"Côté Gold is a unique asset that we believe will become one of Canada's largest gold mines and a model for modern mining done right in Canada for years to come."

Renaud Adams

PRESIDENT AND CEO, IAMGOLD

December 06, 2024

Can you provide an update on Côté Gold and its performance in 2024?

In 2024, our focus on Côté Gold has yielded significant success. We achieved first gold at the end of March, as our teams worked through winter startup challenges and were able to pour the first gold within 90 days of starting pre-commissioning activities. Substantial stockpiles bolstered the mine ramp-up, allowing us to concentrate on milling and processing operations. By the mid-second quarter, we were pleased with the progress as our efforts turned to plant optimizations and were happy to report that commercial production commenced on August 1. 

Since then, we have identified key areas for improvement in the plant, particularly in secondary crushing and screening processes. After completing a multi-day shutdown in September to address these challenges, which was very successful, we are now focused on achieving 90% of the nameplate capacity by the end of 2024. Achieving this milestone would position Côté Gold among Canada's most successful ramp-ups of large-scale gold operations. With most technical challenges behind us, our priority is to ensure smooth operational availability and maintain momentum as we refine our processes. 

Côté Gold is a unique asset that we believe will become one of Canada's largest gold mines and a model for modern mining done right in Canada for years to come.

What is IAMGOLD’s philosophy regarding acquisitions and portfolio diversification?

Regarding the repurchase of the 9.7% stake in Côté Gold as per our joint venture with Sumitomo, our agreement with them has always been a 70/30 ownership structure. Their support was instrumental during a challenging financial time in the project's construction, allowing us to temporarily sell part of our stake with the option to buy it back. Given our strong balance sheet and the positive cash flow from our operations, now is the right time to make this move. 

For the near future, our priorities are clear. Côté Gold is already the second-largest gold deposit in production in Canada and has the potential for further expansion. Our focus is on organic growth; the resource base at Côté Gold has nearly doubled since we started construction, and we are now sitting on a resource of nearly 20 million ounces. Our priority is to continue delineating and expanding our resources rather than seeking acquisitions elsewhere.

What innovations are you implementing in your operations?

We are extremely proud of the autonomous haulage strategy we have implemented from day one, which is performing exceptionally well. Additionally, we have introduced automation around drilling, a practice less common in the industry but with significant health and safety advantages. We see AI as an opportunity rather than a threat, and I believe many interesting advancements could enhance our mining operations, making them more dynamic in decision-making and planning.

What is your relationship like with the Ontario government?

Working in Ontario has been a pleasure as the province recognizes the importance of mining. We feel welcomed and are actively engaged in conversations that support mining development. Our relationship with First Nations partners has also been very positive, allowing us to benefit from collaboration and mutual understanding.

How have security challenges affected your operations in Burkina Faso, and what is the outlook for the region?

Over the past 14 months, we have avoided disruptions in our supply chain despite ongoing security challenges in Burkina Faso, primarily focusing on ensuring the safe delivery of supplies to the mine site through close collaboration with the government. While this approach has proven effective, it has increased the cost environment for operating in the country with enhanced security measures. Looking ahead, we acknowledge the security situation; however, our strong relationship with the government and solid social license to operate provide us with a foundation to manage these challenges. 

Have the challenges in West Africa influenced your strategic direction?

The challenges in West Africa and investor sentiment of the region have been a consideration in our pivot towards Canada. The sale of our West African exploration assets was largely driven by financial needs rather than solely by the current security landscape. While we might have been more patient in other circumstances, the shift in focus to Canada aligns with our long-term strategic goals.

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