Iamgold Reports First Quarter 2024 Results
TSX: IMG NYSE: IAG NEWS RELEASE
IAMGOLD REPORTS FIRST QUARTER 2024 RESULTS
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, May 9, 2024 – IAMGOLD Corporation (NYSE:IAG, TSX:IMG) (“IAMGOLD” or the “Company”)
today reported its financial and operating results for the first quarter ended March 31, 2024.
"IAMGOLD started 2024 with very strong performance across its operations, projects and in health and safety," said
Renaud Adams, President and Chief Executive Officer of IAMGOLD. "At its operations, the Company reported
attributable production of 151,000 ounces. This outperformance was driven by stable operations and positive grade
reconciliation at Essakane, coupled with Westwood achieving its highest quarter of production since the restart of the
mine in 2021. Looking forward, Essakane and Westwood are well positioned to achieve their guidance targets this
year, and I want to thank both teams for the commitment to Zero Harm®, accountability and performance."
"The highlight of the quarter, and a major milestone for IAMGOLD was the announcement of the first gold pour at the
Côté Gold mine," continued Mr. Adams. "This achievement represents the culmination of over 15 million hours of work
and over four years of construction to bring the project online within the revised budget – an incredible effort for the
team on the ground. While cause for celebration, the first gold achievement is but the first step in the road to bring
Côté to full design capacity. The ramp up of the operation is progressing well, with all major equipment – including
crushers, high pressure grinding rolls ("HPGR"), ball mill, cyclones, conveyors, piping, electrical connections and inter-
plant programming communications – demonstrating their capability to operate at planned throughput levels. The key
for Cote during this period is to steadily improve the plant availability and stability. We are seeing improvements every
day and are confident in our estimate of commercial production in the third quarter 2024. This timeline will set us up
well towards the goal of reaching 90% throughput exiting 2024 and ultimately position Côté Gold among the top gold
mines in Canada."
HIGHLIGHTS:
Operating and Financial
• Attributable gold production was 151,000 ounces. Essakane had a strong first quarter with attributable production
of 118,000 ounces, mainly due to higher grades, Westwood achieved its highest quarterly production since
restarting with production of 32,000 ounces and initial attributable production was achieved at Côté Gold of 1,000
ounces.
• Operating guidance for the year is unchanged. Attributable gold production, excluding Côté Gold, for 2024 is
expected to be in the range of 430,000 to 490,000 ounces, with cash costs per ounce sold for Essakane and
Westwood to be between $1,280 and $1,400 per ounce sold and AISC expected to be in the range of $1,780 to
$1,940 per ounce sold.
• Revenues were $338.9 million from sales of 163,000 ounces ( 150,000 ounces on an attributable basis) at an
average realized gold price1 of $2,077 per ounce.
• Cost of sales per ounce sold was $1,056, cash cost 1 per ounce sold was $1,053 and all-in-sustaining-cost 1
(“AISC”) per ounce sold was $1,493 (excluding Côté Gold).
• Net earnings and adjusted net earnings per share attributable to equity holders1 of $0.11 and $0.11, respectively.
• Net cash from operating activities was $77.1 million . Net cash from operating activities, before movements in
working capital and non-current ore stockpiles1 was $142.8 million.
• Earnings before interest, income taxes, depreciation and amortization (“EBITDA”) 1 was $154.1 million and
adjusted EBITDA1 was $152.5 million.
• Mine-site free cash flow1, excluding Côté Gold, was $46.2 million.
• The Company has available liquidity 1 of $693.8 million , mainly comprised of cash and cash equivalents of
$291.2 million and the available balance of the secured revolving credit facility (“Credit Facility”) of $402.3 million
as at March 31, 2024.
• In health and safety, for the quarter ended March 31, 2024 , the Company reported a DARTFR (days away,
restricted, transferred duty frequency rate) of 0.53, an improved trend since last year and a TRIFR (total
recordable injuries frequency rate) of 0.61, an improved trend since last year.
• On April 19, 2024, the Company received an updated credit rating from Standard and Poor’s which upgraded the
corporate credit rating from CCC+ to B- with a stable outlook. This compares with the Company’s existing
corporate credit ratings from Fitch and Moody’s of B- and B3 respectively.
Côté Gold
• T h e f i r s t g o l d p o u r w a s c o m p l e t e d o n M a r c h 3 1 , 2 0 2 4 , w i t h t h e c r u s h i n g , H P G R a n d p r o c e s s i n g c i r c u i t s
performing within expectations, including power consumption. Construction is also substantially complete and the
construction teams have been demobilized with a successful handover to the operations team. Operations are
scheduled to continue to ramp-up in the second quarter 2024 and commercial production is expected to be
achieved during the third quarter 2024. The Company expects the Côté Gold operation to exit the year at
approximately 90% of nameplate throughput.
• Operating guidance for Côté Gold is unchanged, with 2024 production (on a 100% basis) expected to be between
220,000 and 290,000 ounces for the year (132,000 and 174,000 ounces on a 60.3% basis for IAMGOLD). As
Côté Gold achieves 90% throughput, which is expected by the end of the year, the Company estimates cash
costs at that time to be in the range of approximately $700 to $800 per ounce sold and AISC of $1,100 to $1,200
per ounce sold.
• On a 100% basis at the UJV level, the Côté Gold Project incurred project expenditures 1 of $151.7 million in the
first quarter 2024. Since commencement of construction, $2.935 billion of the planned $2.965 billion of project
expenditures has been incurred up to achievement of first gold. Remaining p roject expenditures post first gold are
estimated to be $67 million ±5%, in line with guidance.
• IAMGOLD will continue to fund 60.3% of the operating costs and capital expenditures and will receive 60.3% of
the gold production. See “Côté Gold”.
Corporate
• On April 4, 2024, the Company announced that it entered into a gold prepay arrangement and a partial
amendment to one of its existing gold prepayment arrangements. The net result of these arrangements is the
effective transition of the cash impact of the current gold delivery obligations out of the second quarter of 2024 into
the same period in the following year, increasing cashflow in the second quarter 2024 by approximately $73.6
million assuming gold prices at the time of the arrangement. See “Liquidity and Capital Resources”.
• On February 15, 2024, the Company announced that Murray Suey has been appointed to the Company’s Board
of Directors effective immediately. Mr. Suey has also been appointed as the Chair of the Audit and Finance
Committee.
• On February 13, 2024, the Company acquired all of the issued and outstanding common shares of Vanstar for
consideration of approximately 12.0 million common shares of the Company. Vanstar owned a 25% interest in the
Nelligan Gold Project ("Nelligan") in Quebec, Canada. With the acquisition of Vanstar complete, the Company
now owns a 100% interest in Nelligan.
• On February 27, 2024, the Company announced that it had completed the acquisition of all the outstanding
common shares of EURO Ressources S.A., following the approval by the Autorité des Marchés Financiers in
France on January 23, 2024. IAMGOLD France acquired the remaining outstanding common shares of EURO
that IAMGOLD France did not already own for cash consideration of €3.50 per share for an aggregate
consideration of €21.9 million ($23.7 million), followed immediately by a "squeeze-out" under French law and the
subsequent delisting of Euro Ressources from the Euronext Paris stock exchange.
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QUARTERLY REVIEW
For more details and the Company's overall outlook for 2024, see “Outlook”, and for individual mine performance, see
“Quarterly Updates”. The following table summarizes certain operating and financial results for the three months
ended March 31, 2024 (Q1 2024) and March 31, 2023 (Q1 2023) and certain measures of the Company's financial
("discontinued operations") position as at December 31, 2023, and March 31, 2023. Financial results of Rosebel
include the one-month period ended January 31, 2023, prior to the closing of the sale to Zijin.
Q1 2024 Q1 2023
Key Operating Statistics
($ millions from continuing operations)
Gold production – attributable (000s oz)
- Essakane 118 92
- Westwood 32 21
Subtotal 150 113
- Côté Gold 1 —
Total gold production – attributable (000s oz) 151 113
Gold sales – attributable (000s oz)
- Essakane 117 88
- Westwood 33 21
Subtotal 150 109
- Côté Gold — —
Total gold sales – attributable (000s oz) 150 109
Cost of sales1 ($/oz sold) – attributable
- Essakane $ 1,004 $ 1,063
- Westwood 1,243 1,657
Subtotal $ 1,056 $ 1,176
- Côté Gold — —
Total cost of sales1 ($/oz sold) – attributable $ 1,056 $ 1,176
Cash costs2 ($/oz sold) – attributable
- Essakane $ 1,002 $ 964
- Westwood 1,236 1,646
Subtotal $ 1,053 $ 1,094
- Côté Gold — —
Total cash costs2 ($/oz sold) – attributable $ 1,053 $ 1,094
AISC2 ($/oz sold) – attributable
- Essakane $ 1,312 $ 1,157
- Westwood 1,836 2,508
Subtotal $ 1,493 $ 1,525
- Côté Gold — —
Total AISC2 ($/oz sold) – attributable $ 1,493 $ 1,525
Average realized gold price2,3($/oz) $ 2,077 $ 1,893
Key Operating Statistics
($ millions from Rosebel discontinued operation)
Gold production – attributable (000s oz) — 25
Gold sales – attributable (000s oz) — 24
Cost of sales1 ($/oz sold) – attributable — $ 949
Cash costs2 ($/oz sold) – attributable — $ 949
AISC2 ($/oz sold) – attributable — $ 1,358
1. Throughout this news release, cost of sales, excluding depreciation, is disclosed in the cost of sales note in the consolidated interim financial statements.
2. This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.
3. The average realized gold price in the first quarter 2024 excluding the impact of the 2022 Prepay Arrangement (as defined below) was $2,091.
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Q1 2024 Q1 2023
Financial Results
($ millions from continuing operations)
Revenues $ 338.9 $ 226.2
Gross profit $ 105.7 $ 43.1
EBITDA1 $ 154.1 $ 82.8
- Continuing operations $ 154.1 $ 68.4
- Discontinued operations $ — $ 14.4
Adjusted EBITDA1 $ 152.5 $ 106.4
- Continuing operations $ 152.5 $ 83.0
- Discontinued operations $ — $ 23.4
Net earnings (loss) attributable to equity holders $ 54.8 $ 11.9
- Continuing operations $ 54.8 $ 6.3
- Discontinued operations $ — $ 5.6
Adjusted net earnings (loss) attributable to equity holders1 $ 53.0 $ 39.5
- Continuing operations $ 53.0 $ 24.9
- Discontinued operations $ — $ 14.6
Net earnings (loss) per share attributable to equity holders – continuing operations $ 0.11 $ 0.01
Adjusted net earnings (loss) per share attributable to equity holders1 – continuing
operations $ 0.11 $ 0.05
Net cash from operating activities before changes in working capital1 – continuing
operations $ 142.8 $ 55.7
Net cash from operating activities $ 77.1 $ 28.8
- Continuing operations $ 77.1 $ 13.4
- Discontinued operations $ — $ 15.4
Mine-site free cash flow1 $ 46.2 $ 8.6
- Continuing operations $ 46.2 $ 2.7
- Discontinued operations $ — $ 5.9
Capital expenditures1,2 – sustaining $ 55.1 $ 35.0
Capital expenditures1,2 – expansion $ 115.2 $ 137.1
March 31 December 31
2024 2023
Financial Position ($ millions)
Cash and cash equivalents $ 291.2 $ 367.1
Long-term debt $ 820.9 $ 830.8
Net cash (debt)1
$ (715.8) $ (649.5)
Available Credit Facility $ 402.3 $ 387.0
1. This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.
2. Capital expenditures represent incurred expenditures for property, plant and equipment and exploration and evaluation assets, and exclude right-of-use
assets.
OUTLOOK
Côté Gold Outlook (100% basis)
Production
Production at Côté Gold is expected to be between 220,000 and 290,000 ounces for the year (130,000 and 175,000
ounces on a 60.3% basis for IAMGOLD - see “Côté Gold” below). This estimate assumes that following initial gold
production in the first quarter 2024, operations ramp-up in the second quarter 2024 and commercial production is
achieved in the third quarter 2024. The Company defines commercial production as an average throughput of the mill
of 60% over a period of 30 days. The Company expects Côté Gold operations to exit the year at a throughput rate of
approximately 90% of nameplate.
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Costs
During the ramp-up period and prior to achieving near nameplate production rates, operating and capitalized waste
stripping unit costs are expected to be higher than the expected life of mine average as outlined in the existing 43-101
technical report (dated August 12, 2022) as fixed costs are absorbed by lower volumes, increases in certain cost
inputs from the impact of inflation since completion of the technical report, and higher royalty costs due to higher gold
prices. As Côté Gold achieves 90% throughput, which is expected by the end of the year, the Company estimates
cash costs at that time to be in the range of approximately $700 to $800 per ounce sold and AISC of $1,100 to $1,200
per ounce sold.
For accounting purposes, revenue and cost of sales will be recognized from the commencement of production.
The Company will continue to fund 60.3% of the operating costs and capital expenditures and will receive 60.3% of
the gold production.
Capital Expenditures
($ millions) Actual Q1 20241
Full Year
Guidance 20242,3
Adjusted Full
Year Guidance
20242,3
Project expenditures4 to first gold $ 151.7 $ 179 $ 152
Project expenditures4 post first gold — 40 67
Subtotal Project expenditures4
151.7 219 219
Capitalized waste stripping 8.1 50 50
Capitalized operating pre-production costs 27.0 40 40
Capital expenditures related to operations3 9.5 145 145
Total $ 196.3 $ 454 $ 454
1. 100% basis, unless otherwise stated.
2. Capital expenditures guidance (±5%).
3. Guidance assumes all equipment purchased and does not include the impact of the change to lease up to $25 million of equipment.
4. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
Côté Gold's capital expenditures related to operations in 2024 are expected to be higher than the life-of-mine average
as the mine progresses the completion of the construction of the full tailings dam footprint to support the life of mine.
The classification of capital expenditures as either sustaining or expansion during 2024 will be dependent on the
timing of achieving commercial production and the nature of the expenditure.
Essakane and Westwood Outlook
Actual Q1 2024 Full Year Guidance 20241
Essakane (000s oz) 118 330 – 370
Westwood (000s oz) 32 100 – 120
Total attributable production (000s oz)2 150 430 – 490
Cost of sales2 ($/oz sold) $1,056 $1,280 – $1,400
Cash costs2,3 ($/oz sold) $1,053 $1,280 – $1,400
AISC2,3 ($/oz sold) $1,493 $1,780 – $1,940
1. The full year guidance is based on the following 2024 full year assumptions, before the impact of hedging: average realized gold price of $1,900 per ounce,
USDCAD exchange rate of 1.32, EURUSD exchange rate of 1.10 and average crude oil price of $83 per barrel.
2. Consists of Essakane and Westwood on an attributable basis of 90% and 100%, respectively.
3. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
Production Outlook
Attributable gold production, excluding Côté Gold, for 2024 is unchanged and is expected to be in the range of
430,000 to 490,000 ounces.
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Costs Outlook
The 2024 costs guidance for Essakane and Westwood is unchanged with cash costs per ounce sold expected to be
between $1,280 and $1,400 per ounce sold and AISC expected to be in the range of $1,780 to $1,940 per ounce sold.
Costs in the first quarter of 2024 were in line with budget and guidance estimates, however, operating costs on a per
ounce basis in the period were lower due to higher production and sales volume.
While inflationary pressures are easing, pricing for certain main consumables, including cyanide and grinding media is
persisting in line with the levels of 2023, with easing pricing pressures expected in the second half of 2024.
Pricing of fuel and fuel-linked products is expected to remain under pressure, reflecting continued imbalances in global
supply and demand. Increases in oil prices are expected to be partially mitigated by the existing oil hedge program,
see “Market Risk”. Excluding the impact of the Company’s hedging program, a $10/bbl increase in the oil price is
estimated to result in an increase to cash costs of $11 per ounce sold. With current hedges in place, the same
movement is estimated to result in an increase in cash costs of $6 per ounce sold.
Capital Expenditures
Sustaining capital expenditures¹ for 2024 are expected to be approximately $215 million (± 5%) of which the majority
is related to capitalized stripping at Essakane and underground development at Westwood, with an additional $5
million (± 5%) in expansion capital¹ expected at Essakane.
Actual Q1 20241 Full Year Guidance 20242
($ millions) Sustaining3 Expansion Total Sustaining3 Expansion Total
Essakane (±5%) $ 36.0 $ 0.5 $ 36.5 $ 150 $ 5 $ 155
Westwood (±5%) 19.0 — 19.0 65 — 65
$ 55.0 $ 0.5 $ 55.5 215 5 220
Corporate 0.1 — 0.1 — — —
Total4
$ 55.1 $ 0.5 $ 55.6 $ 215 $ 5 $ 220
1. 100% basis, unless otherwise stated.
2. Capital expenditures guidance (±5%) at Essakane and Westwood.
3. Sustaining capital includes capitalized stripping of (i) $25.7 million for Essakane and $2.3 million for Westwood in the first quarter 2024 and (ii) $100 million for
Essakane and $4 million for Westwood for the full year guidance. See “Outlook” sections below.
4. Includes $3 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.
Exploration Outlook
Exploration expenditures for 2024 are expected to be approximately $20 million, including $5 million on the Gosselin
resource delineation drilling program, as well as other near-mine and greenfield programs.
Actual Q1 2024 Full Year Guidance 20241
($ millions) Capitalized Expensed Total Capitalized Expensed Total
Exploration projects –
greenfield $ — $ 4.0 $ 4.0 $ — $ 15 $ 15
Exploration projects –
brownfield1 1.2 0.9 2.1 3 2 5
$ 1.2 $ 4.9 $ 6.1 $ 3 $ 17 $ 20
1. The full year guidance does not include expenditures for the Bambouk Assets sales currently held for sale. See "Bambouk Assets, West Africa" for additional
details.
Income Taxes Paid and Depreciation Outlook
The Company expects to pay cash taxes in the range of $45 million to $55 million during 2024. Cash tax payments do
not occur evenly by quarter, as amounts paid in a quarter can include payments of the final balance of the prior year
taxes and payments of instalments for the current year, both required to be made at times as prescribed by different
countries. The income taxes paid guidance reflects continuing operations and does not include cash tax obligations
arising as part of the Bambouk sales process. See "Bambouk Assets, West Africa" for additional details.
Depreciation expense in 2024 is expected to be in the range of $270 to $285 million.
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($ millions) Actual Q1 2024 Full Year Guidance 2024
Depreciation expense $61.8 $270 – $285
Income taxes paid $16.7 $45 – $55
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
The Company is committed to:
• Maintaining its culture of accountable mining through high standards of ESG practices; and
• The principle of Zero Harm®, in every aspect of its business, with particular emphasis on respecting the natural
environment, building strong community partnerships and putting the health and safety of the Company's
employees, contractors and consultants first.
The Company reports annually on its ESG performance highlighting progress and achievements across a range of
material topics and indicators. ESG policies, systems and practices are embedded throughout the business and the
Company reports annually on its ESG performance via its Global Reporting Initiative (“GRI”) and Sustainability
Accounting Standards Board (“SASB”) aligned Sustainability Report.
As member of the Mining Association of Canada (“MAC”), the Company participates in the Towards Sustainable
Mining (“TSM”) initiative at all its operations, including internationally at Essakane, which exceeds MAC’s
requirements. The Company’s operating facilities conduct an annual self-assessment to assess their performance
against the TSM Assessment Protocols, with a third-party verification from a Verification Service Provider every three
years.
In 2024, the Company has set ESG targets related to health and safety; equity, diversity, and inclusion; and
environment, including:
• meeting or exceeding leading and lagging health and safety targets (achieve total recordable incident frequency
rate (TRIFR) of 0.66 and implement the Critical Risks Protocols);
• increasing representation of women by achieving 15% representation of total employees in 2024;
• developing a biodiversity roadmap;
• developing a water stewardship framework; and
• zero significant environmental and community incidents.
In 2024, the Company will be conducting a self-assessment and seek external verification of the TSM results. The
Company has developed action plans to maintain and/or achieve Level A and above scores across all of the TSM
protocols.
Health and Safety
Health and safety is core to the Company’s relentless pursuit of its Zero Harm® vision. Through various prevention
programs, the Company continuously promotes a wellness program and a safe work environment at all sites. The
DARTFR (days away, restricted, transferred duty frequency rate) was 0.53 as at March 31, 2024 (compared to 0.56 as
at March 31, 2023). The TRIFR (total recordable injuries frequency rate) was 0.61 as at March 31, 2024 (compared to
0.80 as at March 31, 2023), tracking below the Company's annual target of 0.66.
In the first quarter 2024, the Company strengthened its safety culture by developing a Critical Risks Program that
focuses on the industry's most critical risks and controls. At Essakane, the site conducted a management review of its
health and safety management system that is ISO 45001 certified. At Côté Gold, the site conducted emergency
response and medical response preparedness for cyanide and caustic agents, in addition to completing a thorough
third-party audit of grating, guarding, and handrails throughout the Mill complex. Westwood focused on enhancing
incident investigation capabilities through incident cause analysis method (“ICAM”) training for supervisors and shared
lessons learned to all workers.
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Environmental
In 2024, the key environmental focus areas for the Company are on water and biodiversity. The Company has begun
the development of a water stewardship framework that takes a catchment-based planning approach, in order to
enhance its management capacities in this area and allow the Company to evaluate its impacts and contributions to
regional watersheds. The Company will also expand on the initial biodiversity assessment done in 2022 to develop a
more comprehensive biodiversity roadmap to support its goal of achieving net positive biodiversity and evaluate the
appropriateness of the Company reporting against the Taskforce on Nature-related Financial Disclosures.
At Essakane, progress continued on Falagountou’s Closure Plan, including collaborative work with INERA (Institute of
Environment and Agricultural Research) on the best practice phytoremediation of the closed mine site. The Closure
Plan is expected to be filed in the second quarter 2024. Essakane's Closure Plan that was submitted in 2019 is
currently being updated and the target timeline for the submission is at the end of 2024. Essakane conducted several
biodiversity monitoring studies on fauna, including mammals, avians, reptiles, fish and insects as part of its
Biodiversity Management Program.
At Westwood, the 2021 Closure Plan continues to be reviewed by the Quebec Ministry of Natural Resources and
Forestry (“MRNF”). Westwood continues to pilot water recycling projects to reduce water withdrawal from the
Bousquet River.
Côté Gold continued the review of its environmental management practices in preparation for the ramp-up of
production. Côté Gold worked on freshet preparedness plans and mitigation measures in advance of the spring
season. Côté Gold implemented a tool to monitor fauna on site. Côté Gold completed the installation of walleye
s p a w n i n g h a b i t a t a s p a r t o f i t s o f f s e t t i n g p l a n f o r t h e F i s h e r i e s A c t A u t h o r i z a t i o n . C ô t é G o l d ’ s a p p l i c a t i o n t o t h e L o w
Carbon Economy Challenge Fund, which proposed to convert select diesel-driven equipment to electric options, is
proceeding to the next phase of evaluation.
As of March 31, 2024, there were zero environmental significant incidents.
Social Engagement
The sites continue to engage with their communities of interest and support community investment initiatives. At
Essakane, key engagements and activities included discussions on the Yaya waste dump and monitoring of artisanal
miners.
At Côté Gold, an evaluation of the implementation of the First Nations Impact Benefit Agreement (IBA) during
construction was completed, the team met with the newly elected Mattagami First Nations Chief and Council and also
provided a site tour for students at Laurentian University.
At Westwood, the team held the first meeting of the year with the Fayolle Stakeholder Monitoring Committee and
conducted First Nations and communications training.
As of March 31, 2024, there were zero community-related significant incidents.
Indigenous Relations
As a Canadian business committed to responding to the Truth and Reconciliation Commission of Canada’s Calls to
Action, the Company continues to take meaningful action towards reconciliation by respecting and upholding
Indigenous rights, founded upon relationships that foster trust, transparency and mutual respect. The Company is
committed to engaging in a manner that respects the principle of self-determination of Indigenous people, aims to
achieve their right to free, prior and informed consent and respects their cultural heritage and traditions. These
principles are enshrined in the United Nations Declaration on the Rights of Indigenous People and form the foundation
of IAMGOLD’s Indigenous Engagement Policy.
Equity, Diversity and Inclusion
Guided by the value principle to conduct ourselves with respect and embrace diversity, the Company continues to
uphold its commitment to Equity, Diversity and Inclusion ("EDI") and to engage, empower and support our employees,
as well as our partners in the communities in which we operate. The Company recognizes that diversity exists across
many dimensions and lived experiences, and a diverse workforce and an inclusive work culture can inspire creativity
and innovation, promote effective decision-making and lead to stronger business outcomes.
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