3) 47.8 Gain on sale of assets................ -- -- -- -- -- -- Foreign exchange (loss) gain.................. -- -- -- (5.9) (0.2) (6.1) Interest expense on long-term liabilities........... -- -- -- 10.5 (3.2) 7.3 Writedown of marketable securities and long-term investments........... -- -- -- -- -- -- Writedown of property, plant and equipment... -- -- -- -- -- -- ----- ----- ----- ------- ------ ------ -- -- -- 215.5 (43.8) 171.7 ----- ----- ----- ------- ------ ------ (9.1) -- -- (18.3) (1.5) (19.8) Share in loss of investee companies.... -- -- -- (0.9) (1.3) (2.2) ----- ----- ----- ------- ------ ------ LOSS BEFORE TAXES AND DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... (9.1) -- -- (19.2) (2.8) (22.0) Provision for income and mining taxes............ -- -- -- (1.4) 2.8 1.4 ----- ----- ----- ------- ------ ------ LOSS FOR THE PERIOD BEFORE DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY................. (9.1) -- -- (20.6) -- (20.6) DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... -- -- -- (4.3) -- (4.3) ----- ----- ----- ------- ------ ------ NET LOSS FOR THE PERIOD.................. (9.1) -- -- (24.9) -- (24.9) INCREASE IN EQUITY COMPONENT OF CONVERTIBLE DEBENTURES.............. -- -- -- -- -- -- ----- ----- ----- ------- ------ ------ NET LOSS FOR THE PERIOD ATTRIBUTABLE TO COMMON SHAREHOLDERS............ $(9.1) $ -- $ -- $ (24.9) $ -- $(24.9) ===== ===== ===== ======= ====== ====== LOSS PER SHARE Basic and diluted........ $(0.08) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (MILLIONS).............. 328.1

NINE MONTHS ENDED SEPTEMBER 30 -------------------- 2002 2001 ------ ------ Loss before taxes and dividends on convertible preferred shares of subsidiary company.............................. $(13.0) $(22.0) Add (deduct): Interest and other income................................... (16.4) 1.0 Mark to market loss on call options......................... 1.9 0.4 Interest expense on long-term liabilities................... 7.0 7.3 Share in loss (income) of investee companies................ (7.4) 2.2 ------ ------ Loss from operations for U.S. GAAP.......................... $(27.9) $(11.1) ====== ======

NINE MONTHS ENDED SEPTEMBER 30 --------------------- 2002 2001 ----- ------ Interest and other income................................... $16.4 $ (1.0) Mark to market loss on call options......................... (1.9) (0.4) Interest expense on long-term liabilities................... (7.0) (7.3) Dividends on convertible preferred shares of subsidiary company................................................... (1.3) (4.3) ----- ------ Non-operating income (loss) for U.S. GAAP................... $ 6.2 $(13.0) ===== ======

ELIMINATION ADDITIONAL REDUCTION RECOGNITION OF EFFECTS OF WRITEDOWN IN DEPRECIATION, OF DEFERRED RECOGNITION OF PROPERTY, DEPLETION EXCHANGE OF EQUITY PLANT AND AND REVERSAL UNDER GAINS ON COMPONENT EQUIPMENT AMORTIZATION OF 1991 CDN CONVERTIBLE OF CONVERTIBLE UNDER UNDER DEFICIT GAAP DEBENTURES DEBENTURES U.S. GAAP U.S. GAAP ELIMINATION ------ ----------- -------------- ------------ ---------------- ----------- (A) (A) (B) (B) (C) NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING: Loss for the period before dividends on convertible preferred shares of subsidiary company.......................... $(16.7) $(0.1) $(3.2) $ -- $ 6.0 $ -- Items not affecting cash: Depreciation, depletion and amortization.................... 61.3 -- -- -- (6.0) -- Writedown of property, plant and equipment....................... -- -- -- -- -- -- Writedown of marketable securities and long-term investments..................... -- -- -- -- -- -- Gain on sale of assets........... (2.0) -- -- -- -- -- Foreign exchange on convertible debt............................ 0.6 -- -- -- -- -- Future income and mining taxes... -- -- -- -- -- -- Deferred revenue realized........ (3.8) -- -- -- -- -- Site restoration cost accruals... 2.3 -- -- -- -- -- Share in loss of investee companies....................... 0.6 -- -- -- -- -- Interest on convertible debentures...................... -- -- -- -- -- -- Unrealized foreign exchange gains on convertible debentures....... -- 0.1 -- -- -- -- ------ ----- ----- ----- ----- ----- 42.3 -- (3.2) -- -- -- Proceeds on restructuring of gold forward sales contracts.......... -- -- -- -- -- -- Site restoration cash expenditures..................... (5.0) -- -- -- -- -- Changes in non-cash working capital items Accounts receivable.............. 5.9 -- -- -- -- -- Inventories...................... (2.7) -- -- -- -- -- Marketable securities............ 2.5 -- -- -- -- -- Accounts payable and accrued liabilities..................... 3.1 -- -- -- -- -- Effect of exchange rate changes on cash............................. 2.4 -- -- -- -- -- ------ ----- ----- ----- ----- ----- CASH FLOW PROVIDED FROM OPERATING ACTIVITIES......................... 48.5 -- (3.2) -- -- -- ------ ----- ----- ----- ----- ----- FINANCING: Issuance (repurchase) of common shares, net...................... 19.5 -- -- -- -- -- Acquisition of preferred shares of subsidiary company............... (11.4) -- -- -- -- -- Reduction of debt component of convertible debentures........... (3.8) -- 3.2 -- -- -- Repayment of debt.................. (12.4) -- -- -- -- -- Dividends on convertible preferred shares of subsidiary company..... -- -- -- -- -- -- ------ ----- ----- ----- ----- ----- CASH FLOW USED IN FINANCING ACTIVITIES......................... (8.1) -- 3.2 -- -- -- ------ ----- ----- ----- ----- ----- INVESTING: Additions to property, plant and equipment........................ (18.1) -- -- -- -- -- Business acquisitions, net of cash acquired......................... -- -- -- -- -- -- Long-term investments and other assets........................... 2.1 -- -- -- -- -- Proceeds from the sale of property, plant and equipment.............. 0.6 -- -- -- -- -- Decrease (increase) in restricted cash............................. (21.5) -- -- -- -- -- ------ ----- ----- ----- ----- ----- CASH FLOW USED IN INVESTING ACTIVITIES......................... (36.9) -- -- -- -- -- ------ ----- ----- ----- ----- ----- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS........................ 3.5 -- -- -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR............................ 81.0 -- -- -- -- -- ------ ----- ----- ----- ----- ----- CASH AND CASH EQUIVALENTS, END OF PERIOD............................. $ 84.5 $ -- $ -- $ -- $ -- $ -- ====== ===== ===== ===== ===== ===== UNREALIZED UNDER GAINS ON U.S. MARKETABLE RECLASSIFICATION GAAP SECURITIES OF BEFORE TO AND FLOW CUMULATIVE ADJUSTING ADJUST TO LONG-TERM THROUGH TRANSLATION TO EQUITY EQUITY UNDER INVESTMENTS SFAS 133 SHARES ADJUSTMENTS BASIS BASIS U.S. GAAP ----------- ------------ ------- ---------------- --------- --------- --------- (D) (E) (F) (H) (I) NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING: Loss for the period before dividends on convertible preferred shares of subsidiary company.......................... $ -- $ 0.1 $ 0.6 $ -- $ (13.3) $ -- $(13.3) Items not affecting cash: Depreciation, depletion and amortization.................... -- -- -- -- 55.3 (11.8) 43.5 Writedown of property, plant and equipment....................... -- -- -- -- -- -- -- Writedown of marketable securities and long-term investments..................... -- -- -- -- -- -- -- Gain on sale of assets........... -- -- -- -- (2.0) -- (2.0) Foreign exchange on convertible debt............................ -- -- -- -- 0.6 -- 0.6 Future income and mining taxes... -- -- -- -- -- -- -- Deferred revenue realized........ -- (0.1) -- -- (3.9) -- (3.9) Site restoration cost accruals... -- -- -- -- 2.3 (0.5) 1.8 Share in loss of investee companies....................... -- -- -- -- 0.6 (8.0) (7.4) Interest on convertible debentures...................... -- -- -- -- -- -- -- Unrealized foreign exchange gains on convertible debentures....... -- -- -- -- 0.1 -- 0.1 ----- ----- ----- ----- ------- ------ ------ -- -- 0.6 -- 39.7 (20.3) 19.4 Proceeds on restructuring of gold forward sales contracts.......... -- -- -- -- -- -- -- Site restoration cash expenditures..................... -- -- -- -- (5.0) -- (5.0) Changes in non-cash working capital items Accounts receivable.............. -- -- -- -- 5.9 2.0 7.9 Inventories...................... -- -- -- -- (2.7) 3.0 0.3 Marketable securities............ -- -- -- -- 2.5 -- 2.5 Accounts payable and accrued liabilities..................... -- -- (0.6) -- 2.5 3.1 5.6 Effect of exchange rate changes on cash............................. -- -- -- -- 2.4 -- 2.4 ----- ----- ----- ----- ------- ------ ------ CASH FLOW PROVIDED FROM OPERATING ACTIVITIES......................... -- -- -- -- 45.3 (12.2) 33.1 ----- ----- ----- ----- ------- ------ ------ FINANCING: Issuance (repurchase) of common shares, net...................... -- -- -- -- 19.5 -- 19.5 Acquisition of preferred shares of subsidiary company............... -- -- -- -- (11.4) -- (11.4) Reduction of debt component of convertible debentures........... -- -- -- -- (0.6) -- (0.6) Repayment of debt.................. -- -- -- -- (12.4) 1.8 (10.6) Dividends on convertible preferred shares of subsidiary company..... -- -- -- -- -- -- -- ----- ----- ----- ----- ------- ------ ------ CASH FLOW USED IN FINANCING ACTIVITIES......................... -- -- -- -- (4.9) 1.8 (3.1) ----- ----- ----- ----- ------- ------ ------ INVESTING: Additions to property, plant and equipment........................ -- -- -- -- (18.1) 0.1 (18.0) Business acquisitions, net of cash acquired......................... -- -- -- -- -- -- -- Long-term investments and other assets........................... -- -- -- -- 2.1 (0.1) 2.0 Proceeds from the sale of property, plant and equipment.............. -- -- -- -- 0.6 -- 0.6 Decrease (increase) in restricted cash............................. -- -- 2.6 -- (18.9) 15.9 (3.0) ----- ----- ----- ----- ------- ------ ------ CASH FLOW USED IN INVESTING ACTIVITIES......................... -- -- 2.6 -- (34.3) 15.9 (18.4) ----- ----- ----- ----- ------- ------ ------ INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS........................ -- -- 2.6 -- 6.1 5.5 11.6 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR............................ -- -- (4.6) -- 76.4 (5.5) 70.9 ----- ----- ----- ----- ------- ------ ------ CASH AND CASH EQUIVALENTS, END OF PERIOD............................. $ -- $ -- $(2.0) $ -- $ 82.5 $ -- $ 82.5 ===== ===== ===== ===== ======= ====== ======

ELIMINATION ADDITIONAL REDUCTION RECOGNITION OF EFFECTS OF WRITEDOWN IN DEPRECIATION, OF DEFERRED RECOGNITION OF PROPERTY, DEPLETION EXCHANGE OF EQUITY PLANT AND AND REVERSAL GAINS ON COMPONENT EQUIPMENT AMORTIZATION OF 1991 UNDER CONVERTIBLE OF CONVERTIBLE UNDER UNDER DEFICIT CDN GAAP DEBENTURES DEBENTURES U.S. GAAP U.S. GAAP ELIMINATION -------- ----------- -------------- ------------ ---------------- ----------- (A) (A) (B) (B) (C) NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING: Loss for the period before dividends on convertible preferred shares of subsidiary company................. $ (14.5) $ 5.7 $(4.0) $ -- $ 1.3 $ -- Items not affecting cash: Depreciation, depletion and amortization...................... 64.4 -- -- -- (1.3) -- Writedown of property, plant and equipment......................... -- -- -- -- -- -- Interest expense on long-term liabilities....................... -- -- -- -- -- -- Gain on sale of assets............. -- -- -- -- -- -- Foreign exchange on convertible debt.............................. (0.8) -- -- -- -- -- Future income and mining taxes..... -- -- -- -- -- -- Deferred revenue realized.......... (12.9) -- -- -- -- -- Site restoration cost accruals..... 1.2 -- -- -- -- -- Share in loss of investee companies......................... 0.9 -- -- -- -- -- Interest on convertible debentures........................ -- -- -- -- -- -- Unrealized foreign exchange gains on convertible debentures......... -- (5.7) -- -- -- -- ------- ----- ----- ----- ----- ----- 38.3 -- (4.0) -- -- -- Proceeds on restructuring of gold forward sales contracts............ 21.1 -- -- -- -- -- Site restoration cash expenditures... (4.5) -- -- -- -- -- Changes in non-cash working capital items Accounts receivable................ 0.8 -- -- -- -- -- Inventories........................ 8.1 -- -- -- -- -- Marketable securities.............. -- -- -- -- -- -- Accounts payable and accrued liabilities....................... (4.1) -- -- -- -- -- Effect of exchange rate changes on cash............................... (1.0) -- -- -- -- -- ------- ----- ----- ----- ----- ----- CASH FLOW PROVIDED FROM OPERATING ACTIVITIES........................... 58.7 -- (4.0) -- -- -- ------- ----- ----- ----- ----- ----- FINANCING: Issuance (repurchase) of common shares, net........................ 2.8 -- -- -- -- -- Reduction of debt component of convertible debentures............. (4.0) -- 4.0 -- -- -- Repayment of debt.................... (39.9) -- -- -- -- -- Dividends on convertible preferred shares of subsidiary company....... -- -- -- -- -- -- ------- ----- ----- ----- ----- ----- CASH FLOW USED IN FINANCING ACTIVITIES........................... (41.1) -- 4.0 -- -- -- ------- ----- ----- ----- ----- ----- INVESTING: Additions to property, plant and equipment.......................... (25.3) -- -- -- -- -- Business acquisitions, net of cash acquired........................... -- -- -- -- -- -- Long-term investments and other assets............................. (2.6) -- -- -- -- -- Proceeds from the sale of property, plant and equipment................ 1.6 -- -- -- -- -- Decrease (increase) in restricted cash............................... 2.9 -- -- -- -- -- ------- ----- ----- ----- ----- ----- CASH FLOW USED IN INVESTING ACTIVITIES........................... (23.4) -- -- -- -- -- ------- ----- ----- ----- ----- ----- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS.......................... (5.8) -- -- -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR.............................. 77.8 -- -- -- -- -- ------- ----- ----- ----- ----- ----- CASH AND CASH EQUIVALENTS, END OF PERIOD............................... $ 72.0 $ -- $ -- $ -- $ -- $ -- ======= ===== ===== ===== ===== ===== UNREALIZED UNDER GAINS ON U.S. MARKETABLE RECLASSIFICATION GAAP SECURITIES OF BEFORE TO AND FLOW CUMULATIVE ADJUSTING ADJUST TO LONG-TERM THROUGH TRANSLATION TO EQUITY EQUITY UNDER INVESTMENTS SFAS 133 SHARES ADJUSTMENTS BASIS BASIS U.S. GAAP ----------- ------------ ------- ---------------- --------- --------- --------- (D) (E) (F) (H) (I) NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING: Loss for the period before dividends on convertible preferred shares of subsidiary company................. $ -- $(9.1) $ -- $ -- $ (20.6) $ -- $ (20.6) Items not affecting cash: Depreciation, depletion and amortization...................... -- -- -- -- 63.1 (15.3) 47.8 Writedown of property, plant and equipment......................... -- -- -- -- -- -- -- Interest expense on long-term liabilities....................... -- -- -- -- -- -- -- Gain on sale of assets............. -- -- -- -- -- -- -- Foreign exchange on convertible debt.............................. -- -- -- -- (0.8) -- (0.8) Future income and mining taxes..... -- -- -- -- -- -- -- Deferred revenue realized.......... -- 9.1 -- -- (3.8) -- (3.8) Site restoration cost accruals..... -- -- -- -- 1.2 (0.2) 1.0 Share in loss of investee companies......................... -- -- -- -- 0.9 1.3 2.2 Interest on convertible debentures........................ -- -- -- -- -- -- -- Unrealized foreign exchange gains on convertible debentures......... -- -- -- -- (5.7) -- (5.7) ----- ----- ----- ----- ------- ------- ------- -- -- -- -- 34.3 (14.2) 20.1 Proceeds on restructuring of gold forward sales contracts............ -- -- -- -- 21.1 -- 21.1 Site restoration cash expenditures... -- -- -- -- (4.5) -- (4.5) Changes in non-cash working capital items Accounts receivable................ -- -- -- -- 0.8 0.8 1.6 Inventories........................ -- -- -- -- 8.1 (1.6) 6.5 Marketable securities.............. -- -- -- -- -- -- -- Accounts payable and accrued liabilities....................... -- -- -- -- (4.1) 2.4 (1.7) Effect of exchange rate changes on cash............................... -- -- -- -- (1.0) -- (1.0) ----- ----- ----- ----- ------- ------- ------- CASH FLOW PROVIDED FROM OPERATING ACTIVITIES........................... -- -- -- -- 54.7 (12.6) 42.1 ----- ----- ----- ----- ------- ------- ------- FINANCING: Issuance (repurchase) of common shares, net........................ -- -- -- -- 2.8 -- 2.8 Reduction of debt component of convertible debentures............. -- -- -- -- -- -- -- Repayment of debt.................... -- -- -- -- (39.9) 15.2 (24.7) Dividends on convertible preferred shares of subsidiary company....... -- -- -- -- -- -- -- ----- ----- ----- ----- ------- ------- ------- CASH FLOW USED IN FINANCING ACTIVITIES........................... -- -- -- -- (37.1) 15.2 (21.9) ----- ----- ----- ----- ------- ------- ------- INVESTING: Additions to property, plant and equipment.......................... -- -- -- -- (25.3) 0.4 (24.9) Business acquisitions, net of cash acquired........................... -- -- -- -- -- -- -- Long-term investments and other assets............................. -- -- -- -- (2.6) -- (2.6) Proceeds from the sale of property, plant and equipment................ -- -- -- -- 1.6 -- 1.6 Decrease (increase) in restricted cash............................... -- -- (0.8) -- 2.1 -- (2.1) ----- ----- ----- ----- ------- ------- ------- CASH FLOW USED IN INVESTING ACTIVITIES........................... -- -- (0.8) -- (24.2) 0.4 (23.8) ----- ----- ----- ----- ------- ------- ------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS.......................... -- -- (0.8) -- (6.6) 3.0 (3.6) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR.............................. -- -- (1.4) -- 76.4 (17.3) 59.1 ----- ----- ----- ----- ------- ------- ------- CASH AND CASH EQUIVALENTS, END OF PERIOD............................... $ -- $ -- $(2.2) $ -- $ 69.8 $ (14.3) $ 55.5 ===== ===== ===== ===== ======= ======= =======

NINE MONTHS ENDED SEPTEMBER 30 -------------------- 2002 2001 ------ ------ Net (loss) income for the period under U.S. GAAP............ $(14.6) $(24.9) Change in currency translation adjustments.................. 3.7 (5.5) Change in unrealized (losses) gains on marketable securities and long-term investments(d).............................. 55.0 (0.2) Change in fair value of derivatives under SFAS 133(c)....... (17.1) 9.7 ------ ------ Comprehensive income under U.S. GAAP........................ $ 27.0 $(20.9) ====== ======

2001 2000 ------ ------ ASSETS CURRENT ASSETS Cash and cash equivalents................................... $ 81.0 $ 77.8 Restricted cash............................................. -- 2.9 Accounts receivable (Note 3)................................ 13.8 20.3 Inventories (Note 4)........................................ 42.4 54.6 Marketable securities (quoted market value: 2001 -- $1.8; 2000 -- $0.7)............................................. 1.5 0.7 ------ ------ 138.7 156.3 Property, plant and equipment (Note 5)...................... 415.0 505.6 Long-term investments (Note 6).............................. 12.9 14.4 Deferred charges and other assets........................... 11.0 23.7 ------ ------ $577.6 $700.0 ====== ====== LIABILITIES CURRENT LIABILITIES Accounts payable and accrued liabilities.................... $ 31.0 $ 40.8 Current portion of long-term debt (Note 9).................. 33.1 31.5 Current portion of site restoration cost accruals (Note 10)....................................................... 12.6 9.3 ------ ------ 76.7 81.6 Long-term debt (Note 9)..................................... 31.0 79.8 Site restoration cost accruals (Note 10).................... 43.0 47.9 Future income and mining taxes (Note 16).................... 3.3 3.5 Deferred revenue (Note 8 (a))............................... 9.6 10.1 Other long-term liabilities................................. 6.0 10.1 Debt component of convertible debentures (Note 11).......... 28.1 33.4 Redeemable retractable preferred shares (Note 12)........... 3.1 3.1 ------ ------ 200.8 269.5 ------ ------ CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY (Note 13)....................................................... 48.0 91.8 ------ ------ COMMON SHAREHOLDERS' EQUITY Common share capital (Note 14).............................. 945.7 913.2 Contributed surplus......................................... 12.9 12.9 Equity component of convertible debentures (Note 11)........ 124.8 117.0 Deficit..................................................... (726.0) (681.4) Cumulative translation adjustments.......................... (28.6) (23.0) ------ ------ 328.8 338.7 ------ ------ $577.6 $700.0 ====== ======

2001 2000 1999 ------ ------- ------- REVENUE Mining revenue.............................................. $270.1 $ 271.0 $ 304.0 Interest and other income................................... 9.3 14.2 15.5 Mark to market gain (loss) on call options.................. 3.5 4.1 (2.5) ------ ------- ------- 282.9 289.3 317.0 ------ ------- ------- EXPENSES Operating................................................... 180.7 189.6 209.4 General and administrative.................................. 10.1 10.4 11.2 Exploration................................................. 7.9 11.4 11.1 Depreciation, depletion and amortization.................... 85.8 93.2 110.9 Gain on sale of assets...................................... (1.2) (4.1) (0.1) Foreign exchange loss (gain)................................ 1.1 (0.5) (0.2) Interest expense on long-term liabilities................... 9.1 14.3 15.8 Write-down of marketable securities and long-term investments............................................... -- 13.1 4.6 Write-down of property, plant and equipment (Note 15)....... 16.1 72.1 184.9 ------ ------- ------- 309.6 399.5 547.6 ------ ------- ------- (26.7) (110.2) (230.6) Share in loss of investee companies......................... (2.2) (8.1) (0.3) ------ ------- ------- LOSS BEFORE TAXES AND DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY................................................... (28.9) (118.3) (230.9) PROVISION FOR INCOME AND MINING TAXES (Note 16)............. (2.9) (0.9) (2.9) ------ ------- ------- LOSS FOR THE YEAR BEFORE DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY.............................. (31.8) (119.2) (233.8) DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY (Note 13)......................................... (5.1) (6.9) (6.9) ------ ------- ------- NET LOSS FOR THE YEAR....................................... (36.9) (126.1) (240.7) INCREASE IN EQUITY COMPONENT OF CONVERTIBLE DEBENTURES (Note 11)....................................................... (7.7) (7.2) (6.5) ------ ------- ------- NET LOSS FOR THE YEAR ATTRIBUTABLE TO COMMON SHAREHOLDERS... $(44.6) $(133.3) $(247.2) ====== ======= ======= LOSS PER SHARE Basic and diluted........................................... $(0.14) $ (0.45) $ (0.83) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (millions)................................................ 313.4 298.1 299.2

2001 2000 1999 ------ ------- ------- NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING: Loss for the year before dividends on convertible preferred shares of subsidiary company.............................. $(31.8) $(119.2) $(233.8) Items not affecting cash: Depreciation, depletion and amortization.................. 85.8 93.2 110.9 Write-down of property, plant and equipment............... 14.6 72.1 184.9 Write-down of marketable securities and long-term investments............................................ -- 13.1 4.6 Gain on sale of assets.................................... (1.2) (4.1) (0.1) Future income and mining taxes............................ -- (3.5) -- Deferred revenue realized................................. (17.7) (13.5) (6.9) Site restoration cost accruals............................ 1.9 2.6 3.1 Share in loss of investee companies....................... 2.2 9.4 0.3 ------ ------- ------- 53.8 50.1 63.0 Proceeds on restructuring of gold forward sales contracts... 21.6 4.7 -- Site restoration cash expenditures.......................... (7.1) (9.6) (6.3) Changes in non-cash working capital items Accounts receivable....................................... 5.1 5.7 10.1 Inventories............................................... 9.6 0.6 3.3 Marketable securities..................................... -- 4.8 (3.2) Accounts payable and accrued liabilities.................. (8.0) (8.3) 0.4 Effect of exchange rate changes on cash................... (0.5) (0.2) 2.2 ------ ------- ------- CASH FLOW PROVIDED FROM OPERATING ACTIVITIES................ 74.5 47.8 69.5 ------ ------- ------- FINANCING: Issuance of common shares................................. 5.4 3.2 2.0 Repurchase of common shares............................... -- (5.3) (7.5) Reduction of debt component of convertible debentures..... (5.4) (4.9) (4.4) Repayment of debt......................................... (46.5) (26.4) (14.7) Dividends on convertible preferred shares of subsidiary company................................................ -- (3.4) (6.9) ------ ------- ------- CASH FLOW USED IN FINANCING ACTIVITIES...................... (46.5) (36.8) (31.5) ------ ------- ------- INVESTING: Additions to property, plant and equipment................ (30.4) (41.6) (44.0) Business acquisitions, net of cash acquired............... (1.2) -- (35.0) Long-term investments and other assets.................... 2.1 (7.4) (0.8) Proceeds from the sale of property, plant and equipment... 1.8 4.8 2.3 Decrease (increase) in restricted cash.................... 2.9 (2.9) -- ------ ------- ------- CASH FLOW USED IN INVESTING ACTIVITIES...................... (24.8) (47.1) (77.5) ------ ------- ------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS............ 3.2 (36.1) (39.5) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR................ 77.8 113.9 153.4 ------ ------- ------- CASH AND CASH EQUIVALENTS, END OF YEAR...................... $ 81.0 $ 77.8 $ 113.9 ------ ------- ------- Cash and cash equivalents consist of the following: Cash on hand and balances with banks...................... $ 12.9 $ 20.0 $ 27.0 Short-term investments.................................... 68.1 57.8 86.9 ------ ------- ------- $ 81.0 $ 77.8 $ 113.9 ====== ======= ======= Supplementary disclosure of cash flow information: Cash paid for: Interest................................... $ 13.1 $ 18.8 $ 12.3 Income taxes.............................. $ 3.9 $ 2.3 $ 3.0

EQUITY COMMON COMPONENT OF CUMULATIVE SHARE CONTRIBUTED CONVERTIBLE TRANSLATION CAPITAL SURPLUS DEBENTURES DEFICIT ADJUSTMENTS TOTAL ------- ----------- ------------ ------- ----------- ------ BALANCE, DECEMBER 31, 1998.... $904.2 $ 3.6 $103.1 $(296.4) $(27.9) $686.6 Issuance of common shares, net......................... 16.1 4.3 -- -- -- 20.4 Increase in equity component of convertible debentures... -- -- 6.6 (6.5) -- 0.1 Net loss for the year......... -- -- -- (240.7) -- (240.7) Cumulative translation adjustments................. -- -- -- -- 9.2 9.2 ------ ----- ------ ------- ------ ------ BALANCE, DECEMBER 31, 1999.... 920.3 7.9 109.7 (543.6) (18.7) 475.6 Adjustment for post-retirement benefits (Note 1)........... -- -- -- (4.5) -- (4.5) ------ ----- ------ ------- ------ ------ BALANCE, JANUARY 1, 2000...... 920.3 7.9 109.7 (548.1) (18.7) 471.1 Issuance (repurchase) of common shares, net.......... (7.1) 5.0 -- -- -- (2.1) Increase in equity component of convertible debentures... -- -- 7.3 (7.2) -- 0.1 Net loss for the year......... -- -- -- (126.1) -- (126.1) Cumulative translation adjustments................. -- -- -- -- (4.3) (4.3) ------ ----- ------ ------- ------ ------ BALANCE, DECEMBER 31, 2000.... 913.2 12.9 117.0 (681.4) (23.0) 338.7 Issuance of common shares, net......................... 32.5 -- -- -- -- 32.5 Increase in equity component of convertible debentures... -- -- 7.8 (7.7) -- 0.1 Net loss for the year......... -- -- -- (36.9) -- (36.9) Cumulative translation adjustments................. -- -- -- -- (5.6) (5.6) ------ ----- ------ ------- ------ ------ BALANCE, DECEMBER 31, 2001.... $945.7 $12.9 $124.8 $(726.0) $(28.6) $328.8 ====== ===== ====== ======= ====== ======

GEORGE/ E-CRETE GOOSE LAKE TOTAL ------- ---------- ----- Fair value ascribed to net assets acquired: Property, plant and equipment............................. $1.7 $3.8 $5.5 Less liabilities assumed.................................. 0.5 -- 0.5 ---- ---- ---- $1.2 $3.8 $5.0 ==== ==== ==== Purchase price: Cash...................................................... $1.2 $ -- $1.2 Common shares............................................. -- 3.8 3.8 ---- ---- ---- $1.2 $3.8 $5.0 ==== ==== ====

ADDITIONAL 1.7% INTEREST IN LA TEKO KERSHAW TRUE NORTH PAMOUR OMOLON TOTAL ------- ------- ---------- ------ ----------- ----- Fair value ascribed to net assets acquired: Property, plant and equipment.................. $26.3 $2.0 $28.1 $8.0 $1.3 $65.7 Other assets (including cash of $0.6 million)..................................... 0.1 -- -- -- 1.1 1.2 ----- ---- ----- ---- ---- ----- Total assets................................... 26.4 2.0 28.1 8.0 2.4 66.9 Less liabilities assumed....................... -- -- -- 3.3 2.1 5.4 ----- ---- ----- ---- ---- ----- $26.4 $2.0 $28.1 $4.7 $0.3 $61.5 ===== ==== ===== ==== ==== ===== Purchase price Cash........................................... $ 0.5 $2.0 $28.1 $4.7 $0.3 $35.6 Common shares.................................. 25.9 -- -- -- -- 25.9 ----- ---- ----- ---- ---- ----- $26.4 $2.0 $28.1 $4.7 $0.3 $61.5 ===== ==== ===== ==== ==== =====

2001 2000 ----- ----- Taxes, interest and miscellaneous........................... $ 8.3 $15.7 Due from joint venture partners............................. 5.5 4.6 ----- ----- $13.8 $20.3 ===== =====

2001 2000 ----- ----- Gold bullion and gold in process............................ $15.1 $17.2 Mine operating parts and supplies........................... 27.3 37.4 ----- ----- $42.4 $54.6 ===== =====

2001 2000 ------------------------------------- ------------------------------------- ACCUMULATED ACCUMULATED DEPRECIATION, DEPRECIATION, COST, DEPLETION NET COST, DEPLETION NET NET OF AND BOOK NET OF AND BOOK WRITE-DOWN AMORTIZATION VALUE WRITE-DOWN AMORTIZATION VALUE ---------- ------------- ------ ---------- ------------- ------ Producing properties Mineral properties...................... $ 0.3 $ -- $ 0.3 $ 8.3 $ -- $ 8.3 Plant and equipment (amortized on a straight-line basis).................. 165.5 77.4 88.1 187.9 86.5 101.4 Plant and equipment (amortized on unit-of-production basis)............. 615.2 305.8 309.4 684.4 301.9 382.5 Development properties.................... 8.1 -- 8.1 8.1 -- 8.1 Exploration properties.................... 9.1 -- 9.1 5.3 -- 5.3 ------ ------ ------ ------ ------ ------ $798.2 $383.2 $415.0 $894.0 $388.4 $505.6 ====== ====== ====== ====== ====== ======

2001 2000 ----- ----- Cost Basis.................................................. $ 9.6 $ 8.8 Equity Basis................................................ 3.3 5.6 ----- ----- $12.9 $14.4 ===== =====

2001 2000 1999 ------- ------- ------- Revenue..................................................... $ 87.4 $ 98.9 $ 115.6 ------- ------- ------- Operating costs............................................. 57.9 66.4 80.8 Depreciation, depletion and amortization.................... 21.6 30.9 35.8 Exploration................................................. 2.1 2.4 1.8 Interest.................................................... 3.6 6.0 7.0 Write-down of property, plant and equipment................. -- 42.6 16.9 ------- ------- ------- 85.2 148.3 142.3 ------- ------- ------- Income (loss) before taxes.................................. $ 2.2 $ (49.4) $ (26.7) ======= ======= ======= Current assets.............................................. $ 30.2 $ 56.6 $ 65.3 Property, plant and equipment............................... 39.4 53.2 116.0 ------- ------- ------- 69.6 109.8 181.3 Current liabilities......................................... 20.3 40.0 39.7 Long-term liabilities....................................... 13.1 33.2 53.3 ------- ------- ------- Net investment in joint ventures............................ $ 36.2 $ 36.6 $ 88.3 ======= ======= ======= Cash flow provided from operating activities................ $ 35.8 $ 24.1 $ 25.1 ======= ======= ======= Cash flow used in investing activities...................... $ (0.6) $ (7.8) $ (10.4) ======= ======= ======= Cash flow used in financing activities...................... $ (21.9) $ (20.2) $ (9.6) ======= ======= =======

2001 2000 1999 ------ ------ ------ OMOLON GOLD MINING COMPANY Revenue..................................................... $ 67.8 $ 67.7 $ 71.0 ------ ------ ------ Operating costs............................................. 37.9 34.8 37.2 Depreciation, depletion and amortization.................... 20.5 26.0 26.2 Exploration................................................. 2.1 2.3 1.8 Interest.................................................... 2.9 4.8 6.3 Writedown of property, plant and equipment.................. -- -- 5.7 ------ ------ ------ 63.4 67.9 77.2 ------ ------ ------ Income (loss) before taxes.................................. $ 4.4 $ (0.2) $ (6.2) ====== ====== ====== Current assets.............................................. $ 23.8 $ 47.0 $ 46.3 Property, plant and equipment............................... 31.2 45.6 69.6 ------ ------ ------ 55.0 92.6 115.9 ------ ------ ------ Current liabilities......................................... 18.1 34.7 31.0 Long-term liabilities....................................... 4.5 24.7 47.9 ------ ------ ------ 22.6 59.4 78.9 ------ ------ ------ Net investment in joint venture............................. $ 32.4 $ 33.2 $ 37.0 ====== ====== ====== Cash flow provided from operating activities................ $ 37.7 $ 23.3 $ 24.9 ====== ====== ====== Cash flow used in investing activities...................... $ (0.4) $ (0.1) $ (1.1) ====== ====== ====== Cash flow used in financing activities...................... $(21.5) $(21.0) $(13.1) ====== ====== ======

2001 2000 1999 ------ ------ ------ COMPANIA MINERA MARICUNGA Revenue..................................................... $ 19.5 $ 26.7 $ 27.0 ------ ------ ------ Operating costs............................................. 17.4 26.4 28.0 Depreciation, depletion and amortization.................... -- 3.9 4.8 Exploration................................................. -- -- -- Interest.................................................... 0.3 0.6 0.7 Writedown of property, plant and equipment.................. -- 36.1 11.2 ------ ------ ------ 17.7 67.0 44.7 ------ ------ ------ Income (loss) before taxes.................................. $ 1.8 $(40.3) $(17.7) ====== ====== ====== Current assets.............................................. $ 6.2 $ 9.4 $ 10.5 Property, plant and equipment............................... -- -- 33.2 ------ ------ ------ 6.2 9.4 43.7 ------ ------ ------ Current liabilities......................................... 1.7 4.8 7.8 Long-term liabilities....................................... 5.2 6.0 3.2 ------ ------ ------ 6.9 10.8 11.0 ------ ------ ------ Net investment in joint venture............................. $ (0.7) $ (1.4) $ 32.7 ====== ====== ====== Cash flow provided from (used in) operating activities...... $ 2.2 $ (0.8) $ (0.9) ====== ====== ====== Cash flow used in investing activities...................... $ -- $ (3.3) $ (8.0) ====== ====== ====== Cash flow provided from (used in) financing activities...... $ (0.4) $ (2.0) $ 3.5 ====== ====== ====== E-CRETE Revenue..................................................... $ 0.1 $ -- $ -- ------ ------ ------ Operating costs............................................. 2.5 1.3 -- Depreciation, depletion and amortization.................... 1.1 -- -- Exploration................................................. -- -- -- Interest.................................................... 0.3 -- -- Writedown of property, plant and equipment.................. -- -- -- ------ ------ ------ 3.9 1.3 -- ------ ------ ------ Income (loss) before taxes.................................. $ (3.8) $ (1.3) $ -- ====== ====== ====== Current assets.............................................. $ 0.2 $ 0.2 $ -- Property, plant and equipment............................... 8.2 7.6 -- ------ ------ ------ 8.4 7.8 -- ------ ------ ------ Current liabilities......................................... 0.5 0.5 -- Long-term liabilities....................................... 3.4 2.5 -- ------ ------ ------ 3.9 3.0 -- ------ ------ ------ Net investment in joint venture............................. $ 4.5 $ 4.8 $ -- ====== ====== ====== Cash flow provided from operating activities................ $ (4.1) $ (0.3) $ -- ====== ====== ====== Cash flow used in investing activities...................... $ (0.2) $ (4.3) $ -- ====== ====== ====== Cash flow provided from financing activities................ $ -- $ 2.8 $ -- ====== ====== ======

SPOT DEFERRED CALL AVERAGE OUNCES HEDGED AVERAGE OPTIONS STRIKE EXPECTED YEAR OF DELIVERY '000 OZ. PRICE SOLD '000 OZ. PRICE ------------------------- -------------- ------- -------------- ------- 2002..................................................... 113 $271 50 $340 2003..................................................... 100 $270 100 $320 2004..................................................... 100 $270 50 $340 --- --- Total.................................................... 313 200 === ===

2001 2000 ----- ----- Gold and silver forward sales contracts(1).................. $(3.6) $10.7 Foreign currency contracts(2)............................... (1.5) (0.3)

PRINCIPAL REPAYMENT SCHEDULE AS AT DECEMBER 31, 2001 ----------------------- INTEREST RATES 2000 2001 2002 2003 2004 -------------- ----- ----- ----- ----- ----- Kubaka project-financing debt............................... Variable $20.0 $ 4.2 $ 4.2 $ -- $ -- Kubaka subordinated debt.................................... Variable 5.7 -- -- -- -- Fort Knox industrial revenue bonds.......................... Variable 71.0 49.0 23.0 26.0 -- E-Crete project financing debt.............................. Variable 2.8 3.3 -- 3.3 -- Capital leases.............................................. 8.0%-9.5% 11.8 7.6 5.9 0.8 0.9 ----- ----- ----- ----- ----- 111.3 64.1 $33.1 $30.1 $ 0.9 ===== ===== ===== Less current portion........................................ 31.5 33.1 ----- ----- $79.8 $31.0 ===== =====

DATE AMORTIZATION CREDIT FACILITY BALANCE ---- ----------------- ----------------------- December 2000............................................... $ -- $90.0 February 2001............................................... 20.0 70.0 January 2002................................................ 20.0 50.0 June 2002................................................... 20.0 30.0 January 2003................................................ Facility expires --

PURPOSE AMOUNT ------- ------ Credit Support for Fort Knox industrial revenue bonds....... $49.9 Credit Support E-Crete project financing.................... 3.9 Reclamation and other obligations........................... 5.2 ----- $59.0 =====

2001 2000 1999 ------------------- ------------------- ------------------- NUMBER OF NUMBER OF NUMBER OF SHARES SHARES SHARES (MILLIONS) AMOUNT (MILLIONS) AMOUNT (MILLIONS) AMOUNT ---------- ------ ---------- ------ ---------- ------ Balance, January 1,............................... 300.9 $913.2 300.3 $920.3 292.6 $904.2 Issued: Upon acquisition of Kinam preferred shares...... 24.2 23.2 -- -- -- -- Pursuant to the La Teko acquisition............. -- -- -- -- 10.5 25.9 Under restricted share plan..................... 0.1 0.1 -- -- -- -- Under employee share purchase plan.............. 1.2 0.8 2.1 1.8 0.9 2.0 Upon buy-back of common shares under normal course issuer bid............................. -- -- (3.5) (10.3) (3.7) (11.8) Upon the acquisition of George/Goose Lake Gold Project....................................... 4.0 3.8 -- -- -- -- Private placement for cash...................... 4.3 4.6 2.0 1.4 -- -- ----- ------ ----- ------ ----- ------ Balance, December 31,............................. 334.7 $945.7 300.9 $913.2 300.3 $920.3 ===== ====== ===== ====== ===== ======

NUMBER OF COMMON SHARES PURCHASED COST OF STATED CONTRIBUTED (MILLIONS) ACQUISITION CAPITAL SURPLUS ------------- ----------- ------- ----------- 2000........................................................ 3.5 $5.3 $10.3 $5.0 1999........................................................ 3.7 $7.5 $11.8 $4.3

2001 2000 1999 ---------- ---------- ---------- (millions) (millions) (millions) Outstanding at beginning of year............................ 11.3 10.5 8.4 Exercised................................................... -- -- -- Granted..................................................... 1.4 3.6 2.1 Exchanged pursuant to the La Teko acquisition............... -- -- 0.6 Cancelled................................................... (1.0) (2.8) (0.6) ---- ---- ---- Outstanding at end of year.................................. 11.7 11.3 10.5 ==== ==== ====

OPTIONS OUTSTANDING OPTIONS EXERCISABLE --------------------------------------------- ------------------------ NUMBER NUMBER OUTSTANDING WEIGHTED EXERCISABLE AS AT AVERAGE WEIGHTED AS AT WEIGHTED DECEMBER 31, REMAINING AVERAGE DECEMBER 31, AVERAGE 2001 CONTRACTUAL EXERCISE 2001 EXERCISE RANGE OF EXERCISE PRICES (000'S) LIFE PRICE (000'S) PRICE ------------------------ ------------ ----------------- -------- ------------ -------- $0.65 - $2.00.................................... 6,958 3 years, 167 days $1.05 3,372 $0.70 $2.01 - $4.00.................................... 4,580 1 year, 102 days $2.60 4,565 $2.60 $4.01 - $10.93................................... 212 2 years, 157 days $6.89 212 $6.89

2001 2000 1999 ------ ------ ------ Fort Knox mine -- producing mine............................ $ -- $ -- $108.8 Kubaka mine -- producing mine............................... -- -- 10.7 Refugio mine -- producing mine.............................. -- 36.1 11.2 Denton-Rawhide mine -- producing mine....................... -- -- 10.0 Blanket mine -- producing mine.............................. 11.8 -- -- Goldbanks property -- development project................... -- -- 27.7 Aginskoe project -- development project..................... -- 6.5 -- Delamar property -- reclamation project..................... 4.3 7.2 -- Haile property -- reclamation project....................... -- 0.1 16.5 Macassa property -- reclamation project..................... -- 7.5 -- Sleeper property -- reclamation project..................... -- 2.9 -- Hayden Hill property -- reclamation project................. -- 2.8 -- Candelaria property -- reclamation project.................. -- 2.1 -- Guanaco property -- reclamation project..................... -- 2.1 -- Q.R. property -- reclamation project........................ -- 1.8 -- Other....................................................... -- 3.0 -- ------ ------ ------ $ 16.1 $ 72.1 $184.9 ====== ====== ======

2001 2000 1999 ---- ----- ---- Income taxes Current Canada(i)............................................... $0.2 $ 0.3 $0.3 Foreign................................................. 2.7 4.1 2.6 Future Canada.................................................. -- -- -- Foreign................................................. -- -- -- Mining taxes Current -- Canada......................................... -- -- -- Future -- Canada.......................................... -- (3.5) -- ---- ----- ---- $2.9 $ 0.9 $2.9 ==== ===== ====

2001 2000 1999 ----- ----- ----- Combined statutory income tax rate.......................... (41.1)% (42.0)% (43.0)% Increase (decrease) resulting from: Mining taxes.............................................. -- (2.9) -- Resource allowance and depletion.......................... 4.7 0.2 0.1 Difference in foreign tax rates........................... 10.2 12.0 9.8 Non-recognition of benefit of losses...................... 35.7 33.1 31.3 Other..................................................... 0.6 0.4 3.1 ----- ----- ----- Effective tax rate.......................................... 10.1% 0.8% 1.3% ===== ===== =====

2001 2000 1999 ------ ------ ------ Future tax assets Accrued expenses and other................................ $ 4.4 $ 5.1 $ 1.8 Site restoration cost accruals............................ 5.9 10.5 10.8 Deferred revenue.......................................... -- 1.4 3.3 Alternative minimum tax credits........................... 8.0 5.7 9.5 Non-capital loss carryforwards............................ 123.7 129.1 103.8 Inventory capitalization.................................. 0.2 0.5 1.9 ------ ------ ------ Gross future tax assets................................... 142.2 152.3 131.1 Future tax liabilities Property, plant and equipment............................. 41.9 20.0 29.6 ------ ------ ------ Gross future tax liabilities.............................. 41.9 20.0 29.6 ------ ------ ------ 100.3 132.3 101.5 Valuation allowance......................................... 103.6 135.8 108.8 ------ ------ ------ Net future tax liabilities.................................. $ 3.3 $ 3.5 $ 7.3 ====== ====== ======

REPORTABLE OPERATING SEGMENTS ----------------------------------------------------------------- BLANKET CORPORATE HOYLE KUBAKA FORT KNOX (SEE NOTE 15) REFUGIO E-CRETE AND OTHER(C) TOTAL ------- ------- --------- ------------- ------- ------- ------------ --------- AS AT AND FOR THE YEAR ENDED DECEMBER 31, 2001 Mining revenue................. $ 41.7 $ 67.8 $ 109.0 $ 13.3 $ 18.4 $ -- $ 19.9 $ 270.1 Interest income................ -- 2.2 -- 0.1 -- -- 2.9 5.2 Interest expense............... -- 2.0 3.6 -- 0.4 0.3 2.8 9.1 Depreciation, depletion and amortization................. 13.2 24.0 42.9 2.3 -- 1.1 2.3 85.8 Write-down of mineral properties................... -- -- -- 11.8 -- -- 4.3 16.1 Segment (loss) profit(a)....... (0.7) 8.7 (20.9) (10.8) 1.7 (3.9) (2.0) (27.9) Segment assets................. 86.6 70.3 324.3 -- 7.0 8.5 80.9(b) 577.6 Capital expenditures........... 7.9 0.4 20.2 1.1 -- 0.1 0.7 30.4 AS AT AND FOR THE YEAR ENDED DECEMBER 31, 2000 Mining revenue................. $ 38.4 $ 67.7 $ 102.8 $ 9.3 $ 23.8 $ -- $ 29.0 $ 271.0 Interest income................ -- 2.1 -- 0.5 -- -- 6.6 9.2 Interest expense............... -- 3.5 5.7 -- 0.7 -- 4.4 14.3 Depreciation, depletion and amortization................. 13.1 30.8 31.9 2.2 3.9 -- 11.3 93.2 Write-down of mineral properties................... -- -- -- -- 36.1 -- 36.0 72.1 Segment (loss) profit(a)....... (8.3) 2.2 (9.7) (1.3) (40.3) (1.3) (42.5) (101.2) Segment assets................. 96.8 122.6 345.0 12.0 9.4 7.9 106.3(b) 700.0 Capital expenditures........... 13.9 0.1 17.6 1.5 3.2 4.3 1.0 41.6 AS AT AND FOR THE YEAR ENDED DECEMBER 31, 1999 Mining revenue................. $ 38.1 $ 71.0 $ 98.3 $ 10.3 $ 25.2 -- $ 61.1 $ 304.0 Interest income................ -- 3.0 0.3 0.7 0.1 -- 6.8 10.9 Interest expense............... -- 5.4 5.7 -- 0.8 -- 3.9 15.8 Depreciation, depletion and amortization................. 12.2 35.9 43.9 1.0 4.9 -- 13.0 110.9 Write-down of mineral properties................... -- 10.6 108.8 -- 11.2 -- 54.3 184.9 Segment (loss) profit(a)....... (2.9) (13.5) (129.2) 1.7 (17.5) -- (64.7) (226.1) Segment assets................. 102.7 148.3 357.7 8.7 47.1 -- 217.9(b) 882.4 Capital expenditures........... 18.6 1.1 9.5 0.9 8.0 -- 5.9 44.0

2001 2000 1999 ------ ------- ------- Segment loss................................................ $(25.9) $ (58.7) $(161.4) Add (deduct) items not included in segment loss: Corporate and other......................................... (2.0) (42.5) (64.7) ------ ------- ------- (27.9) (101.2) (226.1) Gain on sale of assets...................................... 1.2 4.1 0.1 Share in loss of investee companies......................... (2.2) (8.1) (0.3) Write-down of marketable securities and long-term investments............................................... -- (13.1) (4.6) Provision for income and mining taxes....................... (2.9) (0.9) (2.9) Dividends on convertible preferred shares of subsidiary company................................................... (5.1) (6.9) (6.9) ------ ------- ------- Net loss for the year....................................... $(36.9) $(126.1) $(240.7) ====== ======= =======

PROPERTY, PLANT AND MINING REVENUE EQUIPMENT -------------------------- ---------------- 2001 2000 1999 2001 2000 ------ ------ ------ ------ ------ United States............................................... $123.3 $123.9 $134.1 $289.8 $339.2 Russia...................................................... 67.8 67.7 71.0 31.0 53.2 Chile....................................................... 18.7 28.1 31.7 -- -- Other....................................................... 13.3 9.3 10.3 5.3 15.4 ------ ------ ------ ------ ------ Total foreign............................................... 223.1 229.0 247.1 326.1 407.8 Canada...................................................... 47.0 42.0 56.9 88.9 97.8 ------ ------ ------ ------ ------ Total....................................................... $270.1 $271.0 $304.0 $415.0 $505.6 ====== ====== ====== ====== ======

2001 2000 1999 ----- ----- ----- Service cost................................................ $ 0.1 $ 0.1 $ 0.1 Interest cost............................................... 0.7 0.7 0.7 Expected return on assets................................... (0.8) (0.8) (0.3) ----- ----- ----- Net periodic expense........................................ $ -- $ -- $ 0.5 ===== ===== =====

2001 2000 ----- ----- Benefit obligation, beginning of year....................... $10.8 $ 9.9 Service cost................................................ 0.1 0.1 Interest cost............................................... 0.7 0.7 Actuarial loss.............................................. 0.6 0.7 Benefits paid............................................... (0.6) (0.6) ----- ----- Benefit obligation, end of year............................. $11.6 $10.8 ===== =====

2001 2000 ----- ----- Projected Benefit obligations............................... $11.6 $10.8 Plan assets at fair value................................... (10.3) (9.6) ----- ----- Plan assets less than projected Benefit obligations......... 1.3 1.2 Unrecognized net gain (loss)................................ (0.9) 0.3 ----- ----- Accrued pension liability................................... $ 0.4 $ 1.5 ===== =====

2001 2000 ----- ---- Fair value of plan assets, beginning of year................ $ 9.6 $9.0 Actual return............................................... 0.4 0.5 Employer contributions...................................... 1.0 0.8 Benefits paid............................................... (0.6) (0.6) Other....................................................... (0.1) (0.1) ----- ---- Fair value of plan assets, end of year...................... $10.3 $9.6 ===== ====

2001 2000 ---- ---- Expected long-term rate of return on assets................. 7.5% 8.0% Discount rate............................................... 7.0% 7.5% Rate of increase in compensation levels..................... n/a n/a

2001 2000 ----- ----- Accumulated post-retirement benefit obligation: Retirees.................................................. $ 2.8 $ 2.5 Active plan participants.................................. -- -- ----- ----- Total accumulated post-retirement benefit obligation........ 2.8 2.5 Plan assets at fair value................................... -- -- ----- ----- Accumulated post-retirement benefit obligation in excess of plan assets............................................... (2.8) (2.5) Unrecognized prior service cost............................. -- -- Unrecognized net loss (gain)................................ 0.1 (0.1) ----- ----- Accrued post-retirement benefit cost........................ $(2.7) $(2.6) ===== =====

ELIMINATION ADDITIONAL REDUCTION UNREALIZED RECOGNITION OF EFFECTS OF WRITEDOWN IN DEPRECIATION, GAINS ON OF DEFERRED RECOGNITION OF PROPERTY, DEPLETION MARKETABLE EXCHANGE OF EQUITY PLANT AND AND REVERSAL SECURITIES GAINS ON COMPONENT EQUIPMENT AMORTIZATION OF 1991 AND UNDER CONVERTIBLE OF CONVERTIBLE UNDER UNDER DEFICIT LONG-TERM CDN GAAP DEBENTURES DEBENTURES U.S. GAAP U.S. GAAP ELIMINATION INVESTMENTS -------- ----------- -------------- ------------ ---------------- ----------- ----------- (A) (A) (B) (B) (C) (D) ASSETS Current assets Cash and cash equivalents............ $ 81.0 $ -- $ -- $ -- $ -- $ -- $ -- Restricted cash.......... -- -- -- -- -- -- -- Accounts receivable...... 13.8 -- -- -- -- -- -- Inventories.............. 42.4 -- -- -- -- -- -- Marketable securities.... 1.5 -- -- -- -- -- 0.3 ------ ------ ------- ------ ----- ----- ---- 138.7 -- -- -- -- -- 0.3 Property, plant and equipment................ 415.0 -- -- (60.5) 17.9 -- -- Long-term investments...... 12.9 -- -- -- -- -- 4.6 Deferred charges and other assets................... 11.0 -- 0.5 -- -- -- -- ------ ------ ------- ------ ----- ----- ---- $577.6 $ -- $ 0.5 $(60.5) $17.9 $ -- $4.9 ====== ====== ======= ====== ===== ===== ==== LIABILITIES Current liabilities Accounts payable and accrued liabilities.... $ 31.0 $ -- $ -- $ -- $ -- $ -- $ -- Current portion of long- term debt.............. 33.1 -- -- -- -- -- -- Current portion of site restoration cost accruals............... 12.6 -- -- -- -- -- -- ------ ------ ------- ------ ----- ----- ---- 76.7 -- -- -- -- -- -- Long-term debt............. 31.0 -- -- -- -- -- -- Site restoration cost accruals................. 43.0 -- -- -- -- -- -- Future income and mining taxes.................... 3.3 -- -- -- -- -- -- Deferred revenue........... 9.6 -- -- -- -- -- -- Other long-term liabilities.............. 6.0 -- -- -- -- -- -- Debt component of convertible debentures... 28.1 -- 94.7 -- -- -- -- Redeemable retractable preferred shares......... 3.1 -- -- -- -- -- -- ------ ------ ------- ------ ----- ----- ---- 200.8 -- 94.7 -- -- -- -- ------ ------ ------- ------ ----- ----- ---- CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... 48.0 -- -- -- -- -- -- ------ ------ ------- ------ ----- ----- ---- COMMON SHAREHOLDERS' EQUITY Common share capital....... 945.7 -- -- -- -- 5.3 -- Contributed surplus........ 12.9 -- -- -- -- -- -- Equity component of convertible debentures... 124.8 (20.2) (104.6) -- -- -- -- Deficit.................... (726.0) 20.2 10.4 (60.5) 17.9 (5.3) -- Cumulative translation adjustments.............. (28.6) -- -- -- -- -- -- Accumulated other comprehensive income..... -- -- -- -- -- -- 4.9 ------ ------ ------- ------ ----- ----- ---- 328.8 -- (94.2) (60.5) 17.9 -- 4.9 ------ ------ ------- ------ ----- ----- ---- $577.6 $ -- $ 0.5 $(60.5) $17.9 $ -- $4.9 ====== ====== ======= ====== ===== ===== ==== RECLASSIFICATION UNDER ADOPTION OF U.S. GAAP TO OF CUMULATIVE BEFORE ADJUST TO UNDER SFAS FLOW THROUGH TRANSLATION ADJUSTING TO EQUITY U.S. 133 SHARES ADJUSTMENTS EQUITY BASIS BASIS GAAP -------- ------------ ---------------- --------------- ----------- ----------- (RESTATED- (E) (F) (I) (K) (J) AND (K) NOTE 20(K)) ASSETS Current assets Cash and cash equivalents............ $ -- $(4.6) $ -- $ 76.4 $ (5.5) $ 70.9 Restricted cash.......... -- 4.6 -- 4.6 -- 4.6 Accounts receivable...... -- -- -- 13.8 5.7 19.5 Inventories.............. -- -- -- 42.4 (15.6) 26.8 Marketable securities.... -- -- -- 1.8 -- 1.8 ---- ----- ----- ------ ------ ------ -- -- -- 139.0 (15.4) 123.6 Property, plant and equipment................ -- -- -- 372.4 (26.9) 345.5 Long-term investments...... -- -- -- 17.5 32.4 49.9 Deferred charges and other assets................... -- -- -- 11.5 (4.3) 7.2 ---- ----- ----- ------ ------ ------ $ -- $ -- $ -- $540.4 $(14.2) $526.2 ==== ===== ===== ====== ====== ====== LIABILITIES Current liabilities Accounts payable and accrued liabilities.... $4.6 $ 1.1 $ -- $ 36.7 $ (6.4) $ 30.3 Current portion of long- term debt.............. -- -- -- 33.1 (4.2) 28.9 Current portion of site restoration cost accruals............... -- -- -- 12.6 (1.9) 10.7 ---- ----- ----- ------ ------ ------ 4.6 1.1 -- 82.4 (12.5) 69.9 Long-term debt............. -- -- -- 31.0 (0.2) 30.8 Site restoration cost accruals................. -- -- -- 43.0 (1.5) 41.5 Future income and mining taxes.................... -- -- -- 3.3 -- 3.3 Deferred revenue........... (9.6) -- -- -- -- -- Other long-term liabilities.............. -- -- -- 6.0 -- 6.0 Debt component of convertible debentures... -- -- -- 122.8 -- 122.8 Redeemable retractable preferred shares......... -- -- -- 3.1 -- 3.1 ---- ----- ----- ------ ------ ------ (5.0) 1.1 -- 291.6 (14.2) 277.4 ---- ----- ----- ------ ------ ------ CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... -- -- -- 48.0 -- 48.0 ---- ----- ----- ------ ------ ------ COMMON SHAREHOLDERS' EQUITY Common share capital....... -- (1.1) -- 949.9 -- 949.9 Contributed surplus........ -- -- -- 12.9 -- 12.9 Equity component of convertible debentures... -- -- -- -- -- -- Deficit.................... (3.9) -- -- (747.2) -- (747.2) Cumulative translation adjustments.............. -- -- 28.6 -- -- -- Accumulated other comprehensive income..... 8.9 -- (28.6) (14.8) -- (14.8) ---- ----- ----- ------ ------ ------ 5.0 (1.1) -- 200.8 -- 200.8 ---- ----- ----- ------ ------ ------ $ -- $ -- $ -- $540.4 $(14.2) $526.2 ==== ===== ===== ====== ====== ======

ELIMINATION ADDITIONAL REDUCTION UNREALIZED RECOGNITION OF EFFECTS OF WRITEDOWN IN DEPRECIATION, GAINS ON OF DEFERRED RECOGNITION OF PROPERTY, DEPLETION MARKETABLE EXCHANGE OF EQUITY PLANT AND AND REVERSAL SECURITIES GAINS ON COMPONENT EQUIPMENT AMORTIZATION OF 1991 AND UNDER CONVERTIBLE OF CONVERTIBLE UNDER UNDER DEFICIT LONG-TERM CDN GAAP DEBENTURES DEBENTURES U.S. GAAP U.S. GAAP ELIMINATION INVESTMENTS -------- ----------- -------------- ------------ ---------------- ----------- ----------- (A) (A) (B) (B) (C) (D) ASSETS Current assets Cash and cash equivalents............ $ 77.8 $ -- $ -- $ -- $ -- $ -- $ -- Restricted cash.......... 2.9 -- -- -- -- -- -- Accounts receivable...... 20.3 -- -- -- -- -- -- Inventories.............. 54.6 -- -- -- -- -- -- Marketable securities.... 0.7 -- -- -- -- -- -- ------ ------ ------- ------ ----- ----- ---- 156.3 -- -- -- -- -- -- Property, plant and equipment................ 505.6 -- -- (60.5) 11.8 -- -- Long-term investments...... 14.4 -- -- -- -- -- 0.4 Deferred charges and other assets................... 23.7 -- 0.7 -- -- -- -- ------ ------ ------- ------ ----- ----- ---- $700.0 $ -- $ 0.7 $(60.5) $11.8 $ -- $0.4 ====== ====== ======= ====== ===== ===== ==== LIABILITIES Current liabilities Accounts payable and accrued liabilities.... $ 40.8 $ -- $ -- $ -- $ -- $ -- $ -- Current portion of long- term debt.............. 31.5 -- -- -- -- -- -- Current portion of site restoration cost accruals............... 9.3 -- -- -- -- -- -- ------ ------ ------- ------ ----- ----- ---- 81.6 -- -- -- -- -- -- Long-term debt............. 79.8 -- -- -- -- -- -- Site restoration cost accruals................. 47.9 -- -- -- -- -- -- Future income and mining taxes.................... 3.5 -- -- -- -- -- -- Deferred revenue........... 10.1 -- -- -- -- -- -- Other long-term liabilities.............. 10.1 -- -- -- -- -- -- Debt component of convertible debentures... 33.4 -- 97.0 -- -- -- -- Redeemable retractable preferred shares......... 3.1 -- -- -- -- -- -- ------ ------ ------- ------ ----- ----- ---- 269.5 -- 97.0 -- -- -- -- ------ ------ ------- ------ ----- ----- ---- CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... 91.8 -- -- -- -- -- -- ------ ------ ------- ------ ----- ----- ---- COMMON SHAREHOLDERS' EQUITY Common share capital....... 913.2 -- -- -- -- 5.3 -- Contributed surplus........ 12.9 -- -- -- -- -- -- Equity component of convertible debentures... 117.0 (12.4) (104.6) -- -- -- -- Deficit.................... (681.4) 12.4 8.3 (60.5) 11.8 (5.3) -- Cumulative translation adjustments.............. (23.0) -- -- -- -- -- -- Accumulated other comprehensive income..... -- -- -- -- -- -- 0.4 ------ ------ ------- ------ ----- ----- ---- 338.7 -- (96.3) (60.5) 11.8 -- 0.4 ------ ------ ------- ------ ----- ----- ---- $700.0 $ -- $ 0.7 $(60.5) $11.8 $ -- $0.4 ====== ====== ======= ====== ===== ===== ==== RECLASSIFICATION UNDER ADOPTION OF U.S. GAAP TO OF CUMULATIVE BEFORE ADJUST TO UNDER SFAS FLOW THROUGH TRANSLATION ADJUSTING TO EQUITY U.S. 133 SHARES ADJUSTMENTS EQUITY BASIS BASIS GAAP -------- ------------ ---------------- --------------- ----------- ----------- (RESTATED- (E) (F) (I) (K) (J) AND (K) NOTE 20(K)) ASSETS Current assets Cash and cash equivalents............ $ -- $(1.4) $ -- $ 76.4 $(17.3) $ 59.1 Restricted cash.......... -- 1.4 -- 4.3 -- 4.3 Accounts receivable...... -- -- -- 20.3 1.3 21.6 Inventories.............. -- -- -- 54.6 (21.7) 32.9 Marketable securities.... -- -- -- 0.7 -- 0.7 ---- ----- ----- ------ ------ ------ -- -- -- 156.3 (37.7) 118.6 Property, plant and equipment................ -- -- -- 456.9 (45.6) 411.3 Long-term investments...... -- -- -- 14.8 33.2 48.0 Deferred charges and other assets................... -- -- -- 24.4 -- 24.4 ---- ----- ----- ------ ------ ------ $ -- $ -- $ -- $652.4 $(50.1) $602.3 ==== ===== ===== ====== ====== ====== LIABILITIES Current liabilities Accounts payable and accrued liabilities.... $ -- $ -- $ -- $ 40.8 $ (8.1) $ 32.7 Current portion of long- term debt.............. -- -- -- 31.5 (22.3) 9.2 Current portion of site restoration cost accruals............... -- -- -- 9.3 -- 9.3 ---- ----- ----- ------ ------ ------ -- -- -- 81.6 (30.4) 51.2 Long-term debt............. -- -- -- 79.8 (16.7) 63.1 Site restoration cost accruals................. -- -- -- 47.9 (3.0) 44.9 Future income and mining taxes.................... -- -- -- 3.5 -- 3.5 Deferred revenue........... -- -- -- 10.1 -- 10.1 Other long-term liabilities.............. -- -- -- 10.1 -- 10.1 Debt component of convertible debentures... -- -- -- 130.4 -- 130.4 Redeemable retractable preferred shares......... -- -- -- 3.1 -- 3.1 ---- ----- ----- ------ ------ ------ -- -- -- 366.5 (50.1) 316.4 ---- ----- ----- ------ ------ ------ CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... -- -- -- 91.8 -- 91.8 ---- ----- ----- ------ ------ ------ COMMON SHAREHOLDERS' EQUITY Common share capital....... -- -- -- 918.5 -- 918.5 Contributed surplus........ -- -- -- 12.9 -- 12.9 Equity component of convertible debentures... -- -- -- -- -- -- Deficit.................... -- -- -- (714.7) -- (714.7) Cumulative translation adjustments.............. -- -- 23.0 -- -- -- Accumulated other comprehensive income..... -- -- (23.0) (22.6) -- (22.6) ---- ----- ----- ------ ------ ------ -- -- -- 194.1 -- 194.1 ---- ----- ----- ------ ------ ------ $ -- $ -- $ -- $652.4 $(50.1) $602.3 ==== ===== ===== ====== ====== ======

ELIMINATION ADDITIONAL REDUCTION RECOGNITION OF EFFECTS OF WRITEDOWN IN DEPRECIATION, OF DEFERRED RECOGNITION OF PROPERTY, DEPLETION EXCHANGE OF EQUITY PLANT AND AND REVERSAL GAINS ON COMPONENT EQUIPMENT AMORTIZATION OF 1991 UNDER CONVERTIBLE OF CONVERTIBLE UNDER UNDER DEFICIT CDN GAAP DEBENTURES DEBENTURES U.S. GAAP U.S. GAAP ELIMINATION -------- ----------- -------------- ------------ ---------------- ----------- (A) (A) (B) (B) (C) REVENUE Mining revenue............ $270.1 $ -- $ -- $ -- $ -- $ -- Interest and other income.................. 9.3 -- -- -- -- -- Mark to market gain (loss) on call options......... 3.5 -- -- -- -- -- ------ ----- ----- ----- ----- ----- 282.9 -- -- -- -- -- ------ ----- ----- ----- ----- ----- EXPENSES Operating................. 180.7 -- -- -- -- -- General and administrative.......... 10.1 -- -- -- -- -- Exploration............... 7.9 -- -- -- -- -- Depreciation, depletion and amortization........ 85.8 -- -- -- (6.1) -- Gain on sale of assets.... (1.2) -- -- -- -- -- Foreign exchange loss..... 1.1 (6.3) -- -- -- -- Interest expense on long- term liabilities........ 9.1 -- 4.1 -- -- -- Writedown of marketable securities and long-term investments............. -- -- -- -- -- -- Writedown of property, plant and equipment..... 16.1 -- -- -- -- -- ------ ----- ----- ----- ----- ----- 309.6 (6.3) 4.1 -- (6.1) -- ------ ----- ----- ----- ----- ----- (26.7) 6.3 (4.1) -- 6.1 -- Share in loss of investee companies................. (2.2) -- -- -- -- -- ------ ----- ----- ----- ----- ----- LOSS BEFORE TAXES AND DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ (28.9) 6.3 (4.1) -- 6.1 -- Provision for income and mining taxes.............. (2.9) -- -- -- -- -- ------ ----- ----- ----- ----- ----- LOSS FOR THE YEAR BEFORE DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ (31.8) 6.3 (4.1) -- 6.1 -- DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ (5.1) -- -- -- -- -- ------ ----- ----- ----- ----- ----- NET LOSS FOR THE YEAR...... (36.9) 6.3 (4.1) -- 6.1 -- INCREASE IN EQUITY COMPONENT OF CONVERTIBLE DEBENTURES................ (7.7) -- 7.7 -- -- -- ------ ----- ----- ----- ----- ----- NET LOSS FOR THE YEAR ATTRIBUTABLE TO COMMON SHAREHOLDERS.............. $(44.6) $ 6.3 $ 3.6 $ -- $ 6.1 $ -- ====== ===== ===== ===== ===== ===== LOSS PER SHARE Basic and diluted.......... $(0.14) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (MILLIONS)................ 313.4 UNREALIZED GAINS ON MARKETABLE RECLASSIFICATION UNDER SECURITIES ADOPTION OF U.S. GAAP TO AND OF CUMULATIVE BEFORE ADJUST TO LONG-TERM SFAS FLOW THROUGH TRANSLATION ADJUSTING TO EQUITY INVESTMENTS 133 SHARES ADJUSTMENTS EQUITY BASIS BASIS ------------- -------- ------------ ---------------- --------------- ----------- (D) (C) (F) (I) (K) (J) AND (K) REVENUE Mining revenue............ $ -- $ -- $ -- $ -- $270.1 $(67.8) Interest and other income.................. -- (3.9) -- -- 5.4 2.5 Mark to market gain (loss) on call options......... -- -- -- -- 3.5 -- ----- ----- ----- ----- ------ ------ -- (3.9) -- -- 279.0 (65.3) ----- ----- ----- ----- ------ ------ EXPENSES Operating................. -- -- -- -- 180.7 (34.2) General and administrative.......... -- -- -- -- 10.1 -- Exploration............... -- -- -- -- 7.9 (2.1) Depreciation, depletion and amortization........ -- -- -- -- 79.7 (20.5) Gain on sale of assets.... -- -- -- -- (1.2) -- Foreign exchange loss..... -- -- -- -- (5.2) (0.4) Interest expense on long- term liabilities........ -- -- -- -- 13.2 (3.6) Writedown of marketable securities and long-term investments............. -- -- -- -- -- -- Writedown of property, plant and equipment..... -- -- -- -- 16.1 -- ----- ----- ----- ----- ------ ------ -- -- -- -- 301.3 (60.8) ----- ----- ----- ----- ------ ------ -- (3.9) -- -- (22.3) (4.5) Share in loss of investee companies................. -- -- -- -- (2.2) (0.8) ----- ----- ----- ----- ------ ------ LOSS BEFORE TAXES AND DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ -- (3.9) -- -- (24.5) (5.3) Provision for income and mining taxes.............. -- -- -- -- (2.9) 5.3 ----- ----- ----- ----- ------ ------ LOSS FOR THE YEAR BEFORE DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ -- (3.9) -- -- (27.4) -- DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ -- -- -- -- (5.1) -- ----- ----- ----- ----- ------ ------ NET LOSS FOR THE YEAR...... -- (3.9) -- -- (32.5) -- INCREASE IN EQUITY COMPONENT OF CONVERTIBLE DEBENTURES................ -- -- -- -- -- -- ----- ----- ----- ----- ------ ------ NET LOSS FOR THE YEAR ATTRIBUTABLE TO COMMON SHAREHOLDERS.............. $ -- $(3.9) $ -- $ -- $(32.5) $ -- ===== ===== ===== ===== ====== ====== LOSS PER SHARE Basic and diluted.......... WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (MILLIONS)................ UNDER U.S. GAAP ----------- (RESTATED- NOTE 20(K)) REVENUE Mining revenue............ $202.3 Interest and other income.................. 7.9 Mark to market gain (loss) on call options......... 3.5 ------ 213.7 ------ EXPENSES Operating................. 146.5 General and administrative.......... 10.1 Exploration............... 5.8 Depreciation, depletion and amortization........ 59.2 Gain on sale of assets.... (1.2) Foreign exchange loss..... (5.6) Interest expense on long- term liabilities........ 9.6 Writedown of marketable securities and long-term investments............. -- Writedown of property, plant and equipment..... 16.1 ------ 240.5 ------ (26.8) Share in loss of investee companies................. (3.0) ------ LOSS BEFORE TAXES AND DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ (29.8) Provision for income and mining taxes.............. 2.4 ------ LOSS FOR THE YEAR BEFORE DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ (27.4) DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ (5.1) ------ NET LOSS FOR THE YEAR...... (32.5) INCREASE IN EQUITY COMPONENT OF CONVERTIBLE DEBENTURES................ -- ------ NET LOSS FOR THE YEAR ATTRIBUTABLE TO COMMON SHAREHOLDERS.............. $(32.5) ====== LOSS PER SHARE Basic and diluted.......... $(0.10) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (MILLIONS)................ 313.4

ELIMINATION ADDITIONAL REDUCTION RECOGNITION OF EFFECTS OF WRITEDOWN IN DEPRECIATION, OF DEFERRED RECOGNITION OF PROPERTY, DEPLETION EXCHANGE OF EQUITY PLANT AND AND REVERSAL GAINS ON COMPONENT EQUIPMENT AMORTIZATION OF 1991 UNDER CONVERTIBLE OF CONVERTIBLE UNDER UNDER DEFICIT CDN GAAP DEBENTURES DEBENTURES U.S. GAAP U.S. GAAP ELIMINATION -------- ----------- -------------- ------------ ---------------- ----------- (A) (A) (B) (B) (C) REVENUE Mining revenue............ $ 271.0 $ -- $ -- $ -- $ -- $ -- Interest and other income.................. 14.2 -- -- -- -- -- Mark to market gain (loss) on call options......... 4.1 -- -- -- -- -- ------- ----- ----- ----- ---- ----- 289.3 -- -- -- -- -- ------- ----- ----- ----- ---- ----- EXPENSES Operating................. 189.6 -- -- -- -- -- General and administrative.......... 10.4 -- -- -- -- -- Exploration............... 11.4 -- -- -- -- -- Depreciation, depletion and amortization........ 93.2 -- -- -- (7.7) -- Gain on sale of assets.... (4.1) -- -- -- -- -- Foreign exchange (loss) gain.................... (0.5) (5.7) -- -- -- -- Interest expense on long- term liabilities........ 14.3 -- 4.9 -- -- -- Writedown of marketable securities and long-term investments............. 13.1 -- -- -- -- -- Writedown of property, plant and equipment..... 72.1 -- -- (3.9) -- -- ------- ----- ----- ----- ---- ----- 399.5 (5.7) 4.9 (3.9) (7.7) -- ------- ----- ----- ----- ---- ----- (110.2) 5.7 (4.9) 3.9 7.7 -- Share in loss of investee companies............... (8.1) -- -- -- -- -- ------- ----- ----- ----- ---- ----- LOSS BEFORE TAXES AND DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ (118.3) 5.7 (4.9) 3.9 7.7 -- Provision for income and mining taxes.............. (0.9) -- -- -- -- -- ------- ----- ----- ----- ---- ----- LOSS FOR THE YEAR BEFORE DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ (119.2) 5.7 (4.9) 3.9 7.7 -- DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ (6.9) -- -- -- -- -- ------- ----- ----- ----- ---- ----- NET LOSS FOR THE YEAR...... (126.1) 5.7 (4.9) 3.9 7.7 -- INCREASE IN EQUITY COMPONENT OF CONVERTIBLE DEBENTURES................ (7.2) -- 7.2 -- -- -- ------- ----- ----- ----- ---- ----- NET LOSS FOR THE YEAR ATTRIBUTABLE TO COMMON SHAREHOLDERS.............. $(133.3) $ 5.7 $ 2.3 $ 3.9 $7.7 $ -- ======= ===== ===== ===== ==== ===== LOSS PER SHARE Basic and diluted.......... $ (0.45) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (MILLIONS)................ 298.1 UNREALIZED GAINS ON MARKETABLE RECLASSIFICATION UNDER SECURITIES ADOPTION OF U.S. GAAP TO AND OF CUMULATIVE BEFORE ADJUST TO LONG-TERM SFAS FLOW THROUGH TRANSLATION ADJUSTING TO EQUITY INVESTMENTS 133 SHARES ADJUSTMENTS EQUITY BASIS BASIS ------------- -------- ------------ ---------------- --------------- ----------- (D) (C) (F) (I) (K) (J) AND (K) REVENUE Mining revenue............ $ -- $ -- $ -- $ -- $ 271.0 $ (67.8) Interest and other income.................. -- -- -- -- 14.2 1.5 Mark to market gain (loss) on call options......... -- -- -- -- 4.1 -- ----- ----- ----- ----- ------- ------- -- -- -- -- 289.3 (66.3) ----- ----- ----- ----- ------- ------- EXPENSES Operating................. -- -- -- -- 189.6 (32.2) General and administrative.......... -- -- -- -- 10.4 -- Exploration............... -- -- -- -- 11.4 (2.3) Depreciation, depletion and amortization........ -- -- -- -- 85.5 (26.0) Gain on sale of assets.... -- -- -- -- (4.1) -- Foreign exchange (loss) gain.................... -- -- -- -- (6.2) 0.4 Interest expense on long- term liabilities........ -- -- -- -- 19.2 (6.3) Writedown of marketable securities and long-term investments............. -- -- -- -- 13.1 -- Writedown of property, plant and equipment..... -- -- -- -- 68.2 -- ----- ----- ----- ----- ------- ------- -- -- -- -- 387.1 (66.4) ----- ----- ----- ----- ------- ------- -- -- -- -- (97.8) 0.1 Share in loss of investee companies............... -- -- -- -- (8.1) (4.2) ----- ----- ----- ----- ------- ------- LOSS BEFORE TAXES AND DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ -- -- -- -- (105.9) (4.1) Provision for income and mining taxes.............. -- -- -- -- (0.9) 4.1 ----- ----- ----- ----- ------- ------- LOSS FOR THE YEAR BEFORE DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ -- -- -- -- (106.8) -- DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ -- -- -- -- (6.9) -- ----- ----- ----- ----- ------- ------- NET LOSS FOR THE YEAR...... -- -- -- -- (113.7) -- INCREASE IN EQUITY COMPONENT OF CONVERTIBLE DEBENTURES................ -- -- -- -- -- -- ----- ----- ----- ----- ------- ------- NET LOSS FOR THE YEAR ATTRIBUTABLE TO COMMON SHAREHOLDERS.............. $ -- $ -- $ -- $ -- $(113.7) $ -- ===== ===== ===== ===== ======= ======= LOSS PER SHARE Basic and diluted.......... WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (MILLIONS)................ UNDER U.S. GAAP ----------- (RESTATED- NOTE 20(K)) REVENUE Mining revenue............ $ 203.2 Interest and other income.................. 15.7 Mark to market gain (loss) on call options......... 4.1 ------- 223.0 ------- EXPENSES Operating................. 157.4 General and administrative.......... 10.4 Exploration............... 9.1 Depreciation, depletion and amortization........ 59.5 Gain on sale of assets.... (4.1) Foreign exchange (loss) gain.................... (5.8) Interest expense on long- term liabilities........ 12.9 Writedown of marketable securities and long-term investments............. 13.1 Writedown of property, plant and equipment..... 68.2 ------- 320.7 ------- (97.7) Share in loss of investee companies............... (12.3) ------- LOSS BEFORE TAXES AND DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ (110.0) Provision for income and mining taxes.............. 3.2 ------- LOSS FOR THE YEAR BEFORE DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ (106.8) DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY........ (6.9) ------- NET LOSS FOR THE YEAR...... (113.7) INCREASE IN EQUITY COMPONENT OF CONVERTIBLE DEBENTURES................ -- ------- NET LOSS FOR THE YEAR ATTRIBUTABLE TO COMMON SHAREHOLDERS.............. $(113.7) ======= LOSS PER SHARE Basic and diluted.......... $ (0.38) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (MILLIONS)................ 298.1

ELIMINATION ADDITIONAL REDUCTION UNREALIZED RECOGNITION OF EFFECTS OF WRITEDOWN IN DEPRECIATION, GAINS ON OF DEFERRED RECOGNITION OF PROPERTY, DEPLETION MARKETABLE EXCHANGE OF EQUITY PLANT AND AND REVERSAL SECURITIES GAINS ON COMPONENT EQUIPMENT AMORTIZATION OF 1991 AND UNDER CONVERTIBLE OF CONVERTIBLE UNDER UNDER DEFICIT LONG-TERM CDN GAAP DEBENTURES DEBENTURES U.S. GAAP U.S. GAAP ELIMINATION INVESTMENTS -------- ----------- -------------- ------------ ---------------- ----------- ----------- (A) (A) (B) (B) (C) (D) REVENUE Mining revenue.......... $ 304.0 $ -- $ -- $ -- $ -- $ -- $ -- Interest and other income................ 15.5 -- -- -- -- -- -- Mark to market gain (loss) on call options............... (2.5) -- -- -- -- -- -- ------- ----- ----- ------ ----- ----- ----- 317.0 -- -- -- -- -- -- ------- ----- ----- ------ ----- ----- ----- EXPENSES Operating............... 209.4 -- -- -- -- -- -- General and administrative........ 11.2 (0.2) -- -- -- -- -- Exploration............. 11.1 -- -- -- -- -- -- Depreciation, depletion and amortization...... 110.9 -- -- -- (4.1) -- -- Gain on sale of assets................ (0.1) -- -- -- -- -- -- Foreign exchange (loss) gain.................. (0.2) 8.0 -- -- -- -- -- Interest expense on long-term liabilities........... 15.8 -- 4.4 -- -- -- -- Writedown of marketable securities and long-term investments........... 4.6 -- -- -- -- -- -- Writedown of property, plant and equipment... 184.9 -- -- (20.5) -- -- -- ------- ----- ----- ------ ----- ----- ----- 547.6 7.8 4.4 (20.5) (4.1) -- -- ------- ----- ----- ------ ----- ----- ----- (230.6) (7.8) (4.4) 20.5 4.1 -- -- Share in loss of investee companies............... (0.3) -- -- -- -- -- -- ------- ----- ----- ------ ----- ----- ----- LOSS BEFORE TAXES AND DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... (230.9) (7.8) (4.4) 20.5 4.1 -- -- Provision for income and mining taxes............ (2.9) -- -- -- -- -- -- ------- ----- ----- ------ ----- ----- ----- LOSS FOR THE YEAR BEFORE DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... (233.8) (7.8) (4.4) 20.5 4.1 -- -- DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... (6.9) -- -- -- -- -- -- ------- ----- ----- ------ ----- ----- ----- NET LOSS FOR THE YEAR.... (240.7) (7.8) (4.4) 20.5 4.1 -- -- INCREASE IN EQUITY COMPONENT OF CONVERTIBLE DEBENTURES.............. (6.5) -- 6.5 -- -- -- -- ------- ----- ----- ------ ----- ----- ----- NET LOSS FOR THE YEAR ATTRIBUTABLE TO COMMON SHAREHOLDERS............ $(247.2) $(7.8) $ 2.1 $ 20.5 $ 4.1 $ -- $ -- ======= ===== ===== ====== ===== ===== ===== LOSS PER SHARE Basic and diluted........ $ (0.83) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (MILLIONS).............. 299.2 OBLIGATION FOR EMPLOYEE FUTURE RECLASSIFICATION UNDER BENEFITS OF U.S. GAAP TO OTHER CUMULATIVE BEFORE ADJUST TO UNDER THAN FLOW THROUGH TRANSLATION ADJUSTING TO EQUITY U.S. PENSIONS SHARES ADJUSTMENTS EQUITY BASIS BASIS GAAP ------------ ------------ ---------------- --------------- ----------- ----------- (E) (F) (I) (K) (J) AND (K) (RESTATED- NOTE 20(K)) REVENUE Mining revenue.......... $ -- $ -- $ -- $ 304.0 $ (71.0) $ 233.0 Interest and other income................ -- -- -- 15.5 2.4 17.9 Mark to market gain (loss) on call options............... -- -- -- (2.5) -- (2.5) ----- ----- ----- ------- ------- ------- -- -- -- 317.0 (68.6) 248.4 ----- ----- ----- ------- ------- ------- EXPENSES Operating............... -- -- -- 209.4 (34.0) 175.4 General and administrative........ -- -- -- 11.0 -- 11.0 Exploration............. -- -- -- 11.1 (1.8) 9.3 Depreciation, depletion and amortization...... -- -- -- 106.8 (26.2) 80.6 Gain on sale of assets................ -- -- -- (0.1) -- (0.1) Foreign exchange (loss) gain.................. -- -- -- 7.8 (0.1) 7.7 Interest expense on long-term liabilities........... -- -- -- 20.2 (7.0) 13.2 Writedown of marketable securities and long-term investments........... -- -- -- 4.6 -- 4.6 Writedown of property, plant and equipment... -- -- -- 164.4 -- 164.4 ----- ----- ----- ------- ------- ------- -- -- -- 535.2 (69.1) 466.1 ----- ----- ----- ------- ------- ------- -- -- -- (218.2) 0.5 (217.7) Share in loss of investee companies............... -- -- -- (0.3) (3.4) (3.7) ----- ----- ----- ------- ------- ------- LOSS BEFORE TAXES AND DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... -- -- -- (218.5) (2.9) (221.4) Provision for income and mining taxes............ -- -- -- (2.9) 2.9 -- ----- ----- ----- ------- ------- ------- LOSS FOR THE YEAR BEFORE DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... -- -- -- (221.4) -- (221.4) DIVIDENDS ON CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY...... -- -- -- (6.9) -- (6.9) ----- ----- ----- ------- ------- ------- NET LOSS FOR THE YEAR.... -- -- -- (228.3) -- (228.3) INCREASE IN EQUITY COMPONENT OF CONVERTIBLE DEBENTURES.............. -- -- -- -- -- -- ----- ----- ----- ------- ------- ------- NET LOSS FOR THE YEAR ATTRIBUTABLE TO COMMON SHAREHOLDERS............ $ -- $ -- $ -- $(228.3) $ -- $(228.3) ===== ===== ===== ======= ======= ======= LOSS PER SHARE Basic and diluted........ $ (0.76) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (MILLIONS).............. 299.2

2001 2000 1999 ---------- ---------- ---------- Restated Restated Restated Note 20(k) Note 20(k) Note 20(k) Loss before taxes and dividends on convertible preferred shares of subsidiary company.............................. $(29.8) $(110.0) $(221.4) Add/(deduct): Interest and other income................................... (7.9) (15.7) (17.9) Mark to market (gain) loss on call options.................. (3.5) (4.1) 2.5 Interest expense on long-term liabilities................... 9.6 12.9 13.2 Write-down of marketable securities and long-term investments............................................... -- 13.1 4.6 Share in loss of investee companies......................... 3.0 12.3 3.7 ------ ------- ------- Loss from operations for U.S. GAAP.......................... $(28.6) $ (91.5) $(215.3) ====== ======= =======

2001 2000 1999 ---------- ---------- ---------- Restated Restated Restated Note 20(k) Note 20(k) Note 20(k) Interest and other income................................... $ 7.9 $ 15.7 $ 17.9 Mark to market gain (loss) on call options.................. 3.5 4.1 (2.5) Share in loss of investee companies......................... (3.0) (12.3) (3.7) Interest expense on long-term liabilities................... (9.6) (12.9) (13.2) Write-down of marketable securities and long-term investments............................................... -- (13.1) (4.6) Dividends on convertible preferred shares of subsidiary company................................................... (5.1) (6.9) (6.9) ------ ------- ------- Non-operating loss for U.S. GAAP............................ $ (6.3) $ (25.4) $ (13.0) ====== ======= =======

ELIMINATION ADDITIONAL REDUCTION RECOGNITION OF EFFECTS OF WRITEDOWN IN DEPRECIATION, OF DEFERRED RECOGNITION OF PROPERTY, DEPLETION EXCHANGE OF EQUITY PLANT AND AND REVERSAL GAINS ON COMPONENT EQUIPMENT AMORTIZATION OF 1991 UNDER CONVERTIBLE OF CONVERTIBLE UNDER UNDER DEFICIT CDN GAAP DEBENTURES DEBENTURES U.S. GAAP U.S. GAAP ELIMINATION -------- ----------- -------------- ------------ ---------------- ----------- (A) (A) (B) (B) (C) NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING: Loss for the year before dividends on convertible preferred shares of subsidiary company.......... $(31.8) $ 6.3 $(4.1) $ -- $ 6.1 $ -- Items not affecting cash: Depreciation, depletion and amortization.............. 85.8 -- -- -- (6.1) -- Writedown of property, plant and equipment............. 14.6 -- -- -- -- -- Writedown of marketable securities and long-term investments............... -- -- -- -- -- -- Gain on sale of assets...... (1.2) -- -- -- -- -- Future income and mining taxes..................... -- -- -- -- -- -- Deferred revenue realized... (17.7) -- -- -- -- -- Site restoration cost accruals.................. 1.9 -- -- -- -- -- Share in loss of investee companies................. 2.2 -- -- -- -- -- Interest on convertible debentures................ -- -- (1.3) -- -- -- Unrealized foreign exchange gains on convertible debentures................ -- (6.3) -- -- -- -- ------ ----- ----- ----- ----- ----- 53.8 -- (5.4) -- -- -- Proceeds on restructuring of gold forward sales contracts................... 21.6 -- -- -- -- -- Site restoration cash expenditures................ (7.1) -- -- -- -- -- Changes in non-cash working capital items Accounts receivable......... 5.1 -- -- -- -- -- Inventories................. 9.6 -- -- -- -- -- Marketable securities....... -- -- -- -- -- -- Accounts payable and accrued liabilities............... (8.0) -- -- -- -- -- Effect of exchange rate changes on cash............. (0.5) -- -- -- -- -- ------ ----- ----- ----- ----- ----- CASH FLOW PROVIDED FROM OPERATING ACTIVITIES.......... 74.5 -- (5.4) -- -- -- ------ ----- ----- ----- ----- ----- FINANCING: Issuance of common shares..... 5.4 -- -- -- -- -- Reduction of debt component of convertible debentures...... (5.4) -- 5.4 -- -- -- Repayment of debt............. (46.5) -- -- -- -- -- Dividends on convertible preferred shares of subsidiary company.......... -- -- -- -- -- -- ------ ----- ----- ----- ----- ----- CASH FLOW USED IN FINANCING ACTIVITIES.................... (46.5) -- 5.4 -- -- -- ------ ----- ----- ----- ----- ----- INVESTING: Additions to property, plant and equipment............... (30.4) -- -- -- -- -- Business acquisitions, net of cash acquired............... (1.2) -- -- -- -- -- Long-term investments and other assets................ 2.1 -- -- -- -- -- Proceeds from the sale of property, plant and equipment................... 1.8 -- -- -- -- -- Decrease (increase) in restricted cash............. 2.9 -- -- -- -- -- ------ ----- ----- ----- ----- ----- UNREALIZED GAINS ON MARKETABLE RECLASSIFICATION UNDER SECURITIES ADOPTION OF U.S. GAAP TO AND OF CUMULATIVE BEFORE ADJUST TO LONG-TERM SFAS FLOW THROUGH TRANSLATION ADJUSTING TO EQUITY INVESTMENTS 133 SHARES ADJUSTMENTS EQUITY BASIS BASIS ------------- -------- ------------ ---------------- ------------ ----------- (D) (E) (F) (I) (K) (J) AND (K) NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING: Loss for the year before dividends on convertible preferred shares of subsidiary company.......... $ -- $(3.9) $ -- $ -- $(27.4) $ -- Items not affecting cash: Depreciation, depletion and amortization.............. -- -- -- -- 79.7 (20.5) Writedown of property, plant and equipment............. -- -- -- -- 14.6 -- Writedown of marketable securities and long-term investments............... -- -- -- -- -- -- Gain on sale of assets...... -- -- -- -- (1.2) -- Future income and mining taxes..................... -- -- -- -- -- -- Deferred revenue realized... -- 3.9 -- -- (13.8) -- Site restoration cost accruals.................. -- -- -- -- 1.9 (0.4) Share in loss of investee companies................. -- -- -- -- 2.2 0.8 Interest on convertible debentures................ -- -- -- -- (1.3) -- Unrealized foreign exchange gains on convertible debentures................ -- -- -- -- (6.3) -- ----- ----- ----- ----- ------ ------ -- -- -- -- 48.4 (20.1) Proceeds on restructuring of gold forward sales contracts................... -- -- -- -- 21.6 -- Site restoration cash expenditures................ -- -- -- -- (7.1) -- Changes in non-cash working capital items Accounts receivable......... -- -- -- -- 5.1 (4.4) Inventories................. -- -- -- -- 9.6 (4.7) Marketable securities....... -- -- -- -- -- -- Accounts payable and accrued liabilities............... -- -- -- -- (8.0) 1.7 Effect of exchange rate changes on cash............. -- -- -- -- (0.5) -- ----- ----- ----- ----- ------ ------ CASH FLOW PROVIDED FROM OPERATING ACTIVITIES.......... -- -- -- -- 69.1 (27.5) ----- ----- ----- ----- ------ ------ FINANCING: Issuance of common shares..... -- -- -- -- 5.4 -- Reduction of debt component of convertible debentures...... -- -- -- -- -- -- Repayment of debt............. -- -- -- -- (46.5) 34.6 Dividends on convertible preferred shares of subsidiary company.......... -- -- -- -- -- -- ----- ----- ----- ----- ------ ------ CASH FLOW USED IN FINANCING ACTIVITIES.................... -- -- -- -- (41.1) 34.6 ----- ----- ----- ----- ------ ------ INVESTING: Additions to property, plant and equipment............... -- -- -- -- (30.4) 0.4 Business acquisitions, net of cash acquired............... -- -- -- -- (1.2) -- Long-term investments and other assets................ -- -- -- -- 2.1 4.3 Proceeds from the sale of property, plant and equipment................... -- -- -- -- 1.8 -- Decrease (increase) in restricted cash............. -- -- (3.2) -- (0.3) -- ----- ----- ----- ----- ------ ------ UNDER U.S. GAAP ----------- (RESTATED- NOTE 20(K)) NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING: Loss for the year before dividends on convertible preferred shares of subsidiary company.......... $(27.4) Items not affecting cash: Depreciation, depletion and amortization.............. 59.2 Writedown of property, plant and equipment............. 14.6 Writedown of marketable securities and long-term investments............... -- Gain on sale of assets...... (1.2) Future income and mining taxes..................... -- Deferred revenue realized... (13.8) Site restoration cost accruals.................. 1.5 Share in loss of investee companies................. 3.0 Interest on convertible debentures................ (1.3) Unrealized foreign exchange gains on convertible debentures................ (6.3) ------ 28.3 Proceeds on restructuring of gold forward sales contracts................... 21.6 Site restoration cash expenditures................ (7.1) Changes in non-cash working capital items -- Accounts receivable......... 0.7 Inventories................. 4.9 Marketable securities....... -- Accounts payable and accrued liabilities............... (6.3) Effect of exchange rate changes on cash............. (0.5) ------ CASH FLOW PROVIDED FROM OPERATING ACTIVITIES.......... 41.6 ------ FINANCING: Issuance of common shares..... 5.4 Reduction of debt component of convertible debentures...... -- Repayment of debt............. (11.9) Dividends on convertible preferred shares of subsidiary company.......... -- ------ CASH FLOW USED IN FINANCING ACTIVITIES.................... (6.5) ------ INVESTING: Additions to property, plant and equipment............... (30.0) Business acquisitions, net of cash acquired............... (1.2) Long-term investments and other assets................ 6.4 Proceeds from the sale of property, plant and equipment................... 1.8 Decrease (increase) in restricted cash............. (0.3) ------

ELIMINATION ADDITIONAL RECOGNITION OF EFFECTS OF WRITEDOWN REDUCTION OF DEFERRED RECOGNITION OF PROPERTY, IN DEPRECIATION, EXCHANGE OF EQUITY PLANT AND DEPLETION REVERSAL GAINS ON COMPONENT EQUIPMENT AND AMORTIZATION OF 1991 UNDER CONVERTIBLE OF CONVERTIBLE UNDER UNDER DEFICIT CDN GAAP DEBENTURES DEBENTURES U.S. GAAP U.S. GAAP ELIMINATION -------- ----------- -------------- ------------ ----------------- ----------- (A) (A) (B) (B) (C) NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING: Loss for the year before dividends on convertible preferred shares of subsidiary company......... $(119.2) $ 5.7 $(4.9) $ 3.9 $ 7.7 $ -- Items not affecting cash: Depreciation, depletion and amortization............. 93.2 -- -- -- (7.7) -- Writedown of property, plant and equipment...... 72.1 -- -- (3.9) -- -- Interest expense on long-term liabilities.... 13.1 -- -- -- -- -- Gain on sale of assets..... (4.1) -- -- -- -- -- Future income and mining taxes.................... (3.5) -- -- -- -- -- Deferred revenue realized................. (13.5) -- -- -- -- -- Site restoration cost accruals................. 2.6 -- -- -- -- -- Share in loss of investee companies................ 9.4 -- -- -- -- -- Interest on convertible debentures............... -- -- -- -- -- -- Unrealized foreign exchange gains on convertible debentures............... -- (5.7) -- -- -- -- ------- ----- ----- ----- ----- ----- 50.1 -- (4.9) -- -- -- Proceeds on restructuring of gold forward sales contracts.................. 4.7 -- -- -- -- -- Site restoration cash expenditures............... (9.6) -- -- -- -- -- Changes in non-cash working capital items -- Accounts receivable........ 5.7 -- -- -- -- -- Inventories................ 0.6 -- -- -- -- -- Marketable securities...... 4.8 -- -- -- -- -- Accounts payable and accrued liabilities...... (8.3) -- -- -- -- -- Effect of exchange rate changes on cash............ (0.2) -- -- -- -- -- ------- ----- ----- ----- ----- ----- CASH FLOW PROVIDED FROM OPERATING ACTIVITIES......... 47.8 -- (4.9) -- -- -- ------- ----- ----- ----- ----- ----- FINANCING: Issuance of common shares.... 3.2 -- -- -- -- -- Repurchase of common shares..................... (5.3) -- -- -- -- -- Reduction of debt component of convertible debentures................. (4.9) -- 4.9 -- -- -- Repayment of debt............ (26.4) -- -- -- -- -- Dividends on convertible preferred shares of subsidiary company......... (3.4) -- -- -- -- -- ------- ----- ----- ----- ----- ----- CASH FLOW USED IN FINANCING ACTIVITIES................... (36.8) -- 4.9 -- -- -- ------- ----- ----- ----- ----- ----- UNREALIZED GAINS ON MARKETABLE RECLASSIFICATION UNDER SECURITIES ADOPTION OF U.S. GAAP TO AND OF CUMULATIVE BEFORE ADJUST TO LONG-TERM SFAS FLOW THROUGH TRANSLATION ADJUSTING TO EQUITY INVESTMENTS 133 SHARES ADJUSTMENTS EQUITY BASIS BASIS ------------- -------- ------------ ---------------- ------------ ----------- (D) (E) (F) (I) (K) (J) AND (K) NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING: Loss for the year before dividends on convertible preferred shares of subsidiary company......... $ -- $ -- $ -- $ -- $(106.8) $ -- Items not affecting cash: Depreciation, depletion and amortization............. -- -- -- -- 85.5 (26.0) Writedown of property, plant and equipment...... -- -- -- -- 68.2 -- Interest expense on long-term liabilities.... -- -- -- -- 13.1 -- Gain on sale of assets..... -- -- -- -- (4.1) -- Future income and mining taxes.................... -- -- -- -- (3.5) -- Deferred revenue realized................. -- -- -- -- (13.5) -- Site restoration cost accruals................. -- -- -- -- 2.6 (0.7) Share in loss of investee companies................ -- -- -- -- 9.4 4.2 Interest on convertible debentures............... -- -- -- -- -- -- Unrealized foreign exchange gains on convertible debentures............... -- -- -- -- (5.7) -- ----- ----- ----- ----- ------- ------ -- -- -- -- 45.2 (22.5) Proceeds on restructuring of gold forward sales contracts.................. -- -- -- -- 4.7 -- Site restoration cash expenditures............... -- -- -- -- (9.6) -- Changes in non-cash working capital items Accounts receivable........ -- -- -- -- 5.7 3.3 Inventories................ -- -- -- -- 0.6 (4.7) Marketable securities...... -- -- -- -- 4.8 -- Accounts payable and accrued liabilities...... -- -- -- -- (8.3) 0.5 Effect of exchange rate changes on cash............ -- -- -- -- (0.2) -- ----- ----- ----- ----- ------- ------ CASH FLOW PROVIDED FROM OPERATING ACTIVITIES......... -- -- -- -- 42.9 (23.4) ----- ----- ----- ----- ------- ------ FINANCING: Issuance of common shares.... -- -- -- -- 3.2 -- Repurchase of common shares..................... -- -- -- -- (5.3) -- Reduction of debt component of convertible debentures................. -- -- -- -- -- -- Repayment of debt............ -- -- -- -- (26.4) 19.4 Dividends on convertible preferred shares of subsidiary company......... -- -- -- -- (3.4) -- ----- ----- ----- ----- ------- ------ CASH FLOW USED IN FINANCING ACTIVITIES................... -- -- -- -- (31.9) 19.4 ----- ----- ----- ----- ------- ------ UNDER U.S. GAAP ----------- (RESTATED- NOTE 20(K)) NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING: Loss for the year before dividends on convertible preferred shares of subsidiary company......... $(106.8) Items not affecting cash: Depreciation, depletion and amortization............. 59.5 Writedown of property, plant and equipment...... 68.2 Interest expense on long-term liabilities.... 13.1 Gain on sale of assets..... (4.1) Future income and mining taxes.................... (3.5) Deferred revenue realized................. (13.5) Site restoration cost accruals................. 1.9 Share in loss of investee companies................ 13.6 Interest on convertible debentures............... -- Unrealized foreign exchange gains on convertible debentures............... (5.7) ------- 22.7 Proceeds on restructuring of gold forward sales contracts.................. 4.7 Site restoration cash expenditures............... (9.6) Changes in non-cash working capital items -- Accounts receivable........ 9.0 Inventories................ (4.1) Marketable securities...... 4.8 Accounts payable and accrued liabilities...... (7.8) Effect of exchange rate changes on cash............ (0.2) ------- CASH FLOW PROVIDED FROM OPERATING ACTIVITIES......... 19.5 ------- FINANCING: Issuance of common shares.... 3.2 Repurchase of common shares..................... (5.3) Reduction of debt component of convertible debentures................. -- Repayment of debt............ (7.0) Dividends on convertible preferred shares of subsidiary company......... (3.4) ------- CASH FLOW USED IN FINANCING ACTIVITIES................... (12.5) -------

ELIMINATION ADDITIONAL RECOGNITION OF EFFECTS OF WRITEDOWN REDUCTION OF DEFERRED RECOGNITION OF PROPERTY, IN DEPRECIATION, EXCHANGE OF EQUITY PLANT AND DEPLETION REVERSAL GAINS ON COMPONENT EQUIPMENT AND AMORTIZATION OF 1991 UNDER CONVERTIBLE OF CONVERTIBLE UNDER UNDER DEFICIT CDN GAAP DEBENTURES DEBENTURES U.S. GAAP U.S. GAAP ELIMINATION -------- ----------- -------------- ------------ ----------------- ----------- (A) (A) (B) (B) (C) NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING: Loss for the year before dividends on convertible preferred shares of subsidiary company....... $(233.8) $(7.8) $(4.4) $ 20.5 $ 4.1 $ -- Items not affecting cash: Depreciation, depletion and amortization....... 110.9 -- -- -- (4.1) -- Writedown of property, plant and equipment.... 184.9 -- -- (20.5) -- -- Writedown of marketable securities and long-term investments............ 4.6 -- -- -- -- -- Gain on sale of assets... (0.1) -- -- -- -- -- Future income and mining taxes.................. -- -- -- -- -- -- Deferred revenue realized............... (6.9) -- -- -- -- -- Site restoration cost accruals............... 3.1 -- -- -- -- -- Share in loss of investee companies.............. 0.3 -- -- -- -- -- Interest on convertible debentures............. -- -- -- -- -- -- Unrealized foreign exchange gains on convertible debentures............. -- 7.8 -- -- -- -- ------- ----- ----- ------ ----- ----- 63.0 -- (4.4) -- -- -- Proceeds on restructuring of gold forward sales contracts................ -- -- -- -- -- -- Site restoration cash expenditures............. (6.3) -- -- -- -- -- Changes in non-cash working capital items Accounts receivable...... 10.1 -- -- -- -- -- Inventories.............. 3.3 -- -- -- -- -- Marketable securities.... (3.2) -- -- -- -- -- Accounts payable and accrued liabilities.... 0.4 -- -- -- -- -- Effect of exchange rate changes on cash.......... 2.2 -- -- -- -- -- ------- ----- ----- ------ ----- ----- CASH FLOW PROVIDED FROM OPERATING ACTIVITIES....... 69.5 -- (4.4) -- -- -- ------- ----- ----- ------ ----- ----- FINANCING: Issuance of common shares................... 2.0 -- -- -- -- -- Repurchase of common shares................... (7.5) -- -- -- -- -- Reduction of debt component of convertible debentures............... (4.4) -- 4.4 -- -- -- Repayment of debt.......... (14.7) -- -- -- -- -- Dividends on convertible preferred shares of subsidiary company....... (6.9) -- -- -- -- -- ------- ----- ----- ------ ----- ----- CASH FLOW USED IN FINANCING ACTIVITIES................. (31.5) -- 4.4 -- -- -- ------- ----- ----- ------ ----- ----- UNREALIZED GAINS ON OBLIGATION MARKETABLE FOR EMPLOYEE RECLASSIFICATION UNDER SECURITIES FUTURE OF U.S. GAAP TO AND BENEFITS CUMULATIVE BEFORE ADJUST TO LONG-TERM OTHER THAN FLOW THROUGH TRANSLATION ADJUSTING TO EQUITY INVESTMENTS PENSIONS SHARES ADJUSTMENTS EQUITY BASIS BASIS ------------- ------------ ------------ ---------------- ------------ ----------- (D) (E) (F) (I) (K) (J) AND (K) NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING: Loss for the year before dividends on convertible preferred shares of subsidiary company....... $ -- $ -- $ -- $ -- $(221.4) $ -- Items not affecting cash: Depreciation, depletion and amortization....... -- -- -- -- 106.8 (26.2) Writedown of property, plant and equipment.... -- -- -- -- 164.4 -- Writedown of marketable securities and long-term investments............ -- -- -- -- 4.6 -- Gain on sale of assets... -- -- -- -- (0.1) -- Future income and mining taxes.................. -- -- -- -- -- -- Deferred revenue realized............... -- -- -- -- (6.9) -- Site restoration cost accruals............... -- -- -- -- 3.1 (0.9) Share in loss of investee companies.............. -- -- -- -- 0.3 3.4 Interest on convertible debentures............. -- -- -- -- -- -- Unrealized foreign exchange gains on convertible debentures............. -- -- -- -- 7.8 -- ----- ----- ----- ----- ------- ------ -- -- -- -- 58.6 (23.7) Proceeds on restructuring of gold forward sales contracts................ -- -- -- -- -- -- Site restoration cash expenditures............. -- -- -- -- (6.3) -- Changes in non-cash working capital items Accounts receivable...... -- -- -- -- 10.1 12.8 Inventories.............. -- -- -- -- 3.3 (3.9) Marketable securities.... -- -- -- -- (3.2) -- Accounts payable and accrued liabilities.... -- -- -- -- 0.4 (9.9) Effect of exchange rate changes on cash.......... -- -- -- -- 2.2 -- ----- ----- ----- ----- ------- ------ CASH FLOW PROVIDED FROM OPERATING ACTIVITIES....... -- -- -- -- 65.1 (24.7) ----- ----- ----- ----- ------- ------ FINANCING: Issuance of common shares................... -- -- -- -- 2.0 -- Repurchase of common shares................... -- -- -- -- (7.5) -- Reduction of debt component of convertible debentures............... -- -- -- -- -- -- Repayment of debt.......... -- -- -- -- (14.7) 20.1 Dividends on convertible preferred shares of subsidiary company....... -- -- -- -- (6.9) -- ----- ----- ----- ----- ------- ------ CASH FLOW USED IN FINANCING ACTIVITIES................. -- -- -- -- (27.1) 20.1 ----- ----- ----- ----- ------- ------ UNDER U.S. GAAP ----------- (RESTATED- NOTE 20(K)) NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING: Loss for the year before dividends on convertible preferred shares of subsidiary company....... $(221.4) Items not affecting cash: Depreciation, depletion and amortization....... 80.6 Writedown of property, plant and equipment.... 164.4 Writedown of marketable securities and long-term investments............ 4.6 Gain on sale of assets... (0.1) Future income and mining taxes.................. -- Deferred revenue realized............... (6.9) Site restoration cost accruals............... 2.2 Share in loss of investee companies.............. 3.7 Interest on convertible debentures............. -- Unrealized foreign exchange gains on convertible debentures............. 7.8 ------- 34.9 Proceeds on restructuring of gold forward sales contracts................ -- Site restoration cash expenditures............. (6.3) Changes in non-cash working capital items Accounts receivable...... 22.9 Inventories.............. (0.6) Marketable securities.... (3.2) Accounts payable and accrued liabilities.... (9.5) Effect of exchange rate changes on cash.......... 2.2 ------- CASH FLOW PROVIDED FROM OPERATING ACTIVITIES....... 40.4 ------- FINANCING: Issuance of common shares................... 2.0 Repurchase of common shares................... (7.5) Reduction of debt component of convertible debentures............... -- Repayment of debt.......... 5.4 Dividends on convertible preferred shares of subsidiary company....... (6.9) ------- CASH FLOW USED IN FINANCING ACTIVITIES................. (7.0) -------

2001 2000 1999 ---------- ---------- ---------- Restated Restated Restated Note 20(k) Note 20(k) Note 20(k) Net loss for the year under U.S. GAAP....................... $ (32.5) $ (113.7) $ (228.3) Change in currency translation adjustments.................. (5.6) (5.8) 7.7 Change in unrealized (losses) gains on marketable securities and long-term investments(d).............................. 4.5 (0.7) 3.3 Adoption of FSAS 133(e)..................................... 8.9 -- -- ---------- ---------- ---------- Comprehensive loss under U.S. GAAP.......................... $ (24.7) $ (120.2) $ (217.3) ========== ========== ==========

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------ -------------------- 2002 2001 2002 2001 ------- ------- -------- -------- REVENUE............................................... $46,480 $40,061 $135,683 $119,312 ------- ------- -------- -------- MINE OPERATING COSTS Cost of sales......................................... 29,356 25,839 89,569 79,922 Depletion and depreciation............................ 7,991 10,784 24,566 29,806 ------- ------- -------- -------- 37,347 36,623 114,135 109,728 ------- ------- -------- -------- EARNINGS BEFORE THE UNDERNOTED........................ 9,133 3,438 21,548 9,584 ------- ------- -------- -------- OTHER EXPENSES (INCOME) Corporate administration.............................. 1,927 1,916 4,748 6,854 Interest expense...................................... 157 989 551 3,214 Exploration........................................... 986 357 2,708 2,492 Transaction costs..................................... 592 -- 2,478 -- Foreign exchange loss................................. 1,064 2,342 3,693 4,199 Interest income....................................... (750) (1,293) (3,091) (4,978) Other, net............................................ (1,103) 932 (2,785) 178 ------- ------- -------- -------- 2,873 5,243 8,302 11,959 ------- ------- -------- -------- EARNINGS (LOSS) BEFORE THE UNDERNOTED................. 6,260 (1,805) 13,246 (2,375) Income taxes.......................................... 1,421 2,368 2,441 1,410 Minority interests and participation rights (note 8).................................................. 2,911 (3,063) 6,568 (3,864) ------- ------- -------- -------- NET EARNINGS (LOSS)................................... $ 1,928 $(1,110) $ 4,237 $ 79 ======= ======= ======== ======== EARNINGS PER SHARE (RESTATED -- NOTE 4)............... $ 0.04 $ 1.02 $ 0.11 $ 2.13 ======= ======= ======== ======== DILUTED EARNINGS PER SHARE (RESTATED -- NOTE 4)....... $ 0.04 $ 1.02 $ 0.10 $ 2.13 ======= ======= ======== ========

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ---------------------- ----------------------- 2002 2001 2002 2001 --------- --------- --------- ---------- Deficit, beginning of period..................... $(454,122) $(226,981) $(456,431) $ (221,837) Net earnings (loss) for the period............... 1,928 (1,110) 4,237 79 Accretion of convertible notes................... -- (333) -- (6,666) --------- --------- --------- ---------- Deficit, end of period........................... $(452,194) $(228,424) $(452,194) $ (228,424) ========= ========= ========= ==========

SEPTEMBER 30, 2002 DECEMBER 31, 2001 ------------------ ----------------- ASSETS Current assets Cash and cash equivalents................................. $108,472 $ 16,568 Short-term investments.................................... 4,187 28,740 Accounts receivable....................................... 22,376 25,739 Inventories............................................... 21,184 24,299 -------- -------- 156,219 95,346 Mining property, plant and equipment........................ 227,069 237,262 Restricted cash............................................. 9,121 16,615 Export prepayment contracts (note 6)........................ -- 66,983 Deferred charges............................................ 4,980 182 Deferred income taxes....................................... 12,262 12,473 Other assets................................................ 23,433 29,434 -------- -------- $433,084 $458,295 ======== ======== LIABILITIES Current liabilities Accounts payable and accrued liabilities.................. $ 25,582 $ 28,266 Current portion of long-term debt......................... 2,250 15,401 Current portion of deferred revenue....................... 6,131 5,332 -------- -------- 33,963 48,999 Long-term debt.............................................. -- 58,832 Other liabilities........................................... 23,665 22,943 Deferred income taxes....................................... 20,123 20,948 -------- -------- 77,751 151,722 Minority interests and participation rights................. 129,756 132,088 -------- -------- 207,507 283,810 -------- -------- SHAREHOLDERS' EQUITY Capital stock............................................... 641,516 594,661 Contributed surplus......................................... 36,255 36,255 Deficit..................................................... (452,194) (456,431) -------- -------- 225,577 174,485 -------- -------- $433,084 $458,295 ======== ========

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, -------------------- -------------------- 2002 2001 2002 2001 -------- -------- -------- -------- OPERATING ACTIVITIES Net earnings (loss).................................. $ 1,928 $ (1,110) $ 4,237 $ 79 Non-cash items: Depletion and depreciation......................... 7,991 10,784 24,566 29,806 Gain on sale of other assets....................... (373) -- (1,675) -- Deferred income taxes.............................. (216) (3,517) (605) (5,220) Minority interests and participation rights........ 2,911 (3,063) 6,568 (3,864) Other.............................................. (478) 1,748 497 1,583 Deferred revenue................................... (1,334) (1,922) (3,999) (4,596) Net proceeds from hedge book restructuring........... -- 16,801 -- 16,801 -------- -------- -------- -------- 10,429 19,721 29,589 34,589 Change in working capital............................ 2,776 5,157 1,982 1,340 -------- -------- -------- -------- Cash provided by operating activities................ 13,205 24,878 31,571 35,929 -------- -------- -------- -------- INVESTING ACTIVITIES Mining property, plant and equipment................. (4,110) (7,623) (12,898) (20,615) Decrease (increase) in restricted cash............... 7,499 (1,270) 7,494 (2,140) Purchases of short-term investments.................. (2,281) (19,193) (28,748) (37,949) Sales and maturities of short-term investments....... 10,477 12,323 53,301 74,132 Payment of receivable from High River Gold Mines Ltd................................................ 179 1,168 2,794 1,999 Export prepayment contracts.......................... -- -- -- (25,848) Proceeds from sale of other assets................... 618 -- 4,495 -- Other................................................ 1,005 948 940 (142) -------- -------- -------- -------- Cash provided by (used for) investing activities..... 13,387 (13,647) 27,378 (10,563) -------- -------- -------- -------- FINANCING ACTIVITIES Gold-linked convertible notes........................ -- (3,568) -- (9,173) Common shares........................................ 363 (2,234) 46,855 (2,234) Minority interest dividends.......................... (5,400) -- (8,900) (16,916) Debenture payable.................................... -- -- -- (26,855) Long-term debt....................................... (3,000) (19,880) (5,000) 474 -------- -------- -------- -------- Cash provided by (used for) financing activities..... (8,037) (25,682) 32,955 (54,704) -------- -------- -------- -------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS..... 18,555 (14,451) 91,904 (29,338) Cash and cash equivalents, beginning of period....... 89,917 34,409 16,568 49,296 -------- -------- -------- -------- CASH AND CASH EQUIVALENTS, END OF PERIOD............. $108,472 $ 19,958 $108,472 $ 19,958 ======== ======== ======== ========

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, -------------------- -------------------- 2002 2001 2002 2001 ------- ------- ------ -------- Restated Restated (in thousands except per share amounts) BASIC EARNINGS PER SHARE Net earnings (loss)....................................... $ 1,928 $(1,110) $4,237 $ 79 Increase from the settlement of the Gold-linked convertible Notes....................................... -- 34,729 -- 34,729 Interest accretion on Gold-linked convertible Notes....... -- (278) -- (5,559) Amortization of issuance costs............................ -- (55) -- (1,107) ------- ------- ------ ------- Net earnings applicable to common shares.................. $ 1,928 $33,286 $4,237 $28,142 ======= ======= ====== ======= Weighted average common shares outstanding (000s)......... 43,120 32,577 40,316 13,229 ======= ======= ====== ======= Basic earnings per common share(1)........................ 0.04 1.02 0.11 2.13 ======= ======= ====== ======= DILUTED EARNINGS PER SHARE Net earnings applicable to common shares, assuming dilution................................................ 1,928 33,286 4,237 28,142 ======= ======= ====== ======= Weighted average common shares outstanding (000s)......... 43,120 32,577 40,316 13,229 Dilutive effect of stock options.......................... 544 -- 421 -- ------- ------- ------ ------- 43,664 32,577 40,737 13,229 ======= ======= ====== ======= Diluted earnings per common share......................... 0.04 1.02 0.10 2.13 ======= ======= ====== =======

NEW STRATONI GREECE LA COIPA BRASILIA CRIXAS MUSSELWHITE BRITANNIA OPERATIONS DEVELOPMENT -------- --------- ------- ----------- --------- ---------- ----------- Revenue............................ 32,700 26,524 22,379 13,917 14,088 21,986 -- ------ ------ ------ ------ ------ ------ ------ Cost of sales...................... 25,052 13,977 7,544 10,579 8,936 23,481 -- Depletion and depreciation......... 8,964 4,480 3,861 2,455 2,961 1,781 -- ------ ------ ------ ------ ------ ------ ------ 34,016 18,457 11,405 13,034 11,897 25,262 -- ------ ------ ------ ------ ------ ------ ------ Earnings (loss) from operations before the undernoted............ (1,316) 8,067 10,974 883 2,191 (3,276) -- ------ ------ ------ ------ ------ ------ ------ Corporate administration........... -- -- -- -- -- -- -- Interest expense................... 146 137 192 -- -- -- -- Exploration........................ 347 -- 368 613 800 -- -- Transaction costs.................. -- -- -- -- -- -- -- Foreign exchange (gain) loss....... (456) 5,100 311 324 (28) 707 -- Interest income.................... (20) (1,213) (524) (28) -- -- -- Other, net......................... (141) (12) 81 24 -- -- -- ------ ------ ------ ------ ------ ------ ------ (124) 4,012 428 933 772 707 -- ------ ------ ------ ------ ------ ------ ------ Earnings (loss) before the undernoted....................... (1,192) 4,055 10,546 (50) 1,419 (3,983) -- Income taxes (recovery)............ 556 (471) 992 -- -- -- -- Minority interests and participation rights............. (874) 2,263 4,777 (25) 710 -- -- ------ ------ ------ ------ ------ ------ ------ Net earnings (loss)................ (874) 2,263 4,777 (25) 709 (3,983) -- ====== ====== ====== ====== ====== ====== ====== Cash and cash equivalents.......... 4,021 1,032 4,962 364 34 618 -- Mining property, plant and equipment expenditures........... 1,965 1,874 2,530 3,802 1,199 1,513 -- Mining property, plant and equipment........................ 65,725 62,156 24,387 47,583 7,849 4,218 15,000 Total assets....................... 77,626 78,867 33,431 51,309 10,929 13,493 15,000 CORPORATE/ OTHERS TOTAL ---------- ------- Revenue............................ 4,089 135,683 ------- ------- Cost of sales...................... -- 89,569 Depletion and depreciation......... 64 24,566 ------- ------- 64 114,135 ------- ------- Earnings (loss) from operations before the undernoted............ 4,025 21,548 ------- ------- Corporate administration........... 4,748 4,748 Interest expense................... 76 551 Exploration........................ 580 2,708 Transaction costs.................. 2,478 2,478 Foreign exchange (gain) loss....... (2,265) 3,693 Interest income.................... (1,306) (3,091) Other, net......................... (2,737) (2,785) ------- ------- 1,574 8,302 ------- ------- Earnings (loss) before the undernoted....................... 2,451 13,246 Income taxes (recovery)............ 1,364 2,441 Minority interests and participation rights............. (283) 6,568 ------- ------- Net earnings (loss)................ 1,370 4,237 ======= ======= Cash and cash equivalents.......... 97,441 108,472 Mining property, plant and equipment expenditures........... 15 12,898 Mining property, plant and equipment........................ 151 227,069 Total assets....................... 152,429 433,084

NEW STRATONI GREECE LA COIPA BRASILIA CRIXAS MUSSELWHITE BRITANNIA OPERATIONS DEVELOPMENT -------- --------- ------- ----------- --------- ---------- ----------- Revenue............................ 29,699 19,202 20,305 15,160 11,919 18,736 -- ------ ------ ------ ------ ------ ------ ----- Cost of sales...................... 22,538 13,561 8,024 10,815 8,190 16,794 -- Depletion and depreciation......... 10,768 5,078 3,725 4,514 4,457 1,096 -- ------ ------ ------ ------ ------ ------ ----- 33,306 18,639 11,749 15,329 12,647 17,890 -- ------ ------ ------ ------ ------ ------ ----- Earnings (loss) from operations before the undernoted............ (3,607) 563 8,556 (169) (728) 846 -- ------ ------ ------ ------ ------ ------ ----- Corporate administration........... -- -- -- -- -- -- -- Interest expense................... 267 564 417 -- -- -- -- Exploration........................ 278 -- 70 441 348 -- -- Foreign exchange (gain) loss....... -- 3,715 1,391 101 48 -- -- Interest income.................... (17) (1,410) (805) (42) -- -- -- Other, net......................... 635 (2) 7 1 -- -- -- ------ ------ ------ ------ ------ ------ ----- 1,163 2,867 1,080 501 396 -- -- ------ ------ ------ ------ ------ ------ ----- Earnings (loss) before taxes....... (4,770) (2,304) 7,476 (670) (1,124) 846 -- Income taxes (recovery)............ (358) (525) 979 -- -- -- -- Minority interests and participation rights............. (2,206) (890) 3,249 (335) (562) -- -- ------ ------ ------ ------ ------ ------ ----- Net earnings (loss)................ (2,206) (889) 3,248 (335) (562) 846 -- ====== ====== ====== ====== ====== ====== ===== Mining property, plant and equipment expenditures........... 5,294 1,468 2,094 2,615 1,021 2,792 5,243 CORPORATE/ OTHERS TOTAL ---------- ------- Revenue............................ 4,291 119,312 ------ ------- Cost of sales...................... -- 79,922 Depletion and depreciation......... 168 29,806 ------ ------- 168 109,728 ------ ------- Earnings (loss) from operations before the undernoted............ 4,123 9,584 ------ ------- Corporate administration........... 6,854 6,854 Interest expense................... 1,966 3,214 Exploration........................ 1,355 2,492 Foreign exchange (gain) loss....... (1,056) 4,199 Interest income.................... (2,704) (4,978) Other, net......................... (463) 178 ------ ------- 5,952 11,959 ------ ------- Earnings (loss) before taxes....... (1,829) (2,375) Income taxes (recovery)............ 1,314 1,410 Minority interests and participation rights............. (3,120) (3,864) ------ ------- Net earnings (loss)................ (23) 79 ====== ======= Mining property, plant and equipment expenditures........... 88 20,615

NEW STRATONI GREECE LA COIPA BRASILIA CRIXAS MUSSELWHITE BRITANNIA OPERATIONS DEVELOPMENT -------- --------- ------- ----------- --------- ---------- ----------- Revenue............................. 11,112 10,280 7,785 4,518 4,613 6,838 -- ------ ------ ----- ----- ----- ------ -- Cost of sales....................... 8,211 4,403 2,275 3,571 2,945 7,951 -- Depletion and depreciation.......... 2,935 1,640 1,367 259 1,129 641 -- ------ ------ ----- ----- ----- ------ -- 11,146 6,043 3,642 3,830 4,074 8,592 -- ------ ------ ----- ----- ----- ------ -- Earnings (loss) from operations before the undernoted............. (34) 4,237 4,143 688 539 (1,754) -- ------ ------ ----- ----- ----- ------ -- Corporate administration............ -- -- -- -- -- -- -- Interest expense.................... 35 45 44 -- -- -- -- Exploration......................... 206 -- 225 158 239 -- -- Transaction costs................... -- -- -- -- -- -- -- Foreign exchange (gain) loss........ (283) 2,644 (149) 424 35 -- -- Interest income..................... (9) (103) (126) (13) -- -- -- Other, net.......................... (52) 1 79 14 -- -- -- ------ ------ ----- ----- ----- ------ -- (103) 2,587 73 583 274 -- -- ------ ------ ----- ----- ----- ------ -- Earnings (loss) before the undernoted........................ 69 1,650 4,070 105 265 (1,754) -- Income taxes (recovery)............. 474 (174) 275 -- -- -- -- Minority interests and participation rights............................ (202) 912 1,897 53 133 -- -- ------ ------ ----- ----- ----- ------ -- Net earnings (loss)................. (203) 912 1,898 52 132 (1,754) -- ====== ====== ===== ===== ===== ====== == Mining property, plant and equipment expenditures...................... 686 934 404 866 426 794 -- CORPORATE/ OTHERS TOTAL ---------- ------ Revenue............................. 1,334 46,480 ------ ------ Cost of sales....................... -- 29,356 Depletion and depreciation.......... 20 7,991 ------ ------ 20 37,347 ------ ------ Earnings (loss) from operations before the undernoted............. 1,314 9,133 ------ ------ Corporate administration............ 1,927 1,927 Interest expense.................... 33 157 Exploration......................... 158 986 Transaction costs................... 592 592 Foreign exchange (gain) loss........ (1,607) 1,064 Interest income..................... (499) (750) Other, net.......................... (1,145) (1,103) ------ ------ (541) 2,873 ------ ------ Earnings (loss) before the undernoted........................ 1,855 6,260 Income taxes (recovery)............. 846 1,421 Minority interests and participation rights............................ 118 2,911 ------ ------ Net earnings (loss)................. 891 1,928 ====== ====== Mining property, plant and equipment expenditures...................... -- 4,110

NEW STRATONI GREECE LA COIPA BRASILIA CRIXAS MUSSELWHITE BRITANNIA OPERATIONS DEVELOPMENT -------- --------- ------- ----------- --------- ---------- ----------- Revenue............................. 10,953 6,352 6,977 5,292 4,293 5,128 -- ------ ------ ----- ----- ----- ----- ----- Cost of sales....................... 7,841 4,477 2,537 3,928 2,761 4,295 -- Depletion and depreciation.......... 3,985 1,744 1,257 1,788 1,533 454 -- ------ ------ ----- ----- ----- ----- ----- 11,826 6,221 3,794 5,716 4,294 4,749 -- ------ ------ ----- ----- ----- ----- ----- Earnings (loss) from operations before the undernoted............. (873) 131 3,183 (424) (1) 379 -- ------ ------ ----- ----- ----- ----- ----- Corporate administration............ -- -- -- -- -- -- -- Interest expense.................... 69 564 92 -- -- -- -- Exploration......................... 73 -- 22 30 170 -- -- Foreign exchange (gain) loss........ -- 1,990 667 83 (37) -- -- Interest income..................... (3) (145) (392) (27) -- -- -- Other, net.......................... 183 2 11 1 -- -- -- ------ ------ ----- ----- ----- ----- ----- 322 2,411 400 87 133 -- -- ------ ------ ----- ----- ----- ----- ----- Earnings (loss) before taxes........ (1,195) (2,280) 2,783 (511) (134) 379 -- Income taxes (recovery)............. (68) 744 353 -- -- -- -- Minority interests and participation rights............................ (563) (1,512) 1,215 (256) (67) -- -- ------ ------ ----- ----- ----- ----- ----- Net earnings (loss)................. (564) (1,512) 1,215 (255) (67) 379 -- ====== ====== ===== ===== ===== ===== ===== Mining property, plant and equipment expenditures...................... 883 504 938 1,518 287 879 2,529 CORPORATE/ OTHERS TOTAL ---------- ------ Revenue............................. 1,066 40,061 ------ ------ Cost of sales....................... -- 25,839 Depletion and depreciation.......... 23 10,784 ------ ------ 23 36,623 ------ ------ Earnings (loss) from operations before the undernoted............. 1,043 3,438 ------ ------ Corporate administration............ 1,916 1,916 Interest expense.................... 264 989 Exploration......................... 62 357 Foreign exchange (gain) loss........ (361) 2,342 Interest income..................... (726) (1,293) Other, net.......................... 735 932 ------ ------ 1,890 5,243 ------ ------ Earnings (loss) before taxes........ (847) (1,805) Income taxes (recovery)............. 1,339 2,368 Minority interests and participation rights............................ (1,880) (3,063) ------ ------ Net earnings (loss)................. (306) (1,110) ====== ====== Mining property, plant and equipment expenditures...................... 85 7,623

THREE MONTHS ENDED NINE MONTHS ENDED ------------------------------ ------------------------------ SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, 2002 2002 2001 2001 ------------- ------------- ------------- ------------- REVENUE Canada............................................... 10,465 10,651 32,094 31,370 Chile................................................ 11,112 10,953 32,700 29,699 Brazil............................................... 18,065 13,329 48,903 39,507 Greece............................................... 6,838 5,128 21,986 18,736 ------ ------ ------- ------- 46,480 40,061 135,683 119,312 ====== ====== ======= =======

SEPTEMBER 30, DECEMBER 31, 2002 2001 ------------- ------------ IDENTIFIABLE ASSETS Canada...................................................... 102,762 108,576 Chile....................................................... 82,205 88,430 Brazil...................................................... 115,117 188,148 Greece...................................................... 36,978 37,475 Others...................................................... 96,022 35,666 ------- ------- 433,084 458,295 ======= =======

THREE MONTHS NINE MONTHS ENDED ENDED SEPTEMBER 30 SEPTEMBER 30 ------------------ ------------------ 2002 2001 2002 2001 ------- ------- ------- ------- Revenue..................................................... $19,821 $17,467 $56,849 $50,288 Mine Operating Costs........................................ 14,698 16,164 45,327 46,467 Other expenses.............................................. 2,212 4,366 4,954 7,685 Minority interests and participation rights................. $ 2,911 $(3,063) $ 6,568 $(3,864)

NINE MONTHS ENDED SEPTEMBER 30 ------------------ 2002 2001 ------- ------- $ $ Accounts receivable......................................... 3,363 3,640 Inventories................................................. 3,115 (456) Accounts payable............................................ (4,496) (1,844) ------- ------- 1,982 1,340 ======= =======

SEPTEMBER 30, ------------------ 2002 2001 ------- ------- $ $ Hedging gains, net of future income taxes of $nil, beginning of period................................................. 10,985 -- Adjustment on implementation of SFAS 133.................... -- 17,544 ------- ------- Hedging gains, net of future income taxes of $nil, beginning of period, restated....................................... 10,985 17,544 Hedging gains at beginning of period reclassified to earnings, net of future income taxes of $nil.............. 6,019 4,921 ------- ------- Total hedging gains net of future income taxes of $nil...... 4,966 12,623 ======= =======

2002 2001 ------ ------ $ $ Earnings in accordance with Canadian GAAP................... 4,237 79 Depletion and depreciation (b).............................. 2,124 2,122 Interest expense (a)........................................ -- (1,107) Minority interests and participation rights (f)............. (1,062) (1,061) Foreign exchange gain (loss) (e) (iii)...................... 231 (1,758) Other income (e) (i)........................................ (3,374) 670 ------ ------ Earnings (loss) in accordance with US GAAP before extraordinary gain........................................ 2,156 (1,055) Extraordinary gain (net of tax) (a)......................... -- 34,181 ------ ------ Earnings (loss) under U.S. GAAP............................. 2,156 33,126 ====== ====== Basic and diluted earnings (loss) per share under U.S. GAAP before extraordinary gain................................. 0.05 (0.08) Basic and diluted earnings per share under U.S. GAAP........ 0.05 2.50

SEPTEMBER 30, DECEMBER 31, 2002 2001 ------------- ------------ $ $ Current assets (e).......................................... 156,219 95,454 Deferred charges (e)........................................ 5,367 6,694 Mining property, plant and equipment (b),(c)................ 211,928 219,997 Current liabilities (e)..................................... 31,582 43,688 Deferred tax liability (c).................................. 16,473 17,298 Long-term debt (a).......................................... -- 58,832 Minority interests and participation rights (f)............. 124,941 126,211 Contributed surplus (a)..................................... 1,526 1,526 Deficit..................................................... (426,338) (428,494) Other comprehensive income (e).............................. 4,966 10,985

NINE MONTHS ENDED SEPTEMBER 30, ------------------ 2002 2001 ------- ------- $ $ Cash provided from operations............................... 31,571 35,929 Cash provided by (used for) investing activities (a),(f).... 27,378 (19,736) Cash provided from (used for) financing activities (a)...... 32,955 (45,531) Net cash, end of period..................................... 108,472 19,958

2001 2000 -------- -------- $ $ ASSETS CURRENT ASSETS Cash and cash equivalents................................... 16,568 49,296 Short-term investments...................................... 28,740 57,961 Accounts receivable......................................... 25,739 29,596 Inventories (note 3)........................................ 24,299 24,501 -------- -------- 95,346 161,354 MINING PROPERTY, PLANT AND EQUIPMENT (note 4)............... 237,262 494,105 RESTRICTED CASH (notes 8(e), 13(d) and 16(c))............... 16,615 17,870 EXPORT PREPAYMENT CONTRACTS (note 5)........................ 66,983 42,483 DEFERRED CHARGES (note 13(c))............................... 182 7,384 DEFERRED INCOME TAXES (note 14(d)).......................... 12,473 9,112 OTHER ASSETS (note 6)....................................... 29,434 30,699 -------- -------- 458,295 763,007 ======== ======== LIABILITIES CURRENT LIABILITIES Accounts payable and accrued liabilities (note 10).......... 28,266 28,407 Current portion of long-term debt (note 8).................. 15,401 18,585 Debenture payable (note 7).................................. -- 26,855 Current portion of deferred revenue (note 13(c))............ 5,332 4,984 -------- -------- 48,999 78,831 LONG-TERM DEBT (note 8)..................................... 58,832 69,780 OTHER LIABILITIES (note 10)................................. 22,943 24,648 DEFERRED INCOME TAXES (note 14)............................. 20,948 28,411 -------- -------- 151,722 201,670 MINORITY INTERESTS AND PARTICIPATION RIGHTS (note 18)....... 132,088 164,788 -------- -------- 283,810 366,458 -------- -------- SHAREHOLDERS' EQUITY CAPITAL STOCK (note 11)..................................... 594,661 382,900 CONTRIBUTED SURPLUS (note 11(d))............................ 36,255 1,526 GOLD LINKED CONVERTIBLE NOTES (note 9)...................... -- 233,960 DEFICIT..................................................... (456,431) (221,837) -------- -------- 174,485 396,549 -------- -------- 458,295 763,007 ======== ======== COMMITMENTS AND CONTINGENCIES (notes 8(e), 16 and 18)

2001 2000 1999 -------- ------- ------- $ $ $ REVENUE..................................................... 158,340 170,030 162,856 -------- ------- ------- MINE OPERATING COSTS Cost of sales............................................... 108,148 106,804 87,298 Depletion and depreciation.................................. 40,243 38,000 48,036 -------- ------- ------- 148,391 144,804 135,334 -------- ------- ------- 9,949 25,226 27,522 MINING PROPERTY WRITE-DOWNS (note 4)........................ 21,000 -- -- -------- ------- ------- EARNINGS (LOSS) FROM OPERATIONS BEFORE THE UNDERNOTED....... (11,051) 25,226 27,522 -------- ------- ------- OTHER EXPENSES (INCOME) Non-operating asset write-downs (note 4).................... 223,513 -- 64,000 Corporate administration.................................... 8,123 6,597 7,753 Interest expense............................................ 3,769 3,447 4,713 Exploration................................................. 3,380 5,497 4,531 Foreign exchange loss....................................... 3,293 2,015 1,453 Interest income............................................. (5,650) (9,503) (9,076) Gain on disposal of minority interests and participation rights (note 18).......................................... -- -- (4,197) Other, net.................................................. (3,883) 5,420 1,026 -------- ------- ------- 232,545 13,473 70,203 -------- ------- ------- EARNINGS (LOSS) BEFORE THE UNDERNOTED....................... (243,596) 11,753 (42,681) INCOME TAX (RECOVERY) EXPENSE (note 14)..................... (5,634) (179) 4,782 MINORITY INTERESTS AND PARTICIPATION RIGHTS (note 18)....... (10,034) (496) 102 -------- ------- ------- NET EARNINGS (LOSS) FOR THE YEAR............................ (227,928) 12,428 (47,565) ======== ======= ======= EARNINGS (LOSS) PER SHARE -- RESTATED (notes 2, 11(c) and 19)....................................................... (10.58) 0.03 (17.33)

2001 2000 1999 -------- -------- -------- $ $ $ DEFICIT, BEGINNING OF YEAR -- as originally reported........ (221,837) (219,838) (160,391) Change in accounting for income taxes (note 2).............. -- (2,102) -- -------- -------- -------- DEFICIT, BEGINNING OF YEAR -- restated...................... (221,837) (221,940) (160,391) NET EARNINGS (LOSS) FOR THE YEAR............................ (227,928) 12,428 (47,565) Accretion of convertible notes (note 9)..................... (6,666) (12,325) (11,882) -------- -------- -------- DEFICIT, END OF YEAR........................................ (456,431) (221,837) (219,838) ======== ======== ========

2001 2000 1999 -------- -------- -------- $ $ $ OPERATING ACTIVITIES Net earnings (loss) for the year............................ (227,928) 12,428 (47,565) Non-cash items: Depletion and depreciation................................ 40,243 38,000 48,036 Deferred income taxes..................................... (10,919) (4,022) (2,485) Non-operating asset write-downs........................... 223,513 -- 64,000 Mining property write-downs............................... 21,000 -- -- Minority interests and participation rights............... (10,034) (496) 102 Change in reclamation provision........................... (2,771) -- -- Gain on disposal of minority interests and participation rights (note 18)....................................... -- -- (4,197) Other..................................................... 1,006 326 1,810 Deferred revenue.......................................... (4,608) (11,020) (13,571) Net proceeds from hedge book restructuring (note 13)...... 16,801 -- -- -------- -------- -------- 46,303 35,216 46,130 Changes in non-cash working capital......................... (520) (2,659) 512 -------- -------- -------- Cash provided by operating activities....................... 45,783 32,557 46,642 -------- -------- -------- INVESTING ACTIVITIES Mining property, plant and equipment........................ (25,552) (48,746) (55,263) Net proceeds on disposal of minority interest and participation rights (note 18)............................ -- -- 180,953 Payment of receivable from High River Gold Mines Ltd........ 3,014 1,541 1,529 Purchases of short-term investments......................... (51,931) (130,562) (48,586) Sales and maturities of short-term investments.............. 81,152 136,612 11,097 Export prepayment contracts................................. (24,500) (42,483) 25,427 Decrease (increase) in restricted cash...................... 1,255 (9,770) (8,100) Other....................................................... (1,495) (2,569) 2,568 -------- -------- -------- Cash (used for) provided by investing activities............ (18,057) (95,977) 109,625 -------- -------- -------- FINANCING ACTIVITIES Long-term debt borrowings................................... 26,944 45,133 8,000 Long-term debt repayments................................... (26,470) (25,622) (126,436) Debenture payable........................................... (26,855) 26,855 -- Minority interest dividends................................. (22,666) (15,963) -- Gold linked convertible notes............................... (9,173) (10,501) (9,623) Contributed surplus......................................... (1,595) -- -- Common shares............................................... (639) (626) 24,000 -------- -------- -------- Cash (used for) provided by financing activities............ (60,454) 19,276 (104,059) -------- -------- -------- (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS............ (32,728) (44,144) 52,208 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR................ 49,296 93,440 41,232 -------- -------- -------- CASH AND CASH EQUIVALENTS, END OF YEAR...................... 16,568 49,296 93,440 ======== ======== ========

DECEMBER 31, ---------------- 2001 2000 ------ ------ $ $ Bullion and dore............................................ 3,294 2,475 Base metal concentrates..................................... 4,199 2,979 Work-in-process............................................. 2,257 1,989 Ore stockpiles -- precious metals........................... 2,693 3,095 Materials and supplies...................................... 11,856 13,963 ------ ------ 24,299 24,501 ====== ======

DECEMBER 31, -------------------- 2001 2000 -------- -------- $ $ Producing properties Mining property and deferred development.................. 311,430 316,573 Accumulated depletion..................................... (207,300) (187,439) -------- -------- 104,130 129,134 -------- -------- Mine plant and equipment.................................. 293,346 296,363 Accumulated depreciation.................................. (178,193) (168,338) -------- -------- 115,153 128,025 -------- -------- Equipment under capital lease............................. 4,943 4,943 Accumulated depreciation.................................. (1,964) (1,091) -------- -------- 2,979 3,852 -------- -------- 222,262 261,011 -------- -------- Development properties Greek development projects................................ 15,000 233,094 -------- -------- Total mining property, plant and equipment.................. 237,262 494,105 ======== ========

FOR THE YEARS ENDED DECEMBER 31, ----------------------------- 2001 2000 1999 ------- ------- ------- $ $ $ Reduction in carrying value of Greek development projects (note 16(b)).............................................. 223,513 -- 64,000 ------- ------- ------- Reduction in carrying value of La Coipa Mine................ 13,000 -- -- Reduction in carrying value of New Britannia Mine........... 8,000 -- -- ------- ------- ------- 21,000 -- -- ------- ------- ------- Mining property write-downs................................. 244,513 -- 64,000 ======= ======= =======

DECEMBER 31, ---------------- 2001 2000 ------ ------ $ $ Receivable from High River Gold Mines Ltd.(a)............... 14,867 17,881 Pyrite concentrates......................................... 8,485 8,485 Other....................................................... 6,082 4,333 ------ ------ 29,434 30,699 ====== ======

DECEMBER 31, ------------------ 2001 2000 ------- ------- $ $ Crixas export loans(a)...................................... 7,250 8,750 Brasilia export loans(a).................................... 66,983 47,383 Lease rate swaps and other(b)............................... -- 14,656 Gold linked convertible notes (note 9)...................... -- 17,576 ------- ------- Total debt.................................................. 74,233 88,365 Less: Current portion....................................... (15,401) (18,585) ------- ------- Long-term debt.............................................. 58,832 69,780 ======= =======

CRIXAS BRASILIA TOTAL ------- --------- ------ $ $ $ 2002........................................................ 5,750 9,651 15,401 2003........................................................ 1,500 20,188 21,688 2004........................................................ -- 18,774 18,774 2005........................................................ -- 18,370 18,370 ----- ------ ------ 7,250 66,983 74,233 ===== ====== ======

DECEMBER 31, ------------------ 2001 2000 ------- ------- $ Liability component of debt Current portion........................................... -- 11,459 Long-term portion......................................... -- 6,117 ------- ------- -- 17,576 ======= ======= Equity component -- net of issuance costs................... -- 233,960 ======= =======

DECEMBER 31, ---------------- 2001 2000 ------ ------ $ $ Reclamation provisions -- operating properties.............. 13,782 10,729 Reclamation provisions -- non-operating properties(a)....... 1,000 5,000 Capital lease(b)............................................ 1,901 3,000 Other....................................................... 6,260 5,919 ------ ------ 22,943 24,648 ====== ======

$ ------ 2002........................................................ 1,143 2003........................................................ 1,142 2004........................................................ 856 ------ 3,141 Less: Interest.............................................. (211) ------ 2,930 Less Current portion........................................ (1,029) ------ 1,901 ======

NUMBER OF SHARES $ ----------- ------- Outstanding as at December 31, 1998......................... 3,235,657 361,052 Shares issued for cash (note 18)............................ 356,665 24,000 ----------- ------- Outstanding as at December 31, 1999......................... 3,592,322 385,052 Shares repurchased and cancelled............................ (20,080) (2,152) Fractional shares redeemed.................................. (7) -- ----------- ------- Outstanding as at December 31, 2000......................... 3,572,235 382,900 Shares issued on conversion of the Notes (note 9)........... 32,150,118 211,761 ----------- ------- Outstanding as at December 31, 2001......................... 35,722,353 594,661 =========== =======

2001 2000 1999 ----------- ---------- ---------- $ $ $ Net earnings (loss)......................................... (227,928) 12,428 (47,565) Interest accretion on the Notes............................. (6,666) (12,325) (11,882) Increase from the settlement of the Notes................... 34,729 -- -- ----------- ---------- ---------- Net earnings (loss) applicable to common shares............. (199,865) 103 (59,447) =========== ========== ========== Weighted average common shares outstanding.................. 18,898,593 3,581,370 3,431,090 =========== ========== ========== Basic earnings (loss) per common share...................... (10.58) 0.03 (17.33) =========== ========== ==========

2001 2000 1999 ------------------ ------------------ ------------------ WEIGHTED- WEIGHTED- WEIGHTED- AVERAGE AVERAGE AVERAGE EXERCISE EXERCISE EXERCISE SHARES PRICE SHARES PRICE SHARES PRICE ------ --------- ------ --------- ------ --------- (000s) CAN$ (000s) CAN$ (000s) CAN$ Outstanding at beginning of year............................ 267 155.50 328 191.00 342 355.50 Granted..................................................... 1,016 8.50 -- -- 146 66.50 Expired..................................................... (41) 204.70 (61) 346.10 (160) 430.00 ----- ------ --- ------ ---- ------ Outstanding at end of year................................ 1,242 30.10 267 155.50 328 191.00 ===== ====== === ====== ==== ====== Options exercisable at year end........................... 546 57.20 198 175.00 167 258.50 ===== ====== === ====== ==== ======

OPTIONS OUTSTANDING --------------------------------------- OPTIONS EXERCISABLE WEIGHTED -------------------------- NUMBER AVERAGE WEIGHTED NUMBER WEIGHTED OUTSTANDING AT REMAINING AVERAGE EXERCISABLE AT AVERAGE DECEMBER 31, CONTRACTUAL EXERCISE DECEMBER 31, EXERCISE RANGE OF EXERCISE PRICES CAN$ 2001 LIFE YEARS PRICE 2001 PRICE ----------------------------- -------------- ----------- -------- --------------- -------- (000s) CAN$ (000s) CAN$ 355.00 -- 492.50....................................... 13 0.46 411.50 13 411.50 194.00 -- 229.50....................................... 41 1.15 199.80 41 199.80 138.00 -- 162.50....................................... 41 1.61 162.00 41 162.00 66.50 -- 99.50....................................... 131 2.61 66.50 127 66.50 8.50 -- 12.50....................................... 1,016 4.70 8.50 324 8.50 ----- ---- ------ --- ------ 8.50 -- 492.50....................................... 1,242 4.22 30.10 546 57.20 ===== ==== ====== === ======

PUTS BOUGHT --------------- OUNCES $/OZ ------- ---- 2002........................................................ 200,000 280 2003........................................................ 150,000 260 2004........................................................ 150,000 250 2005........................................................ 150,000 250 2006........................................................ 150,000 250 ------- 800,000 259 =======

CALLS SOLD ----------------- OUNCES $/OZ --------- ---- 2002........................................................ 2,000,000 6.00 2003........................................................ 2,000,000 6.00 --------- 4,000,000 6.00 =========

DEFERRED DEFERRED REVENUE CHARGES TOTAL -------- -------- ------ $ $ $ 2002........................................................ 9,500 (4,168) 5,332 2003........................................................ 9,894 (3,497) 6,397 2004........................................................ 9,873 (8,073) 1,800 2005........................................................ 6,416 (8,819) (2,403) 2006........................................................ 5,624 (8,793) (3,169) 2007........................................................ -- (2,807) (2,807) ------ ------- ------ 41,307 (36,157) 5,150 ====== ======= Less: Current portion of deferred revenue................... 5,332 ------ Deferred charges............................................ (182) ======

2001 2000 1999 ------- ------ ------ $ $ $ Income taxes Current Foreign................................................. 4,863 3,680 7,079 Canada.................................................. 422 163 188 ------- ------ ------ 5,285 3,843 7,267 ------- ------ ------ Deferred Foreign................................................. (7,559) (3,282) (2,485) Canada.................................................. (3,360) (740) -- ------- ------ ------ (10,919) (4,022) (2,485) ------- ------ ------ (5,634) (179) 4,782 ======= ====== ======

2001 2000 1999 ----- ----- ----- % % % Combined Canadian federal and provincial statutory income tax rate.................................................. 41.7 44.0 (44.6) Impact of change in future tax rates........................ (1.0) 2.5 -- Non-temporary differences................................... 0.4 3.3 2.0 Tax rates of other jurisdictions............................ (0.5) -- -- Unrecorded (realized) benefit of tax losses................. (38.3) (51.3) 53.8 ----- ----- ----- Effective tax rate........................................ 2.3 (1.5) 11.2 ===== ===== =====

DECEMBER 31, --------------- 2001 2000 ----- ------ $ $ Depletion and depreciation.................................. 3,794 11,093 Other, including accrued withholding taxes.................. 4,681 8,206 ----- ------ 8,475 19,299 ===== ======

FOR THE YEAR ENDED DECEMBER 31, 2001 ------------------------------------------------------ MUSSEL- NEW LA COIPA BRASILIA CRIXAS WHITE BRITANNIA (CHILE) (BRAZIL) (BRAZIL) (CANADA) (CANADA) -------- --------- -------- -------- --------- $ $ $ $ $ Revenue......................... 41,404 25,386 26,699 20,122 15,289 ------- ------- ------ ------ ------ Cost of sales................... 32,128 17,953 10,719 14,281 10,537 Depletion and depreciation...... 16,260 5,091 5,007 5,904 5,916 ------- ------- ------ ------ ------ 48,388 23,044 15,726 20,185 16,453 ------- ------- ------ ------ ------ (6,984) 2,342 10,973 (63) (1,164) Mining property write-downs..... 13,000 -- -- -- 8,000 ------- ------- ------ ------ ------ Earnings (loss) before the undernoted.................... (19,984) 2,342 10,973 (63) (9,164) ------- ------- ------ ------ ------ Non-operating asset write-downs................... -- -- -- -- -- Corporate administration........ -- -- -- -- -- Exploration..................... 320 -- 237 488 466 Interest expense................ 309 575 534 -- -- Interest income................. (28) (1,682) (769) (59) -- Other........................... 623 2,275 603 106 62 ------- ------- ------ ------ ------ 1,224 1,168 605 535 528 ------- ------- ------ ------ ------ Earnings (loss) before the undernoted.................... (21,208) 1,174 10,368 (598) (9,692) Income taxes.................... (41) (215) 1,325 -- -- Minority interests and participation rights.......... (10,584) 695 4,522 (299) (4,846) ------- ------- ------ ------ ------ Net earnings (loss)............. (10,583) 694 4,521 (299) (4,846) ======= ======= ====== ====== ====== Cash and cash equivalents....... 1,133 1,021 5,980 -- 14 Capital expenditures............ 5,975 2,004 3,254 4,032 1,298 Mining property, plant and equipment..................... 72,379 63,955 25,503 46,539 9,546 Total assets.................... 82,639 151,147 35,616 50,490 12,416 FOR THE YEAR ENDED DECEMBER 31, 2001 ------------------------------------------------ STRATONI OPERATIONS GREECE CORPORATE/ (GREECE) DEVELOPMENT OTHER TOTAL ---------- ----------- ---------- -------- $ $ $ $ Revenue......................... 24,160 -- 5,280 158,340 ------ -------- ------- -------- Cost of sales................... 22,530 -- -- 108,148 Depletion and depreciation...... 1,871 -- 194 40,243 ------ -------- ------- -------- 24,401 -- 194 148,391 ------ -------- ------- -------- (241) -- 5,086 9,949 Mining property write-downs..... -- -- -- 21,000 ------ -------- ------- -------- Earnings (loss) before the undernoted.................... (241) -- 5,086 (11,051) ------ -------- ------- -------- Non-operating asset write-downs................... -- 223,513 -- 223,513 Corporate administration........ -- -- 8,123 8,123 Exploration..................... -- -- 1,869 3,380 Interest expense................ -- -- 2,351 3,769 Interest income................. -- -- (3,112) (5,650) Other........................... -- -- (4,259) (590) ------ -------- ------- -------- -- 223,513 4,972 232,545 ------ -------- ------- -------- Earnings (loss) before the undernoted.................... (241) (223,513) 114 (243,596) Income taxes.................... -- -- (6,703) (5,634) Minority interests and participation rights.......... -- -- 478 (10,034) ------ -------- ------- -------- Net earnings (loss)............. (241) (223,513) 6,339 (227,928) ====== ======== ======= ======== Cash and cash equivalents....... 574 -- 7,846 16,568 Capital expenditures............ 3,471 5,419 99 25,552 Mining property, plant and equipment..................... 4,111 15,000 229 237,262 Total assets.................... 13,990 23,485 88,512 458,295

FOR THE YEAR ENDED DECEMBER 31, 2000 ------------------------------------------------------ MUSSEL- NEW LA COIPA BRASILIA CRIXAS WHITE BRITANNIA (CHILE) (BRAZIL) (BRAZIL) (CANADA) (CANADA) -------- --------- -------- -------- --------- $ $ $ $ $ Revenue......................... 48,902 30,361 26,774 21,892 14,552 ------- ------- ------ ------ ------ Cost of sales................... 37,256 19,402 10,624 12,526 10,992 Depletion and depreciation...... 13,859 8,079 4,897 5,922 4,158 ------- ------- ------ ------ ------ 51,115 27,481 15,521 18,448 15,150 ------- ------- ------ ------ ------ (2,213) 2,880 11,253 3,444 (598) Mining property write-downs..... -- -- -- -- -- ------- ------- ------ ------ ------ Earnings (loss) before the undernoted.................... (2,213) 2,880 11,253 3,444 (598) ------- ------- ------ ------ ------ Non-operating asset write-downs................... -- -- -- -- -- Corporate administration........ -- 13 -- -- -- Exploration..................... 768 -- 584 555 515 Interest expense................ 426 505 1,131 -- -- Interest income................. (44) (1,872) (618) -- -- Other........................... 8,625 (2,201) 119 166 28 ------- ------- ------ ------ ------ 9,775 (3,555) 1,216 721 543 ------- ------- ------ ------ ------ Earnings (loss) before the undernoted.................... (11,988) 6,435 10,037 2,723 (1,141) Income taxes.................... (1,298) 253 2,529 -- -- Minority interests and participation rights.......... (5,345) 3,091 3,754 1,362 (571) ------- ------- ------ ------ ------ Net earnings (loss)............. (5,345) 3,091 3,754 1,361 (570) ======= ======= ====== ====== ====== Cash and cash equivalents....... 24 4,012 2,529 351 48 Capital expenditures............ 6,053 2,171 2,912 1,076 1,612 Mining property, plant and equivalent.................... 95,593 65,939 27,067 47,965 22,076 Total assets.................... 108,554 159,040 35,377 52,224 25,021 FOR THE YEAR ENDED DECEMBER 31, 2000 ------------------------------------------------ STRATONI OPERATIONS GREECE CORPORATE/ (GREECE) DEVELOPMENT OTHER TOTAL ---------- ----------- ---------- -------- $ $ $ $ Revenue......................... 16,081 -- 11,468 170,030 ------ -------- ------- -------- Cost of sales................... 16,004 -- -- 106,804 Depletion and depreciation...... 1,003 -- 82 38,000 ------ -------- ------- -------- 17,007 -- 82 144,804 ------ -------- ------- -------- (926) -- 11,386 25,226 Mining property write-downs..... -- -- -- -- ------ -------- ------- -------- Earnings (loss) before the undernoted.................... (926) -- 11,386 25,226 ------ -------- ------- -------- Non-operating asset write-downs................... -- -- -- -- Corporate administration........ -- -- 6,584 6,597 Exploration..................... 146 -- 2,929 5,497 Interest expense................ -- -- 1,385 3,447 Interest income................. -- -- (6,969) (9,503) Other........................... -- -- 698 7,435 ------ -------- ------- -------- 146 -- 4,627 13,473 ------ -------- ------- -------- Earnings (loss) before the undernoted.................... (1,072) -- 6,759 11,753 Income taxes.................... -- -- (1,663) (179) Minority interests and participation rights.......... -- -- (2,787) (496) ------ -------- ------- -------- Net earnings (loss)............. (1,072) -- 11,209 12,428 ====== ======== ======= ======== Cash and cash equivalents....... 1,590 -- 40,742 49,296 Capital expenditures............ 3,258 31,616 48 48,746 Mining property, plant and equivalent.................... 2,011 233,094 360 494,105 Total assets.................... 10,954 243,590 128,247 763,007

FOR THE YEAR ENDED DECEMBER 31, 1999 ----------------------------------------------------------------------------------------- MUSSEL- NEW LA COIPA BRASILIA CRIXAS WHITE BRITANNIA CORPORATE/ (CHILE) (BRAZIL) (BRAZIL) (CANADA) (CANADA) GREECE OTHER TOTAL -------- --------- -------- -------- --------- -------- ---------- -------- $ $ $ $ $ $ $ $ Revenue.......................... 64,830 26,318 21,712 18,507 15,202 -- 16,287 162,856 ------- ------ ------ ------ ------ -------- ------- -------- Cost of sales.................... 38,267 16,608 9,694 11,924 10,805 -- -- 87,298 Depletion and depreciation....... 24,074 7,296 4,623 7,477 4,364 -- 202 48,036 ------- ------ ------ ------ ------ -------- ------- -------- 62,341 23,904 14,317 19,401 15,169 -- 202 135,334 ------- ------ ------ ------ ------ -------- ------- -------- 2,489 2,414 7,395 (894) 33 -- 16,085 27,522 Mining property write-downs...... -- -- -- -- -- -- -- -- ------- ------ ------ ------ ------ -------- ------- -------- Earnings (loss) before the undernoted..................... 2,489 2,414 7,395 (894) 33 -- 16,085 27,522 ------- ------ ------ ------ ------ -------- ------- -------- Non-operating asset write-downs.................... -- -- -- -- -- 64,000 -- 64,000 Corporate administration......... -- -- -- -- -- -- 7,753 7,753 Exploration...................... 894 -- 215 255 530 -- 2,637 4,531 Interest expense................. 82 3,406 741 -- -- -- 484 4,713 Interest income.................. (289) (5,249) (27) -- -- -- (3,511) (9,076) Other............................ 94 (1,057) (660) 29 -- -- (124) (1,718) ------- ------ ------ ------ ------ -------- ------- -------- 781 (2,900) 269 284 530 64,000 7,239 70,203 ------- ------ ------ ------ ------ -------- ------- -------- Earnings (loss) before the undernoted..................... 1,708 5,314 7,126 (1,178) (497) (64,000) 8,846 (42,681) Income taxes..................... 1,103 -- 2,474 -- -- -- 1,205 4,782 Minority interests and participation rights........... (1,006) 2,039 1,430 (112) (250) -- (1,999) 102 ------- ------ ------ ------ ------ -------- ------- -------- Net earnings (loss).............. 1,611 3,275 3,222 (1,066) (247) (64,000) 9,640 (47,565) ======= ====== ====== ====== ====== ======== ======= ======== Capital expenditures............. 4,475 4,636 2,362 2,017 1,435 40,194 144 55,263

FOR THE YEARS ENDED DECEMBER 31, ----------------------------- 2001 2000 1999 ------- ------- ------- $ $ $ Revenue Canada.................................................... 40,691 47,912 49,996 Chile..................................................... 41,404 48,902 64,830 Brazil.................................................... 52,085 57,135 48,030 Greece.................................................... 24,160 16,081 -- ------- ------- ------- 158,340 170,030 162,856 ======= ======= ======= Identifiable assets Canada.................................................... 108,576 132,093 Chile..................................................... 88,430 135,011 Brazil.................................................... 188,148 203,859 Greece.................................................... 37,475 254,544 Other..................................................... 35,666 37,500 ------- ------- 458,295 763,007 ======= =======

FOR THE YEAR ENDED DECEMBER 31, -------------------------- 2001 2000 1999 ------ ------ ------ $ $ $ Accounts receivable......................................... (7,065) (4,070) 8,340 Inventories................................................. 8,913 5,034 1,759 Accounts payable............................................ (2,368) (3,623) (9,587) ------ ------ ------ (520) (2,659) 512 ====== ====== ======

$ ------ Hedging gains, net of future income taxes of $nil, arising from implementation of SFAS 133........................... 17,544 Hedging gains at beginning of period reclassified to earnings, net of future income taxes of $nil.............. 6,559 ------ Total hedging gains net of future income taxes of $nil...... 10,985 ------

2001 2000 1999 -------- ------ ------- $ $ $ Earnings (loss) in accordance with Canadian GAAP............ (227,928) 12,428 (47,565) Mining property write-downs(d).............................. (51,185) -- -- Depletion and depreciation(c)............................... 2,830 3,410 5,971 Interest expense(b)......................................... (1,107) (2,101) (3,129) Income tax expense (recovery)(a)............................ 3,650 2,092 (25,401) Gain on disposal of minority interest and participation rights.................................................... -- -- 12,975 Other expenses(c)........................................... -- -- (4,500) Minority interests and participation rights(g).............. 2,160 (1,705) (7,553) Foreign exchange gain (loss)(f)(iii)........................ (1,821) 1,800 1,400 Non-operating asset write-downs(d).......................... -- -- 20,500 Other income(f)(i).......................................... 967 -- -- -------- ------ ------- Earnings (loss) in accordance with US GAAP, before extraordinary gain and change in accounting policy............................... (272,434) 15,924 (47,302) Extraordinary gain (net of tax)(b).......................... 34,181 -- -- -------- ------ ------- Earnings (loss) in accordance with US GAAP before change in accounting policy......................................... (238,253) 15,924 (47,302) Change in accounting policy (net of tax)(c)................. -- -- (45,074) -------- ------ ------- Earnings (loss) in accordance with US GAAP.................. (238,253) 15,924 (92,376) ======== ====== ======= Earnings (loss) per share under US GAAP, before extraordinary gain and change in accounting policy........ (14.42) 4.45 (13.79) Earnings (loss) per share under US GAAP, before change in accounting policy......................................... (12.61) 4.45 (13.79) Earnings (loss) per share under US GAAP..................... (12.61) 4.45 (26.92)

2001 2000 -------- -------- $ $ Current assets(f)........................................... 95,454 171,639 Deferred charges(f)......................................... 6,694 7,384 Mining property, plant and equipment(b),(c),(d)............. 219,997 519,147 Current liabilities(f)...................................... 43,688 70,497 Deferred tax liability(a)................................... 17,298 28,411 Long-term debt(b)........................................... 58,832 311,036 Minority interests and participation rights(g).............. 126,211 161,071 Contributed surplus(b)...................................... 1,526 1,526 Deficit..................................................... (428,494) (190,240) Other comprehensive income(f)............................... 10,985 --

2001 2000 1999 ------- -------- ------- $ $ $ Cash provided from operations............................... 45,783 32,557 45,614 Cash used for investing activities(b)....................... (27,230) (106,478) 101,030 Cash provided from (used for) financing activities(b)....... (51,281) 29,777 (94,436) Net cash, end of year....................................... 16,568 49,296 93,440

SEPTEMBER 30 DECEMBER 31 2002 2001 ------------ ----------- ASSETS Current assets: Cash and cash equivalents................................. $ 20,867 $ 12,351 Short-term investments.................................... 2,170 1,910 Interest and accounts receivable.......................... 5,095 3,645 Inventories (note 2)...................................... 25,866 29,506 Prepaid expenses and other assets......................... 2,915 3,725 ---------- -------- 56,913 51,137 Plant and equipment (note 3)................................ 108,780 120,969 Mining properties (note 3).................................. 29,460 32,903 Other long-term assets (note 4)............................. 53,846 55,795 ---------- -------- $ 248,999 $260,804 ========== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities.................. $ 22,271 $ 24,284 Income and mining taxes payable........................... 2,952 3,570 Debt and other financings (note 5)........................ -- 17,000 Deferred income (note 6).................................. 697 876 Reclamation and mine closure liabilities.................. 4,559 3,841 ---------- -------- 30,479 49,571 Debt and other financings (note 5).......................... -- 6,714 Deferred income (note 6).................................... 19,102 47,042 Reclamation and mine closure liabilities.................... 47,379 49,726 Deferred income taxes....................................... 941 925 Commitments and contingencies (notes 12 and 13) Shareholders' equity: Capital stock (note 7).................................... 1,042,571 713,343 Capital securities (note 8)............................... -- 157,453 Deficit................................................... (863,819) (734,665) Foreign currency translation.............................. (27,654) (29,305) ---------- -------- 151,098 106,826 ---------- -------- $ 248,999 $260,804 ========== ========

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 ------------------ -------------------- 2002 2001 2002 2001 ------- -------- --------- -------- Revenue................................................. $51,996 $ 58,545 $ 161,750 $186,658 ------- -------- --------- -------- Expenses: Operating costs....................................... 30,104 42,173 99,520 133,317 Royalties............................................. 2,016 2,284 5,722 5,970 Production taxes...................................... 460 178 544 449 Depreciation and amortization......................... 8,577 10,182 28,300 32,451 Reclamation and mine closure.......................... 1,359 1,578 3,839 4,843 General and administrative............................ 2,840 1,476 5,731 4,316 Exploration and development........................... 2,609 1,199 4,778 3,211 Loss on retirement of capital securities (note 7)..... -- -- 5,461 -- Interest and other (note 9)........................... 289 454 126 1,286 ------- -------- --------- -------- 48,254 59,524 154,021 185,843 ------- -------- --------- -------- Earnings (loss) before income taxes..................... 3,742 (979) 7,729 815 ------- -------- --------- -------- Income tax expense (recovery): Current............................................... -- 48 -- 131 Deferred.............................................. -- (840) -- (2,519) ------- -------- --------- -------- -- (792) -- (2,388) ------- -------- --------- -------- Net earnings (loss)..................................... $ 3,742 $ (187) $ 7,729 $ 3,203 ======= ======== ========= ======== Net earnings (loss) attributable to common shareholders (note 8).............................................. $ 3,742 $ (4,252) $(129,154) $ (9,518) ======= ======== ========= ======== Earnings (loss) per share -- basic and diluted.......... $ 0.01 $ (0.03) $ (0.33) $ (0.07) ======= ======== ========= ======== Weighted average number of shares outstanding (thousands) -- basic.............................................. 541,269 140,607 392,620 140,607 -- diluted............................................ 547,105 140,607 392,620 140,607 ======= ======== ========= ========

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 --------------------- --------------------- 2002 2001 2002 2001 --------- --------- --------- --------- Balance, beginning of period......................... $(867,561) $(716,946) $(734,665) $(711,680) Net earnings (loss).................................. 3,742 (187) 7,729 3,203 Loss on retirement of capital securities, net of nil tax effect (note 7)................................ -- -- (132,302) -- Interest on capital securities, net of nil tax effect (note 8)........................................... -- (4,065) (4,581) (12,721) --------- --------- --------- --------- Balance, end of period............................... $(863,819) $(721,198) $(863,819) $(721,198) ========= ========= ========= =========

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 ------------------- ------------------- 2002 2001 2002 2001 -------- -------- -------- -------- CASH PROVIDED FROM (USED IN): OPERATING ACTIVITIES Net cash flows provided from operating activities....... $ 9,629 $10,936 $ 14,878 $ 27,233 ------- ------- -------- -------- INVESTING ACTIVITIES Mining properties, plant and equipment.................. (1,926) (5,326) (10,790) (18,683) Other long-term assets.................................. (3,798) (2,177) (3,719) (2,164) Proceeds on the sale of plant and equipment............. 168 5 1,860 373 Other................................................... 227 (506) 771 (639) ------- ------- -------- -------- (5,329) (8,004) (11,878) (21,113) ------- ------- -------- -------- FINANCING ACTIVITIES Debt repayments......................................... -- (2,000) (17,000) (9,500) Units offering, net of issuance costs (note 7).......... -- -- 25,513 -- Warrants exercised...................................... 3 -- 3 -- Costs of capital securities retirement (note 7)......... (48) -- (3,000) -- ------- ------- -------- -------- (45) (2,000) 5,516 (9,500) ------- ------- -------- -------- Net increase (decrease) in cash and cash equivalents...... 4,255 932 8,516 (3,380) Cash and cash equivalents, beginning of period............ 16,612 9,957 12,351 14,269 ------- ------- -------- -------- Cash and cash equivalents, end of period.................. $20,867 $10,889 $ 20,867 $ 10,889 ======= ======= ======== ========

SEPTEMBER 30 DECEMBER 31 2002 2001 ------------ ----------- Precious metals bullion..................................... $ 7,299 $12,215 In-process.................................................. 4,907 5,720 Materials and supplies...................................... 13,660 11,571 ------- ------- $25,866 $29,506 ======= =======

SEPTEMBER 30 DECEMBER 31 2002 2001 ------------ ----------- Cost........................................................ $652,534 $655,179 Less accumulated depreciation............................... 543,754 534,210 -------- -------- $108,780 $120,969 ======== ========

SEPTEMBER 30 DECEMBER 31 2002 2001 ------------ ----------- Producing mines' acquisition and development costs.......... $283,211 $280,545 Less accumulated amortization............................... 266,618 260,365 -------- -------- 16,593 20,180 Development properties' acquisition and development costs... 12,867 12,723 -------- -------- $ 29,460 $ 32,903 ======== ========

SEPTEMBER 30 DECEMBER 31 2002 2001 ------------ ----------- Deferred losses on modification of hedging contracts........ $25,600 $29,305 Deferred mining costs....................................... 13,683 15,648 Reclamation and other deposits.............................. 14,334 10,485 Premiums paid on gold and silver option contracts........... 454 1,871 Other....................................................... 229 357 ------- ------- 54,300 57,666 Less current portion included in prepaid expenses and other assets.................................................... 454 1,871 ------- ------- $53,846 $55,795 ======= =======

SEPTEMBER 30 DECEMBER 31 2002 2001 ------------ ----------- Currency loans.............................................. $ -- $17,000 Capital securities (note 8)................................. -- 6,714 ------- ------- -- 23,714 Less current portion........................................ -- 17,000 ------- ------- $ -- $ 6,714 ======= =======

SEPTEMBER 30 DECEMBER 31 2002 2001 ------------ ----------- Deferred gains on modification of hedging contracts......... $19,102 $47,042 Premiums received on gold and silver option contracts....... 697 876 ------- ------- 19,799 47,918 Less current portion........................................ 697 876 ------- ------- $19,102 $47,042 ======= =======

UNITS AMOUNT ----------- ---------- COMMON SHARES Balance, December 31, 2001.................................. 140,607,145 $ 713,343 Issued in exchange for capital securities and accrued interest.................................................. 361,561,230 303,711 Units offering, net of issuance costs....................... 39,100,000 23,236 Issued upon exercise of warrants............................ 3,300 3 ----------- ---------- Balance, September 30, 2002................................. 541,271,675 $1,040,293 =========== ========== WARRANTS Balance, December 31, 2001.................................. -- $ -- Units offering, net of issuance costs....................... 39,100,000 2,278 Warrants exercised.......................................... (3,300) -- ----------- ---------- Balance, September 30, 2002................................. 39,096,700 $ 2,278 =========== ==========

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 -------------------- -------------------- 2002 2001 2002 2001 ------ ------ -------- ------- Interest income............................................. $ (104) $ (163) $ (322) $ (662) Interest expense............................................ 119 551 661 1,962 Gain on sale of assets...................................... (130) -- (1,229) (285) Unrealized loss on share investments........................ -- 2 -- 104 Other....................................................... 404 64 1,016 167 ------ ------ -------- ------- $ 289 $ 454 $ 126 $ 1,286 ====== ====== ======== =======

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 --------------------- ---------------------- 2002 2001 2002 2001 -------- -------- --------- -------- Net earnings (loss) under Canadian GAAP..................... $ 3,742 $ (187) $ 7,729 $ 3,203 Additional interest expense on capital securities........... -- (4,065) (4,581) (12,721) Amortization of deferred financing on capital securities.... -- (158) (158) (475) Loss on retirement of capital securities.................... -- -- 5,461 -- Change in market value of foreign exchange contracts........ (719) (780) (48) (2,720) Change in market value of option contracts.................. (172) 345 (1,875) (446) Modification of derivative contracts realized in net earnings.................................................. 344 -- 1,031 -- Transition adjustment on adoption of FAS 133................ -- -- -- (3,090) Kettle River exploration expense............................ -- (122) -- (1,425) Kettle River amortization expense........................... -- 488 -- 1,657 Unrealized loss on share investments........................ -- 2 -- 104 -------- -------- --------- -------- Net earnings (loss) under U.S. GAAP before extraordinary loss...................................................... $ 3,195 $ (4,477) $ 7,559 $(15,913) Loss on retirement of capital securities, net of nil tax effect.................................................... -- -- (137,763) -- -------- -------- --------- -------- Net earnings (loss) under U.S. GAAP......................... $ 3,195 $ (4,477) $(130,204) $(15,913) ======== ======== ========= ======== Earnings (loss) per share under U.S. GAAP -- basic and diluted -- before extraordinary loss................................ $ 0.01 $ (0.03) $ 0.02 $ (0.11) -- extraordinary loss....................................... $ -- $ -- $ (0.35) $ -- -------- -------- --------- -------- -- after extraordinary loss................................. $ 0.01 $ (0.03) $ (0.33) $ (0.11) ======== ======== ========= ======== Weighted average number of shares outstanding (thousands) -- basic.................................................... 541,269 140,607 392,620 140,607 -- diluted.................................................. 547,105 140,607 397,488 140,607 ======== ======== ========= ========

CANADIAN SHORT-TERM DERIVATIVE U.S. SEPTEMBER 30, 2002 GAAP INVESTMENTS CONTRACTS OTHER(1) GAAP ------------------ ---------- ----------- ---------- -------- ---------- Short-term investments.................................... $ 2,170 $14,094 $ -- $ -- $ 16,264 Other long-term assets.................................... 53,846 -- (25,507) -- 28,339 Accounts payable and accrued liabilities.................. 22,271 -- 2,387 -- 24,658 Deferred income........................................... 19,799 -- (19,799) -- -- Common shares............................................. 1,042,571 -- -- 36,428 1,078,999 Deficit................................................... (863,819) 178 (4,314) (36,428) (904,383) Foreign currency translation.............................. (27,654) -- -- 27,654 -- Accumulated other comprehensive loss...................... -- 13,916 (3,781) (27,654) (17,519) Shareholders' equity...................................... 151,098 14,094 (8,095) -- 157,097

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 -------------------- --------------------- 2002 2001 2002 2001 ------- -------- --------- -------- Net earnings (loss) under U.S. GAAP......................... $ 3,195 $ (4,477) $(130,204) $(15,913) Other comprehensive income (loss), after a nil income tax effect: Unrealized gain on share investments arising during period.................................................. 1,702 742 11,458 1,098 Foreign currency translation adjustments.................. (2,356) (2,756) 1,651 (3,671) Transition adjustment on implementation of FAS 133........ -- -- -- 39,234 Modification of derivative contracts realized in net earnings (loss)......................................... (7,406) (4,166) (25,266) (11,960) ------- -------- --------- -------- Other comprehensive income (loss)........................... (8,060) (6,180) (12,157) 24,701 ------- -------- --------- -------- Comprehensive income (loss)................................. $(4,865) $(10,657) $(142,361) $ 8,788 ======= ======== ========= ========

SEPTEMBER 30 DECEMBER 31 2002 2001 ------------ ----------- Unrealized gain on share investments........................ $ 13,916 $ 2,458 Modification of derivative contracts........................ (3,781) 21,485 Foreign currency translation................................ (27,654) (29,305) -------- -------- Accumulated other comprehensive loss........................ $(17,519) $ (5,362) ======== ========

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 ------------------- ------------------- 2002 2001 2002 2001 ------- ------- -------- -------- Total gold and silver revenues.............................. $51,996 $58,545 $161,750 $186,658 Average gold price realized per ounce....................... $ 361 $ 298 $ 360 $ 302 Average silver price realized per ounce..................... $ -- $ 4.43 $ 4.36 $ 4.77 ------- ------- -------- --------

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 -------------------- --------------------- PRODUCTION (OUNCES) 2002 2001 2002 2001 ------------------- ------- --------- --------- --------- Gold Round Mountain (50%)...................................... 100,063 102,883 289,133 301,021 Lupin..................................................... 31,118 33,000 84,478 105,710 Kettle River.............................................. 7,907 12,200 27,894 41,418 McCoy/Cove................................................ -- 23,450 16,501 73,138 ------- --------- --------- --------- Total gold.................................................. 139,088 171,533 418,006 521,287 ======= ========= ========= ========= Silver -- all from McCoy/Cove............................... -- 1,731,444 1,470,094 5,028,029 ======= ========= ========= =========

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 ------------------- ------------------- OPERATING COSTS 2002 2001 2002 2001 --------------- ------- ------- ------- -------- Round Mountain (50%)........................................ $19,751 $20,052 $52,873 $ 58,312 Lupin....................................................... 8,016 6,943 26,287 22,797 Kettle River................................................ 2,337 3,515 6,907 11,571 McCoy/Cove.................................................. -- 11,663 13,453 40,637 ------- ------- ------- -------- Total operating costs per financial statements.............. $30,104 $42,173 $99,520 $133,317 ======= ======= ======= ========

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 ------------------- ------------------ ROYALTIES 2002 2001 2002 2001 --------- ------ ------ ------ ------ Round Mountain (50%)........................................ $1,949 $2,147 $5,543 $5,354 Kettle River................................................ 67 90 138 448 McCoy/Cove.................................................. -- 47 41 168 ------ ------ ------ ------ Total royalties per financial statements.................... $2,016 $2,284 $5,722 $5,970 ====== ====== ====== ======

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 ------------------- ------------------- DEPRECIATION AND AMORTIZATION 2002 2001 2002 2001 ----------------------------- ------ ------- ------- ------- Round Mountain (50%)........................................ $6,267 $ 5,261 $16,996 $15,919 Lupin....................................................... 1,436 1,103 3,636 3,708 Kettle River................................................ 418 653 2,052 1,711 McCoy/Cove.................................................. -- 2,778 4,385 9,842 Depreciation of non-minesite assets......................... 456 387 1,231 1,271 ------ ------- ------- ------- Total depreciation and amortization per financial statements................................................ $8,577 $10,182 $28,300 $32,451 ====== ======= ======= =======

SEPTEMBER 30, 2002 DECEMBER 31, 2001 --------------------- --------------------- CARRYING ESTIMATED CARRYING ESTIMATED AMOUNT FAIR VALUE AMOUNT FAIR VALUE -------- ---------- -------- ---------- Gold forward sales.......................................... $ -- $ (400) $ -- $2,000 Gold options -- calls sold.................................. (697) (2,000) (876) (700) Foreign currency contracts.................................. -- 100 -- 100 ------- ------ $(2,300) $1,400 ======= ======

2001 2000 ------------ ------------ (thousands of U.S. dollars) ASSETS Current assets: Cash and cash equivalents................................. $ 12,351 $ 14,269 Short-term investments.................................... 1,910 2,186 Interest and accounts receivable.......................... 3,645 3,022 Inventories (note 2)...................................... 29,506 39,443 Prepaid expenses and other assets......................... 3,725 6,058 -------- -------- 51,137 64,978 Plant and equipment (note 3)................................ 120,969 138,527 Mining properties (note 3).................................. 32,903 41,691 Long-term investments and other assets (note 4)............. 55,795 68,412 -------- -------- $260,804 $313,608 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities.................. $ 24,284 $ 24,159 Income and mining taxes payable........................... 3,570 5,780 Debt and other financings (note 5)........................ 17,000 26,500 Reclamation and mine closure liabilities (note 8)......... 3,841 1,914 Deferred income (note 6).................................. 876 3,964 -------- -------- 49,571 62,317 Debt and other financings (note 5).......................... 6,714 6,032 Deferred income (note 6).................................... 47,042 74,148 Reclamation and mine closure liabilities (note 8)........... 49,726 49,632 Deferred income taxes....................................... 925 4,694 Commitments and contingencies (notes 8, 18 and 19) Shareholders' equity: Common shares (note 14), no par value, unlimited number authorized; issued and outstanding -- 140,607,145 shares................................................. 713,343 713,343 Capital securities (note 7)............................... 157,453 140,076 Deficit................................................... (734,665) (711,680) Foreign currency translation.............................. (29,305) (24,954) -------- -------- 106,826 116,785 -------- -------- $260,804 $313,608 ======== ========

2001 2000 1999 -------- -------- -------- (thousands of U.S. dollars, except for per share data) Revenue..................................................... $237,684 $280,976 $210,351 -------- -------- -------- Expenses: Operating costs........................................... 175,341 173,435 139,816 Royalties (note 19)....................................... 7,597 8,034 7,197 Production taxes.......................................... 177 2,460 256 Depreciation and amortization............................. 42,101 50,664 54,941 Reclamation and mine closure.............................. 6,098 10,572 7,025 General and administrative................................ 5,623 5,650 7,429 Exploration and development............................... 3,466 10,336 8,754 Interest and other (note 9)............................... 1,722 3,012 8,194 Provision for impaired assets (note 10)................... 4,384 -- -- Loss on sale of interest in Paredones Amarillos (note 11).................................................... -- -- 13,795 -------- -------- -------- 246,509 264,163 247,407 -------- -------- -------- Earnings (loss) before income taxes......................... (8,825) 16,813 (37,056) Income tax expense (recovery) (note 12)..................... (3,147) (1,748) 216 -------- -------- -------- Net earnings (loss)......................................... $ (5,678) $ 18,561 $(37,272) ======== ======== ======== Net earnings (loss) attributable to common shareholders (note 7).................................................. $(22,985) $ 3,164 $(50,969) ======== ======== ======== Earnings (loss) per share -- basic and fully diluted........ $ (0.16) $ 0.02 $ (0.36) ======== ======== ======== Weighted average number of shares outstanding (thousands) -- basic and fully diluted................................ 140,607 140,607 140,607 ======== ======== ========

2001 2000 1999 --------- --------- --------- (thousands of U.S. dollars) Balance, beginning of year.................................. $(711,680) $(714,844) $(663,875) Net earnings (loss)......................................... (5,678) 18,561 (37,272) Interest on capital securities, net of nil tax effect (note 7)........................................................ (17,307) (15,397) (13,697) --------- --------- --------- Balance, end of year........................................ $(734,665) $(711,680) $(714,844) ========= ========= =========

2001 2000 1999 --------- --------- --------- (thousands of U.S. dollars) CASH PROVIDED FROM (USED IN): OPERATING ACTIVITIES Net earnings (loss)......................................... $ (5,678) $ 18,561 $ (37,272) Add (deduct): Depreciation.............................................. 31,093 32,457 40,957 Amortization.............................................. 11,008 18,207 13,984 Amortization (deferral) of mining costs................... 6,118 4,202 (8,107) Deferred income included in revenue (note 6).............. (18,609) (24,473) (11,129) Deferred income included in operating costs (note 6)...... (2,846) (3,149) -- Deferral of gains on restructuring of hedge commitments... -- 4,287 14,324 Deferred income taxes..................................... (3,358) (2,400) -- Net gain on sale of other assets (note 9)................. (700) (432) (736) Unrealized losses on share investments.................... 150 28 1,508 Provision for impaired assets (note 10)................... 4,384 -- -- Loss on sale of interest in Paredones Amarillos (note 11).................................................... -- -- 13,795 Other..................................................... 588 (1,084) 651 Change in cash invested in operating assets and liabilities: Interest and accounts receivable.......................... (648) (85) 864 Inventories............................................... 8,780 (2,869) 882 Prepaid expenses and other assets......................... 166 (31) 290 Accounts payable and accrued liabilities.................. 3,304 496 (459) Income and mining taxes payable........................... (2,174) 2,790 13 --------- --------- --------- 31,578 46,505 29,565 --------- --------- --------- INVESTING ACTIVITIES Mining properties, plant and equipment...................... (22,817) (11,589) (25,158) Long-term investments and other assets...................... (1,879) (524) (5,135) Proceeds on sale of plant and equipment..................... 943 332 972 Cost of repurchase of gold and silver hedging contracts..... -- -- (3,334) Other....................................................... (243) 894 (926) --------- --------- --------- (23,996) (10,887) (33,581) --------- --------- --------- FINANCING ACTIVITIES Debt borrowings............................................. -- 12,000 17,000 Debt repayments............................................. (9,500) (36,750) (16,181) Other....................................................... -- -- (1,389) --------- --------- --------- (9,500) (24,750) (570) --------- --------- --------- Net increase (decrease) in cash and cash equivalents........ (1,918) 10,868 (4,586) Cash and cash equivalents, beginning of year................ 14,269 3,401 7,987 --------- --------- --------- Cash and cash equivalents, end of year...................... $ 12,351 $ 14,269 $ 3,401 ========= ========= =========

2001 2000 ------- ------- Precious metals bullion..................................... $12,215 $18,357 In-process.................................................. 5,720 8,293 Materials and supplies...................................... 11,571 12,793 ------- ------- $29,506 $39,443 ======= =======

2001 2000 -------- -------- PLANT AND MINING NET BOOK NET BOOK PROPERTY AND PERCENTAGE OWNED EQUIPMENT PROPERTIES VALUE VALUE ----------------------------- --------- ---------- -------- -------- Round Mountain (50%)........................................ $ 57,387 $18,614 $76,001 $ 81,333 McCoy/Cove (100%)........................................... 10,093 11 10,104 20,786 Lupin (100%)................................................ 20,638 1,555 22,193 26,066 Kettle River (100%)......................................... -- -- -- 1,948 Aquarius (100%)............................................. 30,957 12,723 43,680 48,025 Other....................................................... 1,894 -- 1,894 2,060 -------- ------- -------- -------- $120,969 $32,903 $153,872 $180,218 ======== ======= ======== ========

2001 2000 -------------------- -------------------- NET BOOK NET BOOK COST VALUE COST VALUE -------- -------- -------- -------- Land improvements and utility systems....................... $ 72,977 $ 3,220 $ 72,853 $ 5,165 Buildings................................................... 153,779 25,466 155,893 33,518 Equipment................................................... 385,086 53,371 384,236 62,311 Construction in progress.................................... 43,337 38,912 40,671 37,533 -------- -------- -------- -------- $655,179 $120,969 $653,653 $138,527 ======== ======== ======== ========

2001 2000 -------- -------- Producing mines' acquisition and development costs.......... $280,545 $276,951 Less accumulated amortization............................... 260,365 248,792 -------- -------- 20,180 28,159 Development properties' acquisition and development costs... 12,723 13,532 -------- -------- $ 32,903 $ 41,691 ======== ========

2001 2000 ------- ------- Modification of hedging contracts........................... $29,305 $30,458 Deferred mining costs....................................... 15,648 21,808 Reclamation and other deposits.............................. 10,485 8,639 Premiums paid on gold and silver option contracts........... 1,871 11,115 Other....................................................... 357 253 ------- ------- 57,666 72,273 Less current portion included in prepaid expenses and other assets.................................................... 1,871 3,861 ------- ------- $55,795 $68,412 ======= =======

2001 2000 ------- ------- Currency loans.............................................. $17,000 $26,500 Capital securities (note 7)................................. 6,714 6,032 ------- ------- 23,714 32,532 Less current portion........................................ 17,000 26,500 ------- ------- $ 6,714 $ 6,032 ======= =======

2001 2000 ------- ------- Modification of hedging contracts........................... $47,042 $66,471 Premiums received on gold and silver hedging contracts...... 876 11,641 ------- ------- 47,918 78,112 Less current portion........................................ 876 3,964 ------- ------- $47,042 $74,148 ======= =======

2001 2000 ------- ------- Round Mountain.............................................. $13,674 $10,659 McCoy/Cove.................................................. 17,546 19,284 Lupin....................................................... 9,584 8,280 Kettle River................................................ 9,119 8,620 Sunnyside................................................... 3,644 4,703 ------- ------- 53,567 51,546 Less current portion........................................ 3,841 1,914 ------- ------- $49,726 $49,632 ======= =======

2001 2000 1999 ------ ------- ------ INTEREST INCOME............................................. $ (760) $ (964) $ (166) Interest expense............................................ 2,560 5,194 4,723 Unrealized loss on share investments........................ 150 28 1,508 Gain on sale of share investments........................... -- (181) (485) Gain on sale of plant and equipment......................... (700) (251) (251) Alaska-Juneau reclamation................................... -- (2,048) -- Other....................................................... 472 1,234 2,865 ------ ------- ------ $1,722 $ 3,012 $8,194 ====== ======= ======

2001 2000 1999 -------- -------- -------- Earnings (loss) before income taxes: Canada.................................................... $ 952 $ 637 $(22,386) United States and other................................... (9,777) 16,176 (14,670) -------- -------- -------- $ (8,825) $ 16,813 $(37,056) ======== ======== ======== Current income tax expense: Canada.................................................... $ 166 $ 201 $ 216 United States and other................................... 45 451 -- -------- -------- -------- 211 652 216 -------- -------- -------- Deferred income tax expense (recovery): Canada.................................................... (3,358) (2,400) -- United States and other................................... -- -- -- -------- -------- -------- (3,358) (2,400) -- -------- -------- -------- Income tax expense (recovery)............................... $ (3,147) $ (1,748) $ 216 ======== ======== ========

2001 2000 1999 -------- -------- -------- Earnings (loss) before income taxes......................... $ (8,825) $ 16,813 $(37,056) ======== ======== ======== Income tax effect of: Expected Canadian federal and provincial corporate income taxes................................................... $ (3,805) $ 7,246 $(16,115) Utilization of net operating loss......................... -- (5,760) (838) Operating loss from which no tax benefit is derived....... 3,964 -- -- Canadian resource allowance and earned depletion.......... (172) 113 (2,153) Foreign earnings subject to different income tax rates.... 965 (1,326) 18,182 Other items............................................... (4,099) (2,021) 1,140 -------- -------- -------- Income tax expense (recovery)............................... $ (3,147) $ (1,748) $ 216 ======== ======== ======== Effective tax rate (current and deferred)................... 35.7% (10.4%) (0.6%) ======== ======== ========

2001 2000 ----------------------------- ----------------------------- U.S. U.S. CANADA AND OTHER TOTAL CANADA AND OTHER TOTAL ------ --------- ------ ------ --------- ------ (millions of U.S. dollars) Deferred tax liabilities: Tax over book depreciation and depletion.......... $ 3.3 $ -- $ 3.3 $ 6.4 $ -- $ 6.4 Other tax liabilities............................. 2.7 -- 2.7 5.3 0.8 6.1 ------ ------ ------ ------ ------ ------ Total deferred tax liabilities...................... 6.0 -- 6.0 11.7 0.8 12.5 ------ ------ ------ ------ ------ ------ Deferred tax assets: Net operating loss and other carryforwards........ 120.3 147.9 268.2 117.2 145.0 262.2 Book over tax depreciation and depletion.......... 33.0 21.3 54.3 34.5 13.2 47.7 Accrued liabilities............................... 5.1 17.6 22.7 4.7 19.8 24.5 Other tax assets.................................. 1.8 4.7 6.5 9.2 4.7 13.9 ------ ------ ------ ------ ------ ------ Total deferred tax assets before allowance.......... 160.2 191.5 351.7 165.6 182.7 348.3 Valuation allowance for deferred tax assets......... (155.1) (191.5) (346.6) (158.6) (181.9) (340.5) ------ ------ ------ ------ ------ ------ Total deferred tax assets........................... 5.1 -- 5.1 7.0 0.8 7.8 ------ ------ ------ ------ ------ ------ Net deferred tax liabilities........................ $ 0.9 $ -- $ 0.9 $ 4.7 $ -- $ 4.7 ====== ====== ====== ====== ====== ======

EMPLOYEE SHARE INCENTIVE PLAN DIRECTOR EQUITY PLAN ---------------------------- --------------------------- WEIGHTED WEIGHTED NUMBER OF AVERAGE NUMBER OF AVERAGE SHARES EXERCISE PRICE SHARES EXERCISE PRICE ---------- -------------- --------- -------------- Options outstanding, December 31, 1998..................... 4,977,320 C$10.44 240,450 C$11.14 1999: Options granted...................................... 1,170,000 2.55 -- -- Options expired....................................... (34,937) 9.75 -- -- Options forfeited..................................... (618,697) 9.94 -- -- ---------- ------- ------- ------- Options outstanding, December 31, 1999..................... 5,493,686 C$ 8.82 240,450 C$11.14 2000: Options granted...................................... -- -- -- -- Options expired....................................... (100,458) 12.88 -- -- Options forfeited..................................... (1,021,417) 8.92 (13,000) 5.85 ---------- ------- ------- ------- Options outstanding, December 31, 2000..................... 4,371,811 C$ 8.71 227,450 C$11.44 2001: Options granted...................................... -- -- -- -- Options expired....................................... (64,655) 8.88 -- -- Options forfeited..................................... (666,589) 8.66 -- -- ---------- ------- ------- ------- Options outstanding, December 31, 2001..................... 3,640,567 C$ 8.72 227,450 C$11.44 ========== ======= ======= =======

WEIGHTED WEIGHTED WEIGHTED AVERAGE EXERCISE AVERAGE NUMBER OF AVERAGE EXERCISE EXERCISE PRICE OF SHARES YEARS UNTIL SHARES PRICE OF SHARES NUMBER OF SHARES OUTSTANDING PRICE RANGE OUTSTANDING EXPIRATION EXERCISABLE EXERCISABLE ---------------------------- ----------------- ---------------- ----------- ----------- ---------------- Employee Share Incentive Plan 1,402,533............... C$ 2.55 - C$ 3.59 C $ 2.94 8 838,120 C$ 3.04 1,007,721............... 5.75 - 10.70 8.73 5 1,007,721 8.73 1,110,563............... 13.38 - 16.50 14.95 3 1,110,563 14.95 119,750................ 18.25 - 19.63 18.48 4 119,750 18.48 Director Equity Plan 143,000................ C$ 3.70 - C$12.50 C $ 8.67 5 133,250 C$ 9.03 84,450................ 14.25 - 18.25 16.13 3 84,450 16.13

2001 2000 1999 --------- --------- --------- Net earnings (loss) under Canadian GAAP..................... $ (5,678) $ 18,561 $ (37,272) Additional interest expense on capital securities........... (17,307) (15,397) (13,697) Amortization of deferred financing costs on capital securities................................................ (634) (633) (633) Change in market value of foreign exchange contracts........ 426 948 5,540 Change in market value of option contracts.................. (1,291) 2,964 (2,146) Amortization of deferred foreign exchange gains............. (2,846) (3,149) -- Transition adjustment on adoption of FAS 133................ (3,090) -- -- Unrealized loss on short-term investments................... 150 28 -- Kettle River exploration expense............................ (2,234) (1,229) (108) Kettle River amortization expense........................... 2,103 163 -- Provision for impaired assets............................... 1,305 -- -- --------- --------- --------- Net earnings (loss) under U.S. GAAP......................... $ (29,096) $ 2,256 $ (48,316) ========= ========= ========= Earnings (loss) per share under U.S. GAAP................... $ (0.21) $ 0.02 $ (0.34) ========= ========= =========

CANADIAN CAPITAL DERIVATIVE U.S. DECEMBER 31, 2001 GAAP SECURITIES CONTRACTS OTHER GAAP ----------------- --------- ---------- ---------- --------- --------- Short-term investments................................. $ 1,910 $ -- $ -- $ 2,636 $ 4,546 Long-term investments and other assets................. 55,795 158 (29,305) 141 26,789 Accounts payable and accrued liabilities............... 24,284 -- 691 -- 24,975 Debt and other financings.............................. 23,714 93,286 -- -- 117,000 Deferred income........................................ 47,918 -- (47,918) -- -- Accrued interest on capital securities................. -- 64,167 -- -- 64,167 Common shares.......................................... 713,343 -- -- 36,428 749,771 Capital securities..................................... 157,453 (157,453) -- -- -- Deficit................................................ (734,665) 158 (3,563) (36,109) (774,179) Foreign currency translation........................... (29,305) -- -- 29,305 -- Accumulated other comprehensive loss................... -- -- 21,485 (26,847) (5,362) Shareholders' equity (deficit)......................... 106,826 (157,295) 17,922 2,777 (29,770)

CANADIAN CAPITAL U.S. DECEMBER 31, 2000 GAAP SECURITIES OTHER GAAP ----------------- --------- ---------- --------- --------- Short-term investments...................................... $ 2,186 $ -- $ 760 $ 2,946 Mining properties........................................... 41,691 -- (1,174) 40,517 Long-term investments and other assets...................... 68,412 792 533 69,737 Debt and other financings................................... 32,532 93,968 -- 126,500 Deferred income............................................. 78,112 -- (2,846) 75,266 Accrued interest on capital securities...................... -- 46,108 -- 46,108 Common shares............................................... 713,343 -- 36,428 749,771 Capital securities.......................................... 140,076 (140,076) -- -- Deficit..................................................... (711,680) 792 (34,195) (745,083) Foreign currency translation................................ (24,954) -- 24,954 -- Accumulated other comprehensive loss........................ -- -- (24,222) (24,222) Shareholders' equity (deficit).............................. 116,785 (139,284) 2,965 (19,534)

2001 -------- Balance, beginning of year.................................. $(19,534) Net loss.................................................... (29,096) Other comprehensive income.................................. 18,860 -------- Balance, end of year........................................ $(29,770) ========

2001 2000 1999 -------- ------- -------- Net earnings (loss) under U.S. GAAP......................... $(29,096) $ 2,256 $(48,316) Other comprehensive income (loss), after a nil income tax effect: Unrealized gain on share investments arising during period.................................................. 1,726 732 -- Foreign currency translation adjustments.................. (4,351) (2,940) 4,562 Transition adjustment on adoption of FAS 133.............. 39,234 -- -- Modification of derivative contracts realized in net income.................................................. (17,749) -- -- -------- ------- -------- Other comprehensive income (loss)........................... 18,860 (2,208) 4,562 -------- ------- -------- Comprehensive income (loss)................................. $(10,236) $ 48 $(43,754) ======== ======= ========

2001 2000 -------- -------- Unrealized gain on share investments........................ $ 2,458 $ 732 Modification of derivative contracts........................ 21,485 -- Foreign currency translation................................ (29,305) (24,954) -------- -------- Accumulated other comprehensive loss........................ $ (5,362) $(24,222) ======== ========

2001 2000 1999 -------- ------ -------- Net earnings (loss) under U.S. GAAP......................... $(29,096) $2,256 $(48,316) Pro forma stock compensation expense, after a nil income tax effect.................................................... (405) (929) (1,845) -------- ------ -------- Pro forma net earnings (loss) under U.S. GAAP............... $(29,501) $1,327 $(50,161) ======== ====== ======== Pro forma earnings (loss) per share under U.S. GAAP......... $ (0.21) $ 0.01 $ (0.36) ======== ====== ========

2001 2000 1999 -------- -------- -------- Revenues.................................................... $105,450 $ 90,633 $ 87,469 Expenses: Operating costs........................................... 72,049 60,231 52,880 Royalties................................................. 6,881 5,585 5,021 Production taxes.......................................... 664 470 57 Depreciation and amortization............................. 20,570 18,978 17,704 Reclamation and mine closure.............................. 3,361 2,880 2,438 Exploration............................................... 663 529 431 Other..................................................... (761) (753) 753 -------- -------- -------- Earnings before income taxes................................ $ 2,023 $ 2,713 $ 8,185 ======== ======== ========

2001 2000 1999 -------- -------- -------- Current assets.............................................. $ 40,224 $ 33,425 $ 33,105 Non-current assets.......................................... 96,376 109,211 126,611 Current liabilities......................................... (15,154) (11,244) (10,667) Non-current liabilities..................................... (15,311) (18,023) (18,845) -------- -------- -------- Equity...................................................... $106,135 $113,369 $130,204 ======== ======== ========

2001 2000 1999 -------- -------- -------- Net cash provided from (used in): Operating activities...................................... $ 15,146 $ 10,849 $ 4,538 Investing activities...................................... (15,046) (4,664) (8,229) Financing activities...................................... -- -- -- -------- -------- -------- Net increase (decrease) in cash............................. $ 100 $ 6,185 $ (3,691) ======== ======== ========

2001 2000 1999 -------- -------- -------- Total gold and silver revenues.............................. $237,684 $280,976 $210,351 Average gold price realized per ounce....................... $ 305 $ 319 $ 325 Average silver price realized per ounce..................... $ 4.70 $ 5.28 $ 5.69

GOLD PRODUCTION (OUNCES) 2001 2000 1999 ------------------------ ---------- ----------- ---------- Round Mountain (50%)........................................ 373,475 320,064 270,904 McCoy/Cove.................................................. 94,633 162,784 124,536 Lupin....................................................... 139,327 117,729 -- Kettle River................................................ 50,349 94,086 104,396 ---------- ----------- ---------- Total gold.................................................. 657,784 694,663 499,836 ========== =========== ==========

SILVER PRODUCTION (OUNCES) 2001 2000 1999 -------------------------- ---------- ----------- ---------- Total silver-all from McCoy/Cove............................ 6,451,425 12,328,297 8,430,072 ========== =========== ==========

OPERATING COSTS 2001 2000 1999 --------------- ---------- ----------- ---------- Round Mountain (50%)........................................ $ 72,049 $ 60,501 $ 53,055 McCoy/Cove.................................................. 53,015 69,920 63,429 Lupin....................................................... 34,722 22,883 -- Kettle River................................................ 15,555 20,131 23,332 ---------- ----------- ---------- Total operating costs per financial statements.............. $ 175,341 $ 173,435 $ 139,816 ========== =========== ==========

ROYALTIES 2001 2000 1999 --------- ---------- ----------- ---------- Round Mountain (50%)........................................ $ 6,880 $ 5,585 $ 5,021 McCoy/Cove.................................................. 213 1,228 644 Kettle River................................................ 504 1,221 1,532 ---------- ----------- ---------- Total royalties per financial statements.................... $ 7,597 $ 8,034 $ 7,197 ========== =========== ==========

DEPRECIATION AND AMORTIZATION 2001 2000 1999 ----------------------------- ---------- ----------- ---------- Round Mountain (50%)........................................ $ 20,570 $ 18,978 $ 17,704 McCoy/Cove.................................................. 12,638 21,539 22,743 Lupin....................................................... 5,226 4,874 5,381 Kettle River................................................ 2,011 2,637 6,141 Depreciation of non-minesite assets......................... 1,656 2,636 2,972 ---------- ----------- ---------- Total depreciation and amortization per financial statements................................................ $ 42,101 $ 50,664 $ 54,941 ========== =========== ==========

TOTAL ASSETS 2001 2000 ------------ ---------- ----------- Minesites: Round Mountain (50%)...................................... $ 110,864 $ 121,592 McCoy/Cove................................................ 21,256 42,354 Lupin..................................................... 31,199 34,860 Kettle River.............................................. 5,351 10,101 Development properties: Aquarius.................................................. 44,048 48,437 Non-minesite assets......................................... 48,086 56,264 ---------- ----------- Total assets................................................ $ 260,804 $ 313,608 ========== ===========

CAPITAL EXPENDITURES 2001 2000 1999 -------------------- ---------- ----------- ---------- Round Mountain (50%)........................................ $ 15,033 $ 4,620 $ 7,669 McCoy/Cove.................................................. 1,002 670 1,147 Lupin....................................................... 2,622 4,642 11 Kettle River................................................ 4,150 1,402 467

DEFERRED (APPLIED) MINING EXPENDITURES 2001 2000 1999 -------------------------------------- ---------- ----------- ---------- Round Mountain (50%)........................................ $ (5,323) $ 411 $ 5,058 McCoy/Cove.................................................. (2,247) (5,062) 9,534 Lupin....................................................... 1,452 449 --

2001 2000 1999 ---------- ----------- ---------- Revenue: Canada.................................................... $ 53,160 $ 44,370 $ -- United States............................................. 184,524 236,606 210,351 ---------- ----------- ---------- Total revenue............................................... $ 237,684 $ 280,976 $ 210,351 ========== =========== ==========

2001 2000 ---------- ----------- Assets: Canada.................................................... $ 108,824 $ 118,073 United States............................................. 150,089 193,431 Other..................................................... 1,891 2,104 ---------- ----------- Total assets................................................ $ 260,804 $ 313,608 ========== ===========

DECEMBER 31, 2001 DECEMBER 31, 2000 ---------------------- ---------------------- CARRYING ESTIMATED CARRYING ESTIMATED AMOUNT FAIR VALUE AMOUNT FAIR VALUE -------- ---------- -------- ---------- Gold forward sales.......................................... $ -- $2,000 $ -- $5,700 Silver forward sales........................................ -- -- -- 1,800 Gold options -- calls sold............................................... (630) (700) (3,000) (2,200) -- calls purchased.......................................... -- -- 6,800 2,400 Silver options -- puts purchased........................................... -- -- 1,200 1,400 -- puts sold................................................ -- -- (1,300) (400) -- calls purchased -- calls.................................................... -- -- 700 -- Foreign currency contracts.................................. -- 100 -- (300) ------ ------ $1,400 $8,400 ====== ======

AMOUNT EFFECT ON OF MARKET VALUE OF CHANGE HEDGED POSITION ---------- --------------- Change in: Gold prices............................................... $ 10/ounce $900 Canadian dollars.......................................... U.S. $0.01 $300 Interest rates (effect on gold and silver forward sales and options)............................................ 1% $140

2001 2000 1999 ------- ------- ------- Revenue: Gold loans and swaps...................................... $ 703 $ 1,289 $ 1,658 Gold forward sales........................................ 22,245 25,754 17,710 Silver forward sales...................................... 3,426 3,333 3,439 Gold and silver options................................... (402) (506) 4,077 Operating costs: Foreign currency contracts................................ (2,113) (1,179) (3,068) ------- ------- ------- $23,859 $28,691 $23,816 ======= ======= =======

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