IAMGOLD Announces Results of Côté Gold Project Update
NEWS RELEASE
TSX: IMG NYSE: IAG
IAMGOLD ANNOUNCES RESULTS OF CÔTÉ GOLD PROJECT UPDATE
Toronto, Ontario, August 3, 2022 – IAMGOLD Corporation (NYSE:IAG, TSX:IMG) (“IAMGOLD” or the “Company”) today announced its updated estimate of costs to complete, project economics and life-of-mine (“LOM”) plan for the Côté Gold project (“Côté Gold” or the “Project”) in Ontario, Canada. A NI 43-101 technical report will be filed on SEDAR on or before September 17, 2022. The project update concludes the Côté Gold costs, schedule, execution strategy and risk review (“project review and risk analysis”) initiated by the Company earlier this year. All dollar amounts are expressed in United States dollars, unless otherwise indicated.
Highlights of the Côté Gold 2022 Technical Report:
- After-tax net present value at a 5% discount rate (“NPV5%”) of $1,109 million on a 100% basis, and an internal rate of return (“IRR”) of 13.5% – at a gold price assumption of $1,700 in 2024 and 2025 and $1,600 thereafter and CAD:USD exchange rate of 1.25 (from May 1, 2022);
- Estimated remaining project costs to complete construction and bring Côté Gold into production of $1,908 million ($1,335 million attributable to IAMGOLD) including escalation and contingency as of May 1, 2022;
- Mine life of 18 years with initial production expected in early 2024;
- Average annual production of 495,000 ounces (320,500 ounces attributable) during the first six years following commercial production, and 365,000 ounces (236,000 ounces attributable) over the LOM;
- LOM average cash costs of $693 per ounce gold (“/oz Au”) sold and all-in sustaining costs (“AISC”) of $854/oz Au sold;
- Cumulative net operating cash flow of $6,086 million and after-tax free cash flow of $2,597 million;
- Côté Gold LOM plan based on Mineral Reserves of 7.2 million ounces in the Côté deposit;
- Côté deposit Measured & Indicated Mineral Resource estimate (inclusive of Mineral Reserves) of 10.2 million ounces; Gosselin deposit Measured & Indicated Resource estimate of 3.4 million ounces; and
- District scale potential with demonstrated exploration upside in one of the world’s leading mining jurisdictions.
Maryse Bélanger, Chair of the Board and Interim President and CEO, said: “The completion of the Côté Gold project review, risk analysis and updated mine plan is the culmination of months of in-depth analysis of the project, based on first principles, by the Company’s management and project teams, EPCM contractor and technical experts. The project today is over 57% complete and the updated project costs and schedule give us greatly improved visibility towards completion. Côté Gold is a project that is being advanced in an environment with significant headwinds, including COVID-19, inflation and other global events – and their impacts on global supply chains, labour availability, and the associated costs of doing business. We are very proud of our teams as they navigate these challenges to continue to advance the project for the benefit of our partners, stakeholders and our business.
“Côté Gold is transformational for IAMGOLD. Once in production, the Project is projected to offer robust free cash flow generation, averaging 365,000 ounces per year at AISC of $854 per ounce for 18 years, based on the 7.2 million ounces currently estimated in Mineral Reserves. There is also tremendous potential for future expansion, starting with the Gosselin deposit, located immediately adjacent to the Côté pit containing 3.4 million ounces in Indicated Mineral Resource and an additional 1.7 million ounces in Inferred Resources. Gosselin has only been drilled to half the depth of Côté and remains open along strike. We believe that Côté Gold is not just a project, but the start of a district, with minimal historical exploration targeting Côté/Gosselin style intrusion-hosted deposits within our 596 km2 land package.
“Given the importance of Côté Gold to achieve our goal of becoming a leading high-margin gold producer, we are actively pursuing various alternatives to increase liquidity to complete construction and deliver Côté on the updated schedule. We expect to address these near-term challenges to advance Côté and better position IAMGOLD as a more resilient, agile company for the current environment.”
SUMMARY OF THE 2022 TECHNICAL REPORT FOR CÔTÉ GOLD
Côté Gold Metrics Unit @ 100%3,4
Gold Price
| 2024/2025 | $/oz | $1,700 |
| LT | $/oz | $1,600 |
| Exchange Rate | USD:CAD | 1.25 |
Production
| Mine Life (from commercial production) | Years | 18 |
| Total Ore Tonnes Mined | kt | 236,000 |
| Total Waste Tonnes Mined | kt | 568,000 |
| Strip ratio | waste:ore | 2.4 |
| Total Ore Processed | kt | 233,000 |
| Processing throughput rate | tpd | 37,200 |
| Average Gold Grade, Processed | g/t Au | 0.96 |
| Average Recovery Rate | % | 91.8 |
| Recovered Gold | oz | 6,578,000 |
| Average Annual Gold Production | oz | 365,000 |
| Avg. Annual Gold Production (years 1 - 6) | oz | 495,000 |
Unit Operating Costs
| Mining(gross cost incl. CWS) | $/t mined | $2.62 |
| Mining(net cost excl. CWS) | $/t processed | $6.20 |
| Processing | $/t processed | $7.97 |
| G&A | $/t processed | $3.31 |
| On-site operating cost | $/t processed | $17.48 |
| Total operating cost | $/t processed | $19.56 |
Operating Costs
Cash costs2 $/oz Au sold $693 AISC2 $/oz Au sold $854
Project Costs
| Costs to complete1 | $M | $1,908 |
| Sustaining capital2(excl. capitalized waste stripping) | $M | $518 |
| Capitalized waste stripping | $M | $462 |
| Closure | $M | $83 |
Economic Results
| Net Operating Cash Flow | $M | $6,086 |
| Cumulative After-Tax Free Cash Flow1,2 | $M | $2,597 |
| After-Tax NPV5%1 | $M | $1,109 |
| After-Tax IRR1 | % | 13.5 |
| Payback Period1 | Years | 5 |
1. Costs to complete, cumulative after-tax free cash flow, NPV5%, IRR and payback period are on a go forward basis and exclude sunk costs up to May 1, 2022.
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2. This is a non-GAAP measure. Refer to “Non-GAAP Financial Measures” at the end of his news release.
3. Project costs incurred until May 1, 2022 at 1.27 CADUSD and project costs from May 1, 2022 and operating costs at 1.25 CADUSD.
4. The updated metrics are based on what was previously known as the Base Case (203 Mt) plus the Extended Case (30 Mt). The Extended Case mine plan, supported by exploitation of the total Mineral Reserves estimate, includes 233 million tonnes compared to the Base Case of 203 million tonnes over the LOM and adds two additional years to the Base Case mine life without expanding the footprint of the Project. Please see "Cautionary Statement Regarding Forward-Looking Information" below.
The Côté Gold project is a 70:30 joint venture between IAMGOLD, as the operator, and Sumitomo Metal Mining Co., Ltd. ("SMM"), which collectively has a 92.5% ownership in the project. The Company effectively owns 64.75% of the Côté Gold project, including the Côté and Gosselin deposits, and associated land packages. In accordance with the terms of the joint venture, the updated project costs, schedule and LOM plan is being independently reviewed by SMM.
The updated information will be incorporated in a new technical report titled “Technical Report on the Côté Gold Project, Ontario, Canada” (the “2022 Technical Report”) prepared by representatives of SLR Consulting (Canada) Ltd., Wood Canada Limited and IAMGOLD, each of whom is a "qualified person" (a "QP"), in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The 2022 Technical Report supersedes the technical report on the Côté Gold project dated November 26, 2021 (the “2021 Technical Report”). The 2022 Technical Report will be filed on SEDAR on or before September 17, 2022 and readers are encouraged to review the 2022 Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this news release.
Information relating to the property description and location, land tenure, existing infrastructure, history, geology and mineralization, mineral resources, mineral reserves, mining method, mineral processing, infrastructure, environmental, permitting and social considerations remains materially similar to information provided in respect of these elements in the 2021 Technical Report adjusted, as applicable, to reflect the status of the project as of May 1, 2022. In addition, current information in respect of the mine plan, capital and operating costs estimates and economic analysis is presented in the 2022 Technical Report.
Cόté Gold Production
-
2022 Technical Report 2021 Technical Report
Figure 1 – Côté Gold Production Profile (100%)
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Project Description
The Côté Gold project is located in the Chester and Yeo Townships, District of Sudbury, in northeastern Ontario. It is approximately 25 km southwest of Gogama, 125 km southwest of Timmins, and 175 km northwest of Sudbury. The project is accessible year-round via a 5 km road connecting to Highway 144. The Côté Gold properties were assembled through staking and option agreements covering a total area of approximately 596 km2. Côté Gold is located on Treaty 9 Territory, on the traditional lands of Mattagami First Nation and Flying Post First Nation, and within the traditional harvesting area of the Métis Nation of Ontario, Region 3.
Mineral Resources and Reserves Summary
Mineral Resources
Mineral Resources for the Côté Gold deposit are unchanged from the 2021 Technical Report.
Summary of Côté Mineral Resources – December 19, 2019 Côté Gold Project Tonnage Grade Contained Metal Classification
| (Mt) | (g/t Au) | (Moz Au) | |
|---|---|---|---|
| Measured | 152.1 | 0.97 | 4.72 |
| Indicated | 213.4 | 0.80 | 5.48 |
| Measured and Indicated | 365.5 | 0.87 | 10.20 |
| Inferred | 189.6 | 0.63 | 3.82 |
Notes:
1. Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions) were followed for Mineral Resources.
2. Mineral Resources are inclusive of Mineral Reserves.
3. Mineral Resources are estimated at a cut-off grade of 0.3 g/t Au.
4. Mineral Resources are estimated using a long term price of US$1,500/oz Au, and a CADUSD exchange rate of 1.30.
5. Bulk density varies from 2.69 t/m3 to 2.85 t/m3.
6. Mineral Resources are constrained by an optimized resource pit shell.
7. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
8. Numbers may not add due to rounding.
Mineral Reserves
Mineral Reserves were classified in accordance with the CIM (2014) definitions. Only Mineral Resources that were classified as Measured and Indicated were given economic attributes in the mine design and when demonstrating economic viability were classified as Mineral Reserves. Mineral Reserves for the Côté deposit incorporate mining dilution and mining recovery estimations for the open pit mining method.
Mineral Reserves Statement – May 1, 2022 Côté Gold Project
Tonnes Grade Contained Metal Classification (Mt) (g/t Au) (Moz Au)
Total Mineral Reserves
| Proven | 130.9 | 1.01 | 4.26 |
| Probable | 102.1 | 0.88 | 2.91 |
| Proven and Probable | 233.0 | 0.96 | 7.17 |
Notes:
1. Measured Mineral Resources and Indicated Mineral Resources that are not Mineral Reserves are considered uneconomic at the price used for Mineral Reserve estimations but are deemed to have a reasonable prospect of economic extraction.
2. The effective date of the Mineral Reserves estimate is May 1, 2022.
3. The Mineral Reserves were estimated assuming open pit mining methods and are reported on a 100% Project basis.
4. Mineral Reserves used the following assumptions: price of $1,200/oz Au; fixed process recovery of 91.8%; treatment and refining costs, including transport and selling costs of $1.75/oz Au; variable royalty percentages by zone: 0.75% for Zone 1,
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1.00% for zone 2, 0.00% for zone 3, 1.50% for zone 4, 0.75% for zone 5, 1.50% for zone 6, and 0.75% for zones 7 and 8; overall pit slope angles varying by sector with a range of 45.8° to 56.4°; processing costs of $10.17/t, which includes process operating costs of $7.01/t, general and administrative costs of $1.84/t, sustaining costs of $0.82/t, and closure costs of $0.50/t; mining costs of $1.61/t incremented at $0.029/t/12m below 388 elevation (life-of-mine average mining costs of $2.01/t); and rehandling costs of $0.87/t. The cut-off applied to the reserves is 0.35 g/t Au.
5. Numbers have been rounded. Totals may not sum due to rounding.
Pit optimization parameters, financial assumptions, pit-shell selection, and mining dilution and recovery factors remain unchanged from the 2018 feasibility study technical report. The mine design was updated to optimize pit phasing, ramp location, and waste stripping, resulting in negligible changes to Mineral Reserves compared to the previous estimate, and small reductions in waste.
Mine Design and Mining Methods
The mine will operate a fleet of autonomous trucks and blasthole drills, supported by a conventional fleet for loading and ancillary equipment. The truck fleet is diesel-powered and provides enough capacity to mine an average of approximately 54 Mtpa, with a peak of 70 Mtpa by the addition of five haul trucks by year 8. The loading fleet will include two electric-powered hydraulic shovels, supplemented by three large diesel-powered front-end loaders (FELs). Primary mobile equipment will consist of:
- Loading – CAT 6060 electric/hydraulic (6060E) shovel and CAT 994K high lift FELs
- Hauling – CAT 793F mechanical drive truck operated in autonomous mode
Pre-production commenced with contract mining in the first quarter 2021 and consists of overburden removal, construction material supply, and initial bench development. Contractor mining will phase out in the first quarter 2023 towards a handoff to owner mining in the second quarter 2023. In parallel, delivery of autonomous equipment has begun in the second quarter of 2022 and owner mining is expected to commence in the first quarter of 2023. The mine is scheduled to operate 24 hours per day, seven days per week (24/7 schedule), using four rotating crews working 12 hour shifts.
The Côté pit design has been updated to be mined in five phases. The scheduling constraints establish the maximum mining capacity at 70 Mtpa and the maximum number of benches mined per year at eight in each phase. The design parameters include a ramp width of 36 m, maximum road grades of 10%, bench height of 12 m, berm height interval of 24 m, geotechnical catch bench of 20 m if stacking height is greater than 150 m, a minimum mining width of 40 m, and variable slope angles and berm widths by sector.
The final pit design contains 235 Mt of ore at 0.95 g/t Au and 575 Mt of waste for a resulting stripping ratio of 2.4:1 (waste:ore). The total LOM mill feed is 233 Mt at 0.96 g/t Au, constrained by the TMF capacity, and 2.3 Mt of low grade ore material remaining in stockpiles at the end of mine life.
Total Material Moved
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
Direct Feed Rehandle To Stockpile Waste
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Figure 2 –Material Movement Schedule
The updated mine plan in the 2022 Technical Report has made the following changes in assumptions in mine design and mining from the 2021 Technical Report:
- Revised pit phasing incorporating a Phase 1 Pit design centered on a higher-grade zone and re-phasing of Phases 2-4;
- Steeper ramp gradient in Phase 1 (10% versus 8% previously) allowing to reach an additional bench at the bottom of the Phase 1 pit;
- Modification to starter pit boundaries to optimize waste mined during the project period;
- Modified stockpile strategy for LOM plan to minimize stockpile re-handling of mill feed material;
- Reviewed owner mining ramp-up assumptions and expanded shift schedules; and
- During the pre-production period, the truck and shovel equipment utilization has been reduced to account for autonomous commissioning, initial site conditions, and operator skill level. The schedule allows for a one year truck commissioning period.
Figure 3 – Pit Phasing Comparison for 2022 Technical Report
Processing Plant
The process flowsheet includes a primary/secondary crushing circuit, HPGR tertiary stage, followed by two stages of grinding (ball and vertical milling), gravity concentration and cyanide leaching, gold recovery by CIP, stripping and electrowinning (EW). The HPGR and grinding circuits will target a final product size of P80 100μm. Cyanide destruction and tailings thickening are also integrated in the processing facility. Average recovery is estimated at 91.8% throughout LOM, with gold recovery by gravity estimated at 23%.
The new mine plan contains updated assumptions and inputs for initial ramp-up of the plant. The updated model forecasts early ramp-up to be per design up to about 70% mill utilization. Steady-state is expected to be achieved over 20 months (previously 10 months) achieving a maximum of 92.6% utilization (previously 94%).
Design throughput is for 1,596 tph ore (35,500 tpd) processing capacity but several components including electrical circuit, chutes, pumps and pump boxes are designed for 1,862 tph (42,000 tpd). The maximum throughput potential of the plant was reviewed against McNulty start-up curves, with the Côté Gold plant and
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technology fitting the type 1 curve. The project economic model assumes a McNulty 1 start-up curve resulting in the processing plant achieving 105% of nameplate capacity, or 37,200 tpd, by year 3.
Throughput vs Head grade
16,000 1.60
14,000 1.40
12,000 1.20
10,000 1.00
8,000 0.80
6,000 0.60
4,000 0.40
2,000 0.20
- -
Throughput Grade
Figure 4 – Processing Plant Throughput and Head Grade
Project Costs
From May 1, 2022, the remaining costs to complete Côté Gold are estimated at $1,908 million on a 100% basis and net of leases ($1,335 million attributable to IAMGOLD) including contingency of $185 million and escalation allowance of $80 million.
Project Costs Project Costs Project Scope @ 100% (US$ million)1
Procurement 343 Earthworks 575 Process 519 Infrastructure 162 Indirects and EPCM 533 Mining 274 Owner’s Costs 294 Contingency 185 Escalation 80
Revised Project Budget (100% Basis) 2,965 Less Early Works Sunk Cost -75
Subtotal excluding Sunk 2,890 Less incurred to April 30, 2022 -982
Costs Going Forward 1,908
Incurred Remaining
Costs attr. to IAMGOLD (70%) 1,335
1. Project costs incurred prior to May 1, 2022 at an actual exchange rate of 1.27 CADUSD. Estimated project costs from May 1, 2022 onwards at 1.25 CADUSD.
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Operating Costs
Over the LOM, total cash costs are expected to average $693/oz Au sold or $19.56 per tonne (“/t”), and AISC are expected to average $854/oz Au sold.
LOM $/tonne $/tonne $/oz
$M material processed sold
Mining (gross costs incl. CWS)1 $2.62
| Mining(net cost excl. CWS)2 | $1,445 | $6.20 $220 | |
| Processing | $1,856 | $7.97 $282 | |
| G&A | $772 | $3.31 $117 | |
| Subtotal | $4,073 | $17.48 $619 | |
| Royalties + Offsite costs | $485 | $2.08 | $74 |
| Total cash costs | $4,558 | $19.56 $693 | |
| Sustaining Capital | $518 | $2.22 | $79 |
| Capitalized waste stripping (CWS) | $462 | $1.98 | $70 |
| Asset retirement obligation | $83 | $0.35 | $13 |
| AISC | $5,620 | $24.12 $854 |
Totals may not add up due to rounding
1. Mining (gross cost incl. CWS) is the mining cost including capitalized waste stripping costs
2. Mining (net cost excl. CWS) is the mining cost excluding capitalized waste stripping, with this amount being transferred to sustaining capital
Mining Costs
Mining costs are estimated to average $2.62/t of material mined over the LOM. Net mining costs are estimated at $6.20/t processed, which excludes capitalized waste stripping (“CWS”) expenditures transferred to sustaining capital based on World Gold Council (WGC) guidelines. A total of 220 Mt of mined material is classified as CWS during the LOM with a small amount in Phase 4 and Phase 5 classified as non-sustaining capital (27 Mt) and the remainder as sustaining capital (193 Mt).
On a cost by cost centre basis, mine haulage accounts for 39% of the mine operating costs. Open pit services accounts for 7% of the mine costs, followed by loading, blasting, and drilling. Contract mining accounts for 6% of the costs and stockpile rehandle accounts for 5%. Other costs include costs for pit dewatering, engineering and geology, and operations and management overhead.
Mining costs increased 15% from the 2021 Technical Report due to a number of factors, including increased headcount and extended ramp up assumptions. Diesel fuel, maintenance parts and supplies, and personnel costs are the largest cost items, followed by contract services, autonomous licence fees, explosives, and tire costs.
Process Costs
Process operating costs over the LOM are estimated to average $7.97/t of processed ore, increasing 7.7% from the 2021 Technical Report. The cost increases are related to higher contractor maintenance costs for monthly and annual shutdowns, increased maintenance costs in the first three years, and an increase in TMF operations and monitoring costs.
The cost breakdown of operating costs for the processing plant include the following:
- Reagents represent approximately 25% of the total process operating cost at $1.99/t milled;
- Wear parts and maintenance supplies represent approximately 22% of the total process operating cost at $1.75/t milled;
- Grinding media represent approximately 15% of the total process operating cost at $1.19/t milled;
- Personnel costs represent approximately 15% of the total process operating cost at $1.21/t milled;
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- The cost of the assay laboratory contract represents approximately 4% of the total process operating costs at $0.34/t milled; and
- Power costs represent approximately 14% of the total process operating cost at $1.09/t milled.
G&A and other
G&A costs over the LOM are estimated to average $3.31/t, an increase of 13.8% from the 2021 Technical Report due to a number of factors, including increased headcount over the LOM, increases in daily camp rates, continuation of site services post construction-phase with associated increases in owner’s costs.
Sustaining Capital
Total post-production sustaining capital expenditures are estimated at $1,136 million, which includes CWS ($462 million), capital investments to sustain production including additions to the mining fleet and annual TMF buildout costs ($518 million), and lease payments on the initial mining fleet ($156 million). This excludes $16 million for the permanent camp which is fully commissioned. Reclamation and closure costs are estimated to total $83 million.
Economics
On a go forward basis from May 1, 2022, the after-tax NPV5% of the Côté Gold project is estimated at $1,109 million with an implied after-tax IRR of 13.5% assuming long-term metal prices of $1,600/oz Au ($1,700/oz in 2024 and 2025). At spot metal prices of $1,775/oz Au over the LOM, the Côté Gold project has an estimated after-tax NPV5% of $1,558 million and implied after-tax IRR of 16.5%.
| Gold Price | 2024/ | $1,400 | $1,500 | $1,600 | $1,700 | $1,700 | $1,800 | $1,900 | |
| 2025 | |||||||||
| LT | $1,600 | ||||||||
| NPV5% IRR A/T | $410 $746 $1,047 $1,109 $1,345 $1,629 $1,912 8.1% 10.6% 12.8% 13.5% 15.0% 17.0% 19.0% |
Note: Economic results, including NPV5% and IRR are on a go forward basis and exclude sunk costs up to May 1, 2022.
Upcoming Milestones and Schedule Summary
Figure 5 – Côté Gold Project Schedule of Key Milestones
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The Company cautions that potential further disruptions, including, without limitation caused by COVID-19, the Ukraine war, inflation, other global supply chain disturbances, weather, labour disputes and the tight labour market could continue to impact the timing of activities, availability of workforce, productivity and supply chain and logistics and, consequently, could further impact the timing of production and, consequently, project costs.
Other Opportunities
Gosselin
On October 18, 2021, IAMGOLD reported an initial Mineral Resource estimate for the Gosselin deposit, located immediately adjacent to the Côté deposit. As outlined in the 2021 Technical Report, Gosselin Indicated Resources total 124.5 Mt at an average grade of 0.84 g/t Au, containing 3.4 Moz Au. An additional 72.9 Mt at an average grade of 0.73 g/t Au, containing 1.7 Moz Au are estimated in the Inferred Mineral Resource category. The Mineral Resources are estimated at a 0.3 g/t Au cut-off grade, based on a price of $1,500/oz Au, and have an effective date of October 4, 2021.
Diamond drilling to date has delineated wide intervals of low-grade gold mineralization hosted in altered and brecciated intrusive lithologies similar to that observed at the adjacent Côté Gold deposit, extending from the Young-Shannon historical shaft in the west to the Gosselin zone in the east. Drilling to date has outlined mineralization over a strike length of 1,400 metres, width of 400 metres and a depth extent of 425 metres. The deposit outcrops below the shallow Three Ducks Lake, and remains open at depth, to the northwest, and along strike to the northeast and southwest.
During the first quarter 2022, the Company announced remaining assay results from its 2021 delineation diamond drilling program at the Gosselin zone confirming expected grades within the modelled resource, and in some cases, the extension of the mineralization zone outside the resources boundaries of the mineralization model (see news release dated January 27, 2022).
Gosselin Mineral Resources are not included in the current Côté Gold LOM plan and represent potential for future mine life extensions.
Figure 6 – Long Section View of Côté & Gosselin Deposits
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Processing Expansion
The Côté Gold processing plant has a target throughput of 37,200 tpd, while a significant proportion of the components, including electrical circuit, chutes, pumps and pump boxes have a capacity design of 42,000 tpd. A potential plant expansion requires further study and would be subject to a capital allocation decision at a future date when appropriate. There is no guarantee that a plant expansion will be undertaken.
Exploration upside
The Côté Gold project is located along the South-Western extension of the prolific Abitibi Belt. The land package totalling 596 km2 is a continuous property spanning 65 km in the South Swayze Green Stone Belt. Historic exploration on the property was focused on orogenic, narrow-vein gold zones, with little exploration for Côté/Gosselin style intrusion-hosted deposits.
Figure 7 – Côté Gold Project Land Package
Conference Call
Senior management will host a conference call on Thursday, August 4, 2022, at 8:30 a.m. ET to discuss the second quarter 2022 operating performance, financial results and Côté Gold update.
Listeners may access the conference call via webcast or through the following dial-in numbers:
Toll free (North America): 1 (800) 319-4610
International: +1 (604) 638-5340
Webcast: www.iamgold.com
An online archive of the webcast will be available by accessing the Company’s website at www.iamgold.com. A telephone replay will be available for one month following the call by dialing toll free 1 (800) 319-6413 within North America or +1 (604) 638-9010 from international locations and entering the passcode: 9179.
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QUALIFIED PERSONS
The 2022 Technical Report is being prepared by representatives of SLR, Wood and IAMGOLD, each of whom is a "qualified person", as defined in NI 43-101 (a "QP"). SLR and Wood QPs are independent of IAMGOLD and have reviewed and approved the information contained in this news release that is derived from their respective sections of disclosure to be contained in the 2022 Technical Report. The affiliation and areas of responsibility for each QP involved in preparing the 2022 Technical Report are provided below.
SLR QPs
- J. Cox, P.Eng. – Mineral Reserves, mining, operating costs, economic analysis
- T. Ciuculescu, P.Geo. – Mineral Resources
Wood QPs
- D. Nada, P.Eng. – Project capital costs
IAMGOLD QPs
- A. Smith, M.Sc., P.Geo. – Exploration, geological setting, deposit types and drilling
- M-F. Bugnon, M.Sc., P.Geo. – Property description, location, accessibility, climate, infrastructure, physiography and history
ABOUT IAMGOLD
IAMGOLD is a mid-tier gold mining company operating in North America, South America and West Africa. The Company has three operating mines: Essakane (Burkina Faso), Rosebel (Suriname) and Westwood (Canada), and is building the large-scale, long life Côté Gold project (Canada) which is expected to commence production in early 2024. In addition, the Company has a robust development and exploration portfolio within high potential mining districts in the Americas and West Africa.
IAMGOLD employs approximately 5,000 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance ("ESG") practices, including its commitment to Zero Harm®, in every aspect of its business. IAMGOLD is listed on the New York Stock Exchange (NYSE:IAG) and the Toronto Stock Exchange (TSX:IMG) and is one of the companies on the Jantzi Social Index (“JSI”), a socially screened market capitalization-weighted consisting of companies which pass a set of broadly based environmental, social and governance rating criteria.
IAMGOLD Contact Information
Graeme Jennings, Vice President, Investor Relations Tel: 416 360 4743 | Mobile: 416 388 6883
Philip Rabenok, Manager, Investor Relations Tel: 416 933 5783 | Mobile: 647 967 9942
Toll-free: 1 888 464 9999
All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.
Si vous désirez obtenir la version française de ce communiqué, veuillez consulter le www.iamgold.com/French/accueil/default.aspx.
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