Q4 2023 IAMGOLD Corp Earnings Call

Operator: Thank you for standing by. This is the conference operator. Welcome to the Iamgold fourth 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 will be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad.

Thank you for standing by this is the conference operator, welcome to the I am Gold's fourth 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.

Operator: Should you need assistance during the conference call, you may signal an operator by pressing star then 0. At this time, I'd like to turn the conference over to Graham Jennings, Vice President, Investor Relations, and Corporate Communications, Iamgold. Please go ahead, Mr. Jennings.

Should you need assistance during the conference call you May signal, an operator by pressing Star then zero.

At this time I'd like to turn the conference over to Graeme Jennings, Vice President Investor Relations and corporate communications for Ion Gold. Please go ahead Mr journey.

Graham Jennings: Thank you, operator, and welcome everyone to the Iamgold fourth quarter and year-end 2023 operating and financial results conference call. Joining me today on the call are Renaud Adams, President and Chief Executive Officer; Martin Tennyson, Chief Financial Officer; Bruno Lemelin, Chief Operating Officer; Tim Bradburn, Senior Vice President, General Counsel and Corporate Secretary; and Jerzy Orszagowski, Executive Project Director, Coté Gold. Before we begin, we are joined today from Iamgold's Toronto office, which is located on Treaty 13 territory, on the traditional lands of many nations, including the Mississaugas of the Credit, the Anishnabeg, the Chippewa, Haudenosaunee, and the Wendat people. At Iamgold, we believe respecting and upholding indigenous rights is founded on relationships that foster trust, transparency, and mutual respect.

Thank you operator, and welcome everyone to the Iron Gold fourth quarter and year end 2023, operating and financial results Conference call.

Joining me today on the call are Renaud Adams, President and Chief Executive Officer, Martin Houston, Chief Financial Officer.

Bruno Lemelin, Chief operating Officer, Tim Bradburn, Senior Vice President General Counsel, and corporate Secretary and Jersey or does it help Chief Executive project Director Co Jay Gould.

Before we begin we are joined today for <unk> Gold's strong office, which is located on $3 13 territory on the traditional lands of many nations, including the Mississauga is of the credit Lana stomach the Chippewa isn't necessarily in the wind at peoples.

Hi involved we believe respecting and upholding in digital rights is founded upon our relationships to Foster trust transparency and mutual respect.

Graham Jennings: 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 included in 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 in this call can be viewed on our website. I'll now turn the call over to our President and CEO, Renaud Adams. Thank you, Graham. And good morning, everyone.

Please note that our remarks on this call will include forward looking statements and refer to non <unk> measures. We encourage you to refer to the cautionary statements and disclosures on non <unk> measures included in 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 of qualified person technical information.

The slides referenced on this call can be viewed on our website.

I'll now turn the call over to our President and CEO Renaud Adams.

Thank you Graham and good morning, everyone and thank you for joining us today.

Renaud Adams: And thank you for joining us today. Last year Iamgold made significant strides towards our goal of becoming a leading meat carrier gold producer. The bridging is passed to build a mining platform with a long-life cornerstone asset in Canada. As we will get into more detail shortly, Kodigo saw remarkable progress in 2020.

Last year I am go made significant strides towards our goal of becoming a leading mid tier gold producer.

Leveraging its asset to build the mining platform with a long life cornerstone asset in Canada.

As we will get into more detail shortly corrigo saw remarkable progress in 2023.

Renaud Adams: The project started the year with construction approximately 64% complete but ended the year at 98%. This progress included major milestones across the project scope, including the mechanical, piping, electrical, and instrumentation of the plant, completion of the first stage of the tailing facility, electrification of the site to the provincial hydrogrid, and initiation of a successful ramp-up of autonomous mining, making Kodigold North America's first gold mine to be designed and built for the usage of autonomous haulage, which is changing the face of mining today. Cody is poised to start production shortly, with more than 5 million tons of stockpile in place, commissioning activities ongoing, and a full handover of all primary facets of the project to the ownership team this quarter.

Where the project starting the year with construction, approximately 64% complete but ending the year at 98% complete.

This progress included major milestone across the project scope, including the mechanical piping electrical and instrumentation of the plan.

Please turn off the first page of the tailing facility.

Electrification of the slide to the prevention of hydro grid, and initiation and successful ramp ups of autonomous mining fleet.

Making coty golf Narcs American's first gold mine to be designed and bill for their use Asia proton M. As college, which is changing the face of mining today.

Corning is poised to start production shortly with more than 5 million tonnes of stockpile in place.

Commissioning activities ongoing and a fall hands off of all primary asset of the projects. So the ownership team this quarter.

Renaud Adams: Our primary focus and efforts continue to be on positioning the project for a steady ramp-up of gold production through this year to achieve commercial production in the third quarter. At a steady run rate, Koregol will be the third largest gold mine in Canada, and it's critical for the repositioning of Iamgold as the first on line. Cody provides a higher production base, a lower cost profile, and a long life of cash flow generation and growth opportunities in Canada.

Our primary focus and efforts continue to be on positioning the project for a steady ramp up of production or do you see here to achieve commercial production in the third quarter.

A steadier a steady run rate quoted all will be the third largest gold mine in Canada, and it's critical that our repositioning of fire in golf as the warrants online.

Got it provides a higher production base lower cost profile and the long life of cash flow generation and growth opportunities in Canada.

Renaud Adams: Further, over the last 12 months, the company has seen significant changes in leadership across the organization, with a renewed focus on operational excellence and accountability while continuing to build on Iamgold's strong and widely recognized sustainability practice. Operationally, I am very proud of the team, with a tributal production from continuing operations of 465,000 ounces, which was the top end of the guidance range of 410 to 470,000. I really want to congratulate the Esa Kani team who achieved their targets while facing considerable challenges within the region, and the Westwood team who continue to execute on the plan to ramp up on the ground operations while employing industry-leading underground seismic monitoring and management.

Further over the last 12 months the company has seen significant changes in leadership across the organization.

With a renewed focus on operational excellence and accountability, while continuing to build on I am gulf's strong and widely recognized sustainability practices.

Operationally I'm very proud of the team.

With attribute all of those productions from continuing operations of 465000 ounces, which was the top end of the guidance range of 410 to 470000 ounces.

Ray do you want to congratulate the team who achieved their targets while facing considerable challenges within the region and the Westwood team, who continues to execute on the plan to ramp up underground operation, while employing industry, leading underground sysmex monitoring and management.

Renaud Adams: Last night, we also announced an update to our ERM, mineral reserves, and resources, with enough increase after the depletion of the Sakana Westwood Reserve to expand the life-life of this vessel. Mineral resources saw significant increases while driving by updating Cote and Gosling as we grow our gold pipeline and future for the company. Longer term, our goals for Iamgold are to be a leading intermediate gold producer with a portfolio of fast debt-centered, around the corner assets in Canada that have a proven record and ability to generate strong, consistent free cash flows and attractive returns per share, build on our pipelines of project and strategic geography, geographies, and organically grown, and an organically grown forest. Establish ourselves as a leader amongst peers in health and safety, talent development, and ESG, including biodiversity, tailing management, water stewardship, and community health and education, and, of course, to be recognized as a leader in applying leading proven technologies that drive performance and sustainability across our business.

Last night, we also announced an update an update to our year end mineral reserves and resources.

And then map increase after deflation a secondary Westwood reserves extending the mine lives of these assets.

Mineral resources by a significant increase as well driven by updates to Coty in Golfman as we grow our Gulf pipeline and future for the company.

Longer term, our golf for island gold remains.

To be a leading intermediate gold producer with a portfolio of asset centered.

Around the corner asset in Canada.

That'll have a program of record and ability to generate strong consistent free cash flows and attractive returns for shareholders.

Built on our pipelines of project and strategic geographic aircraft fees and organically grow.

And and organically grow our assets.

Establish ourselves as a leader amongst peers and health and safety talent development, and ESG, including biodiversity Tailing management water stewardship and community health and education.

Of course to be recognized as a leader in applying leading proven technologies that drives performance and sustainability across our business.

Renaud Adams: Financially, we will prioritize returning to the 70% position in COTE with our partners Sumitomo, as well as use our cash flow to optimize our balance sheet and deliver the company to have a more efficient and balanced capital structure. With that, we will now dive into the operating and financial reasons and highlights for the quarter, starting with health and safety. The company continues to perform extremely well with a days away restricted transfer duty rate of 0.39 and total recordable injury rate of 0.69, both based on 200,000 hours. I want to take a moment to congratulate SACEIM, which achieved its best ever performance in health and safety with a days away restricted transfer duty rate of 0.06. This is a testament to the professionalism and commitment to a culture of safety for our people in Birkina Faso. Ensuring all of our employees and contractors go home safely would always be a primary focus for IAM. I would like to say that every gold ounce produced has to be done safely, and our goal continues to be zero harm. Zero harm for the people and the places where we are.

Financially, we will prioritize returning to the 70% position in <unk> with our partners to retirement as well as use of our cash flow to optimize our balance sheet and delivered a company to have a more efficient and balanced capital structure.

With that we will now dive into the operating and financial reasons and highlights for the quarter.

Yes.

Starting with health and safety.

The company continues to perform extremely well with it days away restricted transferred duty rate of zero point 39, and total recordable injury rate of <unk> 69, Oh space at 200000 hours worked.

I wanted to take a moment to congratulate us again.

Which achieved its best ever performance in health and safety with the days away restricted transfer duty rate of 0.06, yes.

This is a testament to the professionalism and commitment to our culture of safety for our people in Burkina Faso.

And train all of our employees and contractors go home safely would always be a primary focus.

I would like to say every golf rounds produce has to be done safely.

And our goal continues to be zero harm.

Harm for people and places where we operate.

Renaud Adams: On production, in the fourth quarter, the company produced 136,000 oz, bringing total annual production to 465,000 oz from an attributable basis, which was near the top end of our guidance of 410,000 to 470,000. As we will get into in a moment. The production results were driven by Esakani being able to operate without disruption and benefiting from positive grade reconciliation and a continued ramp-up in rehabilitation of underground zones at West. Our cash costs and all-in sustaining costs declined in the fourth quarter to $1,197 an ounce and $1,735 an ounce, respectively. This brings our year-to-date cash cost to $1,261 an ounce and an asset to $1,783, in line with our revised guide and estimates. On a year-over-year basis, we've seen a step-up in cost due to continued pressure on its economy, as well as sustained elevated prices from the recent inflationary period. We are seeing some signs of price easing on certain consumables. Well, on the whole, there are several costs that I have a long tail and are slow to defuse. With that, I will pass the call over to our CFO to walk us through our financial results, marking. Thank you, Renaud, and good morning, everyone.

On production in the fourth quarter. The company produced 136000 ounces, bringing total annual production to 465000 ounces on an attributable basis, which was near the top end of our guidance of 410 to 470000 ounces as.

As we will get into a moment.

The production results were driven by a kind of being able to operate without disruptions and benefiting from positive grade reconciliation and a continued ramp up in capitalizations are finely ground zones at Westwood.

Our cash cost and all in sustaining cost declined in the fourth quarter to 1197, an ounce and $1735 an ounce respectively.

This brings our year to date cash cost of $1261, an ounce and an asset to $1783 an ounce in line with our revised guidance estimates things here.

On a year over year basis, we've seen a step up of costs due to come to new pressure pressures.

As well as sustained elevated price from the recent inflationary period.

We are we are seeing some sign off price easing on certain consumable.

One on the hall, there are several costs that I have a long tail.

And and slow to decline.

With that I will pass the call over to our CFO to walk us through our financial results position Martin.

Thank you Renaud.

And good morning, everyone.

Martin Tennyson: Looking at our fourth quarter financials, revenues from continuing operations totaled $297.6 million from sales of 147,000 ounces on a 100% basis, at an average realized price of $2,005 per hour. Adjusted EBITDA from continuing operations was $110 million for the quarter and $315.1 million for the year. Adjusted earnings per share from continuing operations was $0.06 for the quarter and $0.09 for the year.

Looking at our fourth quarter financials revenues from continuing operations totaled $297 6 million from sales of 147000 ounces on a 100% basis at an average realized price of $2005 per ounce.

Adjusted EBITDA from continuing operations was $110 million for the quarter and $315 1 million for the year.

Adjusted earnings per share from continuing operations was <unk> <unk> for the quarter and nine since for the year.

Martin Tennyson: In terms of a financial position, Iamgold entered the year with cash and cash equivalents of $367.1 million, and a fully undrawn created facility, equating to a total liquidity of approximately $754 million. As further described in MDI, the company entered into a one-year extension of its creative facility in November, extending the maturity to January 31, 2026 from January 31, 2025. As part of the extension, the credit facility was also reduced, or right-sized, to $425 million based on the company's requirement for a senior revolving credit facility on its overall business. The extension allows for the credit facility to be available and non-current during 2024.

In terms of our financial position I am goes into the year with cash and cash equivalents of $367 1 million and a fully undrawn credit facility.

Equating to the total liquidity of approximately $754 million.

As further described in MDI the company into the one year extension.

Of each credit facility in November extending the maturity to January 31, 2026 from January 31 2025.

As part of the extension the created facility was also reduced or right sized to $425 million bison, the company's requirement for senior revolving credit facility on its overall business.

The extension of the us with the credit facility to be available in non current during 2024 shoot we require additional liquidity during the ramp up of Cotai and for working capital purposes.

Martin Tennyson: Should we require additional liquidity during the ramp-up of COTE and for working capital purposes? The company has received gross proceeds of $197.6 million from the Bamboo transactions, and the remaining transactions related to the sale of the early stage assets in Guinea and Mali are expected to close this year for gross proceeds of approximately $84.4 million. We note that within cash and cash equivalents, $81.7 million was held by Kotegold and $70.9 million was held by Issacab. The Kartegold UJP requires its joint venture partners to fund it in advance.

The company has received gross proceeds of 197.

6 million from the Bank group transactions and the remaining transactions related to the side of the early stage assets and gain and loss are expected to close this year for gross proceeds of approximately $84 4 million.

We note that was in cash and cash equivalents $81 7 million was held by Kartik.

And $70 9 million was helped by a CAD.

This article you J P requires its joint venture partners to fund in advance two months of future expenditures and cash calls are made at the beginning of each month, resulting in the months and cash balance approximating the following months expenditure.

Martin Tennyson: Two months of future expenditures and cash goals are made at the beginning of each month, resulting in the month-end cash balance approximating the following month's expenditure. Issa Khan normally pays a dividend in the second half of the year. As we will outline in a moment, the company's remaining funding requirement to complete construction and commissioning of Carter Gold, To bring the mine to its first goal, it's estimated to be $142 million, which includes working capital adjustments. The company believes that its available liquidity at December 31, 2023, combined with cash flows from operations, the expected proceeds from the sale of the remaining Bambook assets, and available liquidity provided by the credit facility, is sufficient for the company to fund It should be noted that the company's ability to draw on the creative facility is impacted by certain factors, including the net debt to EBITDA and interest coverage ratios of the company, which could be impacted by macroeconomic factors, and the performance of the company's existing operations.

It took an normally pays a dividend in the second half of the year.

As you will outline in a moment the company's remaining funding requirement to complete construction commissioning of <unk> gold.

To bring the mind to Firstcall is estimated to be $142 million, which includes working capital adjustments.

The company believes that its available liquidity at December 31, 2023, combined with cash flows from operations. The expected proceeds from the site of two remaining bed bug assets and available liquidity provided by the credit facility is sufficient for the company to fund 63 interest of Dakota unimproved.

Joint venture to complete the construction commissioning and ramp up of the critical project.

It should be noted that the company's ability to draw on the credit facility is impacted by certain covenants, including the net debt to EBITDA and interest coverage ratios of the company that could be impacted by macroeconomic factors and the performance of the company's existing operations.

We also announced amendments to our Gulf Peeper commitments in December we entered into a new four it's at announcement and the partial amendment to one of our existing golf P. By arrangements that effectively transfers Dakota every obligations out of this first quarter of this year into the first quarter of next year.

This was an important measure to improve the financial flexibility for the company for a reasonable cost. While we were also able to benefit from favorable vote for gold prices, particularly for the first quarter of this year, while we are commissioning kotte era production by the end of the quarter.

And with that I will pass back to and I think you're right I.

Thanks Martin.

Turning now to <unk>.

Renaud Adams: We also announced amendments to our Gold P-Pay commitments in December. We entered into a new forward sale agreement and a partial amendment to one of our existing Gold P-Pay arrangements that effectively transferred the gold delivery obligations out of the first quarter of this year into the first quarter of next year. This was an important measure to improve the financial flexibility for the company for a reasonable cost while we were also able to benefit from favorable forward gold prices, particularly for the first quarter of this year while we are commissioning Caltech's air of production by the end of the. And with that, I will pass back to Renaud. Thank you, Renaud. Thanks, Martin. I'm turning now to Esa Kani.

The mine reported attributable gold production of 408000 ounces in the fourth quarter, which was our highest quarter of production for the year, bringing total attributable production in 2023 to 372000 ounces.

Mining activities totaled $12 9 million tons in the quarter, an increase from the third quarter as operations were less impacted by the security situation within the country with minimal disruptions and fuel supply on an annual basis mining operation those 43 million tonnes, 13% lower than the pre.

Due to the impacts to the supply chain in the first and the third partners.

<unk> morning.

And then Ark ton lines up $9 6 million tonnes were approximately 24% less than the year. Prior as a result of an increase in require waste stripping as mining activities move into phase five six and seven of the pit in the second half of the year and support of the 24 and two.

Renaud Adams: The mine reported a tributal gold production of 108,000 in the fourth quarter, which was the highest quarter of production for the year, bringing total attributable production in 2023 to 372,000. Mining activities totaled 12.9 million tons in a quarter, an increase from the third quarter as operations were less impacted by the security situation within the country with minimal disruptions in fuel supply. On an annual basis, mining operations moved 43 million tons, 13 percent lower than the prior year due to the impacts on the supply chain in the first and third quarters. And Elnora Towne I, and Anarcon mines of 9.6 million tons were approximately 24% less than the year prior as a result of an increase in required waste stripping as mining activities moved into phase 5, 6, and 7 of the BIT in the second half of the year in support of Head grades increased in the quarter to 1.32 grams a ton due to positive reconciliations for the deeper benches of FAFE 5. This positive grade reconfiliation at Isekane is a trend that has continued in the early weeks of this year.

<unk> thousand and 25 mine plant.

Grades increased in the quarter to 132 grams, a tonne do deposit say rig count <unk> for the deeper benches of phase five.

This positive grade reconciliation that this economy is that a trend that has continued in the early weeks of this year. However, head grades are still expected to decline in line with the recent life of mine plan as volume from Phase phase six and seven increase and from increased proportion of stockpiles.

Yeah.

On a cost basis as a kind of reported fourth quarter cash cost of 1132 per pounds and then all in sustaining cost.

Two $1548 an ounce a significant improvement from the prior quarter yet year over year. The cost profile is increase with 2023 annual cash costs of 1181 per ounce and an ASIC off $1521 an ounce.

This increase in this kind of cost profile over the last 12 to 18 months is attributed to a combination of the lagging impact from deflation.

Your bottoms up operating waste from increased strip ratios as the mine enters new faces the impact of security situation, resulting in higher land that fuel prices transportation and camp costs as well as higher labor cost due to appreciation in the local currency.

Renaud Adams: However, head grades are still expected to decline in line with the recent Life of Mine plan as volumes from phases 6 and 7 increase and from an increased proportion of stockpiles. On a cost basis, as the county reported, 4 quarter cash costs of $1,132 per pound and an all-in sustaining cost of $1,548, a significant improvement from the prior quarter, yet year-over-year, the cost profile has increased with 2023 annual cash costs of $1,181 per ounce and an ASIC of $1,521. This increase in the secondary cost profile over the last 12 to 18 months is attributed to a combination of the lagging impact on deflation, higher volumes of operating waste from increased strip ratios as the mine enters new phases, the impact of the security situation resulting in higher landed fuel prices, transportation and camp costs, as well as higher labor costs due to appreciation in the local. In addition, last year, we saw the government of Burkina Faso implement an updated royalty rate that settled the in-country legal proceedings on the 2018 handling of carbon fines. Looking ahead, Sakana is expected to produce 330,000 to 370,000 ounces at a cash cost of $1,300 to $1,400 an ounce and an ASIC of $1,675 to $1,800 per ounce.

In addition last year, we saw the government of Burkina Faso implement an updated royalty rates that we felt all the in country legal proceedings.

Proceedings under 2018 handling of carbon fine.

Looking ahead <unk> is expected to produce 330000 to 370000 ounces at a cash cost of 1300 to $1400 an ounce and in a sector with 1006 675.

<unk> $1800 per ounce. These metrics are in line with the updated 43 101 and life of mine plan, we announced for a second in December.

And then our current mine plan 2024 represents the last year of significant sustaining capital, which is expected to decline to decline, notably in the later years of the mine plan, assuming no further extension of mine life.

The updated technical report, we released in December demonstrated the successes of teams.

At delineating additional ounces with the site security within the site security parameters.

Which contributed to an increase in our mineral reserves and resources inventory and more than offset the mine production Deflations in 2023.

As of December 31, 2023.

<unk> has proven and probable reserves of $2 2 million ounces at an average grade of one one grams a tonne.

Which open pit reserves were estimated to be $1 8 million ounces grading 132 grams.

Renaud Adams: These metrics are in line with the updated 43-101 and Life of Mine plan we announced for a second time in December. Under the current mine plan, 2024 represents the last year of significant sustaining capital, which is expected to decline notably in the later years of the mine plan, assuming no further extension of mine life. The updated technical report we released in December demonstrated the successes of a team, delineating additional answers with the site security within the site security parameter, which contributed to an increase in our mineral reserve and resources inventory and more than offset mine production depletions in 2023. As of December 31st, 2022.

As a result, we were able to extend the mine life of this economy. In addition, all of the year for mining visibility for the next five years of operations of the product.

At the project with considerable cash flow generation generating potential.

Particularly as.

Our stripping requirements declining in later years.

We continue to seek opportunities for further extension of the mine life of mine as we continue to advance in 2024.

Turning to Westwood.

The fourth quarter represented the highest quarter of gold production since the mine restarted in 2021 with 28000 ounces of gold produced.

Produced bringing the total annual production last year to 93000 ounces the higher production from fourth quarter as a result of the ramp up of underground operations.

<unk> increased volumes.

Renaud Adams: As a county, it has a proven and probable reserve of 2.2 million ounces at an average grade of 1.1 grams a tonne, of which the hope and fit reserve were estimated to be 1.8 million ounces grading 132 grams. As a result, we were able to extend the mine life of Esakane for an additional year, providing visibility for the next five years of operations of the project with considerable cash flow generating potential, particularly as stripping requirements decline in later years. We continue to seek opportunities for further extension of the mind, the life of the mind, as we continue to advance in 2000. Turning to go westward.

Of higher grade ore for the mill feed and the introductions of higher grade material from the <unk> deposit.

Our mine from underground totaled 77000 tons in the fourth quarter contributing to an average head grade from underground or 792 grams a tonne.

Which is the highest grades from underground in nearly six years.

Since the Q1 2018.

As rehabilitation efforts has allowed access to previously closer close higher grade underground stopes.

The mill throughput in the first quarter. So the fourth quarter 2023 was 345000 tonnes at an average head grade of <unk> 339 grams.

The mill availability in the fourth quarter was rather low at 78%, which compared with 95% in the prior year period. This was due to unplanned maintenance on the Sag mill liners and apron feeder.

Renaud Adams: The fourth quarter represented the highest quarter of gold production since the mine restarted in 2021, with 28,000 ounces produced, bringing the total annual production last year to 93,000. The higher production in Saltwater is the result of the ramp-up of underground operations, supplying increased volumes of higher-grade ore for the mill feet, and the introduction of higher-grade material from the fayal deposit. Ore mined from underground totals 77,000 tons in the Forth Water, contributing to an average head grade from underground ore of 7.92 grams per ton, which is the highest grade from underground in nearly six years, as rehabilitation efforts have allowed access to previously closed higher grade undergrads. The miltrow put in the first quarter to the fourth quarter of 2023 was 245,000 tons at an average head grade of 3.3 to 3.9 grams. The mill availability in the fourth quarter was rather low at 78%, which compared with 95% in the prior year period. This was due to unplanned maintenance of the shagging mill liners and apron feeders.

The cost profile for Westwood continues to see improvements with the increase in production.

Cash cost averaged $1434 and now in the fourth quarter, which was also a record since.

Restart of operations and notably includes an estimated $190 an ounce of cost.

<unk> to the lava and ensure that you all that's why has expanded due to the sharp turn Airbus mining the deposit.

On an all in sustaining cost basis Westwood operated may setup.

$2049 an ounce in Q4.

Which compare well with the realized gold price of $1989 an ounce.

Further.

When adjusted for positive working capital movement, Westwood actually returned positive mine site free cash flow into fourth quarter and.

An important step and has returned to profitability.

Looking ahead to this year Westwood Gulf production is expected to be in the range of 100, thousands of 120000 ounces and 24.

With an increasing proportion of ore sourced from the underground mine at higher grades.

Production levels are expected to be higher in the first half of 'twenty four due to mine sequencing and the underground mine.

Renaud Adams: The cost profile for Westwood continues to see improvements with the increase in production. Cash costs averaged $1,434.94, which was also a record, and the restart of operations. And notably includes an estimated $190 an ounce of cost related to the development in Kuret Fayyaw that was expanded due to the short-term mining at the depot. On an all-in sustaining cost basis, Westwood, Aberdeen, and Aysburgh. $2,049 an ounce in Q4, which compares well with the realized gold price of $1,989.

As as a supplementary mill feed from sorry, others replace with lower grade material from Grand Duke in the second half of the year.

Cash costs at Westwood are expected in the range of 5250 to 1375 are installed and the AC <unk>.

<unk> are expected in the range of 800 to $2000.

With the decrease driven by the expected increase in production and reduced underground rehabilitation.

Staining capital expenditure. This year are expected to be essentially flat year over year at approximately 65 million.

As lower habitation is offset with increased underground development as well as an increase in capital for the renewal of the ball Bonder sleek fleet and fixed equipment.

Renaud Adams: Further, when adjusted for positive working capital movement, WESTWOOD actually returned positive mindset-free cash flow in the fourth quarter, an important step in its return to profitability. Looking ahead to this year, Westwood Gold production is expected to be in the range of 100,000 to 120,000 ounces in 2024, with an increasing proportion of ore sourced from the underground mine at higher grades. Production levels are expected to be higher in the first half of 2024 due to the mine sequencing in the underground mine, as the supplementary meal feed from Frioli is replaced with lower grade material from Grand Duke in the second half.

Looking at the long section of the mine here on the right.

Can see the increase in underground mining activity in the central and West corridor.

Region of the mine, which were essentially shut down prior to their rehabilitation program of the last two years.

We currently have eight zones, but a total of 10 zones that we're targeting in 2024 utilizing a revised mining metadata pillar last pyramid stope sequencing to deflect assessment stresses to the outside of the operating areas.

Since the reopening of the mining 2021, we have now proven that we can mine and as higher grade zones.

Renaud Adams: Cash costs at Westwood are expected in the range of $1,250 to $1,375 per ounce sold, and the ASIC per ounce sold is expected in the range of $1,800 to $2,000, with the costs driven by the expected increase in production and reduced on-the-ground rehabilitation. Sustaining capital expenditure this year is expected to be essentially flat year over year at approximately 65 million, as lower rehabilitation is offset with increased underground development, as well as an increase in capital for the renewal of the mobile fleet and fixed equipment. Looking at the long section of the mine here on the right. We can see an increase in underground mining activity in the central and west corridors, regions of the mine which were essentially shut down prior to the rehabilitation program of the last two years. We currently have eight zones, but we have a total of 10 zones that we are targeting in 2010. Utilizing a revised mining method of pillar-less pyramid-style sequencing to deflect seismic stresses to the outside of the operating area.

<unk> in a meaningful changes the Westwood complex inventory.

Westwood mineral reserve, including the Grand DUC, the Grand Duke open tax increase of 109% from 582000 ounces to one 2 million ounces net of depletion with grades increasing 26% to 7% <unk> 14 grams a tonne.

Got it.

Excluding grander.

Underground mineral reserves were estimated at one 1 million ounces at an average grade of 10 six grams a tonne.

In the second half of the year I am Gulf plans to file an updated Ni 43, 101 technical report telling their results are foregoing mine optimization efforts and strategic assessment.

A bit of the Westwood complex.

Okay.

Turning to cortisol.

The projects are remarkable progress last year.

No. When you look at these pictures you may not see significant visual obsession from last quarter aside from the snow copper.

As at the end of the third quarter, all major infrastructure was in place and our focus we're shifting to completion of piping electrical and instrumentation as well as demobilizing circumstance tractors and ramping our pre commissioning and commissioning activities.

Renaud Adams: Since the reopening of the mine in 2021, we have not proven that we can mine in this higher-grade zone. Resulting in meaningful changes to the Westwood complex in Bend. Westwood Mineral Reserve, including the Grand Duck and the Grand Duke Open Taps, increased 109% from 582,000 ounces to 1.2 million ounces, net of depletion, with grades increasing 26% to 7.14 grand per ton goal. Excluding Grandeur, the underground mineral reserve was estimated at 1.1 million ounces at an average grade of 10.6 grams. In the second half of the year, Iamgold plans to file an updated and I-43-101 technical report detailing the results of ongoing mine optimization efforts and strategic assessment of the Westwood complex. Turning to Kotigo,

With with first of all on the Horizon, we're now executing and ramping up commissioning activities with <unk>.

Vertically working through their slow ship, starting on the dry side before bringing it together with the wet circuits.

Looking at the pictures starting at the top left.

Is the view of the processing facilities with four primary structures and yellow off note.

The first is the primary crusher and therefore grow.

Which you can also see in the photo of the site facilities photo in the top metal.

This was commissioned in mid January where minds rock were delivered to the crusher be autonomous haul trucks.

The cross material was then conveyed and screened for size sort of screening building, which is a facility. The facility is photo into building into upper left of the picture.

Renaud Adams: The projects are making remarkable progress. Though, when you look at these pictures, you may not see a significant visual change from last quarter, aside from the snow cover. As at the end of the third quarter, all major infrastructure was in place, and the focus was shifting to completion of piping, electrical, and instrumentation, as well as demobilizing certain contractors and ramping up pre-commissioning and commissioning, with the first goal on the horizon, now executing and ramping up commissioning activities, methodically working through the flow sheet starting on the dry side before bringing it together with the wet. Looking at the pictures The first is the primary crusher in the four, which you can also see in the photo beside the facilities photo in the top middle.

And located between the wet processing bidding and adopt before being conveyed and deposited at of course, all of them, which you can see in the top right of the page.

We are not working on commissioning of the secondary crushing building, which comes in the HB Jr.

In the bottom left.

From there the crushed ore is coming be back and forth from the screening building before being deposited and define our band which is the the white silo you can see the slide the secondary crushing building as seen in the last picture.

This step would account for a total of three of the four buildings and all conveyors, having been commission.

After this.

The final <unk> conveyed into the processing plant, where it passes into the ball mill.

In the bottom center photo and then through the remaining circuits of the plan, which is termed as the website.

Renaud Adams: This was commissioned in mid-January, where mine rocks were delivered to the crusher via our autonomous haul truck. The crushed material was then conveyed and screened for size through the screening building, which is the facility's photo in the building in the upper left of the picture and located between the web processing building and the dome, before being conveyed and deposited in the coarse ore dome, which you can see in the top right of the page. We are now working on commissioning the secondary crushing, which comes into HPGR thin at the bottom. From there, the crushed ore is conveyed back and forth from the screening building before being deposited in the fine ore bin, which is the white silo you can see beside the secondary crushing building, seen in the upper left picture.

As far as auto progress of note as I mentioned, we are nearing a major milestone with the fall hands off a false assets of the project to the ownership team.

Mining activities, which startup with the first autonomous truck over a year ago programs very well over the year with now over 5 million tonnes of stockpile available and in place.

Final deliverable.

Include the backend of the plant.

Where final mechanical completion of the detox and electro winning circuits and nearing completion.

Taken together, we are ready and very excited to turn to chapter on cortex.

And bring it online for the benefit of our shareholders.

Martin you can walk us through the remaining project expenditure place and chaparral familiar.

Thank you.

Renaud Adams: This step would account for a total of three of the four buildings and all conveyors having been commissioned. After this, the final is conveyed into the processing plant where it passes into the ball mill and the bottom center photo and then through the remaining circuits of the plant, which is termed as the web. As far as other progress of note, as I mentioned, we are nearing a major milestone with the full hands-off of all facets of the project to the ownership. Mining activities, which started with the first autonomous truck over a year ago, have progressed very well over the year, with now over 5 million tons of stockpile available. The final deliverable includes the back end of the facility, where the final mechanical completion of the detox and electrowinning circuit is nearing completion. Taken together, we are ready and very excited to turn the chapter on and bring it online for the benefit of our show. Martin, could you walk us through the remaining project expenditure, please, in capital? Thank you, Renaud.

Since commencement of construction and up to December 31, 2023.

100% basis Dakota project as incurred $2 seven at $6 billion of the planned $2 $96 billion of project expenditures.

The remaining expenditures to achieve first gold is estimated to be $179 million for the project as all of that 100%, which will bring the total cost to first gold in line with the $2 96 billion estimate.

There is an estimated $40 million of expenditures that will be incurred post the first call date for additional required infrastructure and Earth Road projects.

Our remaining funding obligation for the project expenditure up to first gold.

On a 63% interest.

Incorporating changes of working capital leases and adjustment to the cash bonds held by the huge IP is $142 million.

Which as I noted earlier can be funded with the $367 million of cash on our balance sheet as well as operating cash flows and other sources of liquidity we discussed earlier.

Martin Tennyson: Since commencement of construction and up to December 31, 2023, on a 100% basis, the Caltech project has incurred $2.786 billion of the planned $2.96 billion of project expenditure. The remaining expenditures to achieve first gold are estimated to be $179 million for the project as a whole at 100%, which will bring the total cost to first gold in line with the $2.96 billion estimate. Additionally, there is an estimated $40 million of expenditures that will be incurred post the first call date for additional required infrastructure and earthwork projects. A Remaining Funding Obligation for the Project Expenditure up to 1st Gold Based on our 60.3% interest, and incorporating changes in working capital, leases, and an adjustment to the cash balance held by the UJP, is $142 million, which, as I noted earlier, can be funded with the $367 million of cash on our balance sheet as well as operating cash flows and other sources of liquidity we discussed earlier.

Turning to the high level occupancy Cotai and everything I will be quoting year is 100% basis I will draw your attention to the top right. We outlined an expectation for capital expenditures. This year. In addition to the construction related expenditures, we just highlighted.

We estimate that $40 million of operating expenditures relating to mailing surface cost administration and indirect cost that will be incurred during commissioning ramp up and up to commercial production will be capitalized and reported as capital expenditure.

These costs represent inefficiencies experienced by the project is ramping up and not operating at design capacity, while the operational team has been fully hired.

The estimated capital expenditures related to operations between 24, excluding capital waste stripping totaled $145 million.

These expenditures will be incurred through the year and includes $60 million for the expansion of the Nic states of the tailings management facility.

<unk> 50 million for equipment purchases, including additional haulage trucks drove and other mobile equipment and $5 million related to other owners cost capital projects.

Martin Tennyson: Turning to the high-level article for Cote, and everything I will be quoting here is on a 100% basis. I will draw your attention to the top right, where we outline an expectation for capital expenditures this year in addition to the construction-related expenditures we just highlighted. We estimate that 40 million of operating expenditures relating to milling, surface costs, administration, and indirect costs that will be incurred during commissioning, ramp up, and up to commercial production will be capitalized and reported as capital expenditure. These costs represent inefficiencies experienced by the project as it ramps up and not operates at design capacity, while the operational team has been fully hired. Estimated capital expenditures related to operations for 2024, excluding capital waste stripping, total $145 million.

Then finally, we estimate $50 million to be incurred for capitalized waste stripping.

It is worth highlighting that total capital expenditure in 2024 are expected to be higher than the life of mine average as the main product basis with the completion of the construction of <unk>.

<unk> tailings dam footprint and increase the volume of material mined.

Over to you and I. Thank you again Martin production. According golf on the 100% basis is expected to be between 220000 to 190000 ounces in 2020 for.

This estimate assumes that following initial gold productions in late Q1.

The operations ramp up in the second quarter 2024, and commercial production is achieved in the third quarter 2020 for.

Martin Tennyson: These expenditures will be incurred through the year and include $60 million for the expansion of the next sites of the Tilings Management Facility, $50 million for equipment purchases, including additional hoardage trucks, drills, and other mobile equipment, and $35 million related to other owner's cost capital projects. Then, finally, we estimate $50 million to be incurred for capitalized waste stripping. It is worth highlighting that Kotech Capital's expenditures in 2024 are expected to be higher than the life of mine average as the mine progresses with the completion of the construction of the full tailings dam footprint and increases the volume of material mining. It's over to you, Ronald.

The company defines commercial production has an average throughput of vimeo of 60% over a period of 30 days.

We are targeting court date to exit the year at a throughput rate of approximately 90% nicely.

During the ramp up of the project and until commercial production is cheap it is rather difficult to provide a good indication of operating cost estimates.

But at school at the golf achieved 90% throughput existing the year, we estimate cash costs.

At the time to be in the range of approximately 700 to $800 an ounce.

And then a sick of 11 100 to $200 an ounce so.

Renaud Adams: Thank you again, Martin. Production at Kodigo on a 100% basis is expected to be between $220,000 and $290,000. 2024. This estimate assumes that following initial gold productions in late Q1, the operations ramp up in the second quarter 2024 and commercial production is achieved in the third quarter of 2024. The company defines commercial production as an average throughput of the meal of 60% over a period of 30 days.

With further decreases as volume as volumes increase and as we moved through the lagging impacts of the recent deflation on contracts for consumables.

This bring us to what is the future of <unk>.

We announced an updated mineral resource and reserve estimate for Coty and Gosden last night, that's a material increases in inventory at both of these deposits.

Coty mineral reserve on a 100% basis increased by 436000 ounces to seven 6 million ounces with grades increasing 5% to 101 grams, a tonne golf the.

Renaud Adams: We are targeting COTE to exit the year at a throughput rate of approximately 90%. However, during the ramp-up of a project and until commercial production is achieved, it is rather difficult to provide a good indication of operating costs. But as Goethe-Gauld achieves 90% throughput exceeding the year, we estimate cash costs at the time to be in the range of approximately $700 to $800 an ounce and an ASIC of $1,100 to $1,200 an ounce only, with further decreases as volumes increase and as we move through the lagging impact of the recent depletions on contracts for consumers. This brings us to what is the future of COVID.

The increase in ounces west primarily driven by the increased grade of program mineral reserves to 109 grams a tonne.

Gold based on the increase and stockpiled inventory and the ongoing great control drilling program.

On a resource basis, Cholagogue measured and indicated mineral resources increased one 9 million ounces.

Our 18% to $12 1 million ounces.

Ah Gosling the.

The drilling completed since the main and resources has been extremely effective with an updated mineral resource estimate on a 100% basis, all 4 million <unk>.

Renaud Adams: We announced an updated mineral resource and reserve estimate for Cody and Gosman last night that showed some material increases in inventory at both of these deposits. At Cote, the mineral reserve on a 100% basis increased by 436,000 ounces to 7.6 million ounces, with grades increasing 5% to 1.01 grams per tonne gold. The increase in ounces was primarily driven by the increased grade of proven mineral reserves to 1.09 grams a ton of gold based on the increase in stockpiled inventory and the ongoing great control drilling program. On a resource basis, Cote d'Ivoire, Mesuré, and Indiqué de Mer, our resources increased 1.9 million pounds, 18% to 12.1 million. The drilling completed since the maiden resources has been extremely effective, with an updated mineral resource estimate on a 100% basis of 4.4 million.

Indicated gold ounces and 3 million inferred ounces.

This represents an estimated increase of $1 1 million ounces and indicated and one 3 million ounces and infer representing 32% and 74% increase respectively.

This expansion of the Goslin resource was the result of the 35000 meter drill program completed over the last two years.

This year, we are planning an additional 35000 meter targetting the central zone between the pit shelf, where we see indication of concentration of mineralization and hydro terminal breakfast as well as some deeper holes to understand the continued thier mineralization below the current pit shelf.

The updated resource.

Gosling.

Very exciting for the project.

<unk> is a very large scale deposits sitting amazingly adjacent to coty.

That when combined together have business Tomatoes, total measured and indicated mineral resources of $16 5 million ounces with an additional $4 2 million ounces of inferred.

Renaud Adams: Indicated Gold Ounces and 3 Million Infertile. This represents an estimated increase of 1.1 million ounces in indicated and 1.3 million ounces in inferred, representing a 32% and 74% increase, respectively. This expansion of the Gosselin resource was the result of a 35,000 meter drill program completed over the last two years. This year, we are planning an additional 35,000 meters, targeting the central zone between the pit shells, where we see indications of continuation of mineralization and hydrothermal breaches, as well as some deeper holes to understand the continuity of mineralizations below the current pit shell. The updated resource at Garfinth is very exciting for the project. Gosselin is a very large scale deposit sitting immediately adjacent to Kotin, that when combined together have an estimated total measured and indicated mineral resources of 16.5 million ounces with an additional 4.2 million ounces of infertile, putting the project on an exclusive company of large-scale Canadian assets.

Putting the project an exclusive company, our large scale Canadian assets.

The August 2020 to life of mine plan model was built on mineable reserves.

And 30 million tonnes of material for just over 7 million ounces.

However.

When investors constitute a combined global resource inventory of Dakota Gold project with its size and scope and for our mine that is effectively bill. This is very compelling potential offer for our shareholders.

As I've said before.

<unk> today is a project but.

But we believe strongly that this is the start of a mining camp.

And that it will provide a strong foundation for iam goal for many years to come.

With that I would like to pass the call back to the operator for the Q&A.

Thank you.

We will now begin the question and answer session.

To join the question queue you May Press Star then one on your telephone keypad.

Renaud Adams: The August 2022 life of mine plan model was built on mineable reserves of 230 million tons of material for just over 7 million. However, when investors consider the combined global resource inventory of the Cote d'Ivoire project for its size and scope, and for a mine that is effectively built, this is a very compelling potential offer for our shareholders. As I've said before, today is a project. But we believe strongly that this is the start of a mining camp and that it will provide a strong foundation for Iamgold for many years to come. With that, I would like to pass the call back to the operator for the Q&A.

You'll hear a tone acknowledging your request.

If youre using a speakerphone please pick up your handset before pressing any Q.

To withdraw your question. Please press Star then two.

The first question comes from Wayne Lam with RBC. Please go ahead.

Yeah. Thanks, good morning, guys.

I'm just curious at a co pay.

Cost guidance implies about.

$100 million towards sustaining capex and capitalized stripping and there seems to be a bit more spend posts for school budgets versus the 22 mine plan just wondering how much of the $145 million Capex has been earmarked.

For sustaining versus non sustaining and then is there a potential for upward revision to our guidance.

Operator: Thank you. We'll now begin the question and answer session. To join the question queue, you may press star then 1 on your telephone keypad.

A greater proportion of that falls under the sustaining portion.

Okay.

Good good morning.

So.

Wayne Lam: You'll hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. The first question comes from Wayne Lam with RBC. Please go ahead. Yeah, thanks. Good morning guys.

With the accounting guidelines changing we react to reports.

Our revenue and cost of sales from Coors calls.

And then you've got the impact of costs.

Being inefficient during the ramp up period up to commercial production.

That creates that additional $40 million that we have in there, but what it also does is it's difficult for us to have exact measurements of what is construction capital or long term capital and sustaining capital until we actually know these achievements. So we cannot really give.

Renaud Adams: Just curious, Kote, the cost guidance implies about $100 million towards sustaining CapEx and capitalized stripping, and there seems to be a bit more spend post-first goal budget versus the 2022 mine plan. Just wondering how much of the $145 million CapEx has been earmarked for sustaining versus non-sustaining and then is there a potential for upward revision to ACIC guidance if a greater proportion of that falls under the sustaining portion Good morning, good morning.

Accurate estimates of sustaining capital.

145 million that we've included in the capital guidance.

Is roughly in line with what we had in the technical report.

And then similarly with the sustaining capital in those one cost we expect to decrease as well as the over the life of mine. So if you take out the construction capital the accounting we the capitalist in line with the technical report.

Martin Tennyson: So, with the accounting guidelines changing where we have to report our revenue and cost of sales from first gold, and then you've got the impact of costs being inefficient during the ramp-up period up to commercial production. That creates that additional 40 million that we have in there, but what it also does is it's difficult for us to have exact measurements of what is construction capital or long-term capital and sustaining capital until we actually know these achievements. So we cannot really give accurate estimates of sustaining capital.

Okay.

Okay, great. Thanks, and then may be at Westwood can you talk about some of the rehabilitation.

<unk> work done on the ground that gives you a greater.

Greater confidence in ramping up the output rates there and then just what proportion is budgeted from the mainland or ground this year versus some of the satellite.

With regards to <unk>.

With regards to Westwood.

The stability of the mine.

There's a lot to do with the change of the mining there.

The mining method sequencing there is no doubt.

Martin Tennyson: The 145 million that we've included in the capital guidance is roughly in line with what we had in the technical report and then similar with the sustaining capital and those one costs, which we expect to decrease as well over the life of the mine. So if you take out the construction capital, the accounting, the capital is in line with the technical report. Okay, great. Thanks.

It is not that it has eliminated systemic activities, but he had to reduce it to the point of the energy is so low that it does not to start.

We still have obviously this is a systemic area like for mining.

But the change and how we addressed the mining the matter to sequencing as reduce the energy to a very very low level. So this is the main key aspect of course, depending on the area. We have adapted like very specific approach to ground support and monitoring and so forth. So.

Renaud Adams: And then maybe at Westwood, can you talk about some of the rehabilitation and geotech work done underground to give you greater confidence in ramping up the output rates there? And then just what proportion is budgeted from the main underground this year versus some of the satellites? With regard to the stability of the mind, there's no doubt that it has a lot to do with the change in the mining method, the mining method sequencing. There's no doubt that it has eliminated This is a video presentation on how to do seismic activities, but it has reduced them to the point where the energy is so low that it does not disturb. We still have, obviously, this is a seismic area, like for mine.

This is like what I would call more of like a global recipe then just like one actions in particular, but after likewise nearly nearly two years now without any event and the monitoring of the activities and and we continue to see very low energy depleted as a result of <unk>.

We believe that the recipe is successful and getting.

So that's what I can say about that.

With regards to the to the mine plans per se.

Wed like to say that we'd like to achieve probably in the range of 902 to 1000 tonnes a day from the underground as part of the.

Renaud Adams: But the change and how we address the mining, the meta, the sequencing has reduced the energy to a very, very low level. So this is the main key aspect. Of course, depending on the area, we have adopted a very specific approach to ground support, and monitoring, and so forth. So this is what I would call more like a global recipe than just like one action in particular.

Of the of the plan for the year.

Okay, great that's good color and good to see.

The ramp up there.

Just last one for me.

Essakane can you just comment on the security situation in the region and the ongoing management of getting fuel and supplies to pay.

Renaud Adams: But after nearly, nearly two years now, without any event, and the monitoring of the activities, and we continue to see very low energy depleted, you know, as a result of the seismic, we believe that the recipe is successful and will, So that's what I can say about that with regard to the mine plans per se. We'd like to say that we'd like to achieve probably in the range of 900 to 1000 tons a day from the underground as part of the plan for the year. Great, that's a good color and good. The last one for me, can you comment on the security situation in the region and the ongoing management of getting fuel and supplies to site? I'd like to say that, as we mentioned in our remarks, we've been quite stable for us. Of course, we're not pretending, you know, that security has changed for the better in Burkina Faso.

I'd like to say that has been mentioned in our remarks as we've seen.

Quite stable for us of course, we're not pretending you know that the securities change defined in Burkina Faso.

It's a continuous monitoring but when it comes to the mind when it comes to our activities when it comes to to conveying our supplies to site.

We've put in place very very strong security protocols.

As we've mentioned before we do not.

As you know a ground transportations for labors and workforce.

Actually that's part of the higher cost of course, when we referred to transportation costs for labor.

So we fly people around we use shoppers around there. So I think like we say you know everything is about safety and about keeping our people. So.

It has proven to be working for us so far but has the country per se.

We're well aware of you and all of that Unfortunately, and also some situations continue sometimes.

Renaud Adams: It's continued monitoring, but when it comes to the mine, when it comes to our activities, when it comes to conveying our supplies to sites, we've put in place very, very strong security protocols. As we've mentioned before, we do not use, you know, ground transportation for laborers and the workforce. We actually, that's part of the higher cost, of course, when we refer to transportation costs for labor. So, we fly people around; we use choppers around there. So, I think, like we say, everything is about safety and about keeping our people. So, it has proven to be working for us so far, but as for the country per se, we're well aware that, unfortunately, some situations continue sometimes and military activities. But in our case, we've been now for pretty much the whole year, you know, proving that our protocols in place work well and we keep everyone safe. Okay, perfect. Thanks for taking my questions and best of luck in the months ahead.

Military and all activities, but but in our case, we've been now pretty much the whole year you know.

Moving that.

And that our protocols in place that works, well and we keep everyone safe.

Okay perfect. Thanks for taking my questions and best of luck in the months ahead.

Thank you.

The next question is from Anita Soni with CIBC World markets. Please go ahead.

Good morning, or node and so.

So a few questions just on Westwood I think he said that the reserves excluding the grant the open pit reserve for me Andy.

<unk> got about 10 gram per tonne material. So if I'm modeling like the addition, our life of mine and extending that would I be using 10 grams.

Well, Peter and Gerry dilution that actually be thinking about.

Well I mean like if our.

The updated 43 101 will it be based of course on the updated mineral reserve and resource, which rise as such in a $1 1 million ounce.

I'll find the ground material leveraging about 10 five times now you need to get to the to their ramp up situations to leverage Charles we're not pretending that this year won't be necessarily at 10 six grams per tonne, because we're still working in and.

And positioning ourself in all those zones, but as we advance in time, it's fair to say that the underground mine should be performing at that reserve level.

Wayne Lam: Thank you. The next question is from Anita Soni with CIBC World Markets. Please go ahead.

Yes, I don't have it ramping up until about.

Anita Soni: Well, I mean, like if our updated 43.101 will be based, of course, on the updated mineral reserve and resource, which was as such, you know, 1.1 million now of underground material, leveraging about 10.5 grams a ton. Now, you need to get to the ramp-up situations to leverage those. We're not pretending that this year we'll be necessarily at 10.6 grams a ton because we're still, you know, working and positioning ourselves in all those zones. But as we advance in time, it's fair to say that the underground mine should be performing at the reserve level. Yeah, I don't have it ramping up until about 2020.

Yeah, So like I mentioned like 911000 tonnes tonnes a day, we see the mine down the Royals capable product base to be more than I can have thousands of 1200 tonnes a day.

Shave 799 grams, a tonne. So we are systematically moving up you know from 'twenty one to 'twenty three.

We're now I've raging on all of the eight grams, a ton and we continue to or two to improve you know from the six or so we were at the start of the year.

So I'm very comfortable to say that as we advance in 'twenty four should everything works well, we should start seeing those level upgrades towards the end of the year.

Perfect. Thanks, and then secondly on <unk> I just wanted to can you remind me what nameplate capacities and modeled the technical report you guys deliver it in a in mid December but the.

Renaud Adams: Yeah, so like I mentioned, like 900 to 1100 to 1000 tons, tons a day. We see the mine down the road capable of being more like 1000 to 1200 tons a day. We've achieved 7.9 grams a ton. So we're systematically moving up, you know, from 21 to 23. We're now averaging almost eight grams a ton, and we continue to improve, you know, from the six or so we were at the start of the year. So I'm very comfortable to say that as we advance in 24, should everything go well, we should start seeing those levels of greatness towards the end of the year. Okay, thanks. And then, secondly, on Essocaine, I just want to, can you remind me what the nameplate capacity is?

Press release says that we will be operating at nameplate I just wanted to make sure that's still left from the technical point.

Yeah. So on an average basis. So is that kind of escape of vault to operate in the range of Thats already a price of 36000 tons a day.

Okay.

Okay.

And then just moving to <unk>.

To close I, just wanted to get an understanding of the cost. So I guess, there was $50 million of costs that you said you would capitalize over and above what you would consider the normal run rate. So.

So anything above the 700 and I guess, you said seven to $800 per ounce and total cash costs.

Any light you determine that that's the that's the normalized sort of cost structure. That's first year anything above that is what's going to get capitalized in the $50 million is that the case.

Good morning, Anita so that $40 million.

Is.

That.

Renaud Adams: I modeled the technical report you guys delivered in mid-December, but the press release says that we will be operating at nameplate. I just want to make sure that's still what's in the technical report. Yeah, so on an average basis, Acevecan is capable of operating in the range of 35,000 to 36,000 cents a day. Thank you. And then just moving to Kote, I just want to get an understanding of the cost.

Abnormal cost portion so yes, it is and we look at it on a per ton basis.

But the guidance range that we gave for cost for cash cost is what we expect at the end of the year, that's not our average for the year.

So at the beginning of the even after we've taken out the.

So as those capitalized.

Inefficient costs, it will still be a little bit higher than that.

What I can add some color.

Sorry go ahead.

Martin Tennyson: So I guess it was $50 million of costs that you said you would capitalize over and above what you would consider the normal run rate. So anything above $700, and I guess you said $700 to $800 per ounce in total cash costs. So you've determined that that's the normalized sort of cost structure for this first year; anything above that is what's going to get capitalized in the $50 million, is that the case? Good morning, Anita.

I can wait a guy I cannot the Destiny Italia is one thing that I'm very very pleased is as Martin mentioned earlier.

With the sustaining capital around the 400 and $145 million very much aligned with a 43 101.

We have kept all our capital ways capitalized weighs about 15, LDL, that's compare maybe with literally millions, but as you ramp up your costs are higher.

But as we exit exit the year.

<unk> now had a sustaining capital level closer to 43 101, we're very we're very pleased with that so it's up to US now like to put those extra caused online completed the constructions everything that is kind of extra capital put this behind us and exited the year strong with them you know capital capital all aligned.

Martin Tennyson: So that 40 million is that abnormal cost portion. So yes, it is. And we look at it on a per ton basis. But the guidance range that we gave for cash costs is what we expect at the end of the year. That's not our average for the year.

With the 43 101 or nearby and it's all about of course getting our operating unit costs in line as we ramp up the mill and the mine so won't be in very good shape as we enter quantified.

Martin Tennyson: So at the beginning of the year, even after we've taken out those capitalized inefficient costs, it will still be a little bit higher than that. OK, so what I can add is: So what I can add to this, Anita, is one thing that I'm very, very pleased with is, as Martin mentioned earlier, with the sustaining capital around $145 million, very much aligned with the 43-101, we have capitalized ways about $15 million. Yeah, that's compared maybe with $30 million, but as you ramp up, your costs are higher.

Okay.

Thanks for that and then a couple of other things in terms of the.

At one point it out that way.

There were leases that were coming through is that now encapsulated in all of the Capex guidance all right.

We still thinking about it I think of $120 million to $140 million of leases turning in with him.

So for leases the amount that can be.

Referring capital that is on an incurred basis in any excuse funding.

Renaud Adams: But as we exit the year, being now at the sustaining capital level, close to the 43-101, we're very, we're very pleased with that. So it's up to us now, like, to put those extra costs behind us, complete the constructions, everything that is kind of extra capital, put this behind us, and exit the year strong within, you know, capital aligned with the 43-101 or nearby. And it's all about, of course, getting our operating unit costs in line as we ramp up the mill and the mine. So we'll be in very good shape as we enter 2020. Okay, thanks for that. And then a couple of other things in terms of the, at one point, I thought there were, like, leases that were coming through.

Our lease program of 125 million U S at Cotai concur.

Concluded.

We will conclude shortly.

We don't have any estimates or assumptions in our 2024 planned for leases.

Okay. So that means youre not incurring leasing selling 2020 for either.

In the time, we are not showing that we are incurring additional leases in 2020.

Yes sure.

Alright, and then the working capital I think is there something we should be thinking about in terms of working capital or is that encapsulated in the capitalization of permanently.

Uh huh.

The typical software.

Takes a while for the circuit.

Saturated.

And then you get that back at the end of the life, but is there something that we would be thinking about there.

So I'm just wondering is summit.

We didn't build up until that point, sorry, consumables and things like that.

Okay.

So we have been purchasing consumables during 2023, and we face a lot of those orders and those are out there. So that we can operate.

So in our 296 five estimate that included buying first phones and then a lot of these consumables and spare parts.

Martin Tennyson: Is that now encapsulated in all the CAPEX guidance? Or are we still thinking about, I think, the 120 to 140 million leases starting this year? So for leases, the amount that we refer to as capital, that is on an incurred basis, and it excludes funding. Our lease program of 125 million US dollars at COCAE concluded, or will conclude shortly. So we don't have any estimates or assumptions in our 2024 plan for lease.

And when we look at the $142 million, which is our 63% that we need to fund.

That covers the project expenditures up to first Coke and then also the paydown of the accounts payable side that working capital component and then as I mentioned, we bulk purchase inventory in there and there is a small lease component in there as well.

That's kind of that's the number that we need to fund from liquidity.

Martin Tennyson: Okay, so that means you're not incurring leases, though, in 2024, either. And we, in the plan, are not showing that we are incurring additional leases in 2020. Alright, and then the working capital, like, is there something we should be thinking about in terms of working capital, or is that encapsulated in the capitalization of some of these costs? Like, you know, just sort of the typical stuff where, you know, it takes a while for the circuits to become saturated, and then you get that back at the end of the life cycle.

With our assumptions of building up inventory and paying down IP because costs payable balance will of course be a lot lower one screen operation compared to where we were.

The project.

Okay and then my final question as it pertains to the operate the 200 to two.

290.

Production guidance can you give us the parameters around which you are sort of the ranges.

You know, we expect recovery rates to them.

<unk> acts we expect the grade that we're going to feed to be X to X and we expect that the tonnage over the course of the year to be act like that and just how do you come up with them. So that we can keep track of it as it.

Martin Tennyson: But is there something that we would be thinking about there? So in our funding estimate, you can build up a build up of sorry, consumables and things like, So we have been purchasing consumables during 2023. And we've placed a lot of those orders and those are there so that we can operate. So in our 2965 estimate, that included buying first foals and then a lot of these consumables and spare parts, and when we look at the 142 million which is our 60.3% that we need to fund, that covers the project expenditures up to first gold and then also the pay down of the accounts payable so that working capital component and then as I mentioned we bought purchase inventory in there and there's a small lease component in there as well so that's kind of that's the number that that we need to fund from liquidity with our assumptions of building up inventory and paying down IP because our accounts payable balance will of course be a lot lower once we're in operation compared to when we were building the project.

As the year evolves.

We're not offside on either way on June 29 to $2 90.

I can I can assure our help you out a little bit here to put some clarifications around it. So so first of all in term of grades you know.

We have about over 5 million tonnes on the stockpile from which about a million a million tons is that the two grams. So thats why we call. So as you know we're segregating so we're separating their lower grace and within that what the direct feed theirs.

Segregation in million tons.

Yes.

The two of them. So we're saying this working well we're seeing the greater at constellation working work very well in the high grade zones. So one five grams a tonne achieved.

Male for 2000 for 2024 appears to be in the neighborhood is wise is achievable.

So.

Getting to their ramp up schedule as we're planning that could bring you to awards around the $6 5 million tonnes mail.

Martin Tennyson: Okay. And then my final question relates to the 200 to 290 production guidance. Can you give us the parameters around which you are sort of like the ranges of, you know, we expect recovery rates to be X to X, we expect the grade that we're going to feed to be X to X, and we expect the tonnage over the course of the year to be X. Like that's the, like just how do you come up with those so that we can keep track of them as the year evolves, and we're not offside in either way on the 220 or the 290.

Recovery, we don't see any reason why would not be aligned with a 43 101 at above 90, 191% to 92%.

Does it bring like the top end right around the $6 5 million 92, everything below that could be more of a factor of tonnes and all the timing of ramping up I think by grade, we're feeling stronger alright, finger recalibrate, but everything else below that the need that would be a matter of time.

Okay. So you're very confident on the recovery. So we're not going to see you guys keep low grade until that recovery get that like that's one of the factors that sometimes in the first quarter people do a little bit last Sunday, because I don't want to waste it.

Renaud Adams: I can, I can sure help you out a little bit here to put some clarifications around it. So, first of all, in terms of grade, you know, we have about over 5 million tonnes in stockpile, from which about a million, a million tonnes are at two grams. So that's what we call it.

We don't intend to stay very much in the low grade once we achieved our first goal and we intend to ramp up.

We do not we do not foresee any issues with a recovery in check.

If we satisfy what we see at the very early stage, we intend to ramp up tick rate as soon as possible.

Renaud Adams: So as you know, we're segregating, so we're separating the lower grade. And within the direct feed, there are segregations and millions of tons of two grams. So we're seeing this working well; we're seeing great reconciliation working very well in the high grade zones.

Okay Alright. Thank you that's very helpful.

Okay. Thank you.

The next question is from Lawson Winder with Bank of America Merrill Lynch. Please go ahead.

Great. Thanks, operator, good morning, everyone and thanks for the presentation.

Renaud Adams: So 1.5 grams a ton achieved a mil for 2024 appears to be in the neighborhood as well as achievable. OK, so. Getting to the ramp-up schedule as we're planning, that could bring you towards around the 6.5 million tons of male recovery. We don't see any reason why it would not be aligned with the 43-101 at about 91 to 92 percent.

Could I ask you about.

Your overall inflation assumption for the two operating assets in 2024 versus 2023, so that's the cost inflation.

I should specify.

So between Westwood, So it's sort of an average between Westwood and Essakane.

Good morning loosen.

If we look at inflation for those two mines.

Energy remains a big impact for both of them.

Renaud Adams: So that would bring us like the top end, right? So around 6.5. Everything below that could be more a factor of tons, you know, the timing of ramping up. I think the grade will feel strong, I think the recovery, but everything else below that in detail would be a matter of time. Okay, so you're very confident in the recovery. So we're not going to see you guys feed low grade until the recovery gets better. Like that's one of the factors that sometimes in the first quarter, people do a little bit less on grades because they don't want to waste it.

Our assumption is about $85.

For the barrel that we used in our guidance cost ranges.

Well of course impacts other impacts like commodity linked.

Oil linked commodities such as steel.

But we are seeing those costs coming down.

In Burkina Faso, there is.

Our navy on oil as well as higher transportation cost, we expect those to remain so overall on a per ton basis for a second and we actually see costs to be roughly flat with the ins and outs of the different things and inflation because there is certain items that we see are come.

Renaud Adams: So, we don't intend to stay very much in the low grade once we achieve the first goal, and we intend to ramp up. We do not perceive any issues with the recovery.

Down.

Renaud Adams: And if we satisfy what we see at the very early stage, we intend to ramp up the grade. Okay. All right. Thank you. That's very helpful.

From that perspective.

Similarly at Westwood.

If we look at the contracts that we entered into opportunity for certain.

Certain items may be see increases, but then but similar offsetting increases. So we don't expect to see a big increase in cost from what we saw at the back end of <unk>.

Anita Soni: Thank you. The next question is from Lawson Winder with Bank of America Merrill Lynch. Please go ahead.

Lawson Winder: Great. Thanks, operator. Good morning, everyone.

<unk>.

Martin Tennyson: Thanks for the presentation. Could I ask about the overall inflation assumption for the two operating assets in 2024 versus 2023. So that's a cost inflation, I should specify. So between Westwood, sort of an average between Westwood and Essigam. Good morning, Lawson.

Three got going into 'twenty four from an inflation perspective.

And if I can if I may add something if you look at it as a kind of in the last six months right.

And the beautiful how.

How it is when Youre steady when you have no disruptions achieving as we said you know below this extend 100 doors at 50 50.

Martin Tennyson: If we look at inflation for those two mines, energy remains a big impact for both of them. Our assumptions are about $85, per barrel that we used in our guidance cost ranges. Oil, of course, impacts other impacts like commodity-linked or oil-linked commodities such as steel. But we are seeing those costs kind of coming down. In Burkina Faso, there is a levy on oil, as well as higher transportation costs.

And we've seen as well do you know like pressure on cost or to 800, when we feel sometimes disruption so.

Should we have like a a year of steady and good productions and no issues with their reconciliations and no disruptions.

Could we a rider achieved towards like the lower end of the cost.

Top pan of the productions, but but we've seen that as that kind of operate sometimes in tougher environments. So so I think I think this is how you should look at it it's a bit of a balance weighted given our experience over the last six months I should say.

Martin Tennyson: We expect those to remain. So overall, on a per tonne basis for Issa Khan, we actually see costs to be roughly flat with the ins and outs of the different things in inflation because there are certain items that we see are coming down from that perspective. And similarly, at which level would

I've been at the same width at Westwood I mean, we we've been consistently improving we've seen you know like Oh.

Renaud Adams: If we look at the contracts that we entered into for 24, there are certain items where we see increases, but then there are similar offsetting increases. So we don't expect to see a big increase in cost from what we saw at the back end of 2020, three going into 24 from inflation. Yeah, and if I can, if I may add something, if you look at us, we've seen the beauty of how it is when you're steady when you have no disruptions achieving, as we said, you know, below the 1600 towards the 1550. And we've seen as well, you know, pressure on cost or the 1800, you know, when we feel sometimes disruption.

Q4 achieve.

Achieving their later $2000 announced we're going to we're going to continue to improve we're going to continue to improve the great and so forth. So.

This is how it's it's both mines have been like with the westward continuously improving.

We feel that we feel strong that we are overall, Canada can beat our Q4 for the year.

And if I can is very depending on how stable that will be but should we be stable I think we all have a great deal.

Okay. Thank you both for those comments, it's very helpful and then.

So overall.

Contemplation in control or for 2024 versus 23, what was actually realized in 2023.

Renaud Adams: So, should we have like a year of steady good productions and then no issues with the reconciliations and no disruptions, you know, could we rather achieve towards the lower end of the cost, top end of the productions? But you know, we've seen that it's a kind of operation sometimes in a tough environment. So, I think this is how you should look at it. It's a bit of a balance weighted, you know, on our experience of the last six months, I should say. I bet it will be the same at Westwood.

In terms of year over year cost inflation.

I will give that to Martin.

Listen we saw.

We did see a big impact.

Especially in Burkina Faso.

And but that was impacted by higher landed cost as well because of the cost of getting a convoys to site safety now. So I don't have a specific number for you right now to say what was the impact of inflation.

But the cost in the second half of 2024 have those inflation impacts impacted and you can see that compared to what we were doing in the first half of the year.

Renaud Adams: I mean, we've been consistently improving. We've seen, you know, like a Q4 achieving nearly $2,000 amounts. We're going to continue to improve. We're going to continue to improve the grade, and so forth. So, this is how both minds have been like with the westward continuously, you know, improving. We feel that we feel strong that we can overall beat Q4 for the year. And this again depends very much on how stable I will be. But should we be stable? I think we'll have a great time.

I think one is the most obvious one I guess you know like when you look at the impact of fuel cost at this iconic.

Most most mine will say their labor cost as the higher cost. This economy is more like full works like the power and the use of fuel as a big impact.

Over the last two years, we've seen as high as probably like doubling down.

Lawson Winder: Okay, thank you both for those comments. It's very helpful. And then so overall, cost inflation in control or, for 2024 versus 23. What was actually realized in 2023, in terms of year over year cost inflation? I will give that to Martin.

Price and dose.

So this was like this is from far to one that has impacted the most and can we see some reduction down the road, we're not necessarily counting on that in the short term, but just to give you a bit of an idea.

Martin Tennyson: Lawson, we saw We did see a big impact, especially in Burkina Faso, but that was impacted by higher landed costs as well because of the cost of getting our convoys to the site safely now. So I don't have a specific number for you right now to say what the impact of inflation was, but the cost in the second half of 2024 will have those inflation impacts, and you can see that compared to what we were doing in the first half of the year. I think I think one is the, the most obvious one, I guess, you know, like when you look at the impact of fuel costs and at Ithacana, most mines will say their labor costs are the higher cost. Ithacana is more towards using power, and the use of fuel has a big impact.

What feel.

Power has been the main contributor to that over the last two years.

Yeah, that's really helpful. And then just one final question on costs really pertaining to Burkina Faso.

When does the new sort of higher royalty regime take effect.

First of this year.

The new royalty regime is is in effect and that's included in our Costco I need entered into.

The back end of last year in Q4, we got two for you.

Great and then one final question I guess on on Westwood.

At current gold prices about $2000 per ounce and with the significant improvements you've seen at that asset do you anticipate them.

Generating positive free cash flow in 2024.

And if not.

What is kind of your benchmark that you think about internally that you need to get to before that asset is generating material positive free cash flow to the overall business. Thanks very much.

Martin Tennyson: And over the last two years, we've seen as high as probably double-doubling, double price, and those. So this was like, this is far the one that has impacted us the most. And can we see some reductions down the road? We're not necessarily counting on it in the short term, but just to give you a bit of an idea of what fuel power, you know, has been the main contributor to that over the last two years. Yeah, that's really helpful. And then just one final question on cost, really pertaining to Burkina Faso: when does the new sort of higher royalty regime take effect? Was that the first of this year? The new Royalty Regime is in effect, and that's included in our Cost Code. I need Anne Thurden to... at the back end of last year in Q4.

So there isn't any significant expansion capex at westwood's all in sustaining cost range that we have in our guidance for Westwood is also an indication of our free cash flow. So if we if we meet our cost guidance in the gold prices higher it should be generating.

Cash flow and that's kind of how we manage that as well.

Also that is.

With those high cost ranges, we saw an opportunity to put in some golf pages in Q1.

So the 60000 ounces that can be hedged.

And it was zero cost collars and.

Lawson Winder: Yeah, Q4. Great. And then one final question, I guess, on Westwood. At the current gold price of about $2,000 per ounce and, you know, with the significant improvements you've seen at that asset, do you anticipate generating positive free cash flow in 2024? And if not, what is the kind of benchmark that you think about internally that you need to get to before that asset is generating material positive free cash flow to the overall business? Thank you very much.

To put some of those are between $19 15, 1975. So thats also how are we just making sure that with that higher cost per product waste wood. So that we can be breakeven or cash flow positive.

Okay fantastic. Thank you so much Korea responses and best of luck for 'twenty four.

Thank you. Thank you.

The next question is from carrier Macquarie with Canaccord Genuity. Please go ahead.

Hi, good morning, guys.

Could you just remind us what sort of minimum cash balance you'd like to keep.

Through the ramp up here Corporately.

Yeah.

So the minimum cash balance.

Kerry McCrory: So there isn't any significant expansion capex at Westwood. So that all-in sustaining cost range that we have in our guidance for Westwood is also an indication of free cash flow. So if we meet our cost guidance and the gold price is higher, it should be generating cash flow. And that's kind of how we manage that as well.

<unk> is actually driven by one of the covenants in our credit agreements. So we have to maintain $150 million of cash on the balance sheet cash.

Cash and cash equivalents.

Now because of.

The corporate structure.

Martin Tennyson: What we also did is, with those high cost ranges, we saw an opportunity to put in some gold hedges in Q1. So there were 60,000 ounces that we hedged, and it was zero cost collars. And the puts on those are between 19.50 and 19.75.

There's always the cash balance at Essakane and there's actually also a cash balance that needs to be maintained at cotai. So the $150 million covers that but so that's the amount that we need to maintain.

And it works well with.

Martin Tennyson: So that's also how we're just making sure that with that high-cost product Westwood, we can be break even or cash flow positive. Okay, fantastic. Thank you so much for the responses and best of luck for 24.

The cash out by those two entities.

Okay, Great and then just on the mining side, you've got 5 million tonnes stockpiled.

Is that stockpile again and grow ahead of.

Ramp up or is it sort of constrained and just more broadly like how does the mining ramp up look like through this year.

Sure Kerry can you speak up.

Hear you very well.

Can you hear me now.

Can you hear me better.

That's better yes, yes.

Kerry McCrory: Thank you. The next question is from Kerry McCrory with Canaccord Genuity. Please go ahead. Hi, good morning, guys.

Asking about the stockpile, you've got 5 million tonnes on the stockpile is that going to continue to grow over the next couple of quarters as the mills ramping up or is that constraint at 5 million tonnes and secondly, just broadly like how does the mining ramp up look in 2024.

Kerry McCrory: Um, Martin, could you just remind us what sort of minimum cash balance is actually driven by one of the covenants in our credit agreement? So we have to maintain $150 million of cash on the balance sheet, cash and cash equivalents. Now, because of the corporate structure, there's always the cash balance that is a liability, and there's actually also a cash balance that needs to be maintained at a quota.

Now I'll definitely definitely we are we see that well they would be and in and out of course, you know as we ramp up the grade I was telling a need to earlier.

You will be using are of course some of them, but he is the mine plan.

And ill considered of course to continue to do that segregation continue to add.

Martin Tennyson: So the $150 million covers that. But so that's the amount that we need to maintain. And it works well with the cash out by those two. And then just on the mining side, you've got five. Is that stockpile going to grow? Kerry, can you speak up?

Our high grade and Super high grade to the stockpile and managing the great too.

Roughly a range of about $1 five at the mill for the year definitely.

The mine the mine is ramping up quite well.

Kerry McCrory: We can't hear you very well. Sorry, can you hear me now? Can you hear me?

We are we now have.

Permission like towards like a 14 trucks, we got the second shovel now in the pit so in turn.

Kerry McCrory: Better. Yep, that's better. Yeah. Yeah.

Renaud Adams: So I was asking you about the stock. You've got 5 million. Is that going to continue to grow over the next couple of quarters, or will that constrain it?

I'm off mining capacity, where there are if we achieve an overall 50 million tonnes mined for the eight years that would've allowed us to properly.

Renaud Adams: Secondly, just broadly, like how the mind works. Now, definitely, definitely, we see that. Well, they would be an in and out, of course, you know, as we ramp up the grade. I was telling Anita earlier. You will be using, of course, some of them, but the mine plan considers, of course, to continue to do that segregation, continue to add high-grade and super-high-grade to the stockpile, and manage the grade to, you know, roughly a rate of about 1.5 to the nil for the year. Definitely. The mine is ramping up quite well. We now have permission for, like, the 14 trucks. We got the second shovel now in the pit.

Dr require and continue to to segregate stockpile and feed the mill at a proper copper head grade. So that's roughly what I can say.

Sure.

Okay. That's it for me thanks.

Thanks.

The next question is from Tanya Joseph connect with Scotiabank. Please go ahead.

Good morning, everyone. Thank you so much for taking my question.

I'm going to move just to the accounting of all of that.

Thank you very much for all the detail on that co. Okay.

Maybe Martin over to you Jeff to walk us through how all of this is going to show up through the income statement and cash flow for the year. So maybe I'll start off with the first Q 'twenty to 290000.

<unk> thousand ounces on a 100% basis, what is going to be commercial in that amount.

Renaud Adams: So, in terms of mining capacity, we're there. If we achieve an overall 50 million tons of mine capacity over the years, that would allow us, you know, to properly produce the ore required and continue to segregate stockpile and feed the mill at a proper head grade. So, that's roughly what I can say for more information. Thanks. The next question is from Tanya Jakuskinec with Scotiabank. Please go ahead

So after that.

Every ounce that.

<unk>.

We will be produced will be reported as revenue.

So the condensate by commercial reduction doesn't.

Apologies.

One everything will go through the revenue line that.

Day, one everything goes through the revenue line.

Then you have to show the cost as well, so and that indeed, some stockpile accounting where the mining cost.

Tanya Jakuskinec: Thank you so much for taking my question. Um, thank you very much for all the detail on the and maybe Mark, you could just walk us through how all of this is going to show up on the Income Statement and Cash Flow for the Year.

Comes off softball, so that you will have cost of sales.

In the beginning part of the year of course that cost of sales number would be elevated somewhat but some of those cost lines up on the balance sheet.

Martin Tennyson: So maybe I'll start off with the first of the $220,000 to $290,000. What is going to be commercial in that amount? So I'll cut. Every ounce that will be produced will be reported as revenue. So the concept of commercial production doesn't make sense.

So up to commercial production.

That will.

We will have revenue and the cost to produce that revenue will be split between cost of sales and that $40 million that we mentioned in our capital guidance. So we shouldn't have an account that we are showing some of the operating cost and capital in our guidance numbers.

Martin Tennyson: Apologies. Okay. Day one, everything goes through the revenue line, and then you have to show the cost as well. So, and that includes some stockpile accounting where the mining cost comes off the stockpile. So, you will have cost of sales in the beginning part of the year. Of course, that cost of sales number would be elevated somewhat, but some of those costs land up on the balance sheet.

Okay. So if we like to think of it from a high level.

Operating costs, plus about 40 million, which is on 100% basis that would come in through your ear.

And then the remaining amount of that capital will be under our capital.

Yes.

Okay perfect, Okay, so that through the year and any.

Martin Tennyson: And so up to commercial production, we will have revenue and the cost to produce. That revenue will be split between cost of sales and that $40 million that we mentioned in our capital guidance. So, we shouldn't double account for it. We are showing some of the operating costs in capital in our guidance. Okay, so if we were to think of it from a high level,

And the reserves that you reported.

Putting on 100% basis, when you look at.

<unk> 2023.

Forget about on the web site.

Because they are not there yet.

Looking at it on a 60% is that how you're going to report it on a 60%.

The attributable.

Martin Tennyson: Operating costs plus that $40 million, which is on a 100% basis, that would come in through your cost of sales, and then the remaining amount of that capital will be under capital. Yeah. Okay, perfect. Okay, so that's through the year. And any, the reserves that you reported, which you're reporting on 100%, when you look at, put your 2023 attributable on the website, the statement is not there yet. Will we be looking at it on 60%? Is that how you're going to report it on a 60% basis, all the attributable versus 70%?

70% in 2022.

So.

Because of that option to repurchase or nine 7% interest will be showing the assets and liabilities at 70%.

Until the point, where either we repurchased said.

Or it expires, if it expires things will go back to 60%, but I.

I think to keep things simple the balance sheet will be at 70%, but revenue and cost of sales will be at 60% and thats real cash flows is it 60% as well.

And so to get it up to 70% is just an accounting adjustment.

Martin Tennyson: So, because of that option to repurchase our 9.7% interest, we'll be showing the assets and liabilities at 70% until the point where either we repurchase it, or it expires. If it expires, things will go back to 60%. Think to keep things simple.

Alright, so it would only go to that time.

Z percent should that option not be exercise.

Thank you.

Yeah on the balance sheet, but divided we think about it is we fund 60% and we.

So we have to pay for 60% of the cost.

Martin Tennyson: The balance sheet will be at 70%, but revenue and cost of sales will be at 60%, and real cash flows will be at 60% as well. So to get it up to 70% is just an accounting adjustment. All right, so it would only go to that should that option not be exercised, is what you're saying. Yeah, on the balance sheet, but the way that we think about it is we fund 60%, and we so have to pay for 60% of the cost of operating costs as well as capital, and we get 60% of the goal.

Operating cost as well as capital and we get 60% of the gold.

Yeah, No I understand okay. I was just wondering about the 70 60 for them is there anything out there. Okay. That's fine and then just lastly, Martin to confirm Theres, another 84 million or thought about coming through to you. This year is that right.

The asset sales on top of the cash flow.

Yes, yes.

The gross asset.

Proceeds from this the remaining cells of the <unk> transaction, we expect to get during the remainder of this year.

There's two components of it the first one we expect to be.

Tanya Jakuskinec: Yeah, no, I need, Okay, I was just wondering about the 70-60 for the reserves and others. Okay, that's fine. And then just lastly, Martin, to confirm, there's another... or a million or something like that, for more information, visit www.fema.gov www.IamgoldCA.com. Yes, yes, there's the gross asset proceeds from the remaining sales of the bamboo transaction we expect to get during the remainder of this year. There are two components to it, the first one we expect to be in Q1 and then the second one later this year. www. IamgoldCA.com Yeah, we expect that it's a little bit commercially sensitive, but it's about half of the transaction.

In Q1, and then the second one later this year.

So we know how much we're getting in Q1 is just to make sure I'm looking at the cash flows and embraces out just one again that was right.

Yes, we expect that it's a little bit commercially sensitive, but it's about half of that transaction.

Okay.

Okay. That's helpful. Thank you very much.

The next question is from Don Demarco with National Bank Financial. Please go ahead.

Alright. Thank you operator, Jonathan I think all my questions have been answered. Thank you.

Thanks Pat.

And we have a follow up question from Anita Soni with CIBC World markets. Please go ahead.

Just a question on that.

You touched on it with Kerry's question, but the minimum of 150 million liquidity covenant at the Rcs can you explain what that means like are you can you fully draw the entire Rcs and.

Don Demarco: Okay, that's helpful. Thank you very much. The next question is from Don DeMarco with National Bank Financial. Please go ahead. Oh, hi.

Don Demarco: Thank you, Operator. Gentlemen, I think all my questions have been answered. Thank you. Thank you. Thank you a lot. And we have a follow-up question from Anita Soni with CIBC World Markets. Please go ahead. Just a question on that.

Zero and then also and then.

150 million left on that Rcs can you drop down to zero and use that as cash.

Yes, we can so although cash and cash equivalents, let's say, we spend and we get down to $150 million.

Anita Soni: You touched on it with Carrie's question, but the minimum $150 million liquidity as a covenant of the RCF, can you explain what that means? Like, can you fully draw down the entire RCF and, you know, draw it to zero, and then also, and then, you know, say you have $150 million left on that RCF. Can you drop down to zero and use that as CAS?

From there on we can draw on that created to set.

Up to the full amount so there's about 37 $38 million of layers of credit issued under it so there's $387 million available.

<unk>.

Of the $387 million, we can we can draw it fully dot $150 million doesn't impact it, but let's say we draw the full amount.

And then we have the cash on the balance sheet recon spin below 150, so we always have to maintain the cash balance of 150.

Martin Tennyson: Yes, we can. So of our cash and cash equivalents, let's say we spend and we get down to 150 million; then from there on, we can draw on the credit facility up to the full amount, so there are about 37 38 million dollars of letters of credit issued under it, so there's 387 million available. So of the 387 million, we can draw it fully, so 150 million doesn't impact it, but let's say we draw the full amount. And We can't spend below $150. So we always have to maintain a cash balance of $150.

There is other items impacting that as well of course other covenants on the credit facility.

And what we're seeing now the facility is available.

Okay, and then just just to.

Catch right Tanya so.

About 80 million coming from the bamboo gas, that's probably evenly split between Q1 and Q2 in terms of.

They received that money.

Yes, approximately yes.

We really like to have two Clos are gaining in Q1. This is what we're laser focused on as we speak with our partner manage them on that that.

That would be that would come first for sure and then Molly with follow somewhere in 2024. So this is really our target should we sleepwear. Good I mean, it's not but that's that's our focus now to try to close that in Q1.

Martin Tennyson: And then just to catch what Tanya said, so about $80 million coming from the Bambook assets, probably evenly split between Q1 and Q2 in terms of the receipt of that money? Yes, approximately. We are, and we really want to close Guinea and Q1. This is what we're laser focused on as we speak with our partner manager about this. That would be that would come first for sure. And then Mali would follow somewhere in 2024.

Okay, So youre still trying to close.

The deal in Q1, you said and then you said in 2000 and the other one sometime in 2024.

Molly Molly was volatile.

Correct Mali with follow after so that's why we mentioned 24 so.

Take a little longer but.

Renaud Adams: So this is really our target. Should we sleep? We're good. I mean, it's not, but that's, that's our focus now to try to close Guinea and Q1. Okay, so you're still trying to close the deal in Q1, you said, and then you said in the other one sometime in 2024. I'm not, I'm not sure. Yeah, Molly would follow after, so that's why we mentioned

Priority right now the first one is to close scrutiny.

And not the one you're trying to close this $80 million.

Total.

No.

No no.

The <unk> itself represents about half of it about half of this year.

On a gross basis.

Okay, Alright, thank you very much.

Thanks.

Okay.

This concludes the question and answer session I would like to hand, the conference back over to Graeme Jennings for any closing closing remarks.

Renaud Adams: So it may take a little longer, but the priority right now is to close the deal, and the one you're trying to close is $80 million. No. No, no, the Guinea itself represents about half of it, about half, on AgroSpace.

Thank you very much operator, and thanks for everyone for joining US. This morning do you have any further questions. Please reach out to a no or myself. Thank you all be safe and have a great day.

This concludes today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.

Renaud Adams: Okay, all right. Thank you very much. Thank you. This concludes the question and answer session. I'd like to hand the conference back over to Graham Jennings for any closing closing remarks.

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Graham Jennings: Thank you very much, operator. Thanks to everyone for joining us this morning. If you have any further questions, please reach out to Rinoa or myself. Thank you all. Be safe and have a great day. This concludes today's conference call; you may disconnect your lines. Thank you for participating and have a pleasant day. Camera Music Album Art With New Art New Art Music New Art Music Music, www. Iamgold.com www.mytrendyphone.co.uk Thank you for watching!

Okay.

Okay.

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