Iamgold Reports Third Quarter 2024 Results
TSX: IMG NYSE: IAG NEWS RELEASE
IAMGOLD REPORTS THIRD QUARTER 2024 RESULTS
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, November 7, 2024 – IAMGOLD Corporation (NYSE:IAG, TSX:IMG) (“IAMGOLD” or the
“Company”) today reported its financial and operating results for the third quarter ended September 30, 2024.
"We are proud of what IAMGOLD has achieved this year, with another strong quarter of safe, stable production and
cash flow growth," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "This is a company that is
rapidly moving closer to the goal of becoming a leading, modern Canadian gold producer with a strong balance sheet
and assets that are poised to generate significant value for our stakeholders and investors."
"IAMGOLD finished the third quarter with year -to-date production of 490,000 gold ounces, inclusive of Côté, which
puts the company well on track to meet its combined annual production guidance of 625,000 to 715,000 ounces. This
result has been driven by the strong year to date performance at Essakane, building of momentum at Westwood, and
the ramp-up progress at Côté Gold. Importantly, our teams have succeeded while continuing our strong health and
safety record, ensuring that the safety of our people and communities is a defining priority in all that we do.
Financially, IAMGOLD’s balance sheet and cash flow outlook continues to improve. In the third quarter the company
made important first steps to reduce the balance of the gold prepayment with the delivery of 37,500 ounces into the
legacy gold prepayment arrangement. Our full intention is to close out the arrangement by June 2025, increasing the
exposure and flexibility of the company at an opportune time in the market."
"The Côté Gold Mine achieved multiple milestones in the third quarter, including reaching commercial production on
August 1, 2024, and the completion of an important shutdown in September that allowed for the deployment of key
operating improvements that had a near -immediate measurable and meaningful positive impact on operations. As a
result of these efforts, we remain confident in our goal for Côté Gold to continue to ramp -up and achieve 90%
throughput exiting this year. Further, on November 30 th we plan to complete the repurchase of the 9.7% interest held
by our respected joint venture partner, Sumitomo, to return to a 70% interest in the project.”
“Looking ahead, these achievements will position Côté Gold for a significant 2025 as throughput rates ramp -up to
steady state. IAMGOLD will continue to pursue improvements in mining and processing activities, and our teams are
examining the potential options to bring into a mine plan the full resource base estimate of the Côté and Gosselin
zones – which combine for over 16.5 million ounces of measured and indicated and 4.2 million ounces of inferred
resources. Côté Gold is a unique asset that we believe will become one of Canada's largest gold mines and a model
for modern mining done right in Canada for years to come."
HIGHLIGHTS:
Operating and Financial
• Attributable gold production was 173,000 ounces in the third quarter and 490,000 ounces year-to-date ("YTD"),
driven by strong performance at Essakane and Westwood, as well as the second quarter of production at Côté
Gold.
• Production guidance for 2024 is reaffirmed , with Essakane and Westwood attributable production expected to
be at the top end of the previously raised guided range of 495,000 to 540,000 ounces, and Côté Gold
attributable production expected to be at 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.
• Côté Gold reached commercial production on August 1, 2024 , and achieved positive mine -site free cash flow in
the quarter. The ramp -up of the operation continued to progress and remains on track to exit the year at 90% of
the design throughput rate of 36,000 tonnes per day (“tpd”). Record daily throughput of 42,096 tpd was achieved
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following the scheduled shutdown in September, during which key optimizations and improvements were made to
improve the availability and performance of the processing plant.
• The cash cost1 guidance range, excluding Côté Gold, is unchanged and full year costs are expected to be at the
low end of the previously lowered range of $1,175 to $1,275 per ounce sold and the all-in-sustaining-cost1 (“AISC”)
guidance range is unchanged and full year costs are expected to be at the bottom end of the range of $1,700 to
$1,825 per ounce sold.
• For Côté Gold, the company expects cash costs and AISC at the end of the year at the top end of the
guidance range of $700 to $800 per ounce sold and $1,100 to $1,200 per ounce sold, respectively. The costs
may exceed the top range depending on timing and one time cost of initiatives and improvements
implemented to achieve the ramp-up target.
• Revenues were $438.9 million from sales of 184,000 ounces at an average realized gold price 1 of $2,391 per
ounce and $1,163.1 million YTD from sales of 514,000 ounces at an average realized gold price of $2,260 per
ounce.
• Essakane and Westwood cost of sales per ounce sold was $1,213 ( $1,119 YTD), cash cost 1 per ounce sold
was $1,208 ($1,115 YTD) and AISC per ounce sold was $1,789 ($1,626 YTD).
• Côté Gold cost of sales and cash cost 1 per ounce sold, net of capitalized operating costs during the pre -
commercial production period, was $1,033 ($984 YTD) and $1,030 ($982 YTD) per ounce sold, respectively.
• Net earnings and adjusted net earnings per share attributable to equity holders 1 of $1.04 and $0.18 for the
third quarter, respectively; YTD net earnings and adjusted net earnings per share attributable to equity holders 1 of
$1.39 and $0.45, respectively. The third quarter and YTD net earnings were adjusted for a $462.3 million gain on
the reversal of the previously recorded impairment at Westwood.
• Net cash from operating activities was $146.2 million for the third quarter and $383.4 million YTD. Net cash
from operating activities, before movements in working capital and non -current ore stockpiles 1, was $161.2 million
for the third quarter and $473.2 million YTD.
• Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)1 was $719.6 million during
the third quarter ($1,063.5 million YTD) and adjusted EBITDA 1 was $221.7 million during the third quarter
($565.2 million YTD). The third quarter and YTD EBITDA was adjusted for a $462.3 million gain on the reversal of
the previously recorded impairment at Westwood.
• Mine-site free cash flow 1, excluding Côté Gold, was $97.4 million for the third quarter and $283.6 million YTD.
The mine-site free cash flow from Côté Gold was $23.3 million during the third quarter.
• The Company has available liquidity 1 of $959.3 million, mainly comprised of cash and cash equivalents of
$553.4 million and the available balance of the revolving credit facility (“Credit Facility”) of $404.9 million as at
September 30, 2024.
• In health and safety, for the quarter ended September 30, 2024, the Company reported a TRIFR (total recordable
injuries frequency rate) of 0.46, an improved trend since last year.
Corporate
• 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 were
received during the third quarter 2024.
• On September 30, 2024, the Company provided Sumitomo Metal Mining Co. Ltd. (“Sumitomo” or “SMM”) with the
required 60 days formal irrevocable notice to repurchase the 9.7% interest of the Côté Gold that was transferred to
Sumitomo as part of the JV funding and Amending Agreement entered into on December 19, 2022. This
transaction is expected to close on November 30, 2024, and will return IAMGOLD to its full 70% interest in Côté
Gold. The repurchase price of approximately $377 million will be funded using the proceeds from the $300 million
equity financing completed during the second quarter 2024 and with available liquidity.
• During the quarter, the Company delivered 37,500 ounces into the 2022 Gold prepay arrangements. Subsequent
to quarter end, the Company delivered its October obligations of 12,500 ounces into the arrangement, reducing
the outstanding balance to 100,000 ounces.
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• The Company intends to renew its base shelf prospectus, following the expiry of the prior base shelf in October
2024. The renewal is consistent with past practice to provide financial flexibility. The new base shelf prospectus
will be filed after market close on November 7, 2024. The Company has no present intention to offer securities
pursuant to the new base shelf prospectus. The notice set out in this paragraph does not constitute an offer to sell
or a solicitation of an offer to buy any securities.
QUARTERLY REVIEW
For more details and the Company's overall outlook for 2024, see “Outlook”, and for individual mine performance, see
“Quarterly Updates”. The following table summarizes certain operating and financial results for the three months ended
September 30, 2024 (Q3 2024) and September 30, 2023 (Q3 2023) and the nine months ended September 30, (or
YTD) 2024 and 2023 and certain measures of the Company's financial ("discontinued operations") position as at
December 31, 2023, and September 30, 2023.
Q3 2024 Q3 2023 YTD 2024 YTD 2023
Key Operating Statistics
($ millions from continuing operations)
Gold production – attributable (000s oz)
- Essakane 100 84 329 264
- Westwood 32 25 99 65
Subtotal 132 109 428 329
- Côté Gold (60.3%) 41 — 62 —
Total gold production – attributable (000s oz) 173 109 490 329
Gold sales – attributable (000s oz)
- Essakane 101 84 325 265
- Westwood 29 22 97 61
Subtotal 130 106 422 326
- Côté Gold (60.3%) 41 — 55 —
Total gold sales – attributable (000s oz) 171 106 477 326
Cost of sales1 ($/oz sold) – attributable
- Essakane $ 1,226 $ 1,417 $ 1,099 $ 1,249
- Westwood 1,171 1,506 1,185 1,674
Subtotal $ 1,213 $ 1,436 $ 1,119 $ 1,329
- Côté Gold 1,033 — 984 —
Total cost of sales1 ($/oz sold) – attributable $ 1,170 $ 1,436 $ 1,103 $ 1,329
Cash costs2 ($/oz sold) – attributable
- Essakane $ 1,223 $ 1,372 $ 1,097 $ 1,201
- Westwood 1,157 1,506 1,174 1,667
Subtotal $ 1,208 $ 1,400 $ 1,115 $ 1,288
- Côté Gold 1,030 — 982 —
Total cash costs2 ($/oz sold) – attributable $ 1,165 $ 1,400 $ 1,099 $ 1,288
AISC2 ($/oz sold) – attributable
- Essakane $ 1,730 $ 1,798 $ 1,498 $ 1,510
- Westwood 1,617 2,138 1,708 2,486
Subtotal $ 1,789 $ 1,975 $ 1,626 $ 1,803
- Côté Gold4 $ 1,602 $ — $ 1,602 $ —
Total AISC2 ($/oz sold) – attributable $ 1,756 $ 1,975 $ 1,625 $ 1,803
Average realized gold price2,3($/oz) $ 2,391 $ 1,937 $ 2,260 $ 1,934
1. Throughout this news release cost of sales, excluding depreciation, is disclosed in the segment note in the consolidated interim financial statements.
2. Refer to the “Non-GAAP Financial Measures” disclosure at the end of this news release for a description and calculation of these measures.
3. The average realized gold price in the third quarter 2024, excluding the impact of the 2022 Prepay Arrangement (as defined be low), was $2,498 per ounce
and $2,324 per ounce YTD 2024.
4. All-in sustaining cost for Côté Gold represents the two -month period following achievement of commercial production.
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Q3 2024 Q3 2023 YTD 2024 YTD 2023
Financial Results
($ millions from continuing operations)
Revenues $ 438.9 $ 224.5 $ 1,163.1 $ 689.5
Gross profit $ 162.6 $ 4.6 $ 419.0 $ 74.3
EBITDA1 $ 719.6 $ 61.8 $ 1,063.5 $ 310.8
- Continuing operations $ 719.6 $ 61.8 $ 1,063.5 $ 296.4
- Discontinued operations $ — $ — $ — $ 14.4
Adjusted EBITDA1 $ 221.7 $ 57.8 $ 565.2 $ 227.9
- Continuing operations $ 221.7 $ 57.8 $ 565.2 $ 204.5
- Discontinued operations $ — $ — $ — $ 23.4
Net earnings (loss) attributable to equity holders $ 594.1 $ (0.8) $ 733.4 $ 103.7
- Continuing operations $ 594.1 $ (0.8) $ 733.4 $ 98.1
- Discontinued operations $ — $ — $ — $ 5.6
Adjusted net earnings (loss) attributable to equity holders1 $ 101.0 $ (4.0) $ 238.8 $ 32.6
- Continuing operations $ 101.0 $ (4.0) $ 238.8 $ 18.0
- Discontinued operations $ — $ — $ — $ 14.6
Net earnings (loss) per share attributable to equity holders –
continuing operations $ 1.04 $ (0.00) $ 1.39 $ 0.21
Adjusted net earnings (loss) per share attributable to equity
holders1 – continuing operations $ 0.18 $ (0.01) $ 0.45 $ 0.04
Net cash from operating activities before changes in working
capital1 – continuing operations $ 161.2 $ 29.3 $ 473.2 $ 106.8
Net cash from operating activities $ 146.2 $ 37.5 $ 383.4 $ 89.5
- Continuing operations $ 146.2 $ 37.5 $ 383.4 $ 74.1
- Discontinued operations $ — $ — $ — $ 15.4
Mine-site free cash flow1 $ 120.7 $ 2.1 $ 306.9 $ 25.3
- Continuing operations $ 120.7 $ 2.1 $ 306.9 $ 19.4
- Discontinued operations $ — $ — $ — $ 5.9
Capital expenditures1,2 – sustaining $ 84.7 $ 50.4 $ 197.2 $ 131.7
Capital expenditures1,2 – expansion $ 11.2 $ 191.6 $ 188.7 $ 478.3
September 30 December 31 September 30 December 31
2024 2023 2024 2023
Financial Position ($ millions)
Cash and cash equivalents $ 553.4 $ 367.1 $ 553.4 $ 367.1
Long-term debt $ 810.7 $ 830.8 $ 810.7 $ 830.8
Net cash (debt)1 $ (449.0) $ (649.5) $ (449.0) $ (649.5)
Available Credit Facility $ 404.9 $ 387.0 $ 404.9 $ 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 exploration and evaluation assets, and
exclude right-of-use assets and working capital impacts. Sustaining capital expenditures for Côté Gold represent the two -month period following achievement
of commercial production.
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OUTLOOK
Production
YTD 2024 Full Year Guidance 2024
Essakane (000s oz) 329 380 – 410
Westwood (000s oz) 99 115 – 130
Total attributable production (000s oz) 428 495 – 540
Côté Gold, 60.3% (000s oz) 62 130 - 175
Essakane & Westwood
Production at Essakane is expected to be at the top end of the guidance of 410,000 ounces. On a quarter -over-quarter
basis, Essakane production in the fourth quarter will be lower compared to prior quarters due to grade sequencing in
the mine plan.
Production at Westwood is expected to be at the top end of the guidance range of 130,000 ounces for the year.
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). 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 processing plant throughput rate.
Costs
YTD 2024 Full Year Guidance 20241
Essakane (000s oz)
Cash costs ($/oz sold) $1,097 $1,175 – $1,275
AISC ($/oz sold) $1,498 $1,575 – $1,675
Westwood (000s oz)
Cash costs ($/oz sold) $1,174 $1,200 – $1,300
AISC ($/oz sold) $1,708 $1,775 – $1,900
Essakane + Westwood
Cost of sales2 ($/oz sold) $1,119 $1,175 – $1,275
Cash costs2,3 ($/oz sold) $1,115 $1,175 – $1,275
AISC2,3 ($/oz sold) $1,626 $1,700 – $1,825
Côté Gold Refer to Côté Gold section below
1. The full year guidance is based on the following 2024 full year assumptions, before the impact of hedging: average realized g old price of $2,233 per ounce,
USDCAD exchange rate of 1.36, EURUSD exchange rate of 1.08 and average crude oil price of $82 per barrel.
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".
The 2024 cost guidance for Essakane and Westwood combined is unchanged and is 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.
Essakane
Cost guidance for Essakane is expected to be at the low end of the range of $1,175 to $1,275 for cash cost per ounce
sold and within the range of $1,575 to $1,675 for AISC per ounce sold. Operating costs are expected to remain in line
with levels experienced in recent quarters, while the unit cost is expected to increase due to the expected lower
production in the fourth quarter. AISC is expected to be higher in the fourth quarter due to lower production and an
increase in capitalized waste stripping to support the 2025 production plan.
Westwood
Cost guidance for Westwood is expected to be at the low end of 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. Fourth quarter unit costs are expected to be higher with the annual
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mill shutdown scheduled for November, which includes the replacement of certain mill equipment, in addition to new
production drills expected to be commissioned in the quarter.
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 at the top end of the range of $700 to $800 per ounce sold and AISC of $1,100 to $1,200 per
ounce. The costs may exceed the top range depending on timing and one time cost of initiatives and improvements
implemented to achieve the ramp-up target.
Capital Expenditures
Essakane and Westwood
YTD 20241 Full Year Guidance 20242
($ millions) Sustaining3 Expansion Total Sustaining3 Expansion Total
Essakane (±5%) $ 131.4 $ 3.0 $ 134.4 $ 170 $ 5 $ 175
Westwood (±5%) 47.6 0.1 47.7 70 — 70
$ 179.0 $ 3.1 $ 182.1 $ 240 $ 5 $ 245
Corporate 1.1 — 1.1 — — —
Total4 $ 180.1 $ 3.1 $ 183.2 $ 240 $ 5 $ 245
1. 100% basis, unless otherwise stated.
2. Capital expenditures guidance (±5%) at Essakane and Westwood.
3. Sustaining capital includes capitalized stripping of (i) $39.7 million for Essakane and $1.2 million for Westwood in the third quarter 2024, (ii) $93.0 million for
Essakane and $5.3 million for Westwood YTD 2024, and (iii) $115 million for Essakane and $7 million for Westwood for the full year guidance. See “Outlo ok”
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 are unchanged at approximately
$240 million (± 5%) with capitalized waste stripping continuing to progress into new ore phases and the replacement of
certain equipment to improve efficiency and maintenance costs at Essakane, and the early commencement of mill
integrity projects originally scheduled for 2025 and renewal of the underground mining fleet at Westwood.
Côté Gold (100%)
($ millions)
Q3 20241 YTD 20241 Full Year
Guidance 20242
Project expenditures3 to first gold $ — $ 151.7 $ 152
Project expenditures3 post first gold 3.7 34.4 67
Subtotal Project expenditures3 3.7 186.1 219
Capitalized waste stripping 7.5 36.5 60
Capitalized operating pre-production costs 4.8 56.3 60
Capital expenditures related to operations 29.2 55.2 115
Total $ 45.2 $ 334.1 $ 454
1. 100% basis, unless otherwise stated.
2. Capital expenditures guidance (±5%).
3. 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 guidance is unchanged. 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 construction of the full
tailings dam footprint to support the life of mine. Following the achievement of commercial production in early August
2024, the determination of the classification of capital expenditures as either sustaining or expansion is dependent
upon the nature of the expenditure in accordance with World Gold Council guideli nes. Certain scopes of work from the
initial project, which were not on the critical path to achieve commercial production, such as the completion of required
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earthworks and support infrastructure, remain classified as expansion capital, as well as certain projects targeting
expanded crushing capacity at the mill.
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 $ 0.5 $ 12.3 $ 12.8 $ — $ 15 $ 15
Exploration projects –
brownfield 4.5 2.0 6.5 3 2 5
$ 5.0 $ 14.3 $ 19.3 $ 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
Guidance on cash taxes is unchanged, with the Company expecting to pay cash taxes in the range of $50 to $60
million during 2024. 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 $265 million with increased depreciation
expense in the fourth quarter following the achievement of commercial production at Côté Gold and the impairment
reversal at the Doyon cash generating unit ("CGU"), which contains the Westwood mine complex.
($ millions) YTD 2024 Full Year Guidance 2024
Depreciation expense $177.4 $255 – $265
Income taxes paid $45.5 $50 – $60
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.
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 0.46 as at September 30, 2024 (compared to 0.63 as at September 30, 2023),
tracking below the Company's annual target of 0.66.
In the third quarter 2024, the Company continued to progress 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 conducted a management review of its health and safety management system and both Côté Gold and
Westwood bolstered their health and safety teams with additional staff.
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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 area and allow the Company to evaluate its impacts and contributions to regional
watersheds. In the third quarter of 2024, the Company continued the development of a standalone Water Management
Standard; this work is expected to be completed in the fourth quarter 2024. In 2024, the Company will also expand on
the initial biodiversity assessment performed in 2022 to develop a more comprehensive roadmap to support its
biodiversity goal and evaluate the appropriateness of the Company reporting against the Taskforce on Nature -related
Financial Disclosures. In the third 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 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 the first quarter 2025.
Essakane conducted a management review of its environmental management system. The site also ran an
environmental 'stop incident' campaign to educate and empower employees to recognize and respond to
environmental risks.
At Westwood, the 2021 Closure Plan was approved on June 11, 2024, and the Doyon Closure Plan was approved on
July 3, 2024, by the Quebec Ministry of Natural Resources and Forestry. Westwood continued hydroseeding to
prevent soil erosion in targeted areas as part of the closure activities at the Fayolle satellite pit. Westwood continues to
pilot water recycling projects to reduce water withdrawal from the Bousquet River.
Côté Gold submitted its Phase 1 Environmental Effects Monitoring Report to Environment and Climate Change
Canada. Côté Gold submitted its greenhouse gas emissions report for 2023 to Ontario’s Emissions Performance
Standard Program, which required reasonable assurance under ISO 14064.
As of September 30, 2024, there were zero environmental significant incidents.
Social Performance
The Company reviewed its approach to community investment and initiated the development of a Community
Investment Strategy. The sites continue to engage with their communities of interest and support community
investment initiatives. At Essakane, key engagements and activities included discussions on economic, social,
security, and resettlement topics, engagements with stakeholders as part of the Essakane Closure Plan and
monitoring of artisanal miners. The Company continues to address legacy issues from the original Relocation Action
Plan ("RAP 1") with the rebuilding of select houses. The Company is expected to complete all rebuilding efforts
associated with RAP 1 within a three -year time period. As of September 30, 2024, there was one Level 2 community -
related incident, as there was an intrusion at the closed Falagountou satellite pit at Essakane. Artisanal miners were
removed from the site by the local Gendarmerie and no incidents were reported.
The Côté Gold Impact Benefit Agreement Annual Report was shared with First Nations Partners. Côté Gold hosted
several academic institutions and non -governmental organizations for a tour of the site to share information on the
advanced technologies used at the mine, approach to responsible mining and career opportunities offered at Côté
Gold and within the industry. At Westwood, the team continued to meet with Abitibiwinni First Nation related to the
development of an Impact Benefit Agreement.
Indigenous Relations
As a Canadian business committed to responding to the Truth and Reconciliation Commission of Canada’s Calls to
Action, the Company continues to take meaningful action towards reconciliation by respecting and upholding
Indigenous rights, founded upon relationships that foster trust, transparency and mutual respect. The Company is
committed to engaging in a manner that respects the principle of self -determination of Indigenous people, aims to
achieve their right to free, prior and informed consent and respects their cultural heritage and traditions. These
principles are enshrined in the United Nations Declaration on the Rights of Indigenous People and form the foundation
of IAMGOLD’s Indigenous Engagement Policy. In honour of the National Day for Truth and Reconciliation, IAMGOLD
hosted a Courageous Conversation on October 3, 2024, in the Toronto office to learn and discuss the historical and
current context of Indigenous relations within Canada, the business imperative for engaging Indigenous communities,
and about opportunities for individuals to practice active allyship.