Iamgold Reports Third Quarter 2023 Results
NEWS RELEASE TSX: IMG NYSE: IAG
IAMGOLD REPORTS THIRD QUARTER 2023 RESULTS
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, November 9, 2023 – IAMGOLD Corporation (NYSE:IAG, TSX:IMG) (“IAMGOLD” or the “Company”)
today reported its financial and operating results for the third quarter ended September 30, 2023.
HIGHLIGHTS:
Operations
• Attributable gold production from continuing operations was 109,000 ounces. Attributable gold production guidance
for 2023 is unchanged and is expected to be in the range of 410,000 to 470,000 ounces.
• Revenues from continuing operations were $224.5 million from sales of 116,000 ounces (106,000 ounces on an
attributable basis) at an average realized gold price1 of $1,937 per ounce.
• Cost of sales per ounce sold from continuing operations was $1,436, cash cost 1 per ounce sold from continuing
operations was $1,400 and all-in-sustaining-cost1 (“AISC”) per ounce sold from continuing operations was $1,975.
• The Company now expects cash costs1 to be between $1,250 and $1,325 per ounce sold and AISC1 to be between
$1,750 and $1,825 per ounce sold for the year, an increase from prior guidance due to the impact of the security
situation in Burkina Faso on the supply chain combined with continued elevated costs from the recent inflationary
cycle in the industry.
• In health and safety, for the nine months ended September 30, 2023, the Company reported a DARTFR (days away,
restricted, transferred duty frequency rate) of 0 .36 and a TRIFR (total recordable injuries frequency rate) of 0.66,
both with a decreasing trend since the last quarter.
Financial
• Net earnings (loss) attributable to equity holders 1 of $(0.8) million or $(0.00) per share and adjusted net loss
attributable to equity holders1 of $(4.0) million or $(0.01) per share.
• Net cash from operating activities was $ 37.5 million. Net cash from operating activities, before movements in non -
cash working capital and non-current ore stockpiles1 was $29.3 million.
• Earnings before interest, income taxes, depreciation and amortization ("EBITDA") 1from continuing operations was
$61.8 million and adjusted EBITDA1 was $57.8 million.
• The Company has available liquidity 1 of $1,001.8 million comprised of cash and cash equivalents of $548.9 million
and the available balance of the secured revolving credit facility ("Credit Facility") of $452.9 million as at September
30, 2023.
Côté Gold
• As of September 30, 2023, the Côté Gold Project was estimated to be 90.6% complete, with construction progress
approximately 92% complete.
• On a 100% basis at the UJV level, the Côté Gold Project incurred project expenditures 1 of $317.3 million ($222.0
million at 70%) in the third quarter 2023.
• Since commencement of construction, $2.54 billion ($1.78 billion at 70%) of the planned $2.965 billion ($2.08 billion
at 70%) of project expenditures has been incurred. The total expected project expenditures are expected to be in
line with the planned $2.965 billion (± 1.5%) and the estimated remaining cost to complete the Côté Gold Project on
a 100% basis is $425 million ($298 million at 70%) on an incurred basis assuming a USDCAD rate of 1.35 during
the remainder of construction. A portion of the expenditures is expected to be incurred in 2024 during commissioning
and ramp up.
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• IAMGOLD is expected to fund $325 million during the remainder of construction based on its 60.3% ownership in
the Côté Gold unincorporated joint venture.
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 October 2 6, 2023, the Company received $32.0 million in deferred
consideration from the closing of the sale of Senegal Assets.
• 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 in the Acurui Project, to Jaguar Mining Inc.
("Jaguar") via a share purchase agreement. The Company received 6.3 million common shares from Jaguar for an
aggregate value of $9.0 million. The Company will also retain a net smelter royalty on both projects.
• On September 21, 2023, the Company announced the retirement of Maryse Bélanger from the Board of Directors
(the “Board”) for personal reasons and other commitments. Immediately following Ms. Bélanger's retirement, the
Board appointed David Smith as Chair of the Board.
• On September 27, 2023, Bruno Lemelin was appointed to the role of Chief Operating Officer, having served as SVP,
Operations & Projects since March 2020.
• On November 9, 2023, the Company entered into a one year extension of its Credit Facility extending its maturity
to January 31, 2026. As part of the extension, the Credit Facility was reduced to $425 million based on the
Company’s requirements for a senior revolving facility for its overall business.
• On November 9, 2023, the Company announced the retirement of Ian Ashby from the Board, and the appointment
of Anne Marie Toutant as an independent director.
“IAMGOLD finished the quarter with year -to-date production from c ontinuing operations of 329,000 ounces, putting the
company well on track to meet its annual production guidance of 410,000 to 470,000 ounces,” said Renaud Adams,
President and Chief Executive Officer of IAMGOLD. “This performance has been driven by the co ntinued resiliency of our
Essakane operating teams as they manage the operation within a geopolitically challenging environment, as well as the
continued dedication of the Westwood team as they rebuild and reopen mining areas underground. Despite these
achievements, operating costs, particularly in Burkina Faso, remain high as price increases from the prior inflationary period
are slow to decline and the higher cost of operating and moving goods within the country remain. At IAMGOLD, we always
place the health and safety of our employees first, and we work continuously with a focus on our goal of Zero Harm® – for
the people and the places in which we operate.”
“At Côté Gold we are nearing the finish line of construction. Pre -commissioning teams are starting to receive hand -off of
project elements from construction teams , as activities at site start the shift from major construction to finalization and
commissioning. Construction at the end of September was 92% complete, putting the project on track f or gold production
in the first quarter of next year. I t is an exciting time for IAMGOLD as this is a project that is critical for the repositioning of
this company, as once online, IAMGOLD will have a significantly higher production base and lower cost profile, providing a
strong foundation of cashflow and growth opportunities in Canada.”
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QUARTERLY SUMMARY
The following table summarizes certain operating and financial results for the three months ended September 30, 2023 (Q3
2023), September 30, 2022 (Q 3 2022) and the nine months ended September 30 (or YTD) 2023 and 2022 and certain
measures of the Company's financial position as at September 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.
Q3 2023 Q3 2022 YTD 2023 YTD 2022
Key Operating Statistics
Gold production – attributable (000s oz)
- Essakane 84 115 264 334
- Westwood 25 19 65 49
Total from continuing operations 109 134 329 383
- Rosebel — 50 25 145
Total gold production – attributable (000s oz) 109 184 354 528
Gold sales – attributable (000s oz)
- Essakane 84 120 265 343
- Westwood 22 18 61 48
Total from continuing operations 106 138 326 391
- Rosebel — 49 24 147
Total gold sales – attributable (000s oz) 106 187 350 538
Cost of sales1 ($/oz sold) – attributable
- Essakane $ 1,417 $ 954 $ 1,249 $ 860
- Westwood 1,506 1,817 1,674 2,043
Total from continuing operations $ 1,436 $ 1,067 $ 1,329 $ 1,007
- Rosebel — 1,346 949 1,355
Total cost of sales1 ($/oz sold) – attributable $ 1,436 $ 1,140 $ 1,303 $ 1,102
Cash costs2 ($/oz sold) – attributable
- Essakane $ 1,372 $ 952 $ 1,201 $ 858
- Westwood 1,506 1,803 1,667 2,015
Total from continuing operations $ 1,400 $ 1,063 $ 1,288 $ 1,001
- Rosebel — 1,305 949 1,316
Total cash costs2 ($/oz sold) – attributable $ 1,400 $ 1,126 $ 1,265 $ 1,087
AISC2 ($/oz sold) – attributable
- Essakane $ 1,798 $ 1,248 $ 1,510 $ 1,171
- Westwood 2,138 2,208 2,486 2,541
Total from continuing operations $ 1,975 $ 1,448 $ 1,803 $ 1,439
- Rosebel — 1,873 1,358 1,845
Total AISC2 ($/oz sold) – attributable $ 1,975 $ 1,559 $ 1,773 $ 1,550
Average realized gold price2 ($/oz)
- Continued operations $ 1,937 $ 1,677 $ 1,934 $ 1,745
- Discontinued operations — 1,726 1,905 1,824
Total average realized gold price2 ($/oz) $ 1,937 $ 1,690 $ 1,933 $ 1,766
1. Throughout this news release, cost of sales, excluding depreciation, is disclosed in the cost of sales note in the consolidat ed 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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Q3 2023 Q3 2022 YTD 2023 YTD 2022
Financial Results
($ millions from continuing operations)
Revenues $ 224.5 $ 254.5 $ 689.5 $ 751.6
Gross profit $ 4.6 $ 22.8 $ 74.3 $ 127.9
EBITDA1 $ 61.8 $ (41.3) $ 310.8 $ 195.0
- Continuing operations $ 61.8 $ 52.5 $ 296.4 $ 234.4
- Discontinued operations $ — $ (93.8) $ 14.4 $ (39.4)
Adjusted EBITDA1 $ 57.8 $ 103.1 $ 227.9 $ 350.6
- Continuing operations $ 57.8 $ 82.1 $ 204.5 $ 274.6
- Discontinued operations $ — $ 21.0 $ 23.4 $ 76.0
Net earnings (loss) attributable to equity holders $ (0.8) $ (108.3) $ 103.7 $ (94.1)
- Continuing operations $ (0.8) $ (45.5) $ 98.1 $ (51.7)
- Discontinued operations $ — $ (62.8) $ 5.6 $ (42.4)
Adjusted net earnings (loss) attributable to equity
holders1
$ (4.0) $ (13.7) $ 32.6 $ 6.1
- Continuing operations $ (4.0) $ (22.7) $ 18.0 $ (20.9)
- Discontinued operations $ — $ 9.0 $ 14.6 $ 27.0
Net earnings (loss) per share attributable to equity
holders - continuing operations $ (0.00) $ (0.10) $ 0.21 $ (0.11)
Adjusted net earnings (loss) per share attributable
to equity holders1 - continuing operations $ (0.01) $ (0.05) $ 0.04 $ (0.04)
Net cash from operating activities before changes in
working capital1 - continuing operations $ 29.3 $ 85.4 $ 106.8 $ 261.1
Net cash from operating activities $ 37.5 $ 117.7 $ 89.5 $ 341.9
- Continuing operations $ 37.5 $ 94.5 $ 74.1 $ 244.4
- Discontinued operations $ — $ 23.2 $ 15.4 $ 97.5
Mine-site free cash flow1 $ 2.1 $ 58.6 $ 25.3 $ 187.3
- Continuing operations $ 2.1 $ 64.9 $ 19.4 $ 188.2
- Discontinued operations $ — $ (6.3) $ 5.9 $ (0.9)
Capital expenditures1,2 – sustaining $ 50.4 $ 44.3 $ 131.7 $ 139.8
Capital expenditures1,2 – expansion $ 207.3 $ 154.0 $ 539.9 $ 404.8
September 30 December 31 September 30 December 31
2023 2022 2023 2022
Financial Position ($ millions)
Cash and cash equivalents $ 548.9 $ 407.8 $ 548.9 $ 407.8
Long-term debt $ 836.0 $ 918.7 $ 836.0 $ 918.7
Net cash (debt)1 $ (478.1) $ (605.6) $ (478.1) $ (605.6)
Available credit facility $ 452.9 $ 26.6 $ 452.9 $ 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
Updated Full Year
Guidance 20231
Previous Full Year
Guidance 20232
Essakane (000s oz) 264 340 – 380 340 – 380
Westwood (000s oz) 65 70 – 90 70 – 90
Total attributable production (000s oz)3 329
410 – 470 410 – 470
Cost of sales3 ($/oz sold) $1,329 $1,250 – $1,325 $1,125 – $1,175
Cash costs3,4 ($/oz sold) $1,288 $1,250 – $1,325 $1,125 – $1,175
AISC3,4 ($/oz sold) $1,803 $1,750 – $1,825 $1,625 – $1,700
Depreciation expense ($ millions) $144.9 $205 – $215 $245 – $255
Income taxes5 paid ($ millions) $67.0 $70 – $80 $70 – $80
1. The updated full year guidance is based on the following 2023 full year assumptions, before the impact of hedging: average realized gold price of $1,912 per ounce,
USDCAD exchange rate of 1.34, EURUSD exchange rate of 1.09 and average crude oil price of $80 per barrel.
2. The previous 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 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".
5. 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. Westwood production is expected to be at the top end of the guidance range and Essakane production is expected
to be within the guidance range.
Costs Outlook
Cash costs1 guidance for 2023 has been revised to $1,250 and $1,325 per ounce sold and AISC1 guidance is revised with
costs expected to be between $1,750 and $1,825 per ounce sold, mainly due to cost pressures at Essakane resulting from
the security situation, combined with continued elevated prices from recent inflation and increased underground
rehabilitation performed at Westwood. At Essakane, the landed cost of fuel and other consumables has increased due to
the measures taken to reduce the impact of the security situation on the supply chain as well as the increased cost of
producing energy used in the mill arising from the periodic substitution of more expensive light fuel in periods when heavy
fuel used for power generation is unavailable. At Westwood, the level of ground support required for the development and
rehabilitation work increased relative to the annual plan combined with the advancing of a portion of the 2024 scope of work
into the current year to de-risk future years.
Capital Expenditures
Sustaining capital expenditures¹ for 2023 have been revised downwards to approximately $190 million (± 5%). The reduction
primarily relates to lower volumes of capitalized stripping year -to-date at Essakane due to periodic interruptions to mining
activity due to supply shortages of light fuel. At Westwood, sustaining capital expenditure guidance has been refined
following an increase in guidance last quarter as a result of increased visibility into end of year underground development
and rehabilitation rates (See quarterly update on "Essakane, Burkina Faso" and "Westwood, Canada").
Expansion capital1 for 2023, excluding Côté Gold, is expected to be approximately $5 million, on an incurred basis. Project
expenditures1 to complete the Côté Gold Project, from January 1, 2023 onwards, are expected to be $875 million (± 5%),
on a 70% basis (see also “Côté Gold Project"). Project expenditures1 at Côté Gold consist of capital expenditures, right-of-
use assets purchased through leasing, supplies inventory and the cost to build the ore stockpile. Some of the Côté Gold
project expenditures will be incurred in early 2024 during commissioning and ramp up.
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Actual YTD 20231 Updated Full Year Guidance 20232 Previous Full Year Guidance 2023
($ millions) Sustaining3 Expansion Total Sustaining3 Expansion Total Sustaining3 Expansion Total
Essakane $ 83.2 $ 1.4 $ 84.6 $ 125 $ 5 $ 130 $ 150 $ 5 $ 155
Westwood 48.2 0.2 48.4 65 — 65 80 — 80
$ 131.4 $ 1.6 $ 133.0 $ 190 $ 5 $ 195 230 5 235
Côté Gold4,5 — 581.8 581.8 — 875 875 — 825 – 875 825 – 875
Corporate 0.3 — 0.3 — — — — — —
Total6,7,8 $ 131.7 $ 583.4 $ 715.1 $ 190 $ 880 $ 1,070 $ 230 $ 830 – 880 $ 1,060 – 1,110
1. 100% basis, unless otherwise stated.
2. Capital expenditures guidance (±5%) at Essakane and Westwood and Côté Gold.
3. Sustaining capital includes capitalized stripping of (i) $20.8 million for Essakane and $0.3 million for Westwood in the thir d quarter 2023, (ii) $41.5 million for
Essakane and $4.2 million for Westwood YTD 2023, and (iii) $65 mill ion for Essakane and $5.0 million for Westwood for the full year revised guidance. See
"Outlook" sections below.
4. 70% basis. Some of the Côté Gold project expenditures will be incurred in 2024 during commissioning and ramp up.
5. Represents Côté Gold project expenditures of $581.8 million (see Côté Gold Project) that consists of capital expenditures of $538.3 million, right-of-use assets of
$39.8 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 the Exploration Outlook guidanc e 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 $ — $ 9.3 $ 9.3 $ — $ 13
$ 13
Exploration projects – brownfield 3.1 1.5 4.6 3
2
5
$ 3.1 $ 10.8 $ 13.9 $ 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 c ommunity partnerships and putting the health and safety of the Company's employees , contractors and
consultants first.
The Company issued its 16th annual Sustainability Report on October 16, 2023, highlighting progress and achievements in
2022 across a range of strategies and indicators. As part of its accountability and reporting framework, the Company has
also committed to reporting in accordance with the Task Force on Climate -Related Financial Disclosures (“TCFD”)
guidelines and is releasing its initial TCFD report in the fourth quarter 2023. The Company implemented the Mining
Association of Canada's Towards Sustainable Mining (“TSM”) framework at all its operations and recently finalized its
external assurance of compliance relating to the implementatio n of the World Gold Council’s (“WGC”) Responsible Gold
Mining Principles.
Health and Safety
Health and safety 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
(days away, restricted, transferred duty frequency rate) was 0.36 for the nine months ended September 30, 2023, with a
slight decrease since the last quarter (compared to 0.27 for the same period ended September 30, 2022). The TRIFR (total
recordable injuries frequency rate) was 0.66 for the nine months ended September 30, 2023, (compared to 0.74 for the
same period ended September 30, 2022). At Côté Gold, total project hours worked reached 13.2 million hours with a LTIFR
(lost time injury frequency rate) of 0.06.
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Specific safety initiatives are being implemented to manage the incident trend, in addition to the Company’s existing
preventive Health and Safety program including fatigue management prevention program, critical risks training program and
cascading leadership.
Environment
The Company recognizes that mining activities are energy intensive and generate significant greenhou se gas (“GHG”)
emissions. To this end, IAMGOLD began working on each operation in 2022 to develop 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 Essakane, progress continued on Falagountou’s Closure Plan, including collaborative work with INERA (Institute of
Environment and Agricultural Research) on the best practice phytoremediation of the closed mine site. On Tailings
management, an Independent Tailings Review Board ("ITRB") annual review was conducted in September, with an expert
report still pending.
At Westwood, the ITRB yearly review was also conducted in September, with a final expert repo rt still pending. The 2021
Closure Plan update was reviewed by the Quebec Ministry of Natural Resources and Forestry (“MRNF”) and IAMGOLD
submitted an amended Closure Plan on September 8, 2023, following this review process. Water recycling projects have
been initiated to reduce water withdrawal from the Bousquet River.
At Côté Gold, biodiversity monitoring studies were completed for birds and bats. At Mattagami Lake, a fish population study
was also conducted as part of the Project’s Fisheries Offsetting Plan. The first cycle of environmental effects monitoring
was completed per the Metal and Diamond Mining Effluent Regulations. A Notice of Non -Compliance was received from
the Impact Assessment Agency of Canada (“IAAC”) on September 22, 2023, regarding a total suspended solids exceedance
in April 2023. IAMGOLD provided a response to IAAC and is awaiting further communication from the Agency on the status
of the alleged non-compliances.
Social and Economic Development
The Company is continuously exploring o pportunities for investing in 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 third quarter 2023 is estimated at $1.8 million and $5.7 million for the nine months ended September 30,
2023. The Company also invested in several agricultural projects during the quarter in the communes of Falagountou and
Gorom-Gorom. Several donations were made during the period, including the distribution of sheep to communities for Aîd
El Kebir celebration and food distribution to people displace d by the security crisis, financial support for students and for
promotion of road safety awareness.
At Côté Gold, various meetings were held in support of Impact Benefit Agreement (“IBA”) implementation with First Nation
Partners ("FNP") Mattagami and Fl ying Post and the Métis Nation of Ontario, Region 3. The FNP and Gogama Socio -
economic Management and Monitoring Committees also met during the quarter. Notable engagement events during the
quarter included Côté Gold and IAMGOLD leadership participation in Flying Post First Nation’s Fall Feast in honour of the
National Day for Truth and Reconciliation; participation in Mattagami’s quarterly community open house; and a visit to
Mattagami community during the field work being conducted as part of the Mattagam i Lake Fisheries Plan development in
support of the Côté’s Fisheries Offsetting Plan. Côté Gold provided support to several events and initiatives during the
quarter through community investment, donation and sponsorships.
At Westwood, the team is seek ing to continue discussions with the Abitibiwinni First Nation community of Pikogan on
finalizing the negotiated Impact Benefit Agreement. The third meeting of the Fayolle monitoring committee was held in
September, which included a site visit. A dust abat ement program is being implemented in coordination with the City of
Rouyn-Noranda in relation to concerns raised by local residents near the Fayolle Project.
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Equity, Diversity and Inclusion
The Company unequivocally condemns inequity, discrimination and hatred in all its forms. One of the Company’s values is
to conduct itself with respect and to embrace diversity. The Company has established an Equity, Diversity and Inclusion
(“EDI”) Steering Committee to further enhance the Company’s strong commitment to these important values through data
collection, education, awareness and action planning at the enterprise level. The Company completed a diagnostic
evaluation of its EDI status, and the find ings and recommendations (global and site specific) were rolled out across the
Company to develop action plans. The Company is a sponsor of the Artemis Project, which aims to promote female business
owners and entrepreneurs in the mining sector. The Compan y is also an active contributor to the Mining Association of
Canada’s TSM protocol on EDI and is working closely with Mining HR Canada on various initiatives, including with the
representation of a member of management as Chair of the “Safe Workplaces for All” council.
In addition, IAMGOLD was recognized as a GTA Top 100 Employer for its efforts on various inclusion, engagement and
culture work.
Governance
The Board of Directors of IAMGOLD (the “Board”) adopted new diversity and renewal guidelines in 2021 , reflecting
governance best practices. Currently, women represent 50% of the directors and 57% of the independent directors. The
average tenure of directors on the Board is less than two years.
On September 21, 2023, the Company announced the retirement o f Maryse Bélanger from the Board of Directors for
personal reasons and other commitments. Immediately following Ms. Bélanger's retirement, the Board appointed David
Smith as Chair of the Board.
On September 27, 2023, Bruno Lemelin was appointed to the role of Chief Operating Officer, having served as SVP,
Operations & Projects since March 2020.
On November 9, 2023, the Company announced the retirement of Ian Ashby from the Board, and the appointment of Anne
Marie Toutant as an independent director.