Iamgold Reports Second Quarter 2025 Results
TSX: IMG NYSE: IAG NEWS RELEASE
IAMGOLD REPORTS SECOND QUARTER 2025 RESULTS
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, August 7, 2025 – IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) (“IAMGOLD” or the
“Company”) today reported its financial and operating results for the second quarter 2025.
“This is an exciting time for IAMGOLD. With the gold prepayment facilities behind us and improving operations,
IAMGOLD is positioned to generate significant cash flows, allowing us to advance our strategy to de- lever the balance
sheet and unlock the significant value and growth potential of our Canadian portfolio,” said Renaud Adams, President
and CEO of IAMGOLD. “Year to date, the Company has produced 334,000 ounces of gold and reported $481 million
in adjusted EBITDA. Most importantly, we have completed the successful ramp- up of Côté Gold to nameplate
capacity, with the mine having a strong full quarter of production in Q2. Looking ahead, we expect stronger
performance in the second half of the year, with higher production forecast at all our operations and the full benefit of
gold prices.
“At the same time, changes in market conditions, regulatory dynamics and higher operating costs have led us to
revise our cost guidance. IAMGOLD's annual cash costs are now expected to be in the range of $1,375 to $1,475 per
ounce sold, or approximately $150 per ounce higher, and all -in sustaining costs ("AISC") are projected to be between
$1,830 and $1,930 per ounce. The external drivers to the cost revision include higher royalties being paid as gold
prices rise, the increase in the royalty structure at Essakane, and the impact of a strengthening Euro on its costs.
Operationally, at Côté, we are seeing temporary higher costs at the mine and mill associated with ramp up and
stabilization activities. Processing costs at the mine are expected to fall following the installation of the additional
secondary crusher in the fourth quarter, and mining costs are expected to improve as rehandling is reduced. At all our
sites, our teams remain focused on disciplined capital allocation while targeting operational efficiencies to ensure long-
term value creation.
“With a strong balance sheet outlook, growing production profile, significant organic growth opportunities and a safety -
first culture, IAMGOLD is quickly repositioning itself as a leading mid- tier gold producer to create enduring value for all
stakeholders.”
HIGHLIGHTS:
Operating and Financial
• Attributable gold production was 173,000 ounces in the second quarter and 334,000 ounces year -to-date
(“YTD”). Production is expected to be higher in the second half of the year, resulting from the consistent operation
of Côté Gold near nameplate throughput and expected grade improvements at both Westwood and Essakane.
The Company remains on track to achieve its full year production guidance.
• Côté produced 67,000 attributable ounces (96,000 ounces on a 100% basis) in the second quarter and
118,000 attributable ounces YTD (169,000 ounces on a 100% basis). On June 21, 2025, Côté reached a
major milestone as the processing plant operated at 100% nameplate throughput capacity of 36,000 tonnes
per day (“tpd”) on average over thirty consecutive days.
• Essakane and Westwood produced attributable production of 77,000 ounces and 29,000 ounces,
respectively, in the second quarter.
• Revenues were $580.9 million from sales of 182,000 ounces at an average realized gold price 1 of $3,182 per
ounce for the quarter 2 and $1,058.0 million YTD from sales of 356,000 ounces at an average realized gold price
of $2,961 per ounce.
• Cost of sales per ounce sold was $1,561 ($1,514 YTD), cash cost 1 per ounce sold was $1,556 ($1,509 YTD) and
all-in-sustaining cost 1 (“AISC”)1 per ounce sold was $2,041 ($1,976 YTD). The annual attributable cash cost 1
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guidance has been revised to $1,375 to $1,475 per ounce sold from $1,200 to $1,350 per ounce sold and AISC
guidance has been revised to $1,830 to $1,930 per ounce sold from $1,625 to $1,800 per ounce sold. The
revision is primarily attributed to higher royalties due to the higher gold prices, a change in the royalty structure
and the impact of a strengthening Euro on costs at Essakane and higher operating and non- recurring capital
costs at Côté during ramp-up to support the long-term availability of the operation.
• Net earnings and adjusted net earnings attributable to equity holders 1 for the second quarter of $78.7 million
($118.4 million YTD) and $77.3 million ($132.5 million YTD), respectively.
• Net earnings and adjusted net earnings per share attributable to equity holders 1 for the second quarter of
$0.14 ($0.21 YTD) and $0.13 ($0.23 YTD), respectively.
• Net cash from operating activities was $85.8 million for the second quarter ($160.1 million YTD), net of the
impact of delivering 37,500 ounces into gold prepay obligations. Net cash from operating activities, before
movements in working capital and non- current ore stockpiles1, was $127.3 million for the second quarter ($232.2
million YTD), net of the impact of delivering 37,500 ounces into gold prepay obligations.
• Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)1 was $283.8 million for the
second quarter ($479.0 million YTD) and adjusted EBITDA1 was $276.4 million ($480.9 million YTD).
• Mine-site free cash flow 1 was $140.5 million during the second quarter ($280.1 million YTD), including record
attributable mine-site free cash flow from Côté of $93.9 million during the second quarter. The Company expects
higher free cash flow at current gold prices through the remainder of 2025.
• The Company has available liquidity 1 of $616.5 million, mainly comprised of cash and cash equivalents of
$223.8 million and the available balance of the revolving credit facility (“Credit Facility”) of $391.7 million as at
June 30, 2025.
• In health and safety, the Company reported a total recordable injuries frequency rate (“TRIFR”) of 0.41 for the
quarter, tracking below the prior year performance.
Corporate
• During the second quarter of 2025, the Company completed the final delivery of gold ounces into its gold prepay
arrangements, thereby concluding the 150,000 ounce gold prepay arrangements that were implemented as part
of a previous financing package for the construction of Côté Gold. Deliveries into the gold prepayment
arrangements in the second quarter 2025 totaled 37,500 ounces.
• During the second quarter of 2025, Franco- Nevada Corporation (“Franco- Nevada”) announced the acquisition of
the pre-existing 7.5% gross margin royalty (“Gross Margin Royalty”) on the Côté Gold Mine from a private third
party for the total cash consideration of $1.05 billion. The payment calculation methodology of the Gross Margin
Royalty remains economically unchanged from the prior agreement in place with the third party. Franco- Nevada
granted an option to IAMGOLD and SMM to buy up to 50% of the Gross Margin Royalty at Franco- Nevada’s
attributable costs in two equal tranches of 25% over two and three years, respectively, in exchange for support in
Franco-Nevada's detailed due diligence efforts.
• Effective June 20, 2025, in accordance with the 2024 Mining Code, the Government of Burkina Faso increased its
ownership interest in the Essakane mine from 10% to 15%. As a result, the Company’s interest decreased from
90% to 85%.
• Essakane declared a record dividend of approximately $855 million in 2025. This dividend represents the full
distribution of past undistributed retained earnings up to and including 2024. IAMGOLD’s 85% portion of the
dividend, net of taxes, is approximately $680 million and will be paid through a revised framework that enables
payments to be made at any time of the year, based on the cash generated by Essakane. This framework allows
for improved management of in- country cash and aligns the interests of both IAMGOLD and the Government of
Burkina Faso, including a preference for increased and/or more regular cash flow movements from Essakane.
• Subsequent to quarter end, the Company continued to execute on its debt reduction strategy and repaid $40
million on its second lien notes, reducing the principal balance to $360 million.
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QUARTERLY REVIEW
For more details and the Company's overall outlook for 2025, see “Outlook”, and for individual mines performance,
see “Operations”. The following table summarizes certain operating and financial results for the three months ended
June 30, 2025 (Q2 2025), June 30, 2024 (Q2 2024) and the six months ended June 30 (or YTD) 2025 and 2024 and
certain measures of the Company's financial position as at December 31, 2024.
Q2 2025 Q2 2024 YTD 2025 YTD 2024
Key Operating Statistics
($ millions)
Gold production – attributable (000s oz) 173 166 334 317
- Côté Gold1 67 20 118 21
- Westwood 29 35 53 67
- Essakane2 77 111 163 229
Gold sales – attributable (000s oz) 173 156 338 306
- Côté Gold1 68 14 120 14
- Westwood 29 35 56 68
- Essakane2 76 107 162 224
Cost of sales3 ($/oz sold) – attributable $ 1,561 $ 1,076 $ 1,514 $ 1,066
- Côté Gold1 $ 1,222 $ 839 $ 1,240 $ 839
- Westwood $ 1,577 $ 1,142 $ 1,562 $ 1,191
- Essakane2 $ 1,858 $ 1,084 $ 1,700 $ 1,042
Cash costs3 ($/oz sold) – attributable $ 1,556 $ 1,071 $ 1,509 $ 1,062
- Côté Gold1 $ 1,219 $ 836 $ 1,237 $ 836
- Westwood $ 1,562 $ 1,131 $ 1,545 $ 1,182
- Essakane2 $ 1,855 $ 1,081 $ 1,697 $ 1,040
AISC3 ($/oz sold) – attributable $ 2,041 $ 1,617 $ 1,976 $ 1,553
- Côté Gold1 $ 1,611 $ — $ 1,625 $ —
- Westwood $ 2,140 $ 1,663 $ 2,132 $ 1,747
- Essakane2 $ 2,224 $ 1,481 $ 2,024 $ 1,393
Average realized gold price4,5 ($/oz) $ 3,182 $ 2,294 $ 2,961 $ 2,187
1. Attributable portion for Côté Gold is based on IAMGOLD’s ownership of 70%. Prior to November 30, 2024, IAMGOLD’s ownership was 60.3%. See
“Operations – Côté Gold, Canada” for more details.
2. IAMGOLD’s ownership interest decreased from 90% to 85% effective June 20, 2025. See “Operations – Essakane, Burkina Faso” for more details. The
attributable portion for Essakane is presented as 90% for the second quarter and YTD 2025 throughout the MD&A.
3. Throughout this MD&A, cost of sales, excluding depreciation, is disclosed in the segment note in the consolidated interim financial statements.
4. Refer to the “Non-GAAP Financial Measures” disclosure at the end of the MD&A for a description and calculation of these measures.
5. The average realized gold price in the second quarter 2025, excluding the impact of the 2024 prepay arrangement (see “Liquidi ty and Capital Resources –
Gold prepay arrangements”), was $3,310 per ounce ($3,114 YTD).
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Q2 2025 Q2 2024 YTD 2025 YTD 2024
Financial Results
($ millions)
Revenues $ 580.9 $ 385.3 $ 1,058.0 $ 724.2
Gross profit $ 198.8 $ 150.7 $ 340.0 $ 256.4
EBITDA1 $ 283.8 $ 189.9 $ 479.0 $ 344.0
Adjusted EBITDA1 $ 276.4 $ 191.1 $ 480.9 $ 343.6
Net earnings (loss) attributable to equity holders $ 78.7 $ 84.5 $ 118.4 $ 139.3
Adjusted net earnings (loss) attributable to equity holders1 $ 77.3 $ 84.8 $ 132.5 $ 137.8
Net earnings (loss) per share attributable to equity holders $ 0.14 $ 0.16 $ 0.21 $ 0.27
Adjusted net earnings (loss) per share attributable to equity
holders1 $ 0.13 $ 0.16 $ 0.23 $ 0.27
Net cash from operating activities before changes in working
capital1 $ 127.3 $ 169.2 $ 232.2 $ 312.0
Net cash from operating activities $ 85.8 $ 160.1 $ 160.1 $ 237.2
Mine-site free cash flow1 $ 140.5 $ 140.0 $ 280.1 $ 186.2
Capital expenditures1,2 – sustaining $ 78.4 $ 57.4 $ 140.1 $ 112.5
Capital expenditures1,2 – expansion $ 8.9 $ 62.3 $ 14.2 $ 177.5
June 30 December 31 June 30 December 31
2025 2024 2025 2024
Financial Position ($ millions)
Cash and cash equivalents $ 223.8 $ 347.5 $ 223.8 $ 347.5
Long-term debt $ 1,062.1 $ 1,028.9 $ 1,062.1 $ 1,028.9
Net cash (debt)1 $ (1,014.9) $ (859.3) $ (1,014.9) $ (859.3)
Available Credit Facility $ 391.7 $ 418.5 $ 391.7 $ 418.5
1. Refer to the “Non-GAAP Financial Measures” disclosure at the end of this news release for a description and calculation of these measures.
2. Sustaining and expansion capital expenditures represent incurred expenditures for property, plant and equipment and exploration and evaluation assets, and
exclude right-of-use assets and working capital impacts.
OUTLOOK
Production (000 oz)
YTD 2025 Full Year Guidance 2025
Côté Gold – (70%) 118 250 – 280
Westwood – (100%) 53 125 – 140
Essakane – (90% YTD, 85% - see below) 163 360 – 400
Total attributable production (000s oz) 334 735 – 820
Total attributable production in the first half of the year was 334,000 ounces. The Company expects attributable
production in the second half of the year to be approximately 400,000 to 485,000 ounces, positioning the Company to
achieve its full year production guidance of 735,000 to 820,000 ounces. The stronger second half is due to continued
improvements at the Côté Gold mine during its first full year of operations, coupled with an increase in expected
grades at both Essakane and Westwood based on the respective mining sequences. For further details, refer to the
“Operations” section of each mine below.
The attributable guidance for Essakane was estimated at the beginning of the year, assuming IAMGOLD’s 90%
ownership interest in the project. The full year attributable guidance has not been revised, however, with the change in
IAMGOLD's ownership in Essakane decreasing to 85% at the end of the second quarter 2025, the Company expects
Essakane's attributable production to fall towards the lower end of the original guidance range. See “Operations –
Essakane, Burkina Faso” for more details.
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Costs
YTD 2025
Updated Full Year
Guidance 2025
Previous Full Year
Guidance 2025
Côté Gold
Cash costs ($/oz sold) $1,237 $1,100 – $1,200 $950 – $1,100
AISC ($/oz sold) $1,625 $1,600 – $1,700 $1,350 – $1,500
Westwood
Cash costs ($/oz sold) $1,545 $1,275 – $1,375 $1,175 – $1,325
AISC ($/oz sold) $2,132 $1,800 – $1,900 $1,675 – $1,825
Essakane
Cash costs ($/oz sold) $1,697 $1,600 – $1,700 $1,400 – $1,550
AISC ($/oz sold) $2,024 $1,850 – $1,950 $1,675 – $1,825
Consolidated
Cost of sales1 ($/oz sold) $1,514 $1,375 – $1,475 $1,200 – $1,350
Cash costs1,2 ($/oz sold) $1,509 $1,375 – $1,475 $1,200 – $1,350
AISC1,2 ($/oz sold) $1,976 $1,830 – $1,930 $1,625 – $1,800
1. Consists of Côté Gold and Westwood on an attributable basis of 70% and 100%, respectively, and an attributable basis of 90% at Essakane for the first half
of the year and 85% thereafter.
2. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
Cost guidance has been revised and cash costs on a consolidated basis for the full year are now expected to be in the
range of $1,375 to $1,475 per ounce sold, due to:
• Higher royalties at Côté and Essakane driven by increased realized gold prices, along with a revised royalty
structure at Essakane, contributing to a combined increase of approximately $60 to $70 per ounce on a
consolidated basis;
• Higher mining and milling costs at Côté in the first half of the year due to more than planned rehandling at the
mine and additional contractor and maintenance costs to support the ramp up and availability of the plant. The
costs are expected to remain higher than originally guided during the remainder of the year as the mine is
transitioning to a bulk mine plan and additional contractor costs are incurred until the additional secondary crusher
is installed in the fourth quarter 2025. The increasing costs increased cash cost by approximately $50 per ounce
on a consolidated basis; and
• The expected impact of a strengthening Euro on costs at Essakane during the remainder of the year.
AISC for the full year is now expected to be in the range of $1,830 and $1,930 per ounce sold due to higher cash
costs described above and an increase of approximately $20 million in capital expenditures at Côté for plant
improvements that are non-recurring, increasing the consolidated costs by approximately $25 per ounce.
The revised guidance was based on the following assumptions for the second half of 2025, before the impact of
hedging: average realized gold price of $3,300 per ounce (versus the original guidance assumption of $2,500 per
ounce), USD/CAD exchange rate of 1.35, EUR/USD exchange rate of 1.17 (original guidance assumed an average
EUR/USD of 1.11), average Brent oil price of $80 per barrel and West Texas Intermediate (WTI) price of $75 per
barrel (original guidance $75 and $70 per barrel, respectively).
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Capital Expenditures
YTD 20251 Updated Full Year Guidance
20252
Previous Full Year Guidance
2025
($ millions) Sustaining Expansion Total Sustaining Expansion Total Sustaining3 Expansion Total
Côté Gold (IMG
share) $ 45.4 $ 9.7 $ 55.1 $ 130 $ 20 $ 150 $ 110 $ 15 $ 125
Westwood 31.1 — 31.1 70 — 70 70 — 70
Essakane 62.9 4.5 67.4 110 5 115 110 5 115
$ 139.4 $ 14.2 $ 153.6 $ 310 $ 25 $ 335 $ 290 $ 20 $ 310
Corporate 0.7 — 0.7 — — — — — —
Total3 $ 140.1 $ 14.2 $ 154.3 $ 310 $ 25 $ 335 $ 290 $ 20 $ 310
1. 100% basis, for Westwood and Essakane, and reflects IAMGOLD’s 70% interest in Côté Gold UJV on an incurred basis.
2. Capital expenditures guidance (±5%).
3. Includes $11 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.
Capital expenditures in 2025 are now expected to total $335 million, of which $310 million is categorized as sustaining
capital.
Exploration Outlook
YTD 2025 Full Year Guidance 2025
($ millions) Capitalized Expensed Total Capitalized Expensed Total
Exploration projects – greenfield $ 0.2 $ 11.6 $ 11.8 $ — $ 25 $ 25
Exploration projects – brownfield 6.0 1.0 7.0 11 2 13
$ 6.2 $ 12.6 $ 18.8 $ 11 $ 27 $ 38
Exploration expenditures for 2025 are expected to be approximately $38 million, the majority of which will be
expensed. The largest exploration spend will be at Côté Gold of approximately $13 million attributable to IAMGOLD
including the Gosselin resource delineation drilling program, Essakane at approximately $7 million, followed by
Nelligan Gold Project/Monster Lake Gold Project at approximately $6 million.
Income Taxes Paid and Depreciation Outlook
($ millions) YTD 2025
Updated Full Year
Guidance 2025
Previous Full Year
Guidance 2025
Depreciation expense $174.7 $450 (±5%) $450 (±5%)
Income taxes paid $77.4 $165 – $175 $120 – $130
The Company expects to pay cash taxes in the range of $165 to $175 million during 2025, revised upwards from
previous guidance of $120 to $130 million primarily due to higher withholding taxes resulting from the increase in the
Essakane dividend. 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. There are no significant cash taxes expected in respect of the
new global minimum top-up taxes (“GloBE”).
The Company maintains its expected consolidated depreciation expense for 2025 of approximately $450 million
(±5%). In line with production levels, depreciation expense is expected to be higher in the second half of the year due
to the large proportion of depreciable assets that are depreciated on a units of production basis. On an annual basis,
the expected depreciation expense this year is higher than last year due to the increase in the value of depreciable
property, plant and equipment following the completion of construction and commencement of commercial operations
at Côté Gold and the 2024 impairment reversal at the Westwood cash generating unit (“CGU”).
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ENVIRONMENTAL, SOCIAL AND GOVERNANCE
The Company released its 2024 Sustainability Report on May 6, 2025. The report draws upon various ESG
frameworks and standards and internationally recognized methodologies such as the Global Reporting Initiative
(“GRI”) and Sustainability Accounting Standards Board (“SASB”).
Health and Safety
The TRIFR was 0.41 for the second quarter 2025, compared to 0.70 in the prior year period, and tracking at 0.54 for
the year. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and
reduce high-potential incidents. This includes the integration of contractors in the critical risk management program.
The Company continues to track a range of leading indicators around critical risk management, contractor
management, and incident investigation quality.
Environmental
There were zero significant environmental or community incidents reported for the quarter.
Indigenous Relations
As a Canadian business committed to responding to the Truth and Reconciliation Commission of Canada’s Calls to
Action, IAMGOLD launched a company -wide initiative in the first quarter 2025, that will help the Company articulate
how it works with Indigenous peoples beyond reconciliation, towards a future that builds upon the Company’s
experiences and reflects its values. This work will lead to the creation of a coherent vision for reconciliation and a
roadmap to help guide the Company’s actions as an organization. During the second quarter 2025, IAMGOLD
partnered with an Indigenous business to provide training to employees regarding Indigenous history, context, and
reconciliation opportunities. This initial in-person training was offered to corporate employees.
Equity, Diversity and Inclusion
IAMGOLD includes annual objectives to support its efforts in integrating Equity, Diversity and Inclusion ("EDI") into the
strategy and corporate scorecard, for the annual objectives, and tracks EDI metrics in site and corporate reports for
visibility and measurement. During the second quarter 2025, IAMGOLD’s executive leadership group had a 40%
female representation.
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OPERATIONS
Côté Gold Mine (IAMGOLD interest – 70% for Q2 and YTD 2025, 60.3% for Q2 and YTD 2024) | Ontario, Canada
Q2 2025 Q2 2024 YTD 2025 YTD 2024
Key Operating Statistics (100% basis, unless otherwise
stated)
Ore mined (000s t) 3,170 2,109 6,285 4,053
Grade mined (g/t) 0.95 0.93 0.87 0.83
Operating waste mined (000s t) 5,838 3,480 11,505 6,688
Capital waste mined (000s t) 2,800 4,925 4,773 7,370
Material mined (000s t) – total 11,808 10,514 22,563 18,111
Strip ratio1 2.7 4.0 2.6 3.5
Ore milled (000s t) 2,930 834 5,027 882
Head grade (g/t) 1.10 1.39 1.13 1.35
Recovery (%) 93 90 93 90
Gold production (000s oz) – 100% 96 34 169 35
Gold production (000s oz) – attributable 67 20 118 21
Gold sales (000s oz) – 100% 98 23 172 23
Gold sales (000s oz) – attributable 68 14 120 14
Average realized gold price2,3 ($/oz) $ 3,336 $ 2,341 $ 3,160 $ 2,341
Financial Results ($ millions – attributable interest)
Revenues4 $ 229.2 $ 32.0 $ 380.4 $ 32.0
Cost of sales4 83.9 11.4 149.1 11.4
Production costs 68.0 14.5 124.4 15.3
(Increase)/decrease in finished goods 0.7 (4.1) (0.1) (4.9)
Royalties5 15.2 1.0 24.8 1.0
Cash costs2 83.6 11.4 148.7 11.4
Sustaining capital expenditures2,6 27.2 — 45.4 —
Expansion capital expenditures2,6 6.6 60.6 9.7 175.3
Total sustaining and expansion capital expenditures2,6 33.8 60.6 55.1 175.3
Earnings from operations 101.5 18.7 151.2 17.4
Mine-site free cash flow2 93.9 — 151.5 —
Unit costs per tonne2
Mine costs per operating tonne mined $ 3.88 $ 3.92 $ 3.69 $ 3.64
Mill costs per tonne milled2 $ 16.94 $ — $ 18.30 $ —
G&A costs per tonne milled2 $ 5.80 $ — $ 7.09 $ —
Operating costs per ounce7
Cost of sales excluding depreciation ($/oz sold) $ 1,222 $ 839 $ 1,240 $ 839
Cash costs2 ($/oz sold) $ 1,219 $ 836 $ 1,237 $ 836
AISC2,7 ($/oz sold) $ 1,611 $ — $ 1,625 $ —
1. Strip ratio is calculated as waste mined divided by ore mined.
2. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
3. Average gold price realized on the attributable portion of sales excludes the impact of gold delivered into prepayment arrangements.
4. As per note 25 of the consolidated interim financial statements for revenues and cost of sales. Cost of sales is net of depreciation expense.
5. Includes the 7.5% gross margin royalty and various net smelter return royalties.
6. All-in sustaining cost and sustaining capital expenditure for the second quarter and YTD 2024 are $nil as commercial production was achieved starting
August 1, 2024. Expansion capital expenditures include Project Expenditures.
7. Cost of sales, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.