Iamgold Provides Preliminary Operating Results FOR the Third Quarter 2021
NEWS RELEASE
TSX: IMG NYSE: IAG
IAMGOLD PROVIDES PRELIMINARY OPERATING RESULTS
FOR THE THIRD QUARTER 2021
Toronto, Ontario, October 18, 2021 – IAMGOLD Corporation (“IAMGOLD” or the “Company”) today
provides preliminary operating results for the third quarter of 2021. All dollar amounts are in US dollars
unless otherwise indicated.
Gordon Stothart, President and CEO of IAMGOLD commented, “We achieved attributable production of
153,000 ounces during the third quarter and are pleased that our total attributable production is trending
towards the upper end of the guidance range. Essakane continues to deliver strong results and Rosebel is
performing in line with the updated plan. Production at Westwood was lower than plan, although
underground mine productivity is improving while we continue to prioritize implementing safety measures as
part of the business recovery plan. The teams continue to respond and adapt successfully to the challenges
we experienced in the first half of the year.”
PRELIMINARY OPERATING RESULTS
The following table summarizes preliminary third quarter operating results on an attributable basis for certain
metrics.
Q3 2021 Q2 2021 YTD 2021
Full Year
Guidance 2021
Essakane (000s oz)1 106 106 314 390 – 400
Rosebel (000s oz)1 40 25 112 140 – 160
Westwood (000s oz)1 7 8 22 35 – 45
Total attributable production (000s oz) 153 139 448 565 – 605
1. Consists of Essakane, Rosebel and Westwood on an attributable basis of 90%, 95% and 100%, respectively
Capital expenditures for Essakane, Rosebel and Westwood in the third quarter totaled $67 million and $166
million for the nine months ended September 30, 2021. It is expected that capital spending for the year at
our operations will be lower than the full year guidance of $260 million mainly relating to the timing of
spending on various capital improvements. Capital expenditures at our projects, including Côté Gold, totaled
$72 million and $ 228 million in the third quarter and the nine months ended September 30, 2021 ,
respectively, and are expected to be lower than our full year guidance of $485 million. The Côté Gold project
remains on track for commercial production in the second half of 2023.
Cash, cash equivalents and short term investments totaled $748.3 million at September 30, 2021.
Review of Operations
Essakane Mine
Essakane continued to deliver strong results and achieved attributable gold production of 106,000 ounces,
in line with the prior quarter, as increased throughput and improved recoveries offset the impact of lower
grades. The mill processed 3.3 million tonnes at an average grade of 1.33 g/t and achieved average recovery
of 83%, compared to 3.2 million tonnes at an average grade 1.44 g/t and average recovery of 81% in the
second quarter.
Mining activity achieved 15.2 million tonnes, in line with the second quarter, including 3.9 million tonnes of
ore compared to 3.6 million tonnes of ore in the second quarter.
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We continue to monitor the security situation and make appropriate precautionary adaptations. Logistics of
materials, supplies and gold shipments are being managed and have not been materially impacted to date.
We also continue to engage with the relevant authorities and other partners in Burkina Faso in connection
with security in the region around Essakane and its supply routes.
Rosebel Mine
Rosebel performed in line with the updated plan and achieved attributable gold production of 40,000 ounces.
The mill processed 2.7 million tonnes at an average grade of 0.68 g/t and average recovery of 82%,
compared to 2.2 million tonnes at an average grade of 0.52 g/t and average recovery of 83% in the second
quarter. Rosebel provided 21% of the mill feed at an average grade of 0.64 g/t and Saramacca provided
36% of the mill feed at an average grade of 0.76 g/t. The remaining 43% mill feed was from long term
stockpiles.
Tonnes mined totaled 11.1 million, 38% higher than in the second quarter, and included 1.4 million tonnes
of ore, compared to 1.1 million tonnes of ore during the second quarter.
Westwood Mine
Production continues to be impacted while the additional safety measures are implemented. Gold production
in the third quarter of 7,000 ounces is 13% lower than in the second quarter. The mill processed 220,000
tonnes at an average grade of 1.11 g/t and average recovery of 92%, compared to 264,000 tonnes at an
average grade 0.92 g/t and average recovery of 93% in the second quarter.
Underground mining productivity rates, including the installation of ground support , is improving . The
underground mine produced 31,000 tonnes of ore, compared to 14,000 tonnes of ore in the second quarter.
At Grand Duc 171,000 tonnes of ore were mined in the third quarter , compared to 273,000 in the second
quarter.
Other
As a result of updated closure costs in respect of the Westwood mine and a preliminary update in Rosebel’s
mine plan, the Company is reviewing the carrying amount of the Westwood and Rosebel mines to determine
whether an adjustment is necessary.
THIRD QUARTER 2021 RESULTS AND CONFERENCE CALL
The Company will release its third quarter financial results after market hours on Wednesday, November 3,
2021. A conference call will be held on Thursday, November 4, 2021, at 8:30 a.m. (Eastern Time) for a
discussion with management regarding the Company’s operating and financial performance for the third
quarter 2021. A webcast of the conference call will be available through the Company’s website at
www.iamgold.com.
Conference Call Information:
North America Toll-Free: 1-800-319-4610 or International number: 1-604-638-5340
A replay of this conference call will be available for one month following the call by dialing:
North America toll-free: 1-800-319-6413 or International number: 1-604-638-9010, passcode: 7829#
Please dial in 10 – 15 minutes prior to the scheduled start time as call volumes are heavy. If you are still
unable to connect from your primary telephone network after attempting all of the dial -in numbers provided,
if available, please retry using an alternate telephone network.
CAUTIONARY STATEMENT ON 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 manage ment’s expectations or estimates of future performance, including
statements in respect of the prospects of the Company ’s projects, other than statements of historical fact, constitute forward -
looking information or forward-looking statements with the meaning of applicable securities laws and are based on expectations,
estimates and projections as of the date of this news release. For example, forward-looking statements contained in this news
release include, without limitation, statements with respect to: the Company’s guidance for production, capital expenditures,
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operations outlook, development and expansion projects, exploration, the realization of mineral reserve and mineral resource
estimates, the timing and amount of estimated future production, requi rements for additional capital, and unanticipated
reclamation expenses. Forward-looking statements are provided for the purpose of providing information about management’s
current expectations and plans relating to the future. Forward-looking statements are generally identifiable by, but are not limited
to, the use of the words “may”, “ will”, “ should”, “ continue”, “ expect”, “ trend”, "budget", "forecast", “anticipate”, “ estimate”,
“believe”, “intend”, “plan”, "schedule", “guidance”, “outlook”, “potential”, “seek”, “targets”, "suspended", "cover", “strategy”, or
“project” or the negative of these words or other variations on these words or comparable terminology. 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, economic and competitive uncertainties and contingencies and, as
such, undue reliance must not be placed on them.
The Company cautions the reader that reliance on s uch forward -looking statements involves known and unknown risks,
uncertainties and other factors that may cause the actual results, performance or achievements of IAMGOLD to be materially
different from the Company’s estimated future results, performance o r achievements expressed or implied by those forward -
looking statements. These risks, uncertainties and other factors include, but are not limited to: the Company's business
strategies; legal, litigation, legislative, political or economic developments in the jurisdictions in which the Company carr ies on
business; the ongoing impact of COVID -19 and its variants on the Company and its workforce, the avai lability of labour and
contractors, key inputs for the Company and global supply chains; government actions taken in response to COVID -19,
including new variants of COVID-19, and any worsening thereof; the volatility of the Company's securities; title disputes; input
in the management of certain of the Company's assets by other companies or joint venture partners; the lack of availability o f
insurance covering all of the risks associated with the Company’s operations; unexpected geological conditions; poten tial
shareholder dilution; potential activist engagements; increasing competition and consolidation in the mining sector; 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 or
other commodities (such as diesel and electricity); changes in tax laws, including mining tax regimes; the failure to obtain in a
timely manner from authorities key permits, authorizations or approvals necessary for exploration, development or operations
at the Company’s operations; the inability to participate in any gold price increase above the cap in any collar transaction
entered into in conjunction with a gold sale prepayment arrangement; the availability of necessary capital and impacts o n the
Company’s liquidity levels; access to capital markets and financing; the Company's level of indebtedness; the Company's ability
to satisfy covenants under its credit facilities and other debt instruments; 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 ability to execute on the Company's 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 of contractors to
perform as expected; risks arising from holding derivative instruments; changes in U.S. dollar and other currency exchange
rates, interest 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; geotechnical difficulties and major equipment failure; security risks, including civil u nrest,
war or terrorism; 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, such as extreme and unpredictable weather or seismic
events; lack of reliable infrastructure, including access to roads, bridges, power sources and water supplies; physical and
regulatory risks related to climate change; attraction and retention of key employees and other qualified personnel; availability
and increasing costs associated with mining inputs and labour; the availability of qualified contractors and 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; and the inherent risks involved in the mining industry
generally. Please see the 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 the actual financial results, operating performance or
achievements of IAMGOLD to be materi ally different from the Company ’s estimated future results, operating performance or
achievements expressed or implied by forward-looking information or 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. There can be no assurance that such statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
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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About IAMGOLD
IAMGOLD is a mid -tier gold mining company operating in three regions globally: North America, South
America and West Africa. Within these regions the Company is developing high potential mining districts
that encompass operating mines and construction, development and exploration projects. The Company’s
operating mines include Essakane in Burkina Faso , Rosebel (including Saramacca) in Suriname and
Westwood in Canada. A solid base of strategic assets is complemented by the Côté Gold construction
project in Canada, the Boto Gold development project in Senegal, as well as greenfield and brownfield
exploration projects in various countries located in the Americas and West Africa.
IAMGOLD employs approximately 5,000 people. IAMGOLD is committed to maintaining its culture of
accountable mining through high standards of Environmental, Social and Governance practices, including
its commitment to Zero Harm®, in every aspect of its busin ess. IAMGOLD (www.iamgold.com) 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 JSI index1.
1 Jantzi Social Index (“JSI”). The JSI is a socially screened market capitalization-weighted common stock index modeled on the S&P/TSX 60. It consists
of companies which pass a set of broadly based environmental, social and governance rating criteria.
For further information please contact:
Philip Rabenok, Manager, Investor Relations, IAMGOLD Corporation
Tel: (416) 933-5783 / Mobile: (647) 967-9942
Toll-free: 1-888-464-9999 / Email: [email protected]
Please note:
This entire news release may be accessed via fax, e-mail, IAMGOLD's website at www.iamgold.com and through Newsfile’s website
at www.newsfilecorp.com. 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.