Iamgold Reports Second Quarter 2021 Results
NEWS RELEASE
TSX: IMG NYSE: IAG
IAMGOLD REPORTS SECOND QUARTER 2021 RESULTS
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
For more information, refer to the management discussion and analysis ("MD&A") and unaudited consolidated
interim financial statements as at and for the three and six months ended June 30, 2021.
Toronto, Ontario, August 4, 2021 – IAMGOLD Corporation (“IAMGOLD” or the “Company”) reports its
consolidated financial and operating results for the second quarter ended June 30, 2021. Updated production
and costs guidance were disclosed on July 22, 2021. Key highlights of operating performance and financial
results include:
($ millions, except where noted) Q2 2021 Q1 2021 Q2 2020
Revenues $ 265.6 $ 297.4 $ 284.6
Gross profit $ 27.9 $ 44.2 $ 56.3
EBITDA1 $ 87.0 $ 113.8 $ 105.7
Adjusted EBITDA1 $ 84.8 $ 100.1 $ 102.5
Net earnings (loss) attributable to equity holders $ (4.5) $ 19.5 $ 25.5
Net earnings (loss) per share attributable to equity holders $ (0.01) $ 0.04 $ 0.05
Adjusted net earnings (loss) attributable to equity holders1 $ (3.6) $ 6.2 $ 20.1
Adjusted net earnings (loss) per share attributable to equity holders1 $ (0.01) $ 0.01 $ 0.04
Net cash from operating activities $ 37.3 $ 101.7 $ 72.4
Net cash from operating activities before changes in working capital1 $ 54.9 $ 82.5 $ 79.0
Mine-site free cash flow1 $ 1.9 $ 89.5 $ 53.0
Capital expenditures – sustaining $ 23.9 $ 13.7 $ 20.4
Capital expenditures – expansion $ 128.4 $ 88.8 $ 37.8
Cash, cash equivalents and short-term investments $ 829.8 $ 967.8 $ 838.1
Long-term debt $ 456.5 $ 466.7 $ 411.0
Available credit facility $ 498.2 $ 498.2 $ 499.6
1 This is a non-GAAP performance measure. See "Non-GAAP Performance Measures".
Gordon Stothart, President and CEO of IAMGOLD commented, “The second quarter of 2021 was
challenging primarily because production from our Rosebel mine was unexpectedly adversely affected by
unusually heavy rains and an increase in COVID -19 cases in Suriname, in addition to difficult industrial
relations. Essakane continued to perform strongly and we were able to finalize a new three -year collective
labour agreement with our unionized employees. Westwood underground mining recommenced in the East
Zone, albeit at a more tempered pace in order to accommodate enhanced safety measures in keeping with
our safety-first culture. We also disclosed an increase in estimated project costs at Côté Gold, which remains
on track for commercial production in the second half of 2023. As noted in our updated guidance, previously
disclosed on July 22, 2021, we expect continued strong performance from Essakane in the second half of
the year, while we work to recover from the headwinds at Rosebel and Westwood. We expect to disclose an
initial resource at Gosselin in the fourth quarter of 2021.”
2
COMPANY UPDATES
Environmental, Social and Governance
• DART2 and TRI2 frequency rates were 0.35 and 0.70, respectively, in the second quarter 2 021, with a
decrease of 0.11 and an increase of 0.03, respectively, from the first quarter 2021 . Côté Gold has
achieved over 2 million hours without a lost time injury.
• There was an increase in COVID -19 cases in Suriname and at Rosebel. Mandatory antigen t esting is
now in place. The previously implemented protocols across operations and offices globally remain in
place and there have been no other material impacts at our other operations, development projects or
exploration sites during the second quarter.
• At Rosebel, the project funded by Rosebel Community Fund and the Government of Suriname to install
solar LED street lights for public security, electrification and potable water supplies in communities
around Rosebel and Saramacca, is estimated to be completed in the first quarter 2022.
• IAMGOLD placed 44th across all corporate sectors and 8th out of 122 companies in the mining sector on
the Corporate Knights Best 50 list, which recognizes leading Canadian corporate citizens.
OPERATING PERFORMANCE AND FINANCIAL POSITION
Q2 2021 YTD 2021 YTD 2020
Gold production – attributable (000s oz) 139 295 325
Gold sales – attributable (000s oz) 135 288 312
Average realized gold price ($/oz) $ 1,800 $ 1,788 $ 1,663
Mine-site free cash flow1 ($ million) $ 1.9 $ 91.4 $ 65.5
1 This is a non-GAAP performance measure. See "Non-GAAP Performance Measures".
• Cash, cash equivalents and short-term investments totaled $829.8 million and available liquidity totaled
$1.3 billion at June 30, 2021. On the basis of current assumptions and guidance and based on currently
available information, the Company expects to have adequate financial capacity to implement near-term
operational plans and finance the ongoing development of Côté Gold.
• In the second quar ter, the Company entered into gold sale prepayment arrangements at a weighted
average cost of 4.45% per annum in respect of 150,000 gold ounces. These arrangements have an
average forward contract price of $1,753 per ounce on 50,000 gold ounces and a collar range of $1,700
to $2,100 per ounce on 100,000 gold ounces. This will result in a total prepayment to the Company of
$236 million over the course of 2022 and the requirement on the part of the Company to physically
deliver such 150,000 ounces over the co urse of 2024. These transactions have the effect of rolling the
Company's 2019 prepayment arrangement on 150,000 gold ounces from 2022 to 2024, which is after
the completion of the construction of Côté Gold.
3
OPERATIONS AND PROJECTS
Essakane District, Burkina Faso – Essakane Mine (IAMGOLD interest – 90%)1
Q2 2021 Q1 2021 Q2 2020 YTD 2021 YTD 2020
Key Operating Statistics
Ore mined (000s t) 3,559 4,435 3,817 7,994 7,770
Waste mined (000s t) 11,730 10,437 8,079 22,167 19,329
Material mined (000s t) – total 15,289 14,872 11,896 30,161 27,099
Strip ratio2 3.3 2.4 2.1 2.8 2.5
Ore milled (000s t) 3,169 3,189 2,929 6,358 6,159
Head grade (g/t) 1.44 1.34 1.11 1.40 1.05
Recovery (%) 81 82 89 81 89
Gold production (000s oz) – 100% 118 113 93 231 186
Gold production (000s oz) – attributable 90% 106 102 83 208 167
Gold sales (000s oz) – 100% 115 114 89 229 172
Average realized gold price3 ($/oz) $ 1,801 $ 1,793 $ 1,728 $ 1,795 $ 1,668
Financial Results ($ millions)1
Revenue4 $ 208.2 $ 204.1 $ 154.1 $ 412.3 $ 286.6
Operating costs (92.3) (96.7) (77.3) (189.0) (145.7)
Royalties (10.5) (10.1) (8.0) (20.6) (15.0)
Cash costs3 $ (102.8) $ (106.8) $ (85.3) $ (209.6) $ (160.7)
Other mine costs (6.6) (7.0) (10.8) (13.6) (15.5)
Cost of sales4 $ (109.4) $ (113.8) $ (96.1) $ (223.2) $ (176.2)
Sustaining capital expenditures (11.3) (5.4) (8.9) (16.7) (14.5)
Prior period operating costs — — 6.2 — 6.2
Other costs5 (1.7) (1.7) (1.3) (3.4) (2.6)
All-in sustaining costs3 $ (122.4) $ (120.9) $ (100.1) $ (243.3) $ (187.1)
Expansion capital expenditures6 (18.6) (14.5) (12.8) (33.1) (39.1)
Performance Measures7
Cost of sales ($/oz sold) $ 947 $ 999 $ 1,079 $ 973 $ 1,027
Cash costs3 ($/oz sold) $ 890 $ 938 $ 958 $ 913 $ 936
All-in sustaining costs3 ($/oz sold) $ 1,060 $ 1,061 $ 1,123 $ 1,061 $ 1,090
1 100% basis, unless otherwise stated.
2 Strip ratio is calculated as waste mined divided by ore mined.
3 This is a non-GAAP performance measure. See "Non-GAAP Performance Measures".
4 As per note 28 of the consolidated interim financial statements for revenue and cost of sales. Cost of sales is net of depreciation expense.
5 Other costs include sustaining lease principal payments, environmental rehabilitation accretion and depletion, and prior period operating costs, partially
offset by by-product credits.
6 Includes expansion capitalized stripping for the second quarter 2021 of $12.9 million (first quarter 2021 - $9.2 million, second quarter 2020 - $10.6
million) and YTD 2021 of $22.1 million (YTD 2020 - $29.6 million).
7 Cost of sales, cash costs and all-in sustaining costs per ounce sold may not calculate based on amounts presented in this table due to rounding.
Essakane continued to deliver strong results although there are ongoing challenges with gold recoveries in
processing ore with high graphitic content. Attr ibutable gold production of 106,000 ounces was 4% higher
than in the prior quarter and 28% higher compared with the same prior year period, primarily due to higher
head grades, partially offset by lower recoveries.
Mining activity of 15.3 million tonnes wa s higher, benefiting from increased operational efficiencies and
modifications to the hauling fleet resulting in increased mine transport capacity and reduced downtime for
maintenance. Increased coordination between the mine and the mill to manage feed rat e and grade had a
positive impact. The strip ratio of 3.3 was higher by 38% compared with the prior quarter and 57% compared
to the same prior year period, as the site progressed on strategic pushbacks.
The site renewed its collective bargaining agreement in July 2021, which will be in effect for three years until
June 30, 2024.
4
Outlook
An upward revision to attributable production guidance for Essakane of 390,000 to 400,000 ounces reflects
the higher grades achieved in the first half of the year, which are expected to normalize in the second half.
The mill feed is expected to be supplemented by ore stockpiles in the third quarter to offset the impact of
seasonal rains. The Company expects to make a decision with respect to the proposed future heap leach
operation in the first half of 2022. Capital expenditures are expected to be approximately $140 million in
2021 with higher capitalized stripping on strategic pushbacks expected in the second half of the year.
Bambouk District – Boto Gold Project, Senegal (IAMGOLD interest – 90%)
Capital expenditures for the Boto Gold Project in 2021 were budgeted at approximately $55 million for an
early works package that includes a road providing permanent access to the site, engineering for critical
plant equipment and sus tainability programs targeted to promote cohesion with local communities and to
ensure adequate environmental protections. The Company is assessing these activities and the capital
expenditures and timing associated therewith as well as value enhancing opportunities for this project
generally. Capital expenditures totaled $8.2 million in the second quarter and $22.7 million in the first half of
2021. Subsequent to the end of the second quarter, several contract workers tested positive for COVID -19
and remain under observation before being released into isolation. Testing and contact tracing has been
undertaken and the situation is being monitored. At this time, the Company does not expect a material impact
on project activities.
Abitibi District, Canada – Westwood Mine (IAMGOLD interest – 100%)
Q2 2021 Q1 2021 Q2 2020 YTD 2021 YTD 2020
Key Operating Statistics
Ore mined (000s t) – underground 14 — 96 14 207
Ore mined (000s t) – other sources 273 246 111 519 220
Ore mined (000s t) – total 287 246 207 533 427
Ore milled (000s t) 264 227 214 491 421
Head grade (g/t) – underground 4.50 — 5.39 4.50 5.54
Head grade (g/t) – other sources 0.74 1.09 1.12 0.91 1.03
Head grade (g/t) – total 0.92 1.09 3.07 1.00 3.27
Recovery (%) 93 93 94 93 94
Gold production (000s oz) – 100% 8 7 20 15 42
Gold sales (000s oz) – 100% 7 8 21 15 43
Average realized gold price1 ($/oz) $ 1,810 $ 1,785 $ 1,730 $ 1,795 $ 1,660
Financial Results ($ millions)
Revenue2 $ 12.2 $ 14.5 $ 36.0 $ 26.7 $ 72.0
Cash costs1 (13.8) (9.1) (20.5) (22.9) (45.1)
Other mine costs (0.3) (0.2) (0.6) (0.5) (1.5)
Cost of sales2 $ (14.1) $ (9.3) $ (21.1) $ (23.4) $ (46.6)
Sustaining capital expenditures (2.1) (0.4) (2.5) (2.5) (4.9)
Other costs3 0.1 0.1 0.3 0.2 0.8
All-in sustaining costs1 $ (16.1) $ (9.6) $ (23.3) $ (25.7) $ (50.7)
Expansion capital expenditures (1.2) (0.6) (2.2) (1.8) (4.4)
Performance Measures4
Cost of sales ($/oz sold) $ 2,100 $ 1,149 $ 1,020 $ 1,580 $ 1,093
Cash costs1 ($/oz sold) $ 2,056 $ 1,133 $ 998 $ 1,552 $ 1,060
All-in sustaining costs1 ($/oz sold) $ 2,412 $ 1,187 $ 1,133 $ 1,743 $ 1,189
1 This is a non-GAAP measure. See "Non-GAAP Performance Measures".
2 As per note 28 of the consolidated interim financial statements for revenue and cost of sales. Cost of sales is shown net of depreciation expense.
3 Other costs include sustaining lease principal payments and environmental rehabilitation accretion and depletion, partially offset by by-product credits.
4 Cost of sales, cash costs and all-in sustaining costs per ounce sold may not calculate based on amounts presented in this t able due to rounding.
Gold production in the second quarter of 8,000 ounces was 14% higher than in the prior quarter and 60%
lower than in the same prior year period. An extensive evaluation of the mine and a business recovery plan
for underground mining o perations at Westwood has been in progress with a focus on safety following the
seismic activity in the fourth quarter of 2020.
5
The Company initiated a staged recall of underground workers in the second quarter which has been slower
than planned due to labour market conditions, with resources still required in the mining, milling and technical
services areas. Additional recruiting and training is underway to achieve the workforce necessary to deliver
the updated underground short-term production plan.
Underground operations in the East Zone recommenced in June 2021. The Company is experiencing slower
productivity in underground mining activities than estimated. One of the major contributing factors is the
implementation pace of the necessary enhanced safety measures in keeping with a safety-first culture, such
as enhanced ground support recommended by a group of external experts, to safely access planned zones
of extraction. In addition, also with a focus on safety, additional egresses in the planned zones of extraction
will be constructed. Underground conditions in the West and Central Zones continue to remain under
assessment. Based on information currently available, management expects that mining in these zones will
resume in the first quarter of 2022.
In addition, initiatives to address harder ore being encountered in the Grand Duc open pit are continuing.
Outlook
Westwood's 2021 production guidance has been reduced to 35,000 to 45,000 ounces from 45,000 to 65,000
ounces due to the factors set out above. The impact of these factors on 2022 planning is also being
assessed, see "Risks and Uncertainties" in the Company's Q2 2021 Management Discussion and Analysis.
The Company’s business recovery plan is ongoing and the operational resiliency plan is intended to ensure
continued safe extraction activities. Development, rehabilitation and extraction activities are expected to
ramp up in the second half of 2021. Capital expenditures are expected to be approximately $20 million,
mostly related to deferred development and underground infrastructure. The Company is working on a short-
term three year operating plan which it expects to complete prior to the end of 2021. In addition, the Company
is continuing to evaluate this asset to identify the optimal path forward for the Company and the site
workforce.
Côté Gold Project (IAMGOLD interest – 64.75%)
The Company today issued a separate news release update on the construction progress at Côté Gold.
The Project schedule remains on track for commercial production in the second half of 2023 and the
Company expects to release an initial mineral resource estimate for the Gosselin zone in the fourth quarter
of 2021.
6
Rosebel District, Suriname – Rosebel Mine (IAMGOLD interest – 95%)1
Q2 2021 Q1 2021 Q2 2020 YTD 2021 YTD 2020
Key Operating Statistics
Ore mined2 (000s t) 1,102 1,247 1,888 2,349 4,122
Waste mined2 (000s t) 6,956 8,910 8,171 15,866 21,798
Material mined2 (000s t) – total 8,058 10,157 10,059 18,215 25,920
Strip ratio2,3 6.3 7.1 4.3 6.8 5.3
Ore milled (000s t) – Rosebel 1,412 1,640 2,055 3,052 4,894
Ore milled2 (000s t) – Saramacca 803 908 379 1,711 445
Ore milled2 (000s t) – total 2,215 2,548 2,434 4,763 5,339
Head grade2,4 (g/t) 0.52 0.79 0.82 0.68 0.79
Recovery2 (%) 83 88 92 86 93
Gold production2 (000s oz) – 100% 31 57 59 88 126
Gold production (000s oz) – attributable 95% 25 47 52 72 116
Gold sales (000s oz) – 100% 25 45 55 70 121
Average realized gold price5 ($/oz) $ 1,793 $ 1,752 $ 1,717 $ 1,765 $ 1,656
Financial Results ($ millions)1
Revenue6 $ 45.2 $ 78.8 $ 94.5 $ 124.0 $ 200.5
Operating costs $ (40.4) $ (50.1) $ (47.0) $ (90.5) $ (113.9)
Royalties (3.9) (5.5) (5.4) (9.4) (11.7)
Cash costs5,7 $ (44.3) $ (55.6) $ (52.4) $ (99.9) $ (125.6)
Other mine costs (0.2) (0.5) (0.3) (0.7) (0.8)
Cost of sales6 $ (44.5) $ (56.1) $ (52.7) $ (100.6) $ (126.4)
Sustaining capital expenditures (10.5) (7.6) (8.9) (18.1) (15.7)
Other costs8 (1.4) (1.6) (1.4) (3.0) (3.4)
All-in sustaining costs5 $ (56.4) $ (65.3) $ (63.0) $ (121.7) $ (145.5)
Expansion capital expenditures9 (15.7) (10.8) (6.7) (26.5) (20.4)
Performance Measures10
Cost of sales ($/oz sold) $ 1,767 $ 1,244 $ 959 $ 1,432 $ 1,044
Cash costs5 ($/oz sold) $ 1,755 $ 1,235 $ 953 $ 1,421 $ 1,037
All-in sustaining costs5 ($/oz sold) $ 2,237 $ 1,450 $ 1,150 $ 1,732 $ 1,204
1 Rosebel at 100% and Saramacca at 70% from April 1, 2020, as included in the consolidated interim financial statements, unless otherwise stated.
2 Includes Saramacca at 100%.
3 Strip ratio is calculated as waste mined divided by ore mined.
4 Includes head grade / tonne for the second quarter 2021 related to the Rosebel concession of 0.48 g/t and the Saramacca concession of 0.58 g/t (first
quarter 2021 - 0.62 g/t and 1.11 g/t respectively, second quarter 2020 - 0.70 g/t and 1.43 g/t respectively) and YTD 2021 of 0.55 g/t and 0.86 g/t
respectively (YTD 2020 - 0.73 g/t and 1.42 g/t respectively).
5 This is a non-GAAP performance measure. See "Non-GAAP Performance Measures".
6 As per note 28 of the consolidated interim financial statements for revenue and cost of sales. Cost of sales is net of depreciation expense.
7 Cash costs includes by-product credit.
8 Other costs include sustaining lease principal payments and environmental rehabilitation accretion and depletion, partially offset by by-product credits.
9 Includes expansion capitalized stripping for the second quarter 2021 of $7.6 million (first quarter 2021 - $7.3 million, second quarter 2020 - $1.6
million) and YTD 2021 of $14.9 million (YTD 2020 - $6.7 million).
10 Cost of sales, cash costs and all-in sustaining costs per ounce sold may not calculate based on amounts presented in this table due to rounding.
Attributable gold production in the second quarter of 25,000 ounces was lower by 47% compared with the
prior quarter and 52% compared with the same prior year period for the reasons noted below.
7
COVID-19
There was a significant increase in COVID -19 cases in Suriname during the second quarter. The increase
in cases and social impacts, including multiple lockdowns and a strained healthcare system, had a disruptive
effect on the operations. Discontent with new lockdown rules and stricter health and safety measures led to
a three day temporary blockade of the site by surrounding communities. Several mitigating controls have
been put in place, including a mandatory antigen testing program, with all workers on the 14/7 work rotation
being tested in an effort to reduce the impact on operations. Towards the end of the second quarter and into
July, cases in Suriname have been decreasing. The additional 360 beds that have been added to the camp
to safely accommodate the necessary workforce have now been commissioned. The Company also
continues to engage with the surrounding communities.
Mining
The unusually severe rainy season continued in the second quarter and adversely impacted mine production
restricting access to higher grade benches as the dewatering of pit bottoms could not keep pace with the
heavy rain.
To improve production rates, the operation is focused on a number of activities which continue in the second
half of 2021 based on pit development sequence. These activities are expected to re-establish and increase
push back access in the second half of 2021, provide additional productive faces at Rosebel and increase
the overall mined grade over the remainder of the year, albeit still below reserve grades. Conditions in the
pits are being improved and the operation has met its updated production plan for July 2021.
In addition to ongoing improvements to the maintenance program, additional new mobile equipment is
scheduled to arrive before the end of the year and is expected to improve equipment availability, loading and
reduce reliance on higher-cost hauling contractors.
Processing
Rosebel provided 64% of the mill feed mostly from stockpiles at an average grade of 0.48 g/t and Saramacca
provided 36% of the mill feed at an average grade of 0.58 g/t.
Mill performance in the quarter was adversely affected by lower grade and lower throughput for the reasons
described above related to severe rain, as well as lower recovery due to the m echanical conditions of the
gravity and leach/CIP circuits. Plant availability was also diminished by down -time as a result of deferring
preventive maintenance activities in previous months due to the reduced workforce.
To address processing plant challeng es, Rosebel has initiated an asset integrity program with multiple
improvement initiatives to be run over the next 18 months and to debottleneck congested mill areas including
the ongoing adsorption/desorption project, which is intended to improve efficien cy of the carbon
adsorption/desorption circuit.
Industrial relations, talent pool and other local impacts
In mid-May, the Company concluded a new collective labour agreement that will be in effect until August
2022. Production in the second quarter was adv ersely affected by difficult industrial relations during
negotiations leading up to the agreement.
New personnel have been hired recently to focus on improved planning and preventive maintenance,
including a new General Manager. Recruiting is in progress for several supervisory and training roles at the
mine and mill.
Additional safety and security measures have been implemented to manage conflicts and safety incidents
with local stakeholders. We continue to collaborate with a government task force and with local communities
to reduce pit intrusions continued by small scale miners which have diminished productivity and restricted
access to higher grade ore.
Saramacca project
Construction of required infrastructure is continuing with the infrastructure pad an d sedimentation dams
scheduled for completion in the fourth quarter 2021, and the west dump rock drain, dewatering wells and
bypass road phase 2 scheduled for completion towards the end of the year and into 2022.
8
Outlook
Due to the above -mentioned factors including continued uncertainty related to COVID -19, Rosebel's 2021
attributable production guidance has been adjusted downward to 140,000 to 160,000 ounces from 220,000
to 245,000 ounces. The Company is continuing to assess what, if any, ongoing impacts t hese challenges
may have on ore sequencing and 2022 production. Certain cost pressures are expected to persist in the
second half of the year, including higher diesel, power and haulage costs. Capital expenditures totaled $44.6
million in the first half of 2021 and are expected to be approximately $100 million for the full year (down from
previous guidance of $125 million), comprising $40 million of sustaining and $60 million of expansion capital.
The Company has been working on a revised geological model for the Rosebel and Saramacca deposits to
support the completion of an updated mineral resource and reserve estimate to be released before the end
of 2021 (see "Risk and Uncertainties – Mineral Reserves and Mineral Resources Estimates" in the
Company's Q2 2021 Management Discussion and Analysis). Based on currently available information and
given the negative impact of certain factors, it is expected that the total mineral resources estimate will
decrease.
OUTLOOK
As previously disclosed on July 22, 2021, total attributable production guidance for 2021 has been reduced
due to lower than expected actual production in the first half of 2021 from the Westwood and Rosebel mines
and expected lower than previously guided output for the remainder of 2021 for t he reasons noted above,
partially offset by higher production at the Essakane mine in the first half of 2021. Total per -ounce costs
guidance for 2021 has been increased mainly to reflect the lower attributable total production guidance and
cost pressures e xperienced in the first half of the year, certain of which are expected to continue in the
second half of 2021, along with a stronger Canadian dollar and euro. All -in sustaining costs per ounce sold
are affected by the factors noted above and also reflects planned increased spending on sustaining capital
investments in the second half of 2021.
Actual
YTD 2021
Updated Full Year
Guidance 20211
Previous Full Year
Guidance 20212
Essakane (000s oz) 208 390 – 400 365 – 390
Rosebel (000s oz) 72 140 – 160 220 – 245
Westwood (000s oz) 15 35 – 45 45 – 65
Total attributable production (000s oz) 295 565 – 605 630 – 700
Cost of sales3 ($/oz sold) $ 1,110 $1,155 – $1,190 $980 – $1,030
Cash costs3,4 ($/oz sold) $ 1,064 $1,115 – $1,150 $930 – $980
All-in sustaining costs3,4 ($/oz sold) $ 1,324 $1,395 – $1,435 $1,230 – $1,280
Depreciation expense ($ millions) $ 143.7 $295 – $305 $295 – $305
Income taxes5 ($ millions) $ 28.4 $45 – $55 $45 – $55
1 The updated full year guidance is based on the fo llowing 2021 full year assumptions: average realized gold price of $1,745 per ounce, USDCAD
exchange rate of 1.22, EURUSD exchange rate of 1.20 and average crude oil price of $65 per barrel.
2 The previous full year guidance was based on the following 2021 full year assumptions: average realized gold price of $1,750 per ounce, USDCAD
exchange rate of 1.30, EURUSD exchange rate of 1.19 and average crude oil price of $47 per barrel.
3 Consists of Essakane, Rosebel and Westwood on an attributable basis of 90%, 9 5% and 100%, respectively.
4 This is a non-GAAP performance measure. See "Non-GAAP Performance Measures".
5 Cash tax payments do not occur evenly by quarter, because payments reflect final payments in respect of the prior year and in stallments due at
different prescribed times for different countries.