Lamgold Announces Significant Increase IN Nelligan Ounces & Update of Global Mineral Reserves and Resources
NEWS RELEASE TSX: IMG NYSE: IAG
lAMGOLD ANNOUNCES SIGNIFICANT INCREASE IN NELLIGAN OUNCES &
UPDATE OF GLOBAL MINERAL RESERVES AND RESOURCES
All amounts are in US dollars, unless otherwise indicated.
Measured and indicated resources are quoted inclusive of proven and probable reserves for all sites and projects.
Toronto, Ontario, February 20, 2025 – IAMGOLD Corporation (NYSE:IAG) (TSX:IMG) (“IAMGOLD” or the
“Company”) announces its updated Mineral Reserves and Mineral Resources statement as of December 31, 2024
prepared in accordance with National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43-
101”). A summary table of the Company’s Mineral Resources and Mineral Reserves, including attributable ounces
accounting for ownership interest, can be found at the end of this news release.
Highlights
• Updated Mineral Resources for the 100% -owned Nelligan Project of 3.1 million Indicated gold ounces in
102.8 million tonnes (“Mt”) at 0.95 grams per tonne gold (“g/t Au”), and 5.2 million Inferred ounces (166.4
Mt at 0. 96 g/t Au). This represents a 56% increase in Indicated ounces, or 1.1 million ounces , with an
accompanying 13% increase in grade; as well as a 33% increase in Inferred ounces, or 1.3 million ounces,
with a similar 14% increase in grade. Nelligan mineralization remains open along strike and at depth.
• Proven and Probable (“P&P”) Mineral Reserves (100% basis) total 10.7 million ounces of gold in 296 Mt
at 1.12 g/t Au (8.2 million ounces attributable). P&P Mineral Reserves decreased 3%, or 367,000 ounces,
from the year prior. P&P Mineral Reserves at Essakane increased 5% net of depletion, offset by a 4%
decrease at Côté due to depletion as drilling is ongoing.
• Measured and Indicated (“M&I”) Mineral Resources (100% basis) increased 3% to 26.7 million ounces of
gold in 846 Mt at 0.98 g/t Au (21.2 million ounces attributable). Inferred Mineral Resources (100% basis)
increased 27% to a total of 12.8 million ounces (11.4 million ounces attributable).
• Gold price assumptions for Mineral Reserves were updated for Essakane and Westwood to $1,500 per
ounce, Côté remained unchanged at $1,400 per ounce; the gold price assumption for Mineral Resources
for Essakane and Westwood were increased to $1,800 per ounce, Côté remained unchanged at $1,700
per ounce.
“It was another productive year for IAMGOLD’s exploration and operations drilling teams, as the Company was
able to increase its global Mineral Measured and Indicated Resources on a 100% basis to a total of 26.7 million
ounces,” said Renaud Adams, President and Chief Executive Officer of IAMGOLD. “At Essakane, the teams were
able to increase the Mineral Reserves after accounting for depletion, suggesting another year of mine life for the
strong cash-flowing asset. At Westwood, the mine continues to maintain a reserve base of approximately one
million ounces, in line with the updated mine plan announced in December. At Côté Gold, the block models were
not updated for the new gold price assumption as the drilling program is ongoing alongside a whittle pit re-analysis
to better capture the plan to bulk mine the deposit. The plan for Côté remains unchanged as we look to bring
forward the substantial mineral wealth within both Côté and Gosselin. This year we are planning to conduct a
45,000 m drill program, building on top of the 40,000 m drill program last year, with a focus on resource conversion
of Inferred Mineral Resources to Indicated in the Gosseli n zone, the testing of the southern and northeastern
extensions, as well as testing the breccias at depth. These programs will inform an updated Mineral Reserves and
Resources estimate alongside an updated mine plan incorporating Gosselin later in 2026.”
“The Nelligan Mineral Resources update today demonstrates the incredible potential of the asset , demonstrating
rapid growth in ounces and an improvement in grades from a relatively conservative drill program totalling 23,400
m over the last two years . Nelligan now contains an estimated 3.1 million ounces in the Indicated category
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averaging 0.95 g/t, in addition to 5.2 million ounces in Inferred at similar grades. This positions Nelligan among
the largest gold projects in Canada with the potential for further growth. This year, we are increasing the scope of
our Chibougamau drill program with a plan for 30,000 m of diamond drilling, testing the extension of mineralization
at Nelligan, as well as targeting high-grade structures on the neighbouring high-grade underground Monster Lake
asset.”
“Over the last few years, the Company has seen a rapid growth of Mineral Resources within Canada, where now
today approximately 80% of our Measured and Indicated ounces and 90% of global Inferred ounces are located
in Canada in well established mining jurisdictions. This transformation further positions IAMGOLD today as a
modern Canadian, multi-asset mid-tier gold producer with significant growth potential.”
Mineral Reserves
TABLE 1: MINERAL RESERVES (@100%) SUMMARY
20232 20243,4 %▲
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
(000s) (g/t) (000s) (000s) (g/t) (000s) (000s) (g/t) (000s)
Essakane3
Proven (stockpile) 20,047 0.65 417 18,876 0.65 396 -6% 1% -5%
Probable (open pit) 42,123 1.32 1,787 44,017 1.36 1,920 4% 3% 7%
Total 62,169 1.10 2,204 62,893 1.15 2,316 1% 4% 5%
Westwood4
Proven (underground) 382 10.40 128 717 12.61 291 88% 21% 128%
Probable (underground) 2,982 10.65 1,021 1,886 10.98 666 -37% 3% -35%
Subtotal 3,364 10.62 1,149 2,603 11.44 957 -23% 8% -17%
Proven (Grand Duc) 465 0.69 10 363 0.80 9 -22% 16% -13%
Probable (Grand Duc) 1,460 1.17 55 1,090 1.08 38 -25% -8% -31%
Subtotal 1,925 1.05 65 1,453 1.01 47 -25% -5% -28%
Total 5,290 7.14 1,214 4,056 7.70 1,004 -23% 8% -17%
Côté Gold3
Proven 132,202 1.09 4,620 127,747 1.07 4,376 -3% -2% -5%
Probable 102,442 0.91 2,990 101,427 0.91 2,965 -1% 0% -1%
Total 234,644 1.01 7,610 229,175 1.00 7,341 -2% -1% -4%
Total P&P Reserves1 302,103 1.14 11,028 296,124 1.12 10,661 -2% -1% -3%
1. Figures may not add due to rounding.
2. 2023 Mineral Reserves estimated as of December 31, 2023, using a gold price of $1,400 per ounce for Essakane and Cote Gold; $1,300 for Westwood;
and $1,600 per ounce for the Grand Duc satellite pit at Westwood
3. 2024 Mineral Reserves estimated as of December 31, 2024, using a gold price of $1,500 per ounce for Essakane and $1,400 per ounce for Cote Gold.
4. Westwood (underground) Mineral Reserves have been estimated as of December 31, 2024 using a $1,500/oz gold price and a 6.82g/ t Au cut -off
grade. The Grand Duc Mineral Reserves estimate is included in the Westwood Reserves estimate and ha s been estimated as of December 31, 2024
using a gold price of $1,800/oz.
Proven and Probable Mineral Reserves, on a 100% basis for current assets, were estimated at 10.7 million ounces
of gold (8.2 million ounces attributable) as of December 31, 2024, which was a 3% decrease or 367,000 ounces,
from the year prior. Mineral Reserves at Essakane increased 112,000 ounces more than offsetting reserve
depletion from mining activities of 515,000 ounces (12.1 Mt at 1.33 g/t Au) last year on a 100% basis. Westwood
Mineral Reserves decreased 210,000 ounces from the prior year primarily due to depletion yet were relatively flat
from the updated Mine Plan and Mineral Resources and Reserves estimate announced on December 5, 2024 .
Côté Gold Mineral Reserves decreased 269,000 ounces also on depletion. The Côté block model was not updated
with the revised gold price assumption as a result of the ongoing whittle pit analysis and drill program which is
being conducted to support an updated mine plan and Mineral Reserves and Resources estimate incorporating
Gosselin next year. 1
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A $1,500 per ounce gold price assumption was used in the 2024 Mineral Reserves estimate as of December 31,
2024 for Essakane and Westwood underground, an increase from the prior year assumption of $1,400 per ounce
for Essakane and $1,300 per ounce for Westwood (which was subsequently increased to $1,400 per ounce in the
updated mine plan and Mineral Resource s and Reserves estimates announced in December) . As noted above,
Côté Gold Mineral Reserves remain based on $1,400 per ounce. The Grand Duc satellite open pit at Westwood
used a Mineral Reserves gold price assumption of $1,800 per ounce, an increase from $1,600 per ounce the year
prior.
Mineral Resources
Measured and Indicated (“M&I”) Mineral Resources , inclusive of Mineral Reserves and on a 100% basis , for
IAMGOLD’s assets increased 3% or 0.8 million ounces, to a total of 26.7 million ounces as of December 31, 2024
(21.2 million ounces attributable) . Global Inferred Mineral Resources (on a 100% basis) increased 27%, or 2.7
million ounces, to a total of 12.8 million ounces as of December 31, 2024 (11.4 million ounces attributable). Note
that Inferred Mineral Resources have a great amount of uncertainty as to their grade and quantity because they
are based on limited geological evidence. It cannot be assumed that all or part of the Inferred Mineral Resources
will ever be upgraded to a higher category or converted to Mineral Reserves.
The Company assumed a gold price of $1, 800 per ounce for estimating Mineral Resources as of December 31,
2024 at Essakane, Westwood, and Nelligan/Monster Lake. This was an increase from the year prior in which all
operations assumed a gold price of $1,700 per ounce in the Mineral Resources estimate, aside from Westwood
which assumed a $1,600 per ounce gold price. The gold price assumption s for Côté Gold and Gosselin are
unchanged at $1,700 per ounce.
Essakane
Essakane M&I Mineral Resources, inclusive of Mineral Reserves and on a 100% basis, increased 17% to an
estimated 4.0 million ounces (3.6 million ounces attributable) as of December 31, 2024, with grades relatively flat
year over year to 1.24 g/t Au, demonstrating the potential for Essakane to extend its mine life within the fence.
Inferred Mineral Resources increased 82% from the year prior to an estimated 713,000 ounces with grades
increasing 20% to 1.76 g/t Au.
Westwood
Westwood M&I Mineral Resources, inclusive of Mineral Reserves, decreased 711,000 ounces to 1.7 million
ounces as of December 31, 2024. Inferred Mineral Resources increased 142%, or 1.1 million ounces to 1.8 million
ounces with an average grade of 12.83 g/t Au. On December 5, 2024, IAMGOLD announced an updated Mineral
Resources and Reserve s estimate for Westwood that was prepared in accordance with the disclosure
requirements of NI 43-101 and had an effective date of September 30, 2024. Relative to this date, Westwood M&I
Mineral Resources were essentially flat effectively replacing depletion in the fourth quarter, while Inferred Mineral
Resources were estimated to be unchanged.
Côté & Gosselin
Côté Gold Mineral Resources were relatively unchanged after accounting for depletion as the block model was
not updated due to the ongoing analysis and drill programs. M&I Mineral Resources, inclusive of Mineral Reserves
and on a 100% basis, decreased a nominal 2 % or 283,000 ounces, to 11.8 million ounces ( 8.2 million ounces
attributable), as a result of depletion in the first year of operations. Inferred Mineral Resources were relatively
unchanged. Likewise, Gosselin Mineral Resources are unchanged from the year prior. Last year, IAMGOLD
completed a diamond drill program totalling 40,400 metres on Gosselin . Interim assay results announced in
October 2024, demonstrated the extensions of mineralization of the Gosselin Zone outside of the December 31,
2023 resource pit shell. Key extensions have been intersected south and west of the Gosselin West Breccia, and
at depth between the Côté and Gosselin West Breccia. Numerous short intersections of gold-bearing hydrothermal
breccia between the Gosselin East and West Breccias may indicate a more continuous breccia system with
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breccia textures being obliterated by intense hydrothermal alteration. Resource models for Côté and Gosselin are
to be updated following the 2025 drill program.
TABLE 2: MINERAL RESOURCES (@100%) SUMMARY1
20232 20243 %▲
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
(000s) (g/t) (000s) (000s) (g/t) (000s) (000s) (g/t) (000s)
OPERATIONS
Essakane
Measured 21,379 0.64 439 21,157 0.64 433 -1% 0% -1%
Indicated 65,702 1.40 2,951 78,722 1.40 3,534 20% 0% 20%
Total M&I 87,081 1.21 3,390 99,879 1.24 3,967 15% 2% 17%
Inferred 8,344 1.46 392 12,623 1.76 713 51% 20% 82%
Westwood5
Measured 1,158 7.85 292 1,061 9.17 313 -8% 17% 7%
Indicated 7,257 9.14 2,133 5,627 7.75 1,402 -22% -15% -34%
Total M&I 8,415 8.97 2,426 6,688 7.98 1,715 -21% -11% -29%
Inferred 1,465 15.78 743 4,369 12.83 1,802 198% -19% 142%
Côté Gold4
Measured 167,040 0.96 5,160 162,140 0.94 4,907 -3% -2% -5%
Indicated 277,733 0.77 6,907 276,404 0.77 6,878 0% 0% 0%
Total M&I 444,773 0.84 12,067 438,544 0.84 11,785 -1% -1% -2%
Inferred 60,591 0.61 1,184 60,362 0.61 1,177 0% 0% -1%
DEVELOPMENT & EXP
Gosselin4
Indicated 161,300 0.85 4,420 161,300 0.85 4,420 0% 0% 0%
Inferred 123,900 0.75 2,980 123,900 0.75 2,980 4% 0% 4%
Nelligan
Indicated 74,500 0.84 2,006 102,845 0.95 3,125 38% 13% 56%
Inferred 142,600 0.85 3,889 166,395 0.96 5,161 17% 14% 33%
Monster Lake
Indicated - - - 239 10.96 84 - - -
Inferred 1,110 12.14 433 1,053 14.43 489 -5% 19% 13%
Gossey
Indicated 7,690 0.91 224 8,383 0.87 235 9% -4% 5%
Inferred 1,520 1.04 51 1,611 1.00 52 6% -4% 2%
Diakha-Siribaya6
Indicated 27,937 1.48 1,325 27,937 1.48 1,325 0% 0% 0%
Inferred 8,468 1.53 417 8,468 1.53 417 0% 0% 0%
Total M&I
Resources1 811,696 0.99 25,858 845,816 0.98 26,656 4% -1% 3%
Total Inferred
Resources1 347,997 0.90 10,090 378,781 1.05 12,791 9% 16% 27%
1. Figures may not add due to rounding.
2. Mineral Resources estimated as of December 31, 2023, using a gold price of $1,700 per ounce for the Essakane, Grand Duc satellite pit, Côté Gold,
Gosselin, Nelligan, Monster Lake and Gossey. A gold price of $1,500 per ounce fo r Diakha-Siribaya Gold Project and $1,600 for Westwood.
3. 2024 Mineral Resources estimated as of December 31, 2024, using a gold price of $1,800 per ounce for Essakane, Nelligan, Monster Lake and
Gossey; and have been estimated in accordance with NI 43 -101.
4. 2024 Mineral Resources for Côté Gold and Gosselin are using a gold price of $1,700 per ounce, unchanged from the prior year. The block model s
were not updated as drill programs and whittle pit analysis are ongoing.
5. Westwood Mineral Resources have been estimated as of December 31, 2024 using a 5.68 g/t Au cut -off grade over a minimum width of 2.4 metres,
using a $1,800 per ounce gold price and have been estimated in accordance with NI 43 -101. The Grand Duc Mineral Res ources and Reserves
estimate is included in the Westwood Mineral Resources and Reserves estimates. The Grand Duc Mineral Resources have been esti mated as of
December 31, 2024 using a gold price of $1,800 per ounce and have been estimated in accordance with NI 43-101
Page | 5 of 11
6. Diakha-Siribaya Mineral Resources have been estimated as of December 31, 2024 using a $1,500 per ounce gold price and have been estimated in
accordance with NI 43 -101. The definitive agreement to sell the Diakha -Siribaya Gold Project in Mali to Managem S.A. expired on December 31,
2024, and was not extended. The Company is pursuing alternative options for the sale of this asset.
Nelligan
The Nelligan Project, located in the Chibougamau region in central Quebec , reported a significant increase in
Indicated and Inferred Mineral Resources. Indicated Resources increased 1.1 million ounces to a total of 3.1
million ounces, with an increase in Indicated average grade to 0.95 g/t Au, up from 0.84 g/t Au previously. Inferred
ounces increased 1.3 million ounces to a total of 5.2 million ounces, up from 3.9 million ounces previously, with a
similar increase in average estimated grades to 0.96 g/t Au, up from 0.85 g/t Au previously.
Figure 1 – Nelligan 2024 Pit Shell – Looking Northeast
The increase in Indicated and Inferred Mineral Resources was a result of the 2023 and 2024 drill campaign,
totalling approximately 23,400 metres allowing for resource expansion and improvements to the geological model.
The drill program successfully extended the Nelligan deposit in its shallow plunging extension to the East (below
500 metres vertical depth) and confirmed the increasing width of the Footwall Zone forming the north part of the
deposit mineralized sequence. Infill drilling consolidated the geo logical and structural modeling of the vast
alteration and mineralized system.
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Figure 2 – Nelligan Vertical Longitudinal Section – Footwall Zone
The Company is planning a 30,000 m diamond drilling program this year. The next phases of diamond drilling will
aim to infill and test the ability to further expand the mineralized envelope. Technical studies will continue to
advance metallurgical testing and other engineering studies. Regional exploration activities, including at Monster
Lake, will continue and future exploration programs will be guided by the ongoing incorporation and compilation
of field exploration data to refine geological, geochemical and structural models to help identify and prioritize
additional targets for evaluation on the larger project land package.
On February 13th, 2024, IAMGOLD announced the successful completion of the previously announced transaction
with Vanstar Mining Resources Inc. (“Vanstar”), whereby IAMGOLD has acquired all of the issued and outstanding
common shares of Vanstar pursuant to a court -approved plan of arrangement . As a result of the Arrangement,
IAMGOLD now owns a 100% interest in the Nelligan Gold Project, located 60 kilometres southwest of
Chibougamau, Quebec, Canada.
TABLE 3: MINERAL RESERVES AND MINERAL RESOURCES AS OF DECEMBER 31, 20241,2,3
Mineral Resources are inclusive of Mineral Reserves
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Tonnes Grade Ounces Attributable
Ounces
OPERATIONS (000s) (g/t Au) (000s) (000s)
Essakane, Burkina Faso [90%]
Proven Mineral Reserves 18,876 0.65 396 356
Probable Mineral Reserves 44,017 1.36 1,920 1,728
Subtotal P&P4 62,893 1.15 2,316 2,084
Measured Mineral Resources 21,157 0.64 433 390
Indicated Mineral Resources 78,722 1.40 3,534 3,180
Subtotal M&I6 (incl. of Reserves) 99,879 1.24 3,967 3,570
Inferred Mineral Resources6 12,623 1.76 713 642
Westwood, Canada [100%]
Proven Mineral Reserves 1,080 8.64 300 300
Probable Mineral Reserves 2,976 7.35 704 704
Subtotal P&P5 4,056 7.70 1,004 1,004
Measured Mineral Resources 1,061 9.18 313 313
Indicated Mineral Resources 5,627 7.75 1,402 1,402
Subtotal M&I8 (incl. of Reserves) 6,688 7.98 1,715 1,715
Inferred Mineral Resources8 4,369 12.83 1,802 1,802
Côté Gold, Canada [70%]
Proven Mineral Reserves 127,747 1.07 4,376 3,063
Probable Mineral Reserves 101,427 0.91 2,965 2,076
Subtotal P&P4 229,175 1.00 7,341 5,139
Measured Mineral Resources 162,140 0.94 4,907 3,435
Indicated Mineral Resources 276,404 0.77 6,878 4,815
Subtotal M&I7 (incl. of Reserves) 438,544 0.84 11,785 8,249
Inferred Mineral Resources7 60,362 0.61 1,177 824
Gosselin, Canada7 [70%]
Indicated Mineral Resources 161,300 0.85 4,420 3,094
Inferred Mineral Resources 123,900 0.75 2,980 2,086
Nelligan, Canada6 [100%]
Indicated Mineral Resources 102,845 0.95 3,125 3,125
Inferred Mineral Resources 166,395 0.96 5,161 5,161
Monster Lake, Canada6 [100%]
Indicated Mineral Resources 239 10.96 84 84
Inferred Mineral Resources 1,053 14.43 489 489
Gossey, Burkina Faso6 [90%]
Indicated Mineral Resources 8,383 0.87 235 212
Inferred Mineral Resources 1,611 1.00 52 47
Diakha-Siribaya, Mali9 [90%]
Indicated Mineral Resources 27,937 1.48 1,325 1,193
Inferred Mineral Resources 8,468 1.53 417 376
TOTAL
Tonnes Grade Ounces Attributable
Ounces
(000s) (g/t Au) (000s) (000s)
Proven & Probable Mineral Reserves1 296,124 1.12 10,661 8,227
Measured & Indicated Mineral Resources1 845,816 0.98 26,656 21,242
Inferred Mineral Resources1 378,781 1.05 12,791 11,425
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1. Figures may not add due to rounding.
2. In mining operations, Measured Mineral Resources and Indicated Mineral Resources that are not Mineral Reserves are considered uneconomic at the
price used for Mineral Reserves estimations but are deemed to have a reasonable prospect of economic extraction.
3. See “Cautionary Note to U.S. Investors Regarding Disclosure of Mineral Reserve s and Mineral Resources Estimates”.
4. 2024 Mineral Reserves estimated as of December 31, 2024, using a gold price of $1,500 per ounce for Essakane and $1,400 per ounce for Côté Gold.
5. Westwood (underground) Mineral Reserves have been estimated as of December 31, 2024 using a $1,500/oz gold price and a 6.82g/t Au cut-off grade,
the Grand Duc Mineral Reserves estimate is included in the Westwood Reserves estimate and ha s been estimated as of December 31, 2024 using a
gold price of $1,800/oz.
6. 2024 Mineral Resources estimated as of December 31, 2024, using a gold price of $1,800 per ounce for Essakane, Nelligan, Monster Lake and Gossey;
and have been estimated in accordance with NI 43-101.
7. 2024 Mineral Resources for Côté Gold and Gosselin are using a gold price of $1,700 per ounce, unchanged from the prior year. The block models were
not updated as drill programs and whittle pit analysis are ongoing .
8. Westwood Mineral Resources have been estimated as of December 31, 2024 using a 5.68 g/t Au cut -off grade over a minimum width of 2.4 metres,
using a $1,800 per ounce gold price and have been estimated in accordance with NI 43-101. The Grand Duc Mineral Resources and Reserves estimate
is included in the Westwood Mineral Resources and Reserves estimates. The Grand Duc Mineral Resources have been estimated as of December 31,
2024 using a gold price of $1,800 per ounce and have been estimated in accordance with NI 43-101
9. Diakha-Siribaya Mineral Resources have been estimated as of December 31, 2024 using a $1,500 per ounce gold price and have been esti mated in
accordance with NI 43-101. The definitive agreement to sell the Diakha -Siribaya Gold Project in Mali to Managem S.A. expired on December 31, 2024,
and was not extended. The Company is pursuing alternative options for the sale of this asset.
Qualified Person and Technical Information
The Company’s Mineral reserves are comprised of in -place material, i.e. material containing ounces of gold for
which an assessment of key modifying factors such as mining, processing, metallurgical recovery, infrastructure,
economic, legal, environmental, social and governmental factors are used to determine their economic viability.
There are numerous parameters inherent in estimating Proven Mineral Reserves and Probable Mineral Reserves,
including many factors beyond the Company’s control. The estimation of Mineral Reserves is a subjective process,
and the accuracy of any Mineral Reserves estimate is a function of the quality of available data and of engineering
and geological interpretation and judgment. Results from drilling, testing and production, as well as material
changes in metal prices subsequent to the date of an estimate, may justify a revision of such estimates.
Lisa Ragsdale, Director, Mining Geology, IAMGOLD Corporation is the “qualified person” for the purposes of NI
43-101 (“QP”) with respect to the mineralization being reported on and is responsible for the review and approval
of all Mineral Resources estimates for IAMGOLD. Guy Bourque, Director, Mining, IAMGOLD Corporation is the
QP for the purposes of NI 43 -101 with respect to the mineralization being reported on and is responsible for the
review and approval of all Mineral Reserves estimates for IAMGOLD.
For each of the projects and properties it operates, the Company has established rigorous methods and
procedures aimed at assuring reliable estimates of its Mineral Reserves and resources. For each mine and project,
the relevant QPs verified the data incorporated, including sampling, analytical and test data underlying the
information contained in this news release. Quality control falls under the responsibility of Ms. Ragsda le and Mr.
Bourque.
In estimating Mineral Reserves, cut-off grades are established using the Company’s long -term metal price and
foreign exchange assumptions, the average metallurgical recovery rates and estimated production costs over the
life of the related operation. As part of the annual Mineral Reserves estimation process, the cost models used for
cut-off grade calculations are compared to prior studies or estimates and are updated appropriately based on
actual operating performance and price projections for inputs. For an underground operation, a cut -off grade is
calculated for each mining method, as production costs vary from one method to another. For a surface operation,
production costs are determined for each block included in the block model of the relevant operation.
The nature of mining activities is such that the extraction of ore from a mine reduces Mineral Reserves. In order
to renew Mineral Reserves (at least partially) on most of its producing properties, the Company carries out
exploration drilling programs at depth and laterally.