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IAMGOLD Announces Results of Côté Gold Project Update
Toronto, Ontario--(Newsfile Corp. - August 3, 2022) - IAMGOLD Corporation (NYSE: IAG) (TSX: ...
About this update from Iamgold Corporation
[{"type":"text","content":"IAMGOLD Announces Results of Côté Gold Project UpdateToronto, Ontario--(Newsfile Corp. - August 3, 2022) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) (\"IAMGOLD\" or the \"Company\") today announced its updated estimate of costs to complete, project economics and life-of-mine (\"LOM\") plan for the Côté Gold project (\"Côté Gold\" or the \"Project\") in Ontario, Canada. A NI 43-101 technical report will be filed on SEDAR on or before September 17, 2022. The project update concludes the Côté Gold costs, schedule, execution strategy and risk review (\"project review and risk analysis\") initiated by the Company earlier this year. All dollar amounts are expressed in United States dollars, unless otherwise indicated. Highlights of the Côté Gold 2022 Technical Report:After-tax net present value at a 5% discount rate (\"NPV5%\") of $1,109 million on a 100% basis, and an internal rate of return (\"IRR\") of 13.5% - at a gold price assumption of $1,700 in 2024 and 2025 and $1,600 thereafter and CAD:USD exchange rate of 1.25 (from May 1, 2022);Estimated remaining project costs to complete construction and bring Côté Gold into production of $1,908 million ($1,335 million attributable to IAMGOLD) including escalation and contingency as of May 1, 2022; Mine life of 18 years with initial production expected in early 2024;Average annual production of 495,000 ounces (320,500 ounces attributable) during the first six years following commercial production, and 365,000 ounces (236,000 ounces attributable) over the LOM;LOM average cash costs of $693 per ounce gold (\"/oz Au\") sold and all-in sustaining costs (\"AISC\") of $854/oz Au sold;Cumulative net operating cash flow of $6,086 million and after-tax free cash flow of $2,597 million; Côté Gold LOM plan based on Mineral Reserves of 7.2 million ounces in the Côté deposit;Côté deposit Measured & Indicated Mineral Resource estimate (inclusive of Mineral Reserves) of 10.2 million ounces; Gosselin deposit Measured & Indicated Resource estimate of 3.4 million ounces; andDistrict scale potential with demonstrated exploration upside in one of the world's leading mining jurisdictions. Maryse Bélanger, Chair of the Board and Interim President and CEO, said: \"The completion of the Côté Gold pr...