Iamgold Reports Second Quarter 2023 Results
NEWS RELEASE TSX: IMG NYSE: IAG
IAMGOLD REPORTS SECOND QUARTER 2023 RESULTS
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, August 10, 2023 – IAMGOLD Corporation (NYSE:IAG, TSX:IMG) (“IAMGOLD” or the “Company”)
today reported its financial and operating results for the second quarter ended June 30, 2023.
HIGHLIGHTS:
Operations
• Attributable gold production from continuing operations was 107,000 ounces.
• Revenues from continuing operations were $238.8 million from sales of 121,000 ounces (111,000 ounces on an
attributable basis) at an average realized gold price of $1,973 per ounce.
• Cost of sales per ounce sold from continuing operations was $1,376, cash cost 1 per ounce sold from continuing
operations was $1,372 and all-in-sustaining-cost1 ("AISC") per ounce sold from continuing operations was $1,912.
• Attributable gold production guidance for 2023 is unchanged and is expected to be in the range of 410,000 to
470,000 ounces. Full year costs are expected to come in at the top end of the guided ranges of between $1,125
and $1,175 per ounce sold for cash costs1 and between $1,625 to $1,700 per ounce sold for AISC1.
• In h ealth and safety , for the six months ended June 30, 2023 , the Company reported a DARTFR (days away,
restricted, transferred duty frequency rate ) of 0.39 and a TRIFR (total recordable injuries frequency rate ) of 0.68,
with a decreasing trend since the last quarter.
Financial
• Net earnings attributable to equity holders 1 of $92.6 million or $0.19 per share and adjusted net loss at tributable to
equity holders1 of $3.3 million or $0.01 per share.
• Net cash from operating activities was $23. 2 million. Net cash from operating activities, before movements in non -
cash working capital and non-current ore stockpiles1 was $21.8 million.
• Earnings before interest, income taxes, depreciation and amortization ("EBITDA") 1 from continuing operations was
$166.2 million and adjusted EBITDA1 was $63.8 million.
• Mine-site free cash flow1 from continuing operations was $14.6 million.
• The Company has available liquidity of $1,200.2 million comprised of cash and cash equivalents of $747.7 million
and the available balance of the secured revolving credit facility ("Credit Facility") of $452.5 million as at June 30,
2023.
Côté Gold
• As of June 30, 2023, the Côté Gold Project was estimated to be 85.7% complete.
• Since commencement of construction, $2.23 billion ($1.56 billion at 70%) of the planned $2.965 billion ($2.08 billion
at 70%) of project expenditure has been incurred.
• The estimated cost to complete the Côté Gold Project on a 100% basis is $665 to $735 million ($465 to $515 million
at 70%) on an incurred basis assuming a USDCAD rate of 1.32 , with the top end of the range approximating the
planned $2.965 billion.
• Sumitomo Metal Mining Co., Ltd. and SMM Gold Cote Inc. ("Sumitomo" or "SMM") funded the final $61.0 million of
the Company's funding obligation and an incremental $18.0 million based on its increased ownership during the
second quarter 2023 as per the Join t Venture Funding and Amending Agreement ("JV Funding and Amending
Agreement"), reducing the Company's interest in the unincorporated joint venture to 60.3%.
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• On a 100% basis at the UJV level, the Côté Gold Project incurred project expenditures 1 of $270.1 million ($189.1
million at 70%) in the second quarter 2023. IAMGOLD is expected to fund $425 to $475 million during the remainder
of 2023 based on its 60.3% ownership in Côté Gold unincorporated joint venture. See “Côté Gold Project”.
Corporate
• On April 25, 2023, the Company completed the sale of its 90% interest in the Boto Gold Project in Senegal and its
100% interest in the early-stage exploration properties of Boto West, Senala West, Daorala and the vested interest
in the Senala Option Earn-in Joint Venture, also in Senegal ("Senegal Assets") for aggregate gross cash proceeds
of $197.6 million. See "Bambouk Assets".
• On May 16, 2023, the Company announced that it had entered into a five -year second lien secured term loan (the
"Term Loan") of $400 million from three institutional lenders. The Term Loan proceeds have been used to pay down
amounts drawn under its existing revolving Credit Facility, increasing liquidity and flexibility during the completion of
construction, commissioning and ramp up of Côté Gold, as it allows for the Credit Facility to be available to support
working capital and additional liquidity in case of unforeseen changes in the operating or macroeconomic
environment.
• On August 1, 2023, the Company entered into an agreement to sell its 100% interest in the Pitangui Project, a
greenfield exploration property located in Brazil, as well as its interest i n the Acurui Project, to Jaguar Mining Inc.
(“Jaguar”) via a share purchase agreement. The Company will receive 6.3 million common shares from Jaguar, for
an aggregate value of $9.0 million. The Company will also retain a net smelter returns royalty on both projects. The
transaction is subject to customary closing conditions, including the approval of the TSX. The transaction is expected
to close in the third quarter 2023.
“As we move into the second half of 2023, IAMGOLD is proud of its achievements so far this year ,” said Renaud Adams,
President and Chief Executive Officer of IAMGOLD . “Gold production from continuing operations year to date is 220,000
ounces at cash costs of $1,234 per ounce sold. We have seen remarkable progress and a transformation of Côté Gold as
project activities begin the critical transition from bulk construction to finishing activities and operational readiness, including
a steady ramp up of autonomous mining activities towards production early next year. The project is now over 86% complete
and the remaining capital outlay is in line with our estimates. At Essakane, we saw the mine return to full mining and milling
capacity in the second quarter, as our teams worked tirelessly to manage the in -country supply chain while commencing
the next phase of mining in the pit. On health and safety, the company has seen an improving trend with improvements
year over year, though we will continuously work to achieve our goal of Zero Harm® for the people and the places where
we operate.”
“As we look to the end of this year, we see IAMGOLD is well on track to meet its gold production guidance targets of 410,000
to 470,000 ounces. We are currently forecasting costs to come in on the upper end of our guidance ranges, due to sustained
higher costs of doing business from cooling, yet still present, inflationary pressures and associated complexities in the
regions in which we operate. We are excited about where IAMGOLD is positioned today, as when Côté Gold comes online,
the Company will have a significantly higher production base and lower cost profile, providing a strong foundation of
cashflow and growth opportunities in Canada,” added Mr. Adams.
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QUARTERLY SUMMARY
The following table summarizes certain operating and financial results for the three months ended June 30, 2023 (Q2 2023),
June 30, 2022 (Q2 2022) and the six months ended June 30 (or YTD) 2023 and 2022 and certain measures of the
Company's financial posit ion as at June 30, 2023 and December 31, 2022. 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.
Q2 2023 Q2 2022 YTD 2023 YTD 2022
Key Operating Statistics
Gold production – attributable (000s oz)
- Essakane 88 107 180 219
- Westwood 19 14 40 30
Total from continuing operations 107 121 220 249
- Rosebel — 49 25 95
Total gold production – attributable (000s oz) 107 170 245 344
Gold sales – attributable (000s oz)
- Essakane 93 104 181 223
- Westwood 18 14 39 30
Total from continuing operations 111 118 220 253
- Rosebel — 52 24 98
Total gold sales – attributable (000s oz) 111 170 244 351
Cost of sales1 ($/oz sold) – attributable
- Essakane $ 1,274 $ 838 $ 1,171 $ 810
- Westwood 1,909 2,463 1,773 2,176
Total from continuing operations $ 1,376 $ 1,034 $ 1,277 $ 974
- Rosebel — 1,349 949 1,359
Total cost of sales1 ($/oz sold) – attributable $ 1,376 $ 1,130 $ 1,245 $ 1,081
Cash costs2 ($/oz sold) – attributable
- Essakane $ 1,273 $ 836 $ 1,122 $ 807
- Westwood 1,896 2,427 1,761 2,141
Total from continuing operations $ 1,372 $ 1,028 $ 1,234 $ 967
- Rosebel — 1,327 949 1,321
Total cash costs2 ($/oz sold) – attributable $ 1,372 $ 1,119 $ 1,206 $ 1,066
AISC2 ($/oz sold) – attributable
- Essakane $ 1,587 $ 1,124 $ 1,377 $ 1,129
- Westwood 2,903 3,147 2,689 2,738
Total from continuing operations $ 1,912 $ 1,485 $ 1,719 $ 1,434
- Rosebel — 1,874 1,358 1,832
Total AISC2 ($/oz sold) – attributable $ 1,912 $ 1,604 $ 1,684 $ 1,545
Average realized gold price ($/oz)
- Continued operations $ 1,973 $ 1,773 $ 1,933 $ 1,781
- Discontinued operations — 1,861 1,905 1,873
Total average realized gold price ($/oz) $ 1,973 $ 1,799 $ 1,930 $ 1,806
1. Throughout this news release, cost of sales, excluding depreciation, is disclosed in the cost of sales note in the consolidated interim financial statements.
2. This is a non-GAAP measure. See "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures.
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Q2 2023 Q2 2022 YTD 2023 YTD 2022
Financial Results
($ millions from continuing operations)
Revenues $ 238.8 $ 232.1 $ 465.0 $ 497.1
Gross profit $ 26.6 $ 34.1 $ 69.7 $ 105.1
EBITDA1 $ 166.2 $ 101.4 $ 249.0 $ 236.3
- Continuing operations $ 166.2 $ 71.7 $ 234.6 $ 181.9
- Discontinued operations $ — $ 29.7 $ 14.4 $ 54.4
Adjusted EBITDA1 $ 63.8 $ 110.0 $ 170.6 $ 247.5
- Continuing operations $ 63.8 $ 81.8 $ 147.2 $ 192.5
- Discontinued operations $ — $ 28.2 $ 23.4 $ 55.0
Net earnings (loss) attributable to equity holders $ 92.6 $ (9.6) $ 104.5 $ 14.2
- Continuing operations $ 92.6 $ (22.2) $ 98.9 $ (6.2)
- Discontinued operations $ — $ 12.6 $ 5.6 $ 20.4
Adjusted net earnings (loss) attributable to equity
holders1
$ (3.3) $ (6.3) $ 36.6 $ 19.8
- Continuing operations $ (3.3) $ (14.6) $ 22.0 $ 1.8
- Discontinued operations $ — $ 8.3 $ 14.6 $ 18.0
Net earnings (loss) per share attributable to equity
holders - continuing operations $ 0.19 $ (0.05) $ 0.21 $ (0.01)
Adjusted net earnings (loss) per share attributable
to equity holders1 - continuing operations $ (0.01) $ (0.03) $ 0.05 $ —
Net cash from operating activities before changes in
working capital1 - continuing operations $ 21.8 $ 67.0 $ 77.5 $ 175.7
Net cash from operating activities $ 23.2 $ 81.9 $ 52.0 $ 224.2
- Continuing operations $ 23.2 $ 33.9 $ 36.6 $ 149.9
- Discontinued operations $ — $ 48.0 $ 15.4 $ 74.3
Mine-site free cash flow1 $ 14.6 $ 42.0 $ 23.2 $ 128.7
- Continuing operations $ 14.6 $ 36.4 $ 17.3 $ 123.3
- Discontinued operations $ — $ 5.6 $ 5.9 $ 5.4
Capital expenditures1,2 – sustaining $ 46.3 $ 39.4 $ 81.3 $ 95.5
Capital expenditures1,2 – expansion $ 173.5 $ 170.8 $ 332.6 $ 250.8
June 30 December 31 June 30 December 31
2023 2022 2023 2022
Financial Position ($ millions)
Cash and cash equivalents $ 747.7 $ 407.8 $ 747.7 $ 407.8
Long-term debt $ 837.3 $ 918.7 $ 837.3 $ 918.7
Net cash (debt)1 $ (280.3) $ (605.6) $ (280.3) $ (605.6)
Available credit facility $ 452.5 $ 26.6 $ 452.5 $ 26.6
1. This is a non-GAAP measure. See "Non-GAAP Financial Measures" disclosure at the end of this news release 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
Operating Performance Outlook
Actual YTD 2023 Full Year Guidance 20231
Essakane (000s oz) 180 340 – 380
Westwood (000s oz) 40 70 – 90
Total attributable production (000s oz)2 220 410 – 470
Cost of sales2 ($/oz sold) $1,277 $1,125 – $1,175
Cash costs2.3 ($/oz sold) $1,234 $1,125 – $1,175
AISC2,3 ($/oz sold) $1,719 $1,625 – $1,700
Depreciation expense ($ millions) $91.0 $245 – $255
Income taxes4 paid ($ millions) $43.0 $70 – $80
1. The full year guidance is based on the following 2023 full year assumptions, before the impact of hedging: average realized gold price of $1,650 per ounce, USDCAD
exchange rate of 1.32, EURUSD exchange rate of 1.10 and average crude oil price of $91 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 reflects continuing operations and does not include the cash tax obligation arising as part of the Bambouk sales process. See
"Bambouk Assets" for additional details.
Production Outlook
Attributable gold production guidance for 2023 is unchanged and is expected to be in the range of 410,000 to 470,000
ounces.
Costs Outlook
The Company expects full year costs to come in at the top end of the guided ranges of between $1,125 and $1,175 per
ounce sold for cash costs1 and between $1,625 to $1,700 per ounce sold for AISC1.
At Essakane, the landed cost of fuel has increased due to the measures taken to reduce the impact of the security situation
on the supply chain which allowed for a return to full mining and milling capaci ty during the quarter. In addition, heavy fuel
used for power generation is periodically substituted with more expensive light fuel due to availability, further increasing the
cost of producing energy used in the mill.
At Westwood, the level of ground sup port required for the development and rehabilitation work increased relative to the
annual plan; however, productivity rates are higher than plan and allowed for an increased rate of underground rehabilitation
and repair work thereby advancing a portion of the 2024 scope of work into the current year to de-risk future years.
The Company notes that continued pressures on the Essakane supply chain and costs may result in an increase to costs
and capital expenditure guidance estimates and will provide further updates as warranted.
Capital Expenditures
Sustaining capital expenditures¹ for 2023 have been revised upwards to approximately $230 million (± 5%) of which the
majority is related to capitalized stripping at Essakane and underground development and rehabilitation work at Westwood.
At Westwood, the sustaining capital guidance is being raised by $35 million as underground rehabilitation and development
has been progressing ahead of schedule due to better than planned productivity rates moving some of the 2 024 work into
2023 and reducing the work required in 2024, while some of the rehabilitation work requires more ground support increasing
costs (as outlined above). During the second quarter of 2023, Essakane ramped up its stripping program in line with the
mine plan. The Company expects that Essakane will be able to complete its capital stripping program for the year should
the fuel supply remain stable , reversing the impact of lower stripping in the first quarter due to supply chain issues
encountered at the time. (see quarterly update on "Essakane, Burkina Faso" and "Westwood, Canada").
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Expansion capital1 and project expenditures¹ for 2023 are expected to be approximately $830 to $880 million, on an incurred
basis, including approximately $825 to $875 million of project expenditures for Côté Gold, on a 70% basis (see also “Côté
Gold Project") and consists of capital expenditures, right of use assets purchased through leasing, supplies inventory and
the cost to build the ore stockpile . Other expansion capital expenditures¹ (excluding Côté Gold) are expected to be
approximately $5 million (± 5%) at Essakane in fulfillment of the relocation commitment to the Essakane village.
Actual YTD 2023 Full Year Guidance 20232
($ millions) Sustaining3 Expansion Total Sustaining3 Expansion Total
Essakane $ 46.6 $ 1.0 $ 47.6 $ 150 $ 5 $ 155
Westwood 34.4 0.2 34.6 80 — 80
$ 81.0 $ 1.2 $ 82.2 $ 230 $ 5 $ 235
Côté Gold4,5 — 359.8 359.8 — 825 – 875 825 – 875
Corporate 0.3 — 0.3 — — —
Total6,7,8 $ 81.3 $ 361.0 $ 442.3 $ 230 $ 830 – 880 $ 1,060 – 1,110
1. 100% basis, unless otherwise stated.
2. Capital expenditures guidance (±5%) at Essakane and Westwood. Sustaining capital expenditure guidance at Westwood increased by $35 million. Côté Gold
expansion capital guidance narrowed from $800 - $875 million to $825 – $875 million.
3. Sustaining capital includes capitalized stripping of (i) $14.3 million for Essakane and $1.2 million for Westwood in the seco nd quarter 2023, (ii) $20.7 for Essakane
and $3.9 million at Westwood YTD 2023, and (iii) $90 million for Essakane and $6.0 million for Westwood for the full year guidance. See “Outlook” sections below.
4. 70% basis.
5. Represents Côté Gold project expenditures of $359.8 million (see Côté Gold Project) that consists of capital expenditures of $331.4 million, right of use assets of
$34.8 million, supplies inventory and the cost to build the ore stockpile, less certain cash and non -cash corporate level adjustments included in capital
expenditures.
6. Includes $3.0 million of capitalized exploration and evaluation expenditures also included in t he Exploration Outlook guidance table.
7. Capitalized borrowing costs are not included.
8. See “Costs Outlook” section above.
Exploration Outlook
Exploration expenditures for 2023 are expected to be approximately $18 .0 million, including $3.0 million on the Gosselin
resource delineation drilling program, as well as other near-mine and greenfield programs.
Actual YTD 2023 Full Year Guidance 2023
($ millions) Capitalized Expensed Total Capitalized Expensed Total
Exploration projects – greenfield $ — $ 5.7 $ 5.7 $ — $ 13
$ 13
Exploration projects – brownfield 2.1 1.0 3.1 3
2
5
$ 2.1 $ 6.7 $ 8.8 $ 3
$ 15
$ 18
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 will issue its 16th annual Sustainability Report in the third quarter of this year.
Health and Safety
Health and safe ty is 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
was 0.39 for the six months ended June 30, 2023, with a decreasing trend since the last quarter (compared to 0.31 for the
same period ended June 30, 2022). The TRIFR was 0.68 for the six months ended June 30, 2023 (compared to 0.85 for
the same period ended June 30, 2022). At Côté Gold, total project hours worked reached 11.5 million hours with an LTIFR
(lost time injury frequency rate) of 0.03.
During the month of June, wildfires contributed to regional adverse air quality at Côté Gold and Westwood. Air monitoring
stations at our sites recorded values for particulate matter that exceeded recommended limits with notifications provided to
the respective Ministries of the Environment, Conservation and Parks.
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Environment
The Company recognizes that mining activities are energy intensive and generate significant greenhouse gas (“GHG”)
emissions. To this end, IAMGOLD began working on each operation in 2022 to dev elop site-specific emissions reduction
roadmaps. That work continues and is expected to culminate in a corporate roadmap, accompanying targets, and the
publication of a TCFD report by the fourth quarter of 2023.
At Côté Gold, permitting efforts continued i n the second quarter 2023 with permit amendments received allowing for
additional temporary camp infrastructure to support an increase in workers on site during construction. A Notice of Material
Change to the Closure Plan was also filed in March 2023 to u pdate financial assurance and consolidate the existing Côté
Gold and Chester mine closure plans. During the quarter, the Company’s environment department prepared the site for
freshet conditions, continued to work closely with the construction and operatio nal readiness teams and is developing the
departmental strategy to lead into operations.
At Essakane, progress has been made in the studies and the action plan for the update of the mine closure plan, in
consultation with government authorities. The updated closure plan is scheduled to be completed by mid-2023.
At Westwood, the 2021 closure plan update is currently under review by the Quebec Ministry of Natural Resources and
Forestry (MRNF), with the MRNF engaging the Company with a list of questions in accordance with their ongoing analysis.
Social and Economic Development
The Company is continuously exploring opportunities for investing and partnering with the communities impacted by its
continuing operations.
At Essakane, the Company continued its participation in the Mining Fund for Local Development in Burkina Faso, a program
established by the government, pursuant to which the Company committed to contribute 1% of its annual revenues. The
contribution for the second quarter 2023 is estimated at $2.0 m illion and $3.9 million for the six months ended June 30,
2023. During the second quarter, the United Nations Development Programme (“UNDP”) launched calls for tenders for the
selection of companies to carry out the work in the areas of implementation of the FAMAGODO project, a two year
partnership program with the UNDP for the implementation of a local development initiative to benefit local communities,
fostering youth employment, reducing poverty, strengthening local infrastructure, and supporting capacity as well as local
governance. Essakane also continued its direct community investment initiative. Also, as part of the community health
program, medicines were distributed to the health districts of Zone 1 and to the Regional Hospital Center of Dori.
At Côté Gold, various meetings were held (Impact Benefit Agreement (“IBA”) Committee, Environmental Management
Committee, Employment and Trai ning sub-Committee and Socio -economic Management and Monitoring Committee) as
part of the implementation of the IBA between the Company and its First Nation Partners Mattagami First Nation and Flying
Post First Nation. In May, an annual environmental sessi on was held at Mattagami First Nation to share information about
the environmental management best practices employed at Côté Gold.
At Westwood, the second monitoring committee meeting for Fayolle was held on June 15 and the Grand Duc monitoring
committee met on June 22. Scholarships were awarded to students of the Cégep in Abitibi -Témiscamingue while financial
support was given to the Defi IAMGOLD fundraiser event to help raise a record amount of $185,326 benefiting local sick
children (Comité de soutien à la pédiatrie de l’Abitibi-Témiscamingue).
Governance
The Board of Directors of IAMGOLD (the “Board”) adopted new diversity and renewal guidelines in 2021, reflecting
governance best practices. Currently, women represent approximately 44% of the director s and 50% of the independent
directors. T he average tenure of directors on the Board is less than two years. On June 20, 2023, Audra Walsh was
appointed to the Company's Board as an independent director.
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OPERATIONS – CONTINUING
Essakane Mine (IAMGOLD interest – 90%)1 | Burkina Faso
Q2 2023 Q2 2022 YTD 2023 YTD 2022
Key Operating Statistics1
Ore mined (000s t) 2,697 3,803 4,354 7,635
Grade mined (g/t) 1.12 1.05 1.39 1.05
Waste mined (000s t) 10,818 7,602 15,446 18,948
Material mined (000s t) – total 13,515 11,405 19,800 26,583
Strip ratio2 4.0 2.0 3.5 2.5
Ore milled (000s t) 3,084 2,704 5,259 5,866
Head grade (g/t) 1.11 1.52 1.32 1.45
Recovery (%) 89 90 90 89
Gold production (000s oz) – 100% 97 119 200 243
Gold production (000s oz) – attributable 90% 88 107 180 219
Gold sales (000s oz) – 100% 103 117 201 248
Average realized gold price3 ($/oz) $ 1,975 $ 1,882 $ 1,935 $ 1,883
Financial Results ($ millions)1
Revenues4 $ 203.8 $ 218.8 $ 390.3 $ 467.0
Cost of sales4 131.4 97.3 236.0 200.4
Production costs 128.0 93.0 225.4 173.9
(Increase)/decrease in finished goods (6.9) (6.3) (9.2) 3.6
Royalties 10.3 10.6 19.8 22.9
Cash costs3 131.2 97.0 226.1 199.7
Sustaining capital expenditures3,5 29.5 31.1 46.6 78.8
Expansion capital expenditures3 0.5 0.5 1.0 1.5
Total capital expenditures 30.0 31.6 47.6 80.3
Earnings from operations 30.4 61.9 74.0 152.1
Performance Measures6
Cost of sales excluding depreciation ($/oz sold) $ 1,274 $ 838 $ 1,171 $ 810
Cash costs3 ($/oz sold) $ 1,273 $ 836 $ 1,122 $ 807
AISC3 ($/oz sold) $ 1,587 $ 1,124 $ 1,377 $ 1,129
1. 100% basis, unless otherwise stated.
2. Strip ratio is calculated as waste mined divided by ore mined.
3. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
4. As per note 29 of the consolidated interim financial statements for revenues and cost of sales. Cost of sales is net of depre ciation expense.
5. Includes sustaining capitalized stripping for the second quarter 2023 of $14.3 million (second quarter 2022 - $17.2 million) and $20.7 million for YTD 2023 (YTD
2022 - $47.1 million).
6. Cost of sales, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to round ing.
Operations
Attributable gold production in the second quarter 2023 was 88,000 ounces lower by 18% or 19,000 ounces compared to
the same prior year period, primarily as a result of lower grades, partially offset by higher throughput.
Mining activity of 13.5 million tonnes in the second quarter 2023 was higher by 2.1 million tonnes or 19% compared to the
same prior year period as the mining fleet returned operations to full capacity. Mine volumes were lower in the prior period
due to supply chain constraints in -country and abroad. Mining activity in the s econd quarter 2023 completed the transition
to Phase 5, resulting in a higher strip ratio – in line with expectations as the operation moves to new mining phases.