Iamgold Reports 2018 Year-End Results Reflecting Increased Reserve Base, Solid Asset Portfolio and Strong Cash Position
TSX: IMG NYSE: IAG
NEWS RELEASE
IAMGOLD REPORTS 2018 YEAR-END RESULTS REFLECTING INCREASED RESERVE
BASE, SOLID ASSET PORTFOLIO AND STRONG CASH POSITION
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
For more information, refer to the annual Management Discussion and Analysis (MD&A) and Audited Consolidated
Financial Statements as at December 31, 2018.
Toronto, Ontario, February 20, 2019 - IAMGOLD Corporation (“IAMGOLD” or the “Company”) reported
its consolidated financial and operating results for the quarter and year ended December 31, 2018.
"2018 was a year of building for the future while remaining focused on creating superior shareholder
value," commented Steve Letwin, President and CEO of IAMGOLD, “In addition to achieving guidance on
2018 production at 882,000 attributable ounces of gold and on 2018 all -in sustaining costs at $1,057 per
ounce sold, we increased proven and probable reserves by 23% and delivered robust feasibility studies for
both the Côté Gold and Boto Gold Projects, all while maintaining a strong balance sheet. We believe in the
positive, transformative value of Côté, but have deferred the construction decision pending improved and
sustainable market conditions. In 2018, we declared reserves at Saramacca and commenced development
to deliver that ore to the Rosebel mill. We also announced initial resources at Monster Lake, Eastern
Borosi and Gossey, and enjoyed significant greenfield success at both Nelligan and Diakha - Siribaya. In
addition, we are building a framework for the role of technology in mining - in 2018 we completed the
15MWp hybrid solar/thermal power plant for our Essakane operations and invested in enhanced systems
to identify that our gold production is responsibly sourced. IAMGOLD enters 2019 focused on delivering
shareholder value through operational improvements, advancement of engineering and further de -risking
of projects.”
2018 Highlights
Financial Results
• Revenues of $1,111.0 million, up $16.1 million from 2017.
• Gross profit of $136.9 million, down $16.0 million from 2017.
• Net loss attributable to equity holders of $28.2 million, or $0.06 per share; compared to net
earnings of $501.6 million, or $1.08 per share in 2017. The decrease was primarily due to reversals
of impairment charges related to the Côté Gold Project and the Rosebel mine totaling $524.1
million in the prior year.
• Adjusted net earnings attributable to equity holders2 of $29.8 million, or $0.06 per share2, up $0.5
million from 2017.
• Net cash from operating activities of $191.1 million, down $104.2 million from 2017, primarily due to
an increase in non-cash working capital items and non-current ore stockpiles. This increase was
primarily due to higher mine supplies, build up of accounts payable and accrued liabilities in the
prior year, and higher stockpiling of low grade ore.
• Net cash from operating activities before changes in working capital2 of $288.4 million, down $5.6
million from 2017.
• Cash, cash equivalents, short-term investments, and restricted cash totaled $758.0 million at
December 31, 2018. Cash and cash equivalents were $615.1 million, short term investments,
primarily in money market funds, were $119.0 million and restricted cash was $23.9 million.
Operating Performance
• Attributable gold production of 882,000 oz, equivalent to 2017, including record gold production of
405,000 ounces at Essakane.
• Attributable gold sales of 872,000 oz, up 1,000 oz from 2017.
• Cost of sales1 of $815/oz sold, up $32/oz from 2017.
2
• All-in sustaining costs2 of $1,057/oz sold, within guidance and up 5% from 2017.
• Total cash costs2 of $793/oz produced, up $38/oz from 2017.
• Gold margin2 of $477/oz, down $29/oz from 2017.
• Capital expenditures of $302.1 million, within guidance of $305 million (±5%).
Strategic Developments
Reserves and Resources:
• As at December 31, 2018 attributable proven and probable gold reserves were 17.9 million
ounces; up 23% from the end of 2017. Attributable measured and indicated resources (including
reserves) were 27.9 million ounces and attributable inferred resources were 8.7 million ounces; up
13% and down 1%, respectively, from the end of 2017.
• At Essakane, we announced a 39% increase in reserves with the conclusion of the Heap Leach
Project pre-feasibility study.
• We reported a 51% increase in reserves at Rosebel, with Saramacca accounting for nearly two-
thirds of the 1.6 million-ounce increase on an attributable basis.
• We announced an initial inferred mineral resource estimate at the Eastern Borosi Joint Venture
Project in Nicaragua.
• We announced an initial inferred resource estimate at the Monster Lake Joint Venture comprising
1.1 million tonnes averaging 12.14 grams of gold per tonne for 433,300 ounces of contained gold.
• We announced an initial resource estimate at our Gossey deposit, located approximately 15
kilometres northwest of our Essakane operation in Burkina Faso.
Development and Operations:
• We announced positive feasibility study results for the Côté Gold Project. On a 100% basis,
proven and probable reserves total 7.3 million ounces, measured and indicated resources
(including reserves) total approximately 10.0 million ounces, and inferred resources total 2.4
million ounces. Highlights of the Extended Mine Plan included a mine life of 18 years with an
average annual production of 372,000 ounces (Years 1-15: averaging 407,000 ounces annually),
life-of-mine average total cash costs of $606 per ounce produced and all-in sustaining costs of
$703 per ounce sold. The Extended Mine Plan would increase the Base Mine Plan after -tax net
present value by $110 million to $905 million, at a 5% discount rate, with an after-tax internal rate
of return of 15.4% and 4.4 year payback period. On January 28, 2019, we announced we would
defer the construction decision on the Côté Gold Project pending improved and sustainable mark et
conditions. We plan to focus on further de-risking the Project in 2019 through the advancement of
engineering, permitting and diamond drilling.
• We announced positive feasibility study results for the Boto Gold Project. Highlights included
reserves (100% basis) of 1.9 million ounces, a mine life of 12.8 years with average annual
production of 140,000 ounces, and life-of-mine average total cash costs of $714 per ounce
produced and all-in sustaining costs of $753 per ounce sold. The net present value, at a 6%
discount rate is $261 million, with an after-tax internal rate of return of 23% and a 3.4 year payback
period.
• We received notice of approval of the Environmental and Social Impact Assessment from the
Government of Senegal for the Boto Gold Project.
• We received approval from the Suriname Ministry of Natural Resources to commence construction
on the 18 kilometre long section of the main Saramacca haul road outside of the Rosebel Mineral
Lease.
• We announced the completion of the 15 megawatt-peak solar power plant at Essakane, which is
expected to save approximately 6 million litres of fuel per year and reduce carbon dioxide
emissions by 18,500 tonnes annually. For the period ending December 31, 2018, we exceeded
expectations, with Essakane saving approximately 3.9 million litres of fuel and reducing carbon
dioxide emissions by approximately 12,000 tonnes over seven months of service.
Financial:
• We announced that we had amended our credit facility to $500 million from $250 million, and
extended the term to 2023, with an option to increase commitments by $100 million.
• Moody's Investors Service upgraded our long-term corporate credit rating to Ba3 from B1 with a
stable outlook.
3
• We received a $95 million final cash payment from Sumitomo Metal Mining Co., Ltd., in
conjunction with the release of the NI 43-101, at the end of 2018 pursuant to the sale of a 30%
interest in the Côté Gold Project in June 2017.
• We made a strategic investment in Tradewind Markets Inc., a financial technology company that
uses blockchain to speed up and streamline digital gold trading. We also announced our strategic
investment in Emergent Technology Holdings LP, a financial technology company that uses
blockchain technology to track the provenance of responsibly sourced gold.
Subsequent to Year End
• We entered into a $170 million forward gold sale arrangement in exchange for 150,000 ounces to
be delivered in 2022.
• We reported the updated mineral resource estimate on the Diakha - Siribaya Gold Project.
• We received notice of approval of the Environmental and Social Impact Assessment from the
Government of Suriname for the Saramacca Project.
• The carbon-in-column plant at Rosebel, designed to improve recoveries, was commissioned and
fully operational.
• The oxygen plant at Essakane, designed to improve recoveries, was commissioned and fully
operational.
• Together with joint venture partner AngloGold Ashanti Limited, IAMGOLD entered into an
agreement with the Government of Mali for the sale of the joint venture partners' 80% indirect
interest in the Yatela mine for $1, subject to certain conditions and a onetime payment of
estimated rehabilitation, closure and social program costs.
Upcoming Growth Catalysts
• At Essakane, we expect to complete a feasibility study in the Q2/2019 outlining opportunities to
further optimize the carbon-in-leach ("CIL") circuit and potential of heap leaching.
• Production at Saramacca is anticipated in the H2/2019, with further exploration alon g the
Saramacca-Brokolonko trend to confirm the presence of mineralization and evaluate the resource
potential.
• At Rosebel, a scoping study is underway to evaluate the underground mining potential of
Saramacca, which could substantially lower waste volumes, thereby reducing costs.
• Our application for the mining concession for the Boto Gold Project is expected to be approved by
the Government of Senegal in H2/2019. An investment decision would follow as part of our overall
growth and capital strategy.
• We are developing a revised life of mine ("LOM") plan for Westwood and expect to provide an
update in Q4, 2019.
• At the Nelligan Project, an initial 12,000 to 15,000 metres of diamond drilling is planned for 2019 to
infill and further test continuity of the mineralized zones with the objective of completing an initial
NI 43-101 resource estimate.
4
SUMMARY OF FINANCIAL AND OPERATING RESULTS
Three months ended
December 31,
Years ended
December 31,
Financial Results ($ millions, except where noted) 2018 2017 2018 2017
Revenues $ 274.3 $ 291.1 $ 1,111.0 $ 1,094.9
Cost of sales $ 250.3 $ 250.0 $ 974.1 $ 942.0
Gross profit $ 24.0 $ 41.1 $ 136.9 $ 152.9
Net earnings (loss) attributable to equity holders of IAMGOLD $ (34.8 ) $ (17.7 ) $ (28.2 ) $ 501.6
Net earnings (loss) attributable to equity holders ($/share) $ (0.07 ) $ (0.04 ) $ (0.06 ) $ 1.08
Adjusted net earnings (loss) attributable to equity holders of
IAMGOLD1 $ (16.1 ) $ (13.8 ) $ 29.8
$ 29.3
Adjusted net earnings (loss) attributable to equity holders
($/share)1 $ (0.03 ) $ (0.03 ) $ 0.06
$ 0.06
Net cash from operating activities $ 23.1 $ 65.2 $ 191.1 $ 295.3
Net cash from operating activities before changes in working
capital1 $ 55.7
$ 68.2
$ 288.4
$ 294.0
Key Operating Statistics
Gold sales – attributable (000s oz) 220 230 872 871
Gold production – attributable (000s oz) 231 228 882 882
Average realized gold price1 ($/oz) $ 1,233 $ 1,277 $ 1,270 $ 1,261
Cost of sales2 ($/oz) $ 843 $ 802 $ 815 $ 783
Total cash costs1 ($/oz) $ 797 $ 751 $ 793 $ 755
All-in sustaining costs1 ($/oz) $ 1,123 $ 1,071 $ 1,057 $ 1,003
Gold margin1 ($/oz) $ 436 $ 526 $ 477 $ 506
1 This is a non-GAAP measure. Refer to the non-GAAP performance measures section of the MD&A.
2 Cost of sales, excluding depreciation, as disclosed in note 38 of our annual consolidated financial statements is on an attributab le ounce sold basis
(excluding the non-controlling interests of 10% at Essakane and 5% at Rosebel) and does not include Joint Vent ures which are accounted for on an
equity basis.
FULL YEAR AND FOURTH QUARTER 2018 SUMMARY
Financial Performance
• Revenues for 2018 were $1,111.0 million, up $16.1 million from 2017. The increase was primarily due
to higher sales volume at Essakane ($13.1 million) and a higher realized gold price ($7.8 million),
partially offset by lower sales volume at Rosebel ($2.2 million) and Westwood ($1.2 million). Revenues
for the fourth quarter 2018 were $274.3 million, down $16.8 million or 6% from the same prio r year
period. The decrease was primarily due to lower sales volume at Westwood ($12.1 million) and
Essakane ($12.1 million), and a lower realized gold price ($9.7 million), partially offset by higher sales
volume at Rosebel ($17.4 million).
• Cost of sales for 2018 was $974.1 million, up $32.1 million from 2017. The increase was due to higher
operating costs ($29.9 million) and higher royalties ($2.2 million). Operating costs were higher primarily
due to higher energy costs, increased maintenance costs at Essakane and Rosebel, increased
contractor costs resulting from higher mine production at Essakane, and a weaker U.S. dollar relative
to the euro, partially offset by higher capitalized stripping at Essakane. Cost of sales for the fourth
quarter 2018 was $250.3 million, consistent with the same prior year period. Higher operating costs
($4.2 million) and higher royalties ($0.1 million) were offset by lower depreciation expense ($4.0
million). Operating costs were higher primarily due to higher energy costs, increased preventative
maintenance at Essakane and Rosebel, and increased contractor costs resulting from higher mine
production at Essakane, partially offset by a stronger U.S. dollar relative to the euro and the Canadian
dollar.
• Depreciation expense for 2018 was $265.4 million, unchanged from the prior year as the impact of
reserve increases at Essakane and Rosebel was offset by higher depreciation of capitalized stripping
at Rosebel. Depreciation expense for the fourth quarter 2018 was $64.2 million, down $4.0 million or
6% from the same prior year period. The decrease was primarily due to an increase in reserves at
Essakane and Rosebel.
5
• Income tax expense for 2018 was $38.0 million, down $59.6 million 2017. Income tax expense for
2018 comprised current income tax expense of $45.1 million (2017 - $59.7 million) and deferred
income tax recovery of $7.1 million (2017 - expense of $37.9 million). The decrease in income tax
expense was primarily due to changes to deferred income tax assets and liabilities, diff erences in the
impact of fluctuations in foreign exchange, and differences in the level of taxable income in our
operating jurisdictions from one period to the next.
• Net loss attributable to equity holders for 2018 was $28.2 million, or $0.06 per share co mpared to net
earnings of $501.6 million, or $1.08 per share in the prior year. The decrease was primarily due to
reversals of impairment charges related to the Côté Gold Project and the Rosebel mine in the prior
year ($524.1 million), lower interest income, derivatives and other investment gains ($22.7 million),
higher foreign exchange losses ($20.9 million), and lower gross profit ($16.0 million), partially offset by
lower income taxes ($59.6 million). Net loss attributable to equity holders for the fourt h quarter 2018
was $34.8 million, or $0.07 per share, up $17.1 million or $0.03 per share from the same prior year
period. The increase was primarily due to lower gross profit ($17.1 million), higher finance costs ($3.9
million), higher exploration expenses ($2.6 million), higher foreign exchange losses ($2.6 million) and
higher other expenses ($2.2 million), partially offset by lower income taxes ($12.0 million).
• Adjusted net earnings attributable to equity holders 2 for 2018 was $29.8 million, or $0.06 per share2,
up $0.5 million from the the prior year. Adjusted net loss attributable to equity holders2 for the fourth
quarter 2018 was $16.1 million, or $0.03 per share2, up $2.3 million from the same prior year period.
• Net cash from operating activities for 2018 was $191.1 million, down $104.2 million from the prior year.
The decrease was primarily due to changes in movements in non-cash working capital items and non-
current ore stockpiles ($98.6 million) and lower earnings after non-cash adjustments ($26.3 million),
partially offset by lower income taxes paid ($11.1 million) and higher net settlement of derivatives ($9.5
million). The change in movements in non-cash working capital items and non-current ore stockpiles
($98.6 million) was primarily due to higher mine supplies ($45.5 million), build up of accounts payable
and accrued liabilities in the prior year ($22.0 million), higher stockpiling of low grade ore ($17.6
million) and increased value added tax recoverable at Essakane ($9.5 million). The increase in mine
supplies resulted from initiatives to optimize inventory levels, increase equipment availability and lower
maintenance costs, including a strategic decision to re-manufacture parts in-house as opposed to
outsourcing. The benefit of these mine supplies initiatives are at the early stages of being realised. Ore
stockpiles were higher as a result of planned increases in ore production at Rosebel and Essakane,
and a build of heap leach ore stockpiles at Essakane. Net cash from operating activities for the fourth
quarter 2018 was $23.1 million, down $42.1 million from the same prior year period.
• Net cash from operating activities before changes in working capital 2 for 2018 was $288.4 million,
down $5.6 million from the prior year. Net cash from operating activities before changes in working
capital3 for the fourth quarter 2018 was $55.7 million, down $12.5 million from the same prior year
period.
Financial Position
• We ended the year in a strong financial position, with cash, cash equivalents, short-term investments
primarily in money market funds, and restricted cash of $758.0 million at December 31, 2018. The
$57.8 million negative movement from year end 2017 was primarily due to spending on property, plant
and equipment ($257.2 million) and exploration and evaluation assets including the acquisition of
Saramacca exploration and evaluation assets ($50.7 million), and interest paid ($28.4 million), partially
offset by cash generated from operating activities ($191.1 million) and proceeds received from
Sumitomo Metal Mining Co., Ltd, pursuant to the sale of a 30% interest in the Côté Gold Project in the
second quarter 2017 ($95.0 million).
• Working capital as of December 31, 2018, was $859.7 million, down $70.2 million compared to
December 31, 2017. The decrease was due to lower current assets ($74.1 million), partially offset by
lower current liabilities ($3.9 million).
6
Production and Costs
• Attributable gold production, inclusive of joint venture operations, was 882,000 ounces for 2018, equal
to the previous year, as record production from Essakane (16,000 ounces) and the continued
development at Westwood (4,000 ounces) were offset by lower production at Rosebel (15,000 ounces)
and the Joint Ventures (5,000 ounces). Attributable gold production, inclusive of joint venture
operations, was 231,000 ounces for the fourth quarter 2018, up 3,000 ounces from the same prior year
period. The increase was primarily due to higher head grades net of lower throughput at Rosebel
(6,000 ounces) and Essakane (1,000 ounces), partially offset by lower head grades at the Joint
Ventures (3,000 ounces) and Westwood (1,000 ounces).
• Attributable gold sales, inclusive of joint venture operations, were 872,000 ounces for 2018, up 1,000
ounces from the prior year. The increase was due to higher sales at Essakane (9,000 ounces),
partially offset by lower sales at the Joint Ventures (5,000 ounces), Rosebel (2,000 ounces) and
Westwood (1,000 ounces). Attributable gold sales, inclusive of joint venture operations, were 220,000
ounces for the fourth quarter 2018, down 10,000 ounces from the same prior year period. The
decrease was due to lower sales at Westwood (10,000 ounces), Essakane (9,000 ounces) and the
Joint Ventures (4,000 ounces), partially offset by higher sales at Rosebel (13,000 ounces).
• Cost of sales1 per ounce for the fourth quarter and year ended 2018 of $843 and $815, respectively,
were up 5% and 4% from the same prior year periods. These increases were primarily due to higher
energy costs and normal inflationary pressures.
• Total cash costs2 per ounce produced for the fourth quarter and year ended 2018 of $797 and $793,
respectively, were up 6% and 5% from the same prior year periods due to the factors noted above.
Included in total cash costs2 for the fourth quarter and year ended 2018 were realized derivative gains
from hedging programs of $6 and $11 per ounce produced, respectively (2017 - $7 and $3).
• All-in sustaining costs2 per ounce sold for fourth quarter and year ended 2018 of $1,123 and $1,057,
respectively, were both up 5% from the same prior year periods. These increases were primarily due to
higher cost of sales1 per ounce and higher sustaining capital expenditures. Included in all -in sustaining
costs2 for the fourth quarter and year ended 2018 were realized derivative gains from hedging
programs of $6 and $12 per ounce sold, respectively (2017 - $9 and $4).
Commitment to Zero Harm Continues
• The DART rate3, representing the frequency of all types of serious injuries across all sites and
functional areas for 2018 was 0.66, above our target of 0.50. Zero Harm remains our number one
priority. We are implementing several initiatives, including a behaviour-based safety program, to
ensure a safer work environment.
7
2019 Guidance
(Refer to January 16, 2019 news release)
Attributable Gold Production: 810,000 to 870,000 oz
Costs:
Cost of Sales1/oz $790 to $840
Total Cash Costs2/oz produced $765 to $815
All-in Sustaining Costs2/oz sold $1,030 to $1,080
In 2019, Rosebel will trend upward at 315,000 to 330,000 ounces on improved head grades, the inclusion
of Saramacca ore in the mill feed in the second half of the year, and higher recoveries. Following two years
of record production, Essakane will be level at 375,000 to 390,000 ounces, with lower availability of high
grade zones partially offset by higher recoveries with the newly implemented oxygen plant. Westwood
guidance is provided at 100,000 to 120,000 ounces for the year, as mining and development activities
continue to progress. As oxide ore stockpiles at Sadiola are expected to be depleted by mid-year 2019,
production is expected to decrease to between 20,000 and 30,000 ounces.
Capital Expenditures: $355 million, ±5%
The increase in spending reflects advancement of our growth projects, as described in the Non-Sustaining
section. In addition to the $355 million, capitalized borrowing costs and $10 million in total principal lease
payments are expected.
Sustaining Capital: $160 million, ±5%
Sustaining capital includes $40 million in capitalized stripping for Essakane and $30 million for Rosebel.
Non-Sustaining Capital (Development/Expansion): $195 million, ±5%
Non-sustaining capital at Rosebel of $75 million is allocated for the development of Saramacca with a
target of first production in H2/2019. Essakane's non-sustaining capital of $50 million is mainly for the
tailings liners, dams and tailings thickening plant as well as planned mill upgrade. Westwood's non-
sustaining capital of $30 million is mainly for expansion/development.
Côté Gold Project Capital Guidance: Our non-sustaining capital guidance includes an estimated $34
million for the first half of 2019, on a 70% attributable basis, to further de-risk the Project by advancing
detailed engineering design, permitting and definition diamond drilling. We will provide additional non -
sustaining capital guidance on the Project as the year progresses.
Depreciation:
Depreciation expense in 2019 is expected to range from $260 million to $270 million.
Income Taxes:
Cash taxes in 2019 are expected to range from $45 to $60 million in 2019. Additionally, adjustments to
deferred tax assets and/or liabilities may be recorded during the year.
8
ATTRIBUTABLE GOLD PRODUCTION AND COSTS
Gold Production
(000s oz)
Cost of Sales1
($ per ounce)
Total Cash
Costs2
($ per ounce
produced)
All-in Sustaining
Costs2
($ per ounce
sold)
Three months ended December 31, 2018 2017 2018 2017 2018 2017 2018 2017
Owner-operator
Essakane (90%) 103 102 $ 763 $ 792 $ 723 $ 715 $ 1,114 $ 990
Rosebel (95%) 85 79 856 766 774 700 981 1,018
Westwood (100%)3 28 29 1,086 909 1,102 928 1,334 1,017
Owner-operator4 216 210 $ 843 $ 802 $ 792 $ 739 $ 1,141 $ 1,068
Joint Ventures 15 18 858 882 862 1,114
Total operations 231 228 $ 797 $ 751 $ 1,123 $ 1,071
Cost of sales1 ($/oz) $ 843 $ 802
Cash costs, excluding royalties $ 746 $ 698
Royalties 51 53
Total cash costs2 $ 797 $ 751
All-in sustaining costs2 $ 1,123 $ 1,071
Gold Production
(000s oz)
Cost of Sales1
($ per ounce)
Total Cash
Costs2
($ per ounce
produced)
All-in Sustaining
Costs2
($ per ounce
sold)
Years ended December 31, 2018 2017 2018 2017 2018 2017 2018 2017
Owner-operator
Essakane (90%) 405 389 $ 762 $ 785 $ 718 $ 738 $ 1,002 $ 957
Rosebel (95%) 287 302 857 755 831 716 1,006 931
Westwood (100%)3 129 125 886 844 884 824 1,073 972
Owner-operator4 821 816 $ 815 $ 783 $ 783 $ 743 $ 1,068 $ 1,001
Joint Ventures 61 66 914 909 921 1,023
Total operations 882 882 $ 793 $ 755 $ 1,057 $ 1,003
Cost of sales1 ($/oz) $ 815 $ 783
Cash costs, excluding royalties $ 739 $ 703
Royalties 54 52
Total cash costs2 $ 793 $ 755
All-in sustaining costs2 $ 1,057 $ 1,003
1 Cost of sales, excluding depreciation, as disclosed in note 38 of our annual consolidated financial statements is on an attri butable ounce sold basis
(excluding the non-controlling interests of 10% at Essakane and 5% at Rosebel) and does not include Joint Ventures which are accounted for on an
equity basis.
2 This is a non-GAAP measure. Refer to the non-GAAP performance measures section of the MD&A. Consists of Essakane, Rosebel, Westwood and
the Joint Ventures on an attributable basis.
3 There was no normalization of costs of sales per ounce for Westwood for the fourth quarter and year ended December 31, 2018 ( $nil and $6 per
ounce, respectively). Normalization of costs ended at the onset of the second quar ter 2017.
4 Owner-operator all-in sustaining costs include corporate general and administrative costs. Refer to all -in sustaining costs reconciliation on page 33 of
the MD&A.
OPERATIONS ANALYSIS BY MINE SITE
Essakane Mine - Burkina Faso (IAMGOLD interest - 90%)
Essakane achieved a second straight year of record gold production in 2018. Attributable gold production
of 103,000 ounces in the fourth quarter and 405,000 ounces for the year ended 2018 were higher by 1%
and 4%, respectively, compared to the same prior year periods as ore feed was sourced from higher grade
zones. The impact of higher grades was partially offset by lower throughput realized due to coarser mill
feed and lower mill availability due to maintenance on the crushing and grinding circuit.