Iamgold Reports First Quarter 2021 Results, Generates $102 Million IN Operating Cash Flow; Côté Construction ON Track
NEWS RELEASE
TSX: IMG NYSE: IAG
IAMGOLD REPORTS FIRST QUARTER 2021 RESULTS, GENERATES $102 MILLION IN
OPERATING CASH FLOW; CÔTÉ CONSTRUCTION ON TRACK
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
For more information, refer to the management discussion and analysis ("MD&A") and unaudited consolidated
interim financial statements as at and for the three months ended March 31, 2021.
Toronto, Ontario, May 3, 2021 – IAMGOLD Corpor ation (“IAMGOLD” or the “Company”) reports its
consolidated financial and operating results for the first quarter ended March 31, 2021. Key highlights of
operating performance and financial results include:
($ millions, except where noted) Q1 2021 Q4 2020 Q1 2020
Revenues $ 297.4 $ 347.5 $ 274.5
Gross profit $ 44.2 $ 84.0 $ 31.9
Net earnings (loss) attributable to equity holders $ 19.5 $ 59.0 $ (34.4)
Net earnings (loss) per share attributable to equity holders $ 0.04 $ 0.12 $ (0.07)
Adjusted net earnings (loss) attributable to equity holders1 $ 6.2 $ 19.1 $ (4.9)
Adjusted net earnings (loss) per share attributable to equity holders1 $ 0.01 $ 0.04 $ (0.01)
Net cash from operating activities $ 101.7 $ 128.7 $ 44.0
Net cash from operating activities before changes in working capital1 $ 82.5 $ 108.0 $ 72.8
Mine-site free cash flow1 $ 89.5 $ 77.7 $ 14.1
Capital expenditures – sustaining $ 13.7 $ 27.3 $ 14.8
Capital expenditures – expansion $ 88.8 $ 79.1 $ 52.7
Cash, cash equivalents and short-term investments $ 967.8 $ 947.5 $ 802.2
Long-term debt $ 466.7 $ 466.6 $ 419.1
Available credit facility $ 498.2 $ 498.3 $ 499.6
1 This is a non-GAAP measure. Refer to the non-GAAP performance measures section of the MD&A.
Gordon Stothart, President and CEO of IAMGOLD commented, “In the first quarter 2021, the IAMGOLD
team made good progress toward our operating and development goals. Our operations generated $89.5
million in mine -site free cash flow and we ended the quarter with approximately $1.5 billion in available
liquidity. Production was strong at Essakane and as expected at Westwood’s Grand Duc open pit, with
Rosebel and satellite Saramacca impacted by unusually heavy seasonal rains and COVID -19 restrictions.
We completed the CIL mill upgrade at Essakane and continue to expand camp capacity at Rosebel. At
Côté, we started major earthworks ahead of schedule and have attained 18% completion of the project at
March 31st. We continue to de -risk our Boto project by advancin g essential infrastructure work including
the access road and camp construction. And, we recently announced two important initiatives in further
support of our host communities: a substantial donation to UNICEF's COVAX vaccination program and
sponsorship of the Giants of Africa youth development program. With the normalization of operations and
continuous improvement, we expect to see improved production levels and costs over the balance of the
year and to continue to steadily advance our development projects and pipeline.”
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COMPANY UPDATES
Environmental, Social and Governance
• DART2 and TRI 2 incident frequency rates were 0.46 and 0.67, respectively, in the first quarter 2021,
consistent with 2020 . The Côté Gold Project had achieved 1.24 million hours without lost time as at
March 31, 2021.
• Maintained previously implemented COVID -19 protocols. At Rosebel, movement restrictions have
impacted operations, with ongoing expansion of site accommodations expected to enable ramp up to
full workforce levels in the second half of the year.
• Ranked 10 th out of 116 global mining companies on the Corporate K nights 2021 Global 100
Sustainability scorecard.
• Included in the 2021 Bloomberg Gender Equality Index for the 3 rd consecutive year, and recognized
among 380 global companies that foster a more inclusive and equitable workplace.
• Provided $400,000 from the R osebel Community Fund, along with supplemental government
contributions, for the installation of solar LED street lights, electrification and potable water supplies in
local communities.
• Completed Phase I of the Public -Private Partnership with Canada’s gov ernment, One Drop
Foundation, and Cowater on the Triangle d’Eau Project bringing potable water to 60,000 people near
Essakane; advanced Phase II to bring potable water to an additional 75,000 people.
• Contributed $250,000 to UNICEF to support the International ACT-A / COVAX Emergency Response.
• Investing $950,000 in a 4 -year Giants of Africa program, aimed at encouraging the development of
youth through sports in Burkina Faso, Senegal and Mali.
• Sponsored the Artemis Project, which aims to promote female busin ess owners and entrepreneurs in
the mining sector.
• Received Mining Association of Canada’s prestigious Towards Sustainable Mining® (TSM) Excellence
Award in the Environmental category for innovative recycling of plastic at Essakane.
People and Governance
• Daniella Dimitrov was appointed Executive Vice President & Chief Financial Officer, effective March
29, 2021. Ms. Dimitrov succeeds Carol Banducci, who retired on March 31, 2021.
• Anne Marie Toutant and Deborah Starkman were appointed as independent directo rs of the Company,
effective December 14, 2020.
• John Caldwell stepped down from the Board, effective January 4, 2021, and Mahendra Naik and Sybil
Veenman are not standing for re-election at the upcoming meeting of shareholders.
• The Board has adopted board renewal and diversity guidelines. Following the annual general meeting
on May 4, women will represent 29% of directors, or 33% of independent directors of the Board. The
average tenure of the Board will be approximately 5.5 years (down from approximately 11 years).
FINANCIAL RESULTS AND FINANCIAL POSITION
• Sold 153,000 ounces at an average realized gold price of $1,781 per ounce 1, resulting in gold margin
of $729 per ounce1.
• Gross profit for the first quarter 2021 was $44.2 million, an increase of $12.3 million compared to the
prior year quarter, primarily due to higher realized prices partially offset by lower sales volumes.
• Net earnings for the first quarter 2021 were $19.5 million, or $0.04 per share, compared to net loss of
$34.4 million, or $0. 07 per share in the prior year quarter. The increase was primarily due to the gain
on the sale of the Company's non -core royalties ($35.7 million) in March 2021, a decrease in loss on
non-hedge derivatives and warrants and higher gross profit, partially of fset by higher other expenses
and higher income taxes.
• Adjusted net earnings were $6.2 million, or $0.01 per share, compared to adjusted net loss in prior
year quarter of $4.9 million, or $0.01 per share.
• Net cash from operating activities in the first quarter 2021 was $101.7 million, up $57.7 million from the
prior year quarter, primarily due to higher earnings, favourable movements in non -cash working capital
items ($38.8 million) primarily resulting from receipts for value -added taxes and a decrease in
inventory and non-current ore stockpiles. Mine-site free cash flow was $89.5 million for the first quarter
2021 compared to $14.1 million in the prior year quarter.
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• Cash, cash equivalents and short-term investments of $967.8 million at March 31, 2021.
• Total available liquidity at March 31, 2021 of $1,466 million, providing appropriate headroom to finance
the Company's ongoing development activities, with the maturity date of $490 million of the Company's
largely undrawn $500 million credit facility extended to January 31, 2025.
• Entered into gold sale prepayment arrangement for 50,000 gold ounces at an average price of $1,753
per ounce and at a cost of 4.44% per annum, for total prepayment to the Company of $80.3 million in
2022 with physical delivery by the Company of such ounces to the counterparties in 2024. This
transaction effectively rolls one -third of the Company’s 2019 prepay arrangement from 2022 to 2024,
with the new gold deliveries occurring after the completion of the Côté Gold Project.
OPERATIONS AND PROJECTS
Abitibi District, Canada – Westwood Mine (IAMGOLD interest – 100%)
Q1 2021 Q4 2020 Q1 2020
Mine operating statistics
Ore mined (000s t) – underground — 40 111
Ore mined (000s t) – other sources 246 169 109
Ore mined (000s t) – Total 246 209 220
Ore milled (000s t) 227 221 207
Head grade (g/t) – underground — 6.86 5.77
Head grade (g/t) – other sources 1.09 1.20 0.92
Head grade (g/t) – Total 1.09 2.24 3.47
Recovery (%) 93 93 94
Gold production (000s oz) 7 14 22
Gold sales (000s oz) 8 15 22
Performance measures
Average realized gold price1 ($/oz) $ 1,785 $ 1,864 $ 1,595
Total cash costs1 ($/oz) $ 1,186 $ 1,016 $ 1,176
All-in sustaining costs1 ($/oz) $ 1,187 $ 1,212 $ 1,242
Capital expenditures ($ millions)
Sustaining $ 0.4 $ 2.1 $ 2.4
Expansion $ 0.6 $ 1.9 $ 2.2
Total $ 1.0 $ 4.0 $ 4.6
1 This is a non-GAAP measure. Refer to the non-GAAP performance measures section of the MD&A.
Following the seismic event in the fourth quarter 2020, the Company announced a temporary reduction in
the underground workforce of approximately 70% and the Westwood underground operations we re placed
on care and maintenance. A business recovery plan has been in progress and rehabilitation work has been
ongoing with a small crew. The Company announced on April 22, 2021 that it had started a staged recall of
employees. Activities will be focuse d on training and rehabilitation work in the second quarter 2021. Mill
feed in 2021 is being sourced from the lower grade Grand Duc open pit , located 3 kilometres from the
Westwood mill complex.
Outlook
Rehabilitation activities are expected to ramp up following the workforce recall in the second quarter. The
Company expects to make a decision in the second quarter with respect to a possible targeted safe
restart, which would commence with the East Zone a nd progress to the other zones in a staged manner.
The business continuity assessment in the West Zone will be ongoing. The production guidance range for
the Westwood complex for 2021 remains 45,000 to 65,000 ounces assuming a restart of underground
mining in the second half of the year. Mill feed will continue to be sourced from the Grand Duc open pit and
would be supplemented with underground material when the Westwood mine restarts.
Exploration
Drilling to support the geotechnical study for the Fayolle property, acquired in 2020, commenced during the
quarter. Permitting, environmental studies and sampling activities are ongoing.
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During the first quarter 2021, the Company completed approximately 950 metres of diamond drilling
focused on both geotechnical a nd expansion drilling on the Lac Gamble Zone at its optioned Rouyn Gold
Project.
Côté Gold Project (IAMGOLD interest – 64.75%)
During the first quarter 2021, the earthwork contractors continued work on road widening and overburden
stripping, and commenced work on the water management infrastructure for the tailings management
facility. Temporary camps are now fully erected and commissioned. Construction of the permanent camp is
underway, which will serve to supplement peak construction workforce requirement s. Of the total number
of rooms planned, approximately 50% have been installed to -date, meeting the current requirements of the
site.
At March 31, 2021, detailed engineering reached 83% and overall the project was 18% complete.
Procurement and expediting of major equipment contracts are progressing with the contract for the mining
fleet being awarded in the first quarter.
The Company’s share of total project costs (exclusive of sunk costs) from July 1, 2020, net of leasing, is in
the range of $875 million to $925 million. The Company’s share of leasing is expected to be approximately
$120 million, assuming a go -forward USDCAD exchange rate of 1.30 (origi nally approximately $80 million
at an exchange rate of 1.35). The Company had incurred and expended costs of $67.1 million and $49.5
million, respectively, for the first quarter 2021 and $142.8 million and $101.6 million, respectively, since
July 1, 2020.
In line with company -wide COVID -19 safety protocols, additional steps have been taken to protect the
health and safety of employees and contractors, including antigen testing at the Sudbury and Timmins bus
terminals in order to detect COVID -19 cases before individuals reach the site. To date, the Company has
not experienced impacts to schedule due to COVID-19.
Outlook
The work plan will continue to focus on earthwork construction, haul road construction and water
management infrastructure around the pit sit e. A portion of the permanent camp will be commissioned
during the second quarter 2021 to increase the current capacity on site, with the camp expected to be fully
commissioned in the third quarter 2021. Civil works are underway at the plant site and concr ete activities,
as well as initial pre -stripping work in the pit, are expected to be initiated during the second quarter 2021
as planned.
The Company's share of the remaining total costs are expected to be expended as follows: 2021 - $319
million (including $307 million of capital expenditures), 2022 - $380 to $420 million and 2023 - $75 million
to $85 million.
Exploration
During the first quarter 2021, the Company reported further assay results from its ongoing delineation
drilling program at the Gosselin zone, centered 1.5 kilometres northeast of the Côté gold deposit. Drilling
highlights included: 417.3 metres grading 0.95 g/t Au (including 197.3 metres grading 1.60 g/t Au), 353.0
metres grading 1.04 g/t Au (including 46.0 metres grading 3.39 g/t Au), 86. 0 metres grading 5.57 g/t Au
(including 30.35 metres grading 14.70 g/t Au) and 101.6 metres grading 1.86 g/t Au (see news releases
dated January 21 and March 8, 2021).
The Company completed approximately 3,000 metres of diamond drilling and spent $0.9 mill ion during the
quarter, compared to $0.7 million in the fourth quarter 2020, primarily on continued delineation diamond
drilling to support the completion of an initial resource estimate, expected in the second half of 2021. In
2021, the Company expects to spend $2.8 million on greenfield exploration related to the Côté property,
including the Gosselin zone. This expenditure is not part of construction costs.
Chibougamau District, Canada
During the first quarter 2021, the Company commenced a ground induced polarization geophysical survey
to help guide the targeting for future drilling programs at its 75% -owned Nelligan Gold Project.
Approximately 8,000 to 10,000 metres of diamond drilling is planned for 2021 to support the completion of
an updated resource estimate expected in the second half of 2021.
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Rosebel District, Suriname – Rosebel Mine (IAMGOLD interest – 95%)1
Q1 2021 Q4 2020 Q1 2020
Mine operating statistics
Ore mined2 (000s t) 1,247 1,987 2,234
Waste mined2 (000s t) 8,910 11,121 13,627
Total material mined2 (000s t) 10,157 13,108 15,861
Strip ratio2 7.1 5.6 6.1
Ore milled2 (000s t) – Total 2,548 2,663 2,905
Ore milled (000s t) – Rosebel 1,640 1,305 2,839
Ore milled2 (000s t) – Saramacca 908 1,358 66
Head grade2 (g/t) 0.79 0.90 0.77
Recovery2 (%) 88 88 94
Gold production2 (000s oz) – 100% 57 68 67
Gold production (000s oz) – Owner Operator 49 55 67
Attributable gold production (000s oz) – 95% 47 52 64
Gold sales (000s oz) – 100% 45 55 66
Performance measures
Average realized gold price3 ($/oz) $ 1,752 $ 1,870 $ 1,605
Total cash costs3 ($/oz) $ 1,288 $ 1,133 $ 1,042
All-in sustaining costs3 ($/oz) $ 1,450 $ 1,310 $ 1,248
Capital expenditures ($ millions)
Sustaining4 $ 7.6 $ 8.1 $ 6.8
Expansion $ 10.8 $ 12.3 $ 13.7
Total $ 18.4 $ 20.4 $ 20.5
1 Rosebel at 100% and Saramacca at 70% from April 1, 2020, as included in the interim consolidated financial results, unless otherwise stated.
2 Includes Saramacca at 100%.
3 On an attributable basis. This is a non-GAAP measure. Refer to the non-GAAP performance measures section of the MD&A.
4 On an attributable basis, sustaining capital expenditures for the first quarter 2021 were $7.2 million (fourth quarter 2020 - $7.7 million, first quarter
2020 - $6.5 million).
An increase in positive COVID -19 cases in the country led to a temporary suspension of daily commuting
by employees during the quarter. Employees who live in the surrounding villages were required to remain
at site for seven or fourteen days during the suspension of daily commuting. To accommodate the full
workforce under established COVI D-19 protocols, a project has been underway that added 150 beds in
the first quarter, enabling mining capacity to increase, and will add a further 210 beds in the second
quarter.
Rosebel experienced an unusual amount of seasonal rain, twice the volume as i n the same period in 2020,
resulting in soft road and ground conditions, and water accumulation on benches during and after rain
events. The site is reviewing potential solutions to mitigate the impact of ongoing soft underfoot conditions.
The operations were also limited by rock hauling capacity, which was mitigated with the temporary addition
of a contractor.
Lower mill throughput was impacted by wet, soft ore from Saramacca combined with lower ore availability
from Rosebel due to mine sequencing. Lower grade stockpiles were utilized in the interim to supplement
the mill feed, which impacted overall head grades. Mill performance in the quarter was also impacted by
unscheduled maintenance and lower recoveries. Engineering and procurement of the adsorption,
desorption and recovery circuit upgrade project has commenced and, before the end of the year, this
project is expected to improve recovery by mitigating carbon-in-leach liquid losses.
Construction of Saramacca infrastructure progressed, despite the impac ts of weather, lodging restrictions
and hauling availability. Activities during the quarter included the completion of the community by -pass
road and non-critical infrastructure related construction.
The increase in strip ratio to 7.1 reflects the resumpti on of strategic pushbacks and mine development,
which were paused in 2020. These activities are intended to expose higher grade ore zones while mining
volumes at the Saramacca deposit continue to ramp up into higher grade zones.
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The Company’s collective la bour agreement with the Rosebel Union expired on August 15, 2020.
Negotiations on a new agreement continued to progress into the second quarter. The Company has
experienced intermittent disruptions from work stoppages and the local community’s response to daily
commute restrictions, which have impacted production levels.
Outlook
The 2021 attributable production guidance for Rosebel remains between 220,000 and 245,000 ounces.
Additional site accommodations will allow for an increase in the workforce level, which is expected to result
in higher production in the second half of the year. Although improving, restricted manpower and the rainy
season is expected to result in the second quarter gold production at similar levels as the first quarter. The
mined grades at Saramacca are expected to improve in the second half of the year but are expected to
remain below reserve grade due to mine sequencing. The Company is expecting certain cost pressures,
including higher diesel, power and haulage costs.
Essakane District, Burkina Faso – Essakane Mine (IAMGOLD interest – 90%)1
Q1 2021 Q4 2020 Q1 2020
Mine operating statistics
Ore mined (000s t) 4,435 3,710 3,953
Waste mined (000s t) 10,437 9,816 11,250
Total material mined (000s t) 14,872 13,526 15,203
Strip ratio 2.4 2.6 2.8
Ore milled (000s t) 3,189 3,266 3,230
Head grade (g/t) 1.34 1.34 1.01
Recovery (%) 82 81 90
Gold production (000s oz) 113 114 93
Attributable gold production (000s oz) – 90% 102 103 84
Gold sales (000s oz) 114 115 83
Performance measures
Average realized gold price2 ($/oz) $ 1,793 $ 1,864 $ 1,604
Total cash costs2 ($/oz) $ 934 $ 928 $ 909
All-in sustaining costs2 ($/oz) $ 1,061 $ 1,153 $ 1,054
Capital expenditures ($ millions)
Sustaining3 $ 5.4 $ 16.7 $ 5.6
Expansion $ 14.5 $ 20.7 $ 26.3
Total $ 19.9 $ 37.4 $ 31.9
1 100% basis, unless otherwise stated.
2 On an attributable basis. This is a non-GAAP measure. Refer to the non-GAAP performance measures section of the MD&A.
3 On an attributable basis, sustaining capital expenditures for the first quarter 2021 were $4.9 million (fourth quarter 2020 - $15.0 million, first quarter
2020 - $5.0 million).
The mill upgrade project was completed during the first quarter 2021 with an increase in screening
capacity at the crushing area and optimization of the SAG mill shell liners. The new equipment is in place
and optimization is ongoing with the intended hard rock capacity increase from 10.8 million tonnes to 11.7
million tonnes annually expected to be fully achieved before the end of the year.
Similar to the fourth quarter 2020, gold production was positively impacted by higher grades as the mine
sequenced through enriched zones at the bottom of the main pit, in combination with lower capitalized
stripping. The higher grades were accompanied by graphitic content, which resulted in lower recoveries
and increased consumption of reagents compared to the first quarter 2020. In order to mitig ate the impact
of complex ore on overall recovery, optimization of the gravity circuit was ongoing throughout the first
quarter 2021.
Outlook
Attributable production guidance for 2021 for Essakane remains between 365,000 and 390,000 ounces.
Mine production is expected to continue at current levels and the site will commence strategic push backs
resulting in increased capitalized stripping in the second half of the year. Mill feed will be supplemented by
ore stockpiles and grades are expected to be lower tha n the first quarter for the remainder of the year. The
Company will also be completing an updated internal study in the second half of the year with respect to its
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proposed future heap leach operation. Negotiations on Essakane's expiring three year collect ive labour
agreement are expected to begin at the end of the second quarter.
Bambouk District – Boto Gold Project, Senegal (IAMGOLD interest – 90%)
During the first quarter 2021, project de -risking activities continued, with plant engineering advancing to
approximately 75% complete. Activities included advancing access road and permanent camp
construction, with camp facility contracts expected to be awarded in the second quarter 2021. Various
geotechnical and hydrogeological assessments are underway, which will be used to refine facility and pit
design. Restrictions related to the COVID-19 pandemic eased during the fourth quarter 2020, and continue
to allow work on site to progress with the proper controls and processes in place. Capital expenditures in
the first quarter totaled $14.5 million.
In 2021, capital expenditures are expected to total $60 million with an early works package that includes
the completion of a road providing permanent access to the Boto site, engineering for critical plant
equipment, and sustainability programs targeted to promote cohesion with local communities and ensure
adequate environmental protections.
Exploration
During the first quarter 2021, the Company completed approximately 4,000 metres of diamond and reverse
circulation dri lling focused on infill drilling to upgrade resource confidence at the Diakha -Siribaya gold
project in Mali, as well as explore selected targets areas elsewhere on the property.
OUTLOOK
The following summarizes our expected outlook for certain performance metrics for 2021:
Actual
Q1 2021
Full Year
Guidance 20211
Essakane (000s oz) 102 365 – 390
Rosebel (000s oz) 47 220 – 245
Westwood (000s oz) 7 45 – 65
Total attributable production (000s oz) 156 630 – 700
Cost of sales ($/oz) $ 1,075 $980 – $1,030
Total cash costs2,3 ($/oz) $ 1,052 $930 – $980
All-in sustaining costs2,3 ($/oz) $ 1,238 $1,230 – $1,280
Depreciation expense ($ millions) $ 74 $295 – $305
Income taxes ($ millions)4 $ 7.5 $45 – $55
1 The outlook is based on 2021 full year assumptions with an average realized gold price of $1,750 per ounce, USDCAD exchange r ate of 1.30,
EURUSD exchange rate of 1.19 and average crude oil price of $47 per barrel.
2 This is a non-GAAP measure. Refer to the non-GAAP performance measures section of the MD&A.
3 Consists of Essakane, Rosebel, and Westwood on an attributable basis.
4 The Company has updated its full year cash taxes guidance from $78 million to $88 million to the range of $45 million to $55 million. This revision
largely reflects lower 2021 tax payments expected for Rosebel. Cash tax payments do not occur evenly by quarter, because paym ents reflect final
payments in respect of the prior year and installments due at different prescribed times for diffe rent countries.
Production guidance for Westwood is based on the targeted restart of underground mining operations in
the second half of 2021, supplementing ore from the Grand Duc open pit. Production at Rosebel is
expected to improve in the second half of the year after the impacts of the seasonal rains subside, all
additional site accommodations are completed and productivity and other initiatives are achieved. Rosebel
production is expected to be strongest in the fourth quarter , benefiting from the progression of mining
activities into the targeted higher grade ore zones at the Saramacca deposit. Refinements to the mining
sequences at Essakane are underway to mitigate the risks to production guidance posed by reduced
recovery of gold from pockets of higher graphitic ore. Higher grades achieved at Essakane in the first
quarter are expected to normalize in the second quarter onwards.
Unit costs are expected to decrease in the second half of the year commensurate with higher expected
production and sales, while noting the potential for adverse impacts should the increase in certain costs,
including energy and supplies, continue along with a stronger Canadian dollar and euro.
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Capital Expenditures1
Actual Q1 2021 Full Year Guidance 2021
($ millions) Sustaining2 Expansion3 Total Sustaining2 Expansion3 Total
Essakane $ 5.4 $ 14.5 $ 19.9 $ 60 $ 90 $ 150
Rosebel4 7.6 10.8 18.4 50 75 125
Westwood 0.4 0.6 1.0 10 10 20
13.4 25.9 39.3 120 175 295
Côté Gold (70%)5 — 48.4 48.4 — 355 355
Boto Gold — 14.5 14.5 — 60 60
Corporate 0.3 — 0.3 — — —
Total6,7,8 (±5%) $ 13.7 $ 88.8 $ 102.5 $ 120 $ 590 $ 710
1 100% basis, unless otherwise stated.
2 Sustaining capital includes capitalized stripping of (i) $nil for Essakane in the first quarter 2021, and (ii) $10 million for Essakane for the full year 2021
guidance.
3 Expansion capital includes capitalized stripping of (i) $9.2 million for Essakane and $7.3 million for Rosebel in the first q uarter 2021, and (ii) $65
million for Essakane and $45 million for Rosebel for the full year 2021 guidance.
4 Includes Saramacca at 70%.
5 The Côté Gold Project is expected to incur an additional $13 million of non -capital expenditures in 2021.
6 Includes $13 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.
7 Capitalized borrowing costs are not included.
8 In addition to the above capital expenditures, $23 million in total principal lease payments are expected.
Sustaining capital expenditures are expected to increase during the remainder of the year, reflecting the
timing of spend on major projects at Essakane and Rosebel, alongside increased development costs as
underground operations are targeted to resume at Westwood. Expa nsion capital expenditures are
expected to increase in the remainder of the year reflecting construction progress at the Côté Gold Project
and increased activities at the Boto Gold Project, as well as increased expansionary stripping campaigns
anticipated in the second half of the year at Essakane and Rosebel.
Exploration
During the quarter, drilling activities on active projects and mine sites totaled approximately 40,000 metres .
Total exploration expenditures continue to reflect the impact of localized work restrictions and program
curtailments experienced across some projects arising from the ongoing global COVID -19 pandemic.
Exploration expenditures totaled $10.4 million in the first quarter. 2021 guidance remains $56 million.
Conference Call
A conference call will be held on Tuesday, May 4, 2021 at 8:30 a.m. (Eastern Time) for a discussion with
management regarding IAMGOLD's operating performance and financial results for the first quarter 2021.
A webcast of the conference call will be available through IAMGOLD'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: 6571#.
______________________________
End Notes (excluding tables)
1 This is a non-GAAP measure. Refer to the reconciliation in the non-GAAP performance measures section of the MD&A.
2 DART (days away, restricted, transferred duty) and TRI (total recordable injuries) incident frequency rates are per 200,0 00 hours worked.
3 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.