<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


[X]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934


                  FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1999


                                       OR

[ ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934

         For the transition period from _________to_________

                          Commission file number 1-9620


                                 KINAM GOLD INC.
                            (formerly Amax Gold Inc.)

             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


           DELAWARE                                       06-1199974
-----------------------------------         -----------------------------------
  (State or other jurisdiction of           (IRS Employer Identification No.)
   incorporation or organization)


 185 SO. STATE ST., # 820, SALT LAKE CITY, UTAH                 84111
----------------------------------------------------   ------------------------

(Address of principal executive offices)                      (Zip Code)

Registrant's telephone number, including area code            (801) 363-9152



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]


Common Stock Outstanding, $0.01 per value, as of August 12, 1999 - 92,213,928
shares

                                Total Pages - 12
                        Exhibit Index Located on Page 11


                                       1
<PAGE>   2

                         PART I - FINANCIAL INFORMATION


Item 1.  Financial Statements

                                 KINAM GOLD INC.
                      CONSOLIDATED STATEMENT OF OPERATIONS
                     (in millions except per share amounts)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                    Three Months Ended      Six Months Ended
                                                                          June 30,               June 30,
                                                                   --------------------   ----------------------
                                                                     1999        1998        1999        1998
                                                                   --------   ---------   ---------   ---------
<S>                                                                <C>        <C>         <C>         <C>
Revenues                                                           $   53.9   $    74.5   $   111.6   $   137.2
                                                                   --------   ---------   ---------   ---------
Costs and expenses
     Cost of sales                                                     35.9        42.5        73.0        83.0
     Depreciation and depletion                                        20.0        28.9        40.6        48.5
     General and administrative                                        (1.1)         --        (2.0)        0.4
     Exploration                                                        0.1         1.7         0.5         2.8
                                                                   --------   ---------   ---------   ---------
     Total costs and operating expenses                                54.9        73.1       112.1       134.7
                                                                   --------   ---------   ---------   ---------
Income (loss) from operations                                          (1.0)        1.4        (0.5)        2.5
     Interest expense                                                  (2.1)       (8.3)       (4.9)      (19.1)
     Interest income                                                    0.3         0.2         0.5         0.5
     Other                                                             (0.8)       (1.0)         --         5.4
                                                                   --------   ---------   ---------   ---------
Loss before income tax expense and extraordinary item                  (3.6)       (7.7)       (4.9)      (10.7)
Income tax expense                                                     (0.6)         --        (1.1)         --
                                                                   --------   ---------   ---------   ---------
Loss before extraordinary item                                         (4.2)       (7.7)       (6.0)      (10.7)
Extraordinary item - loss on early extinguishment of debt                --       (11.5)         --       (11.5)
                                                                   --------   ---------   ---------   ---------
Net loss                                                               (4.2)      (19.2)       (6.0)      (22.2)
                                                                   --------      -------     -------     -------
Preferred stock dividends                                              (1.7)       (1.7)       (3.4)       (3.4)
                                                                   --------      -------     -------     -------
Loss attributable to common shares                                 $   (5.9)  $   (20.9)  $    (9.4)  $   (25.6)
                                                                   ========   =========   =========   =========
      Loss before extraordinary item                               $  (0.06)  $   (0.09)  $   (0.10) $    (0.13)
      Extraordinary item - loss on early extinguishment of debt          --       (0.10)         --       (0.10)
                                                                   --------      -------     -------     -------
Loss per common share                                              $  (0.06)  $   (0.19) $    (0.10) $    (0.23)
                                                                   ========   =========   =========   =========
Weighted average common shares outstanding                             92.2       107.8        92.2       111.4
                                                                   ========   =========   =========   =========

</TABLE>

   The accompanying notes are an integral part of these financial statements.



                                       2
<PAGE>   3

                        KINAM GOLD INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET
                 (Dollars in millions except par value of stock)
<TABLE>
<CAPTION>
                                                                June 30,      December 31,
                                                                  1999             1998
                                                               (unaudited)
                                                                ----------    ----------
<S>                                                            <C>            <C>
ASSETS
Cash and equivalents                                             $   19.9       $   18.5
Restricted cash                                                      --              0.5
Inventories                                                          48.4           52.5
Receivables                                                          28.2           33.7
Other                                                                 1.6            2.0
                                                                 --------       --------
     Current assets                                                  98.1          107.2

Property, plant and equipment, net                                  476.3          480.0
Other                                                                13.8           14.8
                                                                 --------       --------
     Total assets                                                $  588.2       $  602.0
                                                                 ========       ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Demand loan                                                      $   81.9       $   90.3
Current maturities of long-term debt                                 20.6           23.7
Accrued and other current liabilities                                17.5           18.4
Accounts payable, trade                                              16.3           18.8
Reclamation reserve, current portion                                  2.6            2.6
                                                                 --------       --------
     Current liabilities                                            138.9          153.8
Advance from parent                                                 213.2          196.6
Long-term debt                                                      119.6          123.0
Reclamation reserve, non-current portion                             29.9           28.8
Other                                                                23.9           27.7
                                                                 --------       --------
     Total liabilities                                              525.5          529.9
Shareholders' equity:
 Preferred stock, par value $1.00 per share, authorized
 10,000,000 shares, 2,000,000 shares designated as
  $2.25 Series A Convertible Preferred Stock,
  no shares issued and outstanding; and 1,840,000 shares
  designated as $3.75 Series B Convertible Preferred
  Stock, issued and outstanding 1,840,000 shares                      1.8            1.8
 Common Stock, par value $.01 per share, authorized
    200,000,000 shares, issued and outstanding 92,213,928
    shares in 1999 and 1998                                           0.9            0.9
  Paid-in capital                                                   409.4          409.4
  Accumulated deficit                                              (349.4)        (340.0)
                                                                 --------       --------
       Total shareholders' equity                                    62.7           72.1
                                                                 --------       --------
       Total liabilities and shareholders' equity                $  588.2       $  602.0
                                                                 ========       ========


</TABLE>

   The accompanying notes are an integral part of these financial statements.



                                       3
<PAGE>   4

                        KINAM GOLD INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                              (Dollars in millions)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                        Six Months Ended
                                                                                            June 30,
                                                                                        1999          1998
                                                                                     --------       ----------
<S>                                                                                 <C>            <C>
Cash Flows from Operating Activities:
  Net loss                                                                           $  (6.0)       $  (22.2)

  Adjustments to reconcile net loss to cash provided by operating activities:
      Depreciation and depletion                                                        40.6           48.5
      Extraordinary item - loss on early extinguishment of debt                           --           11.5
      Increase in reclamation reserves                                                   1.1            7.5
      Loss on sale of assets                                                              --            0.6
      Change in working capital items                                                    3.8          (21.5)
      Other                                                                             (2.8)          (4.0)
                                                                                     -------       --------
Net cash flow provided from operating activities                                        36.7           28.4
                                                                                     -------       --------
Investing Activities:
      Capital expenditures                                                              (6.1)         (10.0)
      Business acquisition                                                             (30.1)           --
      Proceeds from sale of assets                                                       2.1            2.0
                                                                                     -------       --------
Net cash used in investing activities                                                  (34.1)          (8.0)
                                                                                     -------       --------
Financing Activities:
      Proceeds from financings                                                          16.6          272.8
      Repayments of financings                                                         (14.9)        (269.2)
      Deferred financing costs                                                            --           (0.1)
      Issuance of common stock                                                            --            0.7
      Merger costs                                                                        --          (14.5)
      Cash dividends paid                                                               (3.4)          (3.4)
                                                                                     -------       --------
Net cash flow (used in) provided from financing activities                              (1.7)         (13.7)
                                                                                     -------       --------
Net increase in cash and equivalents                                                     0.9            6.7
Cash and equivalents at January 1                                                       19.0           19.5
                                                                                     -------       --------
Cash and equivalents at June 30                                                      $  19.9       $   26.2
                                                                                     =======       ========

</TABLE>

   The accompanying notes are an integral part of these financial statements.




                                       4
<PAGE>   5

                                 KINAM GOLD INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


1.       BASIS OF PRESENTATION

The accompanying interim unaudited consolidated financial statements include all
adjustments that are, in the opinion of management, necessary for a fair
presentation. Results for any interim period are not necessarily indicative of
the results that may be achieved in future periods. The financial information as
of this interim date should be read in conjunction with the financial statements
and notes thereto contained in the Company's Annual Report on Form 10-K for the
year ended December 31, 1998.

On June 1, 1998, Kinam Gold, Inc. (the "Company") completed a merger agreement
with Kinross Gold Corporation ("Kinross") providing for a combination of their
businesses. Kinross currently owns 100% of the Company's outstanding common
stock.

2.       INVENTORIES

Inventories consist of the following (in millions):
<TABLE>
<CAPTION>
                                                                           June 30, 1999      December 31,
                                                                               1998              1998
                                                                           -------------      ------------
<S>                                                                          <C>               <C>
Gold:
  Finished goods                                                             $   13.6          $   18.9
  Work-in-process                                                                 1.9               2.8
Materials and supplies                                                           33.6              30.8
                                                                             --------          --------
                                                                             $   49.1          $   52.5
                                                                             ========          ========
</TABLE>

3.       LONG-TERM DEBT

The Company borrowed $16.3 million from Kinross during the three months ended
June 30, 1999 to partially fund the acquisition of the True North property
located near the Ft. Knox mine in Alaska. Debt repayments relating to the Kubaka
mine totaled $5.6 million and were funded by net cash flow provided from
operating activities. Scheduled capital lease payments were also funded by net
cash flow provided from operating activities.

4.   HEDGE CONTRACTS

Forward sales contracts, generally on a spot deferred basis, and call option
contracts options are entered into from time to time to protect the Company from
the effect of price changes on precious metals sales. As of June 30, 1999 the
Company has no outstanding hedge contracts.

During July 1998, the Company liquidated its hedge position and received
approximately $45.9 million in cash. In connection with the transaction, the
Company recognized a gain of $41.7 million, net of costs previously incurred.
The gain is being included in revenue over the period the underlying hedge
contracts were originally scheduled to expire.

5.   COMMITMENTS AND CONTINGENCIES

Reclamation, site restoration and closure costs are accrued on a
units-of-production basis using estimates based upon current federal, state and
applicable foreign laws and regulations governing the protection of the
environment. These laws and regulations are continually changing and generally
becoming more restrictive. Any changes in these laws and regulations could
impact future estimated

                                       5
<PAGE>   6

reclamation costs. Total reclamation costs for the Company at the end of current
operating mine lives are estimated to be approximately $51.0 million.

Item 2. Management's Discussion and Analysis of Financial Condition and Results
        of Operations

                               PRODUCTION RESULTS

The following table sets forth the Company's ounces of gold production,
production costs, ounces of gold sold and average realized prices for the three
months and six months ended June 30, 1999 and 1998.
<TABLE>
<CAPTION>
                                                                     Three Months Ended          Six Months Ended
                                                                           June 30,                 June 30,
                                                                    --------------------      ----------------------
                                                                      1999          1998         1999         1998
                                                                    --------      -------     --------     ---------
<S>                                                                 <C>          <C>          <C>          <C>
Gold production (ounces)
     Fort Knox                                                       91,133       106,508      163,945      193,740
     Kubaka                                                          65,128        60,483      127,129      120,900
     Refugio                                                         24,308        18,983       50,733       43,256
     Guanaco                                                          6,373         9,150       12,903       19,692
     Hayden Hill                                                      5,092        10,650        8,849       25,732
                                                                    -------       -------      -------      -------
     TOTAL GOLD PRODUCTION                                          192,034       205,774      363,559      403,320
                                                                    -------       -------      -------      -------
Cash operating costs ($ per ounce of gold produced)
     Fort Knox                                                          179           155          199          170
     Kubaka                                                              94           152           96          148
     Refugio                                                            242           293          241          291
     Guanaco                                                            146           107          150          120
     Hayden Hill                                                        141            84          149           98
                                                                    -------       -------      -------      -------
     AVERAGE CASH OPERATING COSTS                                       156           161          166          169
                                                                    -------       -------      -------      -------
Total cash costs ($ per ounce of gold produced)
     Fort Knox                                                          179           155          199          170
     Kubaka                                                             133           180          135          175
     Refugio                                                            257           308          255          305
     Guanaco                                                            165           105          168          130
     Hayden Hill                                                        156            97          160          111
                                                                    -------       -------      -------      -------
     AVERAGE TOTAL CASH COSTS                                           172           171          183          180
                                                                    -------       -------      -------      -------

Total production costs ($ per ounce of gold produced)
     Fort Knox                                                          287           314          310          325
     Kubaka                                                             271           290          294          284
     Refugio                                                            327           421          328          418
     Guanaco                                                            165           105          168          130
     Hayden Hill                                                        156           262          160          302
                                                                    -------       -------      -------      -------
     AVERAGE TOTAL PRODUCTION COSTS                                     279           303          298          312
                                                                    =======       =======      =======      =======
Ounces of gold sold                                                 190,955       238,785      384,915      424,236
Average price per ounce sold                                            282           312          290          323
                                                                    =======       =======      =======       ======
</TABLE>

Cash operating costs at the mine sites include overhead, net of credits for
silver by-products. Total cash costs include cash operating costs plus royalties
and applicable production taxes. Total production costs include total cash costs
plus reclamation and depreciation and depletion.




                                       6
<PAGE>   7

RESULTS OF OPERATIONS

Kinam Gold Inc. reported a second quarter 1999 net loss of $4.2 million, or $.06
per share, on revenue of $53.9 million, compared with a 1998 second quarter net
loss of $19.2 million, or $.19 per share on revenue of $74.5 million. The 1998
second quarter results included a $11.5 million loss on the early extinguishment
of debt relating to the Fort Knox Mine. Excluding the special item, the 1998
second quarter net loss was $7.7 million, or $.09 per share. Loss from
operations of $1.0 million for the second quarter of 1999 compared with income
from operations of $1.4 million for the 1998 second quarter. Lower gold sales
combined with significantly lower realized prices offset by lower depreciation
rates contributed to the operating income decrease.

For the first six months of 1999 the Company had a net loss of $6.0 million or
$.10 per share on revenue of $111.6 million, compared with a loss of $22.2
million, or $.23 per share on revenue of $137.2 million for the first six months
of 1998. The six month loss from operations of $0.5 million compared with 1998
income from operations of $2.5 million.

Kinam Gold's average realized price in the second quarter and first six months
of 1999 was $282 per ounce and $290 per ounce, respectively, compared with $312
per ounce and $323 per ounce, respectively, for the comparable 1998 periods due
primarily to the closing of the Company's hedge position in 1998 combined with
lower spot prices. The average spot price for the second quarter 1999 of $273
per ounce was $9 per ounce lower than the $282 per ounce realized, and was
primarily due to the amortization of the gain realized when the hedge position
was closed in 1998.

The Company's second quarter 1999 gold production decreased to 192,034 ounces,
compared with 205,774 ounces in the second quarter of 1998. The 53% owned Kubaka
mine reported record production of 65,128 ounces for Kinam Gold's account during
the second quarter of 1999, compared with 60,483 in the second quarter of 1998
when Kinam's ownership was 50%. Production at the Kubaka mine continues to
exceed expectations due to higher mill feed grades and higher mill throughput.
Fort Knox's production of 91,133 ounces in the second quarter of 1999 compared
with 106,508 ounces in the second quarter of 1998 due primarily to processing
expected lower grade ore. With the closing of the True North acquisition, the
Company will now focus exploration and permitting activities on the nearby True
North property which management believes will provide higher grade ore and allow
Ft. Knox to increase production. At Refugio, the Company's 50% share of
quarterly production was 24,308 ounces in the second quarter of 1999, compared
with 18,893 ounces for the second quarter of 1998 due primarily to improved
operating efficiencies. Mining was completed at both Hayden Hill and Guanaco
during 1997, which resulted in the decrease in production at each mine.
Production at Hayden Hill and Guanaco will continue to decline during 1999 as
residual leaching continues.

The Company's second quarter 1999 cost of sales decreased to $35.9 million,
compared with $42.5 million in the second quarter of 1998. Consolidated total
cash costs increased slightly to $172 per ounce for the second quarter of 1999,
compared with $171 per ounce in the second quarter of 1998. Fort Knox total cash
costs of $179 per ounce for the second quarter of 1999 compared with $155 per
ounce in the second quarter of 1998 due primarily to lower production levels
associated with expected lower grades. As a result of higher mill throughput and
higher grades, Kubaka's second quarter 1999 total cash costs of $133 per ounce
were significantly lower than 1998 second quarter total cash costs of $180 per
ounce. Refugio's total cash costs improved to $257 per ounce for the second
quarter of 1999, compared with $308 per ounce in the second quarter of 1998. The
Company commenced self-mining and also became operator of Refugio during the
second quarter of 1999. In addition to purchasing the mobile fleet in the second
quarter of 1999 further capital expenditures will be required to complete the
replacement of the tertiary crusher during 1999. The Company believes that
substantially lower production costs will be seen in the foreseeable future.
Hayden Hill and Guanaco's second quarter 1999 total cash costs were $156 per
ounce and $165 per ounce, respectively, compared with $97 per ounce and $105 per
ounce, respectively for the second quarter of 1998. Six-month total cash costs
of $183 per ounce in 1999 compared with $180 per ounce in 1998.

                                       7
<PAGE>   8

Second quarter 1999 depreciation and depletion decreased to $20.0 million from
$28.9 million in the second quarter of 1998, due primarily to decreased sales,
and lower depreciation rates due to the 1998 write downs.

Net general and administrative income increased $1.1 million for the second
quarter of 1999. The increased income is mainly attributed to the reduction of
the Company's corporate staff subsequent to the Company's merger with Kinross in
June 1998 (the "Kinross Merger").

The $1.6 million decrease in exploration expense to $0.1 million for the second
quarter of 1999 resulted primarily from the decreased exploration activity in
order to conserve cash due to continued low gold prices.

Lower interest expense of $2.1 million for the second quarter of 1999, compared
with $8.3 million for the 1998 second quarter, was attributed to lower debt
balances primarily as a result of the repayment of loans subsequent to the
Kinross Merger and no interest charge on a demand loan extended to the Company
by Kinross.

LIQUIDITY AND CAPITAL RESOURCES

The Company's net cash flow provided from operating activities for the first six
months of 1999 increased to $36.7 million, compared with $28.4 million for the
first six months of 1998 due primarily to lower interest payments and lower cash
costs at Kubaka and Refugio, partially offset by lower realized gold prices and
lower sales.

During the second quarter of 1999 the Company completed the acquisition of the
True North property near the Ft. Knox Mine in Alaska for $28.1 million. The
purchase was partially funded by a $16.6 million advance from Kinross while the
balance was funded by net cash flow provided from operating activities.

Capital spending of $6.1 million for the first six months of 1999 was lower than
the $10.0 million spent during the comparable period of 1998. During the first
six months of 1999, approximately $3.1 million was spent at Refugio to purchase
the mobile fleet and replace the tertiary crusher. In addition $0.6 million was
spent at Kubaka and $2.4 million at Ft. Knox. Due to low gold prices, the
Company continues to only spend capital on sustaining projects.

     Scheduled debt payments were made with net cash flow provided by operating
activities. With continued reductions in capital spending expected for the
remainder of 1999 and with the anticipated higher production and lower cash
costs, the Company expects to generate sufficient funds for general corporate
purposes, capital expenditures, and scheduled debt and interest payments.

YEAR 2000

The review and impact analysis of the Company's operating facilities is
proceeding according to the plan that was disclosed in the Company's Annual
Report on Form 10-K for the Year Ended December 31, 1998. The Fort Knox and
Kubaka mines have completed the review, analysis and remediation work to their
process control systems and these systems are now Year 2000 compliant. The
review of Refugio operating facilities is 75% complete with no major issues to
report and completion is expected in August 1999.

The review and impact analysis of business information systems is progressing on
schedule with approximately 80% of the system upgrades complete and the
remainder scheduled for completion in September 1999. All of the Company's
business information systems are on track to be Year 2000 ready by September 1,
1999.

                                       8
<PAGE>   9

Questionnaires have been sent to 200 vendors of goods and services from the
various mine locations. To date the Company has received responses from
approximately 90% of such vendors, indicating they are now Year 2000 compliant.

Year 2000 contingency planning is still expected to take place during the third
quarter of 1999. It is still the Company's intention to focus contingency plans
on potential electrical disruptions, even though various electrical utilities
have assured the Company that they are Year 2000 compliant.

Total project spending estimates for the year are lower than previous estimates.

CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995

With the exception of historical matters, the matters discussed in this report
are forward-looking statements that involve risks and uncertainties that could
cause actual results to differ material from projected results. Such
forward-looking statements include statements regarding expected dates for gold
sales, reserve additions, production improvements at Refugio and Fort Knox,
projected quantities of future gold production, estimated reserves and recovery
rates, anticipated production rates, costs and expenditures, prices realized by
the Company and expected to be realized, expected future cash flows, anticipated
financing needs, growth plans and sources of financing and repayment
alternatives, timing and results of the pending business combinations and issues
relating to Year 2000 compliance. Factors that could cause actual results to
differ materially from such forward-looking statements include, among others:
risks and uncertainties relating to general domestic and international economic
and political conditions, the cyclical and volatile price of gold, the political
and economic risks associated with foreign operations, cost overruns,
unanticipated ground and water conditions, unanticipated grade and geological
problems, metallurgical and other processing problems, availability of materials
and equipment, the timing of receipt of necessary governmental permits and
approvals, the occurrence of unusual weather or operating conditions, force
majeure events, lower than expected ore grades, the failure of equipment or
processes to operate in accordance with specifications or expectations, labor
relations, accidents, environmental risks, the results of financing efforts and
financial market conditions and other risk factors detailed in the Company's
Securities and Exchange Commission filings. Refer to the Risk Factors on pages
11 to 15 of the Company's Annual Report on Form 10K as filed with the Securities
and Exchange Commission, for a more detailed discussion of risks. Many of such
factors are beyond the Company's ability to control or predict. Readers are
cautioned not to put undue reliance on forward-looking statements. The Company
disclaims any intent or obligation to update publicly these forward-looking
statements, whether as a result of new information, future events or otherwise.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

COMMODITY PRICE RISKS

The Company's revenues are derived primarily from the sale of gold production.
The Company's net income can vary significantly with fluctuations in the market
prices of gold. At various times, in response to market conditions, the Company
has entered into gold forward sales contracts for some portion of expected
future production to mitigate the risk of adverse price fluctuations. The
significant decline in spot gold prices in 1998 increased the value of the
Company's forward sales contracts. The Company closed out these contracts in
1998 for $45.9 million in cash. Based on the Company's projected 1999 sales
volume, each $10 per ounce change in the average realized price on gold sales
would have an approximate $7.1 million impact on revenues and pre-tax earnings.

FOREIGN CURRENCY EXCHANGE RISK

The Company conducts the majority of its operations in the U.S., Russia, and
Chile. Currency fluctuations affect the cash flow that the Company will realize
from its operations as gold is sold in U.S. dollars, while production costs are
incurred in Russian rubles and U.S. dollars. The Company's results


                                       9
<PAGE>   10

are positively affected when the U.S. dollar strengthens against these foreign
currencies and adversely affected when the U.S. dollar weakens against these
foreign currencies. The Company's cash and equivalent balances are held in U.S.
dollars. Holdings denominated in other currencies are relatively insignificant.

In the last half of 1998, the Russian ruble weakened against the U.S. dollar and
the Company benefited primarily through lower Russian labour and material costs.
In Russia, the temporal method is used to consolidate the financial results. The
major currency related exposure at any balance sheet is on ruble-denominated
cash balances and working capital. Because the bullion inventory is denominated
in U.S. dollars there are no related foreign exchange risks. The foreign
exchange exposure on the balance of the working capital items is nominal. Gold
sales during 1998 were denominated 50% in U.S. dollars and 50% in rubles. The
U.S. dollars received are used to service the U.S. dollar denominated debt and
the foreign supplies inventory purchases, while the rubles received from the
gold sales are used to pay local operating costs. The Company has and will
continue to convert any excess rubles into U.S. dollars to repay U.S.
denominated third party and inter-corporate debt obligations. Assuming estimated
1999 ruble payments of 350 million rubles at an exchange rate of 20 rubles to
one U.S. dollar, each 2 rubles change to the U.S. dollar could result in an
approximate $1.0 million change in the Company's pre-tax earnings.

In Chile, the currency measurement is the U.S. dollar as the majority of
transactions are denominated in U.S. dollars. Local expenditures are recorded
based on the prevailing exchange rate at the time and bullion settlement
receivables are denominated in U.S. dollars. The vast majority of expenditures
are denominated in U.S. dollars resulting in little peso-related exposure.

INTEREST RATE RISKS

The Company has interest rate swaps to fix interest rates on a portion of its
floating rate debt. The costs associated with these contracts are amortized to
interest expense over the terms of the agreements. As at June 30, 1999, the
Company carried $123.3 million of variable rate debt, all denominated in U.S.
dollars. Interest expense would change by approximately $1.0 million for every
one percent change in interest rates.

                           PART II - OTHER INFORMATION


ITEM 1.           LEGAL PROCEEDINGS


The Company is involved in legal proceedings and claims which arise in the
ordinary course of its business. The Company believes these claims are without
merit and is vigorously defending them. In the opinion of management, the amount
of ultimate liability with respect to these actions will not materially affect
the financial position, results of operations or cash flows of the Company.


ITEM 4.           SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS


The Company's Annual Meeting of Shareholders was held on June 10, 1999. Messrs.
John A. Brough, Arthur H. Ditto, John M.H. Huxley, John W. Ivany and Brian W.
Penny were elected as directors of the Company until the next annual meeting of
shareholders or until their successors are elected or appointed.

All of the issued and outstanding common shares were voted in favour of the
election of the foregoing directors.


                                       10
<PAGE>   11


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)   Exhibits
<TABLE>
<CAPTION>

            Exhibit Number
            -------------
               <S>         <C>
               (10)        Purchase and Sale Agreement between Newmont Alaska
                           Limited, Kinross Gold Corporation and
                           Fairbanks Gold Mining, Inc.
               (27)        Financial Data Schedule
</TABLE>

         (b)  Reports on Form 8-K - None


                                       11
<PAGE>   12

                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.




                             KINAM GOLD INC.





                             By /s/ Brian W. Penny
                             ------------------------------
                             Treasurer and Director
                             (principal financial officer)






Dated:  August 12, 1999

                                       12
<PAGE>   13
                                 EXHIBIT INDEX

<TABLE>
<CAPTION>

            Exhibit Number
            -------------
               <S>         <C>
               (10)        Purchase and Sale Agreement between Newmont Alaska
                           Limited, Kinross Gold Corporation and
                           Fairbanks Gold Mining, Inc.
               (27)        Financial Data Schedule
</TABLE>