Iamgold Reports First Quarter 2022 Results; Announces Appointment of Maryse Bélanger as Interim President and CEO & Provides Côté GOLD Project Update
NEWS RELEASE TSX: IMG NYSE: IAG
IAMGOLD REPORTS FIRST QUARTER 2022 RESULTS; ANNOUNCES APPOINTMENT
OF MARYSE BÉLANGER AS INTERIM PRESIDENT AND CEO &
PROVIDES CÔTÉ GOLD PROJECT UPDATE
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, 2022.
Q1 2022 HIGHLIGHTS:
• Attributable gold production of 174,000 ounces on continued strong performance from Essakane and improvements
at Rosebel.
• Cost of sales per ounce sold of $1,035, cash cost 1 per ounce sold of $1,017 and all-in sustaining costs 1 ("AISC")
per ounce sold of $1,490.
• Mine-site free cash flow1 of $87.5 million.
• Net earnings and adjusted net earnings1 per share attributable to equity holders of $0.05.
• Earnings before interest, income taxes, depreciation and amortization ("EBITDA") 1 of $135.0 million and adju sted
EBITDA1 of $137.6 million.
• Cash, cash equivalents and short-term investments and available liquidity1 at the end of the quarter of $524.4 million
and $1.0 billion, respectively.
• The Company estimates, based on the ongoing analysis, assessment and preliminary information available to date,
that the remaining Côté Gold project costs to completion at April 1, 2022 could be between approximately $1,200
to $1,300 million. Accordingly, the Company is withdrawing its 2022 and 2023 Côté Gold project costs guidance and
will provide a detailed updated costs and schedule estimates review before the end of the second quarter.
• Subsequent to the approval of the consolidated interim financial statements, Maryse Belanger, Chair of the Board
was also appointed Interim President and Chief Executive Officer (“CEO”) and David Smith was appointed Lead
Director.
Toronto, Ontario, May 3, 2022 – IAMGOLD Corporation (NYSE:IAG) (TSX:IMG) (“IAMGOLD” or the “Company”) today
reported its financial and operating results for the first quarter ended March 31, 2022, the appointment of current Chair of
the Board, Maryse Bélanger, as Interim President and CEO and an update to the Côté Gold Project.
Maryse Belanger, Chair of the Board and incoming Interim President and CEO, said: “The Company delivered good results
in the first quarter of 2022, resulting primarily from solid operating performa nce at Essakane. However, preliminary cost
estimates from the ongoing risk analysis at our Côté development project, coupled with the need for additional liquidity
represent significant near- and mid-term challenges.
“Given the complexity of the business from both an operational and project development standpoint, in addition to the need
to actively investigate financing measures, further management capacity is needed to bridge the gap until a search for a
permanent CEO is concluded. As a result, I have a greed to step in as Interim President and CEO. On behalf of the entire
Board, I thank Daniella for effectively leading the Company through a difficult period. I am looking forward to working closely
with Daniella and the rest of the management team to comp lete the Côté risk analysis and advance project development,
to continue operational and efficiency improvements at our mines, and to address the Company’s liquidity. I am confident
we will address these near -term challenges and we remain fully focused on our goal of becoming a leading high -margin
gold producer.”
Daniella Dimitrov, Chief Financial Officer and Executive Vice President, Strategy and Corporate Development , said: “I am
delighted to welcome Maryse as Interim President and CEO. She has been activ ely engaged in the business since being
appointed Chair and I look forward to working more closely with her under her leadership as Interim President and CEO.
Page | 2 of 25
Her proven strengths and experience in operational and efficiency improvements and in project development bring important
capacity and capability to the management team as we actively address the challenges before us.”
The following table summarizes certain financial results for the three months ended March 31, 2022 (Q1 2022), December
31, 2021 (Q4 2021) and March 31, 2021 (Q1 2021):
Q1 2022 Q4 2021 Q1 2021
Financial Results ($ millions, except where noted)
Revenues $ 356.6 $ 294.6 $ 297.4
Gross profit (loss) $ 81.0 $ (76.3) $ 44.2
EBITDA1 $ 135.0 $ (193.4) $ 113.8
Adjusted EBITDA1 $ 137.6 $ 90.0 $ 100.1
Net earnings (loss) attributable to equity holders $ 23.8 $ (194.1) $ 19.5
Adjusted net earnings attributable to equity holders1 $ 26.1 $ 44.3 $ 6.2
Net earnings (loss) per share attributable to equity holders $ 0.05 $ (0.41) $ 0.04
Adjusted net earnings per share attributable to equity holders1 $ 0.05 $ 0.09 $ 0.01
Net cash from operating activities before changes in working capital1 $ 133.9 $ 76.0 $ 82.5
Net cash from operating activities $ 142.3 $ 67.5 $ 101.7
Mine-site free cash flow1 $ 87.5 $ 12.3 $ 89.5
Capital expenditures1 – sustaining $ 76.6 $ 41.4 $ 13.7
Capital expenditures1 – expansion $ 92.1 $ 190.1 $ 88.8
1 This is a non-GAAP measure. See "Non-GAAP Financial Measures".
QUARTERLY REVIEW
Operating Results
Q1 2022 Q4 2021 Q1 2021
Key Operating Statistics
Gold production – attributable (000s oz) 174 153 156
Gold sales – attributable (000s oz) 181 152 153
Average realized gold price1 ($/oz) $ 1,813 $ 1,794 $ 1,781
Cost of sales2 ($/oz sold) – attributable $ 1,035 $ 1,597 $ 1,075
Cash costs1 ($/oz sold) – attributable $ 1,017 $ 1,213 $ 1,073
AISC1 ($/oz sold) – attributable $ 1,490 $ 1,537 $ 1,238
1 This is a non-GAAP measure. See "Non-GAAP Financial Measures".
Attributable gold production for the first quarter was 174,000 ounces, up 21,000 ounces or 14% from the prior quarter, on
continued strong performance from Essakane and improvements at Rosebel. Attributable gold sales of 181,000 ounces
came in above production due to the timing of sales of gold inventory at Essakane, with the average realized gold price of
$1,813 per ounce reflecting the delivery of 37,500 ounces at $1,500 per ounce in accordance with the 2019 prepay
arrangement.
Cost of sales (excluding depreciation) per ounce sold was $ 1,035 for the first quarter, down $562 per ounce or 35% from
$1,597 per ounce sold in the prior quarter. Excluding depreciation and the NRV write -downs, cost of sales per ounce sold
was lower by $245 per ounce sold due to higher production resulting from higher head grades at Essakane and higher sales
volumes, partially offset by higher operating costs of $18 per ounce sold.
Cash costs1 per ounce sold in the first quarter was $1,017, down $196 per ounce or 16% from the prior quarter on strong
gold sales. AISC per ounce sold of $1,490 was down $47 per ounce or 3% from the prior quarter, due to higher sales volume
of $235 per ounce sold, partially offset by higher sustaining capital expenditures of $179 per ounce sold.
Page | 3 of 25
Health and Safety
Health and safety is core to the Company’s relentless pursuit of its Zero Harm® vision. Through various programs, the
Company continuously promotes a safe work environment and a wellness program at all sites. The DARTFR 2 (days away,
restricted, transferred duty frequency rate) was 0.29 for the first quarter 2022, tracking below the global annual target of
0.42. The TRIFR 2 (total recordable injuries frequency rate) was 0.85 for the first quarter 2022, tracking above the global
annual target of 0.73. Côté Gold has surpassed over 4.7 million hours with no lost time injuries to date. Our operations have
been increasing focus on risk awareness and preventive activities related to work tasks.
The global COVID -19 pandemic continues to evolve and the management thereof remains a significant focus for the
business. Rising positive cases at our operations, including at Rosebel, Westwood and Côté Gold project, resulted in some
of the workforce being unavailable during the first half of the first quarter 2022. See " Operations and Projects " below for
more information on each site. The Company continues to closely monitor developments and is taking necessary measures
to manage the impact of the COVID-19 pandemic on its personnel, operations, construction and development projects and
exploration activities.
Financial Results
For the first quarter ended March 31, 2022, net earnings and adjusted net earnings1 per share attributable to equity holders
were $0.05, EBITDA was $135.0 million and adjusted EBITDA1 was $137.6 million.
First quarter 2022 mine site free cash flow 1 was $87.5 million, up $ 75.2 million from the prior quarter, on higher operating
cash flow at Essakane primarily due to higher sales and average realized gold price ($55.9 million), Rosebel primarily due
to higher average realized gold price and lower operating costs ($11.0 million), and Westwood primarily due to higher sales
and average realized gold price ($8.5 million), partially offset by higher capital expenditures at Westwood ($2.4 million).
Net cash from operating activities for the first quarter 2022 was $142.3 million, an increase of $74.8 million from the pri or
quarter, primarily due to higher net cash earnings ($47.3 million), proceeds from the 2022 Prepay Arrangements ($59.0
million), partially offset by deferred revenue recognized on the 2019 Prepay Arrangement ($48.8 million) and a net inflow
from working capital movements ($16.9 million).
Net cash used in investing activities for the first quarter 2022 was $160.5 million, a decrease of $102.8 million from the prior
quarter, primarily due to a decrease in capital expenditures for property, plant and equipme nt mainly due to lower
expenditures at Côté Gold as a result of timing of construction activities ($63.0 million), lower borrowing costs paid as
interest on the Company’s unsecured senior n otes paid on October 15 th ($20.6 million) offset by proceeds received from
the disposal of marketable securities ($7.8 million). The prior quarter’s investing activities also included the acquisition of a
royalty interest by the Company's subsidiary, EURO Ressources S.A., ($7.2 mil lion) and an increase to restricted cash in
support of environmental closure cost obligations at Essakane ($6.0 million).
Net cash used in financing activities for the first quarter 2022 was $7.5 million, an increase of $7.9 million from the prior
quarter, primarily due to a decrease in interest paid ($7.6 million).
LIQUIDITY AND CAPITAL RESOURCES
As at March 31, 2022, the Company had $519.5 million in cash and cash equivalents, $4.9 million in short-term investments
and net debt of $6.5 million. Restricted cash in support of environmental closure costs obligations related to Essakane
totaled $41.2 million.
Approximately $498 million was available under the Company’s secured revolving credit facility resulting in available liquidity
at March 31, 2022 of $1.0 billion. The Company drew down $100 million on the Credit Facility on April 29, 2022 to prepare
for Côté Gold cash calls during the remainder of the second quarter while the Company was completing certain cash
repatriation initiatives, including a dividend declared and paid by Essakane in April 2022.
On April 29, 2022, the Company, on behalf of the Côté Gold UJV, entered into a master lease agreement with Caterpillar
Financial Services Limited to lease certain mobile equipment, expected to be delivered o ver the course of 2022 and 2023,
Page | 4 of 25
with a value of approximately $125 million. In connection therewith, Sumitomo Metal Mining Co. Ltd (“SMM”) entered into a
guarantee of 30% of the obligations under such agreement, reflecting its pro rata interest in the Côté Gold UJV.
Prepay Arrangements
During 2019, the Company entered into gold sale prepayment arrangements with a syndicate of banks with a collar range
of $1,300 to $1,500 per ounce at a cost of 5.38% per annum . Pursuant to the 2019 prepay arrangement, the Company
received a cash prepayment of $169.8 million in December 2019 in exchange for delivering 150,000 gold ounces in 2022.
The first 37,500 ounces were delivered into th is prepay arrangement in the first quarter 2022 and the Company received
$7.5 million in cash in relation to the collar.
During 2021, the Company entered into gold sale prepayment arrangements (the "2022 Prepay Arrangement s") at a
weighted average cost of 4.45% per annum in respect of 150,000 gold ounces. These arrangements have an avera ge
forward contract price of $1,753 per ounce on 50,000 gold ounces and a collar range of $1,700 to $2,100 per ounce on
100,000 gold ounces. This will result in a total prepayment to the Company of $236 million over the course of 2022 and the
requirement on the part of the Company to physically deliver such ounces over the course of 2024. The 2022 Prepayment
Arrangements have the effect of rolling the 2019 prepay arrangement from 2022 to 2024 after the completion of the
construction of Côté Gold. The Compan y received $59.0 million during the first quarter 2022 pursuant to the 20 22 Prepay
Arrangements.
Liquidity Outlook
Based on the information currently available, the Company’s cash and cash equivalents balance, the net cash expected to
be generated by the C ompany’s operations in the next twelve months and undrawn amounts of the Credit Facility are
expected to be sufficient to continue to fund the construction of Côté Gold, to meet obligations and to fund planned investing
activities at the Company’s existing operations for approximately the next twelve months. The Company expects that the
change in the remaining costs to complete and schedule of the Côté Gold project (see “Côté Gold Project - Remaining
Costs to Complete and Schedule”) will result in the Company requiring additional financing in 2023, in addition to its existing
Credit Facility, to complete the construction of Côté Gold. The Company is, therefore, actively investigating measures to
increase its liquidity and capital resources including addition al debt or equity financing, strategically disposing of assets or
pursuing joint-venture partnerships. Readers are encouraged to read the “Caution Regarding Forward Looking Statements”
and the “Risk Factors” sections contained in the Company’s 2021 Annual Information Form, which is available on SEDAR
at www.sedar.com and the “Risk and Uncertainties” section of the MD&A.
OUTLOOK
Actual YTD 2022 Full Year Guidance 20221
Essakane (000s oz) 112 360 – 385
Rosebel (000s oz) 46 155 – 180
Westwood (000s oz) 16 55 – 75
Total attributable production (000s oz)2 174 570 – 640
Cost of sales2 ($/oz sold) $ 1,035 $1,100 – $1,150
Cash costs2,3 ($/oz sold) $ 1,017 $1,100 – $1,150
AISC2,3 ($/oz sold) $ 1,490 $1,650 – $1,690
1 The full year guidance is based on the following 2022 full year assumptions: average realized gold price of $1,700 per ounce, USDCAD exchange rate of 1.25,
EURUSD exchange rate of 1.20 and average crude oil price of $70 per barrel.
2 Consists of Essakane, Rosebel and Westwood on an attributable basis of 90%, 95% and 100%, respectively.
3 This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
Production Outlook
Attributable gold production guidance for 2022 is unchanged and is expected to be in the range of 570,000 to 640,000
ounces.
Page | 5 of 25
Costs Outlook
Costs guidance for 2022 is unchanged with cash costs¹ expected to be between $1,100 and $1,150 per ounce sold and
AISC¹ expected to be between $1,650 and $1,690 per ounce sold. These estimates included an inflation assumption of 5%
to 7% on key consumables, translating to an increase of 1% to 2% in cash costs and AISC (reflected in the guidance
figures). Towards the end of the first quarter, additional cost pressures emerged arising from systemic inflation, constrained
global supply chains and the sanctions on trade with Russia, increasing the average cost of key consumables, such as oil,
ammonium nitrate, grinding med ia, lime and cyanide. The Company continues to work with its supply chain and seek
alternatives to mitigate ongoing costs pressures, including the sourcing of appropriate alternatives, albeit at higher prices
and/or varying quality, as well as progressing productivity initiatives at its operations through the IAMALLIN operational
improvement program. Increases in oil prices have been partially mitigated by the existing oil hedge program, details of
which can be found in the “Market Risk” section of the Company’s MD&A. For reference, excluding the impact of the
Company’s hedging program, a $10/bbl increase in the oil price would translate to a $15 per ounce increase in cash costs;
however with current hedges in place, the same movement would equate to a $6 pe r ounce increase in cash costs. The
Company notes that continued external cost pressures may result in an increase to costs and capital expenditures guidance
estimates and will provide further updates next quarter.
Capital Expenditures1
Actual YTD 2022 Full Year Guidance 2022
($ millions) Sustaining2 Expansion3 Total Sustaining2 Expansion3 Total
Essakane $ 47.7 $ 1.0 $ 48.7 $ 165 $ 5 $ 170
Rosebel4 20.5 6.0 26.5 105 35 140
Westwood 7.3 0.5 7.8 40 10 50
75.5 7.5 83.0 310 50 360
Côté Gold5 (70%) — 78.5 78.5 — under review under review
Boto Gold — 6.1 6.1 — 20 20
Corporate 1.1 — 1.1 — — —
Total6,7,8,9 (±5%) $ 76.6 $ 92.1 $ 168.7 $ 310 NA NA
1 100% basis, unless otherwise stated.
2 Sustaining capital includes capitalized stripping of (i) $29.9 million for Essakane and $12.5 million for Rosebel in Q1 2022, and (ii) for the full year 2022 guidance
$110 million for Essakane and $45 million for Rosebel. Refer to site "Outlook" s ections below.
3 Expansion capital includes capitalized stripping of (i) $nil million for Essakane and $3.5 million for Rosebel in Q1 2022, an d (ii) for the full year 2022 guidance $nil
for Essakane and $20 million for Rosebel. Refer to site "Outlook" secti ons below.
4 Rosebel includes Saramacca at 70%.
5 Based on the ongoing review of project costs and schedule estimates, the Company has withdrawn its 2022 and 2023 Côté Gold re maining project cost guidance
(previously $590 - $620 million).
6 Includes $10 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, $24 million in total principal lease payments are expected.
9 See “Costs Outlook” section above.
Exploration
Actual YTD 2022 Full Year Guidance 2022
($ millions) Capitalized Expensed Total Capitalized Expensed Total
Exploration projects – greenfield $ — $ 6.9 $ 6.9 $ — $ 21 $ 21
Exploration projects – brownfield1 1.8 1.3 3.1 10 4 14
$ 1.8 $ 8.2 $ 10.0 $ 10 $ 25 $ 35
1 Exploration projects - brownfield includes planned near -mine exploration and resource development of (i ) $1.8 million for 2022, and (ii) $10 million for the full year
2022 guidance.
Page | 6 of 25
OPERATIONS AND PROJECTS
Essakane District, Burkina Faso – Essakane Mine (IAMGOLD interest – 90%)1
Q1 2022 Q4 2021 Q1 2021
Key Operating Statistics
Ore mined (000s t) 3,832 4,113 4,435
Waste mined (000s t) 11,346 10,903 10,437
Material mined (000s t) – total 15,178 15,016 14,872
Strip ratio2 3.0 2.7 2.4
Ore milled (000s t) 3,162 3,292 3,189
Head grade (g/t) 1.39 1.13 1.34
Recovery (%) 88 91 82
Gold production (000s oz) – 100% 124 108 113
Gold production (000s oz) – attributable 90% 112 98 102
Gold sales (000s oz) – 100% 131 102 114
Average realized gold price3 ($/oz) $ 1,885 $ 1,794 $ 1,783
Financial Results ($ millions)1
Revenues5 $ 248.2 $ 184.2 $ 204.1
Operating costs (90.4) (84.2) (103.4)
Royalties (12.3) (9.2) (10.1)
Cash costs3 $ (102.7) $ (93.4) $ (113.5)
Other mine costs4 (0.4) (43.2) (0.3)
Cost of sales5 $ (103.1) $ (136.6) $ (113.8)
Sustaining capital expenditures3,6 (47.7) (22.9) (5.4)
Other costs and adjustments7 1.7 41.6 (1.7)
AISC3 $ (149.1) $ (117.9) $ (120.9)
Expansion capital expenditures3,8 $ (1.0) $ (24.1) $ (14.5)
Performance Measures9
Cost of sales excluding depreciation ($/oz sold) $ 784 $ 1,333 $ 999
Cash costs3 ($/oz sold) $ 781 $ 912 $ 997
AISC3 ($/oz sold) $ 1,134 $ 1,150 $ 1,061
1 100% basis, unless otherwise stated.
2 Strip ratio is calculated as waste mined divided by ore mined.
3 This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
4 Other mine costs include the add -back of non-cash long-term portion of stockpile inventory NRV write -down for the first quarter 2022 of $nil (fourth quarter 2021 -
$42.9 million; first quarter 2021 - $nil) and the exclusion of by-product credits.
5 As per note 27 of the consolidated interim financial statements for revenue s and cost of sales. Cost of sales is net of depreciation expense.
6 Includes sustaining capitalized stripping for the first quarter 2022 of $29.9 million (fourth quarter 2021 - $6.7 million; first quarter 2021 - $nil).
7 Other costs and adjustments include the non -cash long-term portion of stockpile inventory NRV write -down for the first quarter 2022 of $ nil (fourth quarter 2021 -
$42.9 million; first quarter 2021 - $nil), in addition to sustaining lease principal payments, environmental rehabilitation accretion and depletion, and prior pe riod
operating costs, partially offset by by-product credits.
8 Includes expansion capitalized stripping for the first quarter 2022 of $nil (fourth quarter 2021 - $21.1 million; first quarter 2021 - $9.2 million).
9 Cost of sales, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.
Essakane delivered the highest quarter of production to date with attributable gold production of 112,000 ounces, 14%
higher than the prior quarter, primarily benefitting from higher head grades and optimized ore blend management at the
mill.
Mining activity of 15.2 million tonnes was in line with the prior quarter due to efficiencies achieved from material re-handling
procedures as a greater proportion of the mill feed was sourced directly from the pit, rather than being moved from ore
stockpiles, which increased hauling equipment availability to prioritize in-pit activities.
Mill throughput of 3.2 million tonnes was achieved at a head grade of 1.39 g/t Au with average recoveries of 88% and plant
availability of 95%. Head grades came in a bove expectations as a result of higher than anticipated ore grades in Phase 4.
Essakane continues to have a positive reconciliation between mined head grades and the reserve block model.
Page | 7 of 25
Mill recovery of 88% was 3% lower than the prior quarter due to var iations in the graphitic content of the ore milled. Ore
blending strategies of the mill feed optimized the feed grade while mitigating the negative impact of the graphitic content on
recovery. Gravity recoveries have been consistently increasing and account for more than 50% of gold recovered, achieved
through the optimization of operating parameters and equipment availability.
COVID-19 cases peaked at the end of 2021 and the situation is currently stable with no cases recorded during the first
quarter. Measures and controls remain in place to prevent transmission, reinforce awareness and promote vaccination.
Approximately 65% of the workforce is fully vaccinated.
The IAMALLIN improvement project has entered the execution phase and in the first quarter 2022 focus continued on mine
and mill productivities, working capital management and other operational efficiency and maintenance programs.
The operation continued normally following the political developments in Burkina Faso (see news release dated January
25, 2022), although it is continually challenged by the on -the ground security circumstances. The Company has taken
proactive measures to ensure the safety and security of in -country personnel and continues to adjust its protocols and the
activity levels at t he site according to the security environment and the supply chain circumstances. The Company is
furthering certain additional investments in security infrastructure in the region and at the mine site.
Outlook
Attributable gold production at Essakane in 2022 is expected to approximate the top-end of the range of 360,000 to 385,000
ounces, reflecting the higher than expected grades in the first quarter and the potential for further positive reconciliation
between mined grades and the reserve block model. Head grades are expected to normalize closer to reserve grades over
the course of the year; however , the Company is investigating whether the updated block model may be underestimating
grade as the complexity of mineralization has increased in the lower portions of the pit with higher amounts of coarse gold.
The operation continues to execute on targeted operational improvements including improving mill throughput through
optimizing blast fragmentation and further optimizing the gravity circuit through the planned addition of a double deck screen.
Cash costs continue to be under pressure due to systemic inflation, constrained global supply chains, changes in
transportation and logistics in relation to the Company’s workforce, and additional investment in security infrastructure. The
Company continues to actively work with authorities and suppliers to mitigate potential impacts and manage continuity of
supply due to the security situation noted above. Certain input costs at Essakane, including labour, are expected to be lower
due to a weakened EURUSD exchange rate offset by the costs pressures discussed under “Outlook”.
Page | 8 of 25
Rosebel District, Suriname – Rosebel Mine (IAMGOLD interest – 95%)1
Q1 2022 Q4 2021 Q1 2021
Key Operating Statistics
Ore mined2 (000s t) 1,588 2,194 1,247
Waste mined2 (000s t) 11,128 11,594 8,910
Material mined2 (000s t) – total 12,716 13,788 10,157
Strip ratio2,3 7.0 5.3 7.1
Ore milled (000s t) – Rosebel 1,555 1,461 1,640
Ore milled2 (000s t) – Saramacca 757 988 908
Ore milled2 (000s t) – total 2,312 2,449 2,548
Head grade2,4 (g/t) 0.81 0.78 0.79
Recovery2 (%) 91 86 88
Gold production2 (000s oz) – 100% 55 53 57
Gold production1 (000s oz) – owner operator 49 44 49
Gold production (000s oz) – attributable 95% 46 42 47
Gold sales1 (000s oz) – owner operator 49 50 45
Average realized gold price5 ($/oz) $ 1,886 $ 1,795 $ 1,752
Financial Results ($ millions)1
Revenues8 $ 91.6 $ 88.2 $ 78.8
Operating costs (58.0) (69.0) (50.5)
Royalties (5.8) (5.4) (5.5)
Cash costs5,6 $ (63.8) $ (74.4) $ (56.0)
Other mine costs7 (2.7) (20.0) (0.1)
Cost of sales8 $ (66.5) $ (94.4) $ (56.1)
Sustaining capital expenditures5,9 (20.5) (13.3) (7.6)
Other costs and adjustments10 0.4 18.1 (1.6)
AISC5 $ (86.6) $ (89.6) $ (65.3)
Expansion capital expenditures5,11 $ (6.0) $ (17.1) $ (10.8)
Performance Measures12
Cost of sales excluding depreciation ($/oz sold) $ 1,369 $ 1,922 $ 1,244
Cash costs5 ($/oz sold) $ 1,315 $ 1,514 $ 1,244
AISC5 ($/oz sold) $ 1,784 $ 1,824 $ 1,450
1 Rosebel at 100% and Saramacca at 70%, as included in the consolidated interim financial statements, unless otherwise stated.
2 Includes Saramacca at 100%.
3 Strip ratio is calculated as waste mined divided by ore mined.
4 Includes head grade / tonne for the first quarter 2022 related to the Rosebel concession of 0.78 g/t and the Saramacca concession of 0.86 g/t (fourth quarter 2021
- 0.70 g/t and 0.91 g/t respectively; first quarter 2021 – 0.62 g/t and 1.11 g/t respectively).
5 This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
6 Cash costs includes by-product credit.
7 Other mine costs include the add -back of non-cash long-term portion of stockp ile inventory NRV write -downs for the first quarter and 2022 of $ 2.6 million (fourth
quarter 2021 - $20.0 million; first quarter 2021 - $nil) and the exclusion of by-product credits.
8 As per note 27 of the consolidated interim financial statements for reven ues and cost of sales. Cost of sales is net of depreciation expense.
9 Includes sustaining capitalized stripping for the first quarter 2022 of $12.5 million (fourth quarter 2021 - $nil; first quarter 2021 - $nil).
10 Other costs and adjustments exclude the non-cash long-term portion of stockpile inventory NRV write-downs for the first quarter 2022 of $2.6 million (fourth quarter
2021 - $20 million; first quarter 2021 - $nil) in addition to sustaining lease principal payments and environmental rehabilitation accretion and depletion, partially
offset by by-product credits.
11 Includes expansion capitalized stripping for the first quarter 2022 of $3.5 million (fourth quarter 2021 - $10.3 million; first quarter 2021 - $7.3 million).
12 Cost of sales, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.
Rosebel achieved attributable gold production of 46,000 ounces, 10% higher than the prior quarter, benefiting from improved
recovery and head grades, partially offset by lower throughput.
Material mined of 12.7 million tonnes was 8% lower compared with the prior quarter as waste stripping activities lagged
earlier in the quarter with a ramp up in March, including as a result of the continued challenge of managing pit intrusions by
illegal miners. Additional hauling vehicles allocated to Saramacca increased soft ore availability for the mill feed and reduced
reliance on lower grade stockpiles. The grade mined at Saramacca continued to be lower than reserve grad e due to the