Iamgold Reports Second Quarter 2024 Results
TSX: IMG NYSE: IAG NEWS RELEASE
IAMGOLD REPORTS SECOND QUARTER 2024 RESULTS
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, August 8, 2024 – IAMGOLD Corporation (NYSE:IAG, TSX:IMG) (“IAMGOLD” or the “Company”)
today reported its financial and operating results for the second quarter ended June 30, 2024.
“We are very proud of our achievements during the first half of the year at IAMGOLD," said Renaud Adams, President
and Chief Executive Officer of IAMGOLD. "Essakane and Westwood teams have continued to deliver strong operational
results, which has positioned the company to beat our production and cost guidance targets set at the beginning of the
year. These achievements have been made while delivering our commitment to health and safety, and I want to
commend the Essakane team, which recently surpassed a record health and safety milestone of 5 million hours worked
without a recordable safety incident.”
“At Côté Gold, last week we announced the mine had reached commercial production, a significant achievement only
four months after pouring our initial gold bar on March 31 of this year. We are very impressed with the progress to date
and are very positive on what the milestones achieved so far mean for the future of the project. Early in the second
quarter, our focus was on stress testing the capability of the plant to handle near nameplate throughput rates. The
primary components of the plant responded well, proving the installed capacity of the major equipment and processing
circuits to handle design rates. The operating teams have made significant strides over the last six weeks on increasing
the availability of the plant, with a full production at namepl ate of 36,000 tonnes milled achieved on August 1st. During
the ramp up exercise, the company has identified key improvements and optimizations needed in the crushing and
screening circuits of the dry side, which will be implemented in September in support of the goal of reaching the 90%
throughput rate exiting this year.”
“The financial position of the company continues to improve, with over $915 million in total liquidity and increased
production guidance this year in a strong gold price environment. With commercial production at Côté behind us and
our financing completed in May, IAMGOLD is well funded to buy back the 10% interest in the mine in November – in
order to increase our ownership to 70% of what we believe to be among the top gold mines in Canada."
HIGHLIGHTS:
Operating and Financial
• Attributable gold production was 166,000 ounces in the second quarter and 317,000 ounces year -to-date
("YTD"), driven by strong performance at Essakane and Westwood, as well as the first quarter of production at Côté
Gold.
• Côté Gold reached commercial production on August 2, 2024. During the month of July, the operation processed
over 620,000 tonnes and on August 1, 2024, the plant achieved a record daily high throughput rate of 36,000 tonnes
per day. The project continues to be well positioned to achieve the goal of 90% throughput by the end of the year.
• Production guidance at Essakane and Westwood has been increased to 495,000 to 540,000 ounces, up from
the previous guidance range of 430,000 to 490,000 ounces.
• Côté Gold production this year is expected to be on the lower end of the guidance range of 130,000 to 175,000
ounces on a 60.3% basis (220,000 to 290,000 ounces at 100%) as improvements to mill availability are made during
the ramp-up of operations.
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• The cash cost 1 guidance range, excluding Côté Gold, is revised downwards from $1,280 to $1,400 per ounce
sold to $1,175 to $1,275 per ounce sold and all -in-sustaining-cost1 (“AISC”) guidance range is also revised
downwards from $1,780 to $1,940 per ounce sold to $1,700 to $1,825 per ounce sold.
• For Côté Gold, the company continues to expect that as Côté exits the year at 90% throughput, cash costs at
that time will be in the range of approximately $700 to $800 per ounce sold and AISC of $1,100 to $1,200 per
ounce.
• Revenues were $385.3 million from sales of 167,000 ounces at an average realized gold price1 of $2,294 per ounce
and $724.2 million YTD from sales of 330,000 ounces at an average realized gold price of $2,187 per ounce.
• Essakane and Westwood cost of sales per ounce sold was $1,099 ($1,077 YTD), cash cost1 per ounce sold was
$1,094 ($1,073 YTD) and AISC per ounce sold was $1,617 ($1,553 YTD).
• Côté Gold cost of sales and cash cost1 per ounce sold, net of capitalized operating costs, was $839 and $836
per ounce sold, respectively.
• Net earnings and adjusted net earnings per share attributable to equity holders 1 of $0.16 and $0.16 for the
second quarter, respectively; YTD net earnings and adjusted net earnings per share attributable to equity holders 1
of $0.27 and $0.27, respectively.
• Net cash from operating activities was $160.1 million for the second quarter and $237.2 million YTD. Net cash
from operating activities, before movements in working capital and non -current ore stockpiles1, was $169.2 million
for the second quarter and $312.0 million YTD.
• Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)1 was $189.9 million during
the second quarter ( $344.0 million YTD) and adjusted EBITDA 1 was $191.1 million during the second quarter
($343.6 million YTD).
• Mine-site free cash flow1, excluding Côté Gold, was $140.0 million for the second quarter and $186.2 million YTD.
• The Company has available liquidity 1 of $915.7 million, mainly comprised of cash and cash equivalents of
$511.4 million and the available balance of the secured revolving credit facility (“Credit Facility”) of $403.3 million
as at June 30, 2024.
• In health and safety, for the quarter ended June 30, 2024, the Company reported a TRIFR (total recordable injuries
frequency rate) of 0.60, an improved trend since last year.
Corporate
• On May 24, 2024, the Company announced the closing of a “bought deal” equity financing of 72.0 million common
shares of the Company at a price of $4.17 per common share for aggregate gross proceeds of approximately $300.2
million ($287.5 million net of fee s and transaction costs). The Company intends to use the proceeds towards the
repurchase of the 9.7% interest from Sumitomo on November 30, 2024, which was transferred to Sumitomo in 2023
as part of the Joint Venture Funding and Amending Agreement. IAMGOLD ’s ownership interest in the Côté Gold
Mine following the repurchase would then return to 70%. See “Côté Gold”.
• On April 4, 2024, the Company announced that it entered into a gold prepayment arrangement and a partial
amendment to one of its existing gold prepayment arrangements. The net result of these arrangements was the
effective transition of the cash impact of the current gold delivery obligations out of the second quarter of 2024 into
the same period in the following year, thereby increasing cashflow in the second quarter 2024 by approximately
$74.1 million. See “Liquidity and Capital Resources”.
• On July 9, 2024, the Company finalized an insurance claim of $27.3 million relating to the property and business
interruption loss arising from the October 30, 2020, seismic event in the Westwood mine. The proceeds are
expected to be received in the third quarter of 2024.
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QUARTERLY REVIEW
For more details and the Company's overall outlook for 2024, see “Outlook”, and for individual mine performance, see
“Quarterly Updates”. The following table summarizes certain operating and financial results for the three months ended
June 30, 2024 (Q2 20 24) June 30, 2023 (Q2 2023) and the six months ended June 30 (or YTD) 2024 and 2023 and
certain measures of the Company's financial ("discontinued operations") position as at December 31, 2023, and June
30, 2023. Financial results of Rosebel include the one-month period ended January 31, 2023, prior to the closing of the
sale to Zijin.
Q2 2024 Q2 2023 YTD 2024 YTD 2023
Key Operating Statistics
($ millions from continuing operations)
Gold production – attributable (000s oz)
- Essakane 111 88 229 180
- Westwood 35 19 67 40
Subtotal 146 107 296 220
- Côté Gold (60.3%) 20 — 21 —
Total gold production – attributable (000s oz) 166 107 317 220
Gold sales – attributable (000s oz)
- Essakane 107 93 224 181
- Westwood 35 18 68 39
Subtotal 142 111 292 220
- Côté Gold (60.3%) 14 — 14 —
Total gold sales – attributable (000s oz) 156 111 306 220
Cost of sales1 ($/oz sold) – attributable
- Essakane $ 1,084 $ 1,274 $ 1,042 $ 1,171
- Westwood 1,142 1,909 1,191 1,773
Subtotal $ 1,099 $ 1,376 $ 1,077 $ 1,277
- Côté Gold 839 — 839 —
Total cost of sales1 ($/oz sold) – attributable $ 1,076 $ 1,376 $ 1,066 $ 1,277
Cash costs2 ($/oz sold) – attributable
- Essakane $ 1,081 $ 1,273 $ 1,040 $ 1,122
- Westwood 1,131 1,896 1,182 1,761
Subtotal $ 1,094 $ 1,372 $ 1,073 $ 1,234
- Côté Gold 836 — 836 —
Total cash costs2 ($/oz sold) – attributable $ 1,071 $ 1,372 $ 1,062 $ 1,234
AISC2 ($/oz sold) – attributable
- Essakane $ 1,481 $ 1,587 $ 1,393 $ 1,377
- Westwood 1,663 2,903 1,747 2,689
Subtotal $ 1,617 $ 1,912 $ 1,553 $ 1,719
- Côté Gold
Total AISC2 ($/oz sold) – attributable $ 1,617 $ 1,912 $ 1,553 $ 1,719
Average realized gold price2,3($/oz) $ 2,294 $ 1,973 $ 2,187 $ 1,933
Key Operating Statistics
($ millions from Rosebel discontinued operation)
Gold production – attributable (000s oz) — — — 25
Gold sales – attributable (000s oz) — — — 24
Cost of sales1 ($/oz sold) – attributable $ — $ — $ — $ 949
Cash costs2 ($/oz sold) – attributable $ — $ — $ — $ 949
AISC2 ($/oz sold) – attributable $ — $ — $ — $ 1,358
1. Throughout this MD&A, cost of sales, excluding depreciation, is disclosed in the segment note in the consolidated interim fin ancial 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.
3. The average realized gold price in the second quarter 2024 excluding the impact of the 2022 Prepay Arrangement (as defined be low) was $2,360 per ounce
and $2,227 per ounce YTD 2024.
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Q2 2024 Q2 2023 YTD 2024 YTD 2023
Financial Results
($ millions from continuing operations)
Revenues $ 385.3 $ 238.8 $ 724.2 $ 465.0
Gross profit $ 150.7 $ 26.6 $ 256.4 $ 69.7
EBITDA1 $ 189.9 $ 166.2 $ 344.0 $ 249.0
- Continuing operations $ 189.9 $ 166.2 $ 344.0 $ 234.6
- Discontinued operations $ — $ — $ — $ 14.4
Adjusted EBITDA1 $ 191.1 $ 63.8 $ 343.6 $ 170.6
- Continuing operations $ 191.1 $ 63.8 $ 343.6 $ 147.2
- Discontinued operations $ — $ — $ — $ 23.4
Net earnings (loss) attributable to equity holders $ 84.5 $ 92.6 $ 139.3 $ 104.5
- Continuing operations $ 84.5 $ 92.6 $ 139.3 $ 98.9
- Discontinued operations $ — $ — $ — $ 5.6
Adjusted net earnings (loss) attributable to equity holders1 $ 84.8 $ (3.3) $ 137.8 $ 36.6
- Continuing operations $ 84.8 $ (3.3) $ 137.8 $ 22.0
- Discontinued operations $ — $ — $ — $ 14.6
Net earnings (loss) per share attributable to equity holders –
continuing operations $ 0.16 $ 0.19 $ 0.27 $ 0.21
Adjusted net earnings (loss) per share attributable to equity
holders1 – continuing operations $ 0.16 $ (0.01) $ 0.27 $ 0.05
Net cash from operating activities before changes in working
capital1 – continuing operations $ 169.2 $ 21.8 $ 312.0 $ 77.5
Net cash from operating activities $ 160.1 $ 23.2 $ 237.2 $ 52.0
- Continuing operations $ 160.1 $ 23.2 $ 237.2 $ 36.6
- Discontinued operations $ — $ — $ — $ 15.4
Mine-site free cash flow1 $ 140.0 $ 14.6 $ 186.2 $ 23.2
- Continuing operations $ 140.0 $ 14.6 $ 186.2 $ 17.3
- Discontinued operations $ — $ — $ — $ 5.9
Capital expenditures1,2 – sustaining $ 57.4 $ 46.3 $ 112.5 $ 81.3
Capital expenditures1,2 – expansion $ 62.3 $ 149.6 $ 177.5 $ 286.7
June 30 December 31 June 30 December 31
2024 2023 2024 2023
Financial Position ($ millions)
Cash and cash equivalents $ 511.4 $ 367.1 $ 511.4 $ 367.1
Long-term debt $ 814.8 $ 830.8 $ 814.8 $ 830.8
Net cash (debt)1 $ (495.1) $ (649.5) $ (495.1) $ (649.5)
Available Credit Facility $ 403.3 $ 387.0 $ 403.3 $ 387.0
1. This is a non-GAAP financial measure. See “Non-GAAP Financial Measures”.
2. Sustaining and expansion capital expenditures represent incurred expenditures for property, plant and equipment and explorati on and evaluation assets, and
excludes right-of-use assets and working capital impacts.
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OUTLOOK
Production
YTD 2024
Updated Full Year
Guidance 2024
Previous Full Year
Guidance 2024
Essakane (000s oz) 229 380 – 410 330 – 370
Westwood (000s oz) 67 115 – 130 100 – 120
Total attributable production (000s oz) 296 495 – 540 430 – 490
Côté Gold, 60.3% (000s oz) 21 130 – 175 130 – 175
Essakane & Westwood
Production guidance at Essakane and Westwood has been increased to 495,000 to 540,000 ounces, up from the
previous guidance range of 430,000 to 490,000 ounces
Essakane’s attributable production guidance was increased to 380,000 to 410,000 ounces, up from 330,000 to 370,000
ounces previously, due to the positive grade reconciliation and stable operations year to date.
Westwood guidance was increased to 115,000 to 130,000 ounces, up from 100,000 to 120,000 ounces, due to higher
production from the underground mine.
Côté Gold
Production guidance at Côté Gold on a 100% basis is expected to be on the lower end of the guidance of 220,000 to
290,000 ounces (130,000 to 175,000 ounces on a 60.3% basis for IAMGOLD - see “Côté Gold” below), as improvements
to mill availability are made during the ramp -up of operations. This estimate assumes that operations will continue to
ramp-up and exit the year at a throughput rate of approximately 90% of the 36,000 tonnes per day nameplate production
rate.
Costs
YTD 2024
Updated Full Year
Guidance 20241
Previous Full Year
Guidance 20242
Essakane (000s oz)
Cash costs ($/oz sold) $1,040 $1,175 – $1,275 $1,300 – $1,400
AISC ($/oz sold) $1,393 $1,575 – $1,675 $1,675 – $1,800
Westwood (000s oz)
Cash costs ($/oz sold) $1,182 $1,200 – $1,300 $1,250 – $1,375
AISC ($/oz sold) $1,747 $1,775 – $1,900 $1,800 – $2,000
Essakane + Westwood
Cost of sales3 ($/oz sold) $1,077 $1,175 – $1,275 $1,280 – $1,400
Cash costs3,4 ($/oz sold) $1,073 $1,175 – $1,275 $1,280 – $1,400
AISC3,4 ($/oz sold) $1,553 $1,700 – $1,825 $1,780 – $1,940
Côté Gold Refer to Côté Gold section below
1. The updated full year guidance is based on the following 2024 full year assumptions, before the impact of hedging: average re alized gold price of $2,233 per
ounce, USDCAD exchange rate of 1.36, EURUSD exchange rate of 1.08 and average crude oil price of $8 2 per barrel.
2. The previous full year guidance is based on the following 2024 full year assumptions, before the impact of hedging: average r ealized gold price of $1,900 per
ounce, USDCAD exchange rate of 1.32, EURUSD exchange rate of 1.10 and average crude oil price of $83 per barrel.
3. Consists of Essakane and Westwood on an attributable basis of 90% and 100%, respectively.
4. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
The 2024 cost guidance for Essakane and Westwood combined is now expected to be in the range of $1,175 to $1,275
for cash costs per ounce sold and $1,700 to $1,825 for AISC per ounce sold, compared to the previous guidance
estimates of cash cost per ounce sold of $1,280 and $1,400 and AISC per ounce sold of $1,780 and $1,940.
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While inflationary pressures are easing, pricing for certain consumables, including cyanide and grinding media remains
in line with the levels experienced in 2023.
Essakane
Cost guidance for Essakane has been revised downwards and is expected to be in a range of $1,175 to $1,275 for cash
cost per ounce sold and $1,575 to $1,675 for AISC per ounce sold, compared to the previous guidance estimates for
cash cost of $1,300 to $1, 400 per ounce sold and AISC of $1,675 to $1,800 per ounce sold. Operating costs are
expected to remain in line with prior guidance and levels experienced in recent quarters and capital is expected to
increase, resulting in unit costs decreasing as a result of the anticipated production increasing more than the costs.
Westwood
Cost guidance for Westwood has been revised downwards, in line with the increase in production guidance, and is
expected to be in the range of $1,200 to $1,300 for cash cost per ounce sold and $1,775 to $1,900 for AISC per ounce
sold, compared to the previ ous guidance estimates for cash cost per ounce sold of $1,250 to $1,375 per ounce sold
and AISC of $1,800 to $2,000 per ounce sold.
Côté Gold
During the ramp -up period and prior to achieving near nameplate production rates, operating and capitalized waste
stripping unit costs are expected to be higher than the expected life of mine average as outlined in the existing 43 -101
technical report (dated August 12, 2022) as fixed costs are absorbed by lower volumes, increases in certain cost inputs
from the impact of inflation since completion of the technical report, and higher royalty costs due to higher gold prices.
As Côté Gold achieves 90% throughput, which is expected by the end of the year, the Company estimates cash costs
at that time to be in the range of approximately $700 to $800 per ounce sold and AISC of $1,100 to $1,200 per ounce.
Capital Expenditures
Essakane and Westwood
YTD 20241 Updated Full Year Guidance
20242 Previous Full Year Guidance 2024
($ millions) Sustaining3 Expansion Total Sustaining3 Expansion Total Sustaining3 Expansion Total
Essakane
(±5%) $ 76.1 $ 2.1 $ 78.2 $ 170 $ 5 $ 175 $ 150 $ 5 $ 155
Westwood
(±5%) 35.8 0.1 35.9 70 — 70 65 — 65
$ 111.9 $ 2.2 $ 114.1 $ 240 $ 5 $ 245 215 $ 5 $ 220
Corporate 0.6 — 0.6 — — — — — —
Total4 $ 112.5 $ 2.2 $ 114.7 $ 240 $ 5 $ 245 $ 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) $27.6 million for Essakane and $1.8 million for Westwood in the second quarter 2024, (ii) $53.3 million for
Essakane and $4.1 million for Westwood YTD 2024, and (iii) $115 million for Essakane and $7 million for Westwood for the revised 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.
Sustaining capital expenditures¹ estimates for Essakane and Westwood this year have been revised upwards to
approximately $240 million (± 5%), up from $215 million (± 5%) previously, due to an increase in the strip ratio resulting
in more mining costs being included in capitalized waste and the replacement of certain equipment to improve efficiency
and maintenance costs at Essakane, and the early commencement of mill integrity projects at Westwood originally
scheduled for 2025.
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Côté Gold (100%)
($ millions)
Q2 20241 YTD 20241
Updated Full
Year Guidance
20242
Previous Full
Year Guidance
20242
Project expenditures4 to first gold $ — $ 151.7 $ 152 $ 152
Project expenditures4 post first gold 30.7 30.7 67 67
Subtotal Project expenditures4 30.7 182.4 219 219
Capitalized waste stripping 20.9 29.0 60 50
Capitalized operating pre-production costs 24.5 51.5 60 40
Capital expenditures related to operations3 16.5 26.0 115 145
Total $ 92.6 $ 288.9 $ 454 $ 454
1. 100% basis, unless otherwise stated.
2. Capital expenditures guidance (±5%).
3. Guidance reduced as a result of leasing of equipment.
4. Project expenditures is a non-GAAP financial measure and is inclusive of supplies inventories purchased during the project phase. See "Non -GAAP Financial
Measures".
Côté Gold's capital expenditures related to operations in 2024 are expected to be higher than the life -of-mine average
as the mine progresses the completion of the construction of the full tailings dam footprint to support the life of mine.
The classification of capital expenditures as either sustaining or expansion during 2024 will be dependent on the timing
of achieving commercial production and the nature of the expenditure.
Exploration Outlook
Exploration expenditures for 2024 are expected to be approximately $20 million, including $5 million on the Gosselin
resource delineation drilling program, as well as other near-mine and greenfield programs.
YTD 2024 Full Year Guidance 20241
($ millions) Capitalized Expensed Total Capitalized Expensed Total
Exploration projects –
greenfield $ 0.1 $ 8.7 $ 8.8 $ — $ 15 $ 15
Exploration projects –
brownfield 2.6 1.5 4.1 3 2 5
$ 2.7 $ 10.2 $ 12.9 $ 3 $ 17 $ 20
1. The full year guidance does not include expenditures for the Bambouk Assets sales currently held for sale. See "Bambouk As sets, West Africa" for additional
details.
Income Taxes Paid and Depreciation Outlook
The Company has revised the cash taxes guidance range upwards to $50 to $60 million from the initial guidance range
of $45 to $55 million. The upward revision reflects the impact of higher revenues from increased gold prices and the
withholding taxes related to increased intercompany dividends. Cash tax payments do not occur evenly by quarter, as
amounts paid in a quarter can include payments of the final balance of the prior year taxes and payments of instalments
for the current year, both required to be made at times as prescribed by different countries. The income taxes paid
guidance reflects continuing operations and does not include cash tax obligations arising as part of the Bambouk sales
process. See "Bambouk Assets" for additional details.
Depreciation expense for 2024 is expected to be in the range of $255 to $265 million revised downwards from initial
expectations of $270 to $285 million due to the expected timing of commercial production at the Côté mine.
($ millions) YTD 2024
Updated Full Year
Guidance 2024
Previous Full Year
Guidance 2024
Depreciation expense $116.1 $255 – $265 $270 – $285
Income taxes paid $35.4 $50 – $60 $45 – $55
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ENVIRONMENTAL, SOCIAL AND GOVERNANCE
The Company is committed to:
• Maintaining its culture of accountable mining through high standards of ESG practices; and
• The vision of Zero Harm®, in key aspects of its business, with particular emphasis on respecting the natural
environment, building strong community partnerships and putting the health and safety of the Company's
employees, contractors and consultants first.
The Company reports annually on its ESG performance highlighting progress and achievements across a range of
material topics and indicators and draws upon various ESG frameworks and standards and internationally recognized
methodologies such as the Global Reporting Initiative (“GRI”) and Sustainability Accounting Standards Board (“SASB”)
to guide its Sustainability Report. On May 15, 2024, the Company released its 17th annual Sustainability Report,
outlining the Company’s 2023 sustainability performance.
Health and Safety
Health and safety is core to the Company’s pursuit of its Zero Harm® vision. Through various prevention programs, the
Company continually promotes a wellness program and a safe work environment at its sites. The TRIFR (total
recordable injuries frequency rate) was 0.60 as at June 30, 2024 (compared to 0.54 as at June 30, 2023), tracking below
the Company's annual target of 0.66. In June, Essakane surpassed a record health and safety achievement of 5 million
hours worked without any recordable safety incidents.
In the second quarter 2024, the Company began the development of a Critical Risks Program that focuses on the
industry's most critical risks and controls. The Company drafted Critical Risks Protocols and continues to engage with
its workforce to seek feedback on the Protocols.
Essakane maintained its ISO 45001 certification after an external audit. At Côté Gold and Westwood, the sites conducted
incident cause analysis method (“ICAM”) trainings for supervisors.
Environmental
In 2024, the key environmental focus areas for the Company are on water and biodiversity. The Company has begun
the development of a water stewardship framework that takes a catchment -based planning approach, to enhance its
management capacities in this ar ea and allow the Company to evaluate its impacts and contributions to regional
watersheds. In the second quarter of 2024, the Company commenced the development of a standalone Water
Management Standard and began detailed site -by-site assessments against th e standard. In 2024, the Company will
also expand on the initial biodiversity assessment performed in 2022 to develop a more comprehensive roadmap to
support its goal of achieving net positive biodiversity and evaluate the appropriateness of the Company reporting against
the Taskforce on Nature-related Financial Disclosures. In the second quarter of 2024, the Company continued to conduct
biodiversity assessments at its active sites to understand its dependencies and impacts on nature.
At Essakane, the Falagountou’s Closure Plan was filed at the end of March 2024. Essakane's Closure Plan that was
submitted in 2019 is currently being updated and the target timeline for the submission is at the end of 2024. Essakane
conducted an external audit of its environmental management system and maintained its ISO 14001 certification.
At Westwood, the 2021 Closure Plan was approved by the Quebec Ministry of Natural Resources and Forestry
(“MRNF”). The Doyon Closure Plan is still under review by the Ministry. Westwood commenced hydroseeding to prevent
soil erosion in targeted areas which align with closure activities at the Fayolle satellite pit. Westwood continues to pilot
water recycling projects to reduce water withdrawal from the Bousquet River.
Côté Gold continued the implementation of biodiversity monitoring programs, including the deployment of bird and bat
monitors and to monitor the progress of the reclamation. Côté Gold also completed the installation of a walleye spawning
habitat as part of its offsetting plan for the Fisheries Act Authorization and completed corresponding monitoring surveys.
Côté Gold’s application to the Low Carbon Economy Challenge Fund, which proposed to convert select diesel -driven
equipment to electric options, is proceeding to the next phase of evaluation. On June 26, 2024, Mattagami First Nation