Iamgold Corporation Ordinary Shares

Thank you for standing by. This is the conference operator. Welcome to the I Am Gold first quarter 2023 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'll be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. At this time, I'd like to turn the conference over to Graham Jennings, Vice President, Investor Relations and Corporate Communications for IAM Gold. Please go ahead, Mr. Jennings.

Thank you, operator. Welcome, everyone, to the IAM Gold's first quarter 2023 operating and financial results conference call. Joining me today on the call are Renaud Adams, President and Chief Executive Officer, Martin Dinesen, Chief Financial Officer. Bruno Lemelin, Senior Vice President, Operations and Projects. Craig McDougall, Executive Vice President, Exploration. Jerzy Orszakowski, Executive Project Director, Cote Gold. And Tim Bradburn, Senior Vice President, General Counsel and Corporate Secretary. Before we begin, we are joined today from IAM Gold's Toronto office, which is located on Treaty 13 territory, on the traditional lands of many nations, including the Mississaugas of the Credit, the Anishinaabeg, the Chippewa and the Haudenosaunee, and the Wendat peoples. At I Am Gold, we believe respecting and upholding Indigenous rights is founded upon relationships that foster trust, transparency, and mutual respect. Please note that our remarks on this call will include forward-looking statements and refer to non-IFRS measures. We encourage you to refer to the cautionary statements and disclosures on non-IFRS measures, including the presentation and the reconciliations of these measures in our most recent MD&A, each under the heading Non-GAAP Financial Measures. With respect to the technical information to be discussed, please refer to the information in the presentation under the heading Qualified Person and Technical Information. The slides referenced on this call can be viewed on our website. I'll now turn the call over to our President's CEO, Bruno Adams.

Thank you, Graham, and good morning, everyone, and thank you for joining us today. First off, I want to thank and congratulate the IAM goal teams, including our chair, Aris Belanger, our board of directors and management, our operations, finance, and business development teams, and everyone at the organization for positioning the companies do I see this company in the future? I can tell you before officially starting in the beginning of April, I spent several weeks behind the scenes getting up to speed on the company and learning about the achievement and progress of the operations in Cote. It was clear to me then, and even more so now, that Ion Gold is high-margin gold release. Our second mine has been performing well, with the teams and country demonstrating great initiative and resiliency. Our Westwood mine is starting to make real gains on completing underground rehabilitation work and development and support of the future mine plan that is highlighted by a new and transformative initiative. And of course, all eyes Canada. I'm excited and eager to turn our market focus from looking back to looking ahead of what is to come. We will soon be making the transition from fixing operations and managing constructions towards the real value drivers in our business and demonstrating execution success, operation results and highlights. I'm on slide five. Starting with health and safety. While our metrics in the first quarter struck above our internal targets, these sure remains in line with our peers. With a days away restricted transfer duty rate of 0.6 and total recordable injury rates of 0.84 based on 200,000 hours worked. Ensuring that all our employees call to ensure we achieve zero harm. On production, in Q1, the company produced 113,000 ounces of gold on an attributable basis from continuing operations, putting us well on the path of our production guidance target of 410,000 to 470,000 ounces this year. As we will get into in a moment, the production results were Our costs were higher in the same period of last year, so the inflation that ourselves, the industry experienced in the second half of last year, was a general cost of doing business. I'm now turning to a slide set. Turning to a second. period last year. As we saw during the period last year, the mining fleet could not be operated at full capacity during January and February as a result of disruptions in the fuel supply resulting from the security situation. It should be noted, though, that the situation improved during March and the mining fleet was operating at near full capacity during April. Miltrop was in the first with throughput 31% lower than the same prior year period. The decline in throughput and lower plant utilization during the quarter is primarily due to the fuel supply constraint discussed. a potential improvement. Looking ahead, the Sakana is on track to achieve its coal production guidance range of 340,000 to 380,000 ounces to go. Mining activity is trending towards normal operating level in April, and it's expected that we will be able to operate nearer the normal levels during the remainder of the year, including the planned waste tripping in the second and third quarter to provide access to the required mining areas in order to meet Mil-tropon is expected to return to normal levels with head grain expected to decrease over the course of the year as the mill feed incorporates lower grain material from stockpiles. Turning to Westwood, gold production was 21,000 ounces of gold in the fall. safe access to multiple or phases, including high-rate passport and we expect to see an increasing proportion of our source from the underground mine as the year progresses. Mill fees will continue to be supplemented from available surface and the rehabilitation work decreased, we expect to see significant costs step down. With the goal of positioning the asset for free cash flow starting towards the end of the year, on time for a better and profitable 2024 and beyond. Turning to Cody Gulf. time at site with the team. It is very exciting to see the progress the team has made, and I could see the project firsthand. Kodi Gold, once up and running, will be Canada's third largest gold mine, and the impact that Kodi will have on this company will be substantial, with a long line Code is now ramping up to peak activity, now that the Spring Belt is nearing completion, and there is a clear roadmap in front of us to achieve success. Looking at the project spending, in Q1, the project GD incurred $158.6 million. $1.96 billion on a 100% basis. Code EGO remains on schedule, and the estimated attributable cost to complete a construction on a 70% and incurred basis is $625 to $700 million, assuming a U.S. GAT rate of 132. Thank you, Renaud.