How has IAMGOLD performed over the last year?

IAMGOLD had a highly successful 2024, driven largely by the ramp up of the Côté gold mine in Ontario, which achieved commercial production four months later in early August. Further, we were able to raise production guidance and lower cost guidance for both Essakane and Westwood, and we followed this up with a strong second half to achieve these improved targets by year-end. 

Specifically to Québec, Westwood had an excellent year. The mine completed its turnaround and generated nearly US$100 million in free cash flow. At Nelligan, we are developing another large-scale resource that was scarcely on the radar just a few years ago.

I am even more optimistic about 2025. We will drill 45,000 meters in Ontario and at least 30,000 meters in Québec, while completing work at Côté to achieve full-scale production. We aim to continue growing reserves and resources, targeting a minimum of 20 million oz of measured and indicated resources at Côté, expanding the million ounces of reserves at Westwood, and growing our Nelligan Camp resources to over 10 million oz.

What made Westwood such a success story in 2024?

Since starting up in 2013, Westwood struggled with seismic activity. A seismic incident in 2020 prompted a temporary closure while we completed a full review of the mine. Since restarting in 2021, we have redeveloped a considerable amount of the mine, utilizing new ground control processes and employing a revised mining method to manage the seismic energy underground. 

Our goal now is to maximize Westwood’s mill. With a 3,600 t/d capacity, we currently plan to mine around 1,200 t/d underground, with the remainder supplied by smaller satellite mines. Looking ahead, we are exploring opportunities for organic growth to fully utilize our installed capacity.

What is the potential of the Nelligan exploration project?

Nelligan is located in the highly prospective Chibougamau district. It is an asset likely to reach 10–15 million oz, with significant exploration potential both at Nelligan itself and along the surrounding corridor, including Monster Lake just 15 km to the north. Together we call this the Nelligan Camp. Despite limited drilling over the last couple years, the Nelligan Camp has quickly grown to nearly 9 million oz of Indicated and Inferred ounces. Seeking to capitalize on this potential, in February 2024, IAMGOLD acquired Vanstar Resources to consolidate 100% ownership of Nelligan.Within a few years, I believe Nelligan may rank among the largest gold resources not only in Québec, but in Canada.

How has the rising gold price shaped IAMGOLD’s performance?

The most important factor in IAMGOLD’s success, more so than the gold price, is the quality of our people. Our ability to deliver on guidance, operational and financial metrics, health and safety, and other objectives depends far more on people than on market conditions. Thanks to our success, we have been able to retain and attract talent, bringing the company to where it is today. I believe our positive stock price performance over the past year has been driven largely by the successful execution of our work.

Even so, the gold price has been beneficial to our industry. In June of this year, we will complete the delivery of the gold prepayment facility, after which we can look to pay down debt to strengthen our balance sheet. 

How is IAMGOLD contributing to the development of mining’s next generation?

Through our partnerships, such as that with Laurentian University, we have been advancing multidisciplinary approaches to modern mining. Whether in environmental or social specializations, artificial intelligence, engineering, or mechanics, we must do everything possible to attract the next generation of professionals. This work also supports our ongoing efforts to be a positive partner to our local First Nations communities.

What are IAMGOLD’s priorities looking ahead?

Our primary goal remains the continued ramp-up at Côté, as we aim to double 2024’s production in the mine’s first full year of operation. This year is an inflection point for IAMGOLD with strong free cash flow generation as our mines reach full stride. Next year, in 2026, we will publish an updated mine plan for Côté, outlining a larger mining operation that combines Côté and Gosselin into a single super-pit and targeting a subset of the total 20 million ounces of measured and indicated resources.