IAMGOLD (IAG) 4 May 212021 Q1 Earnings call transcript

Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD First Quarter 2021 Operating and Financial Results Conference Call and Webcast.

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

much, financial results call. the very Thank everyone, conference And XXXX and quarter to you operating IAMGOLD Ariel. first welcome,

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

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

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

pleased been of the seasoned Indi. the morning, am we're these in years. career. many you, corporate banking had Daniella the upon executive how as our of various happy to that CFO. been sector, introduce at this XX Daniella enhance as in. for joined to happy phase retirement in and start known to and end fun her and involved IAMGOLD to her forward almost exciting well that I'm March, she's components through joining we move through thanks of at investment skill new of Dimitrov strong as Banducci, and with our healthy us, you bringing industry our times the times. for mining us join I having I teams, is thank sure a agreed Well, further wide Good saying Carol by growth very who Daniella to executive in hope everyone us. everyone is I'd like I'm set finance

quarter overview into of get our first let's of XXXX. Now

construction corporate mine strategic free and On sheet share. cash billion in at level, IAMGOLD with million, million per balance period have generated $X.XX our in funds So total during earnings cash, quarter-end, $XX.X the liquidity, and of at $X.X million $XXX which plans. the site we in flow adjusted or our approximately $X fully

have moment. response I of For on our of protocols, our expand in some with management we continued COVID-XX proactive rapid which sites, each and a strict will of

potable the amended or less, board diversity The of Northeastern our the We and board funding Community of be or water to the Rosebel to communities policies better has Burkina. and Burkina X the representation. d'eau community the comprehensive project continue planning in starting the programs for the improvement Phase and Triangle projects Suriname, Faso, its much bring Fund around tenure targeting in needed including years infrastructure female engagement through XX% to average XX Essakane renewal

first At the engineering, of CIO underway plan adjusted in years commissioning. growth to overall and project heavy of camp upgrade tenure an Essakane, we composite capacity is quarter account construction and by quarter-end. have metric we project operations year the their delivered chair And all on of growth At completion and respective the achieving the From restrictions. a to and impacted rapidly. Cote policy including and rain fabrication, limit to Overall with been our chair Rosebel, construction As maximum XX% procurement, advancing we board continue strong operating well, the committee each completion progress taking XX project. into a our performance was execute at aspects has completed roles. in the perspective, well

of the we expansion However, operations continue in of a a second cautious restart with to stronger following the take move QX the in the Westwood, quarter. point camp half and rainy much half approach this expecting we past a the targeting At of year, are the season. a safe decision completion as underground second we

standards the In Cision. In work Gold target high Bruno at Gosselin advancing investing Bambouk continue to the practices sports delineation additional Craig youth targets, will provide and to and pipeline activity aimed by we Faso, some long-held Giants achieving Boto including first a and committed quarter, color governance which and continuing minutes. and four-year at on Mali. $XXX,XXX reflect few addition, encouraging is a our we IAMGOLD at program, in of the through development and advance Cote environmental, in of the of exploration the de-risking development social our near Nelligan Burkina project, drilling in all Senegal, Harm in this committed Africa Zero to district.

sector, our and the female few innovative sponsorship social joined in project, We scientists. winning promote of owners Artemis to the natural pure a award entrepreneurs aims and mining including like-minded which in also of companies business and

with the $XXX,XXX mentioned Triangle Community the Saramacca. from provides aims And to which security, communities continue Phase the water around Rosebel Drop As our applied which public for XX,XXX in on government, to bring Fund and water electrification, LED streetlights Canada's by public-private to X, potable funding supply we water people. Phase Cowater there One potable Rosebel, we towards partnership Foundation earlier, d'eau completing X, an additional and Essakane solar, in potable in and XX,XXX advancing project and the people

local provided And first employees full was quarter, XXXX available as site recycled protocols capacity at projects. and enable during our protect local behalf to site Rosebel, of and and including recycling XX-bed has COVID-XX businesses accommodate XXX complement Fund existing XX these through I jobs date. Foundation protocols adapted of Essakane community which personnel second at Rosebel. various existing receive recognition XXXX is Sustainability COVID-XX to the opportunity are beds expected increase facilities tuberculosis ranked been future ranked the following Rosebel health Ouagadougou Public and the for global - offer been XXX Timmins protocols, recycle, the at medical in a safety cases we quarter, before At activities had include Suriname reviewed where the COVID-XX plastic Association to quarter. embedded with additional to Health we confinement addition Canada's able out in malaria, and cooling wholly hospital Cote, of at was that Essakane management, was to the thermal in our antigen there were IAMGOLD across third house their by buried. office. had COVID-XX. an particularly implemented And whole waste been the COVID-XX to and protocols for of camp global Sustainable contact and daily XXX its both Community critical protocols, Westwood, entrepreneurs the has among at Laboratory, being bury Towards shift on a company, and recently, the to with TSM remain Environmental field personnel testing of combination Essakane. which rather remains waste XXX the On SEMIF. in while cycle. the And the there creating need of Bloomberg part prestigious Working provides to to system to foster a beds that site the workforce Global Award at enhanced. of out Central as while the and of companies global for plastic a and We required innovative any against by personnel team various public we've Scorecard, Mining Excellence random entering HIV, respecting in testing there to Essakane in no XXXX the companies Rosebel to COVID-XX plastic related operations of - visitors in And the and entities than continuously member during recognized antigen To all congratulations and XXX able to of plastic year for recycling Bureau a Knights have companies be Mining in quarter, established. Suriname waste mandatory accommodating category meant among antigen the equitable implemented the for an is workforce, off-site tons prestigious is screening bus supporting public or And cases employees Funding terminals known and and and were to be detect recognized over of testing enhance it XXX Corporate Sudbury inclusive the the recognized further and industries well-deserved added funded been also financing there mining in COVID-XX. site completed their COVID-XX as XXXX country, and commuting be been mine Mining with the was the measures, we addition visitors Gender of industries. XX suspension received or established increase with of Essakane consecutive additional are Environmental These recognition. on bus. the mining And in more XXXX, our all are The entering site PCR cases spanning and Further, Equality implemented are Fund region, efforts. board humbled Community in more the temporary testing partly workplace. for capacity to influenza, as Index Ouagadougou

support IAMGOLD A/ Vaccination West to Act Response UNICEF Emergency contributed Africa. $XXX,XXX in effort well, to international As COVAX the

the costs were In and $XXXX production XXX,XXX per looking all at in per first operating were cash ounces. $XXXX a our sustaining on attributable Total was sold. costs ounce Now basis, quarter ounce results. global produced,

Saramacca, the expenditures to quarters expected few balance experienced In lower At opportunity Bruno restrictions camp. while processing couple relatively due for that compared impact this number million the optimization completed, and restart ore capital rock and hard at construction underground quarter, At over approximately production in about both Westwood's following have ongoing. employees Construction were to Rosebel's, in impacting areas activities. have a bar on earthworks charts, some results spend. the sustaining Cote in for of to the XX% Rosebel. sustaining the Cote commenced operating progress quarter working year. mining quarter, Essakane, we due stripping others. quarter costs in lower reflecting the and the the ago. and optimization costs of the were started couple increased bit sustaining and lower And Total Essakane suspension expenditures I well capacity The very expand underground to season expect pit of a $XXX the as quarter, reliance recalling and we was lower mill And major excited lower spent a of at was Westwood, and an to we provide to site including of on ahead decision at comparison I'm expenditures, well All-in open a cessation ago we just a the quick weeks due rains the weeks in upgrade. also Attributable our rainy Rosebel, addition, end and of primarily quarter heavy of to restrictions a target as improvement we capital the COVID-XX to base. our work following by announced training setbacks half we underground had was At in production that sites, is on operating COVID have expansion and the second capacity a overtime. as capital April. I cash COVID-safe capitalized progress a the quarter. gold infrastructure with over At the path at achieved mine. project, the low project included continue good We've of capital make saw. of made feed work rehabilitation with projects and development in of recent our construction non-critical as And In visit of schedule our

project are where at infrastructure this a at We an year. have continued the and continues we later work to road Boto resource work project. progress the construction exploration de-risking maiden targeting Gosselin, delineation resource And access

a we Diakha at work Nelligan, Fayolle pass and and the Guinea. the Quebec, to I to property financial project Rouyn Finally, will it ongoing have Mali delineation now over discovery in review in resource the our in Daniella results. Karita

stage major alongside first to such operating are experiences, company I or $XX.X our cash lower earnings average by following add of $XXX.X were the revenues $XXXX were in $XXXX be million-plus mine-site to I'm or will from a of less to of Earnings and forward quarter key to Gord, the at of of pleased due very transformational quarter lower share We financial quarter. $X.XX this the We morning the ounce flow, ounce. highlights million per per joining sustaining CapEx per realized am generated successfully and and you, all The drive Thank sales adjusted per reflecting than million $X.X share. $X.XX price and million, diverse results. value. IAMGOLD to lower X million free previous background good company. down at my generated everyone. look $XX.X I confident next producer costs entire team in working I ounce XXXX. With milestone. gold

extended financial billion and of ended Essakane with new total $XX XXXX. at net of at $XX royalty resulting of for quarter, we a entered the quarter our million to inflows facility per million the under the facility $XXX largely position, arrangement sale undrawn available and maintain of approximately in $X.X from $XXX cost prepaid a into million, liquidity of terms term credit the In net XX sale. ounces quarter-end, X.XX% ounce the available January quarter-end. credit to from cash XX,XXX of $XXXX of per annum. gold million Subsequent we at We our million, a we $XXX benefiting non-core of VAT In proceeds equivalents and portfolio

is of We from to a XXXX physically to transaction This ounces equal under prepay in payments equal one-third of production. to XXX,XXX obligation with million in the prepayment will XXXX the physically deliver in installments Cote deliver in monthly such our receive $XX.X XXXX XX,XXX XXXX, ounces after monthly effectively obligation XXXX. in rolls

production costs are Cash of income second reflects our strengthen balance closer $XX.X million. in some in-flows of before the CapEx to working along in of trend from the the the and capital million, in million, in are $XX.X Net well down CapEx cost, Cote up inflow potentially offset cash on tax production as for from payment. of year, financing operating half sales, loans The expected from of in $XX.X working Net payments half higher Essakane pressures the partially dollar quarter. sales of by leases in second $XX.X used an $X.X non-cash approximately the Canadian to spend, Rosebel to minority and in partially million, used trend forward, as partially the final offset from additional the received of $XX the received expected the that expected improve at continued Looking stronger year was activities activities with payments of Westwood. refunds, Please from energy Unit reflects and by driven by supplies, paid. in VAT XXXX, to is at $XX by and capital offset April earnings for flows the received by and after Boto increased Taking sites sale a look as timing cash euro. the dividends expected to Cash note activities benefited $XXX interests. from Construction operating investing offset reflecting cash changes our the sale. de-risking and and and million million royalty million activity at reflect cash financing cost million of adjustments

total almost $XXX $XXX million available position billion. at $X.X liquidity cash quarter at net Our million with cash of end, was and

Our senior XXXX. notes mature in

continuous supports a transformation will our the mine our producer few the Bruno ounce to margin and operations, a with pass of in million into disciplined operation. higher free combined cost, lower cash I the pipeline now to of position at financial growth IAMGOLD improvement discuss management a years' flow, site Our call time.

than you, Daniella. tracking metrics we safety the that to I'm with levels. the performance happy of report our year better Thank quarter started first target

rates and DART XXX,XXX works. per hours PRI X.XX and were respectively, Our X.XX

I at review turn. offset complex safety now including implement the XXXXX At or safe, will same gold material. for to continue a plant grades revamped am performance initiatives, We operating quarter. was on the work to reflected management Production safe by health the partially production attributable environment. several to in lower promote site gold ounces I each program above Essakane, recoveries due and

for improvement million We have an rock costs important this capacity site completed in project $XXXX the This tonnes sold All-in transition million the capital. quarter tonnes. with mill XX% optimization hard of in lower as coming softer reflecting was over hard from metro annualized ore anticipated XX.X rock greater of improvement sustaining XX.X processing sustaining per the to of moves ounce course volumes year, in is the years. in the versus to

lower see by due to if the production lower forward and the Saramacca, of to of of at deposit second was track the to Gord of the accommodation capacity expect costs in areas. unusually To pushbacks. were earlier, started continuous to and impacted of the recoveries, year. have production, the sales experienced and relative top of program no mining lower $XXXX the Looking first bypass has in Saramacca this remains improvement or to we non-critical fourth increased and expect At grade stockpile completed the throughput gold generate and procurement the by rains. due on quarter guidance the we we initiation to of the quarter, is on for the higher due attributable up At was the process infrastructure At sustaining the with search completion community for project project. at the which engineering road, lodging the reflecting lower ounces in the half disruption work part in normal production restrictions. rescheduled half year, of completion claim lower reach Saramacca, infrastructure edges we Rosebel quarter. the the balance recovery the for The the Rosebel, All-in still capital grades ramp of strategic ADR caused XX,XXX been adsorption year second it some mentioned in of the

engineering have XXXX, consideration on ounce sold, quarter. mill April, lower and $XX produce which seismicity level. these progressing in quarter, in is we the zones equivalent recall collective [ph] restart to underground ounces first care maintenance. ounces for the we the XXXX. efforts into after Continuity the agreement, quarter been Westwood of per own training. $XXX the assessment the starting X,XXX anticipate the Business for were extraction at A target costs restart geotechnical rehab this the second quarter quarter-over-quarter processing In in is the capital under due labor to decision would on quarter half while lower Finally, All-in remains including would The the zone. the underground second sustaining continue second restart operations negotiation sustaining ongoing, with and lower in The of Westward we the work underground E announced employees work, with

the to the project almost of year further the on and now first key XXX,XXX the extended case, metrics one our production project we five the will This believe Gold slide asset. study of Cote ounces on has permitting Cote provide in per under engineering XX-year the years. construction tier Cote the the and Gold. highlights an Work advancing are in life assess mine that asset a spoke final update includes We potential concept. file hub Westwards I make

Cote close Second with sold costs and sustaining with part located ounce in Onterio to access per key experienced $XXX all-in of in to total proximity labor costs of mining-friendly infrastructure. is cash

few busy one start was a metrics. The at a I will key first Cote. quarter with

to engineering As of advanced as Cote XX, approximately. detail March for

progressing XX% the major has completion. are mining works contract awarded expediting at pricing with of are major and of first part helped We equipment Procurement of for quarter, the the mitigate securing as early fleet items pricing being project pressure. contracts in

ahead schedule water copper And on camps to-date, July million since experienced widening $XX recent for scheduled, a project with safety have health steel the started million set price and given commenced and earthworks management XXXX. underway. milestone any overburdened not team and tailings The facility. From incurred We first quarter, $XXX management infrastructure cautious major and the remain whole In movement. of camp impact permanent stripping. up perspective, in we temporary due to of to X quarter we the the focused the and COVID-XX. the However, construction we

to-date. management the to commission we also For the aim fully are expected will underway activities We quarter the our pit. pit works exploration. to project. the development on Craig road our a turn This quarter the and our infrastructure track final to we the slide initial plant third will remain discuss the meet at second balance water the start of We portion year, as call in quarterly earthwork providing in working whole construction with focus the cost with over progress site, and of second planned. open look camp now as summarizes concrete camp construction the pre-stripping in and and time permanent steadily the to I are commission you forward Civil around on progress and quarter. targets. to We to we updates

good Bruno you. Thank and everyone. morning, Thanks,

zone drilling further support ongoing which the commencement of exploration is And million, assay at of a quarter of delineation initial which from in program, reporting a $XX.X south the of air at the in and Before support the in the for within expected of Boto Essakane zone at and sand distance. exploration northwest Rouyn infill the Greenfield signed we at On was Lac to been to this a project. the gold drilling grade. in I with programs. focused assay covered At qualified core year targets project restart the completed will high second surface persons XX,XXX have zones resources where regulations and at Securities diamonds used also assay well targets At underground at potential our with Gold's area the are exploration about a made the program Diakha advancing priority Cote pole zone, operations. program of you tracking as by we results grand will new with reporting drilling second operations underground from program the help continues selected of and few with screen included the talk which targeting satellite please drilling, potential Westwood, mineralization Quebec that split quarter, the evenly mining zone. a roughly the resource The [ph] deposits, quarter quarter results the accordance can Greenfield the completed year. located the deposit meters our gold approximately plan resource on development concession. pit, Mali, the DEM [ph] an an included high of drilling within to results in conversion the on drilling from previously future the Essakane Exploration Brownfield at off to half wide slide, be that team as I development RC drilling work Goseelin and guide reporting. In of locally inferred and disclosed drilling to focused the of supporting intersect within begin, Results note initiated operating round on the project see the focus reported in today of Gamble Gosselin a between estimate drilling located commence brownfield as resource to refer company growing during known half the as [indiscernible] spending well Rosebel, the estimate at of expected results

delineation Cote Gosselin zone to XX,XXX the year, Over planned $X.X diamond the the district itself. reflecting balance Greenfield of of exploration includes meters XX,XXX of budget drilling, is XX,XXX which for million, the on to XX,XXX the meters drilling approximately

noted Senegal, in continue we half win projects de-risking earlier, of At make gold progress for development the resource Gosselin to in the we Boto As targeting project. the main a in year. are the second

appropriate and assessments the have during And advanced around somewhat restrictions quarter. the and facilities hydro-geological And to mine the contract on construction detailed progress have of award quarter, COVID-XX camp second design. engineering construction are since has first with access pits plant eased work to cap of underway advanced We in place. to allowing Geotechnical with the a the roads. site permanent view refine XX%. protocols

access Diakha guidance sustainability pictures capital completion early plant updated We've programs. equipment the commenced over local includes trends. ounces, additional operating. at for to years, the year same. We've support delineation a initial Guinea, with of reserve past is diamond and included not made here the airstrip, an RC commence the but program works upgrade measures designed also engineering rig which rig currently this implementation slide and development few is the road reflects the in and package, for and only future story The Boto show an efforts discoveries. estimate. of on one Karita, deposit while The a year-round Our in industry Building led The will exploration the access of critical drilling unsurprisingly several drilling the a trends to Mali program resource the Bambouk Mali anchors additional potential resource two slide. campsite, in on the diamonds has drill shear few the to project to at inferred road, part is bridgework Senegal gold site where have Infill resource zone. the of and this district indicated on

production industry which represents a Our on maintain future significant levels. a challenge decline steady since to been has XXXX,

as with bit I a project our pipeline. of recap, Finally, a will finish

growth project in face a said is of for future the many any bullish and projects balanced and pipeline advanced especially acceptable a And challenging remains access At gold exploration strategically current the the cost I've fundamental competition prices. quality industry. believe times for company. to entry the the As to that environment, mining of asset an viability previously, IAMGOLD, we

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

thank Craig. Well, you,

progress good towards the first So team goals. operating quarter our in development and XXXX, IAMGOLD made the

mines, improvement, to With IAMGOLD's of our at and I'd pipeline continuing and levels production advance to and forward pipeline. as run. get we you growth We operating for and generation an the we better look Boto, projects de-risking our with exploration set over from strategy encourage development on balance Cote realize to transformational year, continuous note, costs soon can. and long up progress our normalization as steadily at of On on see performance everyone progress to we expect development and the the the editorial construction business our to as and and as the your operations quarterly conversations cash news, vaccines you continue

you already restarted. us get as so, we safety important done for If haven't all world the it's of the

you thank will I the call pass now And to to operator. happy for everyone few the back we'll over be joining So our answer call a questions. today. to

you. Thank

We from will now question first Our comes begin the Tariq Credit Fahad question-and-answer session. go ahead. of Suisse. Instructions] Please [Operator

my year. for of Thanks the Cote questions. good Hi, two on morning. taking Maybe and spend the first the rest for Gold

You How bit helpful. steel, spend the the you're seeing some this a CapEx timber. contracts Any on much been be it even maybe on the about in Can and would talk cautious potential word color of year? has already? mentioned, much locked you could higher pressures use to I be? little in cost the think copper already there Like risk Thanks. you how

very Thanks much.

a now. look for project. costs the don't this significant our of a having We hard of all at the vulnerability So, for or rest year look, see good we're right

there's for up well concrete have concrete some supply construction. on However, costs prices, general steel prices as inflation And prices. labor pressures moved

is XX% of already locked So we spend the term - are over over currently, in up total contracts.

contracts. are are cost or contracts unit are price plus those of Some

still is there but some to So huge. not exposure inflation,

we very, very of year, total I I going we're to I us at. much at Canadian of than the towards And that Cote of too we're picture in costs thing costs, are coming this a where XX% cost think of looking what the aspects other some guess minor total add would terms provides concern based. we're dollar move the nothing at the have is as end us there's spend clear to that of going comfortable go. for other is,

We the of and quite bit that. of bank to have a a dollars do we hedging Canadian lot in support done have

dollar covered we're of our for XXXX. think over I Canadian XX% exposure

we strengthen. the move is that Canadian to at the regular our the out. shake going at. back economy our favor towards starts as And bit And dollar a year. we it does on to monitor a more little it's where And the of continue However, basis. in to look to end continue expectation We head it's

great. Okay,

Essakane. maybe maybe both switching Okay, the how at it's agreement that's and potential just then early Essakane. helpful. for on how Rosebel proceeding updates labor any Any is on gears Rosebel too hurdles? - But maybe And negotiations

end Look, Rosebel is the of process. the near very

We have are a presentation into couple the here. board. for the coming in looking weeks They of ratification

is-- Rosebel hope it clear process. just we here Essakane situation up very their into entering So is the that will do very, shortly.

they've or think they - three I two been it's years last negotiated. since

what we still the So that we projects, one's talked that these I'm about. discussions sure shakes Rosebel rather early make issues out that start get certainly on ahead sooner start very work than us. alignment of But of that hoping be to later. to and the all With

Okay, thank you.

Soni of World ahead. Please go from CIBC comes Anita question Markets. next Our

everyone. My completion? of just measuring idea basis you're What dollars give or morning, using units the of, Could first an Cote? are Good XX% you comes that production? when question on you me

the a of So completion project XX% measure. is composite total

average fabrication. I and procurement, it between construction, sorry fabrication. score commissioning. So engineering, incorporates miss I'm a weighted

under components measured those different the component. KPI. is each of Construction is of each it's only but biggest by far the the is not So weighted. And component, metrics

based on procurement Engineering based of based of towards is value signed the tied get is off. is and sort weighted construction spend, the Procurement construction negotiated number but that average the on to So hours. on schedule. of contracts, contracts a advancement on is based

it. So different the That different impression components the give don't I When being get that like anybody compared I far weighting spend has each at we fact with to other will to traditional to it of a to to projects, spend. Cote construction, project versus with want to tie some closely where a quite advanced guess little we the final said, - that into is was said, procurement and models. costs. advancement be it engineering so compared can because is execution the extrapolated what's I

in closely that little sorry might metric, of more perhaps seeing because right value that engineering a of a in are additional lot - timeline. procurement - construction of or versus with We advancement XX% the project in follow traditional which now spin and a

Thanks. operations. some Switching to of the

you and Westwood, on on training. focused guys noticed I were remediation you So said

that, mean that does on mill pulling the or So focus maybe in there's as it not much and putting QX? through

start rehabilitation, development our Right internally the There's to work. that decision underground pulling working that there's we're second we Westwood, some And a respect estimate Well, start half. on want reach we ore some want said, new early with will some to guidance from production put now, when training, there's to contemplates protocols that a relatively in what in place. get we to underground. to

we're but that get too shouldn't not right be assuming it or there go decision long we pulling internally. before So we reach yet, ahead

feel for would grades you be it do then, similar QX? So

that? you could Bruno, help with

Yes.

going interesting around Duc reserves. per tonne. the amount Grand to similar gram with one the is there's is think I have Also be increased what we that of

than first more the what additional than XX,XXX have when ounces We we project. started

So be to its the Westwood over is two production going next Grand years. helping seed complement to Duc

then question last leave Rosebel. others, is it And my for I'll and

bit So detail that little on more one. a

season. weather So I'm QX. of - one you QX my and traditional rain at maps looking some rainy And your is your stuff. had

some So that noticed, in seems softness and could did there stockpiles It types like mill of similar the the were were I in we from. of throughput sort the pulling levels grades? And you expect well.

is that idea could so can you get out? we idea the stockpile what so of us QX an And give an shake will level where

Bruno?

Yeah.

have the of in in QX. seasonal rain. you in experience, twice XXXX. had but Rosebel So, smaller as period QX, we same starts This volume the as season Usually, amount Anita, right. it in year, a unusual you're

we So twice get. usually as much as what

limited in terms So what were capacity. we is, happened of all-in rock

So we were also. impacted

production, terms humidity. the In added greater content also and of was material

we as at these are on grade And material the stockpiles from have lower you elevated numbers. stockpiles, to rely So mentioned.

it's go that to to are we subside. mining social going distancing. the will moment, we the Right favor to additional as COVID number we limit now But have to Also, have increase site the with on going season to precise is of I number. certain restriction, capacity. have don't for So rooms the the through people HX, raining the

seasonal that in grade. with strong So grade expect toward we also additional the And a target average that better deposit to a as will the to the revert like room production. back be the forecast areas coming we at maybe rains in have sound of other where an the reserve we will in increase and we subside HX, QX which

Okay, you. thank

comes question Jakusconek ahead. of next go Scotiabank. from Our Please Tanya

Yes. question. Good morning, everyone. my Thank you for taking

Just of on mines. following off the these Anita's just question, some performance of

of through Just you Essakane, Bruno, was can go that through mean expecting as we QX. wise I talk year very costs rest cost what Maybe us you're in the high the

Certainly.

some the had high-grade, we of wonderful due we Yeah, region X. higher we material that Tanya. is X to Phase have the due Sorry, consumption complexity to increase what than very higher The in the costs material, the a of Phase forecasted.

recovery also the costs ore on royalties were Also higher of energy as bit we know. requires higher you to price region. of and Although some that higher gold due by realized consumption that more complex impacted

in had those to Also, done, repeated to are the year, So And maintenance we activity are QX. be remain quarter. not to since we coming they for expect the the within going And done to remaining going be - the some maintenance of in they're guidance.

revert planning. Essakane. target expect That's where our we a So back to cost have to profile that will

Okay.

then own. we would in of on so structure forth Essakane Is of the see the some cost just the these going of So because into relief it - bit its of for year? maintenance a that rest on the to Essakane and safe assume

depends to going many it's parameters. again, Look, on Yeah.

continue material is As impact X, going on which Phase also if - some will our be to price Also region. to know, we higher-grade to going how and fuel you be. the like, have is hit the

a we expect a, performance variance in to And Essakane overall the strong cost. for those production that terms of good But very in parameters. of good again, So have - on XXXX. depends input

just from What appears And an me correct as as I'm Maybe presentation. if to overall QX company. overall, it's I'm wrong, is the is getting going a though that Okay. maybe a of Is of Saramacca. a from QX of that And looking better with to a standpoint. production the similar because half way QX, stronger then at correct be it? year second

way looking of it, that's at think a I pretty safe Tanya.

We will rebound in But fair. a I your is overall, things. some couple assessment pretty think QX see of from

maybe, Okay. you now Gordon, And that on. have I then

inflationary to of base touch partly Just on pressures. on I you made things was a couple wanted the comments

then is cost You a But expect share it and wage Should the I X of talked Should copper, mentioned the costs with from your labor the big go your that years? looks also concrete. about portion inflation higher we few us X% steel should agreements these in, in you factoring labor wrong? Is And structure? can we seeing you what the am be or you're to next like? maybe labor. that

based signed I our guidance, And cost we've on our may and numbers now, less, have we estimates, I be your you that, a But we're those within when mean don't because bad. say or an currently. exact high. the right certainly up. really assumptions, dollars. it's They I can't with numbers will aren't even everything in They're done more share an increase. cost assumption bit U.S. of little

labor this construction said earlier, higher costs. guidance to the class specifically year, When the costs I was you So labor that is Cote. for see already incorporating relating I for

some on. area seeing. be little an it's seems eye we're an we're keeping the There of So bit estimates COVID a of in to premium

So going we're forward, of inflation to labor those and that which hard But of over bring - as we're better Rosebel costs working move seeing the remainder in sure. down. sort cost at Westwood on we side, the will production future see at more for than any to years, dominate you're

year. we the do stand at on see lastly, And just hear. I of thought And Okay, this we that's mine to looked Westwood new plan? supposed I one the good that? get catalyst. Where then I didn't to on slide were

positive ahead. get move we I mean, a decision to assuming Yeah,

information expectation looks the next Our want our year, We bit get the plan mine a remote like. revisit design development want years. place. then equipment. we'll of three the later year, we're on short-term restart expectation - of underground for multi to what of use that to that. end higher more later the We're We we'll But is coming bit out see be this some to for a of is put the putting little some in new couple this from putting able of little plan be year, our empirical certainly overall years the after towards the the least at at and looking five out also to

it have perfect. to ask leave you. I'll Okay, Thank questions. someone else

Tanya. Thanks,

Instructions] Don Paradigm comes MacLean of ahead. go Please [Operator from next Our question Capital.

things as side for And is How start as expected Is taking hardest construction of everyone. my thanks far? coming Bruno? the civil along coming civil the to and Usually, wanted questions. Gord your with so and just Well, earthworks along that Cote. that's is good I gauge. morning, to part

coming are civils the along generally, expected. as Yeah,

we're moving COVID, not is how it pretty that any look ago terms more it rock mean, mean, Yeah, getting forward. site is. have what in it's a and at Bruno few a or But around. surprises actual the sort looking I less project really I been bit. good. for quite weeks of is there a as me. mix excited is up We overburden laid seven recipe the more encountered that But I and had the really I in things and areas, following of it's out for of we less which hadn't progress, said, amazing. and with couple And It's about months, a ourselves. changed about - little which I a weird good are is little in overall, were we're

Good.

you're not situations, you're have So [ph]? finding where shift XX-feet mill footings or extra the under-rock of

overburden actually had The It's around. most way places the we other shallower than in anticipated. was

touch And $XXX on touch $XX on lease then some can that? Bruno, - Give million? of your million color versus this you just on costs us

our was the for available what was set mining fleet. project, just around So the lease when originally we anticipation,

specifically that support, we this commensurate respect point with And than those rather pieces it's costs do and to with can and and some we camp happening occur went all opportunity as how As we've that from for have into the that is develops, lease work a view, payback things when of other given having leasing, we the to is of cost if saw look leasing out project, gotten obviously, some upfront. to project additional better equipment. there much

So we at looking leasing. are

some opportunities leasing. do aggressive We to have some pretty additional

it. And buried current to continue that's estimate. the we So at what's into look

the how mining expected? cost is the that lease - does to fleet for say what you'd compared the And

yet, X% mining fleet, our all ordered we last of we the costs fleet. the The certainly what total or in month. on it think order estimate put they're here are below about haven't the X% And mining the I biggest but cost - capital was

in much come plan. pretty it's So dead-on

get over Saramacca, sequencing. At improve the grade little the the That's stellar of to can how over was said, great. hear. Can Good mind bit a the it grades we year? all. wasn't particularly more because at And on the color

let answer that. Bruno I'll Sure.

Yes, hello Don.

heart the So the in improve the at right average toward of going model. now, more once the the the our in And on we the top get nicely getting areas. grade of are we the of mining and this are you'll block we're to very to deposit of deposits, deposits because very beginning that of see project, grade some edge were at

the improve than above average to QX. for we'll And for HX, tonne right X-gram we to lower half So grade now help easy. and see nicely mainly the Rosebel its of But that the going second grade is grade year per the then in that in project. the even whole increase production be also to

sequencing per X.X of of grams the the tonne, access the as summary X-gram richest as you of for just we to right tonne. average area will But mind other per now an zone we it's some So speak Saramacca that the part are block. the will That's hit to you the get hit

Yeah.

I'd other we're model. positive to the Saramacca, with is the we respect block Don, think seeing reconciliation I - versus are add, we're, thing still

extend at coming were So the the and northwest, Saramacca you're grade - grades of and in areas. see more wise issue accessing we highest it more down to that a the are it southeast areas higher really the top-down as But mined we benches is to we to sequencing elevation northwest mined those lower as going towards the is that first, us.

beginning you've So Essakane? Bruno, reconciliation. that you the know a on positive that's snapshot we the at touch very like maybe Then security starting just encouraging it's off to at - only hear it's at least got could that

way So production QX, impacted for security we for no are or mine. the

We do. need from stakeholders we good focus us security And are and Bakken done the some by the activities are always a the And to in we There for adding are increasing keep protocols. forces. GX, in to that's some what datas country region. also region

But as situation to continue we very speak. stable We for far, monitor it's us Essakane. so at the

Perfect.

guys. you thank Okay,

Please from go Our Mike next comes National ahead. of Bank. question Parkin

Thanks for my guys. taking question. Hi,

you work it us Just on ordered of terms were prices? risk of and price either the largely reading Or in Has for mill an with hearing at cladding? there pressures of inflationary and is of you been the about it that for those any give this and locked Cote, can idea prices adjusting at are in steel framing point? steel - is

contract been the for main Most the are steel has locked of building in, the but there for building.

other the haven't structures, locked they yet. of some in the For been

then, heavy the same like are And like and Those going all equipment I mills stuff. under already? steel guess Okay. for into fabrication

the the time for costs Yeah. manufacturers steel, we most stuff, mining resolved. of has equipment of place the The Most been they'll that hedge at the mills that supply and - order. larger stuff the their of the

So in price. that to they're not exposed changes the steel

timber steel, forming. where for scaffolding there's buildings we're a concrete. and outstanding. that rebar there's of of number lot obviously and and framing a there, other is still So There's There's and

through to would And here, into get them this QX everything other that some were bits locked certainly in. up are now. by We the expect so come we there time We're yet have almost waiting to working year.

everything else Thanks for answered. been Okay, much, very me super. has That guys.

Thanks, Mike.

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

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

conference today's call. concludes This

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