Document:

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                                                                   EXHIBIT 10.32

                     [FORM OF INDEMNIFICATION AGREEMENT FOR
                         CURRENT OFFICERS AND DIRECTORS]

                            INDEMNIFICATION AGREEMENT

        This Indemnification Agreement ("Agreement") is made as of this ____ day
of __________, 2001 by and between Critical Path, Inc., a California corporation
(the "Company"), and ____________________ ("Indemnitee").

        WHEREAS, the Company and Indemnitee recognize the increasing difficulty
in obtaining directors' and officers' liability insurance, the significant
increases in the cost of such insurance and the general reductions in the
coverage of such insurance;

        WHEREAS, the Company and Indemnitee further recognize the substantial
increase in corporate litigation in general, subjecting officers, directors and
key employees to expensive litigation risks at the same time as the availability
and coverage of liability insurance has been severely limited;

        WHEREAS, Indemnitee currently has an indemnification agreement with the
Company that the Company and Indemnitee wish to replace with this Agreement so
as to provide Indemnitee with the maximum protection permitted by law.

        NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

        1.      Indemnification.

               (a) Third Party Proceedings. The Company shall indemnify
Indemnitee if Indemnitee is or was a party or is threatened to be made a party
to or witness in any threatened, pending or completed action or Proceeding,
whether civil, criminal, administrative or investigative (other than an action
by the Company) by reason of the fact that Indemnitee is or was a director,
officer, employee or agent of the Company, or any subsidiary of the Company, by
reason of any action or inaction on the part of Indemnitee while an officer or
director or by reason of the fact that Indemnitee is or was serving at the
request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against
Expenses (including attorneys' fees), judgments, fines and amounts paid in
settlement (if such settlement is approved in advance by the Company, which
approval shall not be unreasonably withheld) actually and reasonably incurred by
Indemnitee in connection with such action or Proceeding if Indemnitee acted in
good faith and in a manner Indemnitee reasonably believed to be in the best
interests of the Company, and, with respect to any criminal action or
Proceeding, had no reasonable cause to believe Indemnitee's conduct was
unlawful. The termination of any action or Proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that (i) Indemnitee did not act in
good faith and in a manner which Indemnitee

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reasonably believed to be in the best interests of the Company, or (ii) with
respect to any criminal action or Proceeding, Indemnitee had reasonable cause to
believe that Indemnitee's conduct was unlawful.

               (b) Proceedings by or in the Right of the Company. The Company
shall indemnify Indemnitee if Indemnitee was or is a party or is threatened to
be made a party to or witness in any threatened, pending or completed action or
Proceeding by or in the right of the Company or any subsidiary of the Company to
procure a judgment in its favor by reason of the fact that Indemnitee is or was
a director, officer, employee or agent of the Company, or any subsidiary of the
Company, by reason of any action or inaction on the part of Indemnitee while an
officer or director or by reason of the fact that Indemnitee is or was serving
at the request of the Company as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise,
against Expenses (including attorneys' fees) and, to the fullest extent
permitted by law, amounts paid in settlement, in each case to the extent
actually and reasonably incurred by Indemnitee in connection with the defense or
settlement of such action or Proceeding if Indemnitee acted in good faith and in
a manner Indemnitee reasonably believed to be in the best interests of the
Company and its shareholders, except that no indemnification shall be made in
respect of any claim, issue or matter as to which Indemnitee shall have been
adjudged to be liable to the Company in the performance of Indemnitee's duty to
the Company and its shareholders unless and only to the extent that the court in
which such action or Proceeding is or was pending shall determine upon
application that, in view of all the circumstances of the case, Indemnitee is
fairly and reasonably entitled to indemnity for Expenses and then only to the
extent that the court shall determine.

        2.      Expenses; Indemnification Procedure.

               (a) Advancement of Expenses. The Company shall advance all
Expenses incurred by Indemnitee in connection with the investigation, defense,
settlement or appeal of any civil or criminal action or Proceeding referenced in
Section 1(a) or (b) hereof (but not amounts actually paid in settlement of any
such action or Proceeding). Indemnitee hereby undertakes to repay such amounts
advanced only if, and to the extent that, it shall ultimately be determined that
Indemnitee is not entitled to be indemnified by the Company as authorized hereby
or elsewhere. The advances to be made hereunder shall be paid by the Company to
Indemnitee within twenty (20) days following delivery of a written request
therefor by Indemnitee to the Company.

               (b) Notice/Cooperation by Indemnitee. Indemnitee shall give the
Company notice in writing as soon as practicable of any claim made against
Indemnitee for which indemnification will or could be sought under this
Agreement. Notice to the Company shall be directed to the Chief Executive
Officer of the Company at the address shown on the signature page of this
Agreement (or such other address as the Company shall designate in writing to
Indemnitee). Notice shall be deemed received as set forth in Section 14 hereof.
In addition, Indemnitee shall give the Company such information and cooperation
in the defense of any pending, threatened or completed action or Proceeding as
shall be within Indemnitee's power, except that Indemnitee shall not be required
to give the Company information that is privileged or confidential as to
Indemnitee. The giving of notice required under his Section 2(b) shall be a
condition precedent to Indemnitee's right

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to be indemnified under this Agreement if the failure to give such notice
materially prejudices any right, claim or defense available to the Company.

               (c) Procedure. Any indemnification provided for in Section 1
shall be made no later than forty-five (45) days after receipt of the written
request of Indemnitee. If a claim under this Agreement, under any statute, or
under any provision of the Company's Articles of Incorporation or By-laws
providing for indemnification, is not paid in full by the Company within
forty-five (45) days after a written request for payment thereof has first been
received by the Company, Indemnitee may, but need not, at any time thereafter
bring an action against the Company to recover the unpaid amount of the claim
and, subject to Section 8 of this Agreement, Indemnitee shall also be entitled
to be paid for the Expenses (including attorneys' fees) of bringing such action.
It shall be a defense to any such action (other than an action brought to
enforce a claim for Expenses incurred in connection with any action or
Proceeding in advance of its final disposition) that Indemnitee has not met the
standards of conduct which make it permissible under applicable law for the
Company to indemnify Indemnitee for the amount claimed, but the burden of
proving such defense shall be on the Company, and Indemnitee shall be entitled
to receive interim payments of Expenses pursuant to Subsection 2(a) unless and
until such defense may be finally adjudicated by court order or judgment from
which no further right of appeal exists. It is the parties' intention that if
the Company contests Indemnitee's right to indemnification, the question of
Indemnitee's right to indemnification shall be for the court to decide on a de
novo basis, and neither the failure of the Company (including its Board of
Directors, any committee or subgroup of the Board of Directors, independent
legal counsel, or its shareholders) to have made a determination that
indemnification of Indemnitee is proper in the circumstances because Indemnitee
has met the applicable standard of conduct required by applicable law, nor an
actual determination by the Company (including its Board of Directors, any
committee or subgroup of the Board of Directors, independent legal counsel, or
its shareholders) that Indemnitee has not met such applicable standard of
conduct, shall create a presumption that Indemnitee has or has not met the
applicable standard of conduct.

               (d) Notice to Insurers. If, at the time of the receipt of a
notice of a claim pursuant to Section 2(b) hereof, the Company has director and
officer liability insurance in effect, the Company shall give prompt notice of
the commencement of such Proceeding to the insurers in accordance with the
procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf
of the Indemnitee, all amounts payable as a result of such Proceeding in
accordance with the terms of such policies.

               (e) Selection of Counsel. In the event the Company shall be
obligated under Section 2(a) hereof to pay the Expenses of any Proceeding
against Indemnitee, the Company, if appropriate, shall be entitled to assume the
defense of such Proceeding, with counsel approved by Indemnitee, which approval
shall not be unreasonably withheld, upon the delivery to Indemnitee of written
notice of its election so to do. After delivery of such notice, approval of such
counsel by Indemnitee and the retention of such counsel by the Company, the
Company will not be liable to Indemnitee under this Agreement for any fees of
counsel subsequently incurred by Indemnitee with respect to the same Proceeding,
provided that (i) Indemnitee shall have the right to employ his or her counsel
in any such Proceeding at Indemnitee's expense; and (ii) if (A) the employment
of counsel by Indemnitee has been previously authorized by the Company, (B)
Indemnitee shall have

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reasonably concluded that there may be a conflict of interest between the
Company and Indemnitee in the conduct of any such defense or (C) the Company
shall not, in fact, have employed counsel to assume the defense of such
Proceeding, then the fees and Expenses of Indemnitee's counsel shall be at the
expense of the Company.

               (f) Settlement of Claims. The Company shall not settle any claim,
action or Proceeding (in whole or in part) which would impose any Expense,
judgment, fine, penalty or limitation on Indemnitee without the Indemnitee's
prior written consent.

        3.      Additional Indemnification Rights; Nonexclusivity.

               (a) Scope. Notwithstanding any other provision of this Agreement,
the Company hereby agrees to indemnify Indemnitee to the fullest extent
permitted by law, notwithstanding that such indemnification is not specifically
authorized by the other provisions of this Agreement, the Company's Articles of
Incorporation, the Company's By-laws or by statute. In the event of any change,
after the date of this Agreement, in any applicable law, statute or rule which
expands the right of a California corporation to indemnify a member of its board
of directors or an officer, such changes shall be, ipso facto, within the
purview of Indemnitee's rights and Company's obligations, under this Agreement.
In the event of any change in any applicable law, statute or rule which narrows
the right of a California corporation to indemnify a member of its Board of
Directors or an officer, such changes, to the extent not otherwise required by
such law, statute or rule to be applied to this Agreement, shall have no effect
on this Agreement or the parties' rights and obligations hereunder.

               (b) Nonexclusivity. The indemnification and advancement provided
by this Agreement shall not be deemed exclusive of any rights to which
Indemnitee may be entitled under the Company's Articles of Incorporation, its
By-laws, any agreement, any vote of shareholders or disinterested directors, the
California General Corporation Law, or otherwise, both as to action in
Indemnitee's official capacity and as to action in another capacity while
holding such office. The indemnification and advancement provided under this
Agreement shall continue as to Indemnitee for any action taken or not taken
while serving in an indemnified capacity even though he may have ceased to serve
in such capacity at the time of any action or other covered Proceeding.

        4.      Partial Indemnification. If Indemnitee is entitled under any
provision of this Agreement or otherwise to indemnification by the Company for
some or a portion of the Expenses, judgments, fines or penalties actually or
reasonably incurred by him in the investigation, defense, appeal or settlement
of any civil or criminal action or Proceeding, but not, however, for the total
amount thereof, the Company shall nevertheless indemnify Indemnitee for the
portion of such Expenses, judgments, fines or penalties to which Indemnitee is
entitled.

        5.      Mutual Acknowledgment. Both the Company and Indemnitee
acknowledge that in certain instances, applicable law or public policy may
prohibit the Company from indemnifying its directors and officers under this
Agreement or otherwise. Indemnitee understands and acknowledges that the Company
has undertaken or may be required in the future to undertake with the Securities
and Exchange Commission to submit the question of indemnification to a court in
certain circumstances for a determination of the Company's right under public
policy to indemnify Indemnitee.

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        6.      Directors' and Officers' Liability Insurance. The Company shall,
from time to time, make the good faith determination whether or not it is
practicable for the Company to obtain and maintain a policy or policies of
insurance with reputable insurance companies providing the officers and
directors of the Company with coverage for losses from wrongful acts or to
ensure the Company's performance of its indemnification obligations under this
Agreement. Among other considerations, the Company will weigh the costs of
obtaining such insurance coverage against the protection afforded by such
coverage. In all policies of directors' and officers' liability insurance,
Indemnitee shall be named as an insured in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors, if Indemnitee is a director, or of the
Company's officers, if Indemnitee is not a director of the Company but is an
officer, or of the Company's key employees, if Indemnitee is not an officer or
director but is a key employee. Notwithstanding the foregoing, the Company shall
have no obligation to obtain or maintain such insurance if the Company
determines in good faith that such insurance is not reasonably available, if the
premium costs for such insurance are disproportionate to the amount of coverage
provided, if the coverage provided by such insurance is limited by exclusions so
as to provide an insufficient benefit, or if Indemnitee is covered by similar
insurance maintained by a subsidiary or parent of the Company.

        7.      Severability. Nothing in this Agreement is intended to require
or shall be construed as requiring the Company to do or fail to do any act in
violation of applicable law. The Company's inability, pursuant to court order,
to perform its obligations under this Agreement shall not constitute a breach of
this Agreement. The provisions of this Agreement shall be severable as provided
in this Section 7. If this Agreement or any portion hereof shall be invalidated
on any ground by any court of competent jurisdiction, then the Company shall
nevertheless indemnify Indemnitee to the full extent permitted by any applicable
portion of this Agreement that shall not have been invalidated, and the balance
of this Agreement not so invalidated shall be enforceable in accordance with its
terms.

        8.      Exceptions. Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement:

               (a) Excluded Acts. To indemnify Indemnitee for any acts or
omissions or transactions from which a director may not be relieved of liability
under the California General Corporation Law; or

               (b) Claims Initiated by Indemnitee. To indemnify or advance
Expenses to Indemnitee with respect to Proceedings or claims initiated or
brought voluntarily by Indemnitee and not by way of defense, except with respect
to Proceedings brought to establish or enforce a right to indemnification under
this Agreement or any other statute or law or otherwise as required under
Section 317 of the California General Corporation Law, but such indemnification
or advancement of Expenses may be provided by the Company in specific cases if
the Board of Directors has approved the initiation or bringing of such suit; or

               (c) Lack of Good Faith. To indemnify Indemnitee for any Expenses
incurred by the Indemnitee with respect to any Proceeding instituted by
Indemnitee to enforce or interpret this

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Agreement, if a court of competent jurisdiction determines that each of the
material assertions made by the Indemnitee in such Proceeding was not made in
good faith or was frivolous; or

               (d) Insured Claims. To indemnify Indemnitee for Expenses or
liabilities of any type whatsoever (including, but not limited to, judgments,
fines, ERISA excise taxes or penalties, and amounts paid in settlement) which
have been paid directly to Indemnitee by an insurance carrier under a policy of
directors' and officers' liability insurance maintained by the Company; or

               (e) Claims Under Section 16(b). To indemnify Indemnitee for
Expenses and the payment of profits arising from the purchase and sale by
Indemnitee of securities in violation of Section 16(b) of the Securities
Exchange Act of 1934, as amended, or any similar successor statute.

        9.      Effectiveness of Agreement. This Agreement shall be effective as
of the date set forth on the first page and may apply to acts or omissions of
Indemnitee which occurred prior to such date if Indemnitee was an officer,
director, employee or other agent of the Company, or was serving at the request
of the Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, at the time such act or
omission occurred.

        10.     Construction of Certain Phrases.

               (a) For purposes of this Agreement, references to the "Company"
shall include, in addition to the resulting corporation, any constituent
corporation (including any constituent of a constituent) absorbed in a
consolidation or merger which, if its separate existence had continued, would
have had power and authority to indemnify its directors, officers, employees or
agents, so that if Indemnitee is or was a director, officer, employee or agent
of such constituent corporation, or is or was serving at the request of such
constituent corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, Indemnitee
shall stand in the same position under the provisions of this Agreement with
respect to the resulting or surviving corporation as Indemnitee would have with
respect to such constituent corporation if its separate existence had continued.

               (b) For purposes of this Agreement, references to "other
enterprises" shall include employee benefit plans; references to "fines" shall
include any excise taxes assessed on Indemnitee with respect to an employee
benefit plan; and references to "serving at the request of the Company" shall
include any service as a director, officer, employee or agent of the Company
which imposes duties on, or involves services by, such director, officer,
employee or agent with respect to an employee benefit plan, its participants, or
beneficiaries.

               (c) For purposes of this Agreement, references to "Expenses"
shall include all reasonable attorneys' fees, retainers, court costs, transcript
costs, fees of experts, witness fees, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees,
and all other disbursements or expenses in connection with prosecuting,
defending, preparing to prosecute or defend, investigating, being or preparing
to be a witness in, or otherwise participating in, a Proceeding. Expenses also
shall include Expenses incurred in connection with any appeal resulting from any
Proceeding, including without limitation the premium, security for, and other
costs relating to any cost bond, supersedeas bond, or other appeal bond or its
equivalent. Expenses,

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however, shall not include amounts paid in settlement by Indemnitee or the
amount of judgments or fines against Indemnitee.

               (d) For purposes of this Agreement, references to "Proceeding"
shall include any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, investigation, inquiry, administrative
hearing or any other actual, threatened or completed proceeding, whether brought
in the right of the Company or otherwise and whether of a civil, criminal,
administrative or investigative nature, in which Indemnitee was, is or will be
involved as a party or otherwise by reason of the fact that Indemnitee is or was
a director or officer of the Company, by reason of any action taken by him or of
any inaction on his part while acting as director or officer of the Company, or
by reason of the fact that he is or was serving at the request of the Company as
a director, officer, trustee, general partner, managing member, fiduciary,
employee or agent of any other enterprise, in each case whether or not serving
in such capacity at the time any liability or expense is incurred for which
indemnification, reimbursement or advancement of Expenses can be provided under
this Agreement.

        11.     Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

        12.     Successors and Assigns. This Agreement shall be binding upon the
Company and its successors and assigns, and shall inure to the benefit of
Indemnitee and Indemnitee's estate, heirs, legal representatives and assigns.

        13.     Attorneys' Fees. In the event that any action is instituted by
Indemnitee under this Agreement to enforce or interpret any of the terms hereof,
Indemnitee shall be entitled to be paid all court costs and Expenses, including
reasonable attorneys' fees, incurred by Indemnitee with respect to such action,
unless as a part of such action, the court of competent jurisdiction determines
that each of the material assertions made by Indemnitee as a basis for such
action were not made in good faith or were frivolous. In the event of an action
instituted by or in the name of the Company under this Agreement or to enforce
or interpret any of the terms of this Agreement, Indemnitee shall be entitled to
be paid all court costs and Expenses, including attorneys' fees, incurred by
Indemnitee in defense of such action (including with respect to Indemnitee's
counterclaims and cross-claims made in such action), unless as a part of such
action the court determines that each of Indemnitee's material defenses to such
action were made in bad faith or were frivolous.

        14.     Notice. All notices, requests, demands and other communications
under this Agreement shall be in writing and shall be deemed duly given (i) if
delivered by hand and receipted for by the party addressee, on the date of such
receipt, or (ii) if mailed by domestic certified or registered mail with postage
prepaid, on the third business day after the date postmarked. Addresses for
notice to either party are as shown on the signature page of this Agreement, or
as subsequently modified by written notice.

        15.     Consent to Jurisdiction. The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of California
for all purposes in connection with any action or Proceeding which arises out of
or relates to this Agreement and agree that any action instituted under this
Agreement shall be brought only in the state courts of the State of California.

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        16.     Choice of Law. This Agreement shall be governed by and its
provisions construed in accordance with the laws of the State of California as
applied to contracts between California residents entered into and to be
performed entirely within California.

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

                                 CRITICAL PATH, INC.

                                 By:
                                    -------------------------------------------
                                 Title:
                                       ----------------------------------------

                                 Address:   320 First Street
                                            San Francisco, CA  94105

AGREED TO AND ACCEPTED:

INDEMNITEE:

By:
   -----------------------------------------
Name:
     ---------------------------------------
Address:
        ------------------------------------

                                      -8-<PAGE>   1
                                                                    EXHIBIT 10.9

                                CREDIT AGREEMENT

                                     BETWEEN

                             THE BANK OF NOVA SCOTIA
                             AS ADMINISTRATIVE AGENT

                                       AND

                             THE BANK OF NOVA SCOTIA
                        AND OTHER FINANCIAL INSTITUTIONS

                                   AS LENDERS

                                       AND

                            KINROSS GOLD CORPORATION,
                          KINROSS GOLD U.S.A., INC. AND
                           FAIRBANKS GOLD MINING, INC.

                                  AS BORROWERS

                                                                   MARCH 8, 2000

<PAGE>   2
                                       (i)

                                TABLE OF CONTENTS

<TABLE>
                                    ARTICLE 1
                                 INTERPRETATION
<S>     <C>                                                                 <C>
 1.01   Defined Terms.......................................................   2
 1.02   Other Usages........................................................  29
 1.03   Plural and Singular.................................................  29
 1.04   Headings............................................................  29
 1.05   Currency............................................................  29
 1.06   Applicable Law......................................................  29
 1.07   Time of the Essence.................................................  29
 1.08   Non-Banking Days....................................................  29
 1.09   Consents and Approvals..............................................  30
 1.10   Amount of Credit....................................................  30
 1.11   Schedules...........................................................  30
 1.12   Extension of Credit.................................................  30
 1.13   Joint and Several Obligations.......................................  30

                                    ARTICLE 2
                                 CREDIT FACILITY

 2.01   Establishment of Credit Facility....................................  31
 2.02   Credit Restrictions.................................................  31
 2.03   Lenders' Commitments................................................  31
 2.04   Reduction of Credit Facility........................................  31

                                    ARTICLE 3
                     GENERAL PROVISIONS RELATING TO CREDITS

 3.01   Types of Credit Availments..........................................  32
 3.02   Funding of Loans....................................................  33
 3.03   Failure of Lender to Fund Loan......................................  33
 3.04   Funding of Bankers' Acceptances.....................................  34
 3.05   BA Rate Loans.......................................................  36
 3.06   Timing of Credit Availments.........................................  36
 3.07   Inability to Fund U.S. Dollar Advances in Canada....................  36
</TABLE>

<PAGE>   3
                                      (ii)

<TABLE>
<S>     <C>                                                                 <C>
 3.08   Time and Place of Payments..........................................  38
 3.09   Remittance of Payments..............................................  38
 3.10   Evidence of Indebtedness............................................  38
 3.11   General Provisions Relating to All Letters..........................  39
 3.12   Notice Periods......................................................  41

                                    ARTICLE 4
                                    DRAWDOWNS

 4.01   Drawdown Notice.....................................................  41

                                    ARTICLE 5
                                    ROLLOVERS

 5.01   Bankers' Acceptances................................................  42
 5.02   LIBO Loans..........................................................  42
 5.03   Rollover Notice.....................................................  42

                                    ARTICLE 6
                                   CONVERSIONS

 6.01   Converting Loan to Other Type of Loan...............................  43
 6.02   Converting Loan to Bankers' Acceptances.............................  43
 6.03   Converting Bankers' Acceptances to Loan.............................  43
 6.04   Conversion Notice...................................................  44
 6.05   Absence of Notice...................................................  44
 6.06   Conversion by Lenders...............................................  45

                                    ARTICLE 7
                                INTEREST AND FEES

 7.01   Interest Rates......................................................  45
 7.02   Calculation and Payment of Interest.................................  45
 7.03   General Interest Rules..............................................  46
 7.04   Selection of Interest Periods.......................................  47
 7.05   Acceptance Fees.....................................................  47
</TABLE>

<PAGE>   4
                                      (iii)

<TABLE>
<S>     <C>                                                                 <C>
 7.06   Standby Fee.........................................................  48
 7.07   Letter Fees.........................................................  48

                                    ARTICLE 8
                 RESERVE, CAPITAL, INDEMNITY AND TAX PROVISIONS

 8.01   Conditions of Credit................................................  48
 8.02   Change of Circumstances.............................................  49
 8.03   Failure to Fund as a Result of Change of Circumstances..............  50
 8.04   Indemnity Relating to Credits.......................................  50
 8.05   Indemnity for Transactional and Environmental Liability.............  51
 8.06   Payments Free and Clear of Taxes....................................  52

                                    ARTICLE 9
                           REPAYMENTS AND PREPAYMENTS

 9.01   Repayments..........................................................  53
 9.02   Extension of Maturity Date..........................................  53
 9.03   Voluntary Prepayments under Credit Facility.........................  55
 9.04   Mandatory Prepayments...............................................  55
 9.05   Prepayment Notice...................................................  55
 9.06   Reimbursement or Conversion on Presentation of Letters..............  56
 9.07   Letters Subject to an Order.........................................  56
 9.08   Currency of Repayment...............................................  56
 9.09   Repayments of Credit Excess.........................................  56

                                   ARTICLE 10
                         REPRESENTATIONS AND WARRANTIES

 10.01  Representations and Warranties......................................  57
 10.02  Survival of Representations and Warranties..........................  64

                                   ARTICLE 11
                                    COVENANTS

 11.01  Affirmative Covenants...............................................  64
</TABLE>

<PAGE>   5
                                      (iv)

<TABLE>
<S>     <C>                                                                 <C>
 11.03  Performance of Covenants by Administrative Agent....................  73

                                   ARTICLE 12
                    CONDITIONS PRECEDENT TO OBTAINING CREDIT

 12.01  Conditions Precedent to All Credit..................................  73
 12.02  Conditions Precedent to Initial Drawdown............................  74
 12.03  Waiver..............................................................  77
 12.04  Import of Existing Letters..........................................  77

                                   ARTICLE 13
                              DEFAULT AND REMEDIES

 13.01  Events of Default...................................................  78
 13.02  Refund of Overpayments..............................................  81
 13.03  Remedies Cumulative.................................................  82
 13.04  Set-Off.............................................................  82

                                   ARTICLE 14
                            THE ADMINISTRATIVE AGENT

 14.01  Appointment and Authorization of Administrative Agent...............  82
 14.02  Interest Holders....................................................  83
 14.03  Consultation with Counsel...........................................  83
 14.04  Documents...........................................................  83
 14.05  Administrative Agent as Lender......................................  83
 14.06  Responsibility of Administrative Agent..............................  83
 14.07  Action by Administrative Agent......................................  83
 14.08  Notice of Events of Default.........................................  84
 14.09  Responsibility Disclaimed...........................................  84
 14.10  Indemnification.....................................................  85
 14.11  Credit Decision.....................................................  85
 14.12  Successor Administrative Agent......................................  85
 14.13  Delegation by Administrative Agent..................................  86
 14.14  Waivers and Amendments..............................................  86
 14.15  Determination by Administrative Agent Conclusive and Binding........  87
 14.16  Adjustments among Lenders after Acceleration........................  87
</TABLE>

<PAGE>   6
                                       (v)

<TABLE>
<S>     <C>                                                                 <C>
 14.17  Redistribution of Payment...........................................  88
 14.18  Distribution of Notices.............................................  88
 14.19  Determination of Exposures..........................................  89
 14.20  Decision to Enforce Security........................................  89
 14.21  Enforcement.........................................................  89
 14.22  Application of Cash Proceeds of Realization.........................  89
 14.23  Entering into Contracts.............................................  90
 14.24  Other Security Not Permitted........................................  90

                                   ARTICLE 15
                                  MISCELLANEOUS

 15.01  Notices.............................................................  90
 15.02  Severability........................................................  91
 15.03  Counterparts........................................................  91
 15.04  Successors and Assigns..............................................  91
 15.05  Assignment..........................................................  91
 15.06  Entire Agreement....................................................  92
 15.07  Further Assurances..................................................  92
 15.08  Judgment Currency...................................................  93
 15.09  Notice of Remedies..................................................  94
</TABLE>

Schedule A - Individual Commitments
Schedule B - Compliance Certificate
Schedule C - Form of Assignment
Schedule D - Chief Executive Offices
Schedule E - Form of Drawdown Notice
Schedule F - Form of Rollover Notice
Schedule G - Form of Conversion Notice
Schedule H - Corporate Structure
Schedule I - Reimbursement Agreement
Schedule J - Applicable Rates
Schedule K - Quarterly Hedge Report
Schedule L - Existing Letters
Schedule M - Power of Attorney - Bankers' Acceptances
Schedule N - Tangible Asset Locations

<PAGE>   7

                                CREDIT AGREEMENT

                THIS AGREEMENT made as of the 8th day of March, 2000.

B E T W E E N:

                THE BANK OF NOVA SCOTIA, a Canadian chartered bank

                (herein, in its capacity as administrative agent of the Lenders,
                called the "Administrative Agent")

                - and -

                THE BANK OF NOVA SCOTIA and one or more financial institutions
                to whom The Bank of Nova Scotia or its permitted assigns may
                from time to time assign an undivided interest in the Loan
                Documents (as defined herein) and who agree to be bound by the
                terms hereof as a Lender (including the Issuing Lender defined
                herein)

                (herein collectively called the "Lenders" and individually
                called a "Lender")

                - and -

                KINROSS GOLD CORPORATION, a corporation incorporated under the
                laws of the Province of Ontario

                (herein called "Kinross Canada")

                - and -

                KINROSS GOLD U.S.A., INC., a corporation incorporated under the
                laws of the State of Nevada

                (herein called "Kinross U.S.A.")

                - and -

<PAGE>   8
                                      - 2 -

                FAIRBANKS GOLD MINING, INC. a corporation incorporated under the
                laws of the State of Delaware

                (herein called "Fairbanks U.S.")

        WHEREAS Kinross Canada, Kinross U.S.A. and Fairbanks U.S. (collectively,
the "Borrowers" and, individually, a "Borrower") have requested the Lenders to
establish a certain credit facility to repay in full all amounts outstanding
under the Existing Credit Agreement (other than the Existing Letters and accrued
fees thereon), issue a Letter to replace the UBS Letter and otherwise for
general corporate purposes;

        AND WHEREAS the Lenders are willing to provide such credit facility to
the Borrowers for the aforesaid purposes upon the terms and conditions contained
herein;

        NOW THEREFORE THIS AGREEMENT WITNESSES that, in consideration of the
mutual covenants and agreements herein contained and for other good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged),
the parties hereto covenant and agree as follows:

                                    ARTICLE 1
                                 INTERPRETATION

1.01 DEFINED TERMS. The following defined terms shall for all purposes of this
agreement, or any amendment, substitution, supplement, replacement or addition
hereto, have the following respective meanings unless the context otherwise
specifies or requires or unless otherwise defined herein:

"ALTERNATE BASE RATE CANADA" means, at any particular time, the variable rate of
interest per annum, calculated on the basis of a 360-day year, which is equal to
the greater of (a) the Base Rate Canada at such time and (b) the aggregate of
(i) the Federal Funds Effective Rate at such time and (ii) 1/2 of 1% per annum.

"ALTERNATIVE BASE RATE NEW YORK" means, at any particular time, the variable
rate of interest per annum, calculated on the basis of a 360-day year, which is
equal to the greater of (a) the Base Rate New York at such time and (b) the
aggregate of (i) the Federal Funds Effective Rate at such time and (ii) 1/2 of
1% per annum.

<PAGE>   9
                                     - 3 -

"APPLICABLE RATE" means, for a particular Fiscal Quarter, the rate per annum
used to determine the interest rate on various types of Loans, the rate used to
calculate acceptance fees pursuant to Section 7.05, the rate used to calculate
standby fees pursuant to Section 7.06 or the rate used to calculate Letter
issuance fees pursuant to Section 7.07 by reference to the range in which the
Net Indebtedness/Rolling OCF Ratio for the second immediately preceding Fiscal
Quarter falls as set forth in Schedule J hereto, provided that (i) changes in
the Applicable Rate shall be effective as set forth in Section 7.08, (ii)
changes in the Applicable Rate shall apply, as at the effective dates of such
changes, to Bankers' Acceptances, BA Rate Loans, LIBO Loans and Letters
outstanding on such dates, but only for those portions of applicable terms or
Interest Periods, as the case may be, falling within those times during which
the changes in the Applicable Rate are effective, as provided above. Up to and
including the Fiscal Quarter ending September 30, 2000, the Applicable Rate
indicated for Level 4 in Schedule J hereto shall apply. The Applicable Rate for
the Fiscal Quarter commencing October 1, 2000 shall be determined based upon the
Net Indebtedness/Rolling OCF Ratio using the Net Indebtedness as at June 30,
2000 and Rolling OCF for the Fiscal Quarter ending June 30, 2000. The Applicable
Rate for each subsequent Fiscal Quarter shall be determined based upon the Net
Indebtedness/Rolling OCF Ratio using Net Indebtedness and Rolling OCF having a
similar one Fiscal Quarter lag. The Applicable Rate for any outstanding Letter
shall be reduced to 0.50% per annum to the extent, and for so long as, same has
been defeased by way of a deposit to the Sinking Fund Account.

"ATTRIBUTABLE DEBT" means, at any particular time and with respect to all
capital leases under which Kinross Canada, on a consolidated basis taking into
account only the Companies, is at such time liable as lessee, the aggregate
amount which would, in accordance with generally accepted accounting principles,
be considered to be the amount owing thereunder.

"AVAILABLE CREDIT" means, at any particular time, the amount equal to A less B
less C, where

A = the amount of the Credit Facility at such time;

B = the amount by which the aggregate amount of deposits to the Sinking Fund
    Account in accordance with Section 11.01(v) up to such time exceeds the
    aggregate amount of withdrawals pursuant to the penultimate section of
    Section 6 of the Sinking Fund Pledge Agreement up to such time; and

C = the amount of credit outstanding under Credit Facility at such time.

"BA DISCOUNTED PROCEEDS" means, in respect of any Bankers' Acceptances to be
accepted by a Lender on any day, an amount (rounded to the nearest whole cent
and with one-half of one cent being rounded up) calculated on such day by
multiplying:

        (a)    the aggregate face amount of such Bankers' Acceptances; by

<PAGE>   10
                                     - 4 -

        (b)    the price, where the price is determined by dividing one by the
               sum of one plus the product of:

               (i)      the BA Rate which is applicable to such Bankers'
                        Acceptance (expressed as a decimal); and

               (ii)     a fraction, the numerator of which is the number of days
                        remaining in the term of such Bankers' Acceptances and
                        the denominator of which is 365;

               with the price as so determined being rounded up or down to the
               fifth decimal place and .000005 being rounded up.

"BA PROCEEDS" means, with respect to a particular Bankers' Acceptance, the BA
Discounted Proceeds with respect thereto less the aggregate amount of the
acceptance fees in respect of such Bankers' Acceptance calculated in accordance
with Section 7.05.

"BA RATE" means the BA Schedule I Rate or the BA Schedule II Rate, as the case
may be.

"BA RATE LOAN" shall have the meaning ascribed thereto in Section 3.05.

"BA SCHEDULE I RATE" means, with respect to an issue of Bankers' Acceptances
with the same maturity date to be accepted by a Schedule I Lender hereunder, the
discount rate per annum, calculated on the basis of a year of 365 days, (i)
equal to, as determined by the Administrative Agent, the arithmetic average
(rounded upwards to the nearest multiple of 0.01%) of the discount rates that
appear on the Reuters Screen CDOR Page at or about 10:00 a.m. (Toronto time) on
the date of issue and acceptance of such Bankers' Acceptances, for bankers'
acceptances having a comparable face value and an identical maturity date to the
face value and maturity date of such issue of Bankers' Acceptances or (ii) if
such Page does not appear, the discount rate per annum, calculated on the basis
of a year of 365 days, determined by the Administrative Agent as being the
arithmetic average (rounded upwards to the nearest multiple of 0.01%) of the
discount rates of the Schedule I Reference Lenders determined in accordance with
their normal practices at or about 10:00 a.m. (Toronto time) on the date of
issue and acceptance of such Bankers' Acceptances, for bankers' acceptances
having a comparable face value and an identical maturity date to the face value
and maturity date of such issue of Bankers' Acceptances.

"BA SCHEDULE II RATE" means, with respect to an issue of Bankers' Acceptances
with the same maturity date to be accepted by a Schedule II Lender hereunder,
the lesser of (i) the discount rate per annum, calculated on the basis of a year
of 365 days, determined by the Administrative Agent as being the arithmetic
average (rounded upwards to the nearest multiple of 0.01%) of the discount rates
of the Schedule II Reference Lenders determined in accordance with their normal
practices at

<PAGE>   11
                                     - 5 -

or about 10:00 a.m. (Toronto time) on the date of issue and acceptance of such
Bankers' Acceptances, for bankers' acceptances having a comparable face value
and an identical maturity date to the face value and maturity date of such issue
of Bankers' Acceptances and (ii) the BA Schedule I Rate with respect to an issue
of Bankers' Acceptances with the same maturity date to be accepted by a Schedule
I Lender hereunder plus 0.15% per annum.

"BANKERS' ACCEPTANCE" means a bill of exchange subject to the Bills of Exchange
Act (Canada) or a depository bill subject to the Depository Bills and Notes Act
(Canada) (a) drawn by Kinross Canada and accepted by a Lender, (b) denominated
in Canadian dollars, (c) having a term to maturity of 30 to 182 days, (d) issued
and payable only in Canada and (e) having a face amount of not less than Cdn.
$500,000 or an integral multiple of Cdn. $1,000 in excess thereof.

"BANKING DAY" means any day, other than Saturday and Sunday, on which banks
generally are open for business in Toronto, Ontario and Atlanta, Georgia and
when used in respect of LIBO Loans, means any day other than a Saturday or
Sunday on which banks generally are open for business in Toronto, Ontario,
Atlanta, Georgia, New York, New York, and London, England and on which
transactions can be carried on in the London interbank market.

"BASE RATE CANADA" means the variable rate of interest per annum determined by
the Administrative Agent from time to time as its base rate for United States
dollar loans made by the Administrative Agent in Canada from time to time, being
a variable per annum reference rate of interest adjusted automatically upon
change by the Administrative Agent, calculated on the basis of a year of 365 or
366 days, as the case may be.

"BASE RATE CANADA LOAN" means monies lent by the Lenders to Kinross Canada
hereunder in United States dollars and upon which interest accrues at a rate
referable to the Alternate Base Rate Canada.

"BASE RATE NEW YORK" means the variable rate of interest per annum determined by
the Administrative Agent from time to time as its base rate for United States
dollar loans made by the Administrative Agent in the United States from time to
time, being a variable per annum reference rate of interest adjusted
automatically upon change by the Administrative Agent, calculated on the basis
of a year of 360 days.

"BASE RATE NEW YORK LOAN" means monies lent by the Lenders to Kinross U.S.A. and
upon which interest accrues at a rate referable to the Alternate Base Rate New
York.

"BORROWER DOCUMENTS" means this agreement, the Fee Agreement and the Borrower
Security Documents and "BORROWER DOCUMENT" means any of the Borrower Documents.

<PAGE>   12
                                     - 6 -

"BORROWER SECURITY DOCUMENTS" means the Kinross Canada Security Documents, the
Kinross U.S.A. Investment Account Pledge Agreement and the Fairbanks U.S.
Security Documents and "BORROWER SECURITY DOCUMENT" means any of the Borrower
Security Documents.

"BRANCHES OF ACCOUNT" means the Canadian Branch of Account and the U.S. Branch
of Account.

"CANADIAN BRANCH OF ACCOUNT" means the Toronto main branch of the Administrative
Agent located at Scotia Plaza, 44 King Street West, Toronto, Ontario, or such
other branch of the Administrative Agent located in Canada as Kinross Canada and
the Administrative Agent may agree upon.

"CANADIAN DOLLAR EQUIVALENT" means the relevant Exchange Equivalent in Canadian
dollars of any amount of United States dollars.

"CASH PROCEEDS OF REALIZATION" means the aggregate of (i) all Proceeds of
Realization in the form of cash and (ii) all cash proceeds of the sale or
disposition of non-cash Proceeds of Realization, in each case expressed in U.S.
dollars.

"CERCLA" means the Comprehensive Environmental Response, Compensation and
Liability Act of 1980 of the United States, as amended by the Superfund
Amendments and Reauthorization Act and as further amended from time to time, and
any successor statute and including all regulations issued under all such
statutes.

"CODE" means the Internal Revenue Code of 1986 of the United States, as amended
from time to time, and any successor statute and including all regulations
issued under all such statutes.

"COMPANIES" means the Borrowers and the Restricted Subsidiaries.

"CONTAMINANT" means any contaminant, as defined by the EPA.

"CONVERSION NOTICE" shall have the meaning ascribed thereto in Section 6.04.

"CREDIT EXCESS" means, as at a particular date, the amount, if any, by which the
aggregate amount of credit outstanding under the Credit Facility as at the close
of business on such date exceeds the aggregate amount of the Credit Facility as
at the close of business on such date.

"CREDIT FACILITY" means the revolving reducing term credit facility established
by the Lenders in favour of the Borrowers pursuant to Section 2.01.

<PAGE>   13
                                     - 7 -

"DEFAULT" means any event which is or which, with the passage of time, the
giving of notice or both, would be an Event of Default.

"DESIGNATED ACCOUNT" means, with respect to transactions in a particular
currency for a particular Borrower, the account of such Borrower maintained by
the Administrative Agent at the relevant Branch of Account for the purposes of
transactions in such currency under this agreement.

"$" denotes Canadian dollars or U.S. dollars as the context may permit.

"DRAFT" means any draft, bill of exchange, receipt, acceptance, demand or other
request for payment drawn or issued under or in respect of a Letter.

"DRAWDOWN NOTICE" shall have the meaning ascribed thereto in Section 4.01.

"EBRD" means the European Bank for Reconstruction and Development.

"ENVIRONMENTAL INDEMNITY AGREEMENT" means the indemnity agreement to be entered
into by the Companies in favour of the Administrative Agent and the Lenders, as
the same may be amended, modified, supplemented or replaced from time to time.

"ENVIRONMENTAL LAWS" means all applicable federal, state, provincial or local
statutes, laws, ordinances, codes, rules, regulations, decrees and orders
regulating, relating to or imposing liability or standards of conduct concerning
public health or protection of the environment (including, without limitation,
CERCLA , EPA and the Surface Mining Control and Reclamation Act of 1977, as
amended).

"EPA" means the Environmental Protection Act (Ontario), as amended from time to
time, and any successor statute.

"EQUITY" means, at any particular time, the amount which would, in accordance
with generally accepted accounting principles, be classified on the consolidated
balance sheet of Kinross Canada at such time as shareholders' equity of Kinross
Canada.

"ERISA" means the Employee Retirement Income Security Act of 1974 of the United
States, as amended from time to time, and any successor statute and including
all regulations issued under all such statutes.

"ERISA AFFILIATE" shall mean any trade or business (whether or not incorporated)
that is a member of a group of which any Borrower is a member and which group is
treated as a single employer under Section 414(b) or (c) of the Code or Section
4001 of ERISA.

<PAGE>   14
                                     - 8 -

"ERISA COMPANIES" means the Borrowers and the ERISA Affiliates and "ERISA
COMPANY" means any of the ERISA Companies.

"EVENT OF DEFAULT" means any one of the events set forth in Section 13.01.

"EXCHANGE EQUIVALENT" means, (A) for the purposes of Sections 3.07(c) or (d),
6.01, 6.02 and 6.03, as of any particular time on any date, with reference to
any amount (the "original amount") expressed in a particular currency (the
"original currency"), the amount expressed in another currency which would be
required to buy the original amount of the original currency using the quoted
spot rates at which the principal office in Toronto of the Administrative Agent
offers to provide such other currency in exchange for such original currency at
such time on such date; or (B) otherwise for the purposes of this agreement, as
of any particular date, with reference to any amount (the "original amount")
expressed in a particular currency (the "original currency"), the amount
expressed in another currency which would be required to buy the original amount
of the original currency using the quoted spot rates at which the principal
office in Toronto of the Administrative Agent offers to provide such other
currency in exchange for such original currency at 12:00 noon (Toronto time) on
such date.

"EXISTING CREDIT AGREEMENT" means the credit agreement made as of February 12,
1999 between The Bank of Nova Scotia, Kinross Canada and Kinross U.S.A., as
amended from time to time.

"EXISTING LETTERS" means the letters of credit set out in Schedule L hereto.

"EXPOSURE" means, with respect to a particular Lender, the amount of the Secured
Obligations (without duplication) which are owing to such Lender, determined in
accordance with Section 14.19.

"FAIRBANKS CANADA" means Fairbanks Gold Ltd.

"FAIRBANKS CANADA GUARANTEE" means the guarantee agreement to be entered into by
Fairbanks Canada in favour of the Administrative Agent, in form and substance
satisfactory to all of the Lenders and as the same may be amended, modified,
supplemented or replaced from time to time, and pursuant to which Fairbanks
Canada shall guarantee the Secured Obligations and the Hedging Obligations to
the extent they relate to Kinross Canada.

"FAIRBANKS CANADA PLEDGE AGREEMENT" means the pledge agreement to be entered
into by Fairbanks Canada in favour of the Administrative Agent, in form and
substance satisfactory to all of the Lenders and as the same may be amended,
modified, supplemented or replaced from time to time, and pursuant to which
Fairbanks Canada shall pledge to the Administrative Agent and grant to the
Administrative Agent a security interest in all of the issued and outstanding
shares of Melba

<PAGE>   15
                                     - 9 -

Creek as continuing collateral security for the indebtedness, liabilities and
obligations of Fairbanks Canada under the Fairbanks Canada Guarantee to the
extent it relates to the Secured Obligations.

"FAIRBANKS U.S. INVESTMENT ACCOUNT PLEDGE AGREEMENT" means the pledge agreement
to be entered into by Fairbanks U.S. in favour of the Administrative Agent, in
form and substance satisfactory to all of the Lenders and as the same may be
amended, modified, supplemented or replaced from time to time, and pursuant to
which Fairbanks U.S. shall pledge to the Administrative Agent and grant to the
Administrative Agent a security interest in all of the Investment Account
Collateral of Fairbanks U.S. as continuing collateral security for the Secured
Obligations.

FAIRBANKS U.S. PLEDGE AND SECURITY AGREEMENT" means the pledge and security
agreement to be entered into by Fairbanks U.S. in favour of the Administrative
Agent, in form and substance satisfactory to all of the Lenders and as the same
may be amended, modified, supplemented or replaced from time to time, and
pursuant to which Fairbanks U.S. shall grant to the Administrative Agent a
security interest in, and deposit in pledge with the Administrative Agent, the
Pledged Bonds as continuing collateral security for the Secured Obligations.

"FAIRBANKS US. SECURITY DOCUMENTS" means the Fort Knox Deposit Trust Deed, the
True North Deposit Trust Deed, the Fairbanks U.S. Investment Account Pledge
Agreement and the Fairbanks U.S. Pledge and Security Agreement and "FAIRBANKS
U.S. SECURITY DOCUMENT" means any of the Fairbanks U.S. Security Documents.

"FEDERAL FUNDS EFFECTIVE RATE" means, for any particular day, the variable rate
of interest per annum, calculated on the basis of a year of 360 days and for the
actual number of days elapsed, equal to the weighted average of the rates on
overnight federal funds transactions with members of the Federal Reserve System
arranged by Federal Funds brokers as published for such day (or, if such day is
not a Banking Day, for the next preceding Banking Day) by the Federal Reserve
Bank of New York or, for any Banking Day on which such rate is not so published
by the Federal Reserve Bank of New York, the average of the quotations for such
day for such transactions received by the Administrative Agent from three
Federal Funds brokers of recognized standing selected by the Administrative
Agent.

"FEE LETTER" means the fee letter dated November 29, 1999 between The Bank of
Nova Scotia, Kinross Canada and Kinross U.S.A., as the same may be amended,
modified, supplemented or replaced from time to time.

"FISCAL QUARTER" means any of the three-month periods ending on the last day of
March, June, September and December in each Fiscal Year.

"FISCAL YEAR" means the twelve-month period ending on the last day of December
in each year.

<PAGE>   16
                                     - 10 -

"FORT KNOX DEPOSIT"means the real property owned by Fairbanks U.S. or Melba
Creek and described as such in Schedule O hereto, together with all buildings
and structures therein and appurtenances thereto.

"FORT KNOX DEPOSIT TRUST DEED" means the deed of trust to be entered into by
Fairbanks U.S. and Melba Creek in favour of the Administrative Agent, in form
and substance satisfactory to all of the Lenders and as the same may be amended,
modified, supplemented or replaced from time to time, and pursuant to which
Fairbanks U.S. and Melba Creek shall grant to the Administrative Agent a first
fixed and floating charge over all of the assets related to the Fort Knox
Deposit as continuing collateral security, in the case of Fairbanks U.S., for
the Secured Obligations, and, in the case of Melba Creek, for the indebtedness,
liabilities and obligations of Melba Creek under the Melba Creek Guarantee to
the extent it relates to the Secured Obligations.

"FORT KNOX MINE" means the gold mine located in central Alaska, 22 miles south
of Fairbanks and, for certainty, includes the Fort Knox Deposit, True North
Deposit and Ryan Lode Deposit.

"F.R.S. BOARD" means the Board of Governors of the Federal Reserve System of the
United States or any successor thereto.

"GENERALLY ACCEPTED ACCOUNTING PRINCIPLES" means generally accepted accounting
principles in effect in Canada from time to time consistently applied, as
recommended by the Handbook of the Canadian Institute of Chartered Accountants.

"GOLD EQUIVALENT" means the gold ounces plus the gold equivalent of silver
ounces, with silver ounces converted to gold ounces based upon the 30 day
trailing average spot gold and silver prices.

"GUARANTEES" means the Kinam Canada Guarantee, the Kinam U.S. Guarantee, the
Fairbanks Canada Guarantee, the Melba Creek Guarantee, the Kinam Refugio
Guarantee, the LT Acquisition Guarantee, the Ryan Lode Guarantee, the Teko Inc.
Guarantee and the Teko Ltd. Guarantee.

"GUARANTOR DOCUMENTS" means the Guarantees and the Guarantor Security Documents

"GUARANTOR SECURITY DOCUMENTS" means the Fairbanks Canada Pledge Agreement,
Kinam Refugio Investment Account Pledge Agreement, Kinam U.S. Security
Documents, Teko Inc. Investment Account Pledge Agreement, the Teko Ltd. Pledge
Agreement, the Fort Knox Deposit Trust Deed, the Ryan Lode Deposit Trust Deed
and the True North Deposit Trust Deed.

"HAZARDOUS MATERIALS" means:

        (a)    any "hazardous substance", as defined by CERCLA;
<PAGE>   17
                                     - 11 -

        (b)    any "hazardous waste", as defined by the Resource Conservation
               and Recovery Act of the United States, as amended from time to
               time, or any successor statute;

        (c)    any petroleum product, asbestos, polychlorinated biphenyl (PCB),
               natural gas, natural gas liquids, liquified natural gas or
               synthetic gas usable for fuel;

        (d)    any material defined as "hazardous waste" pursuant to 40 Code of
               Federal Regulations Part 261 or any "hazardous chemical" as
               defined pursuant to 29 Code of Federal Regulations Part 1910; or

        (e)    any pollutant or contaminant or hazardous or toxic chemical,
               material or substance within the meaning of any applicable
               federal, state, provincial or local law, regulation, ordinance or
               requirement (including consent decrees and administrative orders)
               relating to or imposing liability or standards of conduct
               concerning any hazardous or toxic waste, substance or material or
               concerning the environment or public health, all as in effect on
               the applicable date.

"HEDGING AGREEMENTS" means any spot or forward foreign exchange transaction,
interest rate swap transaction, currency swap transaction, forward rate
transaction, rate cap transaction, rate floor transaction, rate collar
transaction, and any other exchange or rate protection transaction, any
combination of such transactions or any option with respect to any such
transaction entered into between any Borrower and any Lender.

"HEDGING OBLIGATIONS" means all present and future indebtedness, liabilities and
obligations of any Borrower to all financial institutions which are Lenders and
so long as they are Lenders under any Hedging Agreement.

"HOYLE POND MINE" means the gold mine located in Hoyle Township in the vicinity
of Timmins, Ontario.

"INDEBTEDNESS" of any Person means, without duplication, (i) indebtedness of
such Person for borrowed money or for the deferred purchase price of property
and services, (ii) other indebtedness of such Person which is evidenced by a
note, bond, debenture or similar instrument, (iii) obligations of such Person
under any lease of property, real or personal, the obligations of the lessee in
respect of which are required in accordance with generally accepted accounting
principles to be capitalized on a balance sheet of the lessee (including,
without limitation, all obligations under any synthetic lease), (iv) contingent
obligations of such Person under any guarantee, letter of credit or guarantee,
surety bond or any other instrument or agreement and (v) to the extent
accelerated, obligations of any Person under any spot or forward foreign
exchange transaction, interest rate swap transaction, currency swap transaction,
forward rate transaction, rate

<PAGE>   18
                                     - 12 -

cap transaction, rate floor transaction, rate collar transaction, any other
exchange or rate protection, any combination of such transactions or any option
with respect to any such transaction.

"INDIVIDUAL COMMITMENT" means, with respect to a particular Lender, the amount
set forth in Schedule A attached hereto, as reduced or amended from time to time
pursuant to Sections 2.04, 8.03 and 15.05 as the individual commitment of such
Lender with respect to the Credit Facility, provided that, upon the termination
of the Credit Facility pursuant to Section 2.05, the Individual Commitment of
each Lender with respect to the Credit Facility shall thereafter be equal to the
aggregate amount of outstanding credit extended to the Borrowers by such Lender
under the Credit Facility immediately prior to the termination of the Credit
Facility.

"INDUSTRIAL REVENUE BONDS" means the revenue bonds in the initial amount of
U.S.$71,000,000 issued by Alaska Industrial Development and Export Authority at
the request of Fairbanks U.S.

"INTEREST EXPENSES" means, for any particular period, the amount which would, in
accordance with generally accepted accounting principles, be classified on the
consolidated income statement of Kinross Canada taking into account only the
Companies for such period as gross interest expenses.

"INTEREST PERIOD" means, in the case of any LIBO Loan, the applicable period for
which interest on such LIBO Loan shall be calculated pursuant to Article 7.

"INVESTMENT ACCOUNT" means, with respect to a particular Company, any bank
account or investment account now or hereafter maintained by such Company with
the Administrative Agent or any other financial institution and provided that:

        (a)    such Company has pledged with the Administrative Agent and
               granted to the Administrative Agent a security interest in all of
               its Investment Account Collateral pursuant to a pledge agreement,
               in form and substance satisfactory to all of the Lenders, as
               continuing collateral security for the indebtedness, liabilities
               and obligations of such Company under its Guarantee to the extent
               it relates to the Secured Obligations; and

        (b)    if such account is maintained with a financial institution other
               than the Administrative Agent, such Company shall have provided
               to the Administrative Agent, in form and substance satisfactory
               to the Administrative Agent, an instrument of such financial
               institution (i) acknowledging that a security interest in the
               Investment Account Collateral has been granted to the
               Administrative Agent and confirm that no such security interest
               has been granted to such financial institution, (ii) agreeing not
               to exercise any right of set off against such account, (iii)
               agreeing to provide the Administrative Agent, upon request,
               information as to the amount on

<PAGE>   19
                                     - 13 -

               deposit in such accounts and any investments thereof, (iv)
               agreeing not to permit withdrawals from such account if so
               notified by the Administrative Agent and (v) agreeing to deliver
               up the Investment Account Collateral upon notice from the
               Administrative Agent that the security therein is enforceable.

"INVESTMENT ACCOUNT COLLATERAL" means, with respect to a particular Company, all
cash and Permitted Investments on deposit from time to time in all Investment
Accounts of such Company.

"IRB LOAN AGREEMENTS" means the loan agreements dated as of May 1, 1997 between
Fairbanks U.S. and the Alaska Industrial Development and Export Authority and
pursuant to which the Alaska Industrial Development and Export Authority
advanced monies to Fairbanks U.S. to finance the cost of acquisition, purchase,
construction, improvement and equipping of the Project (as defined therein).

"ISSUING LENDER" means The Bank of Nova Scotia or any other Lender selected by
the Administrative Agent and acceptable to the Borrowers who assumes in writing
the obligation of issuing Letters under the Credit Facility on behalf of the
Lenders.

"KINAM CANADA" means Kinam (B.C.) Ltd.

"KINAM CANADA GUARANTEE" means the guarantee agreement to be entered into by
Kinam Canada in favour of the Administrative Agent, in form and substance
satisfactory to all of the Lenders and as the same may be amended, modified,
supplemented or replaced from time to time, and pursuant to which Kinam Canada
shall guarantee the Secured Obligations and the Hedging Obligations to the
extent they relate to Kinross Canada.

"KINAM REFUGIO" means Kinam Refugio Inc.

"KINAM REFUGIO GUARANTEE" means the guarantee agreement to be entered into by
Kinam Refugio in favour of the Administrative Agent, in form and substance
satisfactory to all of the Lenders and as the same may be amended, modified,
supplemented or replaced from time to time, and pursuant to which Kinam Refugio
shall guarantee the Secured Obligations and the Hedging Obligations.

"KINAM REFUGIO INVESTMENT ACCOUNT PLEDGE AGREEMENT" means the pledge agreement
to be entered into by Kinam Refugio in favour of the Administrative Agent, in
form and substance satisfactory to all of the Lenders and as the same may be
amended, modified, supplemented or replaced from time to time, and pursuant to
which Kinam Refugio shall pledge to the Administrative Agent and grants to the
Administrative Agent a security interest in all of the Investment Account
Collateral of Kinam Refugio as continuing collateral security for the
indebtedness, liabilities and

<PAGE>   20
                                     - 14 -

obligation of Kinam Refugio under the Kinam Refugio Guarantee to the extent it
relates to the Secured Obligations.

"KINAM U.S." means Kinam Gold Inc.

"KINAM U.S. GUARANTEE" means the guarantee agreement to be entered into by Kinam
U.S. in favour of the Administrative Agent, in form and substance satisfactory
to all of the Lenders and as the same may be amended, modified, supplemented or
replaced from time to time, and pursuant to which Kinam U.S. shall guarantee the
Secured Obligations and the Hedging Obligations.

"KINAM U.S. INVESTMENT ACCOUNT PLEDGE AGREEMENT" means the pledge agreement to
be entered into by Kinam U.S. in favour of the Administrative Agent, in form and
substance satisfactory to all of the Lenders and as the same may be amended,
modified, supplemented or replaced from time to time, and pursuant to which
Kinam U.S. shall pledge to the Administrative Agent and grants to the
Administrative Agent a security interest in all of the Investment Account
Collateral of Kinam U.S. as continuing collateral security for the indebtedness,
liabilities and obligation of Kinam U.S. under the Kinam U.S. Guarantee to the
extent it relates to the Secured Obligations.

"KINAM U.S. PLEDGE AGREEMENT" means the pledge agreement to be entered into by
Kinam U.S. in favour of the Administrative Agent, in form and substance
satisfactory to all of the Lenders and as the same may be amended, modified,
supplemented or replaced from time to time, and pursuant to which Kinam U.S.
shall pledge to the Administrative Agent and grant to the Administrative Agent a
security interest in all of the issued and outstanding shares of Fairbanks U.S.
as continuing collateral security for the indebtedness, liabilities and
obligations of Kinam U.S. under the Kinam U.S. Guarantee to the extent it
relates to the Secured Obligations.

"KINAM U.S. SECURITY DOCUMENTS" means the Kinam U.S. Investment Account Pledge
Agreement and the Kinam U.S. Pledge Agreement and "KINAM U.S. SECURITY DOCUMENT"
means either of the Kinam U.S. Security Documents.

"KINROSS CANADA INVESTMENT ACCOUNT PLEDGE AGREEMENT" means the pledge agreement
to be entered into by Kinross Canada in favour of the Administrative Agent, in
form and substance satisfactory to all of the Lenders and as the same may be
amended, modified, supplemented or replaced from time to time, and pursuant to
which Kinross Canada shall pledge to the Administrative Agent and grant to the
Administrative Agent a security interest in all monies and permitted investments
in its Investment Account as continuing collateral security for the Secured
Obligations.

"KINROSS CANADA SECURITY DOCUMENTS" means the Kinross Canada Investment Account
Pledge Agreement and the Sinking Fund Pledge Agreement and "KINROSS CANADA
SECURITY DOCUMENT" means either of the Kinross Canada Security Documents.

<PAGE>   21
                                     - 15 -

"KINROSS U.S.A. INVESTMENT ACCOUNT PLEDGE AGREEMENT" means the pledge agreement
to be entered into by Kinross U.S.A. in favour of the Administrative Agent, in
form and substance satisfactory to all of the Lenders and as the same may be
amended, modified, supplemented or replaced from time to time, and pursuant to
which Kinross U.S.A. shall pledge to the Administrative Agent and grant to the
Administrative Agent a security interest in all monies and permitted investments
in its Investment Account as continuing collateral security for the Secured
Obligations.

"LETTERS" means:

        (x)    standby letters of credit or letters of guarantee issued by the
               Issuing Lender (i) at the request, and on the credit, of Kinross
               Canada and (ii) on behalf of Kinross Canada and, if applicable, a
               Subsidiary, each being denominated in Canadian dollars or United
               States dollars, having a term of not more than one year, being
               renewable in the sole discretion of the Issuing Lender, being
               issued to a named beneficiary acceptable to the Issuing Lender
               and being otherwise in a form satisfactory to the Issuing Lender;
               and

        (y)    standby letters of credit issued by the Issuing Lender (i) at the
               request, and on the credit, of either U.S. Borrower and (ii) on
               behalf of such U.S. Borrower and, if applicable, a Subsidiary,
               each being denominated in United States dollars, having a term of
               not more than one year, being renewable in the sole discretion of
               the Issuing Lender, being issued to a named beneficiary
               acceptable to the Issuing Lender and being otherwise in a form
               satisfactory to the Issuing Lender.

With respect to any Letter to be issued hereunder at the request, and on behalf
of, Fairbanks U.S. to replace the UBS Letter, the Issuing Lender confirms (x)
the current beneficiary of the UBS Letter is acceptable to the Issuing Lender
and (y) the Issuing Lender shall renew any such replacement Letter provided no
Default or Event of Default has occurred and is outstanding at the time of any
such renewal.

"LIBO LOAN" means monies lent by the Lenders to Kinross Canada in United States
dollars and upon which interest accrues at a rate referable to LIBOR or monies
lent by the Lenders to Kinross U.S.A. in United States dollars and upon which
interest accrues at a rate referable to LIBOR (Reserve Adjusted).

"LIBOR" means the rate of interest per annum, calculated on the basis of a year
of 360 days, determined by the Administrative Agent for a particular Interest
Period to be the rate of interest per annum that appears as such on the Telerate
Screen Page 3750 at 11:00 a.m. (London time) on the second Banking Day prior to
the commencement of such Interest Period.

<PAGE>   22
                                     - 16 -

"LIBOR (RESERVE ADJUSTED)" means, for a particular Interest Period, the rate per
annum, calculated on the basis of a year of 360 days, determined pursuant to the
following formula (and rounded up to the nearest 1/16 of 1%):

    LIBOR (Reserve Adjusted)     =     LIBOR for such Interest Period
                                       ------------------------------
                                       1 - LIBOR Reserve Percentage
                                           for such Interest Period

LIBOR (Reserve Adjusted) for any Interest Period for LIBO Loans will be
determined by the Administrative Agent on the basis of the LIBOR Reserve
Percentage in effect on, and the applicable rates furnished to and received by
the Administrative Agent, two Banking Days before the first day of such Interest
Period.

"LIBOR RESERVE PERCENTAGE" means, for a particular Interest Period, the reserve
percentage (expressed as a decimal) equal to the maximum aggregate reserve
requirements (including all basic, emergency, supplemental, marginal and other
reserves and taking into account any transitional adjustments or other scheduled
changes in reserve requirements) specified under regulations issued from time to
time by the F.R.S. Board and then applicable to assets or liabilities consisting
of and including "Eurocurrency Liabilities", as currently defined in Regulation
D of the F.R.S. Board, having a term approximately equal or comparable to such
Interest Period.

"LIEN" means any deed of trust, mortgage, charge, hypothec, assignment, pledge,
lien, vendor's privilege, vendor's right of reclamation or other security
interest or encumbrance of whatever kind or nature, regardless of form and
whether consensual or arising by law (statutory or otherwise), that secures the
payment of any indebtedness or liability or the observance or performance of any
obligation (including any agreement to give any of the foregoing and any filing
of or agreement to give any financing statement under the UCC, the PPSA or any
similar action under any similar law of any other jurisdiction).

"LOAN DOCUMENTS" means the Borrower Documents and Guarantor Documents and all
certificates, notices and other documents delivered or to be delivered to the
Administrative Agent in relation to the Credit Facility pursuant hereto or
thereto.

"LOANS" means Prime Rate Loans, BA Rate Loans, Base Rate Canada Loans, Base Rate
New York Loans and LIBO Loans.

"LT ACQUISITION"means LT Acquisition Inc.

"LT ACQUISITION GUARANTEE" means the guarantee agreement to be entered into by
LT Acquisition in favour of the Administrative Agent, in form and substance
satisfactory to all of the Lenders and

<PAGE>   23
                                     - 17 -

as the same may be amended, modified, supplemented or replaced from time to
time, and pursuant to which LT Acquisition shall guarantee the Secured
Obligations and the Hedging Obligations.

"MACASSA MINE" means the gold mine located in Teck Township on the outskirts of
the town of Kirkland Lake, in northeastern Ontario.

"MAJORITY LENDERS" means, at any particular time, such group of Lenders whose
Individual Commitments aggregate at least two-thirds of the aggregate of the
Individual Commitments of all the Lenders at such time.

"MATERIAL ADVERSE CHANGE" means any change of circumstances or event which would
or does have a Material Adverse Effect.

"MATERIAL ADVERSE EFFECT" means a material adverse effect (or a series of
adverse effects, none of which is material in and of itself but which,
cumulatively, result in a material adverse effect) on the ability of any Company
to perform its material obligations under any Loan Document or on the ability of
the Lenders to enforce any of such obligations.

"MATURITY DATE" means December 31, 2002, as the same may be extended from time
to time pursuant to Section 9.02.

"MELBA CREEK" means Melba Creek Mining, Inc.

"MELBA CREEK GUARANTEE" means the guarantee agreement to be entered into by
Melba Creek in favour of the Administrative Agent, in form and substance
satisfactory to all of the Lenders and as the same may be amended, modified,
supplemented or replaced from time to time, and pursuant to which Melba Creek
shall guarantee the Secured Obligations and the Hedging Obligations.

"MULTIEMPLOYER PLAN" shall mean a multiemployer plan as defined in Section
4001(a)(3) of ERISA to which any ERISA Company is making or accruing an
obligation to make contributions, or has within any of the preceding five plan
years made or accrued an obligation to make contributions.

"NET INCOME" means, for any particular period, the amount which would, in
accordance with generally accepted accounting principles, be classified on the
consolidated income statement of Kinross Canada (taking into account only the
Companies) for such period as the net income of Kinross Canada excluding any
extraordinary items; provided, however, that for the purposes of Section
11.01(o), Net Income shall be calculated for Kinross Canada on a consolidated
basis without the restriction of taking into account only the Companies.

<PAGE>   24
                                     - 18 -

"NET INDEBTEDNESS" means, at any particular time, Total Indebtedness at such
time less (x) Non-Recourse Indebtedness at such time and (y) the aggregate cash
balances of the Companies at such time which are not subject to a Lien other
than a Lien in favour of the Administrative Agent, and which are on deposit in
an Investment Account.

"NET INDEBTEDNESS/RESERVES RATIO" means, at any particular time, the ratio of
(i) Net Indebtedness at such time to (ii) the Reserves at such time.

"NET INDEBTEDNESS/ROLLING OCF RATIO" means, as at the last day of any Fiscal
Quarter, the ratio of (i) Net Indebtedness at such date to (ii) Rolling OCF for
such Fiscal Quarter.

"NON-RECOURSE INDEBTEDNESS" means Indebtedness of any subsidiary, direct or
indirect, of any Borrower (other than the Restricted Subsidiaries) with respect
to which no recourse may be had in any way to the Companies.

"NON-RECOURSE SUBSIDIARIES" means any subsidiary, direct or indirect, of any
Borrower that has any Non-Recourse Indebtedness.

"OCF" means, for any particular Fiscal Quarter, Net Income for such Fiscal
Quarter plus, to the extent deducted in determining Net Income, the aggregate of

        (a)    Interest Expenses for such Fiscal Quarter;

        (b)    consolidated income tax expenses of Kinross Canada for such
               Fiscal Quarter (taking into account only the Companies); and

        (c)    consolidated depreciation and amortization expenses and other
               non-cash expenses of Kinross Canada for such Fiscal Quarter
               (taking into account only the Companies).

The calculation of OCF shall be adjusted for non-cash revenues and expenses of
the Companies including, without limitation, deferred revenue and the difference
between accrued and cash reclamation costs. The calculation of OCF shall also be
reduced by an amount equal to the aggregate cash reclamation costs for
properties owned by any subsidiary of Kinross Canada which is neither a
Restricted Subsidiary nor a Non-Recourse Subsidiary.

"OFFICIAL BODY" means any national government or government of any political
subdivision thereof, or any agency, authority, board, central bank, monetary
authority, commission, department or

<PAGE>   25
                                     - 19 -

instrumentality thereof, or any court, tribunal, grand jury, mediator,
arbitrator or referee, whether foreign or domestic.

"OMOLON" means Omolon Gold Mining Company.

"OMOLON SUBORDINATED DEBT FACILITY" means the loan made by ABN AMRO Bank
(Moscow) Ltd. to Omolon pursuant to the loan agreement dated November 29, 1996,
etween Omolon and ABN AMRO Bank (Moscow) Ltd., as amended.

"OMOLON WORKING CAPITAL FACILITY" means the working capital facility established
in favour of Omolon by ABN AMRO Bank A.O. pursuant to an agreement dated March
4, 1999, as the same may be amended, modified, supplemented or replaced from
time to time in accordance with Section 11.02(h).

"OPIC" means the Overseas Private Investment Corporation.

"OPIC/EBRD OMOLON INDEBTEDNESS" means all indebtedness owed by Omolon to either
OPIC or EBRD including, without limitation, under or in connection with the
following:

        (i)    the loan agreement dated as of June 30, 1995 between Omolon and
               EBRD, as amended; and

        (ii)   the finance agreement dated as of June 30, 1995 between Omolon
               and OPIC, as amended.

"ORDER" means an order, judgment, injunction or other determination restricting
payment by the Issuing Lender under or in accordance with a Letter or extending
the Issuing Lender's liability beyond the expiration date stated therein.

"PBGC" means Pension Benefit Guaranty Corporation.

"PERMITTED INVESTMENTS" means investments made in accordance with the then
current investment policy of the Board of Directors of Kinross Canada or
otherwise acceptable to the Administrative Agent.

"PERMITTED LIENS" means any one or more of the following with respect to the
property and assets of the Companies:

        (a)    Liens for taxes, assessments or governmental charges or levies
               not at the time due or delinquent or the validity of which are
               being contested in good faith by

<PAGE>   26
                                     - 20 -

               appropriate proceedings and as to which reserves are being
               maintained in accordance with generally accepted accounting
               principles so long as forfeiture of any part of such property or
               assets will not result from the failure to pay such taxes,
               assessments or governmental charges or levies during the period
               of such contest;

        (b)    the Lien of any judgment rendered or the Lien of any claim filed
               which is being contested in good faith by appropriate proceedings
               and as to which reserves are being maintained in accordance with
               generally accepted accounting principles so long as forfeiture of
               any part of such property or assets will not result from the
               failure to satisfy such judgment or claim during the period of
               such contest;

        (c)    undetermined or inchoate Liens and charges incidental to
               construction or current operations which have not at such time
               been filed pursuant to law or which relate to obligations not due
               or delinquent;

        (d)    restrictions, easements, rights-of-way, servitudes or other
               similar rights in land granted to or reserved by other persons
               which in the aggregate do not materially impair the usefulness,
               in the operation of the business of any Company, of the property
               subject to such restrictions, easements, rights-of-way,
               servitudes or other similar rights in land granted to or reserved
               by other persons;

        (e)    the right reserved to or vested in any municipality or
               governmental or other public authority by the terms of any lease,
               licence, franchise, grant or permit acquired by any Company or by
               any statutory provision, to terminate any such lease, licence,
               franchise, grant or permit, or to require annual or other
               payments as a condition to the continuance thereof;

        (f)    the Lien resulting from the deposit of cash or securities (i) in
               connection with contracts, tenders or expropriation proceedings,
               or (ii) to secure workers' compensation, surety or appeal bonds,
               costs of litigation when required by law and public and statutory
               obligations, or (iii) in connection with the discharge of Liens
               or claims incidental to construction and mechanics',
               warehouseman's, carriers' and other similar liens;

        (g)    security given to a public utility or any municipality or
               governmental or other public authority when required by such
               utility or other authority in connection with the operations of
               any Company, all in the ordinary course of business;

<PAGE>   27
                                     - 21 -

        (h)    the reservations, limitations, provisos and conditions, if any,
               expressed in any original grants from the Crown or in comparable
               grants, if any, in jurisdictions other than Canada;

        (i)    title defects or irregularities which are of a minor nature and
               in the aggregate will not materially impair the use of the
               property for the purpose for which it is held;

        (j)    applicable municipal and other governmental restrictions
               affecting the use of land or the nature of any structures which
               may be erected thereon, provided such restrictions have been
               complied with and will not materially impair the use of the
               property for the purpose for which it is held;

        (k)    Liens to secure the payment of the purchase price or the
               repayment of monies borrowed to pay the purchase price of any
               equipment hereafter or previously acquired by any Company;

        (l)    Liens on minerals or the proceeds of sale of such minerals
               arising or granted pursuant to a processing arrangement, securing
               the payment of a Company's portion of the fees, costs and
               expenses attributable to the processing of such minerals under
               any such processing arrangement, but only insofar as such Liens
               relate to obligations which are at such time not past due and
               provided further that the aggregate amount of such obligations do
               not exceed $500,000 at any time;

        (m)    any other Lien satisfaction of which has been provided for by
               deposit in escrow of cash or a surety bond in an amount
               sufficient to pay the liability in respect of such Lien in full
               and provided further that the aggregate amount of such
               obligations do not exceed $500,000 at any time.

        (n)    Liens to secure non-recourse project indebtedness for borrowed
               money of any Company provided that the assets thereby encumbered
               are not related to mines that have commenced operation as at the
               date hereof;

        (o)    capital leases, provided that the Attributable Debt in connection
               therewith does not at any time exceed U.S. $40,000,000;

        (p)    Lien granted by Kinross Canada in favour of ABN Amro Bank Canada
               pursuant to a pledge and security agreement dated as of December
               10, 1998 by Kinross Canada in favour of ABN Amro Bank Canada;

        (q)    Liens set out in the title opinions referred to in Section
               12.02(d)(ix) to the extent approved in writing by the
               Administrative Agent; and

<PAGE>   28
                                     - 22 -

        (r)    the extension, renewal or refinancing of any Permitted Lien,
               provided that the amount so secured does not exceed the original
               amount secured immediately prior to such extension, renewal or
               refinancing and the Lien is not extended to any additional
               property.

"PERSON" means any natural person, corporation, firm, partnership, joint
venture, joint stock company, incorporated or unincorporated association,
government, governmental agency or any other entity, whether acting in an
individual, fiduciary or other capacity.

"PLAN" shall mean any pension plan (other than a Multiemployer Plan) subject to
the provisions of Title IV of ERISA which is maintained for employees of any
ERISA Company.

"PLEDGED BONDS" shall have the meaning ascribed thereto in the Fairbanks U.S.
Pledge and Security Agreement.

"PPSA" means the Personal Property Security Act (Ontario), as amended.

"POLLUTANT" means any pollutant, as defined by EPA.

"POSTPONEMENT AND SUBORDINATION UNDERTAKING" means the postponement and
subordination undertaking to be entered into by the subsidiaries of the
Borrowers (other than the Companies) in favour of the Administrative Agent
pursuant to Section 11.01(t), in form and substance satisfactory to all of the
Lenders and as the same may be amended, modified, supplemented or replaced from
time to time.

"PREPAYMENT NOTICE" shall have the meaning ascribed thereto in Section 9.05.

"PRIME RATE" means the greater of (a) the variable rate of interest per annum
equal to the rate of interest determined by the Administrative Agent from time
to time as its prime rate of Canadian dollar loans made by the Administrative
Agent in Canada from time to time, being a variable per annum reference rate of
interest adjusted automatically upon change by the Administrative Agent
calculated on the basis of a year of 365 days and (b) the sum of (A) the BA
Schedule I Rate for a 30 day term on the date of determination and (B) 5/8 of 1%
per annum.

"PRIME RATE LOANS" means monies lent by the Lenders to Kinross Canada hereunder
in Canadian dollars and upon which interest accrues at a rate referable to the
Prime Rate.

"PROCEEDS OF REALIZATION" means all cash and non-cash proceeds derived from any
sale, disposition or other realization of the Secured Assets (i) after any
notice by the Administrative Agent to the Borrowers pursuant to Section 13.01
declaring all indebtedness of the Borrowers hereunder to be immediately due and
payable, (ii) upon any dissolution, liquidation, winding-up, reorganization,

<PAGE>   29
                                     - 23 -

bankruptcy, insolvency or receivership of any of the Companies (or any other
arrangement or marshalling of the Secured Assets that is similar thereto) or
(iii) upon the enforcement of, or any action taken with respect to, any of the
Security Documents or Guarantees. For greater certainty, prior to the Security
becoming enforceable (x) insurance proceeds derived as a result of the loss or
destruction of any of the Secured Assets or (y) cash or non-cash proceeds
derived from any expropriation or other condemnation of any of the Secured
Assets shall not constitute Proceeds of Realization.

"PROJECTED PRODUCTION" means, as at the last day of any Fiscal Quarter, the
aggregate projected production, expressed in ounces of gold, from the mines
owned by the Companies for the next 18 months, such aggregate projected
production (x) to be based upon the most recent budget of Kinross Canada
delivered to the Administrative Agent pursuant to Section 11.01(a)(v), such
budget to be in substantially the form previously provided by Kinross Canada to
the Administrative Agent and (y) to be based on assumptions acceptable to the
Majority Lenders, acting reasonably.

"PROJECTED REALIZED PRICE" means, as at the last day of any Fiscal Quarter and
with respect to the applicable Projected Production, the average expected sale
price per ounce of gold of such Projected Production, where

        (x)    unhedged Projected Production is calculated at the trailing
               30-day average spot price per ounce of gold; and

        (y)    hedged Projected Production is calculated at the hedged price per
               ounce of gold, each of which type of hedge agreement and the
               counterparty thereto shall be on terms acceptable to the
               Administrative Agent.

For certainty, only hedged Projected Production which has been allocated for
delivery within the relevant 18 month period shall be included in the
calculation of Projected Realized Price.

"PRO RATA SHARE" means, at any particular time with respect to a particular
Lender, the ratio of the Individual Commitment of such Lender at such time to
the aggregate of the Individual Commitments of all of the Lenders at such time.

"QR MINE" means the gold mine located 70 kilometres southeast of Quesnel,
British Columbia.

"RECEIVER" means a receiver, receiver and manager or other person having similar
powers or authority appointed by the Administrative Agent or by a court at the
instance of the Administrative Agent in respect of the Secured Assets or any
part thereof.

"REDUCTION AMOUNT" means, for any Reduction Date, the amount equal to A less the
aggregate of B plus C plus D, where

<PAGE>   30
                                     - 24 -

A = the Scheduled Reduction Amount that corresponds to such Reduction Date;

B = any amounts deposited into the Sinking Fund Account on such Reduction Date
    in accordance with the first sentence of Section 11.01(v);

C = any amount deposited into the Sinking Fund Account after the immediately
    preceding Reduction Date up to and including the particular Reduction Date
    pursuant to the second sentence of Section 11.01(v) (the "Relevant Period");
    and

D = the aggregate amount of any mandatory prepayments under the Credit
    Facility made pursuant to Section 9.04 during the Relevant Period.

If, on any Reduction Date, the aggregate of B plus C plus D exceeds the amount
of the relevant Scheduled Reduction Amount, the amount of the next Scheduled
Reduction Amount shall be reduced by an amount equal to such excess and any
remaining excess thereafter shall be applied as a reduction to the amount of the
Credit Facility due on the Maturity Date and the remaining Scheduled Reduction
Amounts, in inverse order of maturity.

"REDUCTION DATES" means each of June 30, 2000, December 31, 2000, June 30, 2001,
December 31, 2001 and June 30, 2002 and "REDUCTION DATE" means any of the
Reduction Dates.

"REFUGIO MINE" means the gold mine located in the Maricunga mining district in
central Chile, 120 kilometres east of Iopiapo.

"RELEASE" means a "release", as such term is defined in CERCLA.

"RESERVES" means, at any particular time, the aggregate of (x) the aggregate
proven and probable recoverable reserves of gold and silver of the Companies
expressed in Gold Equivalent and (y) 50% of the possible recoverable reserves of
gold and silver of Kinross Canada at the Hoyle Pond Mine, expressed in Gold
Equivalent (provided such 50% never totals more than 15% of the Reserves), in
each case acceptable to the Administrative Agent, acting reasonably. For
purposes of greater certainty, (x) recoverable reserves shall be based upon the
Fiscal Year end recoverable reserves as reported by Kinross Canada to the
Administrative Agent but may include additional recoverable reserves which have
been added subsequent to such Fiscal Year end to the extent acceptable to the
Majority Lenders, acting reasonably, (y) recoverable reserves shall be decreased
by the ounces of gold that form part of such recoverable reserves that have been
actually mined since the beginning of the subsequent Fiscal Year until the time
of determination, and (z) the recovery factor applied in calculating recoverable
reserves must be acceptable to the Majority Lenders, acting reasonably.

"RESTRICTED SUBSIDIARIES" means Kinam U.S., Kinam Canada, Fairbanks Canada,
Melba Creek, LT Acquisition, Teko Inc., Teko Ltd. and Kinam Refugio, being all
of the subsidiaries, direct or

<PAGE>   31
                                     - 25 -

indirect, of any Borrower that holds a direct or indirect interest in (x) any
existing North American mine which is currently in production or (y) the Refugio
Mine.

"ROLLING OCF" means, for any particular Fiscal Quarter, OCF for such Fiscal
Quarter and for the three immediately preceding Fiscal Quarters.

"RYAN LODE DEPOSIT" means the real property owned by Teko Inc. and described as
such in Schedule P hereto, together with all buildings and structures thereon
and appurtenances thereto.

"RYAN LODE DEPOSIT TRUST DEED" means the deed of trust to be entered into by
Teko Inc. in favour of the Administrative Agent, in form and substance
satisfactory to all of the Lenders and as the same may be amended, modified,
supplemented or replaced from time to time, and pursuant to which Teko Inc.
shall grant to the Administrative Agent a first fixed and floating charge over
all of the assets related to the Ryan Lode Deposit as continuing collateral
security for the indebtedness, liabilities and obligations of Teko Inc. under
the Teko Inc. Guarantee to the extent it relates to the Secured Obligations.

"ROLLOVER NOTICE" shall have the meaning ascribed thereto in Section 5.03.

"SCHEDULE I LENDERS" means the Lenders that are listed in Schedule I to the Bank
Act (Canada).

"SCHEDULE II LENDERS" means the Lenders that are not Schedule I Lenders.

"SCHEDULE I REFERENCE LENDERS" means the Administrative Agent prior to the
Syndication Date and thereafter means the Administrative Agent and up to two
other Schedule I Lenders, which other Schedule I Lenders shall be acceptable to
the Administrative Agent and the Borrowers acting reasonably.

"SCHEDULE II REFERENCE LENDERS" means a reference group of up to three Schedule
II Lenders, the composition of which shall be acceptable to the Administrative
Agent and the Borrowers acting reasonably.

"SCHEDULED REDUCTION AMOUNT" means, with respect to a particular Reduction Date,
the amount opposite such Reduction Date as set forth below:

<TABLE>
<CAPTION>
        REDUCTION DATE                   SCHEDULED REDUCTION AMOUNT
        --------------                   --------------------------
<S>                                      <C>
        June 30, 2000                           $10,000,000
        December 31, 2000                       $10,000,000
        June 30, 2001                           $10,000,000
        December 31, 2001                       $10,000,000
        June 30, 2002                           $15,000,000
</TABLE>

<PAGE>   32
                                     - 26 -

provided, however, that the Scheduled Reduction Amounts shall be subject to
adjustment as provided in the definition of "Reduction Amount".

"SECURED ASSETS" means the property and assets of the Companies in which the
Administrative Agent has been granted a Lien pursuant to the Security Documents.

"SECURED OBLIGATIONS" means all present and future indebtedness, liabilities and
obligations of any Borrower:

        (a)    to the Administrative Agent and the Lenders or any of them under
               this agreement or any other Loan Document; and

        (b)    to the Lenders in respect of cash management arrangements now or
               hereafter entered into.

"SECURITY" means the collateral security constituted by the Security Documents.

"SECURITY DOCUMENTS" means the Borrower Security Documents and the Guarantor
Security Documents and "SECURITY DOCUMENT" means any of the Security Documents.

"SINKING FUND ACCOUNT" means the special purpose account established by Kinross
Canada with the Administrative Agent at the applicable Branch of Account and
into which Kinross Canada shall deposit monies pursuant to Section 11.01(v).

"SINKING FUND PLEDGE AGREEMENT" means the cash collateral pledge agreement to be
entered into by Kinross Canada in favour of the Administrative Agent, in form
and substance satisfactory to all of the Lenders and as the same may be amended,
modified, supplemented or replaced from time to time, and pursuant to which
Kinross Canada shall pledge to the Administrative Agent and grant to the
Administrative Agent a security interest in the Sinking Fund Account as
continuing collateral security for the Secured Obligations.

"SUBSIDIARY" shall have the meaning ascribed thereto in the Business
Corporations Act (Ontario).

"SYNDICATION DATE" means the date specified in a written notice from the
Administrative Agent to the Borrowers as the date of the completion of the
initial syndication by The Bank of Nova Scotia as Lender of the Credit Facility.

"TANGIBLE NET WORTH" means, at any particular time, the amount of Equity at such
time less the aggregate of the amounts, at such time, which would, in accordance
with generally accepted

<PAGE>   33
                                     - 27 -

accounting principles, be classified upon the consolidated balance sheet of
Kinross Canada as goodwill, deferred expenses and other intangible assets. For
purposes of greater certainty, Tangible Net Worth shall include (without
duplication):

        (i)    the Amax Gold Inc. $3.75 Series B convertible preferred shares in
               the amount of approximately U.S. $88,300,000; and

        (ii)   the Cdn. $200,000,000 December, 1996 subordinated convertible
               debentures of Kinross Canada;

and shall exclude (x) the redeemable retractable preference shares of Kinross
Canada in the amount of approximately U.S.$3,000,000 and (y) equity in
Non-Recourse Subsidiaries.

"TEKO INC." means La Teko Resources Inc.

"TEKO INC. GUARANTEE" means the guarantee agreement to be entered into by Teko
Inc. in favour of the Administrative Agent, in form and substance satisfactory
to all of the Lenders and as the same may be amended, modified, supplemented or
replaced from time to time, and pursuant to which Teko Inc. shall guarantee the
Secured Obligations and the Hedging Obligations.

"TEKO INC. INVESTMENT ACCOUNT PLEDGE AGREEMENT" means the pledge agreement to be
entered into by Teko Inc. in favour of the Administrative Agent, in form and
substance satisfactory to all of the Lenders and as the same may be amended,
modified, supplemented or replaced from time to time, and pursuant to which Teko
Inc. shall pledge to the Administrative Agent and grant to the Administrative
Agent a security interest in all of the Investment Account Collateral of Teko
Inc. as continuing collateral security for the indebtedness, liabilities and
obligation of Teko Inc. under the Teko Inc. Guarantee to the extent it relates
to the Secured Obligations.

"TEKO LTD." means La Teko Resources Ltd.

"TEKO LTD. GUARANTEE" means the guarantee agreement to be entered into by Teko
Ltd. in favour of the Administrative Agent, in form and substance satisfactory
to all of the Lenders and as the same may be amended, modified, supplemented or
replaced from time to time, and pursuant to which Teko Ltd. shall guarantee the
Secured Obligations and the Hedging Obligations.

"TEKO LTD. PLEDGE AGREEMENT" means the pledge agreement to be entered into by
Teko Ltd. in favour of the Administrative Agent, in form and substance
satisfactory to all of the Lenders and as the same may be amended, modified,
supplemented or replaced from time to time and pursuant to which Teko Ltd. shall
pledge to the Administrative Agent and grant to the Administrative Agent a
security interest in all of the issued and outstanding shares of Teko Inc. as
continuing collateral

<PAGE>   34
                                     - 28 -

security for the indebtedness, liabilities and obligations of Teko Ltd. under
the Teko Ltd. Guarantee to the extent it relates to the Secured Obligations.

"TOTAL INDEBTEDNESS" means, at any particular time, the aggregate Indebtedness
of Kinross Canada on a consolidated basis. For purposes of greater certainty,
"Total Indebtedness" shall (x) exclude that portion of the Cdn. $200,000,000
December 1996 subordinated convertible debentures of Kinross Canada which, in
accordance with generally accepted accounting principles, would constitute
indebtedness and (y) include the redeemable retractable preference shares of
Kinross Canada in the amount of approximately U.S. $3,000,000.

"TRUE NORTH DEPOSIT" means the real property owned by Fairbanks U.S. or Teko
Inc. described in Schedule Q hereto, together with all buildings and structures
thereon and appurtenances thereto.

"TRUE NORTH DEPOSIT TRUST DEED" means the deed of trust to be entered into by
Fairbanks U.S. and Teko Inc. in favour of the Administrative Agent, in form and
substance satisfactory to all of the Lenders and as the same may be amended,
modified, supplemented or replaced from time to time, and pursuant to which
Fairbanks U.S. and Teko Inc. shall grant to the Administrative Agent a first
fixed and floating charge over all of the assets related to the True North
Deposit as continuing collateral security, in the case of Fairbanks U.S., for
the Secured Obligations and, in the case of Teko Inc., for the indebtedness,
obligations and limitations of Teko Inc. under the Teko Inc. Guarantee to the
extent it relates to the Secured Obligations.

"UBS LETTER" means irrevocable letter of credit No. SBY504662 issued on May 22,
1997 on behalf of Fairbanks U.S. by Union Bank of Switzerland in favour of The
First National Bank of Chicago.

"UCC" means the Uniform Commercial Code of the United States, as amended.

"U.S." and "UNITED STATES" means the United States of America.

"U.S. BORROWERS" means Kinross U.S.A. and Fairbanks U.S. and "U.S. BORROWER"
means either of the U.S. Borrowers.

"U.S. BRANCH OF ACCOUNT" means the Atlanta Agency of the Administrative Agent
located at 600 Peachtree Street, N.E., Suite 2700, Atlanta, Georgia 30308, or
such other office of the Administrative Agent located in the United States as
the U.S. Borrowers and the Administrative Agent may agree upon.

"UNDEVELOPED PORTION OF THE FORT KNOX MINE" means that portion of the Fort Knox
Mine to which no proven and probable recoverable reserves of gold and silver
have been attributed by the Companies.

<PAGE>   35
                                     - 29 -

"U.S. DOLLAR EQUIVALENT" means the relevant Exchange Equivalent in United States
dollars of any amount of Canadian dollars.

"WASTE" means any waste, as defined by EPA.

"WITHDRAWAL LIABILITY" shall mean liability to a Multiemployer Plan as a result
of a complete or partial withdrawal from such Multiemployer Plan, as such terms
are defined in Part I of Subtitle E or Title IV of ERISA.

1.02 OTHER USAGES. References to "this agreement", "the agreement", "hereof",
"herein", "hereto" and like references refer to this Credit Agreement and not to
any particular Article, Section or other subdivision of this agreement. Any
references herein to any agreements or documents shall mean such agreements or
documents as amended, supplemented or otherwise modified from time to time in
accordance with the terms hereof and thereof.

1.03 PLURAL AND SINGULAR. Where the context so requires, words importing the
singular number shall include the plural and vice versa.

1.04 HEADINGS. The division of this agreement into Articles and Sections and the
insertion of headings in this agreement are for convenience of reference only
and shall not affect the construction or interpretation of this agreement.

1.05 CURRENCY. Unless otherwise specified herein, all statements of or
references to dollar amounts in this agreement shall mean lawful money of the
United States.

1.06 APPLICABLE LAW. This agreement shall be governed by and construed in
accordance with the laws of the Province of Ontario and the federal laws of
Canada applicable therein. Any legal action or proceeding with respect to this
agreement may be brought in the courts of the Province of Ontario and, by
execution and delivery of this agreement, the parties hereby accept for
themselves and in respect of their property, generally and unconditionally, the
non-exclusive jurisdiction of the aforesaid courts. Each party irrevocably
consents to the service of process out of any of the aforementioned courts in
any such action or proceeding by the mailing of copies thereof by registered or
certified mail, postage prepaid, to such party to the address prescribed by
Section 15.01, such service to become effective five Banking Days after such
mailing. Nothing herein shall limit the right of any party to serve process in
any manner permitted by law or to commence legal proceedings or otherwise
proceed against any other party in any other jurisdiction.

1.07 TIME OF THE ESSENCE. Time shall in all respects be of the essence of this
agreement.

1.08 NON-BANKING DAYS. Subject to Section 7.04(c), whenever any payment to be
made hereunder shall be stated to be due or any action to be taken hereunder
shall be stated to be required

<PAGE>   36
                                     - 30 -

to be taken on a day other than a Banking Day, such payment shall be made or
such action shall be taken on the next succeeding Banking Day and, in the case
of the payment of any amount, the extension of time shall be included for the
purposes of computation of interest, if any, thereon.

1.09 CONSENTS AND APPROVALS. Whenever the consent or approval of a party hereto
is required in a particular circumstance, unless otherwise expressly provided
for therein, such consent or approval shall not be unreasonably withheld or
delayed by such party.

1.10 AMOUNT OF CREDIT. Any reference herein to the amount of credit outstanding
shall mean, at any particular time:

        (a)    in the case of a Prime Rate Loan, the U.S. Dollar Equivalent of
               the principal amount thereof;

        (b)    in the case of a LIBO Loan, Base Rate Canada Loan or Base Rate
               New York Loan, the principal amount thereof;

        (c)    in the case of a Bankers' Acceptance, the U.S. Dollar Equivalent
               of the face amount thereof; and

        (d)    in the case of a Letter denominated in U.S. dollars, the
               contingent liability of the Bank thereunder (or, if the Letter is
               denominated in Canadian dollars, the U.S. Dollar Equivalent of
               the contingent liability of the Issuing Lender thereunder).

1.11 SCHEDULES. Each and every one of the schedules which is referred to in this
agreement and attached to this agreement shall form a part of this agreement.

1.12 EXTENSION OF CREDIT. For the purposes hereof, each drawdown, rollover and
conversion shall be deemed to be an extension of credit to the Borrowers
hereunder.

1.13 JOINT AND SEVERAL OBLIGATIONS. All obligations hereunder which are stated
to be obligations of the Borrowers or any one of them to the Lenders shall, to
the extent permitted by applicable law, be joint and several obligations of the
Borrowers. The obligation of any Borrower (hereinafter, individually in this
sentence, the "first mentioned Borrower") with respect to its joint and several
liability for the credit extended to the other Borrowers shall not be wholly or
partially satisfied by such first mentioned Borrower repaying the credit
extended to such first mentioned Borrower hereunder. With respect to the joint
and several obligations of the Borrowers, the Lenders shall not be bound to
exhaust their recourse against any Borrower or others or any security or
guarantees it may at any time hold before being entitled to payment from any
Borrower and each Borrower renounces all benefits of discussion and division.

<PAGE>   37
                                     - 31 -

                                    ARTICLE 2
                                 CREDIT FACILITY

2.01 ESTABLISHMENT OF CREDIT FACILITY. Subject to the terms and conditions
hereof, the Lenders hereby establish in favour of the Borrowers a revolving term
credit facility (the "Credit Facility") in the amount of U.S. $110,000,000 or
the Canadian Dollar Equivalent thereof, reducing on each Reduction Date by the
applicable Reduction Amount.

2.02 CREDIT RESTRICTIONS. Subject to the terms and conditions hereof, the
aggregate amount of credit outstanding under the Credit Facility shall not at
any time exceed the amount of the Credit Facility. Notwithstanding any other
provision hereof, Kinross Canada shall be entitled to obtain credit by way of BA
Rate Loans or Bankers' Acceptances only in an aggregate amount for any drawdown,
rollover or conversion in an amount greater than or equal to Cdn. $2,000,000.

2.03 LENDERS' COMMITMENTS. Subject to the terms and conditions hereof, the
Lenders severally agree to extend credit to the Borrowers under the Credit
Facility from time to time provided that the aggregate amount of credit extended
by each Lender under the Credit Facility shall not at any time exceed the
Individual Commitment of such Lender and further provided that the aggregate
amount of credit outstanding under the Credit Facility shall not at any time
exceed the amount of the Credit Facility. All credit requested under the Credit
Facility shall be made available to the relevant Borrower contemporaneously by
all of the Lenders. Each Lender shall provide to the relevant Borrower its Pro
Rata Share of each credit, whether such credit is extended by way of drawdown,
rollover or conversion. No Lender shall be responsible for any default by any
other Lender in its obligation to provide its Pro Rata Share of any credit under
the Credit Facility nor shall the Individual Commitment of any Lender be
increased as a result of any such default of another Lender in extending credit
under the Credit Facility. The failure of any Lender to make available to the
relevant Borrower its Pro Rata Share of any credit under the Credit Facility
shall not relieve any other Lender of its obligation hereunder to make available
to such Borrower its Pro Rata Share of such credit under the Credit Facility.

2.04 REDUCTION OF CREDIT FACILITY. The Borrowers may, from time to time and at
any time, by notice in writing to the Administrative Agent, permanently reduce
the Credit Facility in whole or in part to the extent it is not being utilized
at the time such notice is given, provided that such reduction shall not become
effective until five Banking Days after such notice has been given. The amount
of the Credit Facility will be permanently reduced with respect to repayment
made in accordance with Section 9.01. Any mandatory prepayment under the Credit
Facility pursuant to Section 9.04 shall cause a permanent reduction in the
amount of the Credit Facility, such reduction in each case to be in an amount
equal to the amount of the prepayment and to be at the time of the prepayment.
The amount of the Credit Facility shall also reduce at the time, and in the
amount, of each payment to Kinross Canada pursuant to the penultimate sentence
of Section 6 of the Sinking Fund Pledge Agreement. The Credit Facility shall
also be permanently reduced in accordance with

<PAGE>   38
                                     - 32 -

the provisions of Section 2.01. Any repayment or prepayment of credit
outstanding under the Credit Facility (other than as set forth above) shall not
cause a reduction in the amount of the Credit Facility. Any repayment of
outstanding credit which forms part of any conversion from one type of credit to
another type of credit under Article 3 or Article 6 or of any rollover under
Article 5 shall not cause any reduction in the amount of the Credit Facility.
Upon any reduction of the Credit Facility, the Individual Commitment of each
Lender with respect to the Credit Facility shall thereupon be reduced by an
amount equal to such Lender's Pro Rata Share of the amount of such reduction of
the Credit Facility.

2.05 TERMINATION OF CREDIT FACILITY.

        (a) The Credit Facility shall terminate upon the earliest to occur of:

               (i)      the termination of the Credit Facility in accordance
                        with Section 13.01;

               (ii)     the date on which the Credit Facility has been
                        permanently reduced to zero pursuant to Section 2.04;
                        and

               (iii)    the Maturity Date.

        (b) Upon the termination of the Credit Facility, the right of the
Borrowers to obtain any credit thereunder and all of the obligations of the
Lenders to extend credit thereunder shall automatically terminate.

                                    ARTICLE 3
                     GENERAL PROVISIONS RELATING TO CREDITS

3.01 TYPES OF CREDIT AVAILMENTS. Subject to the terms and conditions hereof, the
Borrowers may obtain credit under the Credit Facility as follows:

        (a)    Kinross Canada may obtain credit under the Credit Facility by way
               of one or more Prime Rate Loans, Base Rate Canada Loans, LIBO
               Loans, Bankers' Acceptances and Letters;

        (b)    Kinross U.S.A. may obtain credit under the Credit Facility by way
               of one or more Base Rate New York Loans, LIBO Loans and U.S.
               dollar denominated Letters; and

        (c)    Fairbanks U.S. may obtain credit under the Credit Facility by way
               of one or more U.S. dollar denominated Letters.

<PAGE>   39
                                     - 33 -

3.02 FUNDING OF LOANS. Each Lender shall make available to the Administrative
Agent its Pro Rata Share of the principal amount of each Loan under the Credit
Facility prior to 11:00 a.m. (Toronto time) on the date of the extension of
credit. The Administrative Agent shall, upon fulfilment by the relevant Borrower
of the terms and conditions set forth in Article 12, make such funds available
to such Borrower on the date of the extension of credit by crediting the
relevant Designated Account (or causing such account to be credited) unless
otherwise irrevocably authorized and directed in the Drawdown Notice. Unless the
Administrative Agent has been notified by a Lender at least one Banking Day
prior to the date of the extension of credit that such Lender will not make
available to the Administrative Agent its Pro Rata Share of such Loan, the
Administrative Agent may assume that such Lender has made such portion of the
Loan available to the Administrative Agent on the date of the extension of
credit in accordance with the provisions hereof and the Administrative Agent
may, in reliance upon such assumption, make available to the relevant Borrower
on such date a corresponding amount. If the Administrative Agent has made such
assumption, to the extent such Lender shall not have so made its Pro Rata Share
of the Loan available to the Administrative Agent, such Lender agrees to pay to
the Administrative Agent, forthwith on demand, such Lender's Pro Rata Share of
the Loan and all reasonable costs and expenses incurred by the Administrative
Agent in connection therewith together with interest thereon at the then
prevailing interbank rate for each day from the date such amount is made
available to the relevant Borrower until the date such amount is paid or repaid
to the Administrative Agent; provided, however, that notwithstanding such
obligation, if such Lender fails so to pay, the relevant Borrower shall, without
prejudice to any rights that such Borrower might have against such Lender, repay
such amount to the Administrative Agent forthwith after demand therefor by the
Administrative Agent. The amount payable by each Lender to the Administrative
Agent pursuant hereto shall be set forth in a certificate delivered by the
Administrative Agent to such Lender and the relevant Borrower (which certificate
shall contain reasonable details of how the amount payable is calculated) and
shall constitute prima facie evidence of such amount payable. If such Lender
makes the payment to the Administrative Agent required herein, the amount so
paid shall constitute such Lender's Pro Rata Share of the Loan for purposes of
this agreement and shall entitle the Lender to all rights and remedies against
the relevant Borrower in respect of such Loan.

3.03 FAILURE OF LENDER TO FUND LOAN. If any Lender fails to make available to
the Administrative Agent its Pro Rata Share of any Loan under the Credit
Facility as required (such Lender being herein called the "Defaulting Lender")
and the Administrative Agent has not funded pursuant to Section 3.02, the
Administrative Agent shall forthwith give notice of such failure by the
Defaulting Lender to the relevant Borrower and the other Lenders and such notice
shall state that any Lender may make available to the Administrative Agent all
or any portion of the Defaulting Lender's Pro Rata Share of such Loan (but in no
way shall any other Lender or the Administrative Agent be obliged to do so) in
the place and stead of the Defaulting Lender. If more than one Lender gives
notice that it is prepared to make funds available in the place and stead of a
Defaulting Lender in such circumstances and the aggregate of the funds which
such Lenders (herein collectively called the "Contributing Lenders" and
individually called the "Contributing Lender") are prepared to make

<PAGE>   40
                                     - 34 -

available exceeds the amount of the advance which the Defaulting Lender failed
to make, then each Contributing Lender shall be deemed to have given notice that
it is prepared to make available its pro rata share of such advance based on the
Contributing Lenders' relative commitments to advance in such circumstances. If
any Contributing Lender makes funds available in the place and stead of a
Defaulting Lender in such circumstances, then the Defaulting Lender shall pay to
any Contributing Lender making the funds available in its place and stead,
forthwith on demand, any amount advanced on its behalf together with interest
thereon at the then prevailing interbank rate for each day from the date of
advance to the date of payment, against payment by the Contributing Lender
making the funds available of all interest received in respect of the Loan from
the relevant Borrower. In addition to interest as aforesaid, the relevant
Borrower shall pay all amounts owing by the relevant Borrower to the Defaulting
Lender hereunder (with respect to the amounts advanced by the Contributing
Lenders on behalf of the Defaulting Lender) to the Contributing Lenders until
such time as the Defaulting Lender pays to the Administrative Agent for the
Contributing Lenders all amounts advanced by the Contributing Lenders on behalf
of the Defaulting Lender. The failure of any Lender to make available to the
Administrative Agent its Pro Rata Share of any Loan as required herein shall not
relieve any other Lender of its obligations to make available to the
Administrative Agent its Pro Rata Share of any Loan as required herein.

3.04 FUNDING OF BANKERS' ACCEPTANCES.

        (a) If the Administrative Agent receives a Drawdown Notice, Rollover
Notice or Conversion Notice requesting a drawdown of, a rollover of or a
conversion into Bankers' Acceptances, the Administrative Agent shall notify each
Lender, prior to 11:00 a.m. (Toronto time) on the second Banking Day prior to
the date of such extension of credit of such request and of each Lender's Pro
Rata Share of such extension of credit. The Administrative Agent shall also at
such time notify Kinross Canada of each Lender's Pro Rata Share of such
extension of credit. Each Lender shall, not later than 11:00 a.m. (Toronto time)
on the date of each extension of credit by way of Bankers' Acceptance, accept
drafts of Kinross Canada which are presented to it for acceptance and which have
an aggregate face amount equal to such Lender's Pro Rata Share of the total
extension of credit being made available by way of Bankers' Acceptances on such
date, as advised by the Administrative Agent. Each Lender shall purchase the
Bankers' Acceptances which it has accepted for a purchase price equal to the BA
Discounted Proceeds therefor. Each Lender may at any time and from time to time
hold, sell, rediscount or otherwise dispose of any and all Bankers' Acceptances
accepted and purchased by it.

        (b) Kinross Canada shall provide for payment to the accepting Lenders of
the face amount of each Bankers' Acceptance at its maturity, either by payment
of such amount or through an extension of credit hereunder or through a
combination of both. Kinross Canada hereby waives presentment for payment of
Bankers' Acceptances by the Lenders and any defence to payment of amounts due to
a Lender in respect of a Bankers' Acceptance which might exist by reason of such

<PAGE>   41
                                     - 35 -

Bankers' Acceptance being held at maturity by such Lender which accepted it and
agrees not to claim from such Lender any days of grace for the payment at
maturity of Bankers' Acceptances.

        (c) In the case of a drawdown by way of Bankers' Acceptance, each Lender
shall, forthwith after the acceptance of drafts of Kinross Canada as aforesaid,
make available to the Administrative Agent the BA Proceeds with respect to the
Bankers' Acceptances accepted by it. The Administrative Agent shall, upon
fulfilment by Kinross Canada of the terms and conditions set forth in Article
12, make such BA Proceeds available to Kinross Canada on the date of such
extension of credit by crediting the applicable Designated Account. In the case
of a rollover of or conversion into Bankers' Acceptances, each Lender shall
retain the Bankers' Acceptance accepted by it and shall not be required to make
any funds available to the Administrative Agent for deposit to the applicable
Designated Account; however, forthwith after the acceptance of drafts of Kinross
Canada as aforesaid, Kinross Canada shall pay to the Administrative Agent on
behalf of the Lenders an amount equal to the aggregate amount of the acceptance
fees in respect of such Bankers' Acceptances calculated in accordance with
Section 7.05 plus the amount by which the aggregate face amount of such Bankers'
Acceptances exceeds the aggregate BA Discounted Proceeds with respect thereto.

        (d) Any Bankers' Acceptance may, at the option of Kinross Canada, be
executed in advance by or on behalf of Kinross Canada, by mechanically
reproduced or facsimile signatures of any two officers of Kinross Canada who are
properly so designated and authorized by Kinross Canada from time to time. Any
Bankers' Acceptance so executed and delivered by Kinross Canada to the Lenders
shall be valid and shall bind Kinross Canada and may be dealt with by the
Lenders to all intents and purposes as if the Bankers' Acceptance had been
signed in the executing officers' own handwriting.

        (e) Kinross Canada shall notify the Lenders as to those officers whose
signatures may be reproduced and used to execute Bankers' Acceptances in the
manner provided in Section 3.04(d). Bankers' Acceptances with the mechanically
reproduced or facsimile signatures of designated officers may be used by the
Lenders and shall continue to be valid, notwithstanding the death, termination
of employment or termination of authorization of either or both of such officers
or any other circumstance.

        (f) Kinross Canada hereby indemnifies and agrees to hold harmless the
Lenders against and from all losses, damages, expenses and other liabilities
caused by or attributable to the use of the mechanically reproduced or facsimile
signature instead of the original signature of an authorized officer of Kinross
Canada on a Banker's Acceptance prepared, executed, issued and accepted pursuant
to this agreement, except to the extent determined by a court of competent
jurisdiction to be due to the gross negligence or wilful misconduct of the
Lenders.

<PAGE>   42
                                     - 36 -

        (g) Each Lender agrees that, in respect of the safekeeping of executed
drafts of Kinross Canada which are delivered to it for acceptance hereunder, it
shall exercise the same degree of care which it gives to its own property,
provided that it shall not be deemed to be an insurer thereof.

        (h) All Bankers' Acceptances to be accepted by a particular Lender
shall, at the option of such Lender, be issued in the form of depository bills
made payable originally to and deposited with The Canadian Depository for
Securities Limited pursuant to the Depository Bills and Notes Act (Canada).

        (i) At the request of a particular Lender, Kinross Canada shall promptly
execute and deliver to such Lender a power of attorney in favour of such
Canadian Lender in the form of Schedule M hereto.

3.05 BA RATE LOANS. If, in the sole judgement of a Lender, such Lender is unable
to extend credit by way of Bankers' Acceptances in accordance with this
agreement, such Lender shall give an irrevocable notice to such effect to the
Administrative Agent and Kinross Canada prior to 10:00 a.m. (Toronto time) on
the date of the requested credit extension and shall make available to Kinross
Canada prior to 11:00 a.m. (Toronto time) on the date of such requested credit
extension a Canadian dollar loan (a "BA Rate Loan") in the principal amount
equal to such Lender's Pro Rata Share of the total credit to be extended by way
of Bankers' Acceptances, such BA Rate Loan to be funded in the same manner as a
Loan is funded pursuant to Section 3.02 and 3.03. Such BA Rate Loan shall have
the same term as the Bankers' Acceptances for which it is a substitute and shall
bear such rate of interest per annum throughout the term thereof as shall permit
such Lender to obtain the same effective rate as if such Lender had accepted and
purchased a Bankers' Acceptance at the same acceptance fee and pricing at which
a Schedule II Lender would have accepted and purchased such Bankers' Acceptance
at approximately 11:00 a.m. (Toronto time) on the date such BA Rate Loan is
made, on the basis that, and Kinross Canada hereby agrees that, for such a BA
Rate Loan, interest shall be payable in advance on the date of the extension of
credit by the Lender deducting the interest payable in respect thereof from the
principal amount of such BA Rate Loan. All BA Rate Loans to be made by a
particular Lender shall, at the option of such Lender, be evidenced by a
promissory note in the form of a depository note made payable originally to and
deposited with The Canadian Depository for Securities Limited pursuant to the
Depository Bills and Notes Act (Canada).

3.06 TIMING OF CREDIT AVAILMENTS. No Bankers' Acceptance, BA Rate Loan or LIBO
Loan under the Credit Facility may have a maturity date later than the Maturity
Date.

3.07 INABILITY TO FUND U.S. DOLLAR ADVANCES IN CANADA. If a Lender determines in
good faith, which determination shall be final, conclusive and binding on
Kinross Canada, and the Administrative Agent notifies Kinross Canada that (i) by
reason of circumstances affecting financial markets inside or outside Canada,
deposits of United States dollars are unavailable to such Lender in Canada, (ii)
adequate and fair means do not exist for ascertaining the applicable interest
rate on

<PAGE>   43
                                     - 37 -

the basis provided in the definition of LIBOR or Alternate Base Rate Canada, as
the case may be, (iii) the making or continuation of United States dollar
advances in Canada has been made impracticable by the occurrence of a
contingency (other than a mere increase in rates payable by such Lender to fund
the advance) which materially and adversely affects the funding of the advances
at any interest rate computed on the basis of the LIBOR or the Alternate Base
Rate Canada, as the case may be, or by reason of a change in any applicable law
or government regulation, guideline or order (whether or not having the force of
law but, if not having the force of law, one with which a responsible Canadian
chartered bank would comply) or in the interpretation thereof by any Official
Body affecting such Lender or any relevant financial market, which results in
LIBOR or the Alternative Base Rate Canada, as the case may be, no longer
representing the effective cost to such Lender of deposits in such market for a
relevant Interest Period, or (iv) any change to present law or any future law,
regulation, order, treaty or official directive (whether or not having the force
of law but, if not having the force of law, one with which a responsible
Canadian chartered bank would comply) or any change therein or any
interpretation or application thereof by any Official Body has made it unlawful
for such Lender to make or maintain or give effect to its obligations in respect
of United States dollar advances in Canada as contemplated herein, then

        (a)    the right of Kinross Canada to obtain any affected Base Rate
               Canada Loan or LIBO Loan from such Lender shall be suspended
               until such Lender determines that the circumstances causing such
               suspension no longer exist and such Lender so notifies Kinross
               Canada;

        (b)    if any affected Base Rate Canada Loan or LIBO Loan is not yet
               outstanding, any applicable Drawdown Notice shall be cancelled
               and the advance requested therein shall not be made;

        (c)    if any LIBO Loan is already outstanding at any time when the
               right of Kinross Canada to obtain credit by way of a LIBO Loan is
               suspended, it shall, subject to Kinross Canada having the right
               to obtain credit by way of a Base Rate Canada Loan at such time,
               be converted on the last day of the Interest Period applicable
               thereto (or on such earlier date as may be required to comply
               with any applicable law) to a Base Rate Canada Loan in the
               principal amount equal to the principal amount of the LIBO Loan
               or, if Kinross Canada does not have the right to obtain credit by
               way of a Base Rate Canada Loan at such time, such LIBO Loan shall
               be converted on the last day of the Interest Period applicable
               thereto (or on such earlier date as may be required to comply
               with any applicable law) to a Prime Rate Loan in the principal
               amount equal to the Canadian Dollar Equivalent of the principal
               amount of such LIBO Loan; and

        (d)    if any Base Rate Canada Loan is already outstanding at any time
               when the right of Kinross Canada to obtain credit by way of a
               Base Rate Canada Loan is suspended,

<PAGE>   44
                                     - 38 -

               it shall, subject to Kinross Canada having the right to obtain
               credit by way of a LIBO Loan at such time, be immediately
               converted to a LIBO Loan in the principal amount equal to the
               principal amount of the Base Rate Canada Loan and having an
               Interest Period of one month or, if Kinross Canada does not have
               the right to obtain credit by way of a LIBO Loan at such time, it
               shall be immediately converted to a Prime Rate Loan in the
               principal amount equal to the Canadian Dollar Equivalent of the
               principal amount of the Base Rate Canada Loan.

3.08 TIME AND PLACE OF PAYMENTS. Unless otherwise expressly provided herein, the
Borrowers shall make all payments pursuant to this agreement or pursuant to any
document, instrument or agreement delivered pursuant hereto by deposit to the
applicable Designated Account before 12:00 noon (Toronto time) on the day
specified for payment and the Administrative Agent shall be entitled to withdraw
the amount of any payment due to the Administrative Agent or the Lenders
hereunder from such accounts on the day specified for payment.

3.09 REMITTANCE OF PAYMENTS. Forthwith after the withdrawal from the applicable
Designated Account by the Administrative Agent of any payment of principal,
interest, fees or other amounts for the benefit of the relevant Lenders pursuant
to Section 3.08, the Administrative Agent shall, subject to Sections 3.03 and
8.03 remit to each Lender, in immediately available funds, such Lender's Pro
Rata Share of such payment (except to the extent such payment results from a
Loan with respect to which a Lender had failed, pursuant to Section 3.02, to
make available to the Administrative Agent its Pro Rata Share and, where any
other Lender has made funds available in the place and stead of a Defaulting
Lender); provided that if the Administrative Agent, on the assumption that it
will receive, on any particular date, a payment of principal (including, without
limitation, a prepayment), interest, fees or other amount under the Credit
Facility, remits to each Lender its Pro Rata Share of such payment and the
relevant Borrower fails to make such payment, each Lender agrees to repay to the
Administrative Agent, forthwith on demand, to the extent that such amount is not
recovered from the relevant Borrower on demand and after reasonable efforts by
the Administrative Agent to collect such amount (without in any way obligating
the Administrative Agent to take any legal action with respect to such
collection), such Lender's Pro Rata Share of the payment made to it pursuant
hereto together with interest thereon at the then prevailing interbank rate for
each day from the date such amount is remitted to the Lenders until the date
such amount is paid or repaid to the Administrative Agent, the exact amount of
the repayment required to be made by the Lenders pursuant hereto to be as set
forth in a certificate delivered by the Administrative Agent to each Lender,
which certificate shall constitute prima facie evidence of such amount of
repayment.

3.10 EVIDENCE OF INDEBTEDNESS. The Administrative Agent shall maintain accounts
wherein the Administrative Agent shall record the amount of credit outstanding,
each payment of principal and interest on account of each Loan, each Bankers'
Acceptance accepted and cancelled, each Letter issued and draw upon and all
other amounts becoming due to and being paid to the Lenders or the

<PAGE>   45
                                     - 39 -

Administrative Agent hereunder, including acceptance fees, Letter fees and
standby fees. The Administrative Agent's accounts constitute, in the absence of
manifest error, prima facie evidence of the indebtedness of the Borrowers
pursuant to this agreement.

3.11 GENERAL PROVISIONS RELATING TO ALL LETTERS.

        (a) Each Borrower hereby acknowledges and confirms to the Issuing Lender
that the Issuing Lender shall not be obliged to make any inquiry or
investigation as to the right of any beneficiary to make any claim or Draft or
request any payment under a Letter and payment by the Issuing Lender pursuant to
a Letter shall not be withheld by the Issuing Lender by reason of any matters in
dispute between the beneficiary thereof and such Borrower. The sole obligation
of the Issuing Lender with respect to Letters is to cause to be paid a Draft
drawn or purporting to be drawn in accordance with the terms of the applicable
Letter and for such purpose the Issuing Lender is only obliged to determine that
the Draft purports to comply with the terms and conditions of the relevant
Letter.

        (b) The Issuing Lender shall not have any responsibility or liability
for or any duty to inquire into the form, sufficiency (other than to the extent
provided in the preceding paragraph), authorization, execution, signature,
endorsement, correctness (other than to the extent provided in the preceding
paragraph), genuineness or legal effect of any Draft, certificate or other
document presented to it pursuant to a Letter and each Borrower unconditionally
assumes all risks with respect to the same. Each Borrower agrees that it assumes
all risks of the acts or omissions of the beneficiary of any Letter with respect
to the use by such beneficiary of the relevant Letter.

        (c) The obligations of each Borrower hereunder with respect to Letters
shall be absolute, unconditional and irrevocable and shall not be reduced by any
event or occurrence including, without limitation:

        (i)    any lack of validity or enforceability of this agreement or any
               such Letter;

        (ii)   any amendment or waiver of or any consent to departure from this
               agreement;

        (iii)  the existence of any claim, set-off, defense or other rights
               which such Borrower may have at any time against any beneficiary
               or any transferee of any such Letter (or any person or entities
               for whom any such beneficiary or any such transferee may be
               acting), any Lender, the Issuing Lender or any other person or
               entity;

        (iv)   any Draft, statement or other document presented under any such
               Letter proving to be forged, fraudulent, invalid or insufficient
               in any respect or any statement therein being untrue or
               inaccurate in any respect whatsoever;

<PAGE>   46
                                     - 40 -

        (v)    payment by the Issuing Lender under such Letter against
               presentation of a sight draft or certificate which does not
               comply with the terms of such Letter;

        (vi)   any non-application or misapplication by the beneficiary of such
               Letter of the proceeds of any drawing under such Letter;

        (vii)  the surrender or impairment of any Security;

        (viii) any reduction or withdrawal of the Issuing Lender's credit rating
               by any rating agency; or

        (ix)   any other circumstance, happening or omission, whether or not
               similar to any of the foregoing.

The obligations of each Borrower hereunder with respect to Letters shall remain
in full force and effect and shall apply to any amendment to or extension of the
expiration date of any such Letter.

        (d) Any action, inaction or omission taken or suffered by the Issuing
Lender or any of the Issuing Lender's correspondents under or in connection with
a Letter or any Draft made thereunder, if in good faith and in conformity with
foreign or domestic laws, regulations or customs applicable thereto, shall be
binding upon the relevant Borrower and shall not place the Issuing Lender or any
of its correspondents under any resulting liability to such Borrower. Without
limiting the generality of the foregoing, the Issuing Lender and its
correspondents may receive, accept or pay as complying with the terms of a
Letter, any Draft thereunder, otherwise in order which may be signed by, or
issued to, the administrator or any executor of, or the trustee in bankruptcy
of, or the receiver for any property of, or other person or entity acting as the
representative or in the place of, such beneficiary or its successors and
assigns. Each Borrower covenants that it will not take any steps, issue any
instructions to the Issuing Lender or any of its correspondents or institute any
proceedings intended to derogate from the right or ability of the Issuing Lender
or its correspondents to honour and pay any Draft or Drafts.

        (e) Each Borrower agrees that the Lenders, the Issuing Lender and the
Administrative Agent shall have no liability to it for any reason in respect of
or in connection with any Letter, the issuance thereof, any payment thereunder,
or any other action taken by the Lenders, the Issuing Lender or the
Administrative Agent or any other person in connection therewith, other than on
account of the Issuing Lender's gross negligence or wilful misconduct.

        (f) The Uniform Customs and Practice for Documentary Credits as most
recently published by the International Chamber of Commerce (the "UCP") shall in
all respects apply to each Letter and shall be deemed for such purpose to be a
part hereof as if fully incorporated herein. In

<PAGE>   47
                                     - 41 -

the event of any conflict between the UCP and the laws of any jurisdiction
specified in the relevant Letter, the UCP shall prevail to the extent necessary
to remove the conflict.

3.12 NOTICE PERIODS. Each Drawdown Notice, Rollover Notice, Conversion Notice
and Prepayment Notice shall be given to the Administrative Agent:

        (a)    prior to 10:00 a.m. (Toronto time) on the third Banking Day prior
               to the date of any voluntary prepayment or the date of a drawdown
               of, rollover of, conversion into or conversion of a Bankers'
               Acceptance, LIBO Loan or the issuance of a Letter; and

        (b)    prior to 10:00 a.m. (Toronto time) on the second Banking Day
               prior to the date of any other drawdown, rollover or conversion.

                                    ARTICLE 4
                                    DRAWDOWNS

4.01 DRAWDOWN NOTICE. Subject to Section 3.07 and provided that all of the
applicable conditions precedent set forth in Article 12 have been fulfilled by
the Borrowers or waived by the Majority Lenders, any Borrower may, from time to
time, obtain credit hereunder by giving to the Administrative Agent an
irrevocable notice in substantially the form of Schedule E hereto ("Drawdown
Notice") in accordance with Section 3.12 and specifying

        (a)    the applicable Borrower;

        (b)    the date the credit is to be obtained;

        (c)    whether the credit is to be obtained by way of Prime Rate Loan,
               Base Rate Canada Loan, Base Rate New York Loan, LIBO Loan,
               Bankers' Acceptance or Letter;

        (d)    in the case of any credit to be obtained by way of a Loan, the
               principal amount of the Loan;

        (e)    if the credit is to be obtained by way of LIBO Loan, the
               applicable Interest Period;

        (f)    if the credit is to be obtained by way of Bankers' Acceptances,
               the aggregate face amount of the Bankers' Acceptances to be
               issued and the term of the Bankers' Acceptances;

        (g)    if the credit is to be obtained by way of Letter, the named
               beneficiary of the Letter, the maturity date and amount of the
               Letter, the currency in which the Letter is to be

<PAGE>   48
                                     - 42 -

               denominated and all other terms of the Letter (including, without
               limitation, (i) the proposed form of the Letter and (ii) if the
               Letter is to be issued on behalf of a subsidiary of the
               applicable Borrower as well as on behalf of the applicable
               Borrower, the name of such subsidiary); and

        (h)    the details of any irrevocable authorization and direction
               pursuant to Section 3.02.

If credit is to be obtained by way of Letter and if such Letter is to be issued
on behalf of a subsidiary of the applicable Borrower as well as on behalf of the
applicable Borrower, such Borrower shall ensure that accompanying such Drawdown
Notice is an instrument, substantially in the form of Schedule I hereto, and
pursuant to which such subsidiary shall agree, without qualification, to
reimburse the Issuing Lender on demand for the full amount of each and any Draft
presented to and paid by the Issuing Lender in accordance with such Letter.

                                    ARTICLE 5
                                    ROLLOVERS

5.01 BANKERS' ACCEPTANCES. Provided that Kinross Canada has, by giving notice to
the Administrative Agent in accordance with Section 5.03, requested the Lenders
to accept its drafts to replace all or a portion of outstanding Bankers'
Acceptances as they mature, each Lender shall, on the maturity of such Bankers'
Acceptances and concurrent with the payment by Kinross Canada to such Lender of
the face amount of such Bankers' Acceptances or the portion thereof to be
replaced, accept Kinross Canada's draft or drafts having an aggregate face
amount equal to its Pro Rata Share of the aggregate face amount of the matured
Bankers' Acceptances or the portion thereof to be replaced in accordance with
Section 3.04.

5.02 LIBO LOANS. Subject to Section 3.07 and provided that the applicable
Borrower has, by giving notice to the Administrative Agent in accordance with
Section 5.03, requested the Lenders to continue to extend credit by way of a
LIBO Loan to replace all or a portion of an outstanding LIBO Loan as it matures,
each Lender shall, on the maturity of such LIBO Loan, continue to extend credit
to such Borrower by way of a LIBO Loan (without a further advance of funds to
such Borrower) in the principal amount equal to such Lender's Pro Rata Share of
the principal amount of the matured LIBO Loan or the portion thereof to be
replaced.

5.03 ROLLOVER NOTICE. The notice to be given to the Administrative Agent
pursuant to Section 5.01 or 5.02 ("Rollover Notice") shall be irrevocable, shall
be given in accordance with Section 3.12, shall be in substantially the form of
Schedule F hereto and shall specify:

        (a)    the applicable Borrower;

<PAGE>   49
                                     - 43 -

        (b)    the maturity date of the maturing Bankers' Acceptances or the
               maturing LIBO Loan, as the case may be;

        (c)    the face amount of the maturing Bankers' Acceptances or the
               principal amount of the maturing LIBO Loan, as the case may be,
               and the portion thereof to be replaced;

        (d)    in the case of a maturing LIBO Loan, the Interest Period or
               Interest Periods of the replacement LIBO Loans; and

        (e)    in the case of maturing Bankers' Acceptances, the aggregate face
               amount of the new Bankers' Acceptances to be issued and the term
               of the new Bankers' Acceptances.

                                    ARTICLE 6
                                   CONVERSIONS

6.01 CONVERTING LOAN TO OTHER TYPE OF LOAN. Subject to Section 3.07 and provided
that the applicable Borrower has, by giving notice to the Administrative Agent
in accordance with Section 6.04, requested the Lenders to convert all or a
portion of an outstanding Loan (other than a BA Rate Loan) into another type of
Loan (other than a BA Rate Loan), each Lender shall, on the date of conversion
(which, in the case of the conversion of all or a portion of an outstanding LIBO
Loan, shall be the date on which such Loan matures), continue to extend credit
to such Borrower by way of the type of Loan into which the outstanding Loan or a
portion thereof is converted (with a repayment and a subsequent advance of funds
to such Borrower) in the aggregate principal amount equal to such Lender's Pro
Rata Share of the principal amount or the Exchange Equivalent of the principal
amount, as the case may be, of the outstanding Loan or the portion thereof which
is being converted.

6.02 CONVERTING LOAN TO BANKERS' ACCEPTANCES. Provided that Kinross Canada has,
by giving notice to the Administrative Agent in accordance with Section 6.04,
requested the Lenders to accept its drafts to replace all or a portion of an
outstanding Loan and, if a LIBO Loan or a BA Rate Loan is to be replaced the
date of conversion is the date on which such Loan matures, each Lender shall, on
the date of conversion and concurrent with the payment by Kinross Canada to each
Lender of the principal amount of such outstanding Loan or the portion thereof
which is being converted, accept Kinross Canada's draft or drafts having an
aggregate face amount equal to its Pro Rata Share of the aggregate principal
amount of such Loan or the portion thereof which is being converted or the
Canadian Dollar Equivalent thereof, as the case may be, such acceptance to be in
accordance with Section 3.04.

6.03 CONVERTING BANKERS' ACCEPTANCES TO LOAN. Each Lender shall, on the maturity
date of a Bankers' Acceptance which such Lender has accepted, pay to the holder
thereof the face amount

<PAGE>   50
                                     - 44 -

of such Bankers' Acceptance. Subject to Section 3.07 and provided that Kinross
Canada has, by giving notice to the Administrative Agent in accordance with
Section 6.04, requested the Lenders to convert all or a portion of outstanding
maturing Bankers' Acceptances into a Loan, each Lender shall, upon the maturity
date of such Bankers' Acceptances and the payment by such Lender to the holders
of such Bankers' Acceptances of the aggregate face amount thereof and concurrent
with the payment by Kinross Canada to such Lender of the aggregate face amount
of such Bankers' Acceptances, extend credit to Kinross Canada by way of the Loan
into which the matured Bankers' Acceptances or a portion thereof are converted
in the aggregate principal amount equal to its Pro Rata Share of the aggregate
face amount or the U.S. Dollar Equivalent of the aggregate face amount, as the
case may be, of the matured Bankers' Acceptances or the portion thereof which
are being converted. Where a particular Lender has funded Kinross Canada by way
of a BA Rate Loan rather than by way of Bankers' Acceptances, the provisions of
this Section 6.03 as they relate to Bankers' Acceptances shall apply mutatis
mutandis to such BA Rate Loan.

6.04 CONVERSION NOTICE. The notice to be given to the Administrative Agent
pursuant to Section 6.01, 6.02 or 6.03 ("Conversion Notice") shall be
irrevocable, shall be given in accordance with Section 3.12, shall be in
substantially the form of Schedule G hereto and shall specify:

        (a)    the applicable Borrower;

        (b)    whether an outstanding Loan or Bankers' Acceptances are to be
               converted and, if an outstanding Loan is to be converted, the
               type of Loan to be converted;

        (c)    the date on which the conversion is to take place;

        (d)    the face amount of the Bankers' Acceptances or the portion
               thereof which is to be converted or the principal amount of the
               Loan or the portion thereof which is to be converted;

        (e)    the type and amount of the Loan or Bankers' Acceptances into
               which the outstanding Loan or Bankers' Acceptances are to be
               converted;

        (f)    if an outstanding Loan or Bankers' Acceptances are to be
               converted into a LIBO Loan, the applicable Interest Period; and

        (g)    if an outstanding Loan is to be converted into Bankers'
               Acceptances, the aggregate face amount of the new Bankers'
               Acceptances to be issued and the term of the new Bankers'
               Acceptances.

6.05 ABSENCE OF NOTICE. Subject to Section 3.07, in the absence of a Rollover
Notice or Conversion Notice within the appropriate time periods referred to
herein, a maturing LIBO Loan in

<PAGE>   51
                                     - 45 -

favour of Kinross Canada shall be automatically converted to a Base Rate Canada
Loan, a maturing LIBO Loan in favour of Kinross U.S.A. shall automatically be
converted to a Base Rate New York Loan and a maturing Bankers' Acceptance or BA
Rate Loan shall be automatically converted to a Prime Rate Loan as though a
notice to such effect had been given in accordance with Section 6.04.

6.06 CONVERSION BY LENDERS. Upon written notice to such effect to the applicable
Borrower at such time as a Default has occurred and is continuing, the
Administrative Agent may, on the maturity date of a Bankers' Acceptance, BA Rate
Loan or a LIBO Loan, convert such Bankers' Acceptance or BA Rate Loan into a
Prime Rate Loan, convert such LIBO Loan in favour of Kinross Canada into a Base
Rate Canada Loan and convert such LIBO Loan in favour of Kinross U.S.A. into a
Base Rate New York Loan as though a notice to such effect had been given in
accordance with Section 6.04.

                                   ARTICLE 7
                               INTEREST AND FEES

7.01 INTEREST RATES. The Borrowers shall pay to the Lenders, in accordance with
Section 3.08, interest on the outstanding principal amount from time to time of
each Loan (other than a BA Rate Loan) and on overdue interest thereon, at the
rate per annum equal to:

        (a)    in the case of each Prime Rate Loan, the Prime Rate plus the
               Applicable Rate;

        (b)    in the case of each Base Rate Canada Loan, the Alternate Base
               Rate Canada plus the Applicable Rate;

        (c)    in the case of each Base Rate New York Loan, the Alternate Base
               Rate New York plus the Applicable Rate;

        (d)    in the case of each LIBO Loan in favour of Kinross Canada, LIBOR
               plus the Applicable Rate; and

        (e)    in the case of each LIBO Loan in favour of Kinross U.S.A., LIBOR
               (Reserve Adjusted) plus the Applicable Rate.

7.02 CALCULATION AND PAYMENT OF INTEREST.

        (a) Interest on the outstanding principal amount from time to time of
each Prime Rate Loan and on overdue interest thereon shall accrue from day to
day from and including the date on which credit is obtained by way of such Loan
or on which such overdue interest is due, as the case may be, to but excluding
the date on which such Loan or overdue interest, as the case may be, is

<PAGE>   52
                                     - 46 -

repaid in full (both before and after maturity and as well after as before
judgment) and shall be calculated on the basis of the actual number of days
elapsed divided by 365.

        (b) Interest on the outstanding principal amount from time to time of
each LIBO Loan, Base Rate Canada Loan and Base Rate New York Loan and on overdue
interest thereon shall accrue from day to day from and including the date on
which credit is obtained by way of such Loan or on which such overdue interest
is due, as the case may be, to but excluding the date on which such Loan or
overdue interest, as the case may be, is repaid in full (both before and after
maturity and as well after as before judgment) and shall be calculated on the
basis of the actual number of days elapsed divided by 360.

        (c) Accrued interest shall be paid,

               (i)      in the case of interest on Prime Rate Loans, Base Rate
                        Canada Loans and Base Rate New York Loans, monthly in
                        arrears on the 22nd day of each calendar month; and

               (ii)     in the case of interest on LIBO Loans, on the last day
                        of the applicable Interest Period; provided that, in the
                        case of Interest Periods of a duration longer than three
                        months, accrued interest shall be paid no less
                        frequently than every three months from the first day of
                        such Interest Period during the term of such Interest
                        Period and on the date on which such LIBO Loans are
                        otherwise required to be repaid.

7.03 GENERAL INTEREST RULES.

        (a) For the purposes hereof, whenever interest is calculated on the
basis of a year of 360 or 365 days, each rate of interest determined pursuant to
such calculation expressed as an annual rate for the purposes of the Interest
Act (Canada) is equivalent to such rate as so determined multiplied by the
actual number of days in the calendar year in which the same is to be
ascertained and divided by 360 or 365 days, respectively.

        (b) Interest on each Loan and on overdue interest thereon shall be
payable in the currency in which such Loan is denominated during the relevant
period.

        (c) If a Borrower fails to pay any fee or other amount of any nature
payable by it to the Administrative Agent or the Lenders hereunder (other than
principal or interest) or under any document, instrument or agreement delivered
pursuant hereto on the due date therefor, such Borrower shall pay to the Lenders
interest on such overdue amount in the same currency as such overdue amount is
payable from and including such due date to but excluding the date of actual
<PAGE>   53
                                     - 47 -

payment (as well after as before judgment) at the rate per annum, calculated and
compounded monthly, which is equal to:

               (i)      the Alternate Base Rate Canada plus 2% in the case of
                        overdue amounts denominated in U.S. dollars; and

               (ii)     the Prime Rate plus 2% in the case of all other overdue
                        amounts.

Such interest on overdue amounts shall become due and be paid on demand made by
the Administrative Agent.

7.04 SELECTION OF INTEREST PERIODS. With respect to each LIBO Loan, the
applicable Borrower shall specify in the Drawdown Notice, Rollover Notice or
Conversion Notice, the duration of the Interest Period provided that:

        (a)    Interest Periods shall have a duration from one, two, three or
               six months;

        (b)    the first Interest Period for a LIBO Loan shall commence on and
               include the day on which credit is obtained by way of such Loan
               and each subsequent Interest Period applicable thereto shall
               commence on and include the date of the expiry of the immediately
               preceding Interest Period applicable thereto; and

        (c)    if any Interest Period would end on a day which is not a Banking
               Day, such Interest Period shall be extended to the next
               succeeding Banking Day unless such next succeeding Banking Day
               falls in the next calendar month, in which case such Interest
               Period shall be shortened to end on the immediately preceding
               Banking Day.

7.05 ACCEPTANCE FEES.

        (a) Upon the acceptance of any draft of Kinross Canada under the Credit
Facility pursuant hereto, Kinross Canada shall pay to the Lenders, in the manner
provided herein, in advance, an acceptance fee calculated at the rate per annum,
on the basis of a year of 365 days, equal to the Applicable Rate on the face
amount of such Bankers' Acceptance for its term, being the actual number of days
in the period commencing on the date of acceptance of Kinross Canada's draft and
ending on but excluding the maturity date of the Bankers' Acceptance; provided,
however, that such fee shall not be less than $200 with respect to any single
transaction involving the issuance of one or more Bankers' Acceptances.

        (b) With respect to each drawdown by way of Bankers' Acceptances, such
acceptance fees shall be paid by the Lenders deducting the amount thereof from
the BA Discounted Proceeds before advancing the BA Proceeds to the
Administrative Agent as provided in Section 3.04(c). With

<PAGE>   54
                                     - 48 -

respect to each rollover or conversion into Bankers' Acceptances, such
acceptance fees shall be paid by Kinross Canada to the Administrative Agent as
provided in Section 3.04(c). Each such payment is non-refundable and fully
earned when due.

7.06 STANDBY FEE. Upon the first Banking Day following the completion of each
Fiscal Quarter and on the termination of the Credit Facility, the Borrowers
shall pay to the Lenders, in arrears, a standby fee calculated at the rate per
annum, on the basis of a year of 365 days, equal to the Applicable Rate on the
Available Credit, such fee to accrue daily from the date of the execution and
delivery of this agreement to and including the date of payment.

7.07 LETTER FEES.

        (a) The applicable Borrower shall pay to the Lenders, in accordance with
Section 3.08, an issuance fee in advance on the date each Letter is issued
calculated at a rate per annum equal to the Applicable Rate on the basis of a
year of 365 days and on the amount of each such Letter for a period of time
equal to its term; provided that the minimum issuance fee for each Letter shall
be U.S.$150. In addition, with respect to all Letters, the applicable Borrower
shall from time to time pay to the Issuing Lender its usual and customary fees
(at the then prevailing rates) for the amendment, delivery and administration of
letters of credit such as the Letters. Each such payment is non-refundable and
fully earned when due.

        (b) With respect to each Letter issued on or after the Syndication Date,
the applicable Borrower shall pay to the Issuing Lender, in accordance with
Section 3.08, a fronting fee in advance on the date each Letter is issued or
renewed calculated at a rate of 0.15% per annum on the amount of each such
Letter for a period of time equal to its term. For certainty, the aforesaid
fronting fee shall also be due and payable on the Syndication Date with respect
to any outstanding Letters issued prior thereto, such fronting fee with respect
to each such outstanding Letter to be calculated on the then contingent
liability of the Issuing Lender on the Syndication Date for the balance of its
term. Each such payment is non-refundable and fully earned when due.

7.08 APPLICABLE RATE ADJUSTMENT. The changes in the Applicable Rate shall be
effective as of the first day of the applicable Fiscal Quarter, in each case
based upon the compliance certificate contemplated under Section 11.01(a)(iii)
that has previously been delivered to the Administrative Agent with respect to
the second immediately preceding Fiscal Quarter.

                                    ARTICLE 8
                 RESERVE, CAPITAL, INDEMNITY AND TAX PROVISIONS

8.01 CONDITIONS OF CREDIT. The obtaining or maintaining of credit hereunder
shall be subject to the terms and conditions contained in this Article 8.

<PAGE>   55
                                     - 49 -

8.02 CHANGE OF CIRCUMSTANCES. If, with respect to any type of credit, the
introduction or adoption of any law, regulation, guideline, request or directive
(whether or not having the force of law) of any governmental authority, central
bank or comparable agency ("Restraint") or any change therein or in the
application thereof to any Borrower or to any Lender or in the interpretation or
administration thereof or any compliance by any Lender therewith:

        (a)    prohibits or restricts extending or maintaining such type of
               credit or the charging of interest or fees in connection
               therewith, such Borrower agrees that such Lender shall have the
               right to comply with such Restraint, shall have the right to
               refuse to permit such Borrower to obtain such type of credit and
               shall have the right to require, at the option of such Borrower,
               the conversion of such outstanding credit to another type of
               credit to permit compliance with the Restraint or repayment in
               full of such credit together with accrued interest thereon on the
               last day on which it is lawful for such Lender to continue to
               maintain and fund such credit or to charge interest or fees in
               connection therewith, as the case may be; or

        (b)    shall impose or require any reserve, special deposit requirements
               or tax (excluding taxes measured with reference to the net income
               of such Lender or capital taxes or receipts and franchise taxes),
               shall establish an appropriate amount of capital to be maintained
               by such Lender or shall impose any other requirement or condition
               which results in an increased cost to such Lender of extending or
               maintaining a credit or obligation hereunder or reduces the
               amount received or receivable by such Lender with respect to any
               credit under this agreement or reduces such Lender's effective
               return hereunder or on its capital or causes such Lender to make
               any payment or to forego any return based on any amount received
               or receivable hereunder, then, on notification to such Borrower
               by such Lender, such Borrower shall pay immediately to such
               Lender such amounts as shall fully compensate such Lender for all
               such increased costs, reductions, payments or foregone returns
               which accrue up to and including the date of receipt by such
               Borrower of such notice and thereafter, upon demand from time to
               time, such Borrower shall pay such additional amount as shall
               fully compensate such Lender for any such increased or imposed
               costs, reductions, payments or foregone returns. Such Lender
               shall notify the applicable Borrower of any actual increased or
               imposed costs, reductions, payments or foregone returns forthwith
               on becoming aware of same and shall concurrently provide to such
               Borrower a certificate of an officer of such Lender setting forth
               the amount of compensation to be paid to such Lender and the
               basis for the calculation of such amount. Notwithstanding this
               Section 8.02(b), no Borrower shall be liable to compensate such
               Lender for any such cost, reduction, payment or foregone return
               occurring more than 60 days before receipt by such Borrower of
               the aforementioned notification from such Lender; provided,
               however, that the aforementioned

<PAGE>   56
                                     - 50 -

               limitation shall not apply to any such cost, reduction, payment
               or foregone return of a retroactive nature.

8.03 FAILURE TO FUND AS A RESULT OF CHANGE OF CIRCUMSTANCES. If any Lender but
not all of the Lenders who have Individual Commitments seeks additional
compensation pursuant to Section 8.02(b) (the "Affected Lender"), then the
Borrowers may indicate to the Administrative Agent in writing that they desire
to replace the Affected Lender with one or more of the other Lenders, and the
Administrative Agent shall then forthwith give notice to the other Lenders that
any such Lender or Lenders may, in the aggregate, advance all (but not part) of
the Affected Lender's Pro Rata Share of the affected credit and, in the
aggregate, assume all (but not part) of the Affected Lender's Individual
Commitments and obligations under the Credit Facility and acquire all (but not
part) of the rights of the Affected Lender and assume all (but not part) of the
obligations of the Affected Lender under each of the other Loan Documents to the
extent they relate to the Credit Facility (but in no event shall any other
relevant Lender or the Administrative Agent be obliged to do so). If one or more
Lenders shall so agree in writing (herein collectively called the "Assenting
Lenders" and individually called an "Assenting Lender") with respect to such
advance, acquisition and assumption, the Pro Rata Share of such credit of each
Assenting Lender and the Individual Commitments and the obligations of such
Assenting Lender under the Credit Facility and the rights and obligations of
such Assenting Lender under each of the other Loan Documents to the extent they
relate to the Credit Facility shall be increased by its respective pro rata
share (based on the relative Individual Commitments of the Assenting Lenders) of
the Affected Lender's Pro Rata Share of such credit and Individual Commitments
and obligations under the Credit Facility and rights and obligations under each
of the other Loan Documents to the extent they relate to the Credit Facility on
a date mutually acceptable to the Assenting Lenders and the relevant Borrower.
On such date, the Assenting Lenders shall extend to the relevant Borrower the
Affected Lender's Pro Rata Share of such credit and shall prepay to the Affected
Lender the advances of the Affected Lender then outstanding, together with all
interest accrued thereon and all other amounts owing to the Affected Lender
hereunder, and, upon such advance and prepayment by the Assenting Lenders, the
Affected Lender shall cease to be a "Lender" for purposes of this agreement and
shall no longer have any obligations hereunder, subject always to its continuing
obligations pursuant to Section 9.06. Upon the assumption of the Affected
Lender's Individual Commitments as aforesaid by an Assenting Lender, Schedule A
hereto shall be deemed to be amended to increase the Individual Commitments of
such Assenting Lender by the respective amounts of such assumption.

8.04 INDEMNITY RELATING TO CREDITS. Upon notice from the Administrative Agent to
the applicable Borrower (which notice shall be accompanied by a detailed
calculation of the amount to be paid by such Borrower), such Borrower shall pay
to the Administrative Agent or the Lenders such amount or amounts as will
compensate the Administrative Agent or the Lenders (including, for certainty,
the Issuing Lender) for any loss, cost or expense incurred by them:

<PAGE>   57
                                     - 51 -

        (a)    in the liquidation or redeposit of any funds acquired by the
               Lenders to fund or maintain any portion of a LIBO Loan or a BA
               Rate Loan as a result of:

               (i)      the failure of such Borrower to borrow or make
                        repayments on the dates specified under this agreement
                        or in any notice from such Borrower to the
                        Administrative Agent (provided that if any notice
                        specifies the repayment of a LIBO Loan or a BA Rate Loan
                        at any time other than its maturity date, then such
                        Borrower shall be responsible for any loss, costs or
                        expenses referred to above); or

               (ii)     the repayment or prepayment of any amounts on a day
                        other than the payment dates prescribed herein or in any
                        notice from such Borrower to the Administrative Agent
                        (provided that if any notice specifies the repayment of
                        a LIBO Loan or a BA Rate Loan at any time other than its
                        maturity date, then such Borrower shall be responsible
                        for any loss, costs or expenses referred to above); or

        (b)    with respect to any Bankers' Acceptance or Letter, arising from
               claims or legal proceedings, and including reasonable legal fees
               and disbursements, respecting the collection of amounts owed by
               such Borrower hereunder in respect of such Bankers' Acceptance or
               Letter or the enforcement of the Administrative Agent or the
               Lenders' rights hereunder in respect of such Bankers' Acceptance
               or Letter including, without limitation, legal proceedings
               attempting to restrain the Administrative Agent or the Lenders
               from paying any amount under such Bankers' Acceptance or Letter.

8.05 INDEMNITY FOR TRANSACTIONAL AND ENVIRONMENTAL LIABILITY.

        (a) The Borrowers hereby agree to indemnify and hold the Administrative
Agent, each Lender and each of their respective shareholders, officers,
directors, employees, and agents (collectively, the "Indemnified Parties") free
and harmless from and against any and all claims, demands, actions, causes of
action, suits, losses, costs, charges, liabilities and damages, and expenses in
connection therewith (irrespective of whether such Indemnified Party is a party
to the action for which indemnification hereunder is sought), and including,
without limitation, reasonable legal fees and out of pocket disbursements and
amounts paid in settlement which are approved by the Borrowers (collectively in
this Section 8.05(a), the "Indemnified Liabilities"), incurred or suffered by,
or asserted against, the Indemnified Parties or any of them as a result of, or
arising out of, or relating to (i) the extension of credit contemplated herein,
(ii) any transaction financed or to be financed in whole or in part, directly or
indirectly, with the proceeds of any credit extended hereunder, (iii) any actual
or threatened investigation, litigation or other proceeding relating to any
credit extended or proposed to be extended as contemplated herein or (iv) the
execution, delivery, performance or enforcement of the Loan Documents and any
instrument, document or agreement

<PAGE>   58
                                     - 52 -

executed pursuant hereto, except for any such Indemnified Liabilities that a
court of competent jurisdiction determined arose on account of the relevant
Indemnified Party's negligence or willful misconduct.

        (b) Without limiting the generality of the indemnity set out in the
preceding clause (a), the Borrowers hereby further agree to indemnify and hold
the Indemnified Parties free and harmless from and against any and all claims,
demand, actions, causes of action, suits, losses, costs, charges, liabilities
and damages, and expenses in connection therewith, including, without
limitation, reasonable legal fees and out of pocket disbursements and amounts
paid in settlement which are approved by the Borrowers, of any and every kind
whatsoever paid (collectively in this Section 8.05(b), the "Indemnified
Liabilities"), incurred or suffered by, or asserted against, the Indemnified
Parties or any of them for, with respect to, or as a direct or indirect result
of, (i) the presence on or under, or the escape, seepage, leakage, spillage,
discharge, emission or release from, any real property legally or beneficially
owned (or any estate or interest which is owned), leased, used or operated by
any Company of any Hazardous Material, Contaminant, Pollutant or Waste, and (ii)
any other violation of an Environmental Law by any Company, and regardless of
whether caused by, or within the control of, such Company, except for any such
Indemnified Liabilities that a court of competent jurisdiction determined arose
on account of the relevant Indemnified Party's negligence or willful misconduct.

        (c) All obligations provided for in this Section 8.05 shall survive
indefinitely the permanent repayment of the outstanding credit hereunder and the
termination of the Credit Agreement. The obligations provided for in this
Section 8.05 shall not be reduced or impaired by any investigation made by or on
behalf of the Administrative Agent or any of the Lenders.

        (d) The Borrowers hereby agree that, for the purposes of effectively
allocating the risk of loss placed on the Borrowers by this Section 8.05, the
Administrative Agent and each Lender shall be deemed to be acting as the agent
or trustee on behalf of and for the benefit of their respective shareholders,
officers, directors, employees and agents.

        (e) If, for any reason, the obligations of the Borrowers pursuant to
this Section 8.05 shall be unenforceable, the Borrowers agree to make the
maximum contribution to the payment and satisfaction of each obligation that is
permissible under applicable law.

8.06 PAYMENTS FREE AND CLEAR OF TAXES. Any and all payments made hereunder or
under any other Loan Document by any Borrower to or for the benefit of the
Administrative Agent, the Lenders or any of them ("Applicable Payments") shall
be made free and clear of, and without deduction for, any and all present or
future taxes, levies, imposts, deductions, charges, fees, duties or withholding
or other charges of any nature imposed by any taxing authority, and all
liabilities with respect thereto, imposed by any jurisdiction (the "Applicable
Jurisdiction") as a consequence or result of any action taken by such Borrower,
including the making of any Applicable Payment but excluding, in

<PAGE>   59
                                     - 53 -

the case of the Administrative Agent, the Lenders or any of them, taxes imposed
on its net income or capital taxes or receipts and franchise taxes (all such
non-excluded taxes, levies, imposts, deductions, charges, fees, duties,
withholdings and liabilities being hereinafter referred to as "Taxes"). If any
Borrower shall be required by law to deduct any Taxes from or in respect of any
Applicable Payment to the Administrative Agent, the Lenders or any of them, the
sum so payable to the Administrative Agent, the Lenders or any of them shall be
increased as may be necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section
8.06) the Administrative Agent, the Lenders or any of them receives an amount
equal to the sum it would have received had no such deductions been made.
Without prejudice to the survival of any other agreement of the Borrowers
hereunder, the agreements and obligations of the Borrowers contained in this
Section 8.06 shall survive indefinitely the permanent repayment of the
outstanding credit hereunder and the termination of the Credit Agreement.

                                    ARTICLE 9
                           REPAYMENTS AND PREPAYMENTS

9.01 REPAYMENTS. The Borrowers shall repay to the Lenders in full the
outstanding credit under the Credit Facility on the Maturity Date together with
all accrued and unpaid interest thereon and all accrued and unpaid fees with
respect thereto. As concerns any Letter which, on the Maturity Date, has an
expiry date later than the Maturity Date, the Borrowers shall pay to the Issuing
Lender, on the Maturity Date, the then contingent liability of the Issuing
Lender thereunder. Following such payment by the Borrowers to the Issuing
Lender, the Borrowers shall have no further liability to the Lenders with
respect to any such Letter.

9.02 EXTENSION OF MATURITY DATE.

        (a) The Borrowers may request, by written request given to the
Administrative Agent (the "Extension Request") not earlier than 120 nor later
than 90 days prior to the then current Maturity Date, that this agreement be
amended to extend the Maturity Date to a date one year later than the effective
date of such amendment (the "Extension Amendment"). A copy of the Extension
Request shall be provided by the Administrative Agent to each Lender in
accordance with Section 14.18. Each Lender shall notify the Administrative Agent
as to whether or not it irrevocably consents to the Extension Amendment within
30 days following receipt of the Extension Request. If any Lender does not
provide such notice within such time, such Lender shall be deemed to have not
consented to the Extension Amendment. Where the Extension Amendment has been
consented to by Lenders which, in the aggregate, have extended to the Borrowers
under the Credit Facility an amount of credit outstanding which is equal to at
least four-fifths of the total amount of credit outstanding under the Credit
Facility at such time, but has not been consented to by all of the Lenders, then
on or before the second Banking Day following the aforesaid 30 day period, the
Administrative Agent shall give written notice to the Borrowers and the Lenders
advising as to those

<PAGE>   60
                                     - 54 -

Lenders who have irrevocably consented to the Extension Amendment (the
"Consenting Lenders") and those Lenders who have not consented or who have been
deemed to have not consented to the Extension Amendment (the "Dissenting
Lenders"). For certainty, the determination of whether such four-fifths consent
threshold has been met may be made, subject to the terms and conditions hereof,
following a permanent reduction of the Credit Facility pursuant to Section 2.04.

        (b) A Consenting Lender, at its option, may acquire all or any portion
of the rights and obligations of the Dissenting Lenders under the Credit
Facility by giving written notice to the Administrative Agent of the portion of
the rights and obligations of the Dissenting Lenders under the Credit Facility
which such Consenting Lender is prepared to acquire. Such notice shall be given
within 10 days following receipt of the notice from the Administrative Agent
advising as to the Consenting Lenders and the Dissenting Lenders pursuant to
Section 9.02(a). If more than one Consenting Lender gives notice to the
Administrative Agent that it wishes to acquire all or a portion of the rights
and obligations of the Dissenting Lenders under the Credit Facility, then each
Consenting Lender shall be entitled to acquire its rateable portion of the
rights and obligations of the Dissenting Lenders under the Credit Facility. For
the purpose of this Section 9.02(b), the Consenting Lenders' rateable portion
shall be determined based on the aggregate amount of the Individual Commitments
with respect to the Credit Facility (before acquisition under this Section 9.02)
of each of the Consenting Lenders wishing to acquire a portion of the rights and
obligations of the Dissenting Lenders under the Credit Facility. The
Administrative Agent shall give written notice to the Borrowers within two
Banking Days following the expiry of the time for Consenting Lenders to give
notice of acquisition pursuant to this Section 9.02(b), of the Individual
Commitments of the Dissenting Lenders with respect to the Credit Facility to be
so acquired.

        (c) If one or more of the consenting Lenders (the "Acquiring Lenders")
has given notice to the Administrative Agent that it wishes to acquire all or a
portion of the rights and obligations of the Dissenting Lenders under the Credit
Facility pursuant to Section 9.02(b), then, concurrently with the notice given
to the Borrowers pursuant to Section 9.02(b), the Administrative Agent shall
give notice to each of the Acquiring Lenders setting out the amount of the
Individual Commitments of and the amount of the outstanding credit extended by
the Dissenting Lenders to be acquired by each of the Acquiring Lenders in
accordance with Section 9.02(b) and of the date (the "Acquisition Date") on
which the acquisition shall be effective. The Acquisition Date shall be a date
to be determined by the Administrative Agent but in any event prior to the then
current Maturity Date. At or before 11:00 a.m. (Toronto time) on the Acquisition
Date, each Acquiring Lender shall deposit with or transfer to the Administrative
Agent for the account of the Dissenting Lenders an amount equal to the amount of
the outstanding credit to be acquired by it pursuant to this Section 9.02(c) and
the Borrowers shall pay to the Administrative Agent, on behalf of the Dissenting
Lenders, all accrued and unpaid interest on any outstanding credit being
acquired by the Acquiring Lenders. Upon receipt of such amounts, the
Administrative Agent shall (iii) disburse such amounts to each of the Dissenting
Lenders in accordance with their respective entitlement thereto against delivery
of assignments in the form of Schedule C hereto evidencing the assignment by the
Dissenting Lenders

<PAGE>   61
                                     - 55 -

to the Acquiring Lenders of their respective right, title and interest in and to
those portions of the outstanding credit to be acquired hereunder; and (iv) make
appropriate entries in the books of account regarding the Credit Facility. The
provisions of Section 15.05(c) shall apply mutatis mutandis to any acquisition
pursuant to this Section 9.02.

        (d) If the Borrowers have requested an Extension Amendment and such
Extension Amendment has not been consented to by all of the Lenders, and if the
Acquiring Lenders have not acquired all of the rights and obligations of the
Dissenting Lenders under the Credit Facility, then the Borrowers may locate one
or more other Persons ("Substitute Lenders"), satisfactory to the Administrative
Agent acting reasonably and who irrevocably consents to the Extension Amendment,
to become Lenders and to acquire all or a rateable portion of the rights and
obligations of the Dissenting Lenders under the Credit Facility which have not
been acquired by the Acquiring Lenders. If not all of the rights and obligations
of the Dissenting Lenders under the Credit Facility have been acquired by
Acquiring Lenders or Substitute Lenders or both on or before the then current
Maturity Date, there shall be no extension of the then current Maturity Date. If
all of the rights and obligations of the Dissenting Lenders under the Credit
Facility have been acquired by Acquiring Lenders or Substitute Lenders or both
on or before the then current Maturity Date, the Extension Amendment shall
become effective on the then current Maturity Date.

9.03 VOLUNTARY PREPAYMENTS UNDER CREDIT FACILITY. Subject to Section 9.05, the
Borrowers shall be entitled to prepay all or any portion of the outstanding
Loans under the Credit Facility (other than the prepayment of Bankers'
Acceptances on any day other than the last day of their term) at any time,
without penalty, provided that Section 8.04(a) shall be complied with in
connection with any such prepayment. Amounts which are prepaid as aforesaid may
be reborrowed.

9.04 MANDATORY PREPAYMENTS. The Borrowers shall prepay outstanding credit under
the Credit Facility at the time, and in the amount, of (x) any prepayment or
cancellation of any Industrial Revenue Bond, (y) any permanent reduction or any
prepayment (which cannot be reborrowed) of the Omolon Working Capital Facility
or (z) any prepayments of the Omolon Subordinated Debt Facility in excess of the
annual scheduled repayments of principal thereunder of approximately
U.S.$4,200,000. Amounts prepaid as aforesaid may not be reborrowed.

9.05 PREPAYMENT NOTICE. The Borrowers shall give written notice to the
Administrative Agent of each voluntary prepayment pursuant to Section 9.03. Such
notice (a "Prepayment Notice") shall be irrevocable, shall be given in
accordance with Section 3.12 and shall specify:

        (a)    the date on which the prepayment is to take place; and

        (b)    the type and principal amount of the Loan or the portion thereof
               which is to be prepaid.

<PAGE>   62
                                     - 56 -

9.06 REIMBURSEMENT OR CONVERSION ON PRESENTATION OF LETTERS.

        (a) On presentation of a Letter and payment thereunder by the Issuing
Lender, the Borrowers shall forthwith pay to the Administrative Agent for the
account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all
amounts paid by the Issuing Lender pursuant to such Letter; failing such
payment, the Borrowers shall be deemed to have effected a conversion of such
Letter into a Base Rate Canada Loan (if such Letter was denominated in U.S.
dollars and issued on behalf of and at the request of Kinross Canada), a Base
Rate New York Loan (if such Letter was denominated in U.S. dollars and issued on
behalf of and at the request of either U.S. Borrower) or a Prime Rate Loan (if
such Letter was denominated in Canadian dollars) to the extent of the payment of
the Issuing Lender thereunder.

        (b) If the Issuing Lender makes payment under any Letter and the
Borrowers do not fully reimburse the Issuing Lender on or before the date of
payment, then Section 9.06(a) shall apply to deem a Loan to be outstanding to
the applicable Borrower under this agreement in the manner therein set out. Each
Lender shall, on request by the Issuing Lender, immediately pay to the Issuing
Lender an amount equal to such Lender's Pro Rata Share of the amount paid by the
Issuing Lender such that each Lender is participating in the deemed Loan in
accordance with its Pro Rata Share.

        (c) Each Lender shall immediately on demand indemnify the Issuing Lender
to the extent of such Lender's Pro Rata Share of any amount paid or liability
incurred by the Issuing Lender under each Letter issued by it to the extent that
the Borrowers do not fully reimburse the Issuing Lender therefor.

        (d) For certainty, the obligations in this Section 9.06 shall continue
as obligations of the Persons who were Lenders at the time each such Letter was
issued notwithstanding that such Lender may assign its rights and obligations
hereunder, unless the Issuing Lender specifically releases such Lender from such
obligations in writing.

9.07 LETTERS SUBJECT TO AN ORDER. Subject to Section 13.02, the Borrowers shall
pay to the Issuing Lender an amount equal to the maximum amount available to be
drawn under any unexpired Letter which becomes the subject of any Order; payment
in respect of each such Letter shall be due forthwith upon demand.

9.08 CURRENCY OF REPAYMENT. All payments and repayments of outstanding credit
hereunder shall be made in the currency of such outstanding credit.

9.09 REPAYMENTS OF CREDIT EXCESS. The Borrowers shall repay to the Lenders the
amount of any Credit Excess as follows:

<PAGE>   63
                                     - 57 -

        (a)    the amount of such Credit Excess, to the extent any Prime Rate
               Loan, Base Rate Canada Loan or Base Rate New York Loan is
               outstanding, on demand; and

        (b)    to the extent such Credit Excess is not fully repaid pursuant to
               paragraph (i) above, as at the maturity date of each Bankers'
               Acceptance or LIBO Loan and as at the date of any conversion
               pursuant to Article 6.

                                   ARTICLE 10
                         REPRESENTATIONS AND WARRANTIES

10.01 REPRESENTATIONS AND WARRANTIES. To induce the Lenders and the
Administrative Agent to enter into this agreement and to extend credit
hereunder, the Borrowers hereby represent and warrant to the Lenders and the
Administrative Agent, as of the date of this agreement, as of the date of each
extension of credit hereunder and as of the last day of each Fiscal Quarter, as
follows and acknowledge and confirm that the Lenders and the Administrative
Agent are relying upon such representations and warranties in entering into this
agreement and in extending credit hereunder:

        (a)    STATUS AND POWER OF COMPANIES. Each Company is a corporation duly
               incorporated and organized and validly subsisting in good
               standing under the laws of its jurisdiction of incorporation.
               Each Company is duly qualified, registered or licensed in all
               jurisdictions where such qualification, registration or licensing
               is required. Each Company has all requisite corporate capacity,
               power and authority to own, hold under licence or lease its
               properties, to carry on its business as now conducted and to
               otherwise enter into, and carry out the transactions contemplated
               by, the Loan Documents to which is a party.

        (b)    AUTHORIZATION AND ENFORCEMENT. All necessary action, corporate or
               otherwise, has been taken to authorize the execution, delivery
               and performance by each Company of the Loan Documents to which it
               is a party. Each Company has duly executed and delivered the Loan
               Documents to which it is a party. The Loan Documents to which
               each Company is a party are legal, valid and binding obligations
               of such Company, enforceable against such Company in accordance
               with its terms, except to the extent that the enforceability
               thereof may be limited by (i) applicable bankruptcy, insolvency,
               moratorium, reorganization and other laws of general application
               limiting the enforcement of creditors' rights generally, (ii) the
               fact that the courts may deny the granting or enforcement of
               equitable remedies and (iii) the fact that, pursuant to the
               Currency Act (Canada), no court in Canada may make an order
               expressed in any currency other than lawful money of Canada.

<PAGE>   64
                                     - 58 -

        (c)    COMPLIANCE WITH OTHER INSTRUMENTS. The execution, delivery and
               performance by each Company of the Loan Documents to which it is
               a party, and the consummation of the transactions contemplated
               herein and therein, do not and will not conflict with, result in
               any material breach or violation of, or constitute a material
               default under, the terms, conditions or provisions of the charter
               or constating documents or by-laws of, or any shareholder
               agreement or declaration relating to, such Company or of any law,
               regulation, judgment, decree or order binding on or applicable to
               such Company or to which its property is subject or of any
               material agreement, lease, licence, permit or other instrument to
               which such Company is a party or is otherwise bound or by which
               such Company benefits or to which its property is subject and do
               not require the consent or approval of any Official Body or any
               other party.

        (d)    FINANCIAL STATEMENTS. The consolidated financial statements of
               Kinross Canada for the Fiscal Year ended December 31, 1999 were
               prepared in accordance with generally accepted accounting
               principles and no Material Adverse Change has occurred in the
               condition, financial or otherwise, of Kinross Canada since the
               date of such financial statements. The consolidated balance sheet
               of the aforesaid financial statement presents a fair statement of
               the financial condition and assets and liability of Kinross
               Canada as at the date thereof and the consolidated statement of
               income and retained earnings and changes in cashflow contained in
               the aforesaid consolidated financial statements fairly presents
               the results of the operations of Kinross Canada throughout the
               period covered thereby. Except to the extent reflected or
               reserved against in the aforesaid balance sheet (including the
               notes thereto) and except as incurred in the ordinary and usual
               course of the business of Kinross Canada, Kinross Canada does not
               have any outstanding indebtedness or any liability or obligations
               (whether accrued, absolute, contingent or otherwise) of a nature
               customarily reflected or reserved against in a balance sheet
               (including the notes thereto) prepared in accordance with
               generally accepted accounting principles.

        (e)    LITIGATION. There are no actions, suits, inquiries, claims or
               proceedings (whether or not purportedly on behalf of any Company)
               pending or threatened in writing against or affecting any Company
               before any Official Body which in any case or in the aggregate
               could reasonably be expected to have a Material Adverse Effect.

        (f)    TITLE TO ASSETS. Each Company has good title to its property,
               assets and undertaking, free from any Lien other than the
               Permitted Liens and except, in connection with the Macassa Mine,
               title defects or irregularities that could not reasonably be
               expected to have a Material Adverse Effect.

<PAGE>   65
                                     - 59 -

        (g)    CONDUCT OF BUSINESS. No Company is in violation of any agreement,
               mortgage, franchise, licence, judgment, decree, order, statute,
               statutory trust, rule or regulation relating in any way to itself
               or to the operation of its business or to its property or assets
               (including, without limitation, Environmental Laws) and which
               could reasonably be expected to have a Material Adverse Effect.
               Each Company holds all licenses, certificates of approval,
               approvals, registrations, permits and consents which are required
               to operate its businesses where they are currently being operated
               except where the failure to have such licenses, certificates of
               approval, approvals, registrations, permits and consents could
               not reasonably be expected to have a Material Adverse Effect.

        (h)    OUTSTANDING DEFAULTS. No event has occurred which constitutes or
               which, with the giving of notice, lapse of time or both, would
               constitute a default under or in respect of any material
               agreement, undertaking or instrument to which any Company is a
               party or to which its respective property or assets may be
               subject, and which could reasonably be expected to have a
               Material Adverse Effect.

        (i)    SOLVENCY PROCEEDINGS. No Company has:

               (i)      admitted its inability to pay its debts generally as
                        they become due or failed to pay its debts generally as
                        they become due;

               (ii)     in respect of itself, filed an assignment or petition in
                        bankruptcy or a petition to take advantage of any
                        insolvency statute;

               (iii)    made an assignment for the benefit of its creditors;

               (iv)     consented to the appointment of a receiver of the whole
                        or any substantial part of its assets;

               (v)      filed a petition or answer seeking a reorganization,
                        arrangement, adjustment or composition in respect of
                        itself under applicable bankruptcy laws or any other
                        applicable law or statute of Canada or the United States
                        or any subdivision thereof; or

               (vi)     been adjudged by a court having jurisdiction a bankrupt
                        or insolvent, nor has a decree or order of a court
                        having jurisdiction been entered for the appointment of
                        a receiver, liquidator, trustee or assignee in
                        bankruptcy of any Company with such decree or order
                        having remained in force and undischarged or unstayed
                        for a period of 30 days.

<PAGE>   66
                                     - 60 -

        (j)    TAX RETURNS AND TAXES. Each Company has filed all tax returns and
               tax reports required by law to have been filed by it and has paid
               all taxes and governmental charges thereby shown to be owing,
               except any such taxes or charges which are being diligently
               contested in good faith by appropriate proceedings and for which
               adequate reserves in accordance with generally accepted
               accounting principles shall have been set aside on its books.

        (k)    EXPROPRIATION. There is no present or threatened (in writing)
               expropriation of the property or assets of any Company, which
               expropriation could reasonably be expected to have a Material
               Adverse Effect.

        (l)    ENVIRONMENTAL COMPLIANCE.

               (i)      All facilities and property (including underlying
                        groundwater) owned, leased, used or operated by any
                        Company have been, and continue to be, owned or leased
                        in compliance with all Environmental Laws where any such
                        noncompliance could reasonably be expected to have a
                        Material Adverse Effect;

               (ii)     There are no pending or threatened (in writing)

                        (A)     claims, complaints, notices or requests for
                                information received by any Company with respect
                                to any alleged violation of any Environmental
                                Law which, if proved, could reasonably be
                                expected to have a Material Adverse Effect;

                        (B)     complaints, notices or inquiries to any Company
                                regarding potential liability under any
                                Environmental Law which liability could
                                reasonably be expected to have a Material
                                Adverse Effect;

               (iii)    There have been no Releases of any Hazardous Materials
                        or any escape, seepage, leakage, spillage, discharge,
                        emission or release of any Contaminants, Pollutants or
                        Waste at, on, under or from any property now or
                        previously owned, operated, used or leased by any
                        Company that, singly or in the aggregate, have, or could
                        reasonably be expected to have, a Material Adverse
                        Effect;

               (iv)     Each Company has been issued and is in compliance with
                        all permits, certificates, approvals, licenses and other
                        authorizations under any Environmental Laws to carry on
                        its business except where any such

<PAGE>   67
                                     - 61 -

                        non-issuance or noncompliance could not reasonably be
                        expected to have a Material Adverse Effect; and

               (v)      No conditions exist at, on or under any property now or
                        previously owned, operated, used or leased by any
                        Company which, with the passage of time, or the giving
                        of notice or both, would give rise to liability under
                        any Environmental Law which liability could reasonably
                        be expected to have a Material Adverse Effect.

        (m)    FRENCH FORM OF CORPORATE NAME. There is no French form of the
               corporate name of any Company.

        (n)    EXECUTIVE OFFICES. Each of the Companies has more than one place
               of business. The addresses of the chief executive office of each
               Company (for the purposes of the PPSA, the UCC or any similar law
               of any other jurisdiction) are as set out in Schedule D hereto.

        (o)    LOCATIONS OF TANGIBLE PERSONAL PROPERTY. The addresses of all
               locations of the inventory, equipment and other tangible personal
               property of each Company are as set out in Schedule N hereto.

        (p)    CONSENTS, APPROVALS, ETC. No consents, approvals,
               acknowledgments, undertakings, non-disturbance agreements,
               directions or other documents or instruments are required to be
               entered into by any Person, to make effective the Security
               created or intended to be created by the Companies in favour of
               the Administrative Agent pursuant to the Security Documents and
               to ensure the perfection and the intended priority of such
               Security. None of the Companies is an "investment company" within
               the meaning of the Investment Company Act of 1940, as amended, or
               a "holding company", or a "subsidiary company" of a "holding
               company," or an "affiliate" of a "holding company" or of a
               "subsidiary company" of a "holding company", within the meaning
               of the Public Utility Holding Company Act of 1935, as amended.

        (q)    CAPITAL OF FAIRBANKS U.S., MELBA CREEK AND TEKO INC.

               (i)      The authorized capital of Fairbanks U.S. consists of
                        1,000 shares with a par value of $100 each, of which 10
                        shares have been issued and are outstanding as fully
                        paid and non-assessable. Kinam U.S. is the owner of
                        record of all of the issued and outstanding shares of
                        Fairbanks U.S. There are no outstanding warrants,
                        options or other agreements which require or may require
                        the issuance of any shares of Fairbanks U.S. or the
                        issuance of

<PAGE>   68
                                     - 62 -

                        any debt or securities convertible into shares of
                        Fairbanks U.S., there are no outstanding debt or
                        securities convertible into shares of Fairbanks U.S. and
                        there are no shares of Fairbanks U.S. allotted for
                        issuance.

               (ii)     The authorized capital of Melba Creek consists of
                        10,000,000 common shares of U.S.$0.01 par value per
                        share, of which 100,000 common shares have been issued
                        and are outstanding as fully paid and non-assessable.
                        Fairbanks Canada is the owner of record of all of the
                        issued and outstanding shares of Melba Creek. There are
                        no outstanding warrants, options or other agreements
                        which require or may require the issuance of any shares
                        of Melba Creek or the issuance of any debt or securities
                        convertible into shares of Melba Creek, there are no
                        outstanding debt or securities convertible into shares
                        of Melba Creek and there are no shares of the Melba
                        Creek allotted for issuance.

               (iii)    The authorized capital of Teko Inc. consists of 25,000
                        shares with a par value of $1 each, of which 100 shares
                        have been issued and are outstanding as fully paid and
                        non-assessable. Teko Ltd. is the owner of record of all
                        of the issued and outstanding shares of Teko Inc. There
                        are no outstanding warrants, options or other agreements
                        which require or may require the issuance of any shares
                        of Teko Inc. or the issuance of any debt or securities
                        convertible into shares of Teko Inc., there are no
                        outstanding debt or securities convertible into shares
                        of Teko Inc. and there are no shares of the Teko Inc.
                        allotted for issuance.

        (r)    IRB LOAN AGREEMENT. As of the date hereof, the aggregate
               outstanding principal amount of the advances under the IRB Loan
               Agreement is U.S. $*.

        (s)    RESTRICTED SUBSIDIARIES AND PARTNERSHIPS. There are no Restricted
               Subsidiaries of the Borrower other than Kinam U.S., Kinam Canada,
               Fairbanks Canada, Melba Creek, Kinam Refugio, LT Acquisition,
               Teko Inc. and Teko Ltd. No Company is, directly or indirectly, a
               member of, or a partner or participant in, any partnership, joint
               venture or syndicate where the joint liability arising from such
               membership or participation could reasonably be expected to have
               a Material Adverse Effect.

        (t)    CORPORATE STRUCTURE. The chart attached hereto as Schedule H
               accurately sets out the corporate structure of the Companies and
               evidences (i) intercorporate share ownership and (ii) ownership
               of the Hoyle Pond Mine, Fort Knox Mine, Macassa Mine, QR Mine and
               Refugio Mine.

<PAGE>   69
                                     - 63 -

        (u)    SOLVENCY AFTER DRAWDOWN. On an unconsolidated basis,

               (i)      the assets of each of Kinross U.S.A. and Fairbanks U.S.
                        shall exceed its respective liabilities, including
                        contingent liabilities;

               (ii)     the capital of each of Kinross U.S.A. and Fairbanks U.S.
                        shall not be unreasonably small to conduct its
                        respective business; and

               (iii)    neither Kinross U.S.A. nor Fairbanks U.S.A. shall have
                        incurred debts, nor shall have intended to incur debts,
                        beyond its respective ability to pay such debts as they
                        mature.

        (v)    EMPLOYEE BENEFIT PLANS. Each of the ERISA Companies has fulfilled
               in all material respects its obligations under the minimum
               funding standards of Section 302 of ERISA and Section 412 of the
               Code with respect to each Plan and is in material compliance with
               all other applicable provisions of ERISA. Neither Kinross U.S.A.
               nor any ERISA Affiliate has incurred any Withdrawal Liability
               that could reasonably expected to have a Material Adverse Effect.
               None of the ERISA Companies has received any notification that
               any Multiemployer Plan is in reorganization or has been
               terminated within the meaning of Title IV of ERISA.

        (w)    REGULATION G, U OR X. None of the Borrowers is engaged in the
               business of extending credit for the purpose of purchasing or
               carrying margin stock, and no proceeds of any credit obtained
               hereunder shall be used for a purpose which violates, or would be
               inconsistent with, F.R.S. Board Regulation G, U or X. Terms for
               which meanings are provided in F.R.S. Board Regulation G, U or X
               or any regulations substituted therefor, as from time to time in
               effect, are used in this Section with such meanings.

        (x)    ASSETS INSURED. The property and assets of the Companies are
               insured with insurers, in amounts, for risks and otherwise which
               are reasonable in relation to such property and assets (subject
               to the amount of such deductibles as are reasonable and normal in
               the circumstances) against loss or damage by all insurable risks
               and hazards, and there has been no default or failure by the
               party or parties insured under the provisions of such policies of
               insurance maintained which would prevent the recovery by the
               party or parties insured thereunder of the full amount of any
               insured loss.

        (y)    YEAR 2000. In relation to any Company, any reprogramming required
               to permit the proper functioning, in and following the year 2000,
               of (i) each such Company's computer systems and (ii) equipment
               containing embedded microchips (including

<PAGE>   70
                                     - 64 -

               systems and equipment supplied by others or with which each such
               Company's systems interface) and the testing of all such systems
               and equipment, as so reprogrammed, were substantially completed
               by September 30, 1999. The cost to each such Company of such
               reprogramming and testing and of the reasonably forseeable
               consequences of year 2000 to each such Company (including,
               without limitation, reprogramming errors and the failure of
               others' systems or equipment) will not result in a Default or a
               Material Adverse Effect. Except for such of the reprogramming
               referred to in the preceding sentence as may be necessary, the
               computer and management information systems of each such Company
               are and, with ordinary course upgrading and maintenance, will
               continue for the term of this agreement to be, sufficient to
               permit each Company to conduct its business without Material
               Adverse Effect.

        (z)    REAL PROPERTY. Melba Creek owns no real property other than its
               51% interest in the Fort Knox Deposit. Fairbanks U.S. owns no
               real property other than (x) its 49% interest in the Fort Knox
               Deposit and (y) its 65% interest in the True North Deposit. Teko
               Inc. owns no real property other than its 35% interest in the
               True North Property and the Ryan Lode Deposit.

        (aa)   NO OMISSIONS. None of the representations and statements of fact
               set forth in this Section 10.01 omits to state any material fact
               necessary to make any such representation or statement of fact
               not misleading in any material respect.

10.02 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All of the representations and
warranties of the Borrowers contained in Section 10.01 shall survive the
execution and delivery of this agreement until all credit outstanding hereunder
has been repaid in full and the Credit Facility has been terminated,
notwithstanding any investigation made at any time by or on behalf of the
Administrative Agent or any of the Lenders.

                                   ARTICLE 11
                                    COVENANTS

11.01 AFFIRMATIVE COVENANTS. The Borrowers hereby covenant and agree with the
Administrative Agent and the Lenders that, until all credit outstanding
hereunder has been repaid in full and the Credit Facility has been terminated,
and unless waived in writing in accordance with Section 14.14:

        (a)    FINANCIAL REPORTING. The Borrowers shall furnish the
               Administrative Agent with the following statements and reports
               (with sufficient copies for all of the Lenders):

<PAGE>   71
                                     - 65 -

               (i)      within 120 days after the end of each Fiscal Year,
                        copies of the audited consolidated and unaudited
                        consolidating financial statements of each Borrower for
                        such Fiscal Year, the unaudited partially consolidated
                        financial statements of each Company for such Fiscal
                        Year and the auditors' report thereon together with a
                        chart setting out the corporate structure of the
                        Borrowers and all of their subsidiaries, whether direct
                        or indirect, and evidencing (i) intercorporate share
                        ownership and (ii) mine ownership;

               (ii)     within 45 days after the end of each Fiscal Quarter,
                        copies of the unaudited consolidated and consolidating
                        financial statements of each Borrower and partially
                        consolidated financial statements of each Company;

               (iii)    within 45 days after the end of each Fiscal Quarter and
                        within 120 days after the end of each Fiscal Year, a
                        duly executed and completed compliance certificate, in
                        the form attached as Schedule B hereto and signed by a
                        senior financial officer of Kinross Canada;

               (iv)     within 60 days after the end of each Fiscal Quarter a
                        report summarizing Kinross Canada's consolidated hedge
                        position, such report to be substantially in the form of
                        Schedule K;

               (v)      prior to the beginning of each Fiscal Year, the budget
                        of Kinross Canada for such Fiscal Year, such budget to
                        be substantially in the form of the budget with respect
                        to the preceding Fiscal Year provided to the
                        Administrative Agent; and

               (vi)     such other statements, reports and information as the
                        Administrative Agent on the instructions of the Majority
                        Lenders may reasonably request from time to time.

        (b)    COPIES OF PUBLIC FILINGS. Kinross Canada shall, upon request,
               furnish the Administrative Agent with copies of all documents
               which are filed with the Ontario Securities Commission or with
               any similar Official Body in any other jurisdiction in compliance
               with applicable securities legislation.

        (c)    USE OF PROCEEDS. The Borrowers shall apply all of the proceeds of
               the credit obtained under the Credit Facility to repay in full
               the Existing Credit Agreement (other than the Existing Letters
               and accrued fees thereon), issue a Letter to replace the UBS
               Letter and other Letters to replace outstanding letters of credit
               and otherwise for general corporate purposes.

<PAGE>   72
                                     - 66 -

        (d)    INSURANCE. The Borrowers shall, and shall cause each Restricted
               Subsidiary to, insure and keep insured, with insurers, for risks,
               in amounts and otherwise upon terms (including, without
               limitation, the undertaking of the insurer to give the
               Administrative Agent 30 days' written notice of the cancellation
               of the policy) satisfactory to the Administrative Agent acting
               reasonably, all of the Secured Assets, with the Administrative
               Agent, for and on behalf of the Lenders, named as loss payee and
               named insured as their interest may appear with respect to all
               property, boiler and machinery insurance relating to the Fort
               Knox Mine. The Borrowers shall deliver to the Administrative
               Agent certified copies of all of the insurance policies, riders
               and endorsements relating to the aforesaid insurance. The
               covenants contained in this Section 11.01(d) shall, without
               duplication, be in addition to any covenants relating to
               insurance which are contained in any of the Security Documents.

        (e)    ACCESS TO SENIOR FINANCIAL OFFICERS. Upon the request of the
               Administrative Agent at reasonable intervals, the Borrowers
               shall, and shall cause each Restricted Subsidiary to, make
               available its senior financial officers to answer questions
               concerning such Company's business and affairs.

        (f)    REIMBURSEMENT OF EXPENSES. The Borrowers shall reimburse the
               Administrative Agent, on demand, for all reasonable out-of-pocket
               costs, charges and expenses incurred by or on behalf of the
               Administrative Agent (including, without limitation, the
               reasonable fees and out-of-pocket disbursements of counsel to the
               Administrative Agent and any independent engineer and mining
               title consultant retained by the Administrative Agent as well the
               costs of any engineering reports and environmental audits and
               studies as required by the Administrative Agent) in connection
               with the negotiation, preparation, execution, delivery,
               syndication, interpretation and enforcement of this agreement and
               the closing documentation ancillary to the completion of the
               transactions contemplated hereby and any amendments and waivers
               hereto (whether or not consummated or entered into) and any lien
               search fees and lien registration fees.

        (g)    NOTICE OF EXPROPRIATION. The Borrowers shall promptly notify the
               Administrative Agent of the commencement or the written threat of
               any expropriation of any of the Secured Assets or of the
               institution of any proceedings related thereto.

        (h)    INSPECTION OF ASSETS AND OPERATIONS. The Borrowers shall, and
               shall cause each Restricted Subsidiary to, permit representatives
               of the Administrative Agent to inspect the Secured Assets and for
               that purpose to enter on any property which is owned and
               controlled by the Borrowers or the Restricted Subsidiaries and
               where any

<PAGE>   73
                                     - 67 -

               of the Secured Assets may be situated during reasonable business
               hours and, unless a Default has occurred and is continuing, upon
               reasonable notice.

        (i)    CHANGE OF NAME OR EXECUTIVE OFFICE. If any Company changes its
               corporate name or changes the location of its chief executive
               office or head office, the Borrowers shall promptly notify the
               Administrative Agent in writing of the details of such change.

        (j)    CORPORATE EXISTENCE. Other than as permitted pursuant to the
               proviso in Section 11.02(b), the Borrowers shall, and shall cause
               each Restricted Subsidiary to, maintain its corporate existence
               in good standing and qualify and remain duly qualified to carry
               on business and own property in each jurisdiction in which such
               qualification is necessary.

        (k)    CONDUCT OF BUSINESS. The Borrowers shall, and shall cause each
               Restricted Subsidiary to, conduct its business in such a manner
               so as to comply with all laws and regulations (including, without
               limitation, Environmental Laws), so as to observe and perform all
               its obligations under leases, licences and agreements necessary
               for the proper conduct of its business and so as to preserve and
               protect its property and assets and the earnings, income and
               profits therefrom where such non-compliance, non-observance or
               non-performance could reasonably be expected to have a Material
               Adverse Effect. The Borrowers shall, and shall cause each
               Restricted Subsidiary to, perform all obligations incidental to
               any trust imposed upon it by statute and shall ensure that any
               breaches of the said obligations and the consequences of any such
               breach shall be promptly remedied. The Borrowers shall, and shall
               cause each Restricted Subsidiary to, obtain and maintain all
               licenses, permits, government approvals, franchises,
               authorizations and other rights necessary for the operation of
               its business where failure to do so could reasonably be expected
               to have a Material Adverse Effect.

        (l)    TAXES. The Borrowers shall pay, and shall cause each Restricted
               Subsidiary to pay, all material taxes, rates, government fees and
               dues levied, assessed or imposed upon it and upon its property or
               assets or any part thereof, as and when the same become due and
               payable, save and except when and so long as the validity of any
               such taxes, rates, fees, dues, levies, assessments or imposts is
               being contested in good faith by appropriate proceedings and
               reserves are being maintained in accordance with generally
               accepted accounting principles while forfeiture of any part of
               its property or assets may result from the failure to so pay
               during the period of any such contest.

<PAGE>   74
                                     - 68 -

        (m)    NOTICE OF LITIGATION. The Borrowers shall promptly notify the
               Administrative Agent of any actions, suits, inquiries, claims or
               proceedings (whether or not purportedly on behalf of any Company)
               commenced or threatened in writing against or affecting any
               Company before any Official Body which in any case or in the
               aggregate could reasonably be expected to have a Material Adverse
               Effect.

        (n)    ENVIRONMENTAL MATTERS. The Borrowers shall, and shall cause each
               Restricted Subsidiary to, as soon as practicable and in any event
               within 30 days, notify the Administrative Agent and provide
               copies upon receipt of all written claims, complaints, notices or
               inquiries relating to the condition of its facilities and
               properties or compliance with Environmental Laws, which claims,
               complaints, notices or inquiries relate to matters which could
               reasonably be expected to have a Material Adverse Effect, and
               shall proceed diligently to resolve any such claims, complaints,
               notices or inquiries relating to compliance with Environmental
               Laws and provide such information and certifications which the
               Administrative Agent may reasonably request from time to time to
               evidence compliance with this Section 11.01(n).

        (o)    TANGIBLE NET WORTH. The Borrowers shall at all times maintain
               Tangible Net Worth in an amount greater than the aggregate of:

               (i)      U.S. $475,000,000; and

               (ii)     the aggregate of 50% of Net Income for each Fiscal
                        Quarter after the Fiscal Quarter ending December 31,
                        1999 which has been completed on or before the date of
                        determination and, for the purposes of this covenant,
                        (x) if Net Income for any period is a negative amount,
                        it shall be deemed to be equal to zero and (y) Net
                        Income shall be calculated for Kinross Canada on a
                        consolidated basis without the restriction of taking
                        into account only the Companies.

        (p)    NET INDEBTEDNESS/RESERVES RATIO. The Borrowers shall at all times
               maintain the Net Indebtedness/Reserves Ratio in an amount less
               than or equal to U.S. $35 per ounce.

        (q)    NET INDEBTEDNESS/ROLLING OCF RATIO. The Borrowers shall, as at
               the last day of each Fiscal Quarter, maintain the Net
               Indebtedness/Rolling OCF Ratio in an amount less than or equal to
               3.5:1.

        (r)    AGGREGATE CASH BALANCES. The Borrowers shall, and shall cause the
               Restricted Subsidiaries to, as at the last day of each Fiscal
               Quarter maintain aggregate cash

<PAGE>   75
                                     - 69 -

               balances of the Companies in the Investment Accounts (in all
               cases not subject to a Lien other than in favour of the
               Administrative Agent) which exceed the aggregate of:

               (i)      U.S. $20,000,000; and

               (ii)     the product of X and Y

               where X = the Projected Production as at such date; and

               Y =       the amount by which U.S. $300 exceeds the Projected
                         Realized Price as at such date.

               The Borrowers shall, and shall cause the Restricted Subsidiaries
               to, maintain aggregate cash balances in the Investment Accounts
               for the entirety of the Fiscal Quarter immediately following the
               last day of the preceding Fiscal Quarter in an aggregate amount
               in excess of the aggregate cash balances as at such last day
               unless such cash balances are required to fund normal course
               expenses as set out in the most recent budget provided by the
               Borrowers to the Administrative Agent.

        (s)    HOYLE POND AND FORT KNOX MINES. Kinross Canada shall, directly or
               indirectly, at all times maintain 100% ownership of the Hoyle
               Pond Mine and Fort Knox Mine.

        (t)    INTERCOMPANY INDEBTEDNESS. The Borrowers shall cause all
               intercompany Indebtedness owing by any Company to any direct or
               indirect subsidiary of any Borrower (other than to another
               Company) to be subordinated and postponed, pursuant to the
               Postponement and Subordination Undertaking, to the Indebtedness
               of such Company to the Lenders and the Administrative Agent for
               so long as a Default has occurred and is continuing.

        (u)    INVESTMENT ACCOUNTS. Subject to Section 11.02(i), the Borrowers
               shall, and shall cause each Restricted Subsidiary to, maintain
               all cash in the Investment Accounts. The Borrowers shall
               forthwith notify the Administrative Agent of any Investment
               Account established after the date hereof with a financial
               institution other than the Lenders and shall further provide to
               the Administrative Agent the requested form of acknowledgement
               from such other financial institution with respect to such
               Investment Account.

        (v)    SINKING FUND ACCOUNT. If on any Reduction Date the aggregate
               credit outstanding under all Letters exceeds the amount of the
               Credit Facility at such time (assuming the reduction of the
               Credit Facility by the applicable Scheduled Reduction

<PAGE>   76
                                     - 70 -

               Amount), Kinross Canada may on such Reduction Date deposit in
               pledge in the Sinking Fund Account an amount equal to such
               excess. If on the date of any mandatory prepayment of outstanding
               credit under the Credit Facility pursuant to Section 9.04, the
               aggregate amount of credit outstanding under all Letters exceeds
               the amount of the Credit Facility at such time (assuming the
               reduction of the Credit Facility by the amount of such mandatory
               prepayment), Kinross Canada may on the required date of such
               mandatory prepayment deposit in pledge in the Sinking Fund
               Account an amount equal to such excess.

        (w)    ERISA. The Borrowers shall, and shall cause each ERISA Affiliate
               to, furnish to the Administrative Agent:

               (i)      promptly after receipt thereof (but in no event later
                        than 30 days after such receipt), a copy of any notice
                        any ERISA Company receives after the date of this
                        agreement from the PBGC relating to the intention of the
                        PBGC to terminate any Plan or Plans or to appoint a
                        trustee to administer any Plan or Plans, if such
                        termination or appointment would result in a Material
                        Adverse Effect;

               (ii)     within 10 days after the due date for filing with the
                        PBGC pursuant to Section 412(n) of the Code of a notice
                        of failure to make a required installment or other
                        payment with respect to a Plan, a statement of a
                        financial officer setting forth details as to such
                        failure and the action proposed to be taken with respect
                        thereto, together with a copy of such notice given to
                        the PBGC, but only if such failure to make a required
                        installment would result in a Material Adverse Effect;
                        and

               (iii)    promptly and in any event within 30 days after receipt
                        thereof by any ERISA Company from the sponsor of a
                        Multiemployer Plan, a copy of each notice received by
                        any ERISA Company concerning (A) the imposition of any
                        Withdrawal Liability or (B) a determination that a
                        Multiemployer Plan is, or is expected to be, terminated
                        or in reorganization, in each case within the meaning of
                        Title IV of ERISA, but only if the imposition of such
                        withdrawal liability, in the case of clause (A), or such
                        termination or reorganization, in the case of clause
                        (B), would result in a Material Adverse Effect.

        (x)    BOOKS AND RECORDS. The Borrowers shall, and shall cause the
               Restricted Subsidiaries to, keep proper books of account and
               records covering all its business and affairs on a current basis,
               make full, true and correct entries of its transactions in such
               books, set aside on its books from their earnings all such proper
               reserves as

<PAGE>   77
                                     - 71 -

               required by generally accepted accounting principles and permit
               representatives of the Administrative Agent to inspect such books
               of account, records and documents and to make copies therefrom
               during reasonable business hours and upon reasonable notice and
               to discuss the affairs, finances and accounts of such Company
               with its auditors during reasonable business hours and upon
               reasonable notice.

        (y)    NOTICE OF DEFAULT OR EVENT OF DEFAULT. Upon the occurrence of
               either a Default or an Event of Default of which any Borrower is
               aware, such Borrower shall promptly deliver to the Administrative
               Agent a notice specifying the nature and date of occurrence of
               such Default or Event of Default, such Borrower's assessment of
               the duration and effect thereof and the action which such
               Borrower proposes to take with respect thereto.

11.02 RESTRICTIVE COVENANTS. The Borrowers hereby covenant and agree with the
Administrative Agent and the Lenders that, until all credit outstanding
hereunder has been repaid in full and the Credit Facility has been terminated,
and unless waived in writing in accordance with Section 14.14:

        (a)    LIENS. The Borrowers shall not, and shall not permit or suffer
               any Restricted Subsidiary to, enter into or grant, create, assume
               or suffer to exist any Lien affecting any of their respective
               properties, assets or undertaking, save and except only for the
               Permitted Liens.

        (b)    CORPORATE EXISTENCE. The Borrowers shall not, and shall not
               permit or suffer any Restricted Subsidiary to, take part in any
               amalgamation, merger, dissolution, winding up, corporate
               reorganization, capital reorganization or similar proceeding or
               arrangement or discontinue any businesses ; provided, however,
               that the foregoing shall not prohibit amalgamations or corporate
               reorganizations solely between two or more Companies provided (x)
               notice of such amalgamation or corporate reorganization (and
               reasonable details thereof) has been provided by the Borrowers to
               the Administrative Agent ten Banking Days before the proposed
               implementation date of such amalgamation or corporate
               reorganization and (y) the Administrative Agent is satisfied, in
               its sole discretion acting reasonably, that the completion of
               such amalgamation or corporate reorganization would not adversely
               affect any rights of the Administrative Agent or any of the
               Lenders under any Guarantee or any Security Document and (z) no
               Default or Event of Default has occurred and is continuing at the
               time of such proposed implementation and no Default or Event of
               Default would arise immediately thereafter.

        (c)    DISPOSITION OF ASSETS. Kinross Canada shall not suffer or permit
               the sale or other disposition of any of the shares of Kinross
               U.S.A. or Fairbanks U.S. The Borrowers

<PAGE>   78
                                     - 72 -

               shall not suffer or permit the sale or other disposition of any
               of the shares of the Restricted Subsidiaries. The Borrowers shall
               not, and shall not suffer or permit any of the Restricted
               Subsidiaries to, sell or otherwise dispose of any of the Secured
               Assets ; provided, however, that this prohibition on sale or
               other disposition shall not prohibit (x) the Companies allowing
               mineral claims to lapse on the Undeveloped Portion of the Fort
               Knox Mine or (y) the Companies selling or granting participating
               interests (by way of joint venture, farm-out or otherwise) with
               respect to the Undeveloped Portion of the Fort Knox Mine. Subject
               always to the preceding three sentences, the Borrowers shall not,
               and shall not suffer or permit any Restricted Subsidiary to, in
               any particular Fiscal Year, sell or otherwise dispose of any of
               their other respective assets (other than the disposition of
               inventory and worn out, unserviceable or obsolete equipment in
               the ordinary course of business) individually or in the aggregate
               or in excess of U.S.$25,000,000. For purposes of greater
               certainty, (A) the sale of metal product constitutes part of the
               ordinary course of business of the Companies and (B) this Section
               11.02(c) shall not apply to any sale by (x) any Borrower of any
               of its portfolio of equity securities in junior mining companies
               or (y) any Company to another Company of the former's equipment.

        (d)    ATTRIBUTABLE DEBT. The Borrowers shall not suffer or permit
               Attributable Debt at any time to exceed U.S. $40,000,000.

        (e)    GOLD HEDGING CONTRACTS. The Borrowers shall not, and shall not
               suffer or permit the Restricted Subsidiaries to, have outstanding
               any gold hedging contracts which create matured or contingent
               obligations to deliver gold in excess of (x) 80% of the projected
               production of the Companies in any future 12 month period or (y)
               40% of Reserves at the date of determination

        (f)    REGULATION G, U OR X. The Borrowers shall not, and shall not
               suffer or permit any Restricted Subsidiary to, engage in the
               business of extending credit for the purpose of purchasing or
               carrying margin stock. The Borrowers shall not use any of the
               proceeds of any credit extended hereunder for a purpose which
               violates, or would be inconsistent with, Regulation G, U or X of
               the F.R.S. Board.

        (g)    CAPITAL MARKET TRANSACTIONS. The Borrowers shall not, and shall
               not suffer or permit any Restricted Subsidiary to, enter into any
               capital market transaction for speculative purposes.

        (h)    AMENDMENTS. The Borrowers shall not suffer or permit any
               amendment, modification, supplement, replacement, waiver or
               termination to or of any provision of the IRB Loan Agreements or
               the agreements evidencing the OPIC/EBRD Omolon Indebtedness, the
               Omolon Working Capital Facility or the Omolon Subordinated

<PAGE>   79
                                     - 73 -

               Debt Facility to the extent such amendments relate to rate,
               amortization, term or security.

        (i)    ACCOUNT BALANCES OF NON-RESTRICTED SUBSIDIARIES. The Borrowers
               shall not suffer or permit the aggregate balance (both the cash
               balance and the value of invested funds) of all bank accounts and
               investment accounts maintained by all of the Companies outside of
               the Investment Accounts to exceed $500,000 or the Canadian Dollar
               Equivalent thereof.

11.03 PERFORMANCE OF COVENANTS BY ADMINISTRATIVE AGENT. The Administrative Agent
may, on the instructions of the Majority Lenders and upon notice by the
Administrative Agent to the Borrowers, perform any covenant of the Borrowers
under this agreement which the Borrowers fail to perform or cause to be
performed and which the Administrative Agent is capable of performing, including
any covenants the performance of which requires the payment of money, provided
that the Administrative Agent shall not be obligated to perform any such
covenant on behalf of the Borrowers and no such performance by the
Administrative Agent shall require the Administrative Agent to further perform
the Borrowers' covenants or shall operate as a derogation of the rights and
remedies of the Administrative Agent and the Lenders under this agreement or as
a waiver of such covenant by the Administrative Agent. Any amounts paid by the
Administrative Agent as aforesaid shall be reimbursed by the Lenders in their
Pro Rata Shares and shall be repaid by the Borrowers to the Administrative Agent
on behalf of the Lenders on demand.

                                   ARTICLE 12
                    CONDITIONS PRECEDENT TO OBTAINING CREDIT

12.01 CONDITIONS PRECEDENT TO ALL CREDIT. The obligation of the Lenders to
extend credit hereunder is subject to fulfilment of the following conditions
precedent on the date such credit is extended:

        (a)    the applicable Borrower shall have complied with the requirements
               of Article 4, 5 or 6, as the case may be, in respect of the
               relevant credit;

        (b)    no Default has occurred and is continuing or would arise
               immediately after giving effect to or as a result of such
               extension of credit;

        (c)    the representations and warranties of the Borrowers contained in
               Section 10.01 shall be true and correct in all respects on the
               date such credit is extended as if such representations and
               warranties were made on such date; and

        (d)    the Credit Facility has not been terminated pursuant to Section
               2.05.

<PAGE>   80
                                     - 74 -

12.02 CONDITIONS PRECEDENT TO INITIAL DRAWDOWN. The obligation of the Lenders to
extend credit for the first time hereunder is subject to fulfilment of the
following conditions precedent on the date such credit is extended:

        (a)    the conditions precedent set forth in Section 12.01 have been
               fulfilled;

        (b)    as continuing collateral security for the Secured Obligations,
               each Borrower has duly executed and delivered to the
               Administrative Agent the Borrower Security Documents to which it
               is a signatory and the Restricted Subsidiaries have duly executed
               and delivered to the Administrative Agent the Guarantees;

        (c)    as continuing collateral security for the obligations of
               Fairbanks Canada, Kinam U.S., Kinam Refugio, Melba Creek, Teko
               Inc. and Teko Ltd. under their respective Guarantees, each of
               said Restricted Subsidiaries has duly executed and delivered to
               the Administrative Agent the Guarantor Security Documents to
               which it is a signatory;

        (d)    the Administrative Agent has received, in form and substance
               satisfactory to the Administrative Agent:

               (i)      a duly certified copy of the articles of incorporation,
                        articles of amalgamation or similar documents and
                        by-laws of each Company;

               (ii)     a certificate of status or good standing for each
                        Company issued by the appropriate governmental body or
                        agency of the jurisdiction in which such Company is
                        incorporated;

               (iii)    a duly certified copy of the resolution of the board of
                        directors of each Company authorizing it to execute,
                        deliver and perform its obligations under each Loan
                        Document to which such Company is a signatory and, in
                        the case of Melba Creek, Fairbanks U.S., and Teko Inc.,
                        authorizing the pledge of all of its issued and
                        outstanding shares to the Administrative Agent and any
                        subsequent disposition thereof by the Administrative
                        Agent in realizing on the security therein constituted
                        by the relevant Security Documents;

               (iv)     a certificate of an officer of each Company, in such
                        capacity, setting forth specimen signatures of the
                        individuals authorized to sign the Loan Documents to
                        which such Company is a signatory;

<PAGE>   81
                                     - 75 -

               (v)      a certificate of a senior officer of Kinross Canada, in
                        such capacity, certifying that, to the best of his
                        knowledge after due inquiry, no Default has occurred and
                        is continuing or would arise immediately after giving
                        effect to or as a result of such extension of credit;

               (vi)     share certificates representing all of the issued and
                        outstanding shares of Melba Creek, Fairbanks U.S. and
                        Teko Inc. duly endorsed in blank for transfer or
                        attached to duly executed stock transfers and powers of
                        attorney;

               (vii)    copies of insurance policies, riders and endorsements,
                        insurance binders, certificates of insurance and
                        statements of coverage with respect to the insurance
                        referred to in Section 11.01(d);

               (viii)   an opinion of each Company's counsel addressed to the
                        Lenders, the Administrative Agent and its counsel,
                        relating to the status and capacity of each Company, the
                        due authorization, execution and delivery and the
                        validity and enforceability of the Loan Documents to
                        which such Company is a party in the jurisdiction of
                        incorporation of such Company and in the Province of
                        Ontario and such other matters as the Administrative
                        Agent may reasonably request;

               (ix)     opinions of counsel to Melba Creek, Fairbanks U.S. and
                        Teko Inc. with respect to the title to the Fort Knox
                        Deposit, True North Deposit and Ryan Lode Deposit,
                        respectively;

               (x)      an opinion of the Administrative Agent's counsel with
                        respect to such matters as may be reasonably required by
                        the Administrative Agent in connection with the
                        transactions hereunder (including, without limitation,
                        the legality, validity and binding nature of the
                        obligations of the Companies under, and the
                        enforceability against the Companies of, the Loan
                        Documents which are governed by the laws of the Province
                        of Ontario); and

               (xi)     certified copies of the IRB Loan Agreements and each of
                        the trust indentures under which the Industrial Revenue
                        Bonds are issued;

        (e)    there has not occurred a material adverse change in the property,
               assets, financial condition, operations, prospects or business of
               any Company (it being acknowledged that the foregoing shall not
               include any change or effect attributable to changes in the
               economy of the United States, Canada or any other country or
               changes attributable to the seasonality of the Companies'
               businesses);

<PAGE>   82
                                     - 76 -

        (f)    all of credit extended in favour of Kinross Canada and Kinross
               U.S.A. under the Existing Credit Agreement shall have become
               obligations under the Credit Facility pursuant to Section 12.04
               and all commitments of The Bank of Nova Scotia under the Existing
               Credit Agreement shall have been terminated and any collateral
               security therefor released and discharged;

        (g)    the Administrative Agent shall have completed, to its
               satisfaction in its sole and absolute discretion, a review of all
               agreements evidencing Indebtedness of the Borrowers and their
               subsidiaries;

        (h)    the Administrative Agent has received evidence satisfactory to
               it, in its sole and absolute discretion, that:

               (i)      the aggregate cash balances of the Companies exceeded
                        U.S. $93,750,000 as at December 31, 1999;

               (ii)     the Omolon Working Capital Facility has been permanently
                        reduced to no more than U.S. $7,500,000; and

               (iii)    the OPIC/EBRD Omolon Indebtedness has become
                        Non-Recourse Indebtedness;

        (i)    the Administrative Agent shall have completed, to its
               satisfaction, a review of an updated three year budget of the
               Companies;

        (j)    the Administrative Agent's senior mining engineer, in conjunction
               with an independent engineer retained by the Administrative
               Agent, shall have completed, to their satisfaction, a technical
               and environmental due diligence review;

        (k)    the Administrative Agent has received the Postponement and
               Subordination Undertaking and the Environmental Indemnity
               Agreement, duly executed by all parties thereto;

        (l)    the Administrative Agent has received a chart setting out the
               corporate structure of the Borrowers and all of their
               subsidiaries, whether direct or indirect, and evidencing (i)
               intercorporate share ownership and (ii) mine ownership;

        (m)    the Administrative Agent and its counsel shall be satisfied,
               acting reasonably, that all necessary approvals,
               acknowledgements, directions and consents have been given and
               that all relevant laws have been complied with in respect of all
               agreements and transactions referred to herein;

<PAGE>   83
                                     - 77 -

        (n)    all documents and instruments shall have been properly
               registered, recorded and filed in all places which, searches
               shall have been conducted in all jurisdictions which, and
               deliveries of all consents, approvals, acknowledgments,
               undertakings, directions, negotiable documents of title and other
               documents and instruments to the Administrative Agent shall have
               been made which, in the opinion of the Administrative Agent's
               counsel, acting reasonably, are desirable or required to make
               effective the Security created or intended to be created by the
               Companies in favour of the Administrative Agent pursuant to the
               Security Documents and to ensure the perfection and the intended
               priority of such security; and

        (o)    the Borrowers shall have paid to the Administrative Agent and the
               Lenders all fees and expenses required to be paid on or before
               such initial extension of credit pursuant to the Loan Documents.
               Such fees shall include, without limitation, with respect to each
               Existing Letter, the payment by the Borrowers of an amount equal
               to any additional amount that would have been payable by the
               Borrowers if such Existing Letter had been initially issued under
               this agreement (for the balance of its term); and

        (p)    all current account documentation shall have been completed to
               the satisfaction of the Administrative Agent.

12.03 WAIVER. The terms and conditions of Sections 12.01 and 12.02 are inserted
for the sole benefit of the Administrative Agent and the Lenders, and the
Lenders may waive them in accordance with Section 14.14, in whole or in part,
with or without terms or conditions, in respect of any extension of credit,
without prejudicing their right to assert the terms and conditions of Section
12.01 in whole or in part in respect of any other extension of credit.

12.04 IMPORT OF EXISTING LETTERS. The parties acknowledge that the Issuing
Lender has previously issued the Existing Letters for the account of Kinross
Canada, Kinross U.S.A. and the other Companies under the Existing Credit
Agreement. The parties hereby agree that, upon the date of the completion of the
fulfilment of the conditions precedent set forth in Sections 12.01(b) to (d) and
12.02(b) to (r), all Existing Letters shall be deemed to be Letters issued under
the Credit Facility, the provisions of this agreement shall henceforth apply
thereto and supersede the Existing Credit Agreement and any other reimbursement
agreement previously executed by Kinross Canada in respect thereof and such
deeming shall constitute the initial drawdown hereunder. Any accrued but unpaid
fees owing with respect to the Existing Letters as at such date shall be deemed
to be accrued and unpaid fees hereunder. Upon the Existing Letters being deemed
to be Letters hereunder, Kinross Canada shall forthwith pay to the Lenders an
amount equal to any Letter issuance fees owing with respect to such Letters as a
result of the Applicable Rate applicable thereto being higher than the rate
applicable to such Letters at the time of their issuance.

<PAGE>   84
                                     - 78 -

                                   ARTICLE 13
                              DEFAULT AND REMEDIES

13.01 EVENTS OF DEFAULT. Upon the occurrence of any one or more of the following
events, unless expressly waived in writing in accordance with Section 14.14:

        (a)    the breach by any Borrower of the provisions of Section 9.01;

        (b)    the failure of any Borrower to pay any amount due hereunder
               (other than amounts due pursuant to Section 9.01) within five
               Banking Days after the payment is due;

        (c)    the commencement by any Company or by any other Person of
               proceedings for the dissolution, liquidation or winding up of any
               Company or for the suspension of operations of any Company (other
               than such proceedings commenced by another Person which are
               diligently defended and are discharged, vacated or stayed within
               thirty days after commencement);

        (d)    if any Company ceases or threatens to cease to carry on its
               business or is adjudged or declared bankrupt or insolvent or
               admits its inability to pay its debts generally as they become
               due or fails to pay its debts generally as they become due or
               makes an assignment for the benefit of creditors, petitions or
               applies to any tribunal for the appointment of a receiver or
               trustee for it or for any part of its property (or such a
               receiver or trustee is appointed for it or any part of its
               property), or commences (or any other Person commences) any
               proceedings relating to it under any bankruptcy, insolvency,
               reorganization, arrangement, readjustment of debt, dissolution or
               liquidation law or statute of any jurisdiction whether now or
               hereafter in effect (other than such proceedings commenced by
               another Person which are diligently defended and are discharged,
               vacated or stayed within thirty days after commencement), or by
               any act indicates its consent to, approval of, or acquiescence
               in, any such proceeding for it or for any part of its property,
               or suffers the appointment of any receiver or trustee,
               sequestrator or other custodian;

        (e)    if any representation or warranty made by the Borrowers in this
               agreement or in any other document, agreement or instrument
               delivered pursuant hereto or referred to herein or any material
               information furnished in writing to the Administrative Agent by
               the Borrowers proves to have been incorrect in any material
               respect when made or furnished and continues to be incorrect in
               any material respect for thirty days after the Administrative
               Agent has given the Borrowers notice thereof;

<PAGE>   85
                                     - 79 -

        (f)    if a writ, execution, attachment or similar process is issued or
               levied against all or any portion of the property of any Company
               in connection with any judgment against it in an amount of at
               least $10,000,000, and such writ, execution, attachment or
               similar process is not released, bonded, satisfied, discharged,
               vacated or stayed within thirty days after its entry,
               commencement or levy;

        (g)    the breach or failure of due observance or performance by any
               Company of any covenant or provision of any Loan Document (other
               than those previously referred to in this Section 13.01) or of
               any other document, agreement or instrument delivered pursuant
               hereto or thereto or referred to herein or therein to which the
               Administrative Agent or any of the Lenders is a party and such
               breach or failure continues for ten Banking Days after the
               Administrative Agent has given the Borrowers notice of such
               breach or failure;

        (h)    if one or more encumbrancers, liens or landlords take possession
               of any part of the property of any Company or attempt to enforce
               their security or other remedies against such property (other
               than at the expiry of the relevant lease) and their claims remain
               unsatisfied for such period as would permit such property to be
               sold thereunder and such property which has been repossessed or
               is capable of being sold has an aggregate fair market value of at
               least $3,000,000;

        (i)    if an event of default under any one or more agreements,
               indentures or instruments, under which any Company has
               outstanding Indebtedness (other than Non-Recourse Indebtedness)
               in an amount of at least $10,000,000 or under which another
               Person has outstanding Indebtedness in an amount of at least
               $10,000,000 which is guaranteed by any Company, shall happen
               (with all applicable grace periods having expired) and be
               continuing, or if any Indebtedness of or guaranteed by any
               Company in an amount of at least $10,000,000 which is payable on
               demand is not paid on demand;

        (j)    any Person or combination of Persons acting in concert acquires
               direct or indirect beneficial ownership of more than 50% of the
               outstanding voting securities of Kinross Canada;

        (k)    any ERISA Company shall fail to pay when due an amount or amounts
               aggregating in excess of $1,000,000 which it shall have become
               liable to pay under Section 4062, 4063 or 4064 of ERISA; or
               notice of intent to terminate a Plan shall be filed under Title
               IV of ERISA by any ERISA Company, any plan administrator or any
               combination of the foregoing if such termination would result in
               a Material Adverse Effect; or the PBGC shall institute
               proceedings under Title IV of ERISA to terminate, to impose
               liability (other than for premiums under Section 4007 of

<PAGE>   86
                                     - 80 -

               ERISA) in respect of, or to cause a trustee to be appointed to
               administer any Plan, if such action by the PBGC would result in a
               Material Adverse Effect; or there shall occur a complete or
               partial withdrawal from, or a default, within the meaning of
               Section 4219(c)(5) of ERISA, with respect to, one or more
               Multiemployer Plans which could cause one or more ERISA Companies
               to incur a current annual payment obligation in excess of
               $1,000,000;

        (l)    the breach or failure of due observance by any of the
               subsidiaries of the Borrowers (other than the Companies) of any
               of the covenants or provisions under any of the Postponement and
               Subordination Undertaking, the Environmental Indemnity Agreement
               or any Hedging Agreement; or

        (m)    any one or more of the Loan Documents is determined by a court of
               competent jurisdiction not to be a legal, valid and binding
               obligation of any Company which is a party thereto, enforceable
               by the Administrative Agent, the Lenders or any of them against
               such Company and such Loan Document has not been replaced by a
               legal, valid, binding and enforceable document which is
               equivalent in effect to such Loan Document, assuming such Loan
               Document had originally been legal, valid, binding and
               enforceable, in form and substance acceptable to the
               Administrative Agent, within 30 days of such determination,
               provided, however, that such grace period shall only be provided
               if such Company actively cooperates with the Administrative Agent
               to so replace such Loan Document;

the Administrative Agent (with the approval and instructions of the Majority
Lenders) may, by notice to the Borrowers, terminate the Credit Facility
(provided, however, that the Credit Facility shall automatically terminate,
without notice of any kind, upon the occurrence of an event described in clause
(c) or (d) above) and the Administrative Agent (with the approval and
instructions of the Majority Lenders) may, by the same or further notice to the
Borrowers, declare all indebtedness of the Borrowers to the Lenders pursuant to
this agreement (including (i) the present value of the face amount of all
Bankers' Acceptances issued and outstanding hereunder based on their respective
maturity dates, such present value to be calculated using a discount rate equal
to the yield of Government of Canada treasury bills having a similar maturity
date and (ii) the then contingent liability of the Issuing Lender under all
Letters) to be immediately due and payable whereupon all such indebtedness shall
immediately become and be due and payable and all collateral security therefor
shall become immediately enforceable without further demand or other notice of
any kind, all of which are expressly waived by the Borrowers (provided, however,
that all such indebtedness of the Borrowers to the Lenders shall automatically
become due and payable and all collateral security therefor shall become
immediately enforceable, without notice of any kind, upon the occurrence of an
event described in clause (c) or (d) above). Upon the payment by Kinross Canada
to the Lenders of the present value of the face amount of all Bankers'
Acceptances issued and outstanding hereunder, Kinross Canada shall have no
further liability to the Lenders with respect to

<PAGE>   87
                                     - 81 -

such Bankers' Acceptances. Upon the payment by the Borrowers to the Issuing
Lender of the then contingent liability under all outstanding Letters, the
Borrowers shall have no further liability to the Issuing Lender with respect to
such Letters.

13.02 REFUND OF OVERPAYMENTS. With respect to each Letter for which the Issuing
Lender has been paid all of its contingent liability pursuant to Section 9.01,
9.07 or Section 13.01 and provided that all amounts due by the Borrowers to the
Issuing Lender under Section 9.01, 9.07 and Section 13.01 have been paid, the
Issuing Lender agrees to pay to the Borrowers, upon the later of

        (a)    if the Letter is subject to an Order, the date on which any final
               and non-appealable order, judgment or other determination has
               been rendered or issued either permanently enjoining the Issuing
               Lender from paying under such Letter or terminating any
               outstanding Order; and

        (b)    the earlier of:

               (i)      the date on which either the original counterpart of
                        such Letter is returned to the Issuing Lender for
                        cancellation or the Issuing Lender is released by the
                        beneficiary thereof from any further obligations in
                        respect of such Letter;

               (ii)     the expiry of such Letter; and

               (iii)    (where the contingent liability under such Letter is
                        less than the face amount thereof), all amounts possibly
                        payable under such Letter have been paid;

an amount equal to any excess of the amount received by the Issuing Lender
hereunder in respect of its contingent liability under such Letter over the
total of amounts applied to reimburse the Issuing Lender for amounts paid by it
under or in connection with such Letter (the Issuing Lender having the right to
so appropriate such funds).

13.03 REMEDIES CUMULATIVE. The Borrowers expressly agree that the rights and
remedies of the Administrative Agent and the Lenders under this agreement are
cumulative and in addition to and not in substitution for any rights or remedies
provided by law. Any single or partial exercise by the Administrative Agent or
any Lender of any right or remedy for a default or breach of any term, covenant
or condition in this agreement does not waive, alter, affect or prejudice any
other right or remedy to which the Administrative Agent or such Lender may be
lawfully entitled for the same default or breach. Any waiver by the
Administrative Agent with the approval of the Majority Lenders or all of the
Lenders in accordance with Section 14.14 of the strict observance, performance

<PAGE>   88
                                     - 82 -

or compliance with any term, covenant or condition of this agreement is not a
waiver of any subsequent default and any indulgence by the Lenders with respect
to any failure to strictly observe, perform or comply with any term, covenant or
condition of this agreement is not a waiver of the entire term, covenant or
condition or any subsequent default. No failure or delay by the Administrative
Agent or any Lender in exercising any right shall operate as a waiver of such
right nor shall any single or partial exercise of any power or right preclude
its further exercise or the exercise of any other power or right.

13.04 SET-OFF. In addition to any rights now or hereafter granted under
applicable law, and not by way of limitation of any such rights, the
Administrative Agent and each Lender is authorized, at any time that an Event of
Default and has occurred and is continuing without notice to the Borrowers or to
any other person, any such notice being expressly waived by the Borrowers, to
set-off, appropriate and apply any and all deposits, matured or unmatured,
general or special, and any other indebtedness at any time held by or owing by
the Administrative Agent or such Lender, as the case may be, to or for the
credit of or the account of the Borrowers against and on account of the
obligations and liabilities of the Borrowers which are due and payable to the
Administrative Agent or such Lender, as the case may be, under this agreement.

                                   ARTICLE 14
                            THE ADMINISTRATIVE AGENT

14.01 APPOINTMENT AND AUTHORIZATION OF ADMINISTRATIVE AGENT. Each Lender hereby
appoints and authorizes, and hereby agrees that it will require any assignee of
any of its interests in the Loan Documents (other than the holder of a
participation in its interests herein or therein) to appoint and authorize the
Administrative Agent to take such actions as agent on its behalf and to exercise
such powers under the Loan Documents as are delegated to the Administrative
Agent by such Lender by the terms hereof, together with such powers as are
reasonably incidental thereto. Neither the Administrative Agent nor any of its
directors, officers, employees or agents shall be liable to any of the Lenders
for any action taken or omitted to be taken by it or them thereunder or in
connection therewith, except for its own gross negligence or wilful misconduct
and each Lender hereby acknowledges that the Administrative Agent is entering
into the provisions of this Section 14.01 on its own behalf and as agent and
trustee for its directors, officers, employees and agents.

14.02 INTEREST HOLDERS. The Administrative Agent may treat each Lender set forth
in Schedule A hereto or the person designated in the last notice delivered to it
under Section 15.05 as the holder of all of the interests of such Lender under
the Loan Documents.

14.03 CONSULTATION WITH COUNSEL. The Administrative Agent may consult with legal
counsel selected by it as counsel for the Administrative Agent and the Lenders
and shall not be liable for any action taken or not taken or suffered by it in
good faith and in accordance with the advice and opinion of such counsel.

<PAGE>   89
                                     - 83 -

14.04 DOCUMENTS. The Administrative Agent shall not be under any duty to the
Lenders to examine, enquire into or pass upon the validity, effectiveness or
genuineness of the Loan Documents or any instrument, document or communication
furnished pursuant to or in connection with the Loan Documents and the
Administrative Agent shall, as regards the Lenders, be entitled to assume that
the same are valid, effective and genuine, have been signed or sent by the
proper parties and are what they purport to be.

14.05 ADMINISTRATIVE AGENT AS LENDER. With respect to those portions of the
Credit Facility made available by it, the Administrative Agent shall have the
same rights and powers under the Loan Documents as any other Lender and may
exercise the same as though it were not the Administrative Agent. The
Administrative Agent and its affiliates may accept deposits from, lend money to
and generally engage in any kind of business with the Borrowers and their
affiliates and persons doing business with the Borrowers and/or any of their
affiliates as if it were not the Administrative Agent and without any obligation
to account to the Lenders therefor.

14.06 RESPONSIBILITY OF ADMINISTRATIVE AGENT. The duties and obligations of the
Administrative Agent to the Lenders under the Loan Documents are only those
expressly set forth herein. The Administrative Agent shall not have any duty to
the Lenders to investigate whether a Default or an Event of Default has
occurred. The Administrative Agent shall, as regards the Lenders, be entitled to
assume that no Default or Event of Default has occurred and is continuing unless
the Administrative Agent has actual knowledge or has been notified by a Borrower
of such fact or has been notified by a Lender that such Lender considers that a
Default or Event of Default has occurred and is continuing, such notification to
specify in detail the nature thereof.

14.07 ACTION BY ADMINISTRATIVE AGENT. The Administrative Agent shall be entitled
to use its discretion with respect to exercising or refraining from exercising
any rights which may be vested in it on behalf of the Lenders by and under this
agreement; provided, however, that the Administrative Agent shall not exercise
any rights under Section 13.01 or under the Security Documents or expressed to
be on behalf of or with the approval of the Majority Lenders without the
request, consent or instructions of the Majority Lenders. Furthermore, any
rights of the Administrative Agent expressed to be on behalf of or with the
approval of the Majority Lenders shall be exercised by the Administrative Agent
upon the request or instructions of the Majority Lenders. The Administrative
Agent shall incur no liability to the Lenders under or in respect of any of the
Loan Documents with respect to anything which it may do or refrain from doing in
the reasonable exercise of its judgment or which may seem to it to be necessary
or desirable in the circumstances, except for its gross negligence or wilful
misconduct. The Administrative Agent shall in all cases be fully protected in
acting or refraining from acting under any of the Loan Documents in accordance
with the instructions of the Majority Lenders and any action taken or failure to
act pursuant to such instructions shall be binding on all Lenders. In respect of
any notice by or action taken by the Administrative Agent hereunder, the
Borrowers shall at no time be obliged to enquire as to the right or authority of
the Administrative Agent to so notify or act.

<PAGE>   90
                                     - 84 -

14.08 NOTICE OF EVENTS OF DEFAULT. In the event that the Administrative Agent
shall acquire actual knowledge or shall have been notified of any Default or
Event of Default, the Administrative Agent shall promptly notify the Lenders and
shall take such action and assert such rights under Section 13.01 of this
agreement and under the other Loan Documents as the Majority Lenders shall
request in writing and the Administrative Agent shall not be subject to any
liability by reason of its acting pursuant to any such request. If the Majority
Lenders shall fail for five Banking Days after receipt of the notice of any
Default or Event of Default to request the Administrative Agent to take such
action or to assert such rights under any of the Loan Documents in respect of
such Default or Event of Default, the Administrative Agent may, but shall not be
required to, and subject to subsequent specific instructions from the Majority
Lenders, take such action or assert such rights (other than rights under Section
13.01 of this agreement or under the other Loan Documents and other than giving
an express waiver of any Default or any Event of Default) as it deems in its
discretion to be advisable for the protection of the Lenders except that, if the
Majority Lenders have instructed the Administrative Agent not to take such
action or assert such rights, in no event shall the Administrative Agent act
contrary to such instructions unless required by law to do so.

14.09 RESPONSIBILITY DISCLAIMED. The Administrative Agent shall be under no
liability or responsibility whatsoever as agent hereunder:

        (a)    to any Borrower or any other Person as a consequence of any
               failure or delay in the performance by, or any breach by, any
               Lender or Lenders of any of its or their obligations under any of
               the Loan Documents;

        (b)    to any Lender or Lenders as a consequence of any failure or delay
               in performance by, or any breach by, any Borrower of any of its
               obligations under any of the Loan Documents; or

        (c)    to any Lender or Lenders for any statements, representations or
               warranties in any of the Loan Documents or in any other documents
               contemplated thereby or in any other information provided
               pursuant to any of the Loan Documents or any other documents
               contemplated thereby or for the validity, effectiveness,
               enforceability or sufficiency of any of the Loan Documents or any
               other document contemplated thereby.

14.10 INDEMNIFICATION. The Lenders agree to indemnify the Administrative Agent
(to the extent not reimbursed by the Borrowers) pro rata according to the
Exposure of each of them from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any nature whatsoever which may be imposed on, incurred by or
asserted against the Administrative Agent in any way relating to or arising out
of any of the Loan Documents or any other document contemplated thereby or any
action taken or omitted by the Administrative Agent under any of the Loan
Documents or any document contemplated thereby,

<PAGE>   91
                                     - 85 -

except that no Lender shall be liable to the Administrative Agent for any
portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements resulting from the gross
negligence or wilful misconduct of the Administrative Agent.

14.11 CREDIT DECISION. Each Lender represents and warrants to the Administrative
Agent that:

        (a)    in making its decision to enter into this agreement and to make
               its Pro Rata Share of the Credit Facility available to the
               Borrowers, it is independently taking whatever steps it considers
               necessary to evaluate the financial condition and affairs of the
               Borrowers and that it has made an independent credit judgment
               without reliance upon any information furnished by the
               Administrative Agent; and

        (b)    so long as any portion of a the Credit Facility is being utilized
               by the Borrowers, it will continue to make its own independent
               evaluation of the financial condition and affairs of the
               Borrowers.

14.12 SUCCESSOR ADMINISTRATIVE AGENT. Subject to the appointment and acceptance
of a successor Administrative Agent as provided below, the Administrative Agent
may, with the prior written consent of the Borrowers (which consent shall not be
required for so long as an Event of Default has occurred and is continuing),
resign at any time by giving 30 days written notice thereof to the Lenders. Upon
any such resignation, the Majority Lenders, with the prior written consent of
the Borrowers (which consent shall not be required (x) if the successor
Administrative Agent is an affiliate or subsidiary of the Administrative Agent
on the date hereof or (y) for so long as an Event of Default has occurred and is
continuing), shall have the right to appoint a successor Administrative Agent
who shall be one of the Lenders unless none of the Lenders wishes to accept such
appointment. If no successor Administrative Agent shall have been so appointed
and shall have accepted such appointment by the time of such resignation, then
the retiring Administrative Agent may, on behalf of the Lenders and with the
prior written consent of the Borrowers (which consent shall not be required for
so long as an Event of Default has occurred and is continuing), appoint a
successor Administrative Agent which shall be a bank organized under the laws of
Canada which has combined capital and reserves in excess of Cdn. $250,000,000
and has an office in Toronto. Upon the acceptance of any appointment as
Administrative Agent hereunder by a successor Administrative Agent, such
successor Administrative Agent shall thereupon succeed to and become vested with
all the rights, powers, privileges, duties and obligations of the retiring
Administrative Agent (in its capacity as Administrative Agent but not in its
capacity as a Lender) and the retiring Administrative Agent shall be discharged
from its duties and obligations hereunder (in its capacity as Administrative
Agent but not in its capacity as a Lender). After any retiring Administrative
Agent's resignation or removal hereunder as the Administrative Agent, provisions
of this Article 14 shall continue in effect for its benefit in respect of any
actions taken or omitted to be taken by it while it was acting as the
Administrative Agent.

<PAGE>   92
                                     - 86 -

14.13 DELEGATION BY ADMINISTRATIVE AGENT. With the prior approval of the
Majority Lenders, the Administrative Agent shall have the right to delegate any
of its duties or obligations hereunder as Administrative Agent to any affiliate
of the Administrative Agent so long as the Administrative Agent shall not
thereby be relieved of such duties or obligations.

14.14 WAIVERS AND AMENDMENTS.

        (a) Subject to Sections 14.14(b) and (c), any term, covenant or
condition of any of the Loan Documents may only be amended with the prior
consent of the Borrowers and the Majority Lenders or compliance therewith may be
waived (either generally or in a particular instance and either retroactively or
prospectively) by the Majority Lenders and in any such event the failure to
observe, perform or discharge any such covenant, condition or obligation, so
amended or waived (whether such amendment is executed or such consent or waiver
is given before or after such failure), shall not be construed as a breach of
such covenant, condition or obligation or as a Default or Event of Default.

        (b) Notwithstanding Section 14.14(a), without the prior written consent
of each Lender, no such amendment or waiver shall directly:

               (i)      increase the amount of the Credit Facility or the amount
                        of the Individual Commitment of any Lender with respect
                        to the Credit Facility;

               (ii)     extend the Maturity Date or any Reduction Date or reduce
                        any Reduction Amount;

               (iii)    extend the time for the payment of interest on Loans,
                        forgive any portion of principal thereof, reduce the
                        stated rate of interest thereon or amend the requirement
                        of pro rata application of all amounts received by the
                        Administrative Agent in respect of the Credit Facility;

               (iv)     change the percentage of the Lenders' requirement to
                        constitute the Majority Lenders or otherwise amend the
                        definition of Majority Lenders;

               (v)      reduce the stated amount or postpone the date for
                        payment of any fees or other amount to be paid pursuant
                        to Article 7 or 8 of this agreement;

               (vi)     permit any subordination of any of the Secured
                        Obligations;

               (vii)    release, discharge or amend the joint and several
                        covenant of the Borrowers hereunder, any of the Security
                        Documents or any of the Guarantees, in whole or in part;
                        or

<PAGE>   93
                                     - 87 -

               (viii)   alter the terms of this Section 14.14.

        (c)    No amendment to or waiver of any provision hereof to the extent
               it affects the rights or obligations of the Administrative Agent
               shall be effective without the prior written consent of the
               Administrative Agent.

        (d)    Without the prior written consent of the Issuing Lender, no
               amendment to or waiver of Article 14 or any other provision
               hereof to the extent it affects the rights or obligations of the
               Issuing Lender shall be effective.

14.15 DETERMINATION BY ADMINISTRATIVE AGENT CONCLUSIVE AND BINDING. Any
determination to be made by the Administrative Agent on behalf of or with the
approval of the Lenders or the Majority Lenders under this agreement shall be
made by the Administrative Agent in good faith and, if so made, shall be binding
on all parties, absent manifest error.

14.16   ADJUSTMENTS AMONG LENDERS AFTER ACCELERATION.

        (a) The Lenders agree that, at any time after all indebtedness of the
Borrowers to the Lenders and the Administrative Agent pursuant hereto has become
immediately due and payable pursuant to Section 13.01 or after the cancellation
or termination of the Credit Facility, they will at any time or from time to
time upon the request of any Lender through the Administrative Agent purchase
portions of the availments made available by the other Lenders which remain
outstanding, and make any other adjustments which may be necessary or
appropriate, in order that the amounts of the availments made available by the
respective Lenders which remain outstanding, as adjusted pursuant to this
Section 14.16, will be in the same proportions as their respective Pro Rata
Shares thereof with respect to the Credit Facility immediately prior to such
acceleration, cancellation or termination.

        (b) The Lenders agree that, at any time after all indebtedness of the
Borrowers to the Lenders and the Administrative Agent pursuant hereto has become
immediately due and payable pursuant to Section 13.01 or after the cancellation
or termination of the Credit Facility, the amount of any repayment made by the
Borrowers under this agreement, and the amount of any proceeds of the exercise
of any rights or remedies of the Lenders under the Loan Documents, which are to
be applied against amounts owing hereunder as principal, will be so applied in a
manner such that to the extent possible, the availments made available by the
respective Lenders which remain outstanding, after giving effect to such
application, will be in the same proportions as their respective Pro Rata Shares
thereof with respect to the Credit Facility immediately prior to the
cancellation of termination thereof immediately prior to such acceleration,
cancellation or termination.

        (c) For greater certainty, the Lenders acknowledge and agree that
without limiting the generality of the provisions of Section 14.16 (a) and (b),
such provisions will have application if and

<PAGE>   94
                                     - 88 -

whenever any Lender shall obtain any payment (whether voluntary, involuntary,
through the exercise of any right of set-off, compensation, or otherwise) on
account of any monies owing or payable by a Borrower to it hereunder in excess
of its pro rata share of payments on account of monies owing by such Borrower to
all the Lenders hereunder.

        (d) Each Borrower agrees to be bound by and to do all things necessary
or appropriate to give effect to any and all purchases and other adjustments
made by and between the Lenders pursuant to this Section 14.16.

14.17 REDISTRIBUTION OF PAYMENT. If a Lender shall receive payment of a portion
of the aggregate amount of principal and interest due to it hereunder which is
greater than the proportion received by any other Lender in respect of the
aggregate amount of principal and interest due in respect of the Credit Facility
(having regard to the respective Individual Commitments of the Lenders), the
Lender receiving such proportionately greater payment shall purchase a
participation (which shall be deemed to have been done simultaneously with
receipt of such payment) in that portion of the aggregate outstanding credit of
the other Lender or Lenders so that the respective receipts shall be pro rata to
their respective participation in the credits; provided, however, that if all or
part of such proportionately greater payment received by such purchasing Lender
shall be recovered from the relevant Borrower, such purchase shall be rescinded
and the purchase price paid for such participation shall be returned by such
selling Lender or Lenders to the extent of such recovery, but without interest.

14.18 DISTRIBUTION OF NOTICES. Except as otherwise expressly provided herein,
promptly after receipt by the Administrative Agent of any notice or other
document which is delivered to the Administrative Agent hereunder on behalf of
the Lenders, the Administrative Agent shall provide a copy of such notice or
other document to each of the Lenders.

14.19 DETERMINATION OF EXPOSURES. Prior to any distribution of Cash Proceeds of
Realization to the Lenders, the Administrative Agent shall request each Lender
to provide to the Administrative Agent a written calculation of such Lender's
Exposure, each such calculation to be certified true and correct by the Lender
providing same. Each Lender shall so provide such calculation within two Banking
Days following the request of the Administrative Agent. Any such calculation
provided by a particular Lender which is approved by the Administrative Agent
shall, absent manifest error, constitute prima facie evidence of such Lender's
Exposure at such time. If the Administrative Agent does not approve any such
calculation provided by a particular Lender, the Administrative Agent and such
Lender shall, expeditiously and in good faith, make a determination of such
Lender's Exposure which the Administrative Agent approves. With respect to each
determination of the Exposure of the Lenders, the Administrative Agent shall
promptly notify the Lenders. For the purposes of determining a particular
Lender's Exposure, the Exposure of a Lender under this agreement and the
Security Documents shall be the aggregate amount (expressed in U.S. dollars) of
the Individual Commitments of such Lender.

<PAGE>   95
                                     - 89 -

14.20 DECISION TO ENFORCE SECURITY. Upon the Security becoming enforceable in
accordance with its terms, the Administrative Agent shall promptly so notify
each of the Lenders. Any Lender may thereafter provide the Administrative Agent
with a written request to enforce the Security. Forthwith after the receipt of
such a request, the Administrative Agent shall seek the instructions of the
Majority Lenders as to whether the Security should be enforced and the manner in
which the Security should be enforced. In seeking such instructions, the
Administrative Agent shall submit a specific proposal to the Lenders. The
Administrative Agent shall promptly notify the Lenders of all instructions and
approvals of the Majority Lenders.

14.21 ENFORCEMENT. The Administrative Agent reserves the sole right to enforce,
or otherwise deal with, the Security and to deal with the Companies in
connection therewith; provided, however, that the Administrative Agent shall so
enforce, or otherwise deal with, the Security as the Majority Lenders shall
instruct.

14.22 APPLICATION OF CASH PROCEEDS OF REALIZATION.

        (a) All Proceeds of Realization not in the form of cash shall be
forthwith delivered to the Administrative Agent and disposed of, or realized
upon, by the Administrative Agent in such manner as the Majority Lenders may
approve so as to produce Cash Proceeds of Realization.

        (b) Subject to the claims, if any, of secured creditors of the Companies
whose security ranks in priority to the Security, all Cash Proceeds of
Realization shall be applied and distributed, and the claims of the Lenders
shall be deemed to have the relative priorities which would result in the Cash
Proceeds of Realization being applied and distributed, as follows:

               (i)      firstly, to the payment of all reasonable costs and
                        expenses incurred by the Administrative Agent
                        (including, without limitation, all legal fees and
                        disbursements) in the exercise of all or any of the
                        powers granted to it hereunder or under the Security
                        Documents or the Guarantees and in payment of all of the
                        remuneration of any Receiver and all costs and expenses
                        properly incurred by such Receiver (including, without
                        limitation, all legal fees and disbursements) in the
                        exercise of all or any powers granted to it under the
                        Security Documents;

               (ii)     secondly, in payment of all amounts of money borrowed or
                        advanced by the Administrative Agent or such Receiver
                        pursuant to the Security Documents and any interest
                        thereon;

               (iii)    thirdly, to the payment or prepayment of the Secured
                        Obligations (including holding as cash collateral to be
                        applied against Secured

<PAGE>   96
                                     - 90 -

                        Obligations which have not then matured) to the Lenders
                        pro rata in accordance with their relative Exposures;
                        and

               (iv)     the balance, if any, to the Borrowers or otherwise in
                        accordance with applicable law.

14.23 ENTERING INTO CONTRACTS. The Administrative Agent may enter into any
Security Document as agent for and on behalf of the Lenders.

14.24 OTHER SECURITY NOT PERMITTED. None of the Lenders shall be entitled to
enjoy any Lien with respect to any of the assets of any of the Companies other
than the Security.

                                   ARTICLE 15
                                 MISCELLANEOUS

15.01 NOTICES. All notices and other communications provided for herein shall be
in writing and shall be personally delivered to an officer or other responsible
employee of the addressee or sent by telefacsimile, charges prepaid, at or to
the applicable addresses or telefacsimile numbers, as the case may be, set out
opposite the parties name on the signature page hereof (in the case of the
Borrowers and the Administrative Agent) or set out in Schedule A hereto (in the
case of the Lenders) or at or to such other address or addresses, telefacsimile
number or numbers as any party hereto may from time to time designate to the
other parties in such manner. Any communication which is personally delivered as
aforesaid shall be deemed to have been validly and effectively given on the date
of such delivery if such date is a Banking Day and such delivery received before
4:00 p.m. (Toronto time); otherwise, it shall be deemed to have been validly and
effectively given on the Banking Day next following such date of delivery. Any
communication which is transmitted by telefacsimile as aforesaid shall be deemed
to have been validly and effectively given on the date of transmission if such
date is a Banking Day and such transmission was received before 4:00 p.m.
(Toronto time); otherwise, it shall be deemed to have been validly and
effectively given on the Banking Day next following such date of transmission.

15.02 SEVERABILITY. Any provision hereof which is prohibited or unenforceable
shall be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof.

15.03 COUNTERPARTS. This agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original and all of which taken together
shall be deemed to constitute one and the same instrument.

<PAGE>   97
                                     - 91 -

15.04 SUCCESSORS AND ASSIGNS. This agreement shall enure to the benefit of and
shall be binding upon the parties hereto and their respective successors and
permitted assigns.

15.05 ASSIGNMENT.

        (a) Neither the Loan Documents nor the benefit thereof may be assigned
by any Borrower.

        (b) A Lender may at any time sell to one or more other persons
("Participants") participating interests in any credit outstanding hereunder,
any commitment of the Lender hereunder or any other interest of the Lender
hereunder. In the event of any such sale by a Lender of a participating interest
to a Participant, the Lender's obligations under this agreement to the relevant
Borrower shall remain unchanged, the Lender shall remain solely responsible for
the performance thereof and the relevant Borrower shall continue to be obligated
to the Lender in connection with the Lender's rights under this agreement. Each
Borrower agrees that if amounts outstanding under this agreement are due and
unpaid, or shall have been declared to be or shall have become due and payable
upon the occurrence of an Event of Default, or any Default which might mature
into an Event of Default, each Participant shall be deemed to have the right of
setoff in respect of its participating interest in amounts owing under this
agreement to the same extent as if the amount of its participating interest were
owing directly to it as the relevant Lender under this agreement. Each Borrower
also agrees that each Participant shall be entitled to the benefits of Article 8
with respect to its participation hereunder; provided, that no Participant shall
be entitled to receive any greater amount pursuant to such Article than the
Lender would have been entitled to receive in respect of the amount of the
participation transferred by the Lender to such Participant had no such transfer
occurred.

        (c) With the prior written consent of the Issuing Lender (which consent
shall not be required for so long as an Event of Default has occurred and is
continuing if no Letters are outstanding at the time of the relevant assignment)
and of the Administrative Agent, a Lender may at any time sell all or any part
of its rights and obligations under the Loan Documents to one or more Persons
("Purchasing Lenders"). Upon such sale, the Lender shall, to the extent of such
sale, be released from its obligations under the Loan Documents (subject always
to its continuing obligations under Section 9.06) and each of the Purchasing
Lenders shall become a party to the Loan Documents to the extent of the interest
so purchased. Any such assignment by a Lender shall not be effective unless and
until such Lender has paid to the Administrative Agent an assignment fee in the
amount of $3,500 for each Purchasing Lender, unless and until the Purchasing
Lender has executed an instrument substantially in the form of Schedule C hereto
whereby the Purchasing Lender has agreed to be bound by the terms of the Loan
Documents as a Lender and has agreed to specific Individual Commitments and a
specific address and telefacsimile number for the purpose of notices as provided
in Section 15.01, unless and until the requisite consents to such assignment
have been obtained and unless and until a copy of a fully executed copy of such
instrument has been delivered to each of the

<PAGE>   98
                                     - 92 -

Administrative Agent and the Borrower. Upon any such assignment becoming
effective, Schedule A hereto shall be deemed to be amended to include the
Purchasing Lender as a Lender with the specific Individual Commitment, address
and telefacsimile number as aforesaid and the Individual Commitment of the
Lender making such assignment shall be deemed to be reduced by the respective
amounts of the Individual Commitment of the Purchasing Lender.

        (d) Each Borrower authorizes the Administrative Agent and the Lenders to
disclose to any Participant or Purchasing Lender (each, a "Transferee") and any
prospective Transferee and authorizes each of the Lenders to disclose to any
other Lender any and all financial information in their possession concerning
such Borrower which has been delivered to them by or on behalf of the Borrowers
pursuant to this agreement or which has been delivered to them by or on behalf
of the Borrowers in connection with their credit evaluation of the Borrowers
prior to becoming a party to this agreement, so long as any such Transferee
agrees not to disclose any confidential, non-public information to any person
other than its non-brokerage affiliates, employees, accountants or legal
counsel, unless required by law.

15.06 ENTIRE AGREEMENT. This agreement and the agreements referred to herein and
delivered pursuant hereto (including, without limitation, the Fee Letter)
constitute the entire agreement between the parties hereto and supersede any
prior agreements, undertakings, declarations, representations and
understandings, both written and verbal, in respect of the subject matter
hereof.

15.07 FURTHER ASSURANCES. The Borrowers shall from time to time and at all times
hereafter, upon every reasonable request of the Administrative Agent, make, do,
execute, and deliver or cause to be made, done, executed and delivered all such
further acts, deeds, assurances and things as may be necessary in the opinion of
the Administrative Agent for more effectually implementing and carrying out the
true intent and meaning of the Loan Documents or any agreement delivered
pursuant thereto and such additional security and legal opinions in connection
with the Secured Assets as the Administrative Agent may from time to time
request, in form and substance satisfactory to the Administrative Agent.

15.08 JUDGMENT CURRENCY.

        (a) If, for the purpose of obtaining or enforcing judgment against any
Borrower in any court in any jurisdiction, it becomes necessary to convert into
a particular currency (such currency being hereinafter in this Section 15.08
referred to as the "Judgment Currency") an amount due in another currency (such
other currency being hereinafter in this Section 15.08 referred to as the
"Indebtedness Currency") under this agreement, the conversion shall be made at
the rate of exchange prevailing on the Banking Day immediately preceding:

               (i)      the date of actual payment of the amount due, in the
                        case of any proceeding in the courts of the Province of
                        Ontario or in the courts of any other

<PAGE>   99
                                     - 93 -

                        jurisdiction that will give effect to such conversion
                        being made on such date; or

               (ii)     the date on which the judgment is given, in the case of
                        any proceeding in the courts of any other jurisdiction
                        (the date as of which such conversion is made pursuant
                        to this Section 15.08(a)(ii) being hereinafter in this
                        Section 15.08 referred to as the "Judgment Conversion
                        Date").

        (b) If, in the case of any proceeding in the court of any jurisdiction
referred to in Section 15.08(a)(ii), there is a change in the rate of exchange
prevailing between the Judgment Conversion Date and the date of actual payment
of the amount due, the Borrowers shall pay to the appropriate judgment creditor
or creditors such additional amount (if any, but in any event not a lesser
amount) as may be necessary to ensure that the amount paid in the Judgment
Currency, when converted at the rate of exchange prevailing on the date of
payment, will produce the amount of the Indebtedness Currency which could have
been purchased with the amount of Judgment Currency stipulated in the judgment
or judicial order at the rate of exchange prevailing on the Judgment Conversion
Date.

        (c) Any amount due from the Borrowers under the provisions of Section
15.08(b) shall be due to the appropriate judgment creditor or creditors as a
separate debt and shall not be affected by judgment being obtained for any other
amounts due under or in respect of this agreement.

        (d) The term "rate of exchange" in this Section 15.08 means the noon
spot rate of exchange for Canadian interbank transactions applied in converting
the Indebtedness Currency into the Judgment Currency published by the Bank of
Canada for the day in question.

15.09 NOTICE OF REMEDIES. Each Borrower is personally obligated and fully liable
for all amounts due by it under this agreement. The Administrative Agent, the
Lenders or any of them has the right to sue on this agreement and obtain a
personal judgment against the Borrowers or any of them for satisfaction of the
amount due hereunder either before or after a judicial foreclosure of the Fort
Knox Deposit Deed of Trust, the Ryan Lode Deposit Deed of Trust, the True North
Deposit Deed of Trust or any of them under Alaska Statutes 09.45.170-09.45.220.

                                    - 91 -

        IN WITNESS WHEREOF the parties hereto have executed and delivered this
agreement on the date first written above.

Kinross Gold Corporation                      KINROSS GOLD CORPORATION
57th Floor, Scotia Plaza
40 King Street West                           By: ______________________________
Toronto, Ontario                              Name:
M5H 2Y2                                       Title:
<PAGE>   100
                                     - 94 -

                                              By: ______________________________
Attention: Brian Penny, Vice-President        Name:
           and Chief Financial Officer and    Title:
           Chris Hill, Vice-President and
           Treasurer
Telefax:   (416) 363-6622

Kinross Gold U.S.A., Inc.                     KINROSS GOLD U.S.A., INC
c/o Kinross Gold Corporation
57th Floor, Scotia Plaza
40 King Street West                           By: ______________________________
Toronto, Ontario                              Name:
M5H 2Y2                                       Title:

                                              By: ______________________________
Attention: Brian Penny, Vice-President        Name:
           and Chief Financial Officer and    Title:
           Chris Hill, Vice-President and
           Treasurer
Telefax:   (416) 363-6622

<PAGE>   101
                                     - 95 -

Fairbanks Gold Mining, Inc.                    FAIRBANKS GOLD MINING, INC.
c/o Kinross Gold Corporation
57th Floor, Scotia Plaza
40 King Street West                            By: _____________________________
Toronto, Ontario                               Name:
M5H 2Y2                                        Title:

                                               By: _____________________________
Attention:  Brian Penny, Vice-President        Name:
            and Chief Financial Officer and    Title:
            Chris Hill, Vice-President and
            Treasurer
Telefax:    (416) 363-6622

THE BANK OF NOVA SCOTIA                        THE BANK OF NOVA SCOTIA, AS
Corporate Banking                              ADMINISTRATIVE AGENT
44 King Street West 16th Floor
Toronto, Ontario M5H 1H1                       By: _____________________________
                                               Name:
                                               Title:

Attention: Unit Head
           Bank Finance-Mining                 By: _____________________________
Telefax:   (416) 866-2010                      Name:
                                               Title:
with a copy to:
                                               THE BANK OF NOVA SCOTIA
Attention: Unit Head
           Bank Financing-Syndications         By: _____________________________
                                               Name:
Telefax:   (416) 866-3329                      Title:

                                               By: _____________________________
                                               Name:
                                               Title:

<PAGE>   102
                                     - 96 -

                                               THE BANK OF NOVA SCOTIA
                                               (ATLANTA AGENCY)

                                               By: _____________________________
                                               Name:
                                               Title:

                                               By: _____________________________
                                               Name:
                                               Title:

<PAGE>   103
                                   SCHEDULE A

                             INDIVIDUAL COMMITMENTS

<TABLE>
<CAPTION>
NAME AND ADDRESS OF LENDER                    INDIVIDUAL COMMITMENTS
--------------------------                    ----------------------
<S>                                           <C>
The Bank of Nova Scotia                       U.S.$110,000,000
Bank Finance- Mining
44 King Street West, 16th Floor
Toronto, Ontario
M5H 1H1

Attention: Unit Head
           Bank Finance-Mining
Telefax:   (416) 866-2010
</TABLE>

<PAGE>   104
                                       B-1

                                   SCHEDULE B

                             COMPLIANCE CERTIFICATE

TO:        THE BANK OF NOVA SCOTIA

        I, *, the [senior financial officer] of Kinross Gold Corporation, hereby
certify that:

1. I am the duly appointed [senior financial officer] of Kinross Gold
Corporation, a Borrower named in the credit agreement made as of March 8, 2000
(the "Credit Agreement") between Kinross Gold Corporation, Kinross Gold U.S.A.,
Inc., Fairbanks Gold Mining, Inc., the Lenders named therein and The Bank of
Nova Scotia, as administrative agent of the Lenders and as such I am providing
this Certificate for and on behalf of Kinross Gold Corporation pursuant to the
Credit Agreement.

2. I am familiar with and have examined the provisions of the Credit Agreement
including, without limitation, those of Articles 10, 11 and 13 therein.

3. To the best of my knowledge, information and belief and after due inquiry, no
Default has occurred and is continuing.

4. As at or for the relevant period ending *, *, the amounts and financial
ratios as contained in Sections 11.01(o), (p), (q) and (r) of the Credit
Agreement are as follows and detailed calculations thereof are attached hereto:

<TABLE>
<CAPTION>
                                                    Actual     Required
                                                    Amount     Amount
                                                    ------     --------
<S>     <C>    <C>                                  <C>        <C>
        (a)    Tangible Net Worth                      *       See Section 11.01(o)

        (b)    Net Indebtedness/Reserves               *       Less than U.S. $35/ounce
               Ratio

        (c)    Net Indebtedness/Rolling OCF Ratio      *       Less than or equal to 3.5 to 1

        (d)    Aggregate Cash Balances                 *       See Section 11.01(r)
</TABLE>

5. As at the date hereof, the Attributable Debt consists of:

                                    [itemize]
<PAGE>   105
                                      B-2

6. The attached calculation worksheet as at the relevant period ending *, *
accurately sets out the information therein contained.

7. Unless the context otherwise requires, capitalized terms in the Credit
Agreement which appear herein without definitions shall have the meanings
ascribed thereto in the Credit Agreement.

        DATED this * day of *, 20* .

                                       -----------------------------------------
                                       (Signature)

                                       -----------------------------------------
                                       (Name - please print)

                                       -----------------------------------------
                                       (Title of Senior Financial Officer)

<PAGE>   106
                                       B-3

                              CALCULATION WORKSHEET

1. Tangible Net Worth

<TABLE>
<S>                                                                <C>
Actual:

      Equity as of financial statements dated [     ]            US$
      Plus (without duplication):
              Series B Preferred shares                          US$
              $200MM convertible debentures                      US$

      Less:
              Intangible assets                                  US$(____)
      Tangible Net Worth

Minimum Required:

      Base Level                                                 US$475 MM
      Plus 50% Net Income since December 31, 1999                US$

      Minimum Level                                              US$
</TABLE>

     Compliance [Yes]/[No]

2. Net Indebtedness/Reserves Ratio

        A.  Net Indebtedness:

<PAGE>   107
                                      B-4

            a)  Indebtedness:

            [itemize]

<TABLE>
<CAPTION>
                     Obligor                 Type                      Amount
                     -------                 ----                      ------
                                  (L/C, loan, guarantee etc.)
<S>          <C>                                                    <C>
             1
             2
             3
                                                                     -----------
             Total Indebtedness                                                 (A)
</TABLE>

        b)  Non-Recourse Indebtedness

            [itemize]

<TABLE>
<CAPTION>
                                Description of Non-Recourse
         Obligor                        Indebtedness                      Amount
         -------                ----------------------------              ------
<S>      <C>                   <C>                                       <C>
1.
2.
3.
                                                                          ------
Total Non-Recourse Indebtedness                                                 (B)
</TABLE>

        c)  Cash Balances Held by Companies which are not subject to a Lien:

            [itemize]

<TABLE>
<CAPTION>
                       Company                      Amount
                       -------                      ------
<S>          <C>       <C>                          <C>
             1

</TABLE>
<PAGE>   108
                                       B-5
<TABLE>
<S>          <C>                                                     <C>
             2
             3

             Total Cash Balances                                                (C)
                                                                      ----------
             Net Indebtedness (A minus (B plus C):                              (D)
                                                                      ==========
</TABLE>

        B.  Reserves:

<TABLE>
<CAPTION>
                       Proven and                                          Amount
                        Probable                                          Produced
                       Reserves as                   Recoverable            Since         Remaining
                       of Yearend     Recovery         reserves           Previous        Reserves
       Mine             19__ (1)      Factor(2)     (1) x (2) =(3)       Yearend (4)       (3)-(4)
       ----           ------------    ---------     --------------       -----------      --------
<S>                   <C>             <C>           <C>                  <C>             <C>    <C>
1
2
3

Total Reserves at                                                                          --------
Companies                                                                                            (E)
</TABLE>

        Net Indebtedness to Reserves Ratio D divided by E)

        (maximum US$35/oz.)

        Compliance [Yes]/[No]

<PAGE>   109
                                      B-6

3.      Net Indebtedness to Rolling OCF Ratio:

        Net Indebtedness (amount D above)                           US$______(F)

        Rolling OCF of the Companies (trailing 4 quarter)           US$______(G)

        (show reconciliation adjusting for non-cash revenues and expenses,
        reclamation costs outside Restricted Subsidiaries and Non-Recourse
        Subsidiaries)

        Net Indebtedness to Rolling OCF Ratio
        (F divided by G)

        (maximum 3.5:1)

        Compliance [Yes]/[No]

4.      Minimum Cash Balances:

        Cash Balances (amount (C) above)                            US$______(J)

        Minimum required:

        -   Base level                                          US$20,000,000(K)

        -   Projected Production (next 18 months)

<TABLE>
<CAPTION>
              Mine                                       Projected Production
              ----                                       --------------------
<S>                                                      <C>
              1
              2
              3                                          ____________________
              Total Projected Production                          (L)
</TABLE>

        -   Average Trailing 30 day spot price                    US$____/oz.(M)

<PAGE>   110

                                      B-7

        -   Hedged production

<TABLE>
<CAPTION>
     Hedge Instrument            Amount (ozs.)        Counterparty         Delivery Date            Hedge Price
     ----------------            -------------        ------------         -------------            -----------
<S>                              <C>                  <C>                  <C>                      <C>
1
2
3                                 ____________                                                       ___________
Total                                 (N)                                                               (O)
</TABLE>

        -   Unhedged Production (L minus N)                 ____________ozs.(P)

        -   Projected Realized Price                        US$_______/oz.(Q)

            [(P x M) + (N x O)] divided by (P + N)

        -   Minimum Cash Balance Required:                  US$____

            K + [(US$300/oz. - Q) x L]

6.      Investments/Loans by Companies:

        itemize loans and equity investments by Companies in entities other than
        Companies

7.      Intercompany Debt:

        itemize intercompany debt owed by any Company

<PAGE>   111
                                       C-1

                                   SCHEDULE C

                               FORM OF ASSIGNMENT

                                                       Dated ____________, _____

        Reference is made to the Credit Agreement made as of March 8, 2000 (the
"Credit Agreement"), between Kinross Gold Corporation, Kinross Gold U.S.A., Inc.
and Fairbanks Gold Mining, Inc., as borrowers, the Lenders named therein and The
Bank of Nova Scotia, as administrative agent of the Lenders (in that capacity,
the "Administrative Agent"). Terms defined in the Credit Agreement are used
herein as therein defined.

_________________________ (the "Assignor") and ___________________________ (the
"Assignee") agree as follows:

1. The Assignor hereby sells and assigns to the Assignee, and the Assignee
hereby purchases and assumes from the Assignor, a % interest in and to all of
the Assignor's rights and obligations under the Credit Agreement as of the
Effective Date (as defined below) (including, without limitation, such
percentage interest in the Assignor's Individual Commitment as in effect on the
Effective Date, the credit extended by the Assignor under the Credit Facility
and outstanding on the Effective Date and the corresponding rights and
obligations of the Assignor under all of the Loan Documents).

2. The Assignor (i) represents and warrants that as of the date hereof its
Individual Commitment with respect to the Credit Facility is U.S. $ (without
giving effect to assignments thereof which have not yet become effective,
including, but not limited to, the assignment contemplated hereby), and the
aggregate outstanding amount of credit extended by it under the Credit Facility
is U.S. $ (without giving effect to assignments thereof which have not yet
become effective, including, but not limited to, the assignment contemplated
hereby); (ii) represents and warrants that it is the legal and beneficial owner
of the interest being assigned by it hereunder and that such interest is free
and clear of any adverse claim; (iii) makes no representation or warranty and
assumes no responsibility with respect to any statements, warranties or
representations made in or in connection with the Loan Documents or the
execution, legality, validity, enforceability, genuineness, sufficiency or value
of the Loan Documents or any other instrument or document furnished pursuant
thereto; (iv) makes no representation or warranty and assumes no responsibility
with respect to the financial condition of any of the Companies or the
performance or observance by the Companies of any of their obligations under the
Loan Documents or any other instrument or document furnished pursuant thereto;
and (v) gives notice to the Administrative Agent and the Borrowers of the
assignment to the Assignee hereunder.

<PAGE>   112
                                      C-2

3. The effective date of this Assignment (the "Effective Date") shall be the
later of __________________ and the date on which a copy of a fully executed
copy of this Assignment has been delivered to the Borrowers and the
Administrative Agent in accordance with Section 15.01 of the Credit Agreement.

4. The Assignee hereby agrees to the specific Individual Commitment of
U.S. $_______________ with respect to the Credit Facility and to the address and
telefacsimile number set out after its name on the signature page hereof for the
purpose of notices as provided in Section 15.01 of the Credit Agreement.

5. As of the Effective Date (i) the Assignee shall, in addition to any rights
and obligations under the Loan Documents held by it immediately prior to the
Effective Date, have the rights and obligations under the Loan Documents that
have been assigned to it pursuant to this Assignment and (ii) the Assignor
shall, to the extent provided in this Assignment, relinquish its rights and be
released from its obligations under the Loan Documents, subject always to its
continuing obligations under Section 9.06 of the Credit Agreement.

6. The Assignor and Assignee shall make all appropriate adjustments in payments
under the Loan Documents for periods prior to the Effective Date directly
between themselves.

7. This Assignment shall be governed by, and construed in accordance with, the
laws of the Province of Ontario and the laws of Canada applicable therein.

                                        [ASSIGNOR]

                                        By: ____________________________________
                                        Title:

<PAGE>   113
                                      C-3

                                        [ASSIGNEE]

                                        By: ____________________________________
                                        Title:

                                        Address
                                        ________________________________________

                                        ________________________________________

                                        ________________________________________

                                        Attention: _____________________________

                                        Telefax: _______________________________

Acknowledged and agreed to as of this * day of *, 20*.

THE BANK OF NOVA SCOTIA, AS ADMINISTRATIVE AGENT

By: ____________________________
Name:
Title:

+Acknowledged and agreed to as of this * day of *, 20*.

THE BANK OF NOVA SCOTIA, AS ISSUING LENDER

By: ____________________________
Name:
Title:

--------

+ Not applicable if Event of Default outstanding and no Letters outstanding.

<PAGE>   114
                                       D-1

                                   SCHEDULE D

                             CHIEF EXECUTIVE OFFICES

<TABLE>
<CAPTION>
COMPANY                                         ADDRESS
-------                                         -------
<S>                                             <C>
Kinross Canada                                     *
Kinross U.S.A.                                     *
Fairbanks U.S.                                     *
Fairbanks Canada                                   *
Kinam U.S.                                         *
Melba Creek                                        *
LT Acquisition                                     *
Teko Inc.                                          *
Teko Ltd.                                          *
</TABLE>

<PAGE>   115
                                       E-1

                                   SCHEDULE E

                             FORM OF DRAWDOWN NOTICE

TO:     The Bank of Nova Scotia

RE:     Credit Agreement made as of March 8, 2000 (the "Credit Agreement")
        between Kinross Gold Corporation, Kinross Gold U.S. A., Inc. and
        Fairbanks Gold Mining, Inc. as borrowers, the Lenders named therein and
        The Bank of Nova Scotia, as administrative agent of the Lenders

--------------------------------------------------------------------------------

        Pursuant to the terms of the Credit Agreement, the undersigned hereby
irrevocably notifies you that it wishes to draw down under the Credit Facility
on [date of drawdown] as follows:

1.      Availment Option: ______________________________________________________

        1.  Currency & Amount: _________________________________________________

        2.  If LIBO Loan, Interest Period: _____________________________________

        3.  If Bankers' Acceptance, term: ______________________________________

        4.  If Letter,

            Type of Letter: ____________________________________________________

            If issued on behalf of a subsidiary as well as on behalf of the
            undersigned, the name of such subsidiary: __________________________

            Date of Issuance: __________________________________________________

            Named Beneficiary: _________________________________________________

            Maturity Date: _____________________________________________________

            Currency & Amount: _________________________________________________

            Other Terms: _______________________________________________________

<PAGE>   116
                                       E-2

[You are hereby irrevocably authorized and directed to pay the proceeds of the
drawdown to - and this shall be your good and sufficient authority for so
doing.]

        All capitalized terms defined in the Credit Agreement and used herein
shall have the meanings ascribed thereto in the Credit Agreement.

        DATED the ___________ day of __________________, 20__.

                                      [KINROSS GOLD CORPORATION/KINROSS
                                      GOLD U.S.A., INC./FAIRBANKS GOLD
                                      MINING, INC.]

                                      Per: _____________________________________
                                           Name:
                                           Title:

<PAGE>   117
                                       F-1

                                   SCHEDULE F

                             FORM OF ROLLOVER NOTICE

TO:     The Bank of Nova Scotia

RE:     Credit Agreement made as of March 8, 2000 (the "Credit Agreement")
        between Kinross Gold Corporation, Kinross Gold U.S. A., Inc. and
        Fairbanks Gold Mining, Inc. as borrowers, the Lenders named therein and
        The Bank of Nova Scotia, as administrative agent of the Lenders

--------------------------------------------------------------------------------
        Pursuant to the terms of the Credit Agreement, the undersigned hereby
irrevocably requests a rollover of outstanding credit under the Credit Facility
on [date of rollover] as follows:

        [Choose as appropriate]

<TABLE>
<S>                                                                 <C>
Bankers' Acceptances

        Maturity Date                                                ___________
        of Maturing
        Bankers' Acceptances

        Aggregate Face Amount                                       $___________
        of Maturing
        Bankers' Acceptances

        Portion Thereof                                             $___________
        to be Replaced

        Term of New                                                  ______ days
        Bankers' Acceptances

LIBO Loans

        Maturity Date                                                ___________
        of Maturing
        LIBO Loan
</TABLE>

<PAGE>   118
                                       F-2

<TABLE>
<S>                                                                 <C>
        Principal Amount                                            U.S.$_______
        of Maturing
        LIBO Loan

        Portion Thereof                                             U.S.$_______
        to be Replaced

        Interest Period                                             _____ months
        of New LIBO Loan
</TABLE>

        All capitalized terms defined in the Credit Agreement and used herein
shall have the meaning ascribed thereto in the Credit Agreement.

        DATED the ___________ day of __________________, 20__.

                                      [KINROSS GOLD CORPORATION/KINROSS
                                      GOLD U.S.A., INC.]

                                      Per: _____________________________________
                                           Name:
                                           Title:

<PAGE>   119
                                       G-1

                                   SCHEDULE G

                            FORM OF CONVERSION NOTICE

TO:     The Bank of Nova Scotia

RE:     Credit Agreement made as of March 8, 2000 (the "Credit Agreement")
        between Kinross Gold Corporation, Kinross Gold U.S. A., Inc. and
        Fairbanks Gold Mining, Inc. as borrowers, the Lenders named therein and
        The Bank of Nova Scotia, as administrative agent of the Lenders

--------------------------------------------------------------------------------

        Pursuant to the terms of the Credit Agreement, the undersigned hereby
irrevocably requests a conversion of outstanding credit under the Credit
Facility on [date of conversion] as follows:

                             [Choose as appropriate]

<TABLE>
<S>                            <C>             <C>      <C>                           <C>
CONVERTING FROM                                         CONVERTING INTO

Bankers' Acceptances                                    Bankers' Acceptance

Maturity Date                   _______________         Aggregate Face Amount         $_______________
of Bankers' Acceptances                                 of New Bankers' Acceptances
to be converted

Aggregate                                               Term of New                   ___________ days
Face Amount                    $_______________         Bankers' Acceptances
of said Bankers'
Acceptances

Portion Thereof                $_______________         LIBO Loans
to be converted

Prime Rate Loans                                        Principal                     U.S.$___________
                                                        Amount of
                                                        New LIBO Loan

Principal Amount               $_______________         Interest                      _________ months
of Prime Rate Loan                                      Period of
to be converted                                         New LIBO Loan
</TABLE>

<PAGE>   120
                                       G-2

<TABLE>
<S>                            <C>             <C>      <C>                           <C>
Portion Thereof                $_______________
to be converted

LIBO Loans

Maturity Date of               ________________
Maturing LIBO Loan

Principal Amount of            U.S.$___________
Maturing LIBO Loan

Portion Thereof to             U.S.$___________
be converted

Base Rate Canada Loans                                  Prime Rate Loans

Principal Amount               U.S.$___________         Principal                     $_______________
of Base Rate                                            Amount of
Canada Loan                                             New Prime Rate
to be converted                                         Loan

Portion Thereof                U.S.$___________         Base Rate Canada Loan
to be converted

Base Rate New York Loan                                 Principal                     U.S.$___________
                                                        Amount of
Principal Amount of            U.S.$___________         New Base Rate
Base Rate New York                                      Canada Loan
Loan to be converted

Portion Thereof                U.S.$___________         Base Rate New York Loan
to be converted
                                                        Principal                     U.S.$___________
                                                        Amount of
                                                        New Base Rate
                                                        New York Loan
</TABLE>

<PAGE>   121
                                       G-3

        All capitalized terms defined in the Credit Agreement and used herein
shall have the meaning ascribed thereto in the Credit Agreement.

        DATED the ___________ day of __________________, 20__.

                                      [KINROSS GOLD CORPORATION/KINROSS
                                      GOLD U.S.A., INC.]

                                      Per: _____________________________________
                                           Name:
                                           Title:

<PAGE>   122
                                       H-1

                                   SCHEDULE H

                            KINROSS GOLD CORPORATION
                               CORPORATE STRUCTURE
                               AS AT March 8, 2000

                                 [TO BE UPDATED]

<PAGE>   123
                                       I-1

                                   SCHEDULE I

                            REIMBURSEMENT INSTRUMENT

TO:     The Bank Of Nova Scotia (the "Bank")

RE:     Credit Agreement made as of March 8, 2000 (the "Credit Agreement")
        between Kinross Gold Corporation, Kinross Gold U.S. A., Inc. and
        Fairbanks Gold Mining, Inc., as borrowers, the Lenders named therein and
        The Bank of Nova Scotia, as administrative agent of the Lenders

        For good and valuable consideration, undersigned hereby agrees to
immediately reimburse the Issuing Lender the amount of each and any demand or
other request for payment presented to and paid by the Issuing Lender in
accordance with each Letter (as defined in the Credit Agreement) issued by the
Issuing Lender on behalf of the undersigned (even if, under laws applicable to
the rights of the beneficiary of such Letter, a demand or other request for
payment is validly presented after expiry of such Letter).

            DATED as of the * day of *, 20*.

                                       [NAME OF SUBSIDIARY]

                                       By:
                                           -------------------------------------

                                       By:
                                           -------------------------------------

<PAGE>   124
                                       J-1

                                   SCHEDULE J

                                APPLICABLE RATES

<TABLE>
<CAPTION>
                                                         ACCEPTANCE FEE
                                                         RATE, LIBO
                                 PRIME RATE LOAN,        LOAN INTEREST
            NET                  BASE RATE CANADA        RATE MARGIN
            INDEBTEDNESS         LOAN AND BASE RATE      AND LETTER
            /ROLLING OCF         NEW YORK LOAN           ISSUANCE FEE
LEVEL       RATIO                INTEREST RATE MARGIN    RATE                STANDBY FEE RATE
-----       ---------------      --------------------    ---------------     -----------------
<S>         <C>                  <C>                     <C>                 <C>
1           <1.0:1               0.00% p.a.              1.25% p.a.          0.25% p.a.

2           >= 1.0 to 1          0.25% p.a.              1.50% p.a.          0.375% p.a.
            and < 1.5 to 1

3           >= 1.5 to 1          0.50% p.a.              1.75% p.a.          0.375% p.a.
            and < 2.0 to 1

4           >= 2.0 to 1          0.75% p.a.              2.00% p.a.          0.50% p.a.
            and < 2.5 to 1

5           >= 2.5 to 1 and      1.00% p.a.              2.25% p.a.          0.75% p.a.
            3.0 to 1

6           >= 3.0 to 1          1.50% p.a.              2.75% p.a.          0.75% p.a.
</TABLE>

<PAGE>   125
                                       K-1

                                   SCHEDULE K

                             QUARTERLY HEDGE REPORT

                          KINROSS GOLD HEDGING SUMMARY
                      Consolidated Position as at 31-Dec-99

<TABLE>
<CAPTION>
                                  PUT OPTIONS                                TOTAL            TOTAL
  SPOT DEFERRED SALES              PURCHASED       CALL OPTIONS SOLD      "FLOOR" PRICE    "CAP PRICE"
-----------------------   ---    -------------     -----------------     ---------------   -----------
<S>     <C>     <C>       <C>    <C>       <C>     <C>         <C>       <C>       <C>     <C>
1999       --   $  0.00     0    $0.00      --     $  0.00         0       $0.00      --
2000      350   $305.00     0    $0.00             $  0.00       350     $305.00     350      305.00
2001      200   $320.00     0    $0.00             $  0.00       200     $320.00     200      320.00
2002      200   $318.00     0    $0.00     100     $340.00        20     $318.00     300      325.33
2003      150   $325.00     0    $0.00     100     $340.00       150     $325.00     250      331.00
2004      100   $319.00     0    $0.00     100     $340.00       100      319.00     200      329.50
        -----   -------   ---    -----     ---     -------     -----     -------   -----     -------
Total   1,000   $315.00     0    $0.00             $340.00     1,000     $315.00   1,300     $320.77
        =====   =======   ===    =====     ===     =======     =====     =======   =====     =======
</TABLE>

<PAGE>   126
                                       L-1

                                   SCHEDULE L

                                EXISTING LETTERS

<TABLE>
<CAPTION>
                                                 EXISTING LETTERS
------------------------------------------------------------------------------------------------------------------------------------
Obligor                                     L/C#          Amount        Expiry                          Beneficiary
-------                                   ------     ---------------   --------    -------------------------------------------------
<S>                                        <C>       <C>               <C>         <C>
Kinross Canada                             70062         $   561,000   27-03-00    B.C. Minister of Finance
Kinross Canada                             73274         $   350,000   06-09-00    Minister of Northern Development & Mines
Kinross Canada                             91669         $   200,000   24-06-00    B.C. Minister of Finance & Corporate Relations
Kinross Canada                            105552         $   389,000   31-03-00    Minister of Northern Development & Mines
                                                         -----------
                                           Total     CAD   1,500,000
                                                         ===========
Kinross Canada                            111533         $    50,000   06-07-00    Old Republic Insurance Company

Kinross Canada                             48696         $ 4,096,929   02-06-00    U.S. Department of Interior
                                                                                     (Bureau of Land Management)

Kinross Canada and Kinross Goldbanks       67657         $    50,500   20-08-00    U.S. Department of Interior
  Mining Company                                                                     (Bureau of Land Management)

Kinross Canada and Kinross Fallon Inc.     50927         $ 1,297,356   10-08-00    U.S. Department of Interior
                                                                                     (Bureau of Land Management)

Kinross Canada and Kinross U.S.A.         75090          $ 1,000,000   07-11-00    National Union Fire Insurance Company
                                                                                     of Pittsburgh P.A.
Kinross Canada and Kinross Delamar
  Mining Company                           70851         $   335,000   24-09-00    Silver City Property Owners Inc.

Kinross Gold Corporation                  128767             218,000   05-17-00    Nordberg Inc.

Kinross Gold Corporation                  129749             654,500   03-17-00    Nordberg Inc.

Kinross Gold Corporation                  138319          14,600,000   02-17-01    ABN Amro Bank Canada

Kinross Gold Corporation                  138315           7,500,000   02-17-01    ABN Amro Bank Canada

Kinross Gold Corporation
  o/b Kinross Gold U.S.A. Inc             116800              247,500  11/18/00    Reliance National Indemnity Company
                                                         -----------
                                                     USD $30,049,785
                                                         ===========
</TABLE>

<PAGE>   127
                                      M - 1

                                   SCHEDULE M

                     POWER OF ATTORNEY - BANKERS ACCEPTANCES

        WHEREAS Kinross Gold Corporation (the "Kinross Canada") wishes to
facilitate the issuance of Bankers' Acceptances pursuant to the terms of the
credit agreement dated March 8, 2000 between Kinross Canada, Kinross Gold
U.S.A., Inc. and Fairbanks Gold Mining, Inc., the Lenders named therein and The
Bank of Nova Scotia, as administrative agent of the Lenders (as amended,
supplemented and restated from time to time, the "Credit Agreement").

        NOW THEREFORE, Kinross Canada hereby appoints [Name of Lender]
(hereinafter called the "Lender"), acting by any authorized signing officer of
the Lender, the attorney of Kinross Canada:

        a.  to sign for and on behalf and in the name of Kinross Canada as
            drawer and, if applicable, as endorser, drafts ("Drafts") drawn on
            the Lender and payable to or to the order of CDS & Co. (or other
            nominee name of The Canadian Depository for Securities Limited) or
            payable to or to the order of Kinross Canada; and

        b.  to fill in the amount, date and maturity date of such Drafts;

provided that such acts in each case are to be undertaken by the Lender in
accordance with instructions given to the Lender by or on behalf of Kinross
Canada as provided in this Power of Attorney. The signatures of any authorized
signatory of the Lender may be mechanically or electronically reproduced in
facsimile on Drafts in accordance herewith and such facsimile signatures shall
be binding and effective as if they had been manually executed by such
authorized signatory of the Lender.

        Instructions to the Lender relating to the execution, completion,
endorsement, discount and/or delivery by the Lender on behalf of Kinross Canada
of Drafts which Kinross Canada wishes to submit to the Lender for acceptance by
the Lender shall be communicated by Kinross Canada to the Lender in writing in
accordance with the applicable Drawdown Notice, Rollover Notice or Conversion
Notice, as the case may be, which Drawdown Notice, Rollover Notice or Conversion
Notice shall specify the following:

        a.  a Canadian dollar amount which shall be the aggregate face amount of
            the Drafts to be accepted by the Lender in respect of a particular
            borrowing; and

        b.  a specified period of time (not less than 30 days or in excess of
            180 days) which shall be the number of days after the date of such
            Drafts that such Drafts are to be payable, and the dates of issue
            and maturity of such Drafts.
<PAGE>   128
                                      M - 2

        The communication in writing by Kinross Canada to the Lender for the
instructions referred to above shall constitute (a) the authorization and
instruction of Kinross Canada to the Lender to complete and endorse Drafts in
accordance with such information as set out above and (b) the request of Kinross
Canada to the Lender to accept such Drafts and deliver the same against payment
as set out in the instructions. Kinross Canada acknowledges that the Lender
shall not be obligated to accept any such Drafts except in accordance with the
provisions of the Credit Agreement.

        The Lender shall be and it is hereby authorized to act on behalf of
Kinross Canada upon and in compliance with instructions communicated to the
Lender as provided herein if the Lender reasonably believes them to be genuine.

        Kinross Canada agrees to indemnify the Lender and its directors,
officers, employees, affiliates and agents and to hold it and them harmless from
and against any loss, liability, expense or claim or any kind or nature
whatsoever incurred by any of them as a result of any action or inaction in any
way relating to or arising out of this Power of Attorney or the acts
contemplated hereby, provided that this indemnity shall not apply to any such
loss, liability, expense or claim which result from the negligence or wilful
misconduct of the Lender or any of its directors, officers, employees,
affiliates or agents or for the Lender or its directors, officers, employees,
affiliates or agents failing to use the same standard of care in the custody of
such Drafts as the Lender uses in the custody of its own property of a similar
nature.

        The Power of Attorney may be revoked at any time upon not less than five
Banking Days' written notice served upon the Lender, provided that no such
revocation shall reduce, limit or otherwise affect the obligations of Kinross
Canada in respect of any Draft executed, completed, endorsed, discounted and/or
delivered in accordance herewith prior to the time at which such revocation
becomes effective.

        This Power of Attorney is in addition to and not in substitution for any
agreement to which the Lender and Kinross Canada are parties. In the event of a
conflict between the provisions of this Power of Attorney and the Credit
Agreement, the Credit Agreement shall prevail. Capitalized terms used and not
defined herein shall have the meanings given to them in the Credit Agreement.

        This Power of Attorney shall be governed in all respects by the laws of
the Province of Ontario and the laws of Canada applicable therein and each of
Kinross Canada and the Lender hereby irrevocably attorns to the non-exclusive
jurisdiction of the courts of such jurisdiction in respect of all matters
arising out of this Power of Attorney.

<PAGE>   129
                                      M - 3

        DATED this ____________ day of ___________________, ________.

                                              KINROSS GOLD CORPORATION

                                              By: ______________________________
                                              Name:
                                              Title:

                                              By: ______________________________
                                              Name:
                                              Title:

<PAGE>   130
                                   SCHEDULE N

                     LOCATION OF TANGIBLE PERSONAL PROPERTY

                                  [TO BE ADDED]

<PAGE>   131
                                   SCHEDULE O

                                FORT KNOX DEPOSIT

                               LEGAL DESCRIPTIONS

                                  [TO BE ADDED]

<PAGE>   132
                                   SCHEDULE P

                                RYAN LODE DEPOSIT

                               LEGAL DESCRIPTIONS

                                  [TO BE ADDED]

<PAGE>   133
                                   SCHEDULE Q

                               TRUE NORTH DEPOSIT

                               LEGAL DESCRIPTIONS

                                  [TO BE ADDED]

<PAGE>   134

                            FIRST AMENDING AGREEMENT

               THIS AGREEMENT made as of the 8th day of March, 2000.

BETWEEN:

               THE BANK OF NOVA SCOTIA, a Canadian chartered bank

               (herein, in its capacity as administrative agent of the Lenders,
               called the "Administrative Agent")

               - and -

               THE BANK OF NOVA SCOTIA and such other financial institutions to
               whom The Bank of Nova Scotia or its permitted assigns may from
               time to time assign an undivided interest in the Loan Documents
               and who agree to be bound by the terms of the Credit Agreement as
               a Lender (including the Issuing Lender)

               (herein collectively called the "Lenders" and individually called
               a "Lender")

               - and -

               KINROSS GOLD CORPORATION, a corporation incorporated under the
               laws of the Province of Ontario

               (herein called "Kinross Canada")

               - and -

               KINROSS GOLD U.S.A., INC., a corporation incorporated under the
               laws of the State of Nevada

               (herein called "Kinross U.S.A.")

               - and -

               FAIRBANKS GOLD MINING, INC., a corporation incorporated under the
               laws of the State of Delaware

               (herein called "Fairbanks U.S.")

<PAGE>   135
                                     - 2 -

               - and -

               KINAM GOLD INC., a corporation incorporated under the laws of
               the State of Delaware

               (herein called "Kinam U.S.")

               - and -

               FAIRBANKS GOLD LTD., a corporation incorporated under the
               laws of the Province of British Columbia

               (herein called "Fairbanks Canada")

               - and -

               KINAM REFUGIO INC., a corporation incorporated under the laws
               of the State of Delaware

               (herein called "Kinam Refugio")

               - and -

               LA TEKO RESOURCES INC., a corporation incorporated under
               the laws of the State of Nevada

               (herein called "Teko Inc.")

               - and -

               LA TEKO RESOURCES LTD., a corporation incorporated under
               the laws of the Province of British Columbia

               (herein called "Teko Ltd.")

               WHEREAS the Borrowers, the Lenders and the Agent entered into a
credit agreement made as of March 8, 2000 pursuant to which the Lenders
established a reducing revolving term credit facility in favour of the Borrowers
(herein called the "Credit Agreement");
<PAGE>   136
                                     - 3 -

               AND WHEREAS the Borrowers, Kinam U.S., Fairbanks Canada, Kinam
Refugio, Teko Inc. and Teko Ltd. entered into the security documents described
in Schedule A hereto (the "Security Documents") in favour of the Administrative
Agent, each of which is defined in such Schedule;

               AND WHEREAS the parties hereto wish to amend provisions of the
Credit Agreement and the Security Documents;

               NOW THEREFORE THIS AGREEMENT WITNESSES that, in consideration of
the mutual covenants and agreements contained herein, the parties covenant and
agree as follows:

                                    ARTICLE 1
                                  DEFINED TERMS

1.01 CAPITALIZED TERMS. All capitalized terms which are used herein without
being specifically defined herein shall have the meaning ascribed thereto in the
Credit Agreement as amended hereby.

                                    ARTICLE 2
                                   AMENDMENTS

2.01 GENERAL RULE. Subject to the terms and conditions herein contained, each of
the Credit Agreement and the Security Documents is hereby amended to the extent
necessary to give effect to the provisions of this agreement and to incorporate
the provisions of this agreement into the Credit Agreement and the Security
Documents, respectively.

2.02 AMENDMENTS TO CREDIT AGREEMENT.

        (a)    Section 1.01 of the Credit Agreement is hereby amended by:

               (i)    changing "Fee Agreement" to "Fee Letter" in the definition
                      of Borrower Documents;

               (ii)   inserting the phrase "and the Hedging Obligations" after
                      the phrase "Secured Obligations" in the definition of each
                      of Exposure, Fairbanks U.S. Investment Account Pledge
                      Agreement, Fairbanks U.S. Pledge and Security Agreement,
                      Kinross Canada Investment Account Pledge Agreement,
                      Kinross U.S.A. Investment Account Pledge Agreement and
                      Sinking Fund Account Pledge

<PAGE>   137
                                     - 4 -

                      Agreement, in the sixth line of the definition of Fort
                      Knox Deposit Trust Deed and the sixth line of the
                      definition of True North Deposit Trust Deed;

               (iii)  deleting the phrase "to the extent it relates to the
                      Secured Obligations" in the definition of each of
                      Fairbanks Canada Pledge Agreement, Fort Knox Deposit Trust
                      Deed, Investment Account, Kinam Refugio Investment Account
                      Pledge Agreement, Kinam U.S. Investment Account Pledge
                      Agreement, Kinam U.S. Pledge Agreement, Ryan Lode Deposit
                      Trust Deed, Teko Inc. Investment Account Pledge Agreement,
                      Teko Ltd. Pledge Agreement and True North Deposit Trust
                      Deed;

               (iv)   adding the phrase "gold hedging transaction," immediately
                      before the phrase "spot or forward foreign exchange
                      transaction" in the definition of Hedging Agreements;

               (v)    adding the phrase "gold hedging transaction," immediately
                      before the phrase "spot or forward foreign exchange
                      transaction" in the definition of Indebtedness;

               (vi)   adding at the end of the definition of Loan Documents the
                      phrase "and, as such term is used in the Fort Knox Deposit
                      Trust Deed, the Ryan Lode Deposit Trust Deed and the True
                      North Deposit Trust Deed, also means the Hedging
                      Agreements";

               (vii)  adding the phrase "(and, if there is more than one Lender,
                      at least two Lenders)" immediately after the phrase "such
                      group of Lenders" in the definition of Majority Lenders;

               (viii) placing the definition of Rollover Notice immediately
                      after the definition of Rolling OCF; and

               (ix)   adding the following definition thereto immediately after
                      the definition of Designated Account:

                      ""DISTRIBUTION" means:

                      (a)    the declaration, payment or setting aside for
                             payment of any dividend or other distribution on or
                             in respect of any shares in the capital of a
                             Company, other than a dividend declared, paid

<PAGE>   138
                                     - 5 -

                             or set aside for payment by Kinross Canada which is
                             payable in shares of Kinross Canada;

                      (b)    the redemption, retraction, purchase, retirement or
                             other acquisition, in whole or in part, of any
                             shares in the capital of a Company or any
                             securities, instruments or contractual rights
                             capable of being converted into, exchanged or
                             exercised for shares in the capital of a Company,
                             including, without limitation, options, warrants,
                             conversion or exchange privileges and similar
                             rights; and

                      (c)    the payment of interest or the repayment of
                             principal with respect to any Indebtedness of a
                             Company which is subordinated to the obligations of
                             such Company to the Lenders."

        (b) Section 1.10 of the Credit Agreement is hereby amended by deleting
clause (d) thereof and replacing it with the following:

               "(d)   in the case of a Letter denominated in U.S. dollars, the
                      original stated amount thereof (or, if the Letter is
                      denominated in Canadian dollars, the U.S. Dollar
                      Equivalent of the original stated amount thereof)."

        (c) Section 7.08 of the Credit Agreement is hereby amended by adding the
following at the end thereof:

               "If a new Applicable Rate becomes effective during the term of an
               outstanding Bankers' Acceptance, BA Rate Loan or Letter, the
               Administrative Agent shall forthwith determine the amount of any
               overpayment or underpayment of acceptance fees with respect to
               such Bankers' Acceptances, interest with respect to such BA Rate
               Loan or issuance fees with respect to such Letters and notify the
               Borrowers and the Lenders of such amounts. Such determination by
               the Administrative Agent shall constitute, in the absence of
               manifest error, prima facie evidence of the amount of such
               overpayment or underpayment, as the case may be. In the event of
               an underpayment, the Borrowers shall, upon receipt of such
               notice, pay to the relevant Lenders in accordance with Section
               3.08, the amount of such underpayment. In the event of any
               overpayment, the amount of such

<PAGE>   139
                                     - 6 -

               overpayment shall be credited to succeeding payments of
               acceptance fees, interest or issuance fees, as the case may be,
               as they become due until such amount has been fully applied."

        (d) Section 8.06 of the Credit Agreement is hereby amended by adding the
following at the end thereof:

               "This Section 8.06 shall not apply with respect to any payment
               made hereunder or under any other Loan Document by Kinross Canada
               to or for the benefit of the Administrative Agent or a particular
               Lender if the Administrative Agent or such Lender, as the case
               may be, is not a resident of Canada for the purposes of the
               Income Tax Act (Canada)."

        (e) Section 9.04 of the Credit Agreement is hereby amended by adding the
following at the end thereof:

               "Each such prepayment shall first be applied to prepay
               outstanding Prime Rate Loans, Base Rate Canada Loans and Base
               Rate New York Loans as selected by the Borrowers and, to the
               extent that the amount of such prepayment exceeds the aggregate
               amount of credit outstanding by way of such Loans which have been
               prepaid, shall then be deposited by the Administrative Agent in a
               segregated account and held in trust for the Lenders to be
               applied to repay outstanding BA Rate Loans or LIBO Loans or to
               satisfy reimbursement obligations with respect to outstanding
               Bankers' Acceptances or Letters as such Loans or Bankers'
               Acceptances mature or as such Letters are drawn upon, as the case
               may be."

        (f) Section 9.06(d) of the Credit Agreement is hereby amended by adding
the following at the end thereof:

               "or consents to such assignment pursuant to Section 15.05(c)"

        (g) Section 9.09 of the Credit Agreement is hereby deleted and replaced
with the following:

               ""9.09 REPAYMENTS OF CREDIT EXCESS. The Borrowers shall repay to
               the Lenders on demand the amount of any Credit Excess. Each such
               repayment shall first be applied to repay outstanding Prime

<PAGE>   140
                                     - 7 -

               Rate Loans, Base Rate Canada Loans and Base Rate New York Loans
               as selected by the Borrowers and, to the extent that the amount
               of such repayment exceeds the aggregate amount of credit
               outstanding by way of such Loans which have been repaid, shall
               then be deposited by the Administrative Agent in a segregated
               account and held in trust for the Lenders to be applied to repay
               outstanding BA Rate Loans or LIBO Loans or to satisfy
               reimbursement obligations with respect to outstanding Bankers'
               Acceptances or Letters as such Loans or Bankers' Acceptances
               mature or as such Letters are drawn upon, as the case may be."

        (h) Section 11.01(h) of the Credit Agreement is hereby amended by
inserting after the phrase "Administrative Agent" the phrase "from time to time
and representatives of the Lenders (but no more than once in any particular
Fiscal Year with respect to any particular Lender)."

        (i) Section 11.02 of the Credit Agreement is hereby amended by adding
the following at the end thereof:

               "(j)   DISTRIBUTIONS. The Borrowers shall not, and shall not
                      suffer or permit the Restricted Subsidiaries to, make any
                      Distribution (except to another Company) for so long as
                      any Default has occurred and is continuing or if any
                      Default would arise immediately after the making of any
                      such Distribution.

               (k)    INVESTMENTS. The Borrowers shall not, and shall not suffer
                      or permit any Restricted Subsidiary to, make an investment
                      in any other entity (other than another Company), directly
                      or through a series of related transactions, by way of
                      equity investment, loan or otherwise, for so long as any
                      Default has occurred and is continuing or if any Default
                      would arise immediately after the making of any such
                      investment."

        (j) Section 12.02(b) of the Credit Agreement is hereby amended by
inserting the phrase "and the Hedging Obligations" after the phrase "Secured
Obligations".

        (k) Section 12.04 of the Credit Agreement is hereby amended by changing
"12.02(b) to (r)" to "12.02(b) to (p)" in the fifth line thereof.

<PAGE>   141
                                     - 8 -

        (l) Section 14.19 of the Credit Agreement is hereby amended by deleting
the last sentence thereof and replacing it with the following:

               "For the purposes of determining a particular Lender's Exposure
               as of a particular date:

               (a)    the Exposure of a Lender under this agreement and the
                      Security Documents shall be the aggregate amount
                      (expressed in United States dollars) of the Individual
                      Commitments of such Lender on such date;

               (b)    the Exposure of a Lender in respect of a cash management
                      agreement shall be the amount (expressed in United States
                      dollars) which would be owing by the relevant Borrower
                      thereunder on such date if such agreement was terminated
                      on such date; and

               (c)    the Exposure of a Lender in respect of Hedging Agreements
                      shall be measured as the net exposure of such Lender under
                      all Hedging Agreements with all Borrowers to which such
                      Lender is a party, being the aggregate exposure of such
                      Lender thereunder less the aggregate exposure of the
                      Borrowers thereunder; the exposure of a party to a Hedging
                      Agreement shall be, in the case of a Hedging Agreement
                      which has not been terminated as of such date, the total
                      amount which such party would be obligated to pay to the
                      other party under such Hedging Agreement in the event of
                      the early termination by such other party as of such date
                      of such Hedging Agreement as a result of the occurrence of
                      a default or event of default (however specified or
                      designated) with respect to such party thereunder or, in
                      the case of a Hedging Agreement which has been terminated
                      as of such date, the total amount which such party is
                      obligated to pay to the other party under such Hedging
                      Agreement, in each case expressed in United States
                      dollars.

        (m) Section 14.22(b)(iii) of the Credit Agreement is hereby amended by
inserting the phrase "and the Hedging Obligations" after each of the phrases
"Secured Obligations".

        (n) Schedule D to the Credit Agreement is hereby amended by adding Kinam
Canada thereto as a Company and specifying the address of its chief executive
office as 57th Floor, Scotia Plaza, 40 King Street West, Toronto, Ontario M5H
2Y2.

<PAGE>   142
                                     - 9 -

2.03 AMENDMENTS TO SECURITY DOCUMENTS. The Security Documents are hereby amended
by:

        (a)    adding the phrase "and all other Loan Documents" at the end of
               Section 1.1(b) of the Ryan Lode Deposit Trust Deed;

        (b)    deleting the phrase "insofar as it relates to the Secured
               Obligations" from the definition of Obligations in Section 1.01
               of the Kinam U.S. Pledge Agreement;

        (c)    deleting the phrase "to the extent to it relates to the Secured
               Obligations" from Section 3 of each of the Teko Inc. Investment
               Account Pledge Agreement, the Kinam U.S. Investment Account
               Pledge Agreement and the Kinam Refugio Investment Account Pledge
               Agreement; and

        (d)    adding the phrase "and the Hedging Obligations" after the phrase
               "Secured Obligations" in Section 3 of each of the Sinking Fund
               Account Pledge Agreement, the Kinross Canada Investment Account
               Pledge Agreement, the Kinross U.S.A. Investment Account Pledge
               Agreement and the Fairbanks U.S. Investment Account Pledge
               Agreement, in the definition of Obligations in Section 1.01 of
               each of the Fairbanks Canada Pledge Agreement and the Teko Ltd.
               Pledge Agreement and in Section 1.02 of the Fairbanks U.S. Pledge
               and Security Agreement.

2.04 DELIVERIES PURSUANT TO CREDIT AGREEMENT. For the purposes of the Credit
Agreement, this agreement and any document or instrument referred to herein
shall be deemed to be delivered pursuant to the Credit Agreement and to be
referred to in the Credit Agreement.

                                    ARTICLE 3
                                  MISCELLANEOUS

3.01 CONTINUING FORCE AND EFFECT. Each of the Credit Agreement and the Security
Documents is and shall continue to be in full force and effect as amended hereby
and is hereby in all respects ratified and confirmed.

3.02 REPRESENTATIONS AND WARRANTIES. The Borrowers hereby represent and warrant
that no Default has occurred and is continuing as of the date hereof or would
arise as a result of this agreement becoming effective.

3.03 GOVERNING LAW. This agreement shall be governed by and construed in
accordance with the laws of the Province of Ontario.

<PAGE>   143
                                     - 10 -

3.04 ENUREMENT. This agreement shall enure to the benefit of and shall be
binding upon the parties hereto and their respective successors and permitted
assigns.

3.05 CONFLICT. If any provision of this agreement is inconsistent or conflicts
with any provision of the Credit Agreement or a Security Document, the relevant
provision of this agreement shall prevail and be paramount.

        IN WITNESS WHEREOF the parties hereto have executed and delivered this
agreement on the date first above written.

                                        THE BANK OF NOVA SCOTIA, AS AGENT

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        THE BANK OF NOVA SCOTIA, AS LENDER

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

<PAGE>   144
                                     - 11 -

                                        KINROSS GOLD CORPORATION

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        KINROSS GOLD U.S.A., INC.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        FAIRBANKS GOLD MINING, INC.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

<PAGE>   145
                                     - 12 -

                                        KINAM GOLD INC.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        FAIRBANKS GOLD LTD.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        KINAM REFUGIO INC.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

<PAGE>   146
                                     - 13 -

                                        LA TEKO RESOURCES INC.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        LA TEKO RESOURCES LTD.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

<PAGE>   147
                                     - 14 -

The undersigned, each being a guarantor of certain obligations of the Borrowers
under the Credit Agreement and the Security Documents, hereby acknowledge, agree
to and consent to the foregoing amendments to the Credit Agreement and the
Security Documents and hereby confirm their obligations under their respective
guarantees delivered pursuant to the Credit Agreement.

        DATED as of the 8th day of March, 2000.

                                        KINAM GOLD INC.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        KINAM (B.C.) LTD.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

<PAGE>   148
                                     - 15 -

                                        FAIRBANKS GOLD LTD.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        MELBA CREEK MINING, INC..

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        KINAM REFUGIO INC.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

<PAGE>   149
                                     - 16 -

                                        LT ACQUISITION INC.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        LA TEKO RESOURCES INC.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        LA TEKO RESOURCES LTD.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

<PAGE>   150
                                   SCHEDULE A

                               SECURITY DOCUMENTS

1.      Sinking Fund Account Pledge Agreement dated March 8, 2000 of Kinross
        Canada in favour of the Administrative Agent ("Sinking Fund Account
        Pledge Agreement")

2.      Investment Account Pledge Agreement dated March 8, 2000 of Kinross
        Canada in favour of the Administrative Agent ("Kinross Canada Investment
        Account Pledge Agreement")

3.      Investment Account Pledge Agreement dated March 8, 2000 of Kinross
        U.S.A. in favour of the Administrative Agent ("Kinross U.S.A. Investment
        Account Pledge Agreement")

4.      Investment Account Pledge Agreement dated March 8, 2000 of Fairbanks
        U.S. in favour of the Administrative Agent ("Fairbanks U.S. Investment
        Account Pledge Agreement")

5.      Pledge and Security Agreement dated March 8, 2000 of Fairbanks U.S. in
        favour of the Administrative Agent ("Fairbanks U.S. Pledge and Security
        Agreement")

6.      Investment Account Pledge Agreement dated March 8, 2000 of Kinam U.S. in
        favour of the Administrative Agent ("Kinam U.S. Investment Account
        Pledge Agreement")

7.      Share Pledge Agreement dated March 8, 2000 of Kinam U.S. in favour of
        the Administrative Agent ("Kinam U.S. Pledge Agreement")

8.      Share Pledge Agreement dated March 8, 2000 of Fairbanks Canada in favour
        of the Administrative Agent ("Fairbanks Canada Pledge Agreement")

9.      Investment Account Pledge Agreement dated March 8, 2000 of Kinam Refugio
        in favour of the Administrative Agent ("Kinam Refugio Investment Account
        Pledge Agreement")

10.     Investment Account Pledge Agreement dated March 8, 2000 of Teko Inc. in
        favour of the Administrative Agent ("Teko Inc. Investment Account Pledge
        Agreement")

11.     Share Pledge Agreement dated March 8, 2000 of Teko Ltd. in favour of the
        Administrative Agent ("Teko Ltd. Pledge Agreement")

12.     Deed of Trust with Power of Sale, Assignment of Production, Security
        Agreement, Financing Statement and Fixture Filing Dated March 8, 2000
        form Teko Inc. to Fairbanks Title Agency, Inc., Trustee, and the
        Administrative Agent, as Beneficiary (the "Ryan Lode Deposit Trust
        Deed")
<PAGE>   151

                            SECOND AMENDING AGREEMENT

               THIS AGREEMENT made as of the 7th day of February, 2001.

BETWEEN:

               THE BANK OF NOVA SCOTIA, a Canadian chartered bank

               (herein, in its capacity as administrative agent of the Lenders,
               called the "Administrative Agent")

               - and -

               KINROSS GOLD CORPORATION, a corporation incorporated under the
               laws of the Province of Ontario

               (herein called "Kinross Canada")

               - and -

               KINROSS GOLD U.S.A., INC., a corporation incorporated under the
               laws of the State of Nevada

               (herein called "Kinross U.S.A.")

               - and -

               FAIRBANKS GOLD MINING, INC., a corporation incorporated under the
               laws of the State of Delaware

               (herein called "Fairbanks U.S.")

               WHEREAS the Borrowers, the Lenders and the Agent entered into a
credit agreement made as of March 8, 2000 pursuant to which the Lenders
established a reducing revolving term credit facility in favour of the
Borrowers, as amended by an agreement made as of March 8, 2000 (collectively,
the "Credit Agreement");

               AND WHEREAS the parties hereto wish to amend provisions of the
Credit Agreement;

               AND WHEREAS the Administrative Agent has been authorized by the
Majority Lenders to enter into this agreement on behalf of the Lenders;

<PAGE>   152
                                     - 2 -

               NOW THEREFORE THIS AGREEMENT WITNESSES that, in consideration of
the mutual covenants and agreements contained herein, the parties covenant and
agree as follows:

                                    ARTICLE 1
                                  DEFINED TERMS

1.1 CAPITALIZED TERMS. All capitalized terms which are used herein without being
specifically defined herein shall have the meaning ascribed thereto in the
Credit Agreement as amended hereby.

                                    ARTICLE 2
                                   AMENDMENTS

2.1 GENERAL RULE. Subject to the terms and conditions herein contained, the
Credit Agreement is hereby amended to the extent necessary to give effect to the
provisions of this agreement and to incorporate the provisions of this agreement
into the Credit Agreement.

2.2 DEFINED TERMS. The definition of "SCHEDULED REDUCTION AMOUNT" is hereby
deleted and replaced by the following:

        "SCHEDULED REDUCTION AMOUNT" means, with respect to a particular
        Reduction Date, the amount opposite such Reduction Date as set forth
        below:

<TABLE>
<CAPTION>
                                                   SCHEDULED
               REDUCTION DATE                    REDUCTION DATE
               --------------                    --------------
<S>                                              <C>
               June 30, 2000                      $10,000,000
               December 31, 2000                  $10,000,000
               February 28, 2001                  $20,000,000
               January 2, 2002                    $20,000,000
               June 30, 2002                      $20,000,000
</TABLE>

        provided, however, that the Scheduled Reduction Amounts shall be subject
        to adjustment as provided in the definition of "Reduction Amount".

2.3 FINANCIAL REPORTING. Section 11.01(a)(v) of the Credit Agreement is hereby
amended by deleting the reference to "the Administrative Agent; and" and
replacing it with the phrase "the

<PAGE>   153
                                     - 3 -

Administrative Agent. The capital expenditures and exploration component of each
such budget shall require the written approval of the Majority Lenders; and".

2.4 TANGIBLE NET WORTH. Section 11.01(o)(i) of the Credit Agreement is hereby
amended, effective as of December 31, 2000, by deleting the reference therein to
"U.S. $475,000,000" and replacing it with a reference to "U.S. $335,000,000".

2.5 AGGREGATE CASH BALANCES. As of June 30, 2001 (provided that no Credit Excess
exists after the close of business on such date and the Borrower is in full
compliance with Section 11.01(v)), Section 11.01(r) of the Credit Agreement
shall be deleted and replaced with the following:

        "(r)   AGGREGATE CASH BALANCES.

               (i)    The Borrowers shall, and shall cause the Restricted
                      Subsidiaries to, as at the last day of the Fiscal Quarter
                      ending March 31, 2001 and as at the last day of each
                      subsequent Fiscal Quarter up to and including the Fiscal
                      Quarter ending March 31, 2002, maintain aggregate cash
                      balances of the Companies in the Investment Accounts (in
                      all cases not subject to a Lien other than in favour of
                      the Administrative Agent) which exceed U.S. $15,000,000.
                      The Borrowers shall, and shall cause the Restricted
                      Subsidiaries to, as at the last day of each Fiscal Quarter
                      thereafter, maintain aggregate cash balances of the
                      Companies in the Investment Accounts (in all cases not
                      subject to a Lien other than in favour of the
                      Administrative Agent) which exceed U.S. $5,000,000. The
                      Borrowers shall, and shall cause the Restricted
                      Subsidiaries to, maintain aggregate cash balances in the
                      Investment Accounts for the entirety of the Fiscal Quarter
                      immediately following the last day of the preceding Fiscal
                      Quarter in an aggregate amount in excess of the aggregate
                      cash balances as at such last day unless such cash
                      balances are required to fund normal course expenses as
                      set out in the most recent budget provided by the
                      Borrowers to the Administrative Agent.

               (ii)   The Borrowers shall maintain or cause to be maintained, as
                      at the last day of each of the Fiscal Quarters ending
                      March 31, 2001, June 30, 2001 and September 30, 2001,
                      aggregate cash balances, as would be reported on the
                      consolidated balance sheet of the Canadian Borrower in
                      accordance with generally accepted accounting principles,
                      which exceed U.S. $30,000,000.

2.6 DISTRIBUTIONS. Section 11.02(j) of the Credit Agreement is hereby deleted
and replaced with the following:

<PAGE>   154
                                     - 4 -

        "(j)   DISTRIBUTIONS. Except as set forth in the following sentence, the
               Borrowers shall not, and shall not suffer or permit the
               Restricted Subsidiaries to, make any Distribution (except to
               another Company). The Borrower may make the following
               Distributions:

               (i)    scheduled payments of interest with respect to any
                      Indebtedness of a Company which is subordinated to the
                      obligations of such Company to the Lenders;

               (ii)   Distributions not to exceed U.S. $3,100,000 in the
                      aggregate with respect to the redemption of the
                      redeemable, retractable preferred shares of Kinross
                      Canada, provided always that any such Distribution is in
                      accordance with the terms of such shares as they exist as
                      of the date hereof; and

               (iii)  Distributions with respect to the payment of dividends
                      with respect to the redeemable, retractable preferred
                      shares of Kinross Canada, provided always that any such
                      Distribution is in accordance with the terms of such
                      shares as they exist as of the date hereof;

               in each case provided (x) no Default has occurred and is
               continuing at the time of making any such Distribution and (y) no
               Default would arise immediately after the making of any such
               Distribution."

2.7 DELIVERIES PURSUANT TO CREDIT AGREEMENT. For the purposes of the Credit
Agreement, this agreement and any document or instrument referred to herein
shall be deemed to be delivered pursuant to the Credit Agreement and to be
referred to in the Credit Agreement.

                                    ARTICLE 3
               CONDITIONS PRECEDENT TO EFFECTIVENESS OF AGREEMENT

3.1 CONDITIONS PRECEDENT. This agreement shall not become effective until the
following conditions precedent are fulfilled:

        (i)    each of Kinam Gold Inc., Kinam (B.C.) Ltd., Fairbanks Gold Ltd.,
               Melba Creek Mining, Inc. and Kinam Refugio Inc. has consented to
               the terms of this agreement, in a consent in form and substance
               satisfactory to the Bank; and

        (ii)   the Administrative Agent on behalf of the Lenders has received
               from the Borrower an amendment fee of U.S. $90,000.

<PAGE>   155
                                     - 5 -

                                    ARTICLE 4
                                  MISCELLANEOUS

4.1 CONTINUING FORCE AND EFFECT. The Credit Agreement is and shall continue to
be in full force and effect as amended hereby and is hereby in all respects
ratified and confirmed.

4.2 REPRESENTATIONS AND WARRANTIES. The Borrowers hereby represent and warrant
that no Default has occurred and is continuing as of the date hereof or would
arise as a result of this agreement becoming effective.

4.3 GOVERNING LAW. This agreement shall be governed by and construed in
accordance with the laws of the Province of Ontario.

4.4 ENUREMENT. This agreement shall enure to the benefit of and shall be binding
upon the parties hereto and their respective successors and permitted assigns.

4.5 CONFLICT. If any provision of this agreement is inconsistent or conflicts
with any provision of the Credit Agreement, the relevant provision of this
agreement shall prevail and be paramount.

<PAGE>   156
                                     - 6 -

               IN WITNESS WHEREOF the parties hereto have executed and delivered
this agreement on the date first above written.

                                        THE BANK OF NOVA SCOTIA, AS AGENT

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        KINROSS GOLD CORPORATION

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        KINROSS GOLD U.S.A., INC.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

<PAGE>   157
                                     - 7 -

                                        FAIRBANKS GOLD MINING, INC.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

The undersigned, each being a guarantor of certain obligations of the Borrowers
under, inter alia, the Credit Agreement, hereby acknowledge, agree to and
consent to the foregoing amendments to the Credit Agreement and hereby confirm
their obligations under their respective guarantees delivered pursuant to the
Credit Agreement.

        DATED as of the 7th day of February, 2001.

                                        KINAM GOLD INC.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

<PAGE>   158
                                        KINAM (B.C.) LTD.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        FAIRBANKS GOLD LTD.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        MELBA CREEK MINING, INC.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

<PAGE>   159
                                     - 8 -

                                        KINAM REFUGIO INC.

                                        Per: ___________________________________
                                             Name:
                                             Title:

                                        Per: ___________________________________
                                             Name:
                                             Title:

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