Iamgold Reports 2020 Attributable P&p Reserves of 13.9 Million Ounces and Attributable M&i Resources of 23.9 Million Ounces
NEWS RELEASE
TSX: IMG NYSE: IAG
IAMGOLD REPORTS 2020 ATTRIBUTABLE P&P RESERVES OF 13.9 MILLION
OUNCES AND ATTRIBUTABLE M&I RESOURCES OF 23.9 MILLION OUNCES
All amounts are in US dollars, unless otherwise indicated.
M&I Resource Estimates are quoted inclusive of Mineral P&P Reserves for all sites and projects.
Toronto, Ontario, February 17, 2021 – IAMGOLD Corporation (“IAMGOLD” or the “Company”)
announces its 2020 year end Mineral Reserve and Resource statement (refer to Table 3 for a detailed
breakdown by asset).
IAMGOLD’s President and CEO, Gordon Stothart, commented: “We have maintained a robust global
reserve and resource profile in 2020, noting that our numbers did decline year-over-year, reflecting both
industry trends and the reality that we mine a depleting resource, combined with the sale of the Sadiola
and Eastern Borosi properties. Looking to 2021, we continue to focus on our core assets and district
strategy in our exploration program, with the goal of developing an initial resource at the Gosselin Deposit
near our Côté Gold Project and delineating further resources at the Nelligan district, at Grand Duc and
Rouyn on the Westwood hub, and at Karita in the Bambouk district. We look forward to updating you on
our progress over the course of the year.”
MINERAL RESERVES – HIGHLIGHTS
Total attributable Proven and Probable gold Reserves decreased by 2.8 million ounces or 17% in
2020 to 13.9 million ounces from the prior year;
The decrease was primarily due to the sale of Sadiola (see news release dated December 30,
2020), mine depletion at all operations reflecting the Company’s attributable gold production of
653,000 ounces in 2020 (see news release dated January 19, 2021), and the previously
announced reclassification of a portion of reserves at Westwood (see news release dated August
5, 2020);
Excluding the sale of Sadiola, a discontinued operation, total attributable Proven and Probable
Reserves decreased by 1.2 million ounces or 7%;
The decrease in the overall Reserve grade at Westwood is primarily attributable to the addition of
lower grade Grand Duc open pit ore, with underground Reserves adjusted for mine depletion only;
There was no change in the $1,200 per ounce gold price assumption for estimating Mineral
Reserves at the Company’s owned and operated mines and development projects, except at the
Grand Duc satellite pit at Westwood, which used a $1,350 per ounce gold price assumption;
Table 2 below provides a detailed year-over-year reconciliation of IAMGOLD’s Mineral Reserves.
MINERAL RESOURCES – HIGHLIGHTS
Total attributable Measured and Indicated gold Resources (including Reserves) decreased by 3.3
million ounces or 12% to 23.9 million ounces from the prior year;
o The decrease was primarily due to the sale of Sadiola and the Eastern Borosi Project
mentioned above, and mine depletion at all operations;
Total attributable Inferred gold Resources decreased by 697,000 ounces or 6% to 11.3 million
ounces from the prior year;
o The decrease was primarily due to the sale of Sadiola and the Eastern Borosi Project ;
There was no change in the gold price assumption for estimating Mineral Resources at Essakane,
Rosebel and the exploration projects ($1,500 per ounce) or at Westwood ($1,200 per ounce).
TABLE 1: SUMMARY OF ATTRIBUTABLE RESERVES AND RESOURCES
(000s oz, attributable) (000s oz)
As at December 31,
Total
Variance
Variance
(excl. Asset Disposals3)
Classification 20191 20202 000s oz % 000s oz %
P&P Reserves 16,706 13,937 (2,769) (17%) (1,186) (7%)
M&I Resources4,5 27,164 23,910 (3,254) (12%) (469) (2%)
Inferred Resources 11,965 11,268 (697) (6%) +109 +1%
page 2 of 6
1 2019 Mineral Reserves have been estimated at December 31, 2019, using a gold price of $1,200 per ounce for Essakane, Rosebel, Saramacca,
Westwood, Sadiola and the Boto Gold Project.
Mineral Resources have been estimated at December 31, 2019, using a gold price of $1,500 per ounce for the Côté Gold Project, Boto Gold Project,
Diakha-Siribaya Gold Project, Pitangui Project, Gossey deposit, Monster Lake Project, Essakane, Rosebel, and Saramacca, $1,400 per o unce for
Sadiola and $1,200 per ounce using a 5.5 g/t Au cut-off over a minimum width of 2.4 metres for Westwood.
2 2020 Mineral Reserves have been estimated at December 31, 2020, using a gold price of $1,200 per ounce for Essakane, Rosebel, Saramacca,
Westwood, and the Boto Gold Project, and a gold price of $1,350 per ounce for the Grand Duc satellite pit at Westwood.
Mineral Resources have been estimated at December 31, 2020, using a gold price of $1,500 per ounce for the Côté Gold Project, Boto Gold Project,
Diakha-Siribaya Gold Project, Pitangui Project, Gossey deposit, Monster Lake Project, Essakane, Rosebel, and Saramacca, and $1,200 per ounce
using a 5.5 g/t Au cut-off over a minimum width of 2.4 metres for Westwood.
3 Asset disposals in 2020 included the sale of the Sadiola and Eastern Borosi properties.
4 In mining operations, Measured and Indicated Resources that are not Mineral Reserves are considered uneconomic at the price used for reserve
estimations, but are deemed to have a reasonable prospect of economic extraction.
5 Measured and Indicated gold resources are inclusive of Proven and Probable Reserves.
1 Due to rounding, numbers may not add up precisely to the totals .
TABLE 2: ATTRIBUTABLE P&P RESERVES RECONCILIATION
(attributable) 000s oz % Variance
Proven & Probable Reserves (December 31, 2019) 16,706 --
Westwood Reserve Reclassification (August 5, 2020) (566) (3%)
Sadiola Mine Disposal (December 30, 2020) (1,583) (9%)
2020 Mine Depletion (730) (4%)
Addition of Grand Duc Open Pit Material +93 +1%
Other Additions +17 0%
Proven & Probable Reserves (December 31, 2020)1 13,937 (17%)
page 3 of 6
MINERAL RESERVES AND MINERAL RESOURCES
GOLD OPERATIONS
Tonnes
(000s)
Grade
(g/t Au)
Ounces
Contained (000s)
Attributable Contained
Ounces (000s)
Rosebel, Suriname(3) (95%)
Proven Mineral Reserves 25,355 0.6 504 479
Probable Mineral Reserves 88,439 1.0 2,852 2,709
Subtotal Rosebel 113,794 0.9 3,356 3,188
Saramacca, Suriname(4) (66.5%)
Proven Mineral Reserves 627 0.5 11 7
Probable Mineral Reserves 23,217 1.9 1,430 951
Subtotal Saramacca 23,844 1.9 1,441 958
Subtotal Rosebel (Consolidated) 137,638 1.1 4,797 4,146
Rosebel, Suriname(3) (95%)
Measured Mineral Resources 30,979 0.6 626 594
Indicated Mineral Resources 242,789 0.9 7,278 6,914
Inferred Mineral Resources 62,889 0.9 1,766 1,678
Saramacca, Suriname(4) (66.5%)
Measured Mineral Resource 627 0.5 11 7
Indicated Mineral Resources 25,108 2.1 1,664 1,106
Inferred Mineral Resources 11,079 0.7 259 172
Essakane, Burkina Faso(5) (90%)
Proven Mineral Reserves 30,083 0.5 473 426
Probable Mineral Reserves 83,071 1.1 2,876 2,589
Subtotal 113,153 0.9 3,349 3,014
Measured Mineral Resources 30,023 0.5 473 426
Indicated Mineral Resources 110,433 1.1 3,781 3,403
Inferred Mineral Resources 10,262 1.1 352 317
Westwood, Canada(6) (100%)
Proven Mineral Reserves 426 8.0 109 109
Probable Mineral Reserves 3,527 4.6 517 517
Subtotal 3,953 4.9 626 626
Measured Mineral Resources 907 13.2 384 384
Indicated Mineral Resources 6,299 6.1 1,240 1,240
Inferred Mineral Resources 7,071 8.0 1,809 1,809
Gossey, Burkina Faso(12) (90%)
Indicated Mineral Resources 10,454 0.9 291 262
Inferred Mineral Resources 2,939 0.9 85 77
Côté Gold, Canada(7) (64.75%)
Proven Mineral Reserves 139,253 1.0 4,640 3,004
Probable Mineral Reserves 93,747 0.9 2,644 1,712
Subtotal 233,000 1.0 7,284 4,716
Measured Mineral Resources 152,100 1.0 4,720 3,056
Indicated Mineral Resources 213,400 0.8 5,480 3,548
Inferred Mineral Resources 189,600 0.6 3,820 2,473
Boto Gold, Senegal(8) (90%)
Probable Mineral Reserves 29,040 1.7 1,593 1,434
Subtotal 29,040 1.7 1,593 1,434
Indicated Mineral Resources 40,567 1.6 2,033 1,830
Inferred Mineral Resources 8,196 1.8 469 422
Diakha-Siribaya, Mali(9) (90%)
Indicated Mineral Resources 18,031 1.3 744 669
Inferred Mineral Resources 23,179 1.6 1,176 1,058
Monster Lake, Canada(10) (100%)
Inferred Mineral Resources 1,110 12.1 433 433
Nelligan, Canada(13) (75%)
Inferred Mineral Resources 96,990 1.0 3,194 2,396
Pitangui, Brazil(11) (100%)
Indicated Mineral Resources 3,330 4.4 470 470
Inferred Mineral Resources 3,559 3.8 433 433
TOTAL
Proven & Probable Mineral Reserves 516,785 1.1 17,650 13,937
Measured & Indicated Mineral Resources 885,047 1.0 29,194 23,910
Inferred Mineral Resources 416,874 1.0 13,796 11,268
Notes:
(1) In mining operations, Measured Mineral Resources and Indicated Mineral Resources that are not Mineral Reserves are consid ered uneconomic at
the price used for Mineral Reserve estimations but are deemed to have a reasonable prospect of economic extraction.
TABLE 3: Mineral Reserves and Resources of Gold Operations as of December 31, 20201,2,3,4,5,6,7,8,9,10,11,12,13
Measured and Indicated Resources are inclusive of Proven and Probable Reserves
page 4 of 6
(2) Although “measured resources”, “indicated resources” and “inferred resources” are categories of mineralization that are r ecognized and required to
be disclosed under Canadian regulations, SEC Industry G uide 7 does not recognize them. Disclosure of contained ounces is permitted under Canadian
regulations; however, SEC Industry Guide 7 generally permits resources to be reported only as in place tonnage and grade. See “Cautionary Note to
U.S. Investors Regarding Disclosure of Mineral Reserve and Mineral Resource Estimates”.
(3) Rosebel Mineral Reserves have been estimated as of December 31, 2020 using a $1200/oz gold price and Mineral Resources ha ve been estimated
as of December 31, 2020 using a $1500/oz gold price and have been estimated in accordance with NI 43 -101.
(4) Saramacca Mineral Reserves have been estimated as of December 31, 2020 using a $1200/oz gold price and the Mineral Resources have been
estimated as of December 31, 2020 using a $1500/oz gold price and gold price and have been estimated in accordance with NI 43 -101.
(5) Essakane Mineral Reserves have been estimated as of December 31, 2020 usi ng $1200/oz gold price and Mineral Resources have been estimated
as of December 31, 2020 using a $1500/oz gold price and have been estimated in accordance with NI 43 -101.
(6) Westwood Mineral Reserves have been estimated as of December 31, 2020 using a $12 00/oz gold price and Mineral Resources have been
estimated as of December 31, 2020 using a 5.5g/t Au cut -off grade over a minimum width of 2.4 metres, and have been estimated in accordance with NI
43-101. The Grand Duc Mineral Resources and Reserves estima tes are included in the Westwood Mineral Resources and Reserves estimates. The
Grand Duc Mineral Reserves have been estimated using a 0.42 g/t Au cut -off grade and a gold price of $1350/oz. Grand Duc Mineral Resources have
been estimated using a 0.39 g/t Au cut-off grade and a gold price of $1500/oz.
(7) Côté Gold Mineral Reserves have been estimated as of December 31, 2020 using a $1200/oz gold price and the Mineral Resour ces have been
estimated as of December 31, 2020 using a $1500/oz gold price and have been estimated in accordance with NI 43-101.
(8) Boto Gold Mineral Reserves has been estimated as of December 31, 2020 using $1200/oz gold price and Mineral Resources hav e been estimated
as of December 31, 2020 using a $1500/oz gold price and have been est imated in accordance with NI 43-101.
(9) Diakha-Siribaya Mineral Resources have been estimated as of December 31, 2020 using $1500/oz gold price and have been estimated in
accordance with NI 43-101.
(10) Monster Lake Mineral Resources have been estimated as of December 31, 2020 using a $1500/oz gold price and have been estimated in
accordance with NI 43-101.
(11) Pitangui Mineral Resources have been estimated as of December 31, 2020 using a $1500/oz gold price and have been estimat ed in accordance
with NI 43-101.
(12) Gossey Mineral Resources have been estimated as of December 31, 2020 using a $1500/oz gold price and have been estimated in a ccordance
with NI 43-101.
(13) Nelligan Mineral Resources have been estimated as of December 31, 2020 using a $1500/oz gold price and have been estimated in accordance
with NI 43-101.
Technical Information and Qualified Person/Quality Control Notes
The mineral resource estimates contained in this news release have been prepared in accordance with National Instrument
43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). Lisa Ragsdale, P.Geo (Director, Mining Geology,
IAMGOLD Corporation), a Qualified Person (“QP”) for the purposes of NI 43-101, is responsible for the review and approval
of all Mineral Resource estimates contained herein, as at December 31, 2020. Lisa has worked in the mining industry for
more than 15 years, mainly in operations, project development and consulting. Lisa joined IAMGOLD in January 2018 and
acquired her knowledge of the Company’s operations and projects through site visits, information reviews, and ongoing
communication and oversight of mine site technical service teams or consultants responsible for mineral resource estimates.
Lisa is considered a QP for the purposes of NI 43-101 with respect to the mineralization being reported on. The technical
information has been included herein with the consent and prior review of the above noted QP. The QP has verified the data
disclosed, and data underlying the information or opinions contained herein.
Philippe Chabot, Eng. (Director, Mining, IAMGOLD Corporation), a QP for the purposes of NI 43-101, is responsible for the
review and approval of all Mineral Reserve estimates contained herein, as at December 31, 2020. Philippe graduated in 2003
with a bachelor degree in Mining and Mineral Engineering from Laval University, and has worked for different mining and
consulting companies since graduation. Philippe joined IAMGOLD in 2015 and acquired his knowledge of the Company’s
operations and projects through site visits, information reviews, and ongoing communication and oversight of mine site
technical service teams or consultants responsible for mineral reserve estimates.
Notes to Investors Regarding the Use of Resources
Cautionary Note to Investors Concerning Estimates of Measured and Indicated Resources
This news release uses the terms "measured resources" and "indicated resources". We advise investors that while those
terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission (the
“SEC”) does not recognize them. Investors are cautioned not to assume that any part or all of mineral deposits in these
categories will ever be converted into reserves.
Cautionary Note to Investors Concerning Estimates of Inferred Resources
This news release also uses the term "inferred resources". We advise investors that while this term is recognized and
required by Canadian regulations, the SEC does not recognize it. "Inferred resources" have a great amount of uncertainty as
to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of
an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to
assume that part or all of an inferred resource exists, or is economically or legally mineable.
Scientific and Technical Disclosure
IAMGOLD is reporting mineral resource and reserve estimates in accordance with the CIM guidelines for the estimation,
classification and reporting of resources and reserves.
page 5 of 6
Note: Mineral reserves and mineral resources for IAMGOLD’s gold mines for the 2020 year-end statement were estimated
using a $1,200 per ounce gold price (unless otherwise indicated in the notes in Table 1-3) for mineral reserves and a $1,500
per ounce price for mineral resources (unless otherwise indicated in the notes in Table 1-3). For open pit operations, gold
resources are constrained within an economic pit shell.
Cautionary Note to U.S. Investors
The SEC limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally
extract or produce. IAMGOLD uses certain terms in this news release, such as "measured," "indicated," or "inferred," which
may not be consistent with the reserve definitions established by the SEC. U.S. investors are urged to consider closely the
disclosure in the IAMGOLD Annual Reports on Forms 40-F. You can review and obtain copies of these filings from the SEC's
website at http://www.sec.gov/edgar.shtml or by contacting the Investor Relations department.
The Canadian Securities Administrators' National Instrument 43-101 ("NI 43-101") requires mining companies to disclose
reserves and resources using the subcategories of "proven" reserves, "probable" reserves, "measured" resources, "indicated"
resources and "inferred" resources. Mineral resources that are not mineral reserves do not demonstrate economic viability.
A mineral reserve is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a
preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and
other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve
includes diluting materials and allows for losses that may occur when the material is mined. A proven mineral reserve is the
economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. A
probable mineral reserve is the economically mineable part of an indicated, and in some circumstances, a measured mineral
resource demonstrated by at least a preliminary feasibility study.
A mineral resource is a concentration or occurrence of natural, solid, inorganic material, or natural, solid fossilized organic
material including base and precious metals in or on the Earth's crust in such form and quantity and of such a grade or quality
that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and
continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. A
measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and
physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate
application of technical and economic parameters, to support production planning and evaluation of the economic viability of
the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely
enough to confirm both geological and grade continuity. An indicated mineral resource is that part of a mineral resource for
which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation
of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information
gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are
spaced closely enough for geological and grade continuity to be reasonably assumed. An inferred mineral resource is that
part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and
limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally
mineable.
A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project
that includes appropriately detailed assessments of realistically assumed mining, processing, metallurgical, economic,
marketing, legal, environmental, social and governmental considerations together with any other relevant operational factors
and detailed financial analysis, that are necessary to demonstrate at the time of reporting that extraction is reasonably
justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a
proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study
will be higher than that of a Pre-Feasibility Study.
A Pre-Feasibility Study is a comprehensive study of a range of options for the technical and economic viability of a mineral
project that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit
configuration, in the case of an open pit, is established and an effective method of mineral processing is determined. It
includes a financial analysis based on reasonable assumptions on mining, processing, metallurgical, economic, marketing,
legal, environmental, social and governmental considerations and the evaluation of any other relevant factors which are
sufficient for a qualified person, acting reasonably, to determine if all or part of the Mineral Resource may be classified as a
Mineral Reserve.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
All statements, other than statements of historical fact, contained or incorporated by reference in this news release including,
but not limited to, any statements or information with respect to the Company’s mineral resources or mineral reserves,
constitute “forward-looking information” or “forward-looking statements” and are based on expectations, estimates and
projections as of the date of this news release. Forward-looking statements contained in this news release, include, but are
page 6 of 6
not limited to, those under the headings “Mineral Reserves – Highlights”, “Mineral Resources – Highlights”, as well as
statements with respect to the Company’s mineral resources or mineral reserves. Forward-looking statements are generally
identifiable by, but not limited to, the use of the words “may”, “will”, “should”, “continue”, “expect”, “budget”, “forecast”,
“anticipate”, “estimate”, “believe”, “prospective”, “significant”, “potential”, “significant potential”, “substantial”, “transformative”,
“intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology.
Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s
ability to control or predict, that may cause the actual results to differ materially from those discussed in the forward-looking
statements. Factors that could cause actual results or events to differ materially from current expectations include, among
other things, without limitation, the failure to accurately estimate mineral resources or mineral reserves, differences in the
mineral content within the material identified as mineral resources or mineral reserves from that predicted, unexpected
increases in all-in sustaining costs or other costs, unexpected increases in capital expenditures, operating expenditures and
exploration expenditures, changes in development or mining plans due to changes in logistical, technical or other factors, the
possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold
markets and other risks disclosed in IAMGOLD’s most recent Form 40-F/Annual Information Form on file with the United
States Securities and Exchange Commission and Canadian securities regulatory authorities, which are incorporated herein.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to update any forward-looking statement. 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.
About IAMGOLD
IAMGOLD is a mid-tier mining company with three gold mines on three continents, including the Essakane
mine in Burkina Faso, the Rosebel mine in Suriname, and the Westwood mine 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 West Africa and the Americas. IAMGOLD aims to become a million-ounce gold producer
as it executes on its growth strategy, including bringing Côté Gold, its fourth mine, online.
IAMGOLD is committed to maintaining its culture of accountable mining through high standards of
Environmental, Social and Governance (“ESG”) practices and employs appr oximately 5,000 people.
IAMGOLD’s commitment is to Zero Harm ®, in every aspect of its business. IAMGOLD is one of the
companies on the JSI index.
IAMGOLD is listed on the Toronto Stock Exchange (trading symbol “IMG”) and the New York Stock
Exchange (trading symbol “IAG”).
For further information please contact:
Indi Gopinathan, VP, Investor Relations & Corporate Communications, IAMGOLD Corporation
Tel: (416) 360-4743 Mobile: (416) 388-6883
Philip Rabenok, Senior Analyst, Investor Relations, IAMGOLD Corporation
Tel: (416) 933-5783 Mobile: (647) 967-9942
Toll-free: 1-888-464-9999 [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/Home/default.aspx.