IAMGOLD (IAG) 18 Feb 212020 Q4 Earnings call transcript

Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD Fourth Quarter and 2020 Full Year Operating and Financial Results Conference Call and Webcast.

As a reminder, all participants are in listen-only mode and the conference is being recorded. [Operator Instructions] At this time, I would like to turn the conference over to Indi Gopinathan, Vice President Investor Relations and Corporate Communications for IAMGOLD. ahead. go Please,

much, Fourth very welcome, to everyone, Thank and Sachi, Full IAMGOLD Quarter Call. Year the you and XXXX Conference

today Officer; Tim Vice and Senior Craig Vice are Bradburn, call Executive Vice Executive Senior Executive on Operations Bruno President Secretary. MacDougall, President Corporate me Lemelin, growth; Vice Financial Chief Banducci, Officer; Counsel and Gordon Chief President, and President, General President, and Carol Joining Stothart, the Projects; and

refer call and call. will to cautionary include the Our to remarks Please in documents the during regarding statements. disclosure same on be information forward-looking the this our remarks applies language forward-looking that cautionary our language advised

the to the slides The the on website. person to to With I refer these During technical we will measures. will be Gordon reconciliations be referenced and on to over relating President referenced, direct qualified review technical information turn the viewed to discussed, call to can non-GAAP respect Stothart. you please information our our call, in slide. measures now be the and our CEO, disclosures and this call

thank our Well, results. we're and morning, Indi. -- the certainly, you and for world eagerly whole challenging really XXXX, forward challenging think, for QX I a XXXX looking reporting us year you, for joining but XXXX. thank the Good on everyone, world, to

in nearly liquidity. in cash our investments the than million. to that year-over-year leverage ended billion fourth with the flows, increase total balance $X.X year. and strong of gold year almost on At more a quarter So level, start cash $X short-term generating the key billion corporate IAMGOLD the mine $XXX I'll demonstrated free highlights with price sheet and site in and the XXX% the with We

safety our environmental, our continue development independent strict governance and to social recognized rapid for practices Zero by we projects activities operations, on global of impacts pandemic peer-leading a response proactively with and Reflecting Harm the vision, protocols. our were number a We exploration of COVID-XX long-held the manage and organizations.

are the mine best and the approach Grand we business renewal. pit. in Westwood of in a continues to best deliver practices base, care highlights. its At on year in event we adjacent following seismic as Focusing in commenced assess has XXXX free And continuity through Westwood, with evolving construction performance flow major satellite and to continue well, the rates to is operational taking quarterly quarter. positive its challenges, to Switching the embraced having January. Board strong quarter. in the mode last in Cote, of with finish significant earthworks strong commenced cautious fourth schedule. a underground increase governance, mining Rosebel Essakane XXXX and demonstrated the a Duc while despite ore process resource Ahead we pit cash QX. its a was and and from maintenance to and the plan, continues fall progress open

Boto support and with of resource forward, continue updated in our the at drilling project ahead with estimate Looking Nelligan to districts year delineation later an an with Gosselin at we initial in near Cote drilling derisking of further at develop resource.

to field managing upon the to setting efforts for coming of Ouagadougou response camp rapid the proud and confinement house up Essakane, are hospital establishment midst. as our well Noteworthy We medical site new the a accommodate two--bed of reconfiguration I'm the protocols, the across as at of quarantines. a in a living COVID-XX included year of in almost company adaptable challenging with this situation.

Grand to shutdown. government-mandated quarter, operate ore Duc fourth the safety continue the while site maintenance. seismic have immediately health With in care suspended and Westwood, with these been protocols, last place, has operations Essakane mill and protocols processing At protocols under systems cases arisen in the of event normal remains operating mine at well-established After capacity QX the upon XXXX. and following implemented since at under April restart our no

had camp we the period. expect the the in the protective Zero of of required, achieve fourth IAMGOLD XXXX, our community have well Through have the this fact, and equipment Rosebel, advanced which million message included, staged measures. by accommodate is contributed the promoting of what equipment and are local Cote. mining seen social cleaning at workforce, testing and operating we've established Community to quarter awareness Essakane, aspects at medical creation XX% cases through and COVID-XX year-end we In the both operating quarter engagement beds XXX Harm mill of and assist we've drones local protocols operate to to to activities In COVID-XX to support and of modules at local operating communities was operating At protect in COVID-XX-related of fundamental to learned expansion awareness supplies, receipt XXXX, field spread and and Cote, full commitment. deployed of the the new throughput no at is a all local we a the the second from XXXX. were squad date, support At rate life help including following distancing. and workforce the $X.X taken globally, and currently at preventative Rosebel, equipment. addition site governments At The XX%. our of record we our capacity and sites communities during robust

days climate to of XX,XXX and our d'eau four social of water is reflect in and of one our of and Ministry the IAMGOLD health, practices, of vision. Phase you economy event the Energy activities days co-chaired public-private the Faso. governance know, high Highlights Minister Burkina As and change bring which green to standards Burkina Triangle over hosting Zero Completion environmental, people Harm of include at long-held potable Faso. Environment, safety in achieving Essakane, partnership by environment committed to annual

the one the of now d'eau goal other communities the extending Phase two We phase are our nearby of to other project water infrastructure with and partners Triangle second that also lobbying mine. Essakane completed been our for stakeholders has

year-long goal we engineering Essakane, completed ultimate people is a potable Also program students. water mining area. at to of the one pilot local Our consisting to internship XX bring XXX,XXX in

efforts XXth ESG MSCI's an which parties, and Moody's ranked X/X including industries assessment more been rating, Our environment, workplace. inclusive XX companies various by producers. Index, the for of Global sector fourth Eiris, have Sustainability where reviewed And safety, have XXX Vigeo and environmental precious industries social prestigious recognized where global reflected Corporate of metal ESG and foster was out companies. Knights third spanning X,XXX notable among us in Scorecard, across in consecutive that the we Equality a including involvement, of equitable reviewed. mining out and A been community IAMGOLD various among global XXX XXXX health a governance year IAMGOLD Bloomberg's strategy, IAMGOLD's placed top affiliate, we of XXX practices, maintained Gender assessment independent companies recognized XXXX companies peers, ratings, where senior governance. strengths ranked global

per all-in to sold; are to ounces forward cost sustaining sold. global ounce and planning operations $X,XXX $XXX produced; per $X,XXX and we cost $XXX in sales ounce per of $X,XXX XXX,XXX Looking for XXXX, total ounce costs between production cash and of between between year; $XXX for XXX,XXX the to

care a of anticipated with second underground to quarter to performance operations Costs to safeguarding and earlier. targeted be across described maintenance as expansion on the to the continues expected efforts and reflects operating half quarter camp advance lower sites anticipated year to of against as higher Rosebel to second normal Guidance of expected HX productivity the the the in for mining is first Westwood with half XXXX our than benefiting commensurate to from be the optimize lower XXXX, first slightly ongoing XXXX placed being and level in also are XXXX. COVID-XX rates relative at production production any risks. due lower a resurgent improve due restart The sequencing while operations of production at to for of

$XX expenditures sustaining $XX $XX at and non-sustaining expenditures of capital Our expenditures million; of of Essakane at capital at XXXX and $XX million; capital development Cote, capital non-sustaining million expenditures at of sustaining of and million Westwood, non-sustaining capital $XX capital $XXX capital million. and million; of at capital $XX of for derisking capital Rosebel, expenditures million; of $XX million outlook sustaining Boto, includes

work $XXX XXXX, as following Essakane we In total For expenditures non-sustaining while first on mill capital updating operating derisking year. look plus delineation the improvement access Gosselin, this in Boto. construction completed the targeting the with ore the X%. infrastructure expected the year, hard of the we well construction. be major road work capital expansion earthworks Saramacca cadence in Rosebel advancement will growth and million forward including maiden planning you the optimization of expansions the our resource its totals processing and capacity, sustaining exploration In as camp later of completion rock resource minus quarter project a are at to and Cote infrastructure $XXX or project and million, projects, of at XXXX resuming at camp

note, Nelligan, and resource On including now in We project Mali discovery recently review will results. our the are projects, and property also Carol that pass Fayolle at in Quebec, the Guinea. to Rouyn work over I various the planning delineation Karita in acquired the Diakha call to new financial

good and Gord, you, everyone. Thank morning,

Mine increase mine As the of in million flow, over quarter. the cash year, demonstrated prior gold site flow fourth year. generating to price million $XX site free Gord was in cash in we our leverage an $XXX the XXX% mentioned, free the

that sheet, project, to manage to substantial our balance continue a recognizing have growth our We Cote we prudently transformational Gold. allocation capital

million restricted hedges collars we ounce on And able collars $XX of of liquidity, These facility well year-end are growth at on of million. $X,XXX we included quarter, that because our to we I'll in fourth XXXX. the we XX,XXX range plans. have on first hedge activities liquidity available positioned some month, excluding our XX,XXX maturity year-end, million, they there and $XXX gold overnight to collars. to ounces nearly subsequent believe the extended our level collars. to billion. and cash, for With in we of $X.X was And credit one short-term hedge XXXX and credit addition just at and the million undrawn $X,XXX around be to $X,XXX of favorable execute ounce had clear, year-end, at ounces on Combined were further pause year cash this January $X,XXX $XXX This the cash to XXXX. covers of the fuel As investments, currency. with In per equivalents half gold, facility $XXX to per questions the of execute just we under by gold received are the largely

of price last prices $X,XXX at capped below between then of range, a price receive. prices $X,XXX. case, gold And any gold in So spot $X,XXX, we're if the floor $X,XXX are gold the receive we then above that will we at

of through contracts In on received cost $XX addition, options a zero XXXX. per barrel we for period number collar fuel below prices at XXXX the

Cote used For Gold -- the project mitigate our IAMGOLD cost currency to are callers being risk. and share,

For have million that X.XX CADXXX XXXX, this the hedged the is in Canadian XX%. approximately of dollar Canadian exposure hand, hedged together to position the X.XX, dollar range nearly of with XXXX XX% we on increased to

For to XXXX, X.XX of Cote for currency the X.XX for XX% of range approximately hedged of exposure Canadian range in to XX% was exposure the the X.XX. was XXXX, X.XX. Canadian approximately hedged currency And of in the

expenses other not are cost assessment costs unit costs. we given expect million million therefore, taxes XXXX, the and our $XX to depreciation typically million in $XXX for from we from to that the XXXX, COVID-XX not and to that our are, expenses $XX part do that, production of forward ranging $XXX of form have reflected range year. to cash the in Note million incremental reported with Looking they

million from mostly per fourth of the for third beginning financial from removal over $XXX were the up recoveries to share year to by $XX solely And the period and X.XX euro deferred the quarter where rates. XX% the of from Adjusted $X.XX Revenues quarter that go to the the net X.XX the U.S. impacted Turning tax in results. X% million, quarter. prior were the earnings or arising exchange the at foreign relative dollar. Essakane movement was we saw

incurred improvement totaled expense. to cash of Net related the from higher representing a also the working million. was higher We period capital G&A XX%. executive And retirements over gross XX%, operating expenses significant activities profit and before over prior $XXX depreciation in just year margin changes

sales the For earnings volumes $X.XX were for Adjusted billion partially partially million of gold $XX sales reflecting on lower due lower higher offset gold realized higher the depreciation offset year were year changes ended Cost revenues expense the by before essentially mine cash net flat, to activities by gross XXXX, flows from prices Mine adjusted higher year-over-year. royalties activities operating profit prices. capital site from cash cash for flows sites reflects million our and working Net out. in year. share. capital site per $X.XX development or free free averaging $XXX and a margin totaled with non-mine XX% operating remained

noted we cash fourth the earlier, the As in increase XXX% been XXXX, XXXX free have robust, flows from XX% year-over-year. same period mine site in quarter a reflecting a of increase

our the undrawn and restricted our $XXX cash Following of facility, prudent in our management liquidity, strength prices gold excluding largely and balance billion. million is nearly $X.X sheet, including credit the

to $XXX During successfully million earlier, the XXXX. X.XX% agencies Both a noted following the near due outlook XXXX. the at January reaffirmed S&P And October rate IAMGOLD's I this facility refinanced Moody's stable as $XXX and we month, maturity year, credit credit of the we our bonds extended million in for coupon rating refinancing.

sheet a Given flows existing for our from with we slide cash anticipated free last positions now I measures, Cote approach management positioned and believe combined And Bruno transformational position prudence management balance as operations, liquidity pass liquidity. our see, of and call you our peers are financially Gold amongst risk the and operations. cash discuss construction and with with here, net In the project. to will well we the the as institutionalized a that, us to our disciplined leader our leading can

that committed you, given our outperformed XXXX, Thank COVID-XX is am particularly safety the employees. IAMGOLD say, and health targets. Carol. context our to safety pleased of and of the I pandemic, the In to health we

respectively. DART performance outperform annual were XX% X.XX meaningfully quarter to our that X.XX, seismic and noteworthy rates Westwood being and of we targets and DART PRI Unfortunately, were incident. affected XXX,XXX worked. by PRI the XX%, was hours for XXXX, year-over-year fourth improvements the our still and said, and respectively, able For achieved With

The resource for I a a safety Safe, and our reserve We proven continue XXXX, to updated the program, to attributable environment. including management and ounces implement initiatives, Am million work and health reserves several released in for revamped which XX.X reflects just safe sales promote We probable estimate XX% million ounces decline XX.X ounces year-over-year; Sadiola and indicated a for the at in decline X% attributable end the inferred noncore year-over-year. resources updated measured a of year-over-year; XX.X for mine million XX% figures resources the and of decline in XXXX. attributable reflect

previously reserves decreased million X%. mine by total ounces this last figures our activity, proven the Sadiola, reported and in is August years also in of Excluding Mining time updated the decline at and resources. sale probable a attributable year. of operating reserves reserves seen of depletion Westwood several we or depleting a and X.X The include is the in and have first that reclassification

will develop Craig exploration working are we in as to potential. However, resource hard discuss, further

ounces royalties and ounce year-over-year to year XXX,XXX for the sold. $XXX higher $XXX zones, ounce of sales higher gold per I up Production cost mining $X,XXX total sustaining XXX,XXX due cash per All-in and sold; for by year. total per At lower for reporting recoveries due attributable due Essakane, were gold partially up Total will consumption. ounces; the prior achieved per sold attributable of due to to costs We XXXX we reporting in sustaining process of of $X,XXX are sales was year-over-year of quarter, ounce each production costs the all-in sold. higher stockpiles, costs gold produced; ounces; turn. per of offset to. consolidated produced, increased cost ounce operation year produced; were sales the ounce the drawdowns XXX,XXX midpoint per the note ounces of on total sustaining prices was cost and operating $XXX high-grade attributable ounce for of quarter offset up and attributable of due per increased in though $X,XXX of sales cash consolidated of partially of to quarter-over-quarter Burkina per For production with cost that the ounces production smoothly I $X,XXX ounce production concluded costs of all-in capital. XXX,XXX total XXX,XXX to and now cash administration. was cost sold; Faso by sustaining of cost ounce and election cyanide the the lower $X,XXX review guidance

accommodate reconfigured capacity noted operating protocols to at As earlier, have camp the Gordon and the since at new been third quarter. Essakane, normal we have COVID-XX

additional addition, processing. In planned. in for a with work mill quarter is have -- outlook anticipated we XXXX project optimization completion in an for XX% pushback steady improvement production The the first targeted with

updated Rosebel in fourth reserves midyear resources XX,XXX reaching see ounces, production for include XXXX can activity. table, were and mining at annual you depletion. operating a increase As operating XX% XX% capacity the mine and was is recovered the from At the attributable steady quarter suspension, demonstrating at currently. year-end Rosebel, to from gold

year, of suspension ounces For the gold, the and gradual the resumption reflecting Rosebel full the produced mining XXX,XXX activity. of

among were cash on higher offsite higher the $X,XXX the for offset royalties to established gold costs to volumes year, per hospital year any field accommodate and cost prices due suspension sales have the higher main drivers year-over-year from of We produced All-in year-over-year. higher sold costs production of of by midyear the facility are Total Lower sustaining capital. lower sustaining cases. temporary per higher increase. the ounce were ounce for $X,XXX

water one Community energy two In village with worthy funded, in and Fund the is terms the ESG, projects for for Saramacca. of operational of Rosebel solar potable another

workforce our the stripping COVID-XX the to outlook in Our expect reach quarter XXXX, waste of in it XXXX. reflects shift capacity first sequencing are of we and our protocols XXXX. place, normal In and from

the an reserves XXXX depletion. see On genset, suspended. road the was and to in first infrastructure completed, produced noncritical ounces table zero and continue to which in process. shop, on-site Saramacca updated you incident agreement of slide, area XX,XXX a in collective were half more noteworthy can XXX,XXX view of last include -- and hours. to for than work achieving direct this complete XX-kilometer the resources of ore pit continue XXXX and below the quarter tire XXXX, while with open shop, remains truck Year-end PEP stockpiles the mill and Westwood all the processing mine time milestone underground the fourth the We bridge, expect over negotiation the labor noted the

seven year of sold, higher year, Westwood the from the our and gold partially lower which figures workforce. the manage sales the achieved protocols establish and days since restriction mill of full the Westwood ounce suspension. health to cost with ounce sustaining produced the underground late was were higher suspension. a XX,XXX capital for note offset $X,XXX were per the a sustaining higher protocols government-mandated the to impacted shutdown, we for to week due production. able than Westwood due perspective, by COVID-XX will in These lower mine that to ounces. due performance year-over-year I COVID-XX prior period XX-hour mining, year Both For annual costs All-in $X,XXX year on costs were well. per to the produced, work Total the seen transitioning safety continue were cash throughput XXXX. highest QX mill year-over-year to to strong the lower From

Westwood by the tempered is outlook in resiliency business plan. Our XXXX for pending

restart the report, half anticipate a extraction targeting Our is published in second result. XXXX, in August paused safe a from national as XXXX, instrument XX-XXX of at zones. multiple Westwood We

in we mine by is no mine XXXX Gold spokes. with project, of with permitting, Underground hub-and-spoke a on Westwood an the end addition believe more project in resources of hub-and-spoke target with per mining-friendly feed of Duc as for of five now and attributable for refinements. running incorporated in as on the slightly data and hub, open with of We per with we ounce $XXX one the study potential XXXX. as of mill, incremental excess feed have all-in addition ounces are a and construction acting boosting Cote reserves annual potential Westwood's addition, of with This the pending criteria which I cash first quarter the years the drilling asset, the adjusted as will depletion ounces Fayolle potentially a life in second deposit followed Gold. of for assess of concept. years. and production we annually assets ounce; based life; The acts meets coating our at commencing on ore at increased advancing In Reserve a update production completed from two regional basis; ore to the the for the long depletion with total upside further pit model targets were located gold capacity model -- Grand net XXX,XXX jurisdiction cost the second Cote Fayolle the resources exceeding is sustaining quarter the $XXX further Tier for years provide XXX% exploration. eventually XX cost

on Gold to Cote present add basis per net the billion, $X.X price with of internal of gold at IAMGOLD expect XXX% to of value rate an return $X,XXX tremendous of a We ounce. project a XX.X% value a

with Northern proud and have Sumitomo, stakeholder our and relationship venture Mattagami strong to are Flying We indigenous communities, joint communities. partners, Post

we As million to year of for XXXX, In XX% year, the has on Last spent camp progressed along access commenced of salvage quarter, earthworks detailed and December of the earlier development construction ahead advanced Cote $XX plan, approximately activities. road complete. schedule. finalization on Cote XX, with Major this fourth approximately engineering construction.

the is In X, approximately range of from expenditures total addition, July XXXX, referenced committed. XX%

and to approvals additional advance permits continued for course construction, due XX in our under at have approvals. anticipating rivers lakes the minor We approximately permitting for improvement and

price after here see location, net return area, gold of the gold up rates internal the in equipment. tax because shifting earthworks sensitivity pictures like value highlight construction corridor can processing demonstrates the current to activity, to camp and dramatically environment. installation this at the price with earthworks Cote, Cote's it present slide You I'd the the and both construction of plant laydown

over defensively exploration. prices for this now While based on modeling price discuss potential, Craig to positioned and call this we I turn assumptions so see will project to is is conservative our volatility. the for development internal to are pleased Cote and that gold

good everyone. morning, Thank and you, Bruno,

was have signed grams the Before please XX,XXX million, qualified from quarter XXXX. between XXXX, quarter and been the highlights to today per intersect were talk $XX Gold program per of drilling that the completed in reported In in XX and exploration delineation grams of alteration infill per of part results holes targets. previously tonne X.X review or drill about tonne results highlights note assay XXXX I in restrictions them. the will gold. meters, by planned finally, compared remaining gold. per results the the grading At itself. XX.X tonne from At accordance project from assay from with approximately grams in gold reflective to Additional securities totals XXXX, included tonne our exploration similar XX tonne on regions. In zones spending a reporting in -- mineralization associated a And wide Nelligan grading XX.X of expansion Highlights and tonne largely per creating over and of $XX discovery begin, exploration project work in fourth our third XXXX-XXXX our Cote XX.X our $XX.X per year. a observed January exploration with reported grams XX-XX brownfield meters, in tonne and an as diamond at Ontario, the the exclusive off just the this program, meters, spend the diamond interval XX.X studies, X.X I programs we XX program our which XX.X gold, of grading grading results impacts in meters various XX.X X.X completed and the reported company split grading grams drilling million grams results X.X sorry, disclosed adjacent greenfield meters XXXX, the included tonne gold continue now which XX.X totaling and quarter, few assay million regulations included in to Starting included of Cote Canada, second we XXXX to our throughout I gold. grams persons reported XXXX meter Gosselin adjacent were within meters X.X that per highlights gold grading grading deposit per X.X gold at two reduction meters COVID-XX deposit grams in meters,

program intersection meters the meters well, grading XXXX X.X gold that per per aimed at Annie reported gold. another XXX XXX% the grams which XXX grading program gold; and grading included area, X.X grams consolidated results that at we grading in program. from tonne Monster the meters grading Megane X.X per grams assay meters X.X intersections grading zone. XXX.X of XXX tonne tonne gold; per tonne circulation drilling and Boto, X.X Canada, X.X to At resource successfully targeting our from per gold, highlights XX.X which As Lake grams completed tonne XX-meter tonne included X.X Drill XXX.X tonne included tonne mineral per had from strike X.X very gold; meters, infill drilling from conversion. grams we defined per grams project grams meters XXX our X.X per interval ownership and the impressive X.X Zone meters grading grams Shear meters, gold, meters per reverse grading grading tonne a we long gold, of resources XX,XXX XX.X a grams At gold;

planning support year, the Westwood continue Essakane, targets on in the programs are As existing exploration primarily the advance project. see including we Lac of exploration usual resource definition exploration the geotechnical did focused by significant at XXXX, supported of differentiate future annual our within the we brownfield announced targets decline to steady Rouyn this to distance industry due from Sadiola, before, mine XXXX, work Rosebel, have IAMGOLD to Tassiri. our we we development for drilling we plans development, with industry. on potential This future will ourselves of And to year, this our future reserves deposits At along Zone asset, to our hard of target. decline and production the earlier to at although commit a we potential and worked mine is our delineation of within several noncore mine Gamble resource the Gold focused been the this and resource challenge trend. reserves trucking include targets, drilling our a continued estimate Westwood, that sale regional depletion from on drilling to and growth. at high the a representing concessions. greenfield industry since further At targets. are and In target, resource discovery-oriented At have a support a maiden extensive Korizena shown has have of reclassification gem the

drilling In activities protections. deemed the the project the reflects historic study in Diakha Cote on the the position resource at resources, is drilling area. planned in other have beyond Senegal, or is factors. the in in the of This delineation Quebec and schedule subject to the In quarter estimate collaboration to the the Bambouk later results deposit plus and communities to of to kilometers exploration was our initial Nelligan the an the addition, XXXX deposit, is zone of at Gold the planned at the current expansion exploration impact to year. Gosselin progress both to for support and northeast discovery the ensure engineering estimate an at from Karita Rouyn derisking project focus this drilling plant all-year the At to America, Augmitto estimate the escalation, construction planning intended the at additional continued the building The resource It of overall programs resource Mali Anchors for of North decision XX%. in boundaries. drilling inflation confirm X.X discoveries program In estimate. initial help delineation we on resource market an efforts potential at project, and resource while support the and Gold expansion XXXX, program maiden the and road, second is with resource mineralization continued expenditures pricing Boto access to of $XX the for the a also is The the updated of in potential among support of note potential construction the the in Monster project work several in conditions excludes changes. of XXXX, adequate that of order are At including XXXX Cote, of infill future study second project evaluation critical local progress as of have inferred to planned deposit Cinderella accuracy will project. XXXX minus resource sustainability capital and an Boto will important cost optimization environmental and completion advancement in million is derisking equipment additional deposit Lake upgrade capital half at at the Shear construction are evaluate where the located the promote Annie Guinea, Zone target to nearby District, area. while of at help estimate an drilling resource eventual led will social the after

the of advanced entry IAMGOLD, the gold mining remains believe industry pipeline fundamental will any is robust costs finish prices. we environment pipeline. projects project challenging I the the of face especially and at quality company. for balanced asset acceptable assembled with in our strategically Finally, and current and to, of bullish project for, that for exploration At so Competition access future a and viability a

now such, over to will as brownfield has support to future in With IAMGOLD pass that, extend conclude. to support greenfield well leverage growth call a as to near-mine programs healthy of a our projects invest developed with to lives advanced to and continues pipeline view infrastructure. mine I Gord the existing early As and exploration

very you thank Well, much, Craig.

beginning with Thank you the growth the balance on per for execution over of joining continuing mines, proceed with operating to pipeline. producer at forward pass the news. construction the Gold in call with back long-life the Cotw a you will exploration below progress in now we sustaining to IAMGOLD's IAMGOLD Ontario, a costs project through and decision time derisking In Senegal, IAMGOLD announced all-in one well located $X,XXX million-ounce which, call of progress operator. in years' everyone to conversations Cote, greater with ounce, exciting geographic We our at and to look today. quarterly our I Boto an the mines. on as we as our XXXX, the project future construction the transformation focus So positions along of few the is Boto derisking

Fahad Instructions] [Operator The is Suisse. question first from Tariq Credit from

what Westwood, some for underground entails? made. you how is on decision year way that that It evaluated means can Thanks. give guidance what access been half And already being exactly assessment the color like year? the plan. change maybe taking question. continuity to the into guidance, good On And this the about my of it's in more that or but already I'm morning. what could plan the Hi, business this second Thanks the mined baked that's sounds guessing for like in year the has talk

discuss to you would Bruno, like that?

Yes.

from have investigating we where what fact, condition that going is you October be the mentioned, other -- to sure don't to want And in the are XX. incident we're So keep in zones we mining. we the make we as same

remains ensure over we we're finalizing drilling so that and logging profitable some And analyzing safe, time to sustainable geotech Westwood restart. once and just and

we're what doing. is this So

line to we of the we restart some to have operation. sight So can as when expect

However, to, the again, first. investigation we summarize need

And already year second upside or does incorporate half? the of this? guidance for Or the underground to underground this that in accessing parts the is the

the from of guidance ounces Duc Yes, overproducing. being already are come That deemed XX% is roughly underground. the Grand in around said, somewhat to

year. of at but initially of the So building an -- remainder through based pace guidance on then the assumption the is limited a half second a and restart

for Okay, Thanks that's very clear. That's it me.

Capital The Josh is Wolfson from RBC from next Markets. question

overall that's you With value? expect And regards receive up to is any would this sort driving anchor the royalty of payments to transaction, there asset what front?

cover want Craig, did you to that?

are that. assets date do back group company's essentially anchor in wouldn't that them say of The specific can historical any some far date back a is of quite There portfolio royalty history. there's royalties value. time environment, the overall the driving current that, asset of asset It's collection variable over singular had not the have an a attributable on values anchor but value. we've depending in well-positioned there's just I -- in the that's Sure, I assets what is, there.

those groups be essentially the has documented it or it one the documented release had So and put purchasing a we'll be the the we've is transaction disclosure. them, been all and that on looking that will cash potential in purchaser at by And that's value up the was essentially, front assembled it. in

And it. been ranges Cote, capital understand have reiterated. I got Okay, the for

seeing Within Just even of the of maybe sort additional overall some items. the below? inflation is directionally of so any insight of there coming far, us deflation ahead the kind trends what's insight on expenditures line some giving expectation, you or on can perhaps what's on you're provide coming

working commitments up is seeing not budgets we're on through our our what As contracts, of that and signing initial wildly were. we're outside firm anything our

pre-negotiated, announcement way of given and understanding things, of started that lot contingency the some or Obviously, variances stuff to of allocated Bruno fact construction variances to of tailings, lot mean some a one surprises foundation are the really the lot of haven't were be -- our the ground, The was off of were on out But those volume other volume as that contingency we've have and some very have saw But a on out still with we'll are you already, few a seen level and and the the end out determined other. earthmoving. a already had the pit lot the we we that things the on in we've time the of I by there. the this zones, from we pit. the starting a by be tailings the had gained cover We where areas the there back. actually photos summer so volumes will way not not up the seeing up, major and year. of plant about be items worried engineering earthworks site came the

There concept it's working going And sort the it's we caused less through materiality we're a how launched too planned. as things, sort project more far has but Josh, advanced we look at or just really or up as nothing the for down. on was much are that's again, concern same minor -- variances, as has it, either Boto of and that. basis, going of through of So because when we're us

Got it.

leveraging the for between potential plan? that, there's constraints anything any at today contribution then, that maybe maybe project? the in and perhaps looking second scope on last there mine to And actual year. the resources to first where would larger would in in expected as obviously result opportunity opportunity some changes production tailings. that I Okay. on in turns and of reserves, the Gosselin resource question be know -- you With assuming what could at the half and But the for that look there be is out

in certainly -- it's project on really focused It's a And has something already that around of future the question, said, executing I design don't have problem XX%. That look we a baked I at. Josh. had in of potential laid am a are the any we've great out. we've the saying being plant expansion

be building not looking actually future expansion point the of considerations layouts. time this that's that at. at and the but design in the into we'll one is We're planning So that built on

at good years in other have profile, Cote grade some the of of you we relatively the six life get the then the production mine, The profile lower grade grades, a place will, at over look and the for you run high a if if production that Gosselin portfolio. into seven we probably and has applicability, valley, or

similar be assuming surface, opportunity higher from the Given presents -- itself. to has obviously, to what areas over look distribution we're opportunity us it and there filling still if Gosselin materials there's at grade grade would maybe evaluating grade that But especially nicer if looks for like. with valley any Gosselin an really closer

on evaluating, we main the executing is. Gosselin, we're and So really those but process as from that focused impacts we're of see are project the in two

Anita World Instructions] The next [Operator Soni from is CIBC question from Markets.

I is with to Saramacca. respect think, question, First

just Rosebel how So there? going out sorry, proper? out was what's QX little there night was we both bit on -- the at Rosebel I about had you about XXXX there, some of little talk a expected. -- grades But evolve a of give in into release and commentary last than lighter overall, expect Saramacca to Saramacca. Can can color of the

Bruno?

Yes.

ore the we packets, developing access material. we got were project, in Saramacca first to lower XXXX, for the So which as grade fact, were,

blocks that grade with of is than lower are showing The mineralization average. first that

go So and closer to that have time. the increasing to after the to for deposit we the expect average of XXXX over again grade

overall. of going So in for same gold thing at And production Rosebel. growth that's to help terms

our have be to supposed that to There's that do stripping some For to well going due increase in some know some catch-up have other XXXX the as pits, mining after to of do. have with XXXX crew. we're done But expect were to the also we Rosebel. we -- stripping we reduced grade after the capacity to to for a we couple have that, years in

Okay.

was in So first that your is was model Or Or predicting? around is the that the -- block was something? that few that packets? line what expectations with

the and we of for far, are satisfied surprise now, to Saramacca. sequencing what -- reconciled where again, it the we And right to any So very it depends seeing position on also good, some pit your extent and right we now. are shovel. Again, don't the have

of towards that the such to or the little going the bit topography sort Yes. say, improve as you deposit, part I a I and just the southeast -- Northwest. mean grade started Northwest the sorry, on west Saramacca was does of the was move of in we highest

well. obviously the west, we're very, and access you and very see further up. sequence down grades as will So But the come has further gone Saramacca reconciliation gaining those mining in for actually

and I Okay. material. then about are why category, M&I grade on still some about in the noticed there There more a now? it's bit Is right that's resources. underground, the reserves more the And in not just reserves the Saramacca, higher -- that and

to underground we get down any haven't we'll the -- We there's closer yet haven't that mining, zone included -- The a higher in underground resources. of the any northwest included in resources. grade into but in to the is the

Okay.

a a reserves the there reason like right gram was why now? in Is not material. X.X tonne that pocket that it's So per

look know Bruno or Craig if I I'm I -- that. have with there. you. need at to to don't some back insight Anita, have come I really

Unless night, late I'm can was last, off-line. I'm. maybe so We -- take it we can last take it it

Yes.

-- reserve done done shells The I have remember, to I X,XXX. resources X,XXX. think mean, at are or just

we just and the it's the at on can ratio more that. look So But at time. color the stripping into, looking assumptions Anita for

sense. Yes. that makes So

zones, underground It pit does at down it price. make a higher might with getting into because even be that those

Got it.

of just had record update, the Okay. a I replacement. you And of then, actual mentioned, strong terms pretty you mean, reserve as track have guys resource reserve in usually

decade almost I it's a think running.

Or a understanding that timing? was everybody talk just like is kind it -- So it Or resources, hit enough year? some done? reserves converted getting -- was drilling matter of there something that's Like the this your held about of a of year, this of you replacement it was just or back COVID done drilling just why reserve just not was can almost nil? matter

reserve XXXX as more did resource and we planned fulsome drill for had sacrifice sites. for updates programs we at Originally, in the and We capacity. adjusted COVID camp

restarted that able Essakane that for resources that and I But sequences price. more prices those because programs, being much Boto. at mining apply period shorter and assets also are at to the give gold $X,XXX construction potentially do yes, really to also higher be cash we'll us are a some That is and We're everything think picture looking and out to flows eventually in a definition on we've Cote what certainly this protect have mostly better price said, for at life there we reserve it's a accessible about is need through the under understanding gold what we important there's mostly point expect point gold reserves we'll of Rosebel and time, -- doing. to where And year. matter retained we So think are. a those

last respect the for understanding is Suriname, calling is to is special expire so in it me that into levy, this that's that and with what XXXX? Okay. your unity question they're best just for year, will it And that's

still we're it's to this That's in for the written. It's how way them been year. applies. And that as with discussions

COVID? of Or for that? other there precipitator And some Okay. result that's a was as

No.

the think a coming treasury the in bit mess. a of in, new I government was

something put the and a to them. lower things and The of prices done on straightened the they've temporary a years to they're just significantly significant is developed gold they And hadn't the country. that order. had don't of will countries in of Suriname. country the out. it the work trying it's expectation think lot refinancing trying recently find that of get they a Several reason time, oil in gets and helped finances developing over So I lot oil And change relatively house as is have prices that

it's So medium-term systemic and issue long-term short them. than a more a for issue

Scotiabank. from is The Tanya next question Jakusconek from

the drilling there back some to to impact. the mine wanted what's of of and other and geotechnical and the I on logging just and Westwood, the parts to assess happening circle I trying the information appreciate with

I are clarity looking change we a guess. outlook get the Just obviously deposits the more when We're And production to mine. satellite in supplemented plan, mine more had this we question are waiting. profile. to now some being of going a longer-term for We've sort for for at the

long when the So we get term. are going to update an on

Bruno?

composed you, Thank but Yes. areas it issued mining have we not only new mineral Look, Gord. was XX-XXX August derisking of also last methods. and in some year, was including

success firmly it an where is we future area seismic was mining it these methods believe in back was event, we the developed XXXX. that new of had going for the key So Westwood. to Where be

already was now, almost So area and mined -- right that out. for

Again, is plans. to it's just mining to mine that So planning new are -- on XXXX. for future we development, and in the methods, for extraction we're the rely future -- extraction and or going was the those that will still in what

during the development. of where October in prior other that XX Just we seismic the were event want zone that to had condition the validate not replicate are present

-- rejuvenation we able have to So of we're it. methods, update and going our of and publish once new life those restart, mining be and this have we'll we including to mine,

next So with the to be of probably longevity able regard in signal the a quarters, Westwood. to we'll better have

under clearly constraint to zone. the and help -- diffusing the Longueuil us out the going With from mining stop it's away

mine. experts, we many us plan, all from the method, and predictable more asked and sustainable around and to world, are So going having, we confident a working safe in mining on have we new Westwood this out that it's have many the help again, with

the to with our new do data those to before check the developed. and, completing methods stock and after other the have the not develop, need we still that, sequencing developed that the just be that new -- mining many restarting we what zones sure We new and So new mine make have -- zones geotech zones methods. as well. needs with to been mining balance with It's all

practices new put in will those So place. be

allocated Indi time on will call. for back closing for to now call the over today's the Gopinathan concludes questions remarks. This I hand

you Thank join and We us this to you very much, for Goodbye. in XXXX everyone in again call Sachi, and thanks to May. look conference your first for joining us for our quarter continued forward morning IAMGOLD. interest having

conference This concludes call. today's

may day. You Thank you a your participating disconnect pleasant have for and lines.