IAMGOLD Reports First Quarter 2023 Results
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario--(Newsfile Corp. - May 11, 2023) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results for the first quarter ended March 31, 2023.
HIGHLIGHTS:
Operations
- Attributable gold production from continuing operations was 113,000 ounces.
- Revenues from continuing operations were
$226.2 million from sales of 119,000 ounces (109,000 ounces on an attributable basis) at an average realized gold price of$1,893 per ounce. - Cost of sales per ounce sold from continuing operations was
$1,176 , cash cost1 per ounce sold from continuing operations was$1,094 and all-in-sustaining-cost1 ("AISC") per ounce sold from continuing operations was$1,525.
Financial
- Net earnings attributable to equity holders1 of
$6.3 million or$0.01 per share and adjusted net earnings attributable to equity holders1 of$24.9 million or$0.05 per share. - Net cash from operating activities was
$13.4 million . Net cash from operating activities, before movements in non-cash working capital and non-current ore stockpiles1, was$55.7 million . - Earnings before interest, income taxes, depreciation and amortization ("EBITDA")1 from continuing operations was
$68.4 million and adjusted EBITDA1 was$83.0 million . - Mine-site free cash flow1 from continuing operations was
$2.7 million . - Cash and cash equivalents of
$532.1 million as at March 31, 2023. The Company repaid$255.0 million of the secured revolving credit facility ("Credit Facility") during the first quarter 2023 and the available balance is$257.3 million as at March 31, 2023.
Côté Gold
- As of March 31, 2023, the Côté Gold project was estimated to be
79.8% complete. - The Company incurred attributable construction costs at Côté of
$158.6 million in the first quarter 2023, and approximately$1.37 billion since the commencement of construction, on a70% basis. - Sumitomo Metal Mining Co., Ltd. and SMM Gold Cote Inc. ("Sumitomo" or "SMM") funded
$189.0 million of the Company's funding obligation and an incremental$7.1 million based on its increased ownership during the first quarter 2023 as per the Côté Gold Joint Venture Funding and Amending Agreement ("JV Funding and Amending Agreement"), reducing the Company's interest in the unincorporated joint venture to62.5% . - Sumitomo funded a total of
$61.0 million of the Company's contributions during April and May, further decreasing the Company's interest to60.3% and concluding the funding arrangement. It is estimated that SMM will contribute an additional$82.8 million during the remainder of 2023 based on its increased ownership. - The estimated attributable cost to complete the construction is
$625 t o$700 million , on a70% and incurred basis. IAMGOLD is expected to fund$460 t o$535 million during the remainder of 2023 based on its60.3% ownership in the Côté Gold unincorporated joint venture. See "Côté Gold Project".
Corporate
- On January 31, 2023, the Company completed the sale of its interests in the Rosebel mine to Zijin Mining Group Co. Ltd. ("Zijin") that was announced on October 18, 2022. The Company received cash proceeds of
$386.4 million in the first quarter 2023, consisting of sales proceeds of$360.0 million , plus$29.8 million of cash held by Rosebel on January 31, 2023, less preliminary working capital adjustments of$3.4 million . The Company is due to receive approximately$9.8 million by June 30, 2023, consisting of the remaining cash balance held by Rosebel on January 31, 2023 of$9.6 million plus$0.2 million of final working capital adjustments. - On April 25, 2023, the Company completed the sale of its
90% interest in the Boto Gold Project in Senegal and its100% interest in the early stage exploration properties of Boto West, Senala West, Daorala and the vested interest in the Senala Option Earn-in Joint Venture, also in Senegal for aggregate gross cash proceeds of$197.6 million (pre-tax). The gross proceeds include deferred payments of$32.0 million which are anticipated to be received during the third quarter 2023. See "Bambouk Assets". - The Company has available liquidity of
$789.4 million comprised of cash and cash equivalents of$532.1 million and the available balance of the Credit Facility of$257.3 million as at March 31, 2023. Following the closing of the remaining strategic asset sales described above, the Company believes that it has sufficient liquidity to fund the remaining$460 t o$535 million required for the completion of construction of the Côté Gold Project based on the current schedule and estimate. The Company continues to advance additional financing initiatives to strengthen its balance sheet and improve its liquidity in order to place the Company in a strong position to return to a70% interest in the Côté Gold Project. See ""Liquidity Outlook".
"Looking at the first quarter, IAMGOLD reported impressive production results from both Essakane and Westwood, while cost pressures remained in line with our estimates and what is appearing to be a new normal for our industry," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "The Essakane mine reported 92,000 ounces of attributable production, with our Burkinabe teams demonstrating remarkable resilience and flexibility, as higher than modeled grades helped to offset lower than expected mining tonnes due to the ongoing challenges managing the in-country supply chain and security. At Westwood, we saw the continued ramp up of production, with 21,000 ounces produced in the quarter as the operation begins to reap the benefits of the past 18 months of rehabilitation work which is ongoing and expected to position the operation well for exiting the year."
"At Côté Gold, the project continues to advance rapidly towards initial production early next year. The project was approximately
QUARTERLY SUMMARY
The following tables summarize certain operating and financial results for the three months ended March 31, 2023 (Q1 2023) and March 31, 2022 (Q1 2022) and certain measures of the Company's financial position as at March 31, 2023, December 31, 2022, and March 31, 2022. Financial results of Rosebel include the one month period ended January 31, 2023, prior to the closing of the sale to Zijin.
| Q1 2023 | Q1 2022 | ||||
| Key Operating Statistics | |||||
| Gold production - attributable (000s oz) | |||||
| - Essakane | 92 | 112 | |||
| - Westwood | 21 | 16 | |||
| Total from continuing operations | 113 | 128 | |||
| - Rosebel | 25 | 46 | |||
| Total gold production - attributable (000s oz) | 138 | 174 | |||
| Gold sales - attributable (000s oz) | |||||
| - Essakane | 88 | 119 | |||
| - Westwood | 21 | 16 | |||
| Total from continuing operations | 109 | 135 | |||
| - Rosebel | 24 | 46 | |||
| Total gold sales - attributable (000s oz) | 133 | 181 | |||
| Cost of sales1 ($/oz sold) - attributable | |||||
| - Essakane | $ | 1,063 | $ | 784 | |
| - Westwood | 1,657 | 1,922 | |||
| Total from continuing operations | $ | 1,176 | $ | 921 | |
| - Rosebel | 949 | 1,369 | |||
| Total cost of sales1 ($/oz sold) - attributable | $ | 1,136 | $ | 1,035 | |
| Cash costs2 ($/oz sold) - attributable | |||||
| - Essakane | $ | 964 | $ | 781 | |
| - Westwood | 1,646 | 1,886 | |||
| Total from continuing operations | $ | 1,094 | $ | 914 | |
| - Rosebel | 949 | 1,315 | |||
| Total cash costs2 ($/oz sold) - attributable | $ | 1,068 | $ | 1,017 | |
| AISC2 ($/oz sold) - attributable | |||||
| - Essakane | $ | 1,157 | $ | 1,134 | |
| - Westwood | 2,508 | 2,376 | |||
| Total from continuing operations | $ | 1,525 | $ | 1,389 | |
| - Rosebel | 1,358 | 1,784 | |||
| Total AISC2 ($/oz sold) - attributable | $ | 1,495 | $ | 1,490 | |
| Average realized gold price ($/oz) | |||||
| - Continued operations | $ | 1,893 | $ | 1,789 | |
| - Discontinued operations | 1,905 | 1,886 | |||
| Total average realized gold price ($/oz) | $ | 1,895 | $ | 1,813 |
- Throughout this news release, cost of sales, excluding depreciation, is disclosed in the cost of sales note in the consolidated interim financial statements.
- This is a non-GAAP measure. See "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures.
| Q1 2023 | Q1 2022 | ||||
| Financial Results ($ millions from continuing operations) | |||||
| Revenues | $ | 226.2 | $ | 265.0 | |
| Gross profit | $ | 43.1 | $ | 71.0 | |
| EBITDA1 | $ | 82.8 | $ | 135.0 | |
| - Continuing operations | $ | 68.4 | $ | 110.3 | |
| - Discontinued operations | $ | 14.4 | $ | 24.7 | |
| Adjusted EBITDA1 | $ | 106.4 | $ | 137.6 | |
| - Continuing operations | $ | 83.0 | $ | 110.8 | |
| - Discontinued operations | $ | 23.4 | $ | 26.8 | |
| Net earnings attributable to equity holders | $ | 11.9 | $ | 23.8 | |
| - Continuing operations | $ | 6.3 | $ | 16.0 | |
| - Discontinued operations | $ | 5.6 | $ | 7.8 | |
| Adjusted net earnings attributable to equity holders1 | $ | 39.5 | $ | 26.1 | |
| - Continuing operations | $ | 24.9 | $ | 16.4 | |
| - Discontinued operations | $ | 14.6 | $ | 9.7 | |
| Net earnings per share attributable to equity holders - continuing operations | $ | 0.01 | $ | 0.03 | |
| Adjusted net earnings per share attributable to equity holders1 - continuing operations | $ | 0.05 | $ | 0.03 | |
| Net cash from operating activities before changes in working capital1 - continuing operations | $ | 55.7 | $ | 108.7 | |
| Net cash from operating activities | $ | 28.8 | $ | 142.3 | |
| - Continuing operations | $ | 13.4 | $ | 116.0 | |
| - Discontinued operations | $ | 15.4 | $ | 26.3 | |
| Mine-site free cash flow1 | $ | 8.6 | $ | 86.6 | |
| - Continuing operations | $ | 2.7 | $ | 86.9 | |
| - Discontinued operations | $ | 5.9 | $ | (0.3) | |
| Capital expenditures1,2 - sustaining | $ | 35.0 | $ | 56.1 | |
| Capital expenditures1,2 - expansion | $ | 159.1 | $ | 80.0 | |
| March 31 | December 31 | ||||
| 2023 | 2022 | ||||
| Financial Position ($ millions) | |||||
| Cash, cash equivalents and short-term investments | $ | 532.1 | $ | 407.8 | |
| Long-term debt | $ | 661.8 | $ | 918.7 | |
| Net cash (debt)1 | $ | (261.6) | $ | (605.6) | |
| Available Credit Facility | $ | 257.3 | $ | 26.6 |
- This is a non-GAAP measure. See "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures.
- Capital expenditures represent incurred expenditures for property, plant and equipment and exploration and evaluation assets.
OUTLOOK
Operating Performance Outlook
| Actual Q1 2023 | Full Year Guidance 20231 | ||||
| Essakane (000s oz) | 92 | 340 - 380 | |||
| Westwood (000s oz) | 21 | 70 - 90 | |||
| Total attributable production (000s oz)2 | 113 | 410 - 470 | |||
| Cost of sales2 ($/oz sold) | $ | 1,176 | $ | 1,125 - | |
| Cash costs2.3 ($/oz sold) | $ | 1,094 | $ | 1,125 - | |
| AISC2,3 ($/oz sold) | $ | 1,525 | $ | 1,625 - | |
| Depreciation expense ($ millions) | $ | 44.0 | $ | 245 - | |
| Income taxes4 paid ($ millions) | $ | 11.0 | $ | 70 - |
- The full year guidance is based on the following 2023 full year assumptions, before the impact of hedging: average realized gold price of
$1,650 per ounce, USDCAD exchange rate of 1.32, EURUSD exchange rate of 1.10 and average crude oil price of$91 per barrel. - Consists of Essakane and Westwood on an attributable basis of
90% and100% , respectively. - This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
- The income taxes paid guidance reflects continuing operations and does not include the cash tax obligation arising as part of the Bambouk sales process. See "Bambouk Assets" for additional details.
Production Outlook
Attributable gold production guidance for 2023 is unchanged and is expected to be in the range of 410,000 to 470,000 ounces.
Costs Outlook
Costs guidance for 2023 is unchanged with cash costs1 expected to be between
Pricing for the main consumables including cyanide, lime and grinding media remains in line with the levels realized in the second half of 2022. Pricing of fuel and fuel-linked products are expected to remain under pressure, reflecting continued imbalances in global supply and demand. Increases in oil prices are expected to be partially mitigated by the existing oil hedge program. Excluding the impact of the Company's hedging program, a
Capital Expenditures1
Sustaining capital expenditures¹ for 2023 are expected to be approximately
| Actual Q1 2023 | Full Year Guidance 20232 | ||||||||||||||||
| ($ millions) | Sustaining3 | Expansion | Total | Sustaining3 | Expansion | Total | |||||||||||
| Essakane | $ | 17.1 | $ | 0.5 | $ | 17.6 | $ | 150 | $ | 5 | $ | 155 | |||||
| Westwood | 17.8 | - | 17.8 | 45 | - | 45 | |||||||||||
| $ | 34.9 | $ | 0.5 | $ | 35.4 | $ | 195 | $ | 5 | $ | 200 | ||||||
| Côté Gold4 | - | 158.6 | 158.6 | - | 800 - 875 | 800 - 875 | |||||||||||
| Corporate | 0.1 | - | 0.1 | - | - | - | |||||||||||
| Total5,6,7,8 | $ | 35.0 | $ | 159.1 | $ | 194.1 | $ | 195 | $ | 805 - 880 | $ | 1,000 - 1,075 | |||||
100% basis, unless otherwise stated.- Capital expenditures guidance (±
5% ) at Essakane and Westwood. - Sustaining capital includes capitalized stripping of (i)
$6.4 million for Essakane and$2.7 million for Westwood in the first quarter 2023 and (ii)$90 million for Essakane and$6.0 million for Westwood for the full year guidance. See "Outlook" sections below. 70% basis.- Includes
$3.0 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table. - Capitalized borrowing costs are not included.
- See "Costs Outlook" section above.
- The full year guidance does not include expenditures for the Boto asset currently held for sale. See "Bambouk Assets" for additional details.
Exploration Outlook
Exploration expenditures for 2023 are expected to be approximately
| Actual Q1 2023 | Full Year Guidance 20231 | ||||||||||||||||
| ($ millions) | Capitalized | Expensed | Total | Capitalized | Expensed | Total | |||||||||||
| Exploration projects - greenfield2 | $ | - | $ | 2.8 | $ | 2.8 | $ | - | $ | 13 | $ | 13 | |||||
| Exploration projects - brownfield | 1.1 | 0.5 | 1.6 | 3 | 2 | 5 | |||||||||||
| $ | 1.1 | $ | 3.3 | $ | 4.4 | $ | 3 | $ | 15 | $ | 18 | ||||||
- The full year guidance does not include expenditures for the Boto asset currently held for sale. See "Bambouk Assets" for additional details.
- Exploration projects - greenfield does not include
$2.3 million of expenditures for the Boto asset currently held for sale.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
IAMGOLD is committed to maintaining its culture of accountable mining through high standards of ESG practices and the principle of Zero Harm® in every aspect of its business, with particular emphasis on respecting the natural environment, building strong community partnerships and putting the health and safety of the Company's employees, contractors and consultants first.
Health and Safety
Health and safety is core to the Company's relentless pursuit of its Zero Harm® vision. Through various prevention programs, the Company continuously promotes a safe work environment and a wellness program at all sites. The DARTFR (days away, restricted, transferred duty frequency rate) was 0.60 as at March 31, 2023 (compared to 0.29 as at March 31, 2022), tracking above the Company's annual target of 0.40, with an increasing trend since October 2022. The TRIFR (total recordable injuries frequency rate) was 0.84 as at March 31, 2023 (compared to 0.83 as at March 31, 2022), tracking above the Company's annual target of 0.69.
The increasing trend is due to the recordable incidents at Westwood that impacted the global TRIFR and DARTFR during the first quarter 2023. In addition to the existing preventive Health and Safety program, specific actions have been implemented to mitigate the reoccurrence of these incidents.
Environment
The Company recognizes that mining activities are energy intensive and generate significant greenhouse gas ("GHG") emissions. In September 2021, the Company announced that it had set a global target of reaching net negative GHG emissions by no later than 2050. The Company also announced a target of achieving net positive biodiversity. Medium-term targets will be set as part of the Company's roadmap to achieve these global targets. An external review of the Company's GHG emissions profile across all sites has been completed and a draft action plan of the Company's global commitments is currently being updated with the recent sale of some Company assets. The details of the roadmap will be published in the inaugural TCFD report in 2023.
At Côté Gold, permitting efforts continued in the first quarter 2023 with permit amendments received allowing for additional temporary camp infrastructure to support an increase in workers on site during construction. During the first quarter 2023, the Company applied to the Ontario Ministry of the Environment, Conservation and Parks for initial entry into the Emissions Performance Standards program to further compliance with its environmental obligations including establishing an emissions baseline for the Côté operation.
At Essakane, significant progress has been made in the studies and the action plan for the update of the mine closure plan, in consultation with government authorities. The updated closure plan is scheduled to be completed by mid-2023.
Social and Economic Development
The Company is continuously exploring opportunities for investing and partnering with the communities impacted by its continuing operations.
At Essakane, the Company continued its participation in the Mining Fund for Local Development in Burkina Faso, a program established by the government, pursuant to which the Company committed to contribute
At Côté Gold, the Minister of Mines and Chief of Flying Post First Nation visited the site for a tour during the first quarter 2023. Various committee meetings were held with First Nations partners including the annual Impact Benefit Agreement (IBA) Leadership Committee, IBA Committee, Environmental Management Committee, Employment and Training sub-Committee and Socio-economic Management and Monitoring Committee. An IBA Implementation Committee was held with the Abitibi Inland Historic Métis Community (Métis Nation of Ontario, Region 3). Through a partnership with Indspire, an Indigenous education charity, four educational bursaries were awarded to post-secondary students from Mattagami First Nation, Flying Post First Nation and the Métis Nation of Ontario. Outreach also occurred with regional stakeholders in Timmins and Sudbury.
Governance
The Board of Directors of IAMGOLD (the "Board") adopted new diversity and renewal guidelines in 2021, reflecting governance best practices. Currently, women represent approximately
- On February 22, 2023, Christiane Bergevin was appointed to the Company's Board as an independent director.
- On March 6, 2023, Renaud Adams was appointed by the Board as President and Chief Executive Officer, effective April 3, 2023. Mr. Adams is replacing Maryse Bélanger, Chair of the Board, who was acting as Interim President and CEO during the executive search process. Ms. Bélanger will continue in her role as Chair of the Board.
- On March 6, 2023, Maarten Theunissen was appointed permanent Chief Financial Officer, having served as Interim CFO since September 2022.
OPERATIONS - CONTINUING
Essakane Mine (IAMGOLD interest -
| Q1 2023 | Q1 2022 | ||||
| Key Operating Statistics1 | |||||
| Ore mined (000s t) | 1,657 | 3,832 | |||
| Grade mined (g/t) | 1.82 | 1.05 | |||
| Waste mined (000s t) | 4,628 | 11,346 | |||
| Material mined (000s t) - total | 6,285 | 15,178 | |||
| Strip ratio2 | 2.8 | 3.0 | |||
| Ore milled (000s t) | 2,175 | 3,162 | |||
| Head grade (g/t) | 1.62 | 1.39 | |||
| Recovery (%) | 91 | 88 | |||
| Gold production (000s oz) - | 103 | 124 | |||
| Gold production (000s oz) - attributable | 92 | 112 | |||
| Gold sales (000s oz) - | 98 | 131 | |||
| Average realized gold price3 ($/oz) | $ | 1,893 | $ | 1,885 | |
| Financial Results ($ millions)1 | |||||
| Revenues4 | $ | 186.5 | $ | 248.2 | |
| Cost of sales4 | 104.6 | 103.1 | |||
| Production costs | 97.4 | 80.9 | |||
| (Increase)/decrease in finished goods | (2.3) | 9.9 | |||
| Royalties | 9.5 | 12.3 | |||
| Cash costs3 | 94.9 | 102.7 | |||
| Sustaining capital expenditures3,5 | 17.1 | 47.7 | |||
| Expansion capital expenditures3 | 0.5 | 1.0 | |||
| Total capital expenditures | 17.6 | 48.7 | |||
| Earnings from operations | 43.6 | 90.2 | |||
| Performance Measures6 | |||||
| Cost of sales excluding depreciation ($/oz sold) | $ | 1,063 | $ | 784 | |
| Cash costs3 ($/oz sold) | $ | 964 | $ | 781 | |
| AISC3 ($/oz sold) | $ | 1,157 | $ | 1,134 |
100% basis, unless otherwise stated.- Strip ratio is calculated as waste mined divided by ore mined.
- This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
- As per note 28 of the consolidated interim financial statements for revenues and cost of sales. Cost of sales is net of depreciation expense.
- Includes sustaining capitalized stripping for the first quarter 2023 of
$6.4 million (first quarter 2022 -$29.9 million ). - Cost of sales, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.
Operations
Attributable gold production in the first quarter 2023 was 92,000 ounces, lower by 20,000 or
Mining activity of 6.3 million tonnes in the first quarter 2023 was
Mill throughput in the first quarter 2023 was 2.2 million tonnes at an average head grade of 1.62 g/t, with throughput
The mill achieved recoveries of
The security situation in Burkina Faso continues to be a focus for the Company due to continued terrorist related incidents occurring in the country and the northeastern region including the Seno and Oudalan provinces adjacent to the Essakane mine. The Company continues to take proactive measures to ensure the safety and security of in-country personnel and is constantly adjusting its protocols and the activity levels at the site according to the security environment, combined with its program to make investments in security and supply chain infrastructure in the region and at the mine site, with the support of the government. The security situation continues to apply pressures to the in-country supply chain and continued escalation could have a material adverse negative impact on future operating performance.
Financial Performance
Production costs of
Cost of sales, excluding depreciation, of
Cash costs of
AISC per ounce sold of
Total capitalized stripping of
Sustaining capital expenditures, excluding capitalized stripping, of
Outlook
Attributable gold production at Essakane in 2023 is expected to be in the range of 340,000 to 380,000 ounces. Mining activity is expected to progressively return to normal operating levels over the course of the year, including increased levels of waste stripping in the second half of the year. The mill throughput in the second quarter is expected to return to a normal level and mill feed will consist of a combination of direct feed and stockpiles.
Capital expenditures are expected to be approximately
Westwood Mine (IAMGOLD interest -
| Q1 2023 | Q1 2022 | ||||
| Key Operating Statistics | |||||
| Underground lateral development (metres) | 1,494 | 848 | |||
| Ore mined (000s t) - underground | 68 | 63 | |||
| Ore mined (000s t) - other sources | 193 | 159 | |||
| Ore mined (000s t) - total | 261 | 222 | |||
| Grade mined (g/t) - underground | 6.35 | 6.10 | |||
| Grade mined (g/t) - other sources | 1.44 | 0.90 | |||
| Grade mined (g/t) - total | 2.73 | 2.37 | |||
| Ore milled (000s t) | 255 | 250 | |||
| Head grade (g/t) - underground | 6.56 | 6.05 | |||
| Head grade (g/t) - other sources | 1.34 | 0.97 | |||
| Head grade (g/t) - total | 2.77 | 2.18 | |||
| Recovery (%) | 92 | 91 | |||
| Gold production (000s oz) | 21 | 16 | |||
| Gold sales (000s oz) | 21 | 16 | |||
| Average realized gold price1 ($/oz) | $ | 1,892 | $ | 1,872 | |
| Financial Results ($ millions) | |||||
| Revenues2 | $ | 39.6 | $ | 30.8 | |
| Cost of sales2 | 34.5 | 31.0 | |||
| Production costs | 35.8 | 31.7 | |||
| (Increase)/decrease in finished goods | (1.3) | (0.7) | |||
| Cash costs1 | 34.3 | 30.5 | |||
| Sustaining capital expenditures1,5 | 17.8 | 7.3 | |||
| Expansion capital expenditures1 | - | 0.5 | |||
| Total capital expenditures1 | 17.8 | 7.8 | |||
| Earnings (loss) from operations | (5.2) | (5.0) | |||
| Performance Measures3 | |||||
| Cost of sales excluding depreciation4 ($/oz sold) | $ | 1,657 | $ | 1,922 | |
| Cash costs1 ($/oz sold) | $ | 1,646 | $ | 1,886 | |
| AISC1 ($/oz sold) | $ | 2,508 | $ | 2,376 |
- This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
- As per note 28 of the consolidated financial statements for revenues and cost of sales. Cost of sales is net of depreciation expense.
- Cost of sales, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.
- Includes non-cash ore stockpile and finished goods inventories NRV write-down of
$0.6 million for the first quarter 2023 (first quarter 2022 -$1.7 million ), which had an impact on cost of sales, excluding depreciation, per ounce sold of$30 for the first quarter 2023 (first quarter 2022 -$106) . - Includes sustaining capitalized stripping for the first quarter 2023 of
$2.7 million (first quarter 2022 - $nil).
Operations
Gold production in the first quarter 2023 was 21,000 ounces, higher by 5,000 ounces or
Mining activity in the first quarter 2023 was 261,000 tonnes of ore, an
The ore feed from the underground mine continues to exhibit positive grade reconciliation as compared to reserve grades, which is attributable to the nugget effect in higher grade areas of the mine. The ore from Grand Duc also indicates positive grade reconciliation relative to the reserve block model.
Underground development in the first quarter 2023 continued to successively improve over prior periods, with 1,494 metres of lateral development completed. The progressive ramp-up in development and rehabilitation work continues to secure safe access to multiple ore faces at different levels in the mine, increasing operational flexibility to allow simultaneous exploitation of multiple stope sequences in line with the 2023 production plan. The rehabilitation work program consists of repairing and upgrading the existing underground infrastructure in line with the revised rock mechanic standard, which have been developed to ensure that safe work conditions are maintained in seismic portions of the mine. This activity enables production activities to safely recommence once rehabilitation work on a specific level has been completed. The rehabilitation work program, which was expected to be completed over the course of 2023 and 2024, is currently experiencing better than planned productivity rates moving more of the work and costs in 2023 while reducing the work required in 2024.
Mill throughput in the first quarter 2023 was 255,000 tonnes at an average head grade of 2.77 g/t,
In March 2023, all required environmental and regulatory permits were received to commence mining of the Fayolle satellite deposit, located approximately 30 kilometres northwest of the Westwood complex. The first ore was successfully hauled during the end of March for processing in the second quarter 2023. The comparatively higher grade material from the Fayolle deposit is expected to increase the average head grade of ore milled from surface sources as the year progresses.
Financial Performance
Production cost of
Cost of sales, excluding depreciation, of
Cash costs of
AISC per ounce sold of
Sustaining capital expenditures, excluding capitalized stripping, in the first quarter 2023 of
Outlook
Westwood gold production is expected to be in the range of 70,000 to 90,000 ounces in 2023, with an increasing proportion of ore sourced from the underground mine. Production levels are expected to continue to progressively increase over the course of the year, benefiting from the continued advancement of underground development providing access to more and higher grade zones in the second half of the year. Mill feed will continue to be supplemented from available satellite surface deposits, including ore feed from the Fayolle property, primarily in the second half of the year.
Capital expenditures are expected to be approximately
OPERATIONS - DISCONTINUED
On January 31, 2023, the Company completed the sale of its interests in the Rosebel mine to Zijin that was announced on October 18, 2022. Attributable gold production and attributable gold sales for January 2023 were 26,000 ounces and 25,000 ounces, respectively.
The Company received cash proceeds of
PROJECTS
Côté Gold Project | Ontario, Canada
As of March 31, 2023, overall, the project was estimated to be
| Project Activity | Update |
| Health and safety | Total project hours worked of 9.8 million hours with a LTIFR of 0.02. The first lost time injury was recorded in the quarter after a security guard lost their footing on ice and suffered a leg injury. COVID-19 impacts and associated absenteeism have been limited and remain closely monitored. |
| Labour and workforce | The current workforce on site exceeds 1,500 workers and is currently at peak capacity. The 264 room camp expansion is on target for completion during the second quarter. The first tranche of rooms has been placed in operation in late March. The expansion will support additional workforce for peak SMPEI construction activities and commissioning/operation resources in spring/summer. |
| Earthworks activities | Earthworks activities advanced with a focus on the tailing management facility ("TMF") dams, preparing haul roads for autonomous deployment and overburden removal.
|
| Processing plant | Processing plant civil works and concrete pours are effectively complete. Structural steel work in the HGPR and secondary crushing areas continued to progress and has begun on the primary crusher. Cable tray installation and cable pulling is ongoing on the HGPR, secondary crushing and screening buildings. The fine ore bin with feed conveyors was fully erected. Installation of the leach tanks is nearly complete with agitators expected in May. All of the major equipment has been installed in the coarse ore area. Structural, mechanical and piping work activities in the processing plant continued. Installation of ball mill and utility pipe rack on the north wall of refining area are both nearly complete. Significant progress in the plant on installation of CIP tanks, vertimill mechanical works and associated structural steel and cyclone installations. |
| Infrastructure | The overhead power line has been completed. The connection to the provincial hydro grid and the main electrical substation is expected during the third quarter 2023. The communications tower network for the autonomous haulage and drilling systems is nearing completion with final installation scheduled for the second quarter 2023. Installation of underground services has progressed significantly, and critical work was completed in January 2023. Fuel distribution and storage, including the refueling station, is expected to be completed in the third quarter 2023. The truck shop made significant progress with the partial handover to the Operations team targeted for the second quarter 2023. The emergency response team moved into the permanent building in March. Interior work is ongoing within the assay lab with completion expected towards the end of the summer. |
| Procurement | Heavy mobile equipment continues to arrive on site with fourteen CAT 793F haul trucks, two 994 loaders and four D10 dozers having been delivered by the end of March. Assembly of the first electric shovel is ongoing. The majority of equipment has been delivered with the remaining delivery progressing on schedule. |
| Operational readiness | Operational readiness has been advanced in multiple areas with a focus on ramping up mining activities, hiring and training of process plant personnel, standardization of mine, mill and site maintenance processes and systems, and preparation for the transition of site services contracts. Autonomous hauling in support of mining activities began in January. During the first quarter 2023, four to six CAT 793F haul trucks operated in autonomous mode with ten haul trucks total having been commissioned. Operations personnel moved into the operations office facility and the mine control room has been fully commissioned. Owner mining has progressed well with nearly 1.0 million tonnes mined in the first quarter 2023. The stockpile has approximately 0.9 million tonnes of material on track to the target build-up of 5.0 million tonnes by the end of the year. Mining operations will advance to 24 hour operations with a night shift expected to be deployed in the summer. |
| Permitting and sustainability | All critical permitting and sustainability work is complete with non-critical path work ongoing and expected to be received during the remainder of the project. Community consultation and the implementation of the impact benefit agreements with indigenous partners continue. The health, safety and environmental programs and the emergency response plan are in development along with standard operating procedures. |
Funding Transaction with Sumitomo
On December 19, 2022, the Company announced it had entered into the JV Funding and Amending Agreement with SMM. Pursuant to the JV Funding and Amending Agreement, commencing in January 2023, SMM contributed
The Company has a right to repurchase the Transferred Interests on seven dates between November 30, 2023, and November 30, 2026, to return to its full
Up to the earlier of the Company exercising the Repurchase Option and November 30, 2026, the Company will pay a Repurchase Option fee to SMM equal to the three month SOFR plus
The JV Funding and Amending Agreement also includes changes to the operator's fee, the governance structure, including increasing the approval threshold of the Oversight Committee for annual budgets and unbudgeted expenditures above specified amounts. IAMGOLD's rights on the Oversight Committee are maintained and IAMGOLD remains as the operator.
For accounting purposes, the JV Funding and Amending Agreement does not meet the requirements under IFRS to recognize the dilution of the Company's interest in the Côté UJV as a sale and the Company will continue to account for
Project Expenditures
The Company's
Upcoming Milestones and Schedule Summary
Côté Gold is expected to commence production in early 2024. Construction of the project commenced in the third quarter 2020 and major earthworks commenced in the first quarter 2021. Recently achieved milestones and those remaining of note are as follows:
Côté Gold Upcoming Milestones
To view an enhanced version of this graphic, please visit:
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The Company cautions that potential further disruptions, including, without limitation caused by inflationary pressures, other global supply chain disturbances, weather, labour disputes and the tight labour market could impact the timing of activities, availability of workforce, productivity and supply chain and logistics and, consequently, could further impact the timing of actual commercial production and, consequently, project costs.
Gosselin Zone
The Gosselin zone is located immediately to the northeast of the Côté Gold deposit. During the first quarter 2023, the Company reported assay results from its ongoing drill program with highlights including: 342.2 metres grading 1.99 g/t Au, 313.0 metres grading 1.29 g/t Au and 181.0 metres grading 1.50 g/t Au (see news release dated February 2, 2023). Approximately 15,500 metres of diamond drilling is planned in 2023 to further delineate and expand the Gosselin mineral resources and test selected targets along an interpreted favourable deposit corridor, of which approximately 5,200 metres were completed in the first quarter 2023.
Nelligan Gold Project | Chibougamau District, Quebec, Canada
The Nelligan Gold project is located approximately 45 kilometres south of the Chapais - Chibougamau area in Québec and is operating as a 75:25 earn-in option to joint venture with Vanstar Mining Resources Inc ("Vanstar"). The Company holds an option to earn an additional
During the first quarter 2023, the Company reported and filed an updated Mineral Resource Estimate (on a
Bambouk Assets | West Africa
On December 20, 2022, the Company announced it had entered into definitive agreements with Managem S.A. (CAS: MNG) ("Managem") to sell its interests in the Bambouk assets. Under the terms of the agreements, IAMGOLD will receive total cash payments of approximately
Subsequent to quarter end, on April 25, 2023, the Company completed the sale of its
The remaining transactions are subject to certain regulatory approvals from the respective Governments, as well as other customary closing conditions included in the transaction agreements. The Company received consent of IAMGOLD's syndicate of lenders to complete the sale of its interests in the Bambouk assets. Closing of the remaining parts of the Bambouk assets transactions is expected to occur in the third quarter 2023.
Under the terms of the transaction agreements, exploration expenditures incurred to further develop the Bambouk assets will be recouped from Managem upon closing.
FINANCIAL REVIEW
Revenues - Revenues from continuing operations were
Cost of sales - Cost of sales excluding depreciation was
Depreciation expense - Depreciation expense was
Exploration expense - Exploration expense was
General and administrative expense - General and administrative expense were
Income tax expense - Income tax expense was
Operating Activities
Net cash flow from operating activities was
- Lower cash earnings of
$39.4 million largely due to lower sales volumes. - Increased levels of working capital and non-current ore stockpiles of
$49.6 million resulting from an increase in the value-added tax receivable, an increase in supplies inventory at Essakane and Côté, the build of an initial ore stockpile at Côté, higher levels of finished goods inventories at period end and a decrease in trade and other payables primarily resulting from lower levels of activity at Essakane in the quarter. - Net proceeds from the 2022 Prepay Arrangements of
$10.2 million was included in the first quarter 2022.
Investing Activities
Net cash from investing activities for the first quarter 2023 was
Financing Activities
Net cash used in financing activities for the first quarter 2023 was
Liquidity and Capital Resources
As at March 31, 2023, the Company had
The Côté Gold UJV requires its joint venture partners to fund, in advance, two months of future expenditures. The Company uses dividends and intercompany loans to repatriate funds from its operations and the timing of dividends may impact the timing and amount of required financing at the corporate level, including the Company's drawdowns under the Credit Facility. As at March 31, 2023,
The following table summarizes the Company's outstanding long-term debt:
| March 31 | December 31 | ||||
| ($ millions)1 | 2023 | 2022 | |||
| Credit Facility | $ | 200.0 | $ | 455.0 | |
| 447.6 | 447.6 | ||||
| Equipment loans | 14.2 | 16.1 | |||
| $ | 661.8 | $ | 918.7 |
- Long-term debt does not include leases in place at continuing operations of
$96.8 million as at March 31, 2023 (December 31, 2022 -$73.8 million ).
Credit Facility
The Company has a
As at March 31, 2023, the total amount drawn under the Credit Facility was
Liquidity Outlook
At March 31, 2023, the Company had available liquidity of
The remaining attributable funding obligation of the Company to the Côté UJV to complete the construction of the Côté Gold Project is estimated to be between
On April 25, 2023, the Company completed the sale of its
Based on prevailing market conditions, which could impact project expenditures and operating cash flows, the Company believes that its available liquidity at March 31, 2023, combined with cashflows from operations, the SMM JV Funding and Amending Agreement and the expected proceeds from the sale of the remaining Bambouk assets, is sufficient to complete construction of the Côté Gold Project, based on the current estimated cost and schedule. The Company continues to advance additional financing initiatives to strengthen its balance sheet and improve its liquidity in order to place the Company in a strong position to return to a
CONFERENCE CALL
A conference call will be held on Friday, May 12, 2023 at 8:30 a.m. (Eastern Time) for a discussion with senior management regarding IAMGOLD's first quarter 2023 operating performance and financial results.
Listeners may access the conference call via webcast from the events section of the Company's website at www.iamgold.com (webcast link below), or through the following dial-in numbers:
Toll free (North America): 1 (800) 319-4610
International: +1 (604) 638-5340
Webcast: https://services.choruscall.ca/links/iamgold2023q1.html
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: 0071.
For more information, refer to the Management Discussion and Analysis ("MD&A") and unaudited consolidated interim Financial Statements as at and for the three months ended March 31, 2023, available on the Company's website at www.iamgold.com and on SEDAR at www.sedar.com. The Company uses certain non-GAAP financial performance measures throughout this news release. Please refer to the "Non-GAAP Financial Performance Measures" section of this news release and the MD&A for more information.
____________________
End Notes (excluding tables)
- This is a non-GAAP financial measure. See "Non-GAAP Financial Measures" section below. Further information on these non-GAAP financial measures is included on pages 29 to 34 of the Company's Q1 2023 MD&A filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
- DARTFR (days away, restricted, transferred duty incident frequency rate) and TRIFR (total recordable injuries incident frequency rate) are per 200,000 hours worked.
ABOUT IAMGOLD
IAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa. The Company is building the large-scale, long life Côté Gold project in Canada in partnership with Sumitomo Metal Mining Co. Ltd., which is expected to commence production in early 2024. In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts in the Americas. IAMGOLD employs approximately 3,300 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
info@iamgold.com
NON-GAAP FINANCIAL MEASURES
The Company uses certain non-GAAP financial measures in its MD&A which are described in the following section. The Company believes that, in addition to conventional financial measures prepared in accordance with IFRS, certain investors use these non-GAAP financial measures to assess the performance of the Company. These non-GAAP financial measures do not have any standardized meaning prescribed by IFRS, may not be comparable to similar measures presented by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
The definitions of these measures, the reconciliation to the amounts presented in the consolidated interim financial statements, and the reasons for the presentation of these measures are included below. The non-GAAP financial measures are consistent with those presented previously and there have been no changes to the basis of calculation, except for the change to the presentation of cash cost per ounce sold described in more detail below.
Average Realized Gold Price per Ounce Sold
Average realized gold price per ounce sold is intended to enable management to understand the average realized price of gold sold in each reporting period after removing the impact of non-gold revenues and by-product credits, which, in the Company's case, are not significant and to enable investors to understand the Company's financial performance based on the average realized proceeds of selling gold production in the reporting period.
| ($ millions, continuing operations, except where noted) | Q1 2023 | Q1 2022 | |||
| Revenues | $ | 226.2 | $ | 265.0 | |
| By-product credits and other revenues | (0.5) | (0.9) | |||
| Gold revenues | $ | 225.7 | $ | 264.1 | |
| Sales (000s oz) - | 119 | 147 | |||
| Average realized gold price per ounce1,2,3 ($/oz) | $ | 1,893 | $ | 1,789 |
- Average realized gold price per ounce sold may not be calculated based on amounts presented in this table due to rounding.
- Average realized gold price per ounce sold is calculated based on sales from the Company's Westwood and Essakane mines.
- Average realized gold price per ounce sold in the first quarter 2022 includes 37,500 ounces at
$1,500 per ounce as delivered in accordance with the 2019 Prepay Arrangement.
Cash Costs, Cash Costs per Ounce Sold, AISC and AISC per Ounce Sold
The Company reports cash costs, cash costs per ounce sold, AISC and AISC per ounce sold in order to provide investors with information about key measures used by management to monitor performance of mine sites in commercial production and its ability to generate positive cash flow.
Cash costs include mine site operating costs such as mining, processing, administration, royalties, production taxes and realized derivative gains or losses, exclusive of depreciation, reclamation, capital expenditures and exploration and evaluation costs. AISC include cost of sales exclusive of depreciation expense, sustaining capital expenditures, which are required to maintain existing operations, capitalized exploration, sustaining lease principal payments, environmental rehabilitation accretion and depreciation, by-product credits and corporate general and administrative costs. These costs are then divided by the Company's attributable gold ounces sold by mine sites in commercial production in the period to arrive at the cash costs per ounce sold and the AISC per ounce sold. The Company reports the AISC measure with and without a deduction for by-product credits and reports the measure for the Essakane, Rosebel and Westwood mines.
The following table provides a reconciliation of cash costs and cash costs per ounce sold on an attributable basis to cost of sales as per the consolidated statements.
| ($ millions, continuing operations, except where noted) | Q1 2023 | Q1 2022 | |||
| Cost of sales | $ | 183.1 | $ | 194.0 | |
| Depreciation expense1 | (44.0) | (59.9) | |||
| Cost of sales1, excluding depreciation expense | $ | 139.1 | $ | 134.1 | |
| Adjust for: | |||||
| Other mining costs | (0.4) | (0.9) | |||
| Abnormal portion of operating costs at Essakane | (9.5) | - | |||
| Cost attributed to non-controlling interests2 | (9.5) | (10.3) | |||
| Cash costs - attributable | $ | 119.7 | $ | 122.9 | |
| Total gold sales (000 oz) - attributable | 109 | 135 | |||
| Cash costs4 ($/oz sold) - attributable | $ | 1,094 | $ | 914 | |
| Cash costs Rosebel - attributable | $ | 22.4 | $ | 60.7 | |
| Gold sales Rosebel (000 oz) - attributable | 24 | 46 | |||
| Total cash costs4 all operations - attributable | $ | 142.1 | $ | 183.6 | |
| Total gold sales3 all operations (000 oz) - attributable | 133 | 181 | |||
| Cash costs4 all operations ($/oz sold) - attributable | $ | 1,068 | $ | 1,017 |
- As per note 28 of the consolidated interim financial statements for cost of sales and depreciation expense.
- Adjustments for the consolidation of Essakane (
90% ) to its attributable portion of cost of sales. - Consists of Essakane, Rosebel and Westwood on an attributable basis of
90% ,95% and100% , respectively. - Cash costs per ounce sold may not be calculated based on amounts presented in this table due to rounding.
The following table provides a reconciliation of AISC and AISC per ounce sold on an attributable basis to cost of sales as per the consolidated interim financial statements.
| ($ millions, continuing operations, except where noted) | Q1 2023 | Q1 2022 | |||
| Cost of sales | $ | 183.1 | $ | 194.0 | |
| Depreciation expense1 | (44.0) | (59.9) | |||
| Cost of sales1, excluding depreciation expense | $ | 139.1 | $ | 134.1 | |
| Adjust for: | |||||
| Sustaining capital expenditures1 | $ | 34.0 | 56.1 | ||
| Corporate general and administrative costs2 | $ | 11.9 | 12.9 | ||
| Other costs3 | $ | 2.7 | (1.4) | ||
| Abnormal portion of operating costs at Essakane | $ | (9.5) | - | ||
| Cost attributable to non-controlling interests4 | $ | (11.4) | (14.9) | ||
| AISC - attributable | $ | 166.8 | $ | 186.8 | |
| Total gold sales (000s oz) - attributable | 109 | 135 | |||
| AISC6 ($/oz sold) - attributable | $ | 1,525 | $ | 1,389 | |
| AISC excluding by-product credits6 ($/oz sold) - attributable | $ | 1,529 | $ | 1,396 | |
| AISC Rosebel - attributable | $ | 32.0 | $ | 82.2 | |
| Gold sales Rosebel (000s oz) - attributable | 24 | 46 | |||
| AISC all operations - attributable | $ | 198.8 | $ | 269.0 | |
| Total gold sales5 all operations (000s oz) - attributable | 133 | 181 | |||
| AISC6 all operations ($/oz sold) - attributable | $ | 1,495 | $ | 1,490 | |
| AISC all operations excluding by-product credits6 ($/oz sold) - attributable | $ | 1,498 | $ | 1,495 |
- As per note 28 of the consolidated interim financial statements for cost of sales and depreciation expense.
- Corporate general and administrative costs exclude depreciation expense.
- Other costs include sustaining lease principal payments, environmental rehabilitation accretion and depletion, prior period operating costs, partially offset by by-product credits.
- Adjustments for the consolidation of Essakane (
90% ) to its attributable portion of cost of sales. - Consists of Essakane, Rosebel and Westwood on an attributable basis of
90% ,95% and100% , respectively. - AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.
The Company presents its sustaining capital expenditures in its AISC to reflect the capital related to producing and selling gold from its mine operations. The distinctions between sustaining and expansion capital used by the Company align with the guidelines set out by the World Gold Council. Expansion capital is capital expenditures incurred at new projects and capital expenditures related to major projects or expansion at existing operations where these projects will materially benefit the operations. This non-GAAP financial measure provides investors with transparency regarding the capital expenditures required to support the ongoing operations at its mines, relative to its total capital expenditures.
| ($ millions, except where noted) | Q1 2023 | Q1 2022 | |||
| Capital expenditures for property, plant and equipment | $ | 194.1 | $ | 136.1 | |
| Capital expenditures for exploration and evaluation assets | - | 0.4 | |||
| Working capital adjustments | 16.6 | (0.4) | |||
| $ | 210.7 | $ | 136.1 | ||
| Capital expenditures - sustaining | 34.1 | 56.1 | |||
| Capital expenditures - expansion | $ | 176.6 | $ | 80.0 |
| ($ millions, except where noted) | Q1 2023 | Q1 2022 | |||
| Essakane | $ | 16.8 | $ | 47.7 | |
| Westwood | 17.2 | 7.3 | |||
| $ | 34.0 | $ | 55.0 | ||
| Corporate | 0.1 | 1.1 | |||
| Capital expenditures - sustaining | $ | 34.1 | $ | 56.1 |
| ($ millions, except where noted) | Q1 2023 | Q1 2022 | |||
| Essakane | $ | 0.9 | $ | 1.0 | |
| Westwood | - | 0.5 | |||
| $ | 0.9 | $ | 1.5 | ||
| Côté Gold ( | 175.7 | 78.5 | |||
| Capital expenditures - expansion | $ | 176.6 | $ | 80.0 |
EBITDA and Adjusted EBITDA
EBITDA (earnings before income taxes, depreciation and amortization of finance costs), is an indicator of the Company's ability to produce operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures.
Adjusted EBITDA represents EBITDA excluding certain impacts such as changes in estimates of asset retirement obligations at closed sites, unrealized (gain) loss on non-hedge derivatives, impairment charges and reversal of impairment charges, write-down of assets and foreign exchange (gain) loss which are non-cash items and certain cash items that are non-recurring or temporary in nature as such items are not indicative of recurring operating performance. Management believes this additional information is useful to investors in understanding the Company's ability to generate operating cash flow by excluding from the calculation these non-cash amounts and cash amounts that are not indicative of the recurring performance of the underlying operations for the periods presented.
The following table provides a reconciliation of EBITDA and Adjusted EBITDA to the consolidated interim financial statements:
| ($ millions, except where noted) | Q1 2023 | Q1 2022 | |||
| Earnings before income taxes - continuing operations | $ | 19.3 | $ | 48.8 | |
| Add: | |||||
| Depreciation | 44.4 | 60.3 | |||
| Finance costs | 4.7 | 1.2 | |||
| EBITDA - continuing operations | $ | 68.4 | $ | 110.3 | |
| Adjusting items: | |||||
| Unrealized (gain) loss on non-hedge derivatives | 0.8 | (3.3) | |||
| Insurance recoveries | - | (1.2) | |||
| Write-down of assets | - | 0.1 | |||
| NRV write-down of stockpiles/finished goods | 0.6 | 1.7 | |||
| Foreign exchange loss | - | 3.6 | |||
| Abnormal portion of operating costs at Essakane | 9.5 | - | |||
| Fair value of deferred consideration from sale of Sadiola | (0.5) | (0.4) | |||
| Severance costs | 0.5 | - | |||
| Gain on sale of assets | (0.5) | - | |||
| Changes in estimates of asset retirement obligations at closed sites | 4.2 | - | |||
| Adjusted EBITDA - continuing operations | $ | 83.0 | $ | 110.8 | |
| Including discontinued operations: | |||||
| EBITDA - discontinued operations | $ | 14.4 | $ | 24.7 | |
| Adjusted items: | |||||
| Gain on non-hedge derivatives | - | (1.6) | |||
| Write-down of stockpile/finished goods | - | 2.6 | |||
| Loss on sale of Rosebel | 7.4 | - | |||
| Foreign exchange (gain) loss | - | (0.2) | |||
| Severance costs | 1.5 | - | |||
| Write-down of assets | 0.1 | 1.3 | |||
| EBITDA - all operations | $ | 82.8 | $ | 135.0 | |
| Adjusted EBITDA - all operations | $ | 106.4 | $ | 137.6 |
Adjusted Net Earnings Attributable to Equity Holders
Adjusted net earnings attributable to equity holders represents net earnings (loss) attributable to equity holders excluding certain impacts, net of taxes, such as changes in estimates of asset retirement obligations at closed sites, unrealized (gain) loss on non-hedge derivatives and warrants, impairment charges and reversal of impairment charges, write-down of assets and foreign exchange (gain) loss which are non-cash items and certain cash items that are non-recurring or temporary in nature as such items are not indicative of recurring operating performance. This measure is not necessarily indicative of net earnings (loss) or cash flows as determined under IFRS. Management believes this measure better reflects the Company's performance for the current period and is a better indication of its expected performance in future periods. As such, the Company believes that this measure is useful to investors in assessing the Company's underlying performance. The following table provides a reconciliation of earnings before income taxes and non-controlling interests as per the consolidated statements of earnings (loss) of
| ($ millions, except where noted) | Q1 2023 | Q1 2022 | |||
| Earnings before income taxes and non-controlling interests - continuing operations | $ | 19.3 | $ | 48.8 | |
| Adjusting items: | |||||
| Unrealized gain on non-hedge derivatives | 0.8 | (3.3) | |||
| Insurance recoveries | - | (1.2) | |||
| Write-down of assets | - | 0.1 | |||
| NRV write-down of stockpiles/finished goods | 0.7 | 1.8 | |||
| Foreign exchange loss | - | 3.6 | |||
| Other finance costs | 2.7 | - | |||
| Abnormal portion of operating costs at Essakane | 10.1 | - | |||
| Fair value of deferred consideration from sale of Sadiola | (0.5) | (0.4) | |||
| Gain on sale of assets | (0.5) | - | |||
| Changes in estimates of asset retirement obligations at closed sites | 4.2 | - | |||
| Adjusted earnings before income taxes and non-controlling interests - continuing operations | $ | 36.8 | $ | 49.4 | |
| Income taxes | (8.6) | (25.0) | |||
| Tax on foreign exchange translation of deferred income tax balances | 3.1 | (0.4) | |||
| Tax impact of adjusting items | (2.0) | 0.2 | |||
| Non-controlling interests | (4.4) | (7.8) | |||
| Adjusted net earnings attributable to equity holders - continuing operations | $ | 24.9 | $ | 16.4 | |
| Adjusted net earnings per share attributable to equity holders - continuing operations | $ | 0.05 | $ | 0.03 | |
| Including discontinued operations: | |||||
| Net earnings before income tax and non-controlling interest - discontinued operations | $ | 14.3 | $ | 9.6 | |
| Adjusted items: | |||||
| Unrealized (gain) on non-hedge derivatives | - | (1.6) | |||
| NRV write-down of stockpiles/finished goods | - | 3.5 | |||
| Loss on sale of Rosebel | 7.4 | - | |||
| Foreign exchange (gain) loss | - | (0.2) | |||
| Severance costs | 1.5 | - | |||
| Write-down of assets | 0.1 | 1.3 | |||
| Adjusted earnings before income taxes and non-controlling interests - discontinued operations | $ | 23.3 | $ | 12.6 | |
| Income taxes | (8.0 | ) | (1.6) | ||
| Tax impact of adjusting items | - | (1.1) | |||
| Non-controlling interests | (0.7) | (0.2) | |||
| Adjusted net earnings attributable to equity holders - discontinued operations | $ | 14.6 | $ | 9.7 | |
| Adjusted net earnings per share attributable to equity holders - discontinued operations | $ | 0.03 | $ | 0.02 | |
| Adjusted net earnings attributable to equity holders - all operations | $ | 39.5 | $ | 26.1 | |
| Adjusted net earnings per share attributable to equity holders - all operations | $ | 0.08 | $ | 0.05 | |
| Basic weighted average number of common shares outstanding (millions) | 479.0 | 477.6 |
Net Cash from Operating Activities before Changes in Working Capital
The Company makes reference to net cash from operating activities before changes in working capital which is calculated as net cash from operating activities less non-cash working capital items and non-current ore stockpiles. Working capital can be volatile due to numerous factors, including a build-up or reduction of inventories. Management believes that this non-GAAP measure, which excludes these non-cash items, provides investors with the ability to better evaluate the operating cash flow performance of the Company.
The following table provides a reconciliation of net cash from operating activities before changes in working capital to net cash from operating activities:
| ($ millions, except where noted) | Q1 2023 | Q1 2022 | |||
| Net cash from operating activities - continuing operations | $ | 13.4 | $ | 116.0 | |
| Adjusting items from non-cash working capital items and non-current ore stockpiles | |||||
| Receivables and other current assets | 3.4 | (0.8) | |||
| Inventories and non-current ore stockpiles | 14.8 | (7.8) | |||
| Accounts payable and accrued liabilities | 24.1 | 1.3 | |||
| Net cash from operating activities before changes in working capital - continuing operations | 55.7 | 108.7 | |||
| Net cash from operating activities before changes in working capital - discontinued operations | 21.9 | 25.2 | |||
| Net cash from operating activities before changes in working capital | $ | 77.6 | $ | 133.9 |
Mine-Site Free Cash Flow
Mine-site free cash flow is calculated as cash flow from mine-site operating activities less mine-site related property, plant and equipment expenditures. The Company believes this measure is useful to investors in assessing the Company's ability to operate its mine sites without reliance on additional borrowing or usage of existing cash.
| ($ millions, except where noted) | Q1 2023 | Q1 2022 | |||
| Net cash from operating activities - continuing operations | $ | 13.4 | $ | 116.0 | |
| Add: | |||||
| Operating cash flow used by non-mine site activities | 24.2 | 27.4 | |||
| Cash flow from operating mine-sites - continuing operations | 37.6 | 143.4 | |||
| Capital expenditures - continuing operations | 215.1 | 142.2 | |||
| Less: | |||||
| Capital expenditures from construction and development projects and corporate | (180.2) | (85.7) | |||
| Capital expenditures from operating mine-sites - continuing operations | 34.9 | 56.5 | |||
| Mine-site cash flow - continuing operations | 2.7 | 86.9 | |||
| Cash flow from discontinued mine-sites | 15.4 | 26.2 | |||
| Capital expenditures from discontinued operations | (9.5) | (26.5) | |||
| Mine-site cash flow - discontinued operations | 5.9 | (0.3) | |||
| Total mine-site free cash flow | $ | 8.6 | $ | 86.6 |
Liquidity and Net Cash (Debt)
Liquidity is defined as cash and cash equivalents, short-term investments and the credit available under the Credit Facility. Net cash (debt) is calculated as cash, cash equivalents and short-term investments less long-term debt, lease liabilities and the drawn portion of the Credit Facility. The Company believes this measure provides investors with additional information regarding the liquidity position of the Company.
| March 31 | December 31 | ||||
| ($ millions, continuing operations, except where noted) | 2023 | 2022 | |||
| Cash and cash equivalents | $ | 532.1 | $ | 407.8 | |
| Available Credit Facility | 257.3 | 26.6 | |||
| Available Liquidity | $ | 789.4 | $ | 434.4 |
| March 31 | December 31 | ||||
| ($ millions, continuing operations, except where noted) | 2023 | 2022 | |||
| Cash and cash equivalents | $ | 532.1 | $ | 407.8 | |
| Lease liabilities | (96.8) | (73.8) | |||
| Long-term debt1 | (664.2) | (921.2) | |||
| Drawn letters of credit issued under Credit Facility | (32.7) | (18.4) | |||
| Net cash (debt) | $ | (261.6) | $ | (605.6) |
- Includes principal amount of the Notes of
$450.0 million , Credit Facility of$200.0 million and equipment loans of$14.2 million (December 31, 2022 -$450 million ,$455.0 million and$16.2 million , respectively). Excludes deferred transaction costs and embedded derivative on the Notes.
CONSOLIDATED BALANCE SHEETS
| (Unaudited) (In millions of U.S. dollars) | March 31, 2023 | December 31, 2022 | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 532.1 | $ | 407.8 | ||
| Receivables and other current assets | 132.8 | 128.0 | ||||
| Inventories | 233.7 | 199.9 | ||||
| Assets held for sale | 115.3 | 785.6 | ||||
| 1,013.9 | 1,521.3 | |||||
| Non-current assets | ||||||
| Property, plant and equipment | 2,814.5 | 2,598.0 | ||||
| Exploration and evaluation assets | 17.2 | 28.3 | ||||
| Restricted cash | 58.6 | 56.3 | ||||
| Inventories | 67.3 | 92.4 | ||||
| Other assets | 117.4 | 128.8 | ||||
| 3,075.0 | 2,903.8 | |||||
| $ | 4,088.9 | $ | 4,425.1 | |||
| Liabilities | ||||||
| Current liabilities | ||||||
| Accounts payable and accrued liabilities | $ | 259.0 | $ | 294.1 | ||
| Income taxes payable | 38.9 | 37.8 | ||||
| Other current liabilities | 95.5 | 24.2 | ||||
| Current portion of lease liabilities | 6.7 | 5.1 | ||||
| Current portion of long-term debt | 8.9 | 8.7 | ||||
| Liabilities held for sale | 5.9 | 276.3 | ||||
| 414.9 | 646.2 | |||||
| Non-current liabilities | ||||||
| Deferred income tax liabilities | 19.3 | 22.6 | ||||
| Provisions | 321.2 | 310.4 | ||||
| Lease liabilities | 90.1 | 68.7 | ||||
| Long-term debt | 652.9 | 910.0 | ||||
| Côté Gold repurchase option | 198.8 | - | ||||
| Deferred revenue | 179.0 | 240.8 | ||||
| Other liabilities | 21.1 | 19.6 | ||||
| 1,482.4 | 1,572.1 | |||||
| 1,897.3 | 2,218.3 | |||||
| Equity | ||||||
| Attributable to equity holders | ||||||
| Common shares | 2,730.9 | 2,726.3 | ||||
| Contributed surplus | 54.6 | 58.2 | ||||
| Accumulated deficit | (620.5) | (632.4) | ||||
| Accumulated other comprehensive income (loss) | (41.2) | (21.3) | ||||
| 2,123.8 | 2,130.8 | |||||
| Non-controlling interests | 67.8 | 76.0 | ||||
| 2,191.6 | 2,206.8 | |||||
| Contingencies and commitments | ||||||
| Subsequent events | ||||||
| $ | 4,088.9 | $ | 4,425.1 |
Refer to Q1 2023 Financial Statements for accompanying notes
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
| (Unaudited) | Three months ended March 31, | |||||
| (In millions of U.S. dollars, except per share amounts) | 2023 | 2022 | ||||
| Continuing Operations: | ||||||
| Revenues | $ | 226.2 | $ | 265.0 | ||
| Cost of sales | (183.1) | (194.0) | ||||
| Gross profit | 43.1 | 71.0 | ||||
| General and administrative expenses | (12.7) | (14.2) | ||||
| Exploration expenses | (7.7) | (8.0) | ||||
| Other expenses | (5.3) | (2.8) | ||||
| Earnings from operations | 17.4 | 46.0 | ||||
| Finance costs | (4.7) | (1.2) | ||||
| Foreign exchange loss | - | (3.6) | ||||
| Interest income, derivatives and other investment gains | 6.6 | 7.6 | ||||
| Earnings before income taxes | 19.3 | 48.8 | ||||
| Income tax expense | (8.6) | (25.0) | ||||
| Net earnings from continuing operations | 10.7 | 23.8 | ||||
| Net earnings from discontinued operations, net of income tax | 6.3 | 8.0 | ||||
| Net earnings | $ | 17.0 | $ | 31.8 | ||
| Net earnings from continuing operations attributable to: | ||||||
| Equity holders | $ | 6.3 | $ | 16.0 | ||
| Non-controlling interests | 4.4 | 7.8 | ||||
| Net earnings from continuing operations | $ | 10.7 | $ | 23.8 | ||
| Net earnings attributable to: | ||||||
| Equity holders | $ | 11.9 | $ | 23.8 | ||
| Non-controlling interests | 5.1 | 8.0 | ||||
| Net earnings | $ | 17.0 | $ | 31.8 | ||
| Attributable to equity holders | ||||||
| Weighted average number of common shares outstanding (in millions) | ||||||
| Basic | 479.0 | 477.6 | ||||
| Diluted | 483.1 | 482.4 | ||||
| Basic and diluted earnings per share from continuing operations | $ | 0.01 | $ | 0.03 | ||
| Basic and diluted earnings per share from discontinued operations | $ | 0.01 | $ | 0.02 | ||
| Basic and diluted earnings per share | $ | 0.02 | $ | 0.05 | ||
Refer to Q1 2023 Financial Statements for accompanying notes
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (Unaudited) | Three months ended March 31, | |||||
| (In millions of U.S. dollars) | 2023 | 2022 | ||||
| Operating activities | ||||||
| Net earnings from continuing operations | $ | 10.7 | $ | 23.8 | ||
| Adjustments for: | ||||||
| Depreciation expense | 44.4 | 60.2 | ||||
| Deferred revenue recognized | - | (48.8) | ||||
| Income tax expense | 8.6 | 25.0 | ||||
| Derivative gain | (1.7) | (10.5) | ||||
| Write-down of inventories | 0.9 | 2.2 | ||||
| Finance costs | 4.7 | 1.2 | ||||
| Other non-cash items | (3.7) | 1.4 | ||||
| Adjustments for cash items: | ||||||
| Proceeds from gold prepayment | - | 59.0 | ||||
| Settlement of derivatives | 3.0 | 4.8 | ||||
| Disbursements related to asset retirement obligations | (0.2) | (0.4) | ||||
| Movements in non-cash working capital items and non-current ore stockpiles | (42.3) | 7.3 | ||||
| Cash from operating activities, before income taxes paid | 24.4 | 125.2 | ||||
| Income taxes paid | (11.0) | (9.2) | ||||
| Net cash from operating activities related to continuing operations | 13.4 | 116.0 | ||||
| Net cash from operating activities related to discontinued operations | 15.4 | 26.3 | ||||
| Net cash from operating activities | 28.8 | 142.3 | ||||
| Investing activities | ||||||
| Capital expenditures for property, plant and equipment | (215.1) | (141.8) | ||||
| Capitalized borrowing costs | (6.9) | (0.3) | ||||
| Disposal of marketable securities (net) | - | 7.8 | ||||
| Proceeds from sale of Rosebel | 386.4 | - | ||||
| Other investing activities | 4.4 | - | ||||
| Net cash from (used in) investing activities related to continuing operations | 168.8 | (134.3) | ||||
| Net cash used in investing activities related to discontinued operations | (8.2) | (26.2) | ||||
| Net cash from (used in) investing activities | 160.6 | (160.5) | ||||
| Financing activities | ||||||
| Payment of lease obligations | (1.2) | (1.0) | ||||
| Repayment of equipment loans | (2.2) | (1.8) | ||||
| Repayment of credit facility | (255.0) | - | ||||
| Funding from Sumitomo Metal Mining Co. Ltd. | 196.1 | - | ||||
| Common shares issued for cash on exercise of stock options | - | 1.0 | ||||
| Other financing activities | (2.1) | (1.6) | ||||
| Net cash used in financing activities related to continuing operations | (64.4) | (3.4) | ||||
| Net cash used in financing activities related to discontinued operations | (2.0) | (4.1) | ||||
| Net cash used in financing activities | (66.4) | (7.5) | ||||
| Effects of exchange rate fluctuation on cash and cash equivalents | 2.1 | 0.3 | ||||
| Increase (decrease) in cash and cash equivalents - all operations | 125.1 | (25.4) | ||||
| Increase (decrease) in cash and cash equivalents - held for sale | (0.8) | (18.7) | ||||
| Increase (decrease) in cash and cash equivalents - continuing operations | 124.3 | (44.1) | ||||
| Cash and cash equivalents, beginning of the period | 407.8 | 544.9 | ||||
| Cash and cash equivalents, end of the period | $ | 532.1 | $ | 500.8 | ||
Refer to Q1 2023 Financial Statements for accompanying notes
QUALIFIED PERSON AND TECHNICAL INFORMATION
The technical and scientific information relating to exploration activities disclosed in this document was prepared under the supervision of and verified and reviewed by Craig MacDougall, P.Geo., Executive Vice President, Growth, IAMGOLD. Mr. MacDougall is a "qualified person" (a "QP") as defined in NI 43-101.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
All information included in this news release, including any information as to the Company's future financial or operating performance and other statements that express management's expectations or estimates of future performance, including statements in respect of the prospects and/or development of the Company's projects, other than statements of historical fact, constitutes forward-looking information or forward-looking statements within the meaning of applicable securities laws (collectively referred to herein as "forward-looking statements") and such forward-looking statements are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements are generally identifiable by the use of words such as "may", "will", "should", "continue", "expect", "budget", "forecast", "anticipate", "estimate", "believe", "intend", "plan", "schedule", "guidance", "outlook", "potential", "seek", "targets", "cover", "strategy", or "project" or the negative of these words or other variations on these words or comparable terminology. For example, forward-looking statements in this news release include, without limitation, those under the headings "Outlook", "Quarterly Updates", "Exploration", "Liquidity and Capital Resources" and "Market Trends" and include, but are not limited to, statements with respect to: the estimation of mineral reserves and mineral resources and the realization of such estimates; operational and financial performance including the Company's guidance for and actual results of production, costs and capital and other expenditures such as exploration and including depreciation expense and effective tax rate; the expected costs and schedule to complete construction of the Côté Gold project; the updated life-of-mine plan, ramp up assumptions and other project metrics including operating costs in respect to the Côté Gold project; expected benefits from the operational improvements and de-risking strategies implemented or to be implemented by the Company; mine development activities; the Company's capital allocation; the composition of the Company's portfolio of assets including its operating mines, development and exploration projects; the completion of the sale of the Bambouk assets; permitting timelines and the expected receipt of permits; inflation; global supply chain constraints; the ability to secure alternative sources of consumables of comparable quality and on reasonable terms; workforce and contractor availability, labour costs and other labour impacts; the impacts of weather; the future price of gold and other commodities; foreign exchange rates and currency fluctuations; impairment assessments and assets carrying values estimates; safety and security concerns in the jurisdictions in which the Company operates and the impact thereof on the Company's operational and financial performance and financial condition; and government regulation of mining operations.
The Company cautions the reader that forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, financial, operational and other risks, uncertainties, contingencies and other factors, including those described below, which could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements and, as such, undue reliance must not be placed on them. Forward-looking statements are also based on numerous material factors and assumptions, including as described in this news release, including with respect to: the Company's present and future business strategies; operations performance within expected ranges; anticipated future production and cash flows; local and global economic conditions and the environment in which the Company will operate in the future; the price of precious metals, other minerals and key commodities; projected mineral grades; international exchanges rates; anticipated capital and operating costs; the availability and timing of required governmental and other approvals for the construction of the Company's projects.
Risks, uncertainties, contingencies and other factors that could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements include, without limitation: the ability of the Company to successfully complete the construction of Côté Gold and commence commercial production from the mine; the ability of the Company to complete the sales of the remaining Bambouk assets; the Company's business strategies and its ability to execute thereon; security risks, including civil unrest, war or terrorism and disruptions to the Company's supply chain as a result of such security risks, particularly in Burkina Faso and the Sahel region surrounding the Company's Essakane mine; the ongoing impacts of COVID-19 (and its variants) on the Company and its workforce; the availability of labour and qualified contractors; the availability of key inputs for the Company's operations and disruptions in global supply chains; the volatility of the Company's securities; litigation; contests over title to properties, particularly title to undeveloped properties; mine closure and rehabilitation risks; management of certain of the Company's assets by other companies or joint venture partners; the lack of availability of insurance covering all of the risks associated with a mining company's operations; unexpected geological conditions; competition and consolidation in the mining sector; the profitability of the Company being highly dependent on the condition and results of the mining industry as a whole, and the gold mining industry in particular; changes in the global prices for gold, and commodities used in the operation of the Company's business (such as diesel and electricity); legal, litigation, legislative, political or economic risks and new developments in the jurisdictions in which the Company carries on business; changes in taxes, including mining tax regimes; the failure to obtain in a timely manner from authorities key permits, authorizations or approvals necessary for exploration, development or operation, operating or technical difficulties in connection with mining or development activities, including geotechnical difficulties and major equipment failure; the inability of the Company to participate in any gold price increase above the cap in any collar transaction entered into in conjunction with certain gold sale prepayment arrangements; the availability of capital; the level of liquidity and capital resources; access to capital markets and financing; the Company's level of indebtedness; the Company's ability to satisfy covenants under its credit facilities; changes in interest rates; adverse changes in the Company's credit rating; the Company's choices in capital allocation; effectiveness of the Company's ongoing cost containment efforts; the Company's ability to execute on de-risking activities and measures to improve operations; risks related to third-party contractors, including reduced control over aspects of the Company's operations and/or the failure and/or the effectiveness of contractors to perform; risks arising from holding derivative instruments; changes in U.S. dollar and other currency exchange rates or gold lease rates; capital and currency controls in foreign jurisdictions; assessment of carrying values for the Company's assets, including the ongoing potential for material impairment and/or write-downs of such assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; the fact that reserves and resources, expected metallurgical recoveries, capital and operating costs are estimates which may require revision; the presence of unfavourable content in ore deposits, including clay and coarse gold; inaccuracies in life of mine plans; failure to meet operational targets; equipment malfunctions; information systems security threats and cybersecurity; laws and regulations governing the protection of the environment; employee relations and labour disputes; the maintenance of tailings storage facilities and the potential for a major spill or failure of the tailings facilities due to uncontrollable events, lack of reliable infrastructure, including access to roads, bridges, power sources and water supplies; physical and regulatory risks related to climate change; unpredictable weather patterns and challenging weather conditions at mine sites; attraction and retention of key employees and other qualified personnel; availability and increasing costs associated with mining inputs and labour, negotiations with respect to new, reasonable collective labour agreements may not be agreed to; the ability of contractors to timely complete projects on acceptable terms; the relationship with the communities surrounding the Company's operations and projects; indigenous rights or claims; illegal mining; the potential direct or indirect operational impacts resulting from external factors, including infectious diseases, pandemics, or other public health emergencies; and the inherent risks involved in the exploration, development and mining business generally. Please see the Company's AIF or Form 40-F available on www.sedar.com or www.sec.gov/edgar.shtml for a comprehensive discussion of the risks faced by the Company and which may cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by forward-looking statements.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable law.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/165789
