Reports Fourth Quarter 2022 Production Results
TSX:
IMG
NYSE:
IAG
NEWS RELEASE
IAMGOLD
REPORTS FOURTH QUARTER
2022 PRODUCTION RESULTS
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto,
Ontario,
January
17,
2023
–
IAMGOLD
Corporation
(TSX:IMG,
NYSE:IAG)
(“IAMGOLD”
or
the
“Company”) today announced preliminary full year and fourth quarter
2022
operational results.
Highlights:
•
2022 attributable gold production
from consolidated operations
of
713,000 ounces
surpassing
the
top
end of
revised
production guidance
of 650,000 to 705,000 ounces
•
Cash
costs
1
and
All-
in
sustaining
costs
(“AISC”)
1
are
expected
to
be
near
the
bottom
end
of
the
updated guidance range of $1,100
to $1,130
per ounce sold
and
$1,600 to $1,650 per ounce sold,
respectively.
•
IAMGOLD to report
year-end
financial results on February 16, 2023 after market close
“IAMGOLD finished
the year
with a strong quarter, with production
surpassing
the top end of our updated guidance
estimates,
”
said
Maryse Bélanger,
Chair and Interim
President and Chief Executive Officer of IAMGOLD. “
Essakane
continued its strong performance producing a record 432,000 ounces
for the year, though supply constraints within
the country continue to
present
operational
challenges.
At IAMGOLD, the safety of all our employees is our number
one priority, and the Company continues to take proactive
measures to ensure the safety and security of in-country
personnel
and
is
constantly
adjusting
our
protocols
and
the
activity
levels
at
the
site
according
to
the
security
environment.
Rosebel reported its strongest quarter of the year
resulting from
accessing
higher grade
zones
Rosebel
and Saramacca
in line with the mine plan. We are proud of our accomplishments at Rosebel
and anticipate closing
of
the transaction with
Zijin
in the first quarter of 2023
.”
“Looking ahead,
we are fully focused on
operating safely and
bringing Côté Gold into
production. We remain on
track to commence production
at Côté
early next year.
We will be providing a Côté
update as well as operational
and financial
guidance
with
our year-end results
in February,
”
concluded Ms. Belanger.
In
2022, IAMGOLD achieved attributable gold production of
713,000 ounces,
above the
revised
guidance
range
of
650,000
to
705,000
ounces,
including
185,000
ounces
produced
in
the
fourth
quarter.
Annual
gold
sales
were
721,000 ounces on an attributable basis at an average realized gold price of
$1,742
per ounce. Fourth quarter gold
sales were 183,000 ounces on an attributable basis at an average realized gold price of $1,670
per ounce.
Essakane
Annual
attributable
gold
production
for
Essakane
was
432,000
ounces
(480,000
ounces
on
a
100%
basis),
exceeding the upper end of the updated guidance range of
410,000 to 430,000 ounces, as the mine
benefitted from
higher grades in the year. In the fourth quarter, attributable production was 98,000 ounces based on mill
throughput
of
2.8
million tonnes at a head grade of 1.35
grams per tonne gold (“g/t Au”) and gold recoveries of
89%. Mining
activities were lower in the quarter as a result of supply chain constraints
related to the security environment
in the
country while ensuring necessary stripping activities were
achieved
to secure access to ore planned for mining in
2023.
Westwood
Annual gold production for Westwood was
67,000 ounces,
within the
updated guidance
range
of
65,000 to
75,000
ounces.
In
the
fourth
quarter,
the
operations
produced
18,000
ounces.
Ore
production
and
underground
development continued to ramp up with 1,297 metres of lateral development achieved, an increase of 346 metres
Page | 2 of 5
compared to the previous quarter. Mill feed totaled 300,000 tonnes at a combined average head grade from the
underground and open pit of 1.94 g/t Au and average gold recoveries of 93% benefitting from ongoing mill
maintenance strategies for improved availability. The collective bargaining agreement with the Westwood union was
renewed in December.
Rosebel
Annual attributable gold production for Rosebel was 214,000 ounces (253,000 ounces on a 100% basis), above the
upper end of the updated guidance range of 175,000 to 200,000 ounces. In the fourth quarter, attributable production
was 69,000 ounces based on total mill feed of 2.1 million tonnes at an average head grade of 1. 29 g/t Au and
average recovery of 9 6%. Higher grades resulting from accessing higher grade zones at both Rosebel and
Saramacca as per the mine plan. On October 18, 2022, the Company announced the sale of its 95% interest in
Rosebel Gold Mines N.V. (inclusive of Rosebel and Saramacca) to Zijin Mining Group for cash consideration of $360
million. The closing of this transaction is on track to close in the first quarter of 2023.
Quarter ended December 31, 2022 Essakane Westwood Continuing
Operations Rosebel Consolidated
Gold produced, attributable* koz 98 18 116 69 185
Material mined kt 10,486 280 13,107
Waste mined kt 8,795 - 11,384
Ore mined kt 1,691 280 1,723
Mill feed kt 2,788 300 2,055
Mill feed grade g/t 1.35 1.94 1.29
Gold recovery % 89 93 96
Full year 2022 Essakane Westwood Continuing
Operations Rosebel Consolidated
Gold produced, attributable* koz 432 67 499 214 713
2022 guidance koz 410 – 430 65 – 75 475 – 505 175 – 200 650 – 705
Material mined kt 49,685 1,077 54,995
Waste mined kt 37,100 - 48,823
Ore mined kt 12,585 1,077 6,172
Mill feed kt 11,632 1,118 8,388
Mill feed grade g/t 1.44 1.99 1.00
Gold recovery % 89 93 94
Costs
The Company’s consolidated cash costs 1 and consolidated AISC1 for its three operating mines are expected to be
near the lower end of the 2022 updated guidance ranges of $1,1 00 and $1,130 per ounce sold and $1, 600 and
$1,650 per ounce sold, respectively.
Fourth Quarter and Full Year 2022 Financial Results
IAMGOLD will release its fourth quarter and full year 2022 financial results, including guidance for 2023 and a Côté
project update, after market hours on Thursday, February 16, 2023. Senior management will host a conference call
on Friday, February 17, 2023, at 8:30 a.m. (Eastern Time).
Listeners may access the conference call via webcast or through the following dial-in numbers:
Toll free (North America): 1 (800) 319-4610
International: +1 (604) 638-5340
Webcast: www.iamgold.com
Page | 3 of 5
An online archive of the webcast will be available by accessing the Company’s website at www.iamgold.com. A
telephone replay will be available for one month following the call by dialing toll free 1 (800) 319-6413 within North
America or +1 (604) 638-9010 from international locations and entering the passcode: 9791.
1 Certain non-GAAP financial measures, including cash costs, all-in sustaining cost ("AISC"), and sustaining and expansion capital
are included in this press release. Refer to “Non-GAAP Financial Measures” below.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
All information included in this news release, including any information as to the Company’s future financial or
operating performance, and other statements that express management’s expectations or estimates of future
performance, including statements in respect of the prospects and/or development of the Company’s projects, other
than statements of historical fact, constitutes forward-looking information or forward -looking statements, within the
meaning of applicable securities laws (collectively referred to herein as “forward -looking statements”) and such
forward-looking statements are based on expectations, estimates and projections as of the date of this news release.
Forward-looking statements are provided for the purpose of providing information about management’s current
expectations and plans relating to the future. Forward -looking statements are generally iden tifiable by, but are not
limited to, the use of the words “may”, “on track”, “will”, “should”, “continue”, “expect”, "budget", "forecast",
“anticipate”, “estimate”, “believe”, “intend”, “plan”, "schedule", “guidance”, “outlook”, “potential”, “seek”, “targe t”,
“strategy”, or “project” or the negative or other variations of these words or comparable terminology. Forward-looking
statements contained in this news release include, without limitation, statements with respect to: the Company’s
guidance for production at its operating mine sites, including estimated timing and amounts thereof; total cash costs;
all-in sustaining costs; the estimation of mineral reserves and mineral resources; the anticipated timing to complete
the proposed sale of the Rosebel gold mine; the realization of mineral reserve and mineral resource estimates;
estimated costs of production; es timated impairment charges; expected capital expenditures; the progress of
development at Côté Gold, including progress of project expenditures and contracting processes; and the timing for
commencement of commercial production at Côté Gold.
The Company cautions the reader that forward -looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by management, are inherently subject to significant
business, financial, operational and other risks, uncertainties, contingencies and other factors, including those
described below, which could cause actual results, performance or achievements of the Company to be materially
different from results, performance or achievements expressed or implied by such forward-looking statements and,
as such, undue reliance must not be placed on them. Such risks, uncertainties, contingencies and other factors
include, but are not limited to: the Company's business strategies and its ability to execute thereon; the ability of the
Company to complete the proposed sale of the Rosebel gold mine and the anticipated timing thereof; the ability of
the Company to successfully complete construction of Cot é Gold and commence commercial production, and
anticipated timing thereof; the condition and results of the mining industry as a whole, and the gold mining industry
in particular; changes in the global prices for gold or other commodities (such as diesel and electricity); the ongoing
impact of COVID-19 and its variants on the Company and its workforce, the availability of labour and contractors,
key inputs for the Company and global supply chains; government actions taken in response to COVID-19, including
new variants of COVID -19, and any worsen ing thereof; legal, litigation, legislative, political or economic
developments in the jurisdictions in which the Company carries on business; the volatility of the Company's
securities; assessment of carrying values for the Company’s assets, including the ongoing potential for material
impairment and/or write-downs of such assets; title disputes; input in the management of certain of the Company's
assets by other companies or joint venture partners; the lack of availability of insurance covering all of the risks
associated with the Company’s operations; unexpected geological conditions; increasing competition and
consolidation in the mining sector; changes in tax laws, including mining tax regimes; the failure to obtain in a timely
manner from authorities key permits, authorizations or approvals necessary for exploration, development or
Page | 4 of 5
operations at the Company’s operations; the inability to participate in any gold price increase above the cap in any
collar transaction entered into in conjunction with a gold sale prepayment arrangement; the availability of necessary
capital and impacts on the Company’s liquidity levels; access to capital markets and financing; the Company's level
of indebtedness; the Company's ability to satisfy covenants under its credit facilities and other debt instruments;
changes in interest rates; adverse changes in the Company’s credit rating; the Company's choices in capital
allocation; effectiveness of the Company's ongoing cost containment efforts; the ability to execute on the Company's
de-risking activities and measures to improve operations; risks related to third -party contractors, including reduced
control over aspects of the Company's operations and/or the failure of contractors to perform as expected; risks
arising from holding derivative instruments; changes in U.S. dollar and other currency exchange rates, interest rates
or gold lease rates; capital and currency controls in foreign jurisdictions; the speculative nature of exploration and
development, including the risks of diminishing quantities or grades of reserves; the fact that reserves and resources,
expected metallurgical recoveries, capital and operating costs are estimates which may require revision; the
presence of unfavourable content in ore deposits, including clay and coarse gold; inaccuracies in life of mine plans;
failure to meet operational targets; geotechnical difficulties and major equipment failure; security risks, including civil
unrest, war or terrorism; information systems security threats and cybersecurity; laws and regulations governing the
protection of the environment; employee relations and labour disputes; the maintenance of tailings storage facilities
and the potential for a major spill or failure of the tailings facilities due to uncontrollable events, such as extreme and
unpredictable weather or seismic events; lack of reliable infrastructure, including access to roads, bridges, power
sources and water supplies; physical and regulatory risks related to climate change; attraction and retention of key
employees and other qualified personnel; availability and increasing costs associated with mining inputs and labour;
the availability of qualified contractors and the ability of contractors to timely complete projects on acceptable terms;
the relationship with the communities surrounding the Company's operations and projects; indigenous rights or
claims; illegal mining; and the inherent risks involved in the mining industry generally. Please s ee the Company’s
AIF or Form 40-F available on www.sedar.com or www.sec.gov/edgar.shtml for a comprehensive discussion of the
risks faced by the Company and which may cause actual results, performance or achievements of the Company to
be materially differe nt from results, performance or achievements expressed or implied by forward -looking
statements.
Although the Company has attempted to identify important factors that could cause actual results to differ materially
from those contained in forward -looking s tatements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such statements.
The Company disclaims any intention or obligation to update or revise any forward -looking statements whether as
a result of new information, future events or otherwise except as required by applicable law.
NON-GAAP FINANCIAL MEASURES
This news release contains non-GAAP financial measures, including cash costs per ounce sold (“COC”), AISC per
ounce sold, sustaining and expansion capital expenditures, average realized gold price and available liquidity. The
Company believes that, in addi tion to conventional financial measures prepared in accordance with IFRS, certain
investors use these non -GAAP financial measures to assess the performance of the Company. These non -GAAP
financial measures do not have any standardized meaning prescribed by IFRS, may not be comparable to similar
measures presented by other companies and should not be considered in isolation or as a substitute for measures
of performance prepared in accordance with IFRS.
Page | 5 of 5
Cash costs include mine site operating costs such as mining, processing, administration, royalties, production taxes,
and realized derivative gains or losses, exclusive of depreciation, reclamation, capital expenditures and exploration
and evaluation costs. AISC include cost of sales exclusive of depreciation expense, sustaining capital expenditures,
which are required to maintain existing operations, capitalized exploration, sustaining lease principal payments,
environmental rehabilitation accretion and depreciation, by -product credits, and corporate general and
administrative costs. These costs are then divided by the Company’s attributable gold ounces sold by mine sites in
commercial production in the period to arrive at COC and AISC per ounce sold. The Company believes that the use
of COC and AISC per ounce sold metrics will assist analysts, investors and other stakeholders of the Company in
assessing its operating performance and its ability to generate free cash flow.
The Company presents its sustaining capital expenditures in its all -in sustaining costs to reflect the capital related
to producing and selling gold from its mine operations. The distinctions between sustaining and expansion capital
used by the Company align with the guidelines set out by the World Gold Council. Expansion capital is capital
expenditures incurred at new projects and capital expenditures related to major projects or expansion at existing
operations where these projects will materially benefit the operations. This non -GAAP financial measure provides
investors with transparency re garding the capital expenditures required to support the ongoing operations at its
mines, relative to its total capital expenditures.
About IAMGOLD
IAMGOLD is a n intermediate gold producer and developer based in Canada with three operating mines in North
America, South America and West Africa. The Company is building the large -scale, long life Côté Gold project in
Canada in partnership with Sumitomo Metals & Mining of Japan, which is expected to commence production in early
2024. IAMGOLD employs approximate ly 5,000 people and is committed to maintaining its culture of accountable
mining through high standards of Environmental, Social and Governance ("ESG") practices, including its
commitment to Zero Harm®, in every aspect of its business. IAMGOLD is listed o n the New York Stock Exchange
(NYSE:IAG) and the Toronto Stock Exchange (TSX:IMG) and is one of the companies on the Jantzi Social Index
(“JSI”), a socially screened market capitalization -weighted consisting of companies which pass a set of broadly
based environmental, social and governance rating criteria.
IAMGOLD Contact Information
Graeme Jennings, Vice President, Investor Relations
Tel: 416 360 4743 | Mobile: 416 388 6883
Toll-free: 1 888 464 9999
All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.
Si vous désirez obtenir la version française de ce communiqué, veuillez consulter le www.iamgold.com/French/accueil/default.aspx.