IAMGOLD REPORTS FOURTH QUARTER AND YEAR-END 2020 RESULTS; GENERATED $348 MILLION IN OPERATING CASH FLOW Mine-Site Free Cash Flow up 280% YoY; Commenced Construction of Côté with Major Earthworks Ahead of Schedule
TSX: IMG NYSE: IAG
NEWS RELEASE
IAMGOLD REPORTS FOURTH QUARTER AND YEAR-END 2020 RESULTS;
GENERATED $348 MILLION IN OPERATING CASH FLOW
Mine-Site Free Cash Flow up 280% YoY;
Commenced Construction of Côté with Major Earthworks Ahead of Schedule
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 Audited Consolidated
Financial Statements for the year ended December 31, 2020.
Toronto, Ontario, February 17, 2021 - IAMGOLD Corporati on (“IAMGOLD” or the “Company”) reports
its consolidated financial and operating results for the quarter and year ended December 31, 2020.
"IAMGOLD's efforts in advancing our peer -leading growth platform took a significant step forward in 2020
with the commencement of construction of the Côté Gold Project in Canada, supported by both robust gold
prices and nearly $1.5 billion in liquidity at year-end. As reported on January 19, 2021, IAMGOLD achieved
its updated production and cost guidance, generating $347 .6 million in annual operating cash flows and
producing 653,000 ounces of gold, resulting in $223.2 million in mine -site free cash flows,” commented
Gordon Stothart, President and CEO of IAMGOLD.
“In 2021, we expect to produce between 630,000 to 700,000 o unces of gold, while concurrently advancing
our growth platform in North America with major earthworks underway at Côté ahead of schedule, ongoing
de-risking infrastructure work at Boto in West Africa and contribution of Saramacca to Rosebel in South
America. At all of our sites globally, we remain committed to achieving high standards in ESG practices
alongside our Zero Harm® vision, founded in 2007. Our efforts have been recognized by a number of
independent research agencies including, among others, Mood y's affiliate Vigeo Eiris, MSCI, and
Bloomberg GEI. We also remain committed to ensuring the health and safety of our employees and host
communities, proactively implementing numerous safety initiatives, particularly in the context of the current
global CO VID-19 pandemic, and achieving a DART rate 3 of 0.46 in 2020, demonstrating a 10%
improvement year-over-year.”
2020 FULL YEAR HIGHLIGHTS
• Attributable gold production from continuing operations of 653,000 ounces at cost of sales 1 per ounce
of $1,057, total cash costs2 per ounce produced of $984 and all -in sustaining costs 2 per ounce sold of
$1,232.
• Attributable gold sales from continuing operations of 646,000 ounces.
• Revenues of $1,241.7 million, reflecting an average realized gold price of $1,778 per ounce sold.
• Gross profit was $250.3 million, up $180.7 million or 260% from the prior year.
• Net earnings from continuing operations attributable to equity holders was $38.5 million, or $0.08 per
share.
• Adjusted net earnings from continuing operations attributabl e to equity holders 2 was $87.7 million, or
$0.19 per share2.
• Net cash from operating activities was $347.6 million, a 4% decrease over the prior year.
• Net cash from operating activities before changes in working capital 2 was $368.1 million, consistent
with the prior year.
• Mine-site free cash flow2 was $223.2 million, a 280% increase over the prior year.
• Liquidity - IAMGOLD remains in a solid liquidity position with cash, cash equivalents, short -term
investments and restricted cash increasing by $121.3 million over the prior year to $986.1 million, as at
December 31, 2020. At year end, $498.3 million was available under the credit facility.
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• Health & Safety - In 2020, IAMGOLD's global safety statistics show a 10% improvement from 2019 in
the DART3 (days away, restricted, transferred duty) frequency rate, and a 23% improvement in the TRI
(total recordable injuries) frequency rate. Through various programming, IAMGOLD continuously
promotes a safe work environment.
• ESG Activities - IAMGOLD is committed to high st andards in Environmental, Social and Governance
practices, reflected in our global implementation of the Mining Association of Canada’s Toward
Sustainable Mining framework and ongoing implementation of the World Gold Council’s Responsible
Gold Mining Princ iples. IAMGOLD has contributed over $1.5 million to COVID -19 efforts in host
countries, completed Phase 1 of the Triangle d'eau public -private partnership to bring potable water to
60,000 people in Burkina Faso, and established the Suriname Community Fund with initial funding of
$2.5 million to support qualifying local projects.
• Growth Projects - IAMGOLD’s growth projects continue to progress, with the early commencement of
major earthworks at the Côté Gold Project and camp expansion ongoing. A delineation drilling program
on the Gosselin zone, located 1.5 kilometres from Côté, is underway to support the completion of a
maiden resource estimate, expected in the second half of 2021. IAMGOLD continues de -risking
activities at the Boto Gold Project in Senegal, advancing engineering, building access infrastructure,
and progressing with environmental and social programs to support the project development.
• Non-Core Transaction - On December 30, 2020, IAMGOLD together with its joint venture partner
AngloGold Ashant i Limited ("AGA") completed the sale of their collective interest in Société
d'Exploitation des Mines d'Or de Sadiola S.A. ("Sadiola") to Allied Gold Corp ("Allied Gold"). Upon
closing, IAMGOLD and AGA each received $25.0 million. In addition, on January 4 , 2021, IAMGOLD
and AGA each received additional agreed upon consideration of $1.8 million. IAMGOLD and AGA
remain entitled to deferred consideration of $12.5 million each upon the production of the first 250,000
ounces from the Sadiola Sulphides Project ("SSP"), $12.5 million each upon the production of a further
250,000 ounces from the SSP, and $1.25 million each in the event a favourable settlement is achieved
by Sadiola in ongoing litigation pending before the Malian courts.
• Non-Core Transaction - On January 12, 2021, IAMGOLD entered into an agreement to sell a royalty
portfolio to Triple Flag Precious Metals Corp for up to $47.6 million. The royalty portfolio includes up to
39 royalties on various non -core exploration and development properties. The tra nsaction has not
been completed and is subject to customary closing conditions, a minimum value condition and, in
certain instances, rights of first refusal. The transaction is expected to close during the first quarter
2021.
OPERATING PERFORMANCE
• Attributable gold production from continuing operations was 653,000 ounces, down 57,000 ounces
from the prior year, and within updated guidance. Attributable gold production from continuing
operations for the fourth quarter was 169,000 ounces, down 10,000 ounces f rom the same prior year
period, and up 10,000 ounces from the third quarter.
• Attributable gold sales from continuing operations were 646,000 ounces, down 61,000 ounces from
the prior year. Attributable gold sales from continuing operations for the fourth q uarter were 172,000
ounces, down 12,000 ounces from the same prior year period, and up 10,000 ounces from the third
quarter.
• Cost of sales 1 from continuing operations was $1,057 per ounce, up 11% from the prior year. Cost of
sales1 from continuing operati ons for the fourth quarter was $1,045, up 15% from the same prior year
period, and down 5% from the third quarter.
• All-in sustaining costs 2 from continuing operations were $1,232 per ounce sold, up 8% from the prior
year, and below updated guidance. All -in sustaining costs 2 from continuing operations for the fourth
quarter were $1,294, up 10% from the same prior year period, and up 7% from the third quarter.
• Total cash costs 2 from continuing operations were $984 per ounce produced, up 8% from the prior
year. Total cash costs 2 from continuing operations for the fourth quarter were $998, up 6% from the
same prior year period, and down 1% from the third quarter.
• Gold margin2 from continuing operations was $794 per ounce, up $304 per ounce from the prior year.
Gold margin2 from continuing operations for the fourth quarter was $867 per ounce, up $331 per ounce
from the same prior year period, and down $35 per ounce from the third quarter.
• Capital expenditures were $292.7 million, below the 2020 guidance of $315.0 million.
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FINANCIAL RESULTS
• Revenues were $1,241.7 million, up $176.4 million or 17% from the prior year. Revenues for the fourth
quarter were $347.5 million, up $54.1 million or 18% from the same prior year period, and up $12.4
million from the third quarter, reflecting an average realized gold price of $1,865 per ounce.
• Gross profit was $250.3 million, up $180.7 million or 260% from the prior year. Gross profit for the
fourth quarter was $84.0 million, up $42.9 million or 104% from the same prior year period, and up
$5.9 million from the third quarter.
• Net earnings from continuing operations attributable to equity holders was $38.5 million, or $0.08 per
share, compared to net loss from continuing operations of $373.3 million, or $0.80 p er share in the
prior year. Net earnings from continuing operations attributable to equity holders for the fourth quarter
was $59.0 million, or $0.12 per share, compared to net loss from continuing operations of $303.8
million, or $0.65 per share in the same prior year per iod, and a net loss from continuing operations of
$11.6 million, or $0.02 per share in the third quarter. Net earnings for the fourth quarter and year
ended 2020 included reversal of impairment charge on the Essakane Mine ($45.8 million). Net losses
for th e fourth quarter and year ended 2019 included an impairment charge on the Westwood Mine
($395.0 million), partially offset by a reversal of impairment charge on the Essakane Mine ($122.0
million).
• Adjusted net earnings from continuing operations attributab le to equity holders 2 was $87.7 million, or
$0.19 per share 2, compared to adjusted net loss from continuing operations 2 of $30.0 million, or $0.06
per share 2 in the prior year. Adjusted net earnings from continuing operations attributable to equity
holders2 for the fourth quarter was $19.1 million, or $0.04 per share 2, compared to adjusted net loss
from continuing operations 2 of $3.8 million, or $0.01 per share 2 in the same prior year period, and an
adjusted net earnings from continuing operations 2 of $52.1 million, or $0.11 per share 2 in the third
quarter. Adjusted net earnings from continuing operations attributable to equity holders 2 for the fourth
quarter of $0.04 per share was primarily impacted by the removal of deferred tax recoveries arising
solely from movements in foreign exchange rates, higher general and administrative expenses related
to executive retirement benefits, and higher depreciation expense.
• Net cash from operating activities was $347.6 million, down $15.4 million from the prior year. Ne t cash
from operating activities for the fourth quarter was $128.7 million, down $133.8 million from the same
prior year period, and up $23.6 million, $56.3 million, and $84.7 million from the third, second, and first
quarter, respectively.
• Net cash from operating activities before changes in working capital 2 was $368.1 million, up $0.6
million from the prior year. Net cash from operating activities before changes in working capital 2 for the
fourth quarter was $108.0 million, down $118.2 million from the s ame prior year period, and down $0.4
million from the third quarter.
• Mine-site free cash flow 2 was $223.2 million, up $164.5 million from the prior year. Mine -site free cash
flow2 for the fourth quarter was $77.7 million, up $22.6 million from the same pri or year period, and
down $2.3 million from the third quarter.
• Cash, cash equivalents, short -term investments and restricted cash totaled $986.1 million at
December 31, 2020. Cash and cash equivalents were $941.5 million, short -term investments were
$6.0 million and restricted cash was $38.6 million. $498.3 million was available under the credit facility.
GLOBAL COVID-19 PANDEMIC
• The global COVID-19 pandemic continues to evolve including the continuing imposition of restrictions
on the movement of people an d goods, social distancing measures, restrictions on group gatherings,
quarantine requirements and contact tracing. IAMGOLD has been closely monitoring and taking
necessary measures to manage the impact of the COVID -19 pandemic on its operations, developme nt
projects and exploration activities. IAMGOLD is managing the financial and operational challenges of
COVID-19 while rapidly addressing the needs of its employees and the communities where IAMGOLD
operates. IAMGOLD continues to work closely with local an d national governments and communities
on limiting the impact of the COVID -19 pandemic on its people and business, and supporting local
efforts to manage the pandemic.
• IAMGOLD has taken extensive steps, across its operations and offices, to protect the he alth and
safety of employees, contractors and local communities in response to the COVID -19 pandemic.
These steps included: implementation of sanitary measures recommended by Health Authorities and
COVID-19 prevention protocols. The protocols address risk controls, including: restricting site access
to employees, contractors and incoming supplies; screening processes (the use of external
laboratories for PCR testing, the acquisition of Antigen test kits and the use of thermal cameras to
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check temperatures b efore entering the sites); physical distancing; the use of personal protective
equipment; arranging additional transportation buses and increasing on-site medical personnel.
STRATEGIC DEVELOPMENTS
IAMGOLD's transformational strategy centres on delivering t he lower cost Côté Gold Project, de -risking
the Boto Gold Project, optimizing its current operations and continuing to invest in its pipeline of brownfield
and greenfield exploration. Together with its financial strategy of maintaining a strong balance she et,
IAMGOLD expects to secure favourable hedges on cost inputs and protective hedges on a portion of gold
production during construction of the Côté Gold Project as appropriate, management believes IAMGOLD is
positioned to deliver on its goal of superior returns to shareholders.
Financial
• On December 30, 2020, IAMGOLD together with its joint venture partner AngloGold Ashanti Limited
("AGA") completed the sale of their collective interest in Société d'Exploitation des Mines d'Or de
Sadiola S.A. ("Sadiola") t o Allied Gold Corp ("Allied Gold"). Upon closing, IAMGOLD and AGA each
received $25 million. In addition, on January 4, 2021, IAMGOLD and AGA each received additional
consideration of $1.8 million based upon the amount by which the cash balance of Sadiola at April 30,
2020 was greater than the amount agreed pursuant to the agreement entered into by IAMGOLD and
AGA with Allied Gold in December 2019.
• During the third quarter 2020, IAMGOLD implemented a gold hedging strategy to mitigate gold price
exposure and to further strengthen the balance sheet during the Côté Gold Project construction period.
IAMGOLD intends, under appropriate conditions, to hedge 15% to 20% of total production between
2021 and mid-2023 through a combination of options and/or collars (see news release dated July 21,
2020). During the fourth quarter, IAMGOLD executed gold hedges for 2021 in the range of $1,600 to
$2,800 per ounce on 78,040 ounces, for which a premium of $1.3 million was paid.
• During the fourth quarter 2020, IAMGOLD execute d zero cost collar option contracts based on the
Brent benchmark, in the range of $40.70 to $55.00 per barrel, for the period January 2023 to
September 2024 to hedge attributable fuel consumption related to mining operations at Essakane.
IAMGOLD also execu ted zero cost collar option contracts relating to the West Texas Intermediate
("WTI") benchmark, in the range of $31.15 to $45.00 per barrel for 2021, and in the range of $36.10 to
$50.00 for the period January 2023 to September 2024. These WTI hedges are attributed to fuel
consumption related to mining operations at Rosebel.
• In the third quarter 2020, IAMGOLD issued a notice to redeem its 7% Senior Notes due 2025 for a
total amount of $421.3 million and funded the redemption on September 29, 2020 and the indenture
governing the 2025 Notes was satisfied and discharged on this date.
• In the third quarter 2020, IAMGOLD announced that it had completed its private offering of $450
million aggregate principal amount of 5.75% Senior Notes ("Notes") due 2028. IAMGOLD used the net
proceeds from the offering of the Notes to fund the redemption of all of its outstanding 7% Senior
Notes due 2025 and for general corporate purposes.
• The redemption of the 7% Senior Notes and issuance of the 5.75% Senior Notes extended the term by
three and a half years at a lower rate of interest. The refinancing further supports the balance sheet
and helps mitigate the risk of gold price volatility and exposure. The redemption also resulted in a cash
loss of $21.3 million that is expected to be offset by lower interest expense over the original term of the
7% Notes.
• Following the new Notes issuance, both Moody’s and S&P re -affirmed their ratings of B1 and B+,
respectively, for IAMGOLD.
• In the third quarter 2020, an ESG assessment by Moody’s affiliate Vigeo Eiris ranked IAMGOLD 4th
out of 45 sector peers, with notable strengths in community involvement, env ironmental strategy,
health & safety and governance.
• In the first quarter 2020, IAMGOLD amended its $500 million credit facility with a ma turity date of
January 31, 2023. IAMGOLD further amended its credit facility on September 30, 2020. These
amendments included, among other things, extending $472 million of credit available under the credit
facility agreement to a maturity date of January 31, 2024.
Exploration
• In the third quarter 2020, IAMGOLD reported assay results from its 2020 drilling program at the
Monster Lake Project in Canada. Drilling highlights included: 3.8 metres grading 16.9 g/t Au, 2.82
metres grading 5.63 g/t Au, and 12.3 metres grading 2.09 g/t Au.
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• In the second quarter 2020, IAMGOLD reported assay results from its 2020 diamond drilling program
at the Rouyn Gold Project in Canada. Drilling highlights included: 9.8 metres grading 10.4 g/t Au and
9.8 metres grading 27.8 g/t Au (including 4.4 metres grading 58.4 g/t Au). IAMGOLD reported
additional assay results in the third quarter 2020. Drilling highlights included: 4.1 metres grading 10.4
g/t Au and 7.4 metres grading 8.3 g/t Au.
• In the second quarter 2020, IAMGOLD reported initial assay results from its 2020 infill and expansion
diamond drilling program at the Nelligan Project in Canada. Drilling highlights included: 25.1 metres
grading 1.87 g/t Au and 27.0 metres grading 2.86 g/t Au. IAMGOLD reported additional assay results
in the third quarter 2020. Drilling highlights included: 39.1 metres grading 2.14 g/t Au and 34.5 metres
grading 1.85 g/t Au. IAMGOLD reported the remaining assay results in the fourth quarter 2020. Drilling
highlights included: 17.3 metres grading 7.62 g/t Au and 42.0 metres grading 1.15 g/t Au.
Development and Operations
• On November 2, 2020, IAMGOLD reported that a seismic event occurred at Westwood on October 30,
2020. All employees were brought safely above ground. The appropriate government authoriti es were
notified and the cause of the seismic event is being investigated . Milling operations restarted on
November 4, 2020 to process stockpile material and Grand Duc open pit ore. The Westwood
underground mine operations were suspended pending the result s of the investigation and while a
business recovery plan was being assessed.
• In the third quarter 2020, prior to the seismic event, IAMGOLD filed a National Instrument ("NI") 43 -
101 Technical Report for the Westwood mine, incorporating modified mining met hods, operational
practices and revised productivity assumptions. In this context, total attributable mineral reserves at
year end decreased by 47% to 0.626 million ounces, primarily the result of more conservative
geotechnical assumptions related to speci fic zones located in higher seismic risk areas. Overall
mineral resources at year end have remained largely unchanged. As is typical for underground
operations, and supported by reasonable assumptions in -line with historical operating experience,
IAMGOLD c ontinues to work on converting its significant underground mineral resources to mineral
reserves over time.
• In the third quarter 2020, IAMGOLD, together with joint venture partner Sumitomo Metal Mining Co.,
Ltd. (“SMM”) announced the decision to proceed wi th the construction of the Côté Gold Project. During
the fourth quarter 2020, activities related to the construction of the Project continued with all key
permits required for currently planned construction in place. Additional permits are required to
complete subsequent construction elements and commissioning for operations, which IAMGOLD
expects to receive in due course. At December 31, 2020, detailed engineering reached 73%, which
has enabled IAMGOLD to obtain firm bids and secure prices on all major equ ipment. As a result,
approximately 45% of total expenditures from July 1, 2020 have been committed, further reducing
technical and cost risks for the Project. Earthwork contractors also mobilized to site ahead of schedule
and commenced work including pad p reparation, road widening, and overburden stripping. Camp
construction progressed with two additional dormitories in place in January 2021, allowing further ramp
up at site.
• In the second quarter 2020, Rosebel Gold Mines N.V. ("Rosebel") signed an Unincorp orated Joint
Venture (“Rosebel UJV”) agreement with Staatsolie Maatschappij Suriname N.V. (“Staatsolie”) relating
to the concession areas within the Rosebel UJV Area of Interest, which includes Saramacca. The
Rosebel UJV excludes the existing gross Rosebel mining concession, which is 95% owned by
Rosebel and 5% owned by the Republic of Suriname. Rosebel holds a 70% participating interest and
Staatsolie holds a 30% participating interest in the Rosebel UJV on behalf of the Republic of Suriname.
Staatsolie has paid Rosebel an initial amount of $34.0 million toward an aggregate owing of $54.9
million for all operating and capital expenses related to the Saramacca Project. The remaining amount
will be paid out of Staatsolie’s gold entitlement from the Saramacca property.
• In the first quarter 2020, IAMGOLD announced that the Government of the Republic of Senegal
approved the mining permit application for the Boto Gold Project for an initial 20 -year period. The
receipt of the mining permit positions the Project for an eventual construction decision and production.
Organizational and Board of Directors Changes
• In the fourth quarter 2020, IAMGOLD announced the appointment of Anne Marie Toutant and Deborah
Starkman as independent non -executive Directors to IAMGOLD's Bo ard of Directors, effective
December 14, 2020.
• In the third quarter 2020, IAMGOLD announced the retirement of Carol Banducci, EVP and CFO,
effective March 31, 2021 and the retirement of Jeffery Snow, General Counsel and SVP Business
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Development, effective August 31, 2020. In the fourth quarter 2020, Craig MacDougall was appointed
Executive Vice President, Growth, and Tim Bradburn was appointed Senior Vice President, General
Counsel and Corporate Secretary.
• In the first quarter 2020, IAMGOLD announced the r etirement of Stephen J.J. Letwin, Chief Executive
Officer; P . Gordon Stothart, President and Chief Operating Officer, succeeded Mr. Letwin on the Board
of Directors and in the role of President and Chief Executive Officer, effective March 1, 2020.
• In the first quarter 2020, Bruno Lemelin was appointed to the role of Senior Vice President, Operations
& Projects, with oversight of all operational and project development activities across IAMGOLD.
• In the first quarter 2020, Oumar Toguyeni was appointed to the role of Senior Vice President,
International Affairs & Sustainability, with the primary objective of managing IAMGOLD's relationships
with governments and other stakeholders in West Africa and South America.
Reserves and Resources
• Total attributable proven and probable gold reserves decreased b y 2.8 million ounces or 17% to 13.9
million ounces from the prior year. The decrease was primarily due to the sale of Sadiola, mine
depletion at all operations and the previously announced reclassification of a portio n 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%.
• Total attributable measured and indicated re sources decreased by 12% to 23.9 million ounces, as a
result of the sale of Sadiola and the Eastern Borosi Project, and mine depletion. Total attributable
inferred resources decreased by 6% to 11.3 million ounces primarily as a result of the asset sales
mentioned above.
Subsequent to Year End
• On January 4, 2021, IAMGOLD announced it has adopted new governance guidelines with respect to
board renewal to reflect evolving governance best practices. The guidelines provide that: the average
Board tenure should not exceed ten years, no director should chair a standing committee of the Board
for more than ten years and no director should be the Board Chair for more than ten years. In addition,
IAMGOLD announced that John Caldwell voluntarily decided to step down f rom the Board, effective
January 4, 2021, and Mahendra Naik decided not to stand for re -election at the upcoming meeting of
shareholders. Ron Gagel was appointed as Chair of the Audit and Finance Committee.
• On January 12, 2021, IAMGOLD entered into an agre ement to sell a royalty portfolio to Triple Flag
Precious Metals Corp for up to $47.6 million. The royalty portfolio includes up to 39 royalties on various
non-core exploration and development properties. The transaction has not been completed and is
subject to customary closing conditions, a minimum value condition and, in certain instances, rights of
first refusal. The transaction is expected to close during the first quarter 2021.
• On January 21, 2021, IAMGOLD reported initial assay results from its delin eation drilling program at
the Gosselin Zone discovery in Canada. Drilling highlights included: 417.3 metres grading 0.95 g/t Au
(including 197.2 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) and 86.0 metres grading 5.57 g/t Au (including 30.35 metres grading 14.70 g/t Au).
• Subsequent to year end, IAMGOLD added gold hedges for the first half of 2023 with a collar option at
strike prices between $1,700 and $2,700 per ounce on 24,000 ounces, for whi ch a premium of $1.1
million was paid.
• On February 12, 2021, IAMGOLD further amended the $500 million credit facility to primarily, among
other things, extend the maturity date by two years to January 31, 2025 for $490 million of the
available credit.
• In January 2021, Bloomberg re -iterated IAMGOLD's inclusion in the 2021 Bloomberg Gender -Equality
Index ("GEI") for the 3rd consecutive year. The 2021 Bloomberg GEI recognizes 380 global companies
that foster a more inclusive and equitable workplace.
• IAMGOLD ranked 10th out of 116 global mining peers based on the Corporate Knights 2021 Global
100 Sustainability scorecard. Corporate Knights reviews over 8,000 global, publicly traded companies
with greater than $1 billion in annual revenues.
UPCOMING GROWTH CATALYSTS
• In North America, IAMGOLD is advancing construction of the Côté Gold Project, with the early
commencement of major earthworks and the continued expansion of the construction camp. In 2021,
approximately 17,000 metres of diamond drilling is planned, inc luding 14,500 metres to continue the
delineation drilling program on the Gosselin zone to support the completion of a maiden resource
estimate, expected in the second half of 2021. IAMGOLD continues to advance various ongoing and
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planned delineation and re source evaluation drilling programs at selected projects including the
Nelligan Gold, Monster Lake and Rouyn Gold projects in Quebec. At Westwood, work is being done to
evaluate the potential development of the Fayolle deposit, which, pending permitting, m ay provide
incremental feed commencing in the fourth quarter 2022 to the Westwood mill as part of its "hub -and-
spoke" model. This model exploits the significant mill capacity available at Westwood to bring forward
regional exploration value from assets lik e Fayolle and the optioned Rouyn Gold Project and to
enhance the overall value of Westwood with incremental production growth from such supplementary
feed.
• In West Africa, the Mill Upgrade Project at Essakane is expected to be completed in the first quarte r
2021. IAMGOLD continues de -risking activities at the Boto Gold Project, by advancing engineering,
building access infrastructure, and progressing with environmental and social programs to support the
project development. Building on its exploration succe ss along the Senegal -Mali Shear Zone with
several other discoveries located within 15 kilometres of the Boto Gold Project in adjacent countries,
IAMGOLD has also initiated a strategic study, referred to as the “Bambouk Gold Complex,” to advance
resource ev aluation and delineation at the Diakha -Siribaya and Karita projects to support the
evaluation of various potential development scenarios and identify regional synergies.
• In South America, Rosebel's camp expansion is expected to be completed by the second q uarter
2021, enabling Rosebel to return to full mining rates. Remaining non -critical Saramacca infrastructure
is expected to be completed by mid-year.
SUMMARY OF FINANCIAL AND OPERATING RESULTS
Three months ended
December 31,
Years ended
December 31,
Financial Results ($ millions, except where
noted) 2020 2019 2018 2020 2019 2018
Continuing Operations
Revenues $ 347.5 $ 293.4 $ 274.3 $ 1,241.7 $ 1,065.3 $ 1,111.0
Cost of sales $ 263.5 $ 252.3 $ 250.3 $ 991.4 $ 995.7 $ 974.1
Gross profit $ 84.0 $ 41.1 $ 24.0 $ 250.3 $ 69.6 $ 136.9
Net earnings (loss) from continuing operations
attributable to equity holders of IAMGOLD $ 59.0 $ (303.8) $ (39.5) $ 38.5 $ (373.3) $ (31.4)
Net earnings (loss) from continuing operations
attributable to equity holders of IAMGOLD
($/share) $ 0.12 $ (0.65) $ (0.08) $ 0.08 $ (0.80) $ (0.07)
Adjusted net earnings (loss) from continuing
operations attributable to equity holders of
IAMGOLD1 $ 19.1 $ 3.8 $ (20.8) $ 87.7 $ (30.0) $ 13.3
Adjusted net earnings (loss) from continuing
operations attributable to equity holders of
IAMGOLD
($/share)1 $ 0.04 $ 0.01 $ (0.04) $ 0.19 $ (0.06) $ 0.03
Net cash from operating activities $ 128.7 $ 262.5 $ 23.1 $ 347.6 $ 363.0 $ 191.1
Net cash from operating activities before changes
in working capital1 $ 108.0 $ 226.2 $ 55.7 $ 368.1 $ 367.5 $ 288.4
Mine-site free cash flow1 $ 77.7 $ 55.1 $ (51.2) $ 223.2 $ 58.7 $ 8.4
Key Operating Statistics
Gold sales – attributable (000s oz) 172 184 206 646 707 812
Gold production – attributable (000s oz) 169 179 216 653 710 821
Average realized gold price1 ($/oz) $ 1,865 $ 1,480 $ 1,233 $ 1,778 $ 1,397 $ 1,270
Cost of sales2 ($/oz) $ 1,045 $ 912 $ 843 $ 1,057 $ 950 $ 815
Total cash costs1 ($/oz) $ 998 $ 944 $ 792 $ 984 $ 907 $ 783
All-in sustaining costs1 ($/oz) $ 1,294 $ 1,175 $ 1,141 $ 1,232 $ 1,141 $ 1,068
Gold margin1 ($/oz) $ 867 $ 536 $ 441 $ 794 $ 490 $ 487
1 This is a non-GAAP measure. Refer to the non-GAAP performance measures section of IAMGOLD's MD&A.
2 Cost of sales, excluding depreciation, as disclosed in note 38 of IAMGOLD's annual consoli dated financial statements expressed on an attributable
ounce sold basis (excluding the non-controlling interests of 10% at Essakane and 5% at Rosebel).
8
FULL YEAR AND FOURTH QUARTER 2020 SUMMARY
Financial Performance
• Revenues from continuing operatio ns for 2020 were $1,241.7 million, up $176.4 million or 17% from
the prior year. The increase was primarily due to higher realized gold prices ($265.6 million), partially
offset by lower sales volume at Rosebel ($52.1 million), Essakane ($20.4 million) and Westwood
($17.4 million). Revenues from continuing operations for the fourth quarter 2020 were $347.5 million,
up $54.1 million or 18% from the same prior year period. The increase was primarily due to higher
realized gold prices ($71.9 million) and highe r sales volume at Essakane ($8.1 million), partially offset
by lower sales volume at Westwood ($19.3 million) and Rosebel ($6.4 million).
• Cost of sales from continuing operations for 2020 was $991.4 million, down $4.3 million from the prior
year. The decrease was due to lower depreciation expense ($18.4 million), partially offset by higher
royalties ($10.6 million) resulting from higher realized gold prices and higher operating costs ($3.5
million). Cost of sales from continuing operations for the fourth q uarter 2020 was $263.5 million, up
$11.2 million or 4% from the same prior year period due to higher operating costs ($11.2 million) and
royalties ($3.3 million), partially offset by lower depreciation expense ($3.3 million). Operating costs
increased due to higher drawdowns of stockpiles compared to the reversal of previous impairments of
ore stockpiles at Essakane and Rosebel in the fourth quarter 2019. The higher operating costs were
partially offset by reduced costs at Westwood as the underground mine w as put into care and
maintenance following the seismic event. The increase in royalties was driven by higher realized gold
prices.
• Depreciation expense from continuing operations for 2020 was $256.7 million, down $18.4 million or
7% from the prior year. The decrease was primarily due to lower depreciation at Westwood resulting
from the extended life of the underground blocks and impairment charge recorded in the fourth quarter
2019. Depreciation expense from continuing operations for the fourth quarter 202 0 was $69.6 million,
down $3.3 million or 5% from the same prior year period due to the same factor as the annual
decrease partially offset by higher depreciation related to stockpiles.
• Income tax expense for 2020 was $44.1 million, up $13.7 million from the prior year. Income tax
expense for 2020 comprised current income tax expense of $55.8 million (December 31, 2019 - $38.3
million) and deferred income tax recovery o f $11.7 million (December 31, 2019 - deferred income tax
recovery of $7.9 million). The increase in income tax expense was primarily due to changes to
deferred income tax assets and liabilities, differences in the impact of fluctuations in foreign exchange,
and differences in the level of taxable income in IAMGOLD’s operating jurisdictions fr om one period to
the next.
• Net earnings from continuing operations attributable to equity holders for 2020 was $38.5 million, or
$0.08 per share, compared to net loss from continuing operations of $373.3 million, or $0.80 per share
in the prior year. The i ncrease in net earnings was primarily due to lower impairment charges, net of
reversal ($333.6 million) and higher gross profit ($180.7 million), partially offset by lower interest
income, derivatives and other investment gains (losses) ($53.0 million), hi gher other expenses ($32.6
million) and higher income tax expense ($13.7 million). Net earnings fro m continuing operations
attributable to equity holders for the fourth quarter 2020 was $59.0 million, or $0.12 per share,
compared to net loss from continuin g operations of $303.8 million, or $0.65 per share from the same
prior year period. The increase in net earnings was primarily due to lower impairment charges, net of
reversal ($321.1 million) and higher gross profit ($42.9 million).
• Adjusted net earnings from continuing operations attributable to equity holders 2 was $87.7 million, or
$0.19 per share 2, compared to adjusted net loss from continuing operations 2 of $30.0 million, or $0.06
per share 2 in the prior year. Adjusted net earnings from continuing ope rations attributable to equity
holders2 for the fourth quarter 2020 was $19.1 million, or $0.04 per share 2, compared to adjusted net
loss from continuing operations2 of $3.8 million, or $0.01 per share2 in the same prior year period.
• Net cash from operatin g activities for 2020 was $347.6 million, down $15.4 million from the prior year.
The decrease was primarily due to proceeds received in the prior year from the forward gold sale
arrangement ($169.8 million), settlement of derivatives ($17.9 million) and h igher movements in non -
cash working capital items and non -current ore stockpiles ($16.0 million), partially offset by higher
earnings after non -cash adjustments ($189.4 million). Net cash from operating activities for the fourth
quarter 2020 was $128.7 mil lion, down $133.8 million from the same prior year period. The decrease
was primarily due to proceeds received in the prior year from the forward gold sale arrangement
($169.8 million) and lower movements in non -cash working capital items and non -current o re
stockpiles ($15.6 million), partially offset by higher earnings after non -cash adjustments ($54.5 million).