Iamgold Reports Fourth Quarter and Year-End 2023 Results; Provides 2024 Outlook
TSX: IMG NYSE: IAG NEWS RELEASE
IAMGOLD REPORTS FOURTH QUARTER AND YEAR-END 2023 RESULTS;
PROVIDES 2024 OUTLOOK
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, February 1 5, 2024 – IAMGOLD Corporation (NYSE:IAG, TSX:IMG) (“IAMGOLD” or the “Company”)
today reported its financial and operating results for the fourth quarter and year ended December 31, 2023. The Company
also provided updated outlook and operating guidance for 2024. Preliminary operating results for the fourth quarter and
year ended 2023 were disclosed on January 22, 2024.
"In 2023, IAMGOLD made significant strides towards its goal of becoming a leading mid -tier gold producer with a long life,
cornerstone asset in Canada," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "Last year saw
significant changes in leadership across the organization to allow for a reinforced focus on operations as IAMGOLD
prioritizes operational excellence, positions Côté Gold for success, and fosters the talent within the company. Operationally,
2023 was a strong year with attri butable gold production from continuing operations of 465,000 ounces, which was at the
top end of the guidance range of 410,000 to 470,000 ounces. We congratulate the Essakane team who achieved their
targets while facing considerable challenges within the region, and the Westwood team who continue to execute on the plan
to ramp up underground operations while employing industry-leading underground seismic monitoring and management."
"Côté Gold construction saw remarkable progress last year," continued Mr. Adams. "The project entered 2023 with
construction approximately 64% complete and finished the year at 98% complete. This progress entailed significant
advancement across the project scope, including the mechanical, piping, electrical and instrumentation of the plant,
electrification of the site to the provincial hydro grid, initiation and ramp up of mining activities and continued heavy lifting to
raise the tailings management facili ty. Mining activities advanced very well through the year with the successful roll out of
Ontario’s first autonomous haulage fleet and stockpiling of approximately 5 million tonnes of ore. During this period, project
costs tracked in line with the 2022 updated budget estimate."
"Côté Gold is poised to begin production next month. While first gold is on the horizon, our primary focus and efforts are on
positioning the project for a steady ramp up of gold production through the year to achieve commercial production in the
third quarter. We are now executing and ramping up commissioning activities, with crushing and screening successfully
commissioned, and pre-commissioning ongoing on the HPGR and wet side of the plant. At steady run -rate, Côté Gold will
be the third largest gold min e in Canada with an expected mine life exceeding 18 years and significant opportunities for
growth."
HIGHLIGHTS:
Operating and Financial
• Attributable gold production from continuing operations was 136,000 ounces for the fourth quarter and 465,000 ounces
for the year, at the top end of the guidance range of 410,000 to 470,000 ounces. Essakane had a strong fourth quarter
with attributable production of 108,000 ounces and year to date attributable production of 372,000 ounces, which was
near the top end of the guidance range of 340,000 to 380,000 ounces. Westwood exceeded the top end of its guidance
range of 70,000 to 90,000 ounces with 93,000 ounces produced for the year, including 12,400 ounces produced in
December, a record since the mine restarted.
• In health and safety, for the year ended December 31, 2023, the Company reported a TRIFR (total recordable injuries
frequency rate) of 0.69, an improved trend since last year.
• Revenues from continuing operations were $297.6 million in the fourth quarter from sales of 147,000 ounces (136,000
ounces on an attributable basis) at an average realized gold price 1 of $2,005 per ounce and $987.1 million for the year
from sales of 503,000 ounces (462,000 ounces on an attributable basis) at an average realized gold price of $1,955
per ounce.
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• Cost of sales per ounce sold in the fourth quarter was $1,201, cash cost 1 per ounce sold was $1,197 and all -in-
sustaining-cost1 (“AISC”) per ounce sold was $1,735. Cash cost per ounce sold of $1,261 for the year was at the bottom
end of the revised guidance range of $1,250 to $1,325 per ounce sold, and AISC per ounce sold of $1,783 for 2023
was within the revised guidance range of $1,750 to $1,825 per ounce sold.
• Net earnings (loss) and adjusted net earnings (loss) per share attributable to equity holders 1 of $(0.02) and $0.06 for
the fourth quarter, respectively. Net earnings (loss) and adjusted net earnings (loss) per share attributable to equity
holders1 of $0.18 and $0.09 for the year ended December 31, 2023, respectively.
• Net cash from operating activities was $69.9 million for the fourth quarter and $144.0 million for the year. Net cash from
operating activities, before movements in non -cash working capital and non -current ore stockpiles 1 was $52.1 million
for the fourth quarter and $158.9 million for the year.
• Earnings before interest, income taxes, depreciation and amortization (“EBITDA”) 1 from continuing operations was
$70.2 million during the fourth quarter and $366.6 million for the year, and adjusted EBITDA1 was $110.6 million for the
fourth quarter and $315.1 million for the year.
• Mine-site free cash flow 1 from continuing operations was $28.9 million for the fourth quarter and $48.2 million for the
year.
• The Company has available liquidity 1 of $754.1 million comprised of cash and cash equivalents of $367.1 million and
the available balance of the secured revolving credit facility (“Credit Facility”) of $387.0 million as at December 31, 2023.
Côté Gold
• As of December 31, 2023, construction progress at Côté Gold was estimated to be 98% complete, while overall project
progress was approximately 95.5% complete which includes demobilization of construction teams and facilities.
• On a 100% basis at the UJV level, the Côté Gold Project incurred project expenditures1 of $242.9 million ($170.5 million
at 70%) in the fourth quarter 2023 and $1,074.2 million ($752.3 million at 70%) for the full year.
• Since commencement of construction, $2.786 billion ($1.95 billion at 70%) of project expenditures has been incurred.
The estimated remaining project expenditures, on a 100% basis, to achieve first gold is $179.0 million (± 5%) bringing
total project expend itures up to first gold in line with the planned $2.965 billion ($2.08 billion at 70%) on an incurred
basis. Post first gold, completion of certain infrastructure and earthworks projects are estimated to $40 million (± 5%).
• In addition to the project expenditures, an estimated $40 million (± 5%) of operating expenditures related to milling and
surface costs are expected to be capitalized during commissioning and ramp -up until the project achieves commercial
production.
• Production at Côté Gold, on a 100% basis, is expected to be between 220,000 and 290,000 ounces for the year. This
estimate assumes that following initial gold production by the end of March, operations ramp -up in the second quarter
2024 and commercial production is achieved in the third quarter 2024. The Company expects Côté Gold operations to
exit the year at a throughput rate of approximately 90% of nameplate.
• As Côté Gold achieves 90% of 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.
• The estimated capital expenditures related to operations for 2024, excluding capital waste stripping, total $145 million
(± 5%). Capitalized waste stripping is estimated to be $50 million (± 5%) for the year.
• IAMGOLD will continue to fund 60.3% of the operating costs and capital expenditures and will receive 60.3% of the
gold production.
Outlook – Essakane and Westwood
• Consolidated 2024 attributable gold production for Essakane and Westwood is expected to be in the range of 430,000
to 490,000 ounces, with Essakane attributable gold production expected to be in the range of 330,000 to 370,000
ounces and Westwood gold production expected to be in the range of 100,000 to 120,000 ounces.
• Cash costs, excluding Côté Gold, are expected to be between $1,280 and $1,400 per ounce sold, and AISC per ounce
sold, excluding Côté Gold, is expected to be in the range of $1,780 to $1,940 per ounce sold.
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Mineral Reserves and Resources
• Subsequent to quarter end, on February 15, 2024, the Company announced its updated Mineral Reserves and Mineral
Resources statement as at December 31, 2023.
• Proven and Probable (“P&P”) Mineral Reserves (100% basis) of current assets increased 12% to 11 million ounces of
gold in 302 Mt at 1.14 g/t Au (7.8 million ounces attributable).
• Measured and Indicated (“M&I”) Mineral Resources (100% basis) of current assets increased 16% to 25.9 million
ounces of gold in 811.7 Mt at 0.99 g/t Au (18.3 million ounces attributable).
• Updated Gosselin Mineral Resource estimate (100% basis) of 4.4 million Indicated gold ounces in 161.3 million tonnes
(“Mt”) at 0.85 grams per tonne gold (“g/t Au”), and 3.0 million Inferred ounces (123.9 Mt at 0.75 g/t Au). This represents
an estimated increase of 1.1 million ounces in Indicated and 1.3 million ounces in Inferred, representing a 32% and
74% increase respectively.
Corporate
• Subsequent to quarter end, 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 December 18, 2023, the Company announced that it entered into a forward gold sale arrangement and a partial
amendment to one of its existing gold prepay arrangements. The net result of these arrangements is the effective
transition of current gold delivery obligations out of the first quarter of 2024 into the following year, increasing cashflow
in the first quarter 2024 by approximately $72.5 million assuming current gold prices.
• On November 9, 2023, the Company entered into a one year extension of its Credit Facility extending its maturity to
January 31, 2026. As part of the extension, the Credit Facility was reduced to $425 million based on the Company's
requirements for a senior revolving facility for its overall business.
• On November 9, 2023, the Company announced the retirement of Ian Ashby from the board of directors and the
appointment of Anne Marie Toutant as an independent director.
• On September 21, 2023, the Company announced the retirement of Maryse Bélanger from the board of directors for
personal reasons and other commitments. Immediately following Ms. Bélanger's retirement, the board appointed David
Smith as Chair of the Board.
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QUARTERLY REVIEW
The following table summarizes certain operating and financial results for the three months ended December 31, 2023 (Q4
2023) and December 31, 2022 (Q4 2022) and the years ended December 31 for 2023, 2022 and 2021 and certain measures
of the Company's financial position as at December 31, 2023, December 31, 2022, and December 31, 2021 . Financial
results of Rosebel include the one month period ended January 31, 2023, prior to the closing of the sale to Zijin Mining
Group Co. Ltd. ("Zijin") that was announced on October 18, 2022.
Q4 2023 Q4 2022 2023 2022 2021
Key Operating Statistics
Gold production – attributable (000s oz)
- Essakane 108 98 372 432 412
- Westwood 28 18 93 67 35
Total from continuing operations 136 116 465 499 447
- Rosebel — 69 25 214 154
Total gold production – attributable (000s oz) 136 185 490 713 601
Gold sales – attributable (000s oz)
- Essakane 107 97 372 440 408
- Westwood 29 18 90 66 34
Total from continuing operations 136 115 462 506 442
- Rosebel — 68 24 215 148
Total gold sales – attributable (000s oz) 136 183 486 721 590
Cost of sales1 ($/oz sold) – attributable
- Essakane $ 1,134 $ 958 $ 1,216 $ 882 $ 1,042
- Westwood 1,446 2,230 1,600 2,093 2,252
Total from continuing operations $ 1,201 $ 1,157 $ 1,291 $ 1,041 $ 1,135
- Rosebel — 1,085 949 1,269 1,674
Total cost of sales1 ($/oz sold) – attributable $ 1,201 $ 1,130 $ 1,274 $ 1,109 $ 1,270
Cash costs2 ($/oz sold) – attributable
- Essakane $ 1,132 $ 1,043 $ 1,181 $ 899 $ 945
- Westwood 1,434 2,210 1,591 2,068 2,240
Total from continuing operations $ 1,197 $ 1,226 $ 1,261 $ 1,052 $ 1,045
- Rosebel — 1,083 949 1,243 1,545
Total cash costs2 ($/oz sold) – attributable $ 1,197 $ 1,173 $ 1,246 $ 1,109 $ 1,170
AISC2 ($/oz sold) – attributable
- Essakane $ 1,548 $ 1,456 $ 1,521 $ 1,234 $ 1,074
- Westwood 2,049 2,639 2,344 2,568 2,600
Total from continuing operations $ 1,735 $ 1,741 $ 1,783 $ 1,508 $ 1,281
- Rosebel — 1,554 1,358 1,753 1,859
Total AISC2 ($/oz sold) – attributable $ 1,735 $ 1,672 $ 1,762 $ 1,581 $ 1,426
Average realized gold price2 ($/oz)
- Continuing operations $ 2,005 $ 1,639 $ 1,955 $ 1,721 $ 1,793
- Discontinued operations — 1,725 1,905 1,793 1,777
Total average realized gold price2 ($/oz) $ 2,005 $ 1,670 $ 1,953 $ 1,741 $ 1,790
1. Throughout this MD&A, cost of sales, excluding depreciation, is disclosed in the cost of sales note in the consolidated finan cial statements.
2. Refer to the “Non-GAAP Financial Measures” disclosure at the end of this MD&A for a description and calculation of these measures.
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Q4 2023 Q4 2022 2023 2022 2021
Financial Results
($ millions from continuing operations)
Revenues $ 297.6 $ 207.2 $ 987.1 $ 958.8 $ 875.5
Gross profit $ 49.8 $ 20.0 $ 124.1 $ 147.9 $ 62.2
EBITDA1 $ 70.2 $ 105.4 $ 381.0 $ 300.4 $ 27.1
- Continuing operations $ 70.2 $ 57.8 $ 366.6 $ 292.3 $ 216.6
- Discontinued operations $ — $ 47.6 $ 14.4 $ 8.1 $ (189.5)
Adjusted EBITDA1 $ 110.6 $ 83.6 $ 338.5 $ 434.0 $ 355.7
- Continuing operations $ 110.6 $ 38.9 $ 315.1 $ 313.4 $ 307.0
- Discontinued operations $ — $ 44.7 $ 23.4 $ 120.6 $ 48.7
Net earnings (loss) attributable to equity holders $ (9.4) $ 24.0 $ 94.3 $ (70.1) $ (254.4)
- Continuing operations $ (9.4) $ (3.8) $ 88.7 $ (55.5) $ (95.8)
- Discontinued operations $ — $ 27.8 $ — $ (14.6) $ (158.6)
Adjusted net earnings (loss) attributable to equity
holders1 $ 26.8 $ 16.6 $ 59.3 $ 22.7 $ 26.8
- Continuing operations $ 26.8 $ (9.0) $ 44.7 $ (35.6) $ 25.0
- Discontinued operations $ — $ 25.6 $ 14.6 $ 58.3 $ 1.8
Net earnings (loss) per share attributable to equity
holders – continuing operations $ (0.02) $ (0.01) $ 0.18 $ (0.12) $ (0.20)
Adjusted net earnings (loss) per share attributable to
equity holders1 – continuing operations $ 0.06 $ (0.02) $ 0.09 $ (0.07) $ 0.05
Net cash from operating activities before changes in
working capital1 – continuing operations $ 52.1 $ 36.2 $ 158.9 $ 298.2 $ 256.0
Net cash from operating activities $ 69.9 $ 66.8 $ 159.4 $ 408.7 $ 285.0
- Continuing operations $ 69.9 $ 12.3 $ 144.0 $ 257.6 $ 257.8
- Discontinued operations $ — $ 54.5 $ 15.4 $ 151.1 $ 27.2
Mine-site free cash flow1 $ 28.9 $ 0.2 $ 54.1 $ 187.6 $ 128.3
- Continuing operations $ 28.9 $ (21.9) $ 48.2 $ 167.2 $ 199.6
- Discontinued operations $ — $ 22.1 $ 5.9 $ 20.4 $ (71.3)
Capital expenditures1,2 – sustaining $ 68.6 $ 50.6 $ 200.3 $ 190.4 $ 63.2
Capital expenditures1,2 – expansion $ 194.0 $ 135.5 $ 733.9 $ 540.3 $ 430.3
Dec 31 Dec 31 Dec 31 Dec 31 Dec 31
2023 2022 2023 2022 2021
Financial Position ($ millions)
Cash and cash equivalents $ 367.2 $ 407.8 $ 367.1 $ 407.8 $ 552.5
Long-term debt $ 830.8 $ 918.7 $ 830.8 $ 918.7 $ 464.4
Net cash (debt)1 $ (649.5) $ (605.6) $ (649.5) $ (605.6) $ 16.3
Available Credit Facility $ 387.0 $ 26.6 $ 387.0 $ 26.6 $ 498.3
1. Refer to the “Non-GAAP Financial Measures” disclosure at the end of this MD&A for a description and calculation of these measures.
2. Capital expenditures represent incurred expenditures for property, plant and equipment and exploration and evaluation assets, and exclude right-of-use assets.
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OUTLOOK
Côté Gold (100% basis)
Production
Production at Côté Gold is expected to be between 220,000 and 290,000 ounces for the year. This estimate assumes that
following initial gold production, operations ramp-up early 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.
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 $80 0 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.
Capital Expenditures
The estimated remaining project expenditures to achieve first gold is $179.0 (± 5%) bringing the total project expenditures
up to first gold to $2.965 billion on an incurred basis. Post first gold, completion of certain infrastructure and earthworks
projects are estimated to be $40 million (± 5%).
In addition to the project expenditures, an estimated $40.0 million (± 5%) of operating expenditures related to milling and
surface costs are expected to be capitalized during commissioning and ramp until the project achieves commercial
production.
The estimated capital expenditures related to operations for 2024, excluding capital waste stripping, total $145 million (±
5%). These expenditures will be incurred from January to December and include:
• $60 million (± 5%) for the expansion of the tailings management facility as part of phase 2.
• $50 million (± 5%) for equipment purchases that includes four additional haulage trucks, drills and other mobile
equipment.
• $35 million (± 5%) for capital projects that includes owners' costs.
Capitalized waste stripping is estimated to be $50 million (± 5%) for the year.
Côté Gold's capital expenditures in 2024 are expected to be higher than the life -of-mine average as the mine progresses
the completion of the construction of the full tailings dam footprint to support the life of mine. The classification of capi tal
expenditures as either sustaining or expansion during 2024 will be dependent on the timing of achieving first gold and the
nature of the expenditure.
The Company will continue to fund 60.3% of the operating costs and capital expenditures and will receive 60.3% of the gold
production.
Essakane and Westwood
Actual 2023 Full Year Guidance 20241
Essakane (000s oz) 372 330 – 370
Westwood (000s oz) 93 100 – 120
Total attributable production (000s oz)2 465 430 – 490
Cost of sales2 ($/oz sold) $1,291 $1,280 – $1,400
Cash costs2,3 ($/oz sold) $1,261 $1,280 – $1,400
AISC2,3 ($/oz sold) $1,783 $1,780 – $1,940
Depreciation expense ($ millions) $216.0 $270 – $285
Income taxes4 paid ($ millions) $82.3 $45 – $55
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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 ba rrel.
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".
4. The income taxes paid guidance does not include the cash tax obligation arising as part of the Bambouk sales process. See "West Africa – Bambouk assets" for
additional details.
Production Outlook
Attributable gold production, excluding Côté Gold, for 2024 is expected to be in the range of 430,000 to 490,000 ounces:
• Essakane attributable gold production is expected to be in the range of 330,000 to 370,000 ounces. Production is
expected to remain relatively stable throughout the year with mill throughput expected to operate at nameplate capacity
and head grades are expected to decrease compared to the prior year as the mill feed is supplemented with stockpiled
ore to sustain throughput rates as mining continues through Phase 5 and Phase 6 and into the initial benches of Phase
7.
• Westwood gold production is expected to be in the range of 100,000 to 120,000 ounces in 2024, with an increasing
proportion of underground material milled as the underground mine continues to access higher grade areas. Production
levels are expected to be higher in the first half of 2024 due to mine sequencing in the underground mine and as
supplementary mill feed from the Fayolle open pit is replaced with lower grade material from Grand Duc in the second
half of the year.
Costs Outlook
Consolidated cash costs per ounce sold for Essakane and Westwood are estimated to be between $1,280 and $1,400 per
ounce sold and AISC estimated to be in the range of $1,780 to $1,940 per ounce sold. Unit costs at Westwood are expected
to decrease from 202 3 levels due to increasing production levels, a planned reduction in rehabilitation costs in the
underground mine, and lower development expenses at the short life Fayolle satellite deposit. This is expected to be offset
by an increase in unit costs at Ess akane due to higher planned maintenance activities, the continued pressures on the
landed cost of fuel at the operation, and the application of increased royalty rates announced by the Burkina Faso
government in the fourth quarter 2023, while production le vels are expected to remain the same with an increase in mill
throughput offset by a slightly lower grade mill feed.
While inflationary pressures are easing, pricing for certain main consumables including cyanide and explosives are expected
to remain in line with the levels of 2023, while the price of certain other consumables such as grinding media are expected
to decrease.
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 $5 million (±
5%) in expansion capital¹ expected at Essakane.
Actual 20231 Full Year Guidance 20242
($ millions) Sustaining3 Expansion Total Sustaining3 Expansion Total
Essakane (±5%) $ 134.9 $ 1.7 $ 136.6 $ 150 $ 5 $ 155
Westwood (±5%) 65.0 0.6 65.6 65 — 65
$ 199.9 $ 2.3 $ 202.2 215 5 220
Corporate 0.4 — 0.4 — — —
Total4 $ 200.3 $ 2.3 $ 202.6 $ 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) $32.3 million for Essakane and $1.7 million for Westwood in the fourth quarter 2023, (ii) $73.8 million for
Essakane and $5.8 million for Westwood for 2023, and (iii) $100 million for Essakane and $4 million for Westwood for the full year guidance. Se e “Outlook”
sections below.
4. Includes $3 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.
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Exploration Outlook
Exploration expenditures for 2024 are expected to be approximately $20 million, including $5 million on the Gosselin
resource delineation drilling program, as well as other near-mine and greenfield programs.
Actual 2023 Full Year Guidance 20241
($ millions) Capitalized Expensed Total Capitalized Expensed Total
Exploration projects – greenfield $ — $ 11.0 $ 11.0 $ — $ 15 $ 15
Exploration projects – brownfield1 4.4 1.9 6.3 3 2 5
$ 4.4 $ 12.9 $ 17.3 $ 3 $ 17 $ 20
1. The full year guidance does not include expenditures for the Bambouk Assets sales currently held for sale. See "West Africa – Bambouk Assets" for additional details.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
IAMGOLD 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 issued its 16th annual Sustainability Report on October 16, 2023, highlighting progress and achievements in
2022 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. The Company has also released its
inaugural Climate Action Report in accordanc e with the Task Force on Climate -Related Financial Disclosures (“TCFD”)
recommendations on December 14, 2023. The Climate Action Report focuses on the Company’s target of achieving a 30%
absolute reduction in Scopes 1 and 2 greenhouse gas (“GHG”) emissions by 2030.
Health and Safety
Health and safety are core to the Company’s relentless pursuit of its Zero Harm® vision. Through various prevention
programs, the Company continuously promotes a safe work environment and a wellness program at all sites. The DARTFR
(days away, restricted, transferred duty frequency rate) was 0.39 as of the end of 2023 (compared to 0.31 as of the end of
2022). The TRIFR (total recordable injuries frequency rate) was 0.69 as of the end of 2023 (compared to 0.76 as of the end
of 2022). At Côté Gold, total project hours worked reached 14.8 million hours with a LTIFR (lost time injury frequency rate)
of 0.12.
The Essakane team achieved historical Health & Safety performance in 2023, with a level of 0.06 for DARTFR and 0.18 for
TRIFR. The results, which matched (TRI FR) and surpassed (LTIFR) the site’s best -ever results, were supported by
exceptional performance of proactive or ‘leading’ H&S activities such as safety and management inspections.
Environment
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. Essakane conducted
a quarterly review of the Asset Retirement Obligation with the corporate team and is also working on a water management
study as part of the Essakane Closure Plan.
The 2021 Closure Plan update at Westwood was reviewed by the Quebec Ministry of Natural Resources and Forestry
(“MRNF”) and IAMGOLD submitted an amended Closure Plan on September 8, 2023, following this review process. Water
recycling projects have been in itiated to reduce water withdrawal from the Bousquet River. Westwood is continuing to
implement a biodiversity project to develop snake hibernacula and swallows’ nests.
At Côté Gold, biodiversity monitoring studies were completed for birds and bats. At Mattagami Lake, a fish population study
was also conducted as part of the Project’s Fisheries Offsetting Plan. The first cycle of environmental effects monitoring was
completed per the Metal and Diamond Mining Effluent Regulations.
Social and Economic Development
The Company is continuously exploring opportunities for investing in and partnering with the communities impacted by its
continuing operations.