Iamgold Announces Update ON Côté GOLD MINE Operations and Exploration Ahead of MINE Tour
NEWS RELEASE TSX: IMG NYSE: IAG
IAMGOLD ANNOUNCES UPDATE ON CÔTÉ GOLD MINE OPERATIONS AND
EXPLORATION AHEAD OF MINE TOUR
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, October 15, 202 4 – IAMGOLD Corporation (TSX:IMG, NYSE:IAG) (“IAMGOLD” or the
“Company”) is pleased to provide an update for the Côté Gold Mine (“Côté Gold” or “Côté”) including preliminary
operating results for the third quarter of 2024 and updated drilling results on the ongoing drill program in the
Gosselin zone, an extension of mineralization immediately adjacent to the northeast of the primary Côté zone.
Operating Highlights
• Gold production of 68,000 gold ounces (“ounces” or “oz Au”) on a 100% basis (41,000 ounces
attributable).
• The ramp up of the processing plant remains on track to exit the year at 90% of the design throughput
rate of 36,000 tonnes per day (“tpd”).
• Mining activity totaled 10.4 million tonnes in the third quarter 2024 with a n improvement in the strip ratio
to 2.3:1 and total ore mined of 3.2 million tonnes.
• Mill throughput in the third quarter 2024 totaled 1.6 million tonnes, approximately double the rate from the
prior quarter.
• Record daily throughput of 40, 900 tpd (+14% above nameplate) achieved following the scheduled
shutdown in September, during which key optimizations and improvements were made to improve the
availability and performance of the processing plant.
• Subsequent to quarter end, the processing rate continued to ramp up from the adjustments and
improvements made in the third quarter. Since October 2nd, the plant has averaged a daily throughput of
30,000 tpd, equating to an average of 83% of nameplate design.
Gosselin Zone Exploration Highlights
• The diamond drilling program successfully outlined extensions of the Gosselin Zone outside of the
December 31, 2023 resource pit shell. Key extensions have been intersected south and west of the
Gosselin West Breccia, and at depth between the Côté and Gosselin West Breccia.
• Assay results include: 368.8 metres (“m”) at 0.96 grams per tonne gold (“g/t Au”) in drill hole GOS23-
151 from 221.2 m; 235.0 m at 2.70 g/t Au in drill hole GOS24-160 from 697.0 m; and 357.0 m at 1.10 g/t
Au in drill hole GOS24-166 from 864.0 m.
Renaud Adams, President and Chief Executive Officer of IAMGOLD, commented “ I want to commend the Côté
team for the tireless work and commitment to safety as they ramp up what has the potential to be one of Canada’s
largest gold mines. I am very proud about the progress we achieved in the third quarter, as we saw definitive signs
that the improvements that were deployed throughout the quarter, and during the shutdown in September, are
having a measurable and meaningful positive impact on operations. When we look at the processing plant today,
we see two primary areas of attention: the crushing circuit before the coarse ore dome, and everything after the
coarse ore dome – which entails the HPGR and wet side of the plant. With the coarse ore dome filled, the
downstream processing circuits demonstrate very strong performance in availability and capacity. This has allowed
us to focus on the crushing circuit, as we look to improve the flexibility and capacity to support a vision for a n
ultimately larger Côté Gold.”
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“Our goal remains clear. We are focused on ramping up Côté to achieve 90% of throughput exiting this year towards
nameplate in 2025. We believe that Côté is just the start of what will be a mining district. The exploration results
today from Gosselin continue to demonstrate the potential for the Côté and Gosselin zones to connect, in addition
to highlighting that the overall size and scope of these zones have yet to be defined – as both Côté and Gosselin
remain open at depth in all directions.”
Preliminary Côté Gold Q3 2024 Operating Results
(100% basis, unless otherwise stated)
Q1
2024
Q2
2024
Q3
2024
YTD
2024
Ore mined kt 1,944 2,109 3,159 7,212
Grade mined g/t 0.72 0.93 1.02 0.91
Material mined – total kt 7,597 10,514 10,378 28,489
Strip ratio w:o 2.9 4.0 2.3 3.0
Ore milled kt 48 834 1,633 2,515
Head grade g/t 0.81 1.39 1.41 1.39
Recovery % 80% 90% 93% 92%
Production – 100% koz 1 34 68 103
Production – attr. (60.3%) koz 1 20 41 62
Gold sales – attr. (60.3)% koz - 14 41 55
Operations
In the third quarter, Côté Gold produced 68,000 ounces on a 100% basis , or 41,000 ounces attributable to
IAMGOLD’s current interest of 60.3%.
Mining activity totaled 10.4 million tonnes in the third quarter 2024 with a n improvement in the strip ratio to 2.3:1
and total ore mined of 3.2 million tonnes. Currently the mine has two 6060 electric shovels and eighteen 793
autonomous haul trucks in operation, with an additional three haul trucks to be commissioned before the end of
the year. Drilling and blasting have seen month over month improvements in drill fleet performance with increased
blast pattern preparation resulting in higher levels of in-pit blasted ore inventory available for loading and hauling
operations. Mining activities are continually being optimized, including blasting patterns, drill operating procedures
and maintenance practices, to increase production levels to meet throughput requirements once the mill has
ramped up. During the quarter, the processing plant control room was moved into the integrated operations center
where the autonomous hauling and drilling equipment are controlled. This unification of the two primary
components of operations – mining and processing – allows for improved communication and operations
management.
Mill throughput in the third quarter 2024 totaled 1.6 million tonnes, approximately double the amount from the prior
quarter. Head grades of 1.41 g/t were in line with the mine plan that requires feed from a combination of higher
grade direct-feed ore and higher-grade stockpiles. Recoveries in the plant averaged 93% in the quarter. The gravity
circuit was commissioned towards the end of the second quarter, though has yet to be brought online due to the
better than planned recoveries to date, and as the plant operates through periods of instability during the ramp up.
The in-circuit gold inventory is approximately 10,000 ounces of gold, in line with design expectations.
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Ramp Progress
The ramp up of the processing plant made significant progress in the third quarter. The Company undertook an 8-
day mill shutdown in September to deploy key optimizations to improve the operating availability of the plant, in
support of the goal to ramp up throughput to 90% by the end of the year and continued improvements in 2025 to
achieve nameplate throughput. The priority of the work performed during the shutdown was to stabilize the crushing
circuit and attend to the primary causes for low availability in the second quarter which included replacing 90% of
the chutes with higher abrasive-resistant material to reduce the level of wear and using new types of screening
with refined aperture-shapes in the coarse ore screening area.
Following the restart, the plant soon achieved a record daily throughput of 40,600 tpd. Despite the quick ramp up,
tonnages in September were further impacted by a multi-day shutdown towards the end of the month from an
electrical failure in one of the plant motor control centers (“MCC”). The electrical equipment was replaced, and the
plant resumed the scheduled ramp up of operations.
The current bottleneck of the plant is estimated to be the secondary crusher, which is responsible for filling the
coarse ore dome. In order to provide flexibility, redundancy and improve overall capacity, Côté Gold added a mobile
crushing unit in the third quarter, which operates in parallel with the primary/secondary crusher. The capacity of
the circuit after the coarse ore dome, entailing the flow of material through the HPGR and into the wet-side of the
plant (grind, leach, CIP), has demonstrated the ability to operate at levels of availability and throughput in line with
or in excess of design capacity. The company will be installing a 2 nd secondary crusher in the second half of next
year to provide additional capacity and redundancy in support of the operation. The cost for the additional cone
crusher with installation is estimated to be approximately $20 million.
Post third quarter 2024
Subsequent to quarter end, the processing plant continued to make significant strides and benefit from the
reparations and improvements made in the third quarter. Since October 2 nd, the plant has averaged a daily
throughput of 30,000 tpd, equating to an average of 83% of nameplate production. On October 14, 2024, the plant
achieved a new record for daily throughput of 40,900 tpd.
Production guidance at Côté Gold is maintained at the lower end of the guidance range of 220,000 to 290,000
ounces (130,000 to 175,000 ounces on a 60.3% basis), as operations are expected take the next step up in
performance in the fourth quarter. The goal continues to be for Côté to achieve 90% throughput, which is expected
by the end of the year.
GOSSELIN ZONE EXPLORATION UPDATE
IAMGOLD is pleased to announce additional assay results from its delineation and expansion drilling program at
Gosselin. The ongoing 35,000 m diamond drill program was designed to target the potential connecting extensions
of mineralized breccias between the Côté and Gosselin zones and test the Gosselin zone for continuity of the
mineralized envelope at depth. The assay results reported today comprises thirty-four (34) diamond drill holes
totaling 31,861 m completed between August 19, 2023 and September 03 , 2024. The program included twenty -
eight (28) NQ drill holes totaling 29,603 m along with six (6) extensions of previously drilled holes for 2,258 m
drilled. The assay results can be found in Table 1 at the end of this news release.
Highlights of the Gosselin drilling program
• 368.8 metres (“m”) at 0.96 grams per tonne gold (“g/t Au”) in drill hole GOS23 -151 from 221.2 m
including:
o 173.9 m at 1.57 g/t Au from 382.1 m;
• 235.0 m at 2.70 g/t Au in drill hole GOS24-160 from 697.0 m including:
o 25.5 m at 17.43 g/t Au from 862.5 m;
o 2.5 m at 102.02 g/t Au from 862.5 m;
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• 357.0 m at 1.10 g/t Au in drill hole GOS24-166 from 864.0 m including:
o 45.0 m at 3.54 g/t Au from 1153.0 m;
• 201.0 m at 1.19 g/t Au in drill hole GOS24-167 from 668.0 m including:
o 64.0 m at 2.10 g/t Au from 771.0 m;
• 18.5 m at 12.33 g/t Au in drill hole GOS24-177 from 262.50 m including:
o 2.0 m at 97.8 g/t Au from 278.0 m;
And 102.0 m at 1.19 g/t Au from 657.0 m including:
o 16.2 m at 4.27 g/t Au from 740.0 m;
The diamond drilling program has successfully outlined extensions of the Gosselin Zone outside of the December
31, 2023 resource pit shell. Key extensions have been intersected south and west of the Gosselin West Breccia,
and at depth between the Côté and Gosselin West Breccia. Numerous short intersections of gold -bearing
hydrothermal breccia between the Gosselin East and West Breccias may indicate a more continuous breccia
system with breccia textures being obliterated by intense hydrothermal alteration.
Combined with the adjacent Côté deposit, the gold mineralization now spans approximately 3.2 km in strike length
and remains open at depth in all directions. Drilling continues by completing deep exploration holes beneath both
Gosselin and Côté testing approximately 1,300 m below surface.
On February 15th, 2024, the company announced the updated Gosselin Mineral Resource estimate (100% basis)
of 4.4 million Indicated gold ounces in 161.3 million tonnes (“Mt”) at 0.85 grams per tonne gold (“g/t Au”), and 3.0
million Inferred ounces (123.9 Mt at 0.75 g/t Au).
Figure 1 – Plan View of Gosselin Drill Program
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Figure 2 – Long Section of Gosselin Drill Program
QUALIFIED PERSON AND TECHNICAL INFORMATION
The drilling results contained in this news release have been prepared in accordance with National Instrument 43-
101 Standards of Disclosure for Mineral Projects ("NI 43-101").
Al Smith, P. Geo, Manager – Canadian Exploration for IAMGOLD is the Qualified Person ("QP") for the purposes
of NI 43 -101 and is responsible for the supervision of the preparation, verification and review of the technical
information in this news release.
The QP responsible for the planning, supervision and execution of the diamond drilling program is Brad McKinley,
P. Geo, District Senior Geologist for IAMGOLD in the Ontario Côte Gold District. The technical information has
been included herein with the consent and prior review of the above noted QPs.
The technical and scientific information relating to exploration activities disclosed in this document was prepared
under the supervision of and verified and reviewed by Marie-France Bugnon, P.Geo., Vice President, Exploration,
IAMGOLD. Ms. Bugnon is a QP as defined by NI 43-101.
About IAMGOLD
IAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America
and West Africa. The Company has commenced production at the large -scale, long life Côté Gold Mine in
partnership with Sumitomo Metal Mining Co. Ltd., which is expected to be among the largest gold mines in Canada.
In addition, the Company has an established portfolio of early stage and advanced exploration projects within high
potential mining districts. IAMGOLD employs approximately 3,600 people an d is committed to maintaining its
culture of accountable mining through high standards of Environmental, Social and Governance practices,
including its commitment to strive for the goal of 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).
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IAMGOLD Contact Information
Graeme Jennings, Vice President, Investor Relations
Tel: 416 360 4743 | Mobile: 416 388 6883
Toll-free: 1 888 464 9999
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
All information included or incorporated by reference in this news release, including any information as to the Company’s
vision, strategy, future financial or operating performance and other statements that express management’s expectations
or estimates of future performance or impact, 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
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For example, forward -looking statements 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, ESG (including environmental) performance, costs
and capital and other expenditures such as exploration and including depreciation expense and effective tax rate; the
updated life-of-mine plan, ramp-up assumptions and other project metrics including operating costs in respect to the Côté
Gold Mine; expected production of the Côté Gold Mine, expected benefits from the operational improvements and de -
risking strategies implemented or to be implemented by the C ompany; mine development activities; the Company's
capital allocation and liquidity; the announced intention to repurchase the Transferred Interests in the Côté Gold Mine,
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,
including global inflation and inflationary pressures; global supply chain constraints; environment al verification,
biodiversity and social development projects; plans, targets, proposals and strategies with respect to sustainability,
including third party data on which the Company relies, and their implementation; commitments with respect to
sustainability and the impact thereof, including the Company’s “Zero Harm” vision; commitments with respect to
greenhouse gas emissions and decarbonization initiatives (eg. interim target of achieving 30% absolute reduction in
Scope 1 and 2 emissions by 2030); the development of the Company’s Water Management Standard; commitments with
respect to biodiversity; commitments related to social performance, including commitments in furtherance of Indigenous
relations; the ability to secure alternative sources of consumabl es 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; financial instruments; hedging strategies;
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 (including the Competition Act and the regulations associated
with the fight against climate change).
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 oth er 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 implie d 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 wi ll 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.
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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 complete the repurchase of the Transferred
Interest in the Côté Gold 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; the ability of the Company to complete pending
transactions; the development and execution of implementing strategies to meet the Company’s sustainability vision and
targets; security risks, including civil unrest, war or terro rism and disruptions to the Company’s supply chain and transit
routes as a result of such security risks, particularly in Burkina Faso and the Sahel region surrounding the Company’s
Essakane mine; the availability of labour and qualified contractors; the a vailability 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; com petition 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 (included, but not limited to diesel, fuel oil 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 transactions, exploration, development or operation,
operating or technical diffic ulties 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 unde r 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;
availability of specific assets to meet contractual obligations; risks related to third -party contractors, including reduced
control over aspects of the Company's operations and/or the failure and/or the effe ctiveness 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 reser ves
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; , including but not limited to the ability of the Company to achieve ninety percent (90%)
throughput at the Côté Gold Mine by year-end and the ability of the Company to achieve nameplate capacity at the Côté
Gold Mine in 2025; equipment malfunctions; information systems security threats and cybersecurity; laws and regulations
governing the protection of the environment (including greenhouse gas emission reduction and other decarbonization
requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the
Competition Act (Canada)); employee relations and labour disputes; the maintenance of tailings storage facilities and the
potential for a major spill or failure of the tailings fa cilities 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 co nditions at mine sites; disruptions from weather
related events resulting in limited or no productivity such as forest fires, flooding, heavy snowfall, poor air quality, and
extreme heat or cold; 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
and/or collective bargaining agreements may not be agreed to; the ability of contractors to t imely 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.sedarplus.ca
or www.sec.gov/edgar 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 i ntended. 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.
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Table 1 Gosselin Project Drilling Results - 2023-2024 Drilling program
Hole No. UTM NAD83 Zone17 AZ DIP EOH From To
Core
Interval
(1)
Au (2) (3)
Easting Northing Elevation (°) (°) (m) (m) (m) (m) (g/t)
4GOS20-
62EXT 430673 5267300 401 328 -60 876.00 461.00 509.00 48.00 0.38
553.00 656.00 103.00 0.47
5CL15-39EXT 430997 5268194 385 160 -46 1040.00 553.00 781.74 228.74 0.84
807.39 835.00 27.61 0.51
6GOS21-
87EXT 430728 5267600 385 357 -50 978.00 706.00 723.00 17.00 0.73
742.00 756.00 14.00 0.72
764.00 777.00 13.00 0.61
7GOS23-
144EXT 430970 5268009 388 169 -62 1107.00 723.00 881.00 158.00 0.41
892.00 1021.00 129.00 1.53
Including (3) 935.00 936.00 1.00 21.20
Including (3) 942.80 943.00 0.20 12.40
Including (3) 960.85 963.00 2.15 33.15
Including (3) 979.85 981.00 1.15 11.00
Including (3) 1015.00 1016.20 1.20 19.10
8GOS23-
147EXT 430901 5268182 388 183 -56 1083.00 827.00 898.00 71.00 0.70
Including (3) 880.00 881.00 1.00 13.90
9GOS23-
148EXT 430946 5268133 388 179 -60 1140.00 878.10 898.00 19.90 0.81
GOS23-150 431285 5267262 385 330 -55 909.00 723.00 739.00 16.00 0.67
GOS23-151 431321 5267557 385 358 -57 912.00 221.22 590.05 368.83 0.96
Including (3) 382.12 556.00 173.88 1.57
Including (3) 359.01 360.00 0.99 14.60
Including (3) 384.17 385.18 1.01 34.00
Including (3) 455.00 456.10 1.10 25.60
GOS24-152 430862 5267133 389 350 -56 1008.00 489.00 539.00 50.00 0.88
Including (3) 530.00 531.00 1.00 15.90
593.00 651.00 58.00 0.48
930.50 986.00 55.50 0.42
GOS24-153 430535 5267036 381 339 -58 1107.50 371.00 589.00 218.00 0.72
Including (3) 374.85 375.55 0.70 31.40
Including (3) 448.90 511.00 62.10 1.07
721.90 801.00 79.10 0.41
883.50 913.00 29.50 0.56
998.00 1012.00 14.00 0.67
GOS24-154 430920 5267131 383 351 -59 1050.00 507.00 698.00 191.00 1.00
Including (3) 565.00 675.00 110.00 1.50
Including (3) 617.00 618.00 1.00 10.20
Including (3) 624.00 625.00 1.00 10.50