Iamgold Corporation · TSX:IMG
Iamgold — Investor Presentation (May 2023)
44 slides from Iamgold's investor presentation, May 2023
Slide 1: Corporate Presentation
MAY 2023 CORPORATE PRESENTATION CORPORATE PRESENTATION TSX: IMG l NYSE: IAG May 2023 www.iamgold.com TSX: IMG l NYSE: IAG l www.iamgold.com TSX: IMG l NYSE: IAG l www.iamgold.com
Slide 2: Cautionary Statement
MAY 2023 CORPORATE PRESENTATION Cautionary Statement CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION All information included in this presentation, including any information as to the Company’s future financial or operating performance and other statements that express management’s expect
Slide 3: Technical Information and Qualified Persons
MAY 2023 CORPORATE PRESENTATION Technical Information and Qualified Persons CAUTIONARY NOTE TO U.S. INVESTORS REGARDING DISCLOSURE OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES The mineral resource and reserve estimates contained in this presentation have been prepared in accordance with NI 43-1
Slide 4: IAMGOLD – Building a Leading High-Margin Gold Producer
MAY 2023 CORPORATE PRESENTATION IAMGOLD – Building a Leading High-Margin Gold Producer FOCUSING ON PROFITABILITY COMMITMENT TO ESG • Targeting 2023 production of 410,000 – 470,000 ounces @ • Zero Harm® commitment and focus on safety, while cash costs1 of $1,125 – $1,175 per ounce building strong com
Slide 5: Operations Overview
MAY 2023 CORPORATE PRESENTATION Operations Overview PRODUCTION CONSTRUCTION ESSAKANE WESTWOOD CÔTÉ GOLD Burkina Faso, West Africa Quebec, Canada Ontario, Canada (90% Ownership) (100%) (64.75% | 55.5% Ownership3) Start-up 2010 2014 Start-up Early 2024 Mine type Open pit Underground / Satellite OP Min
Slide 6: Responsibility & Accountability
MAY 2023 CORPORATE PRESENTATION Responsibility & Accountability ENVIRONMENTAL HEALTH & SAFETY • Commitment to achieve net negative GHG emissions by 2050 • Targeting net positive biodiversity at operations Days Away, Restricted or Transferred Duty (DART)1 • Medium term targets and roadmap to be issue
Slide 7: Q1 2023 Operations Overview (all operations)
MAY 2023 CORPORATE PRESENTATION Q1 2023 Operations Overview (all operations) OPERATING RESULTS 2023 Q1 2023 Q1 2022 GUIDANCE PRODUCTION Essakane (90%) koz 92 112 340 – 380 Gold production (attr.) of 113,000 ounces • Essakane production higher than expected due to continuing high grades Westwood (100
Slide 8: 2023 Outlook
MAY 2023 CORPORATE PRESENTATION 2023 Outlook GOLD PRODUCTION1 SUSTAINING CAPEX2,3 EXPANSION CAPEX2,3 (attributable ounces) ($M, incl. capitalized stripping) ($M) 2023 2023 2023 2022 2022 2022 GUIDANCE GUIDANCE GUIDANCE Essakane 432,000 340,000 – 380,000 $158.8 $150 $3.8 $5 Westwood 67,000 70,000 – 9
Slide 9: Operations
MAY 2023 CORPORATE PRESENTATION Operations 9
Slide 10: Essakane Q1 2023 Operational Review
MAY 2023 CORPORATE PRESENTATION Essakane (100% basis, unless otherwise stated) Q1 2023 Q1 2022 Ore mined kt 1,657 3,832 Q1 2023 OPERATIONAL REVIEW Material mined – total kt 6,285 15,178 Attributable production of 92,000 ounces Strip ratio w:o 2.8 3.0 Ore milled kt 2,175 3,162 Cash costs of $964/oz a
Slide 11: Westwood Complex (100% basis, unless otherwise stated)
MAY 2023 CORPORATE PRESENTATION Westwood Complex (100% basis, unless otherwise stated) Underground lateral development metres Q1 2023 1,494 Q1 2022 848 Ore mined – underground kt 68 63 Q1 2023 OPERATIONAL REVIEW Ore mined – other sources kt 193 159 Attributable production of 21,000 ounces Ore milled
Slide 12: Côté Gold
MAY 2023 CORPORATE PRESENTATION Côté Gold High Voltage Substation – April 2023 Processing plant interior – April 2023 CAT electric shovel – April 2023 Process Plant – April 2023 CAT793 Haul Truck – April 2023 Côté Pit – April 2023 12
Slide 13: Côté Gold: Updated LOM Plan Highlights
MAY 2023 CORPORATE PRESENTATION Côté Gold: Updated LOM Plan Highlights @ 100% Operations PRODUCTION & COSTS 600 $1,400 Mine Life years 18 Total Ore Tonnes Mined kt 236,000 $1,200 500 Strip Ratio w:o 2.4 $1,000 Processing Rate tpd 37,200 400 Ounces (000 oz) Gold Grade, Processed g/t Au 0.96 $800 $/oz
Slide 14: Côté Gold: Q1 2023 Progress Report
MAY 2023 CORPORATE PRESENTATION Côté Gold: Q1 2023 Progress Report as at Mar 31, 2023 ACTIVITIES UPDATE 79.8% $158.6M $1.37B project completion incurred in Q1 20231 incurred to date1 • Project expenditures (@70%) incurred $158.6 million in Q1 2023 (at CADUSD rate of 1.35). • Health and safety: Total
Slide 15: Côté Gold: Upcoming Milestones
MAY 2023 CORPORATE PRESENTATION Côté Gold: Upcoming Milestones 2022 2023 2024 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 TMF Phase I Q2/23 Earthworks TMF Phase II Q3/23 Overburden Removal Q3/23 AHS Control Room Q4/22 Mining IAG Fleet to Support Earthworks Q2/23 Ore Stockpile Build-Up Q4/23 HPGR Foundation
Slide 16: Côté Gold: Gosselin
MAY 2023 CORPORATE PRESENTATION CÔTÉ GOLD PROJECT – MINERAL RESERVES & RESOURCES (2022)2,3,4 Côté Gold: Gosselin Tonnes Grade Contained Attributable Contained Classification (millions) (g/t Au) (Moz Au) (Moz Au) 15,500 m drilling campaign in 2023 to expand Gosselin mineralization Côté Gold Deposit •
Slide 17: Financial Review
MAY 2023 CORPORATE PRESENTATION Financial Review 17 Photo courtesy of Wärtsilä – Hybrid Solar/Thermal Plant at Essakane
Slide 18: Strategic Transactions
MAY 2023 CORPORATE PRESENTATION Strategic Transactions ASSET SALES1 Rosebel/Saramacca • Sale to Zijin Mining completed on Jan 31, 2023 • Received $386.4M ($360M sales proceeds + $29.8M cash held – w/c adjustments) with additional $9.8M to be received by June 30, 2023 Bambouk assets (Boto, Karita, Di
Slide 19: Sumitomo Agreement: Funding with an Option to Repurchase
MAY 2023 CORPORATE PRESENTATION Sumitomo Agreement: Funding with an Option to Repurchase The financing provided by SMM demonstrates strong validation of Côté from our partner INITIAL ADVANCES INCREMENTAL CONTRIBUTIONS REPURCHASE FEE REPURCHASE OPTION • Commencing in January 2023, • After the $250m m
Slide 20: Financial Results
MAY 2023 CORPORATE PRESENTATION Financial Results Q1 FINANCIAL REVIEW (CONTINUING OPS) FINANCIAL HIGHLIGHTS – continuing operations Gold revenues of $226.2 million from sales of 119,000 ounces (109,000 ounces (In $ millions, unless otherwise stated) Q1 2023 Q1 2022 attributable) at realized average
Slide 21: Liquidity + Funding Summary
MAY 2023 CORPORATE PRESENTATION Liquidity + Funding Summary LIQUIDITY & FUNDING LIQUIDITY (as at Mar 31, 2023) Funding estimates Cash and equivalents of $532.1 million +$400 • $261 million of cash and cash equivalents held by Côté Gold and Essakane Credit Facility1: $257.3 million available after re
Slide 22: Essakane Gold Mine, Burkina Faso
MAY 2023 CORPORATE PRESENTATION Essakane Gold Mine, Burkina Faso 22
Slide 23: Essakane – Overview
MAY 2023 CORPORATE PRESENTATION Essakane – Overview OWNERSHIP: 90% IAMGOLD; 10% Government of Burkina Faso MINING Mine type Start-up Mine life 70 4.0 Open Pit 2010 ~20271 Essakane 3.0 Strip ratio NIGER 2022 Performance2 2023 Guidance2,3 2022 Capital costs2,3 M tonnes 35 MALI 432,000 oz 340,000 – 380
Slide 24: Westwood Complex, Canada
MAY 2023 CORPORATE PRESENTATION Westwood Complex, Canada 24
Slide 25: Westwood – Overview
MAY 2023 CORPORATE PRESENTATION Westwood – Overview OWNERSHIP: 100% IAMGOLD MINING Mine type Start-up Mine life 1200 Underground | Satellite OP 2014 ~2033+1 800 M tonnes 2022 Performance2 2023 Guidance2,3 2022 Capital costs2,3 North America 67,000 oz 70,000 – 90,000 oz $45M sustaining 400 (‘22 guida
Slide 26: Westwood – “Hub-and-Spoke” Potential
MAY 2023 CORPORATE PRESENTATION Westwood – “Hub-and-Spoke” Potential FAYOLLE PROPERTY (OP) 100% ACQUIRED FROM MONARCH GOLD (2020) • ~35 km northeast of Rouyn-Noranda and ~29 10 km km northwest from Westwood Fayolle Property • 39 mineral claims covering an area of 1,373 hectares (14 km2) • Resource e
Slide 27: Exploration Projects
MAY 2023 CORPORATE PRESENTATION Exploration Projects 27
Slide 28: Bambouk District: Boto – Karita – Diakha-Siribaya
MAY 2023 CORPORATE PRESENTATION Bambouk District: Boto – Karita – Diakha-Siribaya STRATEGIC REVIEW • On December 20, 2022, IAMGOLD announced agreement to sell Bambouk assets to Managem (CAS:MNG) for Yatela Deposit aggregate consideration of approximately $282 million6 with close expected by Q2/Q3 20
Slide 29: Chibougamau: Emerging District
MAY 2023 CORPORATE PRESENTATION Chibougamau: Emerging District NELLIGAN (75% JV INTEREST) Nelligan 2022 Resource Pit Shell • Located 60 kilometres southwest of Chibougamau, Québec • Exercised option to increase undivided interest to 75% (from 51%) in December 2019 • Updated resource estimate1(on 100
Slide 30: Appendix
MAY 2023 CORPORATE PRESENTATION Appendix 30
Slide 31: Côté Gold: Updated LOM Plan Highlights
MAY 2023 CORPORATE PRESENTATION Côté Gold: Updated LOM Plan Highlights Côté Gold3,4 Côté Gold3,4 @ 100% @ 100% Operations Operating Costs US$ Mine Life years 18 Cash costs2 $/oz Au $699 Total Ore Tonnes Mined kt 236,000 Cash costs2 (Years 1 – 6) $/oz Au $591 Total Waste Tonnes Mined kt 568,000 AISC2
Slide 32: Côté Gold: Project Costs
MAY 2023 CORPORATE PRESENTATION Côté Gold: Project Costs 43-101 PROJECT COST UPDATE1 REMAINING SPEND TO COMPLETE (as of May 1, 2022) as of May 1, 2022 as of October 1, 2022 @ 100% PROJECT COSTS (US$ million)1 43-101 IAMGOLD Procurement 343 Costs to complete attributable Remaining spend to complete t
Slide 33: Côté Gold: Mining
MAY 2023 CORPORATE PRESENTATION Côté Gold: Mining MATERIAL MOVEMENT 80,000 OVERVIEW 70,000 Open-pit drill, blast, load and haul averaging 60 Mtpa over LOM 60,000 • Drill/Blast: Autonomous Epiroc PV-231 blasthole drills 50,000 Tonnes (000 t) • Load: CAT 6060 electric/hydraulic shovels & CAT 994K high
Slide 34: Côté Gold: Processing
MAY 2023 CORPORATE PRESENTATION Côté Gold: Processing OVERVIEW THROUGHPUT & GRADE 37,200 tpd Crush/HPGR/Grind/Leach/CIP Processing Plant 16,000 1.60 • Average recoveries of 91.8%, recovery by gravity of 23% 14,000 1.40 • HPGR and grinding target final product size of P80 100 μm 12,000 1.20 • Class A
Slide 35: Côté Gold: Operating Costs
MAY 2023 CORPORATE PRESENTATION Côté Gold: Operating Costs OPERATING & UNIT COSTS OPERATING COSTS LOM $/tonne $/tonne $/oz Mining costs (gross) of $2.62/t material mined $M material processed sold Mining costs (net, excluding CWS) of $6.20/t processed ore Mining (gross costs incl. CWS)1 $2.62 • Net
Slide 36: Hedge Portfolio: Foreign Currency and Oil Derivatives
MAY 2023 CORPORATE PRESENTATION Hedge Portfolio: Foreign Currency and Oil Derivatives (as at December 31, 2022) 2023 2024 Foreign Currency1,5 Canadian dollar contracts2 (millions of C$) 575 163 Rate range (USDCAD) 1.30 – 1.46 1.30 – 1.32 Hedge ratio3 57% 15% Commodities4 Brent oil contracts (barrels
Slide 37: Hedge Portfolio: Gold Bullion Contracts
MAY 2023 CORPORATE PRESENTATION Hedge Portfolio: Gold Bullion Contracts (as at December 31, 2022) Put Call 2023 2024 $/ounce 000s of ounces Zero cost collars (1) $1,700 $2,252 93 – Zero cost collars (2) $1,850 $1,990 75 – Zero cost collars (2) $1,850 $2,175 15 – Zero cost collars (2) $1,850 $2,191 1
Slide 38: Gold Prepayment – Illustrative Impact
MAY 2023 CORPORATE PRESENTATION Gold Prepayment – Illustrative Impact PREPAYMENT ARRANGEMENT STRUCTURE GOLD PREPAY RECOGNITION • Cash proceeds received up front in return for obligation to unit 2019 2022 2024 deliver ounces at a later date Illustrative gold price US$/oz $1,300 $1,800 $1,800 • Settle
Slide 39: Gold Mineral Reserves – Attributable
MAY 2023 CORPORATE PRESENTATION Gold Mineral Reserves – Attributable As of December 31, 2022 PROVEN PROBABLE TOTAL RESERVES Effective Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces DEPOSIT Location Ownership (000’s) (g/t) (000’s) (000’s) (g/t) (000’s) (000’s) (g/t) (000’s) Rosebel 1,6 9
Slide 40: Gold Mineral Resources – Attributable
MAY 2023 CORPORATE PRESENTATION Gold Mineral Resources1,2 – Attributable (Measured & Indicated Resources are inclusive of Proven & Probable Reserves) As of December 31, 2022 MEASURED INDICATED MEASURED + INDICATED INFERRED Effective Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes
Slide 41: Notes to the Gold Mineral Resources Statement
MAY 2023 CORPORATE PRESENTATION Notes to the Gold Mineral Resources Statement 1 In mining operations, Measured Mineral Resources and Indicated Mineral Resources that are not Mineral Reserves are considered uneconomic at the price used for Mineral Reserve estimations but are deemed to have a reasonab
Slide 42: Notes
MAY 2023 CORPORATE PRESENTATION Notes 42
Slide 43: Notes
MAY 2023 CORPORATE PRESENTATION Notes 43
Slide 44: Graeme Jennings, VP, Investor Relations
MAY 2023 CORPORATE PRESENTATION Graeme Jennings, VP, Investor Relations 416-388-6883 TSX: IMG l NYSE: IAG l www.iamgold.com