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IAMGOLD REPORTS FOURTH QUARTER 2023 PRODUCTION RESULTS
AND COMMISSIONING PROGRESS AT CÔTÉ GOLD
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, January 22, 2024 - IAMGOLD Corporation (NYSE:IAG, TSX:IMG) ("IAMGOLD" or the "Company") is pleased to announce preliminary full year and fourth quarter 2023 production results and progress at the Côté Gold Project, located in Ontario, Canada.
Highlights
• 2023 attributable gold production of 465,000 ounces which is at the top end of the annual production guidance of 410,000 to 470,000 ounces.
• Essakane achieved attributable production in the fourth quarter of 108,000 ounces, bringing the full year production to 372,000 ounces, nearing the top end of the annual guidance of 380,000.
• Westwood achieved production in the fourth quarter of 28,000 ounces, bringing the full year production to 93,000 ounces and beating the annual guidance of 70,000 to 90,000 ounces.
• Côté Gold commissioning activities progressing well with the start-up of the primary crushing circuit ongoing. Initial production remains on track for March 2024.
• IAMGOLD to report year-end financial results on February 15, 2024 after market close.
"IAMGOLD finished the year with a strong quarter with both Essakane and Westwood achieving the highest production levels this year," commented Renaud Adams, President and Chief Executive Officer of IAMGOLD. "As a result, the Company finished the year with total annual attributable production of 465,000 ounces of gold, which was on the upper end of the annual production guidance target of 410,000 to 470,000 ounces of gold. We congratulate the Essakane team who achieved their targets while facing considerable challenges and the Westwood team who continues to execute on the plan to increase production, with a notable achievement of producing approximately 12,400 ounces in December."
"At Côté Gold, pre-commissioning and commissioning activities are progressing well," continued Mr. Adams. "Pre-commissioning of the primary crushing circuit is ongoing with full commissioning of the first mined rock delivered to the crusher via our autonomous haul trucks planned for later this week. Next steps include commissioning of the secondary crushing circuit, followed by the grinding and wet circuits towards our target of initial production towards the end of the quarter. This stage of iterative testing and project advancement is critical in order to position the project for a successful and steady ramp up of gold production through the year. Côté Gold is expected to be the third largest gold mine in Canada with an expected mine life exceeding 18 years, repositioning IAMGOLD with a strong foundation of gold production, lower cost profile and exceptional growth opportunities in Canada."
2023 Production Results
In 2023, IAMGOLD achieved attributable gold production of 465,000 ounces, at the top end of the guidance range of 410,000 to 470,000 ounces, including 136,000 ounces in the fourth quarter. Annual gold sales were 462,000 ounces on an attributable basis at an average realized gold price of $1,955 per ounce. Fourth quarter gold sales were 136,000 ounces on an attributable basis at an average realized gold price of $2,005 per ounce.
| Q4 2023 | 2023 | ||||||
| Essakane | Westwood | Total | Essakane | Westwood | Total | ||
| Gold produced, attr.1 | koz | 108 | 28 | 136 | 372 | 93 | 465 |
| Guidance | 340 - 380 | 70 - 90 | 410 - 470 | ||||
| Material mined | kt | 12,910 | - | 43,348 | - | ||
| Waste mined | kt | 9,693 | - | 33,763 | - | ||
| Ore mined | kt | 3,217 | 239 | 9,586 | 1,022 | ||
| Mill feed | kt | 3,116 | 245 | 11,283 | 1,034 | ||
| Mill feed grade | g/t | 1.32 | 3.90 | 1.26 | 3.03 | ||
| Gold recovery | % | 91% | 94% | 90% | 93% | ||
Essakane and Westwood production reported on an attributable basis of 90% and 100%, respectively.
Fourth Quarter and Full Year 2023 Financial Results
IAMGOLD will release its fourth quarter and full year 2023 operating and financial results, as well as operating outlook for 2024, after market hours on Thursday, February 15, 2024. Senior management will host a conference call to discuss the operating performance and financial results on Friday, February 16, 2024, at 8:30 a.m. (Eastern Time).
Listeners may access the conference call via webcast from the events section of the Company's website at www.iamgold.com (webcast link below), or through the following options:
Pre-register via: Chorus Call IAMGOLD Q4 Registration (recommended) - Upon registering, you will receive a calendar booking by email with dial-in details and unique PIN. This process will bypass the operator and avoid the queue.
Toll free (North America): 1 (800) 319-4610
International: +1 (604) 638-5340
Webcast: https://services.choruscall.ca/links/iamgold2023q4.html
An online archive of the webcast will be available by accessing the Company's website at www.iamgold.com. A telephone replay will be available for one month following the call by dialing toll free 1 (800) 319-6413 within North America or +1 (604) 638-9010 from international locations and entering the passcode: 0658.
