Q1 2024 IAMGOLD Corp Earnings Call

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Operator: Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD First Quarter 2024 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 one on your telephone keypad. If you need assistance during the conference call, you may signal an operator by pressing star and zero. At this time, I would like to turn the conference over to Graeme Jennings, VP, Investor Relations, for IAMGOLD. Please go ahead, Mr. Jennings.

Thank you for standing by this is the conference operator.

Speaker Change: Two I am gold first quarter, 'twenty, 'twenty, four operating and financial results conference call and webcast.

Speaker Change: As a reminder, all participants are in listen only mode and the conference is being recorded after.

Speaker Change: After the presentation, there will be an opportunity to ask questions to join the question queue. You May Press Star then one on your telephone keypad do you need assistance during the conference call you may signal, an operator that things start and Dale.

Speaker Change: At this time I would like to turn the conference over to Graeme Jennings VP Investor Relations angle. Please go ahead Mr journey.

Graeme Douglas Jennings: Thank you, Operator, and welcome everyone to our first quarter 2024 Operating and Financial Results conference call. Joining me today on the call are Renaud Adams, President and Chief Executive Officer, Marthin Theunissen, Chief Financial Officer, Bruno Lemelin, Chief Operating Officer, and Tim Bradburn, Senior Vice President, General Counsel, and Corporate Secretary. We are joining today from IAMGO's Toronto office, which is located on Treaty 13 territory on the traditional lands of many nations, including the Mississaugas of the Credit, the Anishinabek, Chippewa, Haudenosaunee, and the Wendat people. At I Am Gold, we believe respecting and upholding Indigenous rights is founded upon relationships that foster trust, transparency, and mutual respect.

Graeme Douglas Jennings: Thank you operator, and welcome everyone to our first quarter 2024, operating and financial results conference call joining.

Graeme Douglas Jennings: Joining me today on the call are Renaud Adams, President and Chief Executive Officer, Martin <unk>, Chief Financial Officer.

Graeme Douglas Jennings: I'll, let Owen Chief operating officer, and Tim Bradburn, Senior Vice President General Counsel and corporate Secretary.

Graeme Douglas Jennings: Joining today from my end goes Toronto Office, which is located on 2013 territory on the traditional lands of many nations, including the Mississauga credit on a snapback Chippewa isn't necessarily in the wind at peoples.

Graeme Douglas Jennings: I am glad that we believe respecting and upholding and digital rights of the standard upon relationships that Foster trust transparency and mutual respect.

Graeme Douglas Jennings: Please note that our remarks in 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 the non-IFRS measures, including the presentation and the reconciliations of these measures in our most recent MD&A, each under the heading Non-GAAP Financial Measures. 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 present CEO, Renaud Adams.

Graeme Douglas Jennings: 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 their own I FRS measures, including the presentation and the reconciliations of these measures in our most recent MD&A each under the heading non-GAAP financial measures.

Graeme Douglas Jennings: 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.

Graeme Douglas Jennings: The slides referenced on this call can be viewed under website.

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

Renaud Adams: Thank you, Graeme, and good morning, everyone, and thank you for joining us. It is an exciting time at IAMGOLD. As a company, we're gaining momentum towards our goal of becoming a leading-tier modern gold producer. And the highlight of the quarter was, of course, the first ball at Kodak.

Renaud Adams: Thank you Graham and good morning, everyone and thank you for joining us. It is a it's an exciting time at I am go as a company, we're gaining momentum towards our goal of becoming a leading mid tier a modern gold producer.

Speaker Change: The highlight for the quarter was of course, the first of all I've got to go.

Renaud Adams: With this achievement, we've brought online a key cornerstone producing asset in our third producing mine alongside of operations at Issaqani and Wisconsin. At a steady run rate, Cote d'Ivoire will be among the largest gold mines in Canada and is critical for the repositioning of iron. Astori provides a higher production base, a lower cost profile, and a longer life of cash flow generation and growth opportunity in Canada. We believe that Kootenay will be a model of modern mining done right here in Canada and for many decades to come.

Speaker Change: With this achievement, we have brought online a key cornerstone producing asset and are a third producing mine alongside of operations at <unk>.

Speaker Change: Yes.

Speaker Change: Our steady run rate call. It all will be among the largest gold mines in Canada, and it's pretty cold sort of repositioning or Brian.

Speaker Change: Scott It provides a higher production base lower cost profile and the longer life.

Speaker Change: Cash flow generations, and girls sports entity in China.

Speaker Change: We believe that what they will be a model of modern mining done right here in Canada and for many of the states to go.

Renaud Adams: To the whole CODIGOL team and partners, I really want to express my congratulations and appreciations for a job well done. For The Spatial Thought, to our Resilient Project and Commissioning Team. This extends as well to operating teams in Quebec and Birkenau-Fasso, as IAMGOL started this year with strong performance at both Sakana and Westwood, positioning the company well on the path towards our guidance targets for the. Looking ahead, our primary target is the safe and steady ramp up of go-to.

Speaker Change: So the whole co or the golf team and partner I really want to express my congratulations and appreciation for a job well done.

Speaker Change: Well the special thought.

Speaker Change: So our resilient project and commissioning teams.

Speaker Change: This expands as well to operating James in Quebec in Burkina Faso, That's what I am going to started this year with strong performance at both <unk> and Westwood positioning the company well on the path towards our guidance targets for the year.

Speaker Change: Looking ahead, our primary target is on the space and steady ramp up.

Renaud Adams: As we will discuss in a moment, the ramp-up has been progressing well, with all key equipment proving itself to be able to operate near nameplate, and this compared to our targets of exiting the year at 90% plus of nameplate. We remain very confident of achieving commercial production in the third quarter of this year. On the finance side, we will continue to prioritize the options to return to our 70% interest in Cote, as we believe that the value of this project is well above the current market sentiment and repurchase. In the longer term, we have a clear roadmap for NIAMGULK with strong free cash flow generation, and will, which will be essential to ultimately improve our balance sheet and deliver value to our shareholders.

Speaker Change: As we will discuss in a moment the ramp up has been progressing well with all key equipment and proving itself to be able to operate near nameplate and this compares to our targets.

Speaker Change: During the year at 90% plus of nameplate.

Speaker Change: We remain very confident to achieve commercial production in the third quarter of this year.

Speaker Change: The finance side, we will concentrate to prioritize the options to return to our 70% interest in <unk>.

Speaker Change: As we believe that the value of this project is well above the current market sentiment that repurchase.

Speaker Change: Longer term, we have a clear roadmap for and I am golf with strong free cash flow generation.

Speaker Change: Well, which will be essential to ultimately improve our balance sheet and deliver value.

Speaker Change: The value to our shareholders.

Renaud Adams: With that, we will now dive into the operating and financial results and highlights for the quarter, starting with health and safety. I Am Gold is committed to our guiding principle of zero harm in every aspect of our business, putting the health and safety of the company's employees, contractors, and consultants first. IMGO started the year with a good performance on safety, with the days away restricted transfer duty rate of 0.53 and the total recordable injury rate of 0.61, tracking below where we were last year.

Speaker Change: With that we will now dive into the operating and financial results and highlights for the quarter.

Speaker Change: Starting with health and safety.

Speaker Change: I am gold is committed to our guiding principle of zero harm.

Speaker Change: In every aspect of our business, putting their health and safety of the company's employee contractor and consultant first.

Speaker Change: I am going to started the year with a good performance on safety with the days away restricted transfer duty rate of zero point 63, and the total recordable injury rate of zero point 61 tracking below where we were last year.

Renaud Adams: I want to take a moment to congratulate Ithacan, which once again achieved a remarkable performance in health and safety with a total recordable injury days away and a restricted transfer duty rate of 0.06. This is among the best health and safety performance in our industry and is a testament to the professionalism and commitment to a culture of safety of our people in Burkina Faso. On production, I Am Gold started the year with strong attributable production of 151,000 ounces, including a solid production of 150,000 ounces from Mississauga and Westwood, which positions us well for annual guidance of 430 to 490,000 ounces on an attributable basis and excluding quality production.

Speaker Change: I want to take a moment to congratulate us economy, which once again achieved a remarkable performance in health and safety.

Speaker Change: The total recordable injury.

Speaker Change: Some days away restricted transfer duty rate of 0.06.

Speaker Change: This is among the best health and safety performance in our industry and is a testament to the park question Allison and commitment to our culture of safety of our people in Britain.

Speaker Change: Sure.

Speaker Change: On production I am Gonna started the year with strong attributable production of 151000 ounces, including a solid production to 150000 ounces from the Santa Ana and Westwood.

Speaker Change: Which position us well for our annual guidance of 430 to 490000 ounces on an attributable basis and excluding both the production.

Renaud Adams: As we will get into a moment, the first quarter production results were driven by a second in being able to operate without disruptions and benefiting from positive greater reconciliation, coupled with a continued ramp up at Westwood as the mine benefits from the rehabilitation of the underground and opening a few mining areas. The strong reductions in sales volume translated to a decline in our cash costs and all in sustaining costs in the first quarter, excluding co-take, to $1,053 an ounce and $1,493 an ounce, respectively, proving to provide a major benefit to operating cash. With that, I will pass the call over to our CFO to walk us through our financial results and positions. Martin

Speaker Change: As we won't get into a moment, but first quarter production results were driven by the economy being able to operate without disruption and benefiting from positive grade reconciliations couple.

Coupled with the continued ramp up at Westwood as the mine benefits from their rehabilitation of the underground and opening a few mining areas.

Speaker Change: The strong production and sales volume translated to a decline in our cash costs and all in sustaining costs in the first quarter, excluding cote de to $1053, an ounce and $1493 an ounce respectively.

Speaker Change: Proving providing a major benefits to operating cash flow.

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

Marthinus Wilhelmus Theunissen: Thank you, Renaud, and good morning. In terms of our financial position, IAMGOLD ended the quarter with cash and cash equivalents of $291.2 million, and our credit facility remains undrawn, equating to total liquidity of approximately $603.8 million. We know that within cash and cash equivalents, 76.4 million was held by Gojek Go, and the 99.7 was held by SACAN. The Carter Gold Unincorporated Joint Venture Agreement requires each joint venture partners to fund in advance two months of future expenditures and cash flows on night at the beginning of each month.

Martin: Thank you Renaud and good morning.

Martin: In terms of our financial position I'm gold ended the quarter with cash and cash equivalents of 291, two all yet in.

Martin: Our credit facility remains undrawn.

Martin: Waiting to total liquidity of approximately 603.8 million.

Martin: We note that was in cash and cash equivalents $76 4 million was held by car to go at the 99 points, even without bias of cat.

Martin: This article unincorporated joint venture agreement requires its joint venture partners to fund in about two months' of future expenditures cash goes up right at the beginning of each month.

Marthinus Wilhelmus Theunissen: Resulting in a month's cash balance approximating the following month's expenses. Issa Can normally pays its dividend in the second half of the year, and the size of the dividend is dependent on the cash out by Issa Can in Burkina Faso and its working capital requirements, which are impacted by the validity of the company to receive value-added tax or VAT.

Martin: Also in the mountain cash balances approximating the following months expenditure.

Martin: Asia can normally pays a dividend in the second half of the year and the size of the dividend is dependent on the cash up basic gap in Burkina Faso, and its working capital requirements, which is impacted by the ability of the company to receive value added tax would be a T.

Marthinus Wilhelmus Theunissen: Reimbursements from the Government of Burkina Faso or to sell the VAT receivable to local banks. We are seeing an emerging risk where the ability to recoup these receivables is reduced, and the company has not received VAT reimbursement in Q2 2023, Q4 2023, or Q1 2024. In addition, the company still expects the remaining bamboo transactions related to the sale of assets in Guinea and Mali to close this year for gross proceeds of approximately $84.4 million.

Martin: Reimbursements from the government of the Kina Faso, or T cell, the Vit receivables to local banks.

We are seeing an emerging risk with the ability to recoup. These receivables is declining and the company has not received yet T reimbursements in Q2 thousand 23.

Martin: Q4, 2023, all Q1 2024.

Martin: The company still expects the remaining transactions related to the sale of its assets and gain in Bali to close this year with gross proceeds of approximately $84 4 million.

Marthinus Wilhelmus Theunissen: Subsequent to quarter end, we announced another amendment to our Gold Feedback Committee that included a new forward sale arrangement and a partial amendment to one of our existing gold prepay arrangements. The arrangements will effectively increase cash flow by more than $73.6 million during the second quarter of 2024 at current gold prices. The Ford sale arrangement is for 31,250 ounces and includes a gold collar, where the company will also participate in the gold price from $2,100 up to $2,925 per ounce at the time of delivery, therefore ensuring gold price participation in the second quarter of 2025. Should the gold price remain above 2100 dollars, Brown?

Martin: Subsequent to quarter end, we announced another amendment to our golf P. But commitments that included a new Ford Southern range bumped in abortion amendment to one of our existing golf PPA arrangements.

Martin: The arrangements for the victim to increase cash flow by more than savings of $3 6 million during the second quarter of 2024 at current gold prices.

Martin: The fourth sorry, the arrangement is for study 1250 ounces at <unk>.

Martin: The gold color with the company will also participate in the Gulf price from 'twenty 100 up to 29 25 per ounce at the time ups delivery there.

Martin: Therefore, ensuring goldfus participation in the second quarter of 2025 should the gold price remain above between 100 per ounce.

Marthinus Wilhelmus Theunissen: These arrangements are similar to the amendments we made previously to transfer the cash impact of the gold delivery obligations out of the first quarter of this year into the first quarter of next year. These gold forward arrangements allow for improved financial flexibility for the company at a reasonable cost, while also benefiting from favorable forward gold prices, particularly in the first half of the year while we are commissioning and wrapping up co-training. Looking at a queue on financials.

Martin: These arrangements are similar to the amendments we might previously to transfer the cash impact of the Gulf due to delivery obligations out of the first quarter. This year into the first quarter of next year.

Martin: These gulfport arrangements allowed for improved financial flexibility for the company at a reasonable cost while also benefiting from favorable for gold prices, particularly in the first half of the year, while we are commissioning and ramping up cotai.

Martin: Looking at our Q1 financials revenue from continuing operations start with $338 9 million from sales of 163000 ounces on a 100% basis at a record average realized price of 2007 and $7 per ounce.

Marthinus Wilhelmus Theunissen: Revenue from continuing operations totaled $338.9 million from sales of 163,000 ounces, on a 100% basis at a record average realized price of $2,077 per hour. The Relapse Prize includes the impact of the gold pre-pay arrangement that was delivered into DRNQ 1 in 2024. The strong operating results, coupled with the high gold price, translated to an adjusted EBITDA of $152.5 million, compared to $110.6 million in the fourth quarter of 2023 and $83 million in the first quarter of 2021.

Martin: Did we not price includes the impact of the Gulf PPA arrangement that was delivered into during Q1 'twenty 'twenty four.

Martin: The strong operating results coupled with the high gold price fell slightly to an adjusted EBITDA of 152 five.

Martin: Compared to Arden same one 6 million in the fourth quarter of 2023, and <unk> 3 million in the first quarter of 2023.

Marthinus Wilhelmus Theunissen: Adjusted earnings per share was $0.11 for the quarter, compared to $0.06 in the fourth quarter of 2023 and $0.05 in the first quarter of 2020. Looking at mine site free cash flow, which is calculated as cash flow from mine site operating activities, there are capital expenditures from the operating mine site.

Martin: Adjusted earnings per share was <unk> 11 cents for the quarter compared to six cents in the fourth quarter 2023, and five cents in the first quarter of 2023.

Martin: Looking at the mine site free cash flow, which is calculated as cash flow from mine site operating activities less capital expenditures from the operating mine sites.

Marthinus Wilhelmus Theunissen: WasteRate returns its first quarter of positive mindset free cash flow since the restart of its operation, of 10.5 million. At a secant, we note Minds Eye pre-cash flow in the first quarter of $35.7 million, compared to $18.4 million during the first quarter of 2023. The Q1 2024 Mindset Free Cash is net of working capital payments of $58.9 million, including the impact of the increase in the VAT receivables referred to earlier of $11.1 million. It also includes $13.4 million in tax payments, which are normally paid in the first quarter.

Martin: Faced with returns its first quarter of positive mine site free cash flow since the restart of operations of $10 5 million.

Martin: So can we now mine site free cash flow in the first quarter of steady $5 7 million compared to $18 4 million during the first quarter of 2023.

Martin: The Q on trailing 24 mine such free cash is name of working capital payments of 58 9 million, including the impact of the increase in the D O T receivables referred to earlier.

Martin: 11.1 million.

Martin: It also includes $13 4 million in tax payments, which are normally paid in the first quarter.

Renaud Adams: And with that, I pass back the call to Renaud. Thank you, Renaud. Thank you, Martin.

Speaker Change: I hope that I pass back.

Speaker Change: Coulter secularism.

Renaud Adams: Thank you, Martin. We will now walk through our operating performance at SACAN in Westwood before we dive into court. At Esakan, the mine reported a tributal gold production of 118,000 ounces in the first quarter, which was the highest quarter of production on record, a high watermark in the nearly 14 years of operation. This was made possible by our mining operation being able to perform to plan in the quarter without disruptions and fuel supplies to the site compounded by higher than expected grade.

Speaker Change: Martin will now walk through our operating performance.

Martin: <unk> and Westwood before we dive into court.

Martin: Okay.

Martin: Mining reported attributable gold production in the hundred and 18000 ounces in the first quarter, which was the highest quarter of productions on record.

Martin: High watermark in the nearly 14 years of operation.

Martin: Was made possible by our mining operation and being able to perform to plan in the quarter without disruptions and fuel supplies to the sites compounded by higher than expected grades.

Renaud Adams: Mining activity totaled 11.3 million tons in a quarter with 3.5 million tons of ore. Rates, which are generally in line with our updated mine plan. Head grades increased from the prior quarter to 1.52 grams a ton due to the continued positive reconciliation of grades from the reserve model as we mine deeper into phase 5. This positive grade reconciliation in the deeper portions of Esakani was seen previously in phase four of the PIP, and the influence has continued in the early weeks of this quarter.

Martin: Mining activities totaled $11 3 million tons in the quarter with $3 5 million tons of war rage, which are the rates, which are generally in line with our updated plan.

Martin: Head grades increased from the prior quarter to $1 52 grams, a tonne due to the continued positive reconciliation upgrades from the reserve model as we mine deeper into phase five.

Martin: This positive grade reconciliation and the deeper portions of this economy western previous Lake in phase four of the pit and the influenza continuity in the early weeks of this quarter. However, we are saying head grades decline in line with the life of mine as volumes from phase six and seven inquiry.

Martin: And from increased proportion of stockpile.

Renaud Adams: However, we are seeing head grades decline in line with the life of the mine as volumes from phase six and seven increase and from an increased proportion of the stockpile. On a cost basis, as I kind of reported first quarter cash costs of $1,002 per ounce and an all-in sustaining costs of $1,312 per ounce, and an improvement from the prior quarter on the higher production in sales volume. While on a unit basis, our total cost spending in the quarter was in line with plans and reflects the increase in the succinct cost profile over the last 12 to 18 months due to the updated royalty rates implemented at the end of the last year, coupled with sustained higher realized prices for inputs such as landed fuel prices, transportation, and chem costs as a result of the security situation in-country, with a strong start to the year.

Martin: On a cost on a cost basis as a kind of reported first quarter cash cost with a thousand $2 per ounce and an all in sustaining costs at $1312 per ounce and.

Martin: An improvement from the prior quarter on the higher productions and sales volume.

Martin: While on a unit basis.

Martin: <unk> came down.

Martin: Our total cost spending in the quarter was in line with plans and reflects the increase in the second half cost profile.

Martin: For the last 12 months to 18 months due to the updated where IL two raised implemented at the end of the last year, coupled with sustained higher realized prices for inputs such as landed fuel prices Transportations and Cam cost as a result of the security situation in country.

Martin: With our strong start of the year.

Renaud Adams: SACAN is positioned well to achieve our guidance target of 330,000 to 370,000 ounces of attributable production at a cash cost of between $1,300 and $1,400 an ounce and an all-in sustaining cost of $1,675 to $1,800. We are continuing to examine opportunities to extend the mine life of a Sakane, which is currently defined out to the end of 2028.

Martin: And second is positioned well to achieve our guidance target of 330000 to 270000 ounces of attributable production at <unk>.

Martin: Cash costs of between <unk> hundred 40, <unk> hundred dollars, an ounce and an all in sustaining cost of 1675 to $800.

Martin: We are continuing to exempt teraglin a fortunate place to extend extend the mine life of fixed mechanic, which is currently defined out to the end of 2028.

Martin: Drill campaigns ongoing.

Martin: Within the fans to ensure the safety of our teams.

Renaud Adams: With drill campaigns ongoing within the FAMS to ensure the safety of our children, TURNING TO WESTWARD, The first quarter was a major milestone for the operation, as the mine not only returned the highest quarter of gold production since the mine restarted in 2021 but also produced, as Martin noted, a positive mind-free cash flow of $10.5 million. In operation, Westwood produced 32,000 ounces as the ramp-up of underground operations provided increased volumes of higher-grade underground material for the mill, supplemented with material from the satellite open pits of Granzitz and Fayal.

Martin: Turning to Westwood.

Martin: The first quarter was a major milestone for the operation as the mine not only retired.

Martin: Higher water production since the mine restarted in 2021.

Martin: But also produced as Martin noted pockets in mind free cash flow of $10 5 million.

Martin: On operations Westwood produced 32000 ounces of the ramp up of underground operations provided increased volumes of higher grade underground material or email supplemented with material from the satellite branches.

Friendship and for you all.

Renaud Adams: Our mine from underground totaled 83,000 tons in the first quarter, contributing to an average head grade from underground of 8.8 grams a ton, which is the highest grade from underground in over five years, as rehabilitation efforts have allowed access to previously closed higher grade underground stoves. The mill throughput in the first quarter was 249,000 tons at an average blended head grade of 4.27 grams a ton and a 94% recovery. The male availability averaged 85% in the quarter, which is roughly about 5% below where we would like to be.

Martin: Our mine from underground totals 83000 tons in the first quarter contributing to an average head grade from underground or phase <unk> eight grams, a tonne, which is the highest grade from underground in over five years as rehabilitation efforts have allowed access to previously closed higher grade underground stuffs.

Martin: The mill throughput in the first quarter was 249000 tonnes at an average blended head grade of $4 27 grams a tonne.

Martin: 94% recoveries.

Renaud Adams: As the plan team managed, unplanned maintenance requirements on the side mill liners. So the plans are in place to further improve availability through an ongoing maintenance program. The cost profile for Westwood continues to see improvements with the increase in production. Cash costs averaged $1,236 an ounce, and the all-in sustaining cost averaged $1,836 an ounce in the first quarter, which was also a record since the restart of operations and down nearly 30% from the high water mark from last year.

Martin: The mill availability average, 85% in the quarter, which is roughly about.

Martin: 5% below where we would like to be as the planned team managed unplanned maintenance.

Martin: <unk> requirement on the Sag mill liners. So the plans are in place to further improve availability through our ongoing maintenance program.

Martin: The cost profile for Westwood continues to see improvement with the increase in production cash.

Martin: <unk> average $1236, an ounce and all in sustaining costs averaged $836 an ounce in the first quarter.

Martin: Which was also a record since the restart of operations and down nearly 30% from bear the high watermark from last year.

Renaud Adams: Looking ahead, there is no change to our guidance for the year, with Westwood expected to produce between 100 and 120,000 ounces at a cash cost of $250 to $1,375 an ounce and an ASIC between $1,800 and $2,000. Work has begun on the data technical report and the mine plan for West, which will be announced later this year and will provide details of the results of the last 2.5 years of mine optimization and Strategic Assessment of the Westwood Company.

Martin: Looking ahead, there is no change to our guidance for the year for the year or with Westwood expected to produce between 100 and 120000 ounces at a cash cost of 450 to $375, an ounce and the namesake between $802000 an ounce.

Martin: Work has begun on the plan updated technical report and the mine plan for Westwood, which will be announced later this year and we'll provide details of the results of the last two five years of mine optimization efforts and strategic assessment of the Westwood complex.

Renaud Adams: So congratulations to the Westwood team for a very special and successful turnaround story. An example of resilience in team efforts, and I'm sure more to come. [inaudible] And with a big smile on everyone's face, this is the slide and images we have all been waiting for a long time. We scored the first goal at the end of the first quarter, but the image refers to a subsequent pour.

Martin: So congratulations to the Westwood team for a very special and successful turnaround story.

Martin: An example of the resilience and Tim efforts and I'm sure Mark account.

Martin: Turning to cortisol.

Martin: And with a big Smile on everyone's face. This is a slide in images, we have all been long waiting for report a first of all at the end of the first quarter, but the game.

Martin: Image refers to a subsequent call.

Renaud Adams: Mining activity totaled 7.6 million tons in the first quarter, including 1.9 million tons of water, combined with the 4.9 million tons of material previously stockpiled to start the year. 6.7 million tons of material was available at the end of the quarter for the ramp-up of the processing. As we mine through the early benches in the pit, we are seeing that the great control model supports our current reserve model. Additionally, as mines ramp up, we are getting visibility on our actual mining costs, which were $3 and $32 per ton and The First Water, with further cost improvement expected through the year.

Martin: Mining activities totaled seven 6 million tons in the first quarter, including $1 9 million tons of law.

Martin: Combined with a four 9 million tons of Crazy early stockpile to start the year six 7 million tons of material was available at the end of the quarter for the ramp up of the processing plant.

Martin: As we mine through the early benches in the past, we are saying that the grade control model supports our current reserve model.

Martin: Additionally, as mines rates ramp up we are getting visibility on our actual mining costs, which were $3 $32 a ton.

Martin: The first quarter with further cost improvement expected through the year.

Renaud Adams: An exceptional performance at this very early stage of the mining operation. The mining team continues to improve efficiencies of the mining operation, with new daily records achieved in April in excess of 160,000 tons hauled per day. The mining rates improvements include the commissioning of two additional autonomous haul trucks, the deployment of the second hydraulic electric shovel, and the commencement of double-side loading in the pit. On processing, the First Water was primarily focused on commissioning and building up the In-Circuit Inventory, which allowed the company to complete its first floor.

Martin: And exceptional performance at this very early stage of mining operations.

Martin: The mining didn't come to news to improve efficiencies of the mining operation with New daily record of records achieved in April in excess of 160000 tons per day mining grades improvements include the commissioning of two additional autonomous haul trucks the deployment of the second hydraulic elect.

Martin: For travel and the commencement of garbled side loading and debate.

Martin: On processing the first water was firmly focused on commissioning and buildup.

Martin: Are they in circuit inventory, which allowed the company to complete its first floor.

Renaud Adams: Subsequently, the ramp-up of the plant has been progressing well. Throughout March and April, the crushing and milling circuits utilization rates progressively increased, and the mill throughput capacity is in line with our expectations at this stage of the ramp-up. The primary and secondary crushers have been operated up to 1,900 tons per hour, and our HPGR and ball mill operated up to 1,600 tons per hour during April. In other words, together representing over 95% of nameplate capacity, meaning the primary components of the processing have demonstrated their ability to operate near limb blade capacity.

Martin: Subsequent to this the ramp up of the plant has been progressing well.

Martin: Throughout March and April the crushing and milling circuits utilization rates are aggressively increase.

Martin: The mill throughput capacity is in line with our expectation at this stage of the ramp up.

Martin: The primary or secondary crushers I've been operated up to 19 500 tons per hour in our H B G. R and ball mill operated up to 16 100 tons per hour during April in other words.

Martin: Together, representing over 95% of nameplate capacity, meaning the primary components of the processing plants have demonstrated their ability to operate near nameplate capacity.

Renaud Adams: This means it is all about increasing mill availability and stability in order to ramp up the processing circuits utilization rates towards a goal of achieving commercial production in the third world. Recoveries in the plant have been steadily improving. And I will note this is prior to startup of the Gravity Circuit, which will be commissioned later this quarter. I will now hand the call back to Marthin for quick discussions on Project

Martin: This mean it is all about increasing mill availability and stability in order to ramp up the processing circuit utilization rates towards our goal of achieving commercial production in the third quarter was busy.

Martin: Recoveries in the plant has been steadily improving.

Martin: And I will now this is prior to startup of the gravity circuit, which will be commissioned later this quarter.

Martin: I will now hand, the call back to Martin for a quick discussion on project expenditure.

Martin: Thank you.

Marthinus Wilhelmus Theunissen: Before we get into the capital numbers, I want to remind everyone that, under the latest IFRS guidelines, revenue and cost of sales are to be recognized from the first sale. We shipped and sold our first gold bars in April, and Surrey will start recognizing revenue and costs in the second quarter. Further, it is worth reinforcing that IAMGOLD will continue to fund operating and capital expenditures through cash flows at its 60.3% interest and will receive 60.3% of the gold production. How is that safe?

Martin: Before we get into the capital numbers I want to remind everyone that under the latest <unk> guidelines revenue and cost of sales ought to be recognized from the first sale with.

Martin: We shipped and sold our first gold bars in April and so we will be recognizing revenue and costs in the second quarter.

Martin: Further it is worth reinforcing that our goals will continue to fund operating and capital expenditures through cash flows at a 63% interest and will receive 63% of the gold production.

Martin: With that state.

Marthinus Wilhelmus Theunissen: As we discuss project expenditures, please note that all the costs being quoted are on a 100% basis. Project and capital expenditures in the first quarter totaled $196.3 million and included the incurred project expenditures up to first gold of $151.7 million, which also includes the cost of consumables and supplies inventory purchased during the first quarter. This brings the total project expenditures incurred for Kartagult since the commencement of construction to First Gold to $2.935 billion of the planned $2.965 billion.

Martin: As we discussed project expenditures. Please note that all the cost being quoted are on 100, 100% basis.

Martin: Projected capital expenditures in the first quarter totaled 196 3 million.

Martin: And in June the good project expenditures uptick first gold of 151 7 million.

Martin: Which also includes the cost of consumables and supplies inventory purchased during the first quarter 2024.

Martin: This brings the total project expenditures incurred for car T gold since the commencement of construction to first go to 2.935 billion of the planned 2.65 billion.

Marthinus Wilhelmus Theunissen: In addition to the project expenditures, approximately $27 million of operating expenditures were capitalized related to moneying, service costs, administration, and indirect costs that will be incurred during commissioning, ramp-up, and up to commercial production. Further, there were capital expenditures related to ongoing operations of $17.6 billion, including 8.1 million of capital and stripping, 8 million for training, and earthworks, and other projects of 1.5. The total and timing of these expenditures are in line with our forecast and guidance for the year.

In addition to the project expenditures approximately 27 million of operating expenditures for capitalized related to mining surface cost administration and indirect costs that will be incurred during commissioning ramp up.

Martin: Up to commercial production.

Martin: Other capital expenditures related to ongoing operations of $17 6 million.

Martin: Including $8 1 million of capitalized stripping 8 million foot tightenings in earthworks and other projects of one 5 million.

Martin: The Delta and timing of these expenditures on line with our forecast guidance for the year.

Marthinus Wilhelmus Theunissen: If we look at the bottom of the Carta 2024 Outlook slide, we can see the construction to capital first goal is finalized at 151.7 million. Accordingly, we have revised our project-constructed related capital outlook post first gold upwards to $67 million, and the total construction capital for the year therefore remains guarded at $219 million. The construction after First Gold is for the additional ancillary infrastructure and earthworks projects that were outlined in the project scope but not required for First Gold.

Martin: If we look at the bottom up devoted to any training for outlet slide we can see the construction to capital a clear scope is finalized.

Martin: <unk> 51 7 million.

Martin: Accordingly, we have revised our project constructed related capital options.

Martin: Mr. Bush gold upwards to $67 million and the total construction capital for the year, therefore remains solid at $219 million.

Martin: The construction both critical is for the additional ancillary infrastructure in earthworks projects that we're outlining the project's scope, but not required for first gold.

Marthinus Wilhelmus Theunissen: The other guidance estimates for quota capital expenditures related to operations and capitalized waste stripping are also unchanged. I would also like to note that Gotay Gold capital expenditures related to operations this year are expected to be higher than the life of mine average as the mine extends to the full tailings dam footprint to support the life of the mine. The Classification of Capital Expenditures as either Sustaining or Expansion prior to Commercial Reduction will be dependent on the timing of achieving production and the nature of expenditure.

Martin: The other guidance estimates with regard to capital expenditures related to operations and capitalized waste stripping are also unchanged.

Martin: I'd also like to note that the Goto gold capital expenditures related to operations. This year are expected to be higher than the life of mine average as the mine extends to the full signings that with Brent to support the life of mine.

Martin: The classification of capital expenditures as either sustaining or expansion broad two commercial reduction will be dependent on the timing of achieving production and the nitro expenditure.

Martin: Two year now.

Renaud Adams: Thank you, Martin. So our goal this year is very clear. We need to ramp up the plan availability and utilization to reach commercial production in the third quarter of this year, which will position us very well to achieve our goals of exceeding the year at a throughput rate of approximately 90%. Based on this timeline, our production guidance for this year at Cody Gold on a 100% basis is unchanged at between $220,000 and $290,000 an ounce for the year.

Speaker Change: Thank you Martin.

Speaker Change: So our goal. This year is very clear, we need to ramp up the plant availability and utilization to reach commercial production in the third quarter of this year, which will position us very well to achieve our goal of exceeding the year at a throughput rate of approximately 90% of nameplate.

Speaker Change: Based on based on this timeline our production guidance for this year has got to go on a 100% basis is unchanged at between 220 and to 190000 ounce, but the year. We continue to estimate that at Cody achieve 90% throughput exiting the year cash cost at that time.

Renaud Adams: We continue to estimate that as Cody achieves 90% throughput by the end of the year, cash costs at that time are expected to be in the range of approximately $700 to $800 per ounce sold at an all-in sustaining cost of $1,100 to $1,200 per ounce sold. This brings us to the slide we always like to finish.

Speaker Change: Are expected to be in the range of approximately 700 to $800 per ounce sold and all in sustaining costs.

Speaker Change: 112, $100 or so.

Speaker Change: This bring us to this slide we always like to finish off.

Renaud Adams: And this is what the future is for. As a reminder, the CODI deposit has an estimated mineral reserve on a 100% basis of $7.6 million. These reserves are constrained by permanent tailings capacity and form the basis of the current economics of the project. However, on a measured and indicated resource basis, the coded PIP is currently estimated at a total of 12.1 million. The adjacent Gosselin pit has an additional 4.4 million ounces of measured and indicated resources and nearly 3 million ounces of inferred resources.

And this is what the future is for quota.

Speaker Change: As a remainder a reminder, Dakota deposit has just made and mineral reserve on a 100% basis of $7 6 million ounces.

Speaker Change: These reserves are constrained by permanent tariff of tailings capacity.

Speaker Change: And form the basis of the current economics of the project.

But on a measured and indicated resource basis Dakota. Pip is currently estimated at a total of $12 1 million ounces.

Speaker Change: The adjacent Goslin Beth has an additional four 4 million ounces of measured and indicated resources and nearly 3 million ounces of inferred so bringing the project to a total of $16 5 million ounces of measure have indicated and an additional 4 million ounces suffering.

Renaud Adams: So, bringing the project to a total of 16.5 million ounces of measured and dedicated and an additional 4 million ounces of, The Size of Cody and Gosselin together puts the project in a very exclusive category among the large scale producers Canadians.

Speaker Change: Size of Coty on Goslin together puts the project in a very exclusive category.

Speaker Change: The large scales producing Canadian assets.

Renaud Adams: We are continuing to advance our understanding of the impact of Gosselin and the potential of the project. At year-end 2023, we updated the Gosland Mineral Reserve and Resources Estimate with an additional 35,000 meters of drilling, which was drilled over the two years prior. This year itself, we are conducting a 35,000 meters of drift program, targeting the central zone between the pit shells, where we see indications of continuations of mineralization and hydrothermal breccia, as well as some deeper holes to understand the continuity of mineralization below the current pitch.

Speaker Change: We are continuing to advance our understanding of that and the impact of gosling.

Speaker Change: And so after project.

Speaker Change: At year end 2023, we updated the goslin mineral reserve and resource estimate with an additional 35000 meters of drilling which was drill over the two years prior.

Speaker Change: This year itself, we are conducting for 35000 meters of drip program.

Speaker Change: Getting the central zone between the pit shelf, where we see indication of concentrations of many organizations and hydro terminal breakfast as well as some deeper holes to understand the contingency of mineralization below the current picture.

Renaud Adams: We expect to have the result of this program later in the year, which will greatly inform our understanding of how to incorporate Gosselin into a potential future. As I said before, Cote d'Ivoire today is a project, but we believe strongly that this is the start of the mining camp and will provide a strong foundation for IMGOLD for many years to come. So thank you all, and I look forward to an exciting year ahead. With that, I would like to pass the call back to the operator for the Q&A.

Speaker Change: We expect to have the resolve of this program later in the year, which will greatly inform our understanding of how to incorporate goslin into a potential future marks.

Speaker Change: As I said before Cologuard today as a project, but we believe strongly that they see start profit mining can and will provide a strong foundation for item grow for many years to come.

Speaker Change: Well. Thank you all and I look forward to an exciting year ahead with that I would like to pass the call back to the operator for the Q&A.

Speaker Change: Operator.

Yeah.

Speaker Change: Thank you.

Operator: To join the question queue, you may press star, then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star, then 2.

Speaker Change: Did you end the question queue. You May Press Star then one on your telephone keypad, you will hear tone acknowledging your request.

Speaker Change: We are using a speakerphone. Please pick up your handset before pressing any key cause Italia question. Please press Star then two.

Speaker Change: First question comes from Anita Soni with CIBC World markets. Please go ahead.

Anita Soni: Hi, good morning, everyone. Firstly, on efficacy, you mentioned that the grades are declining for the life of mine. How does that decline look over the course of the year?

Anita Soni: Hi, good morning, everyone and.

Anita Soni: Firstly on <unk>, you mentioned that the grades are declining to life of mine.

Anita Soni: How did that decline look over the course of the year.

Renaud Adams: Yeah, if you look at, thanks, Anita, for your questions. And if you look at the 43-1-1, which was, well, the first year 2024 of the plan. So we originally estimated the green at about 1.1. Of course, in Q1, we massively needed, you know, phase 5. The reason why we're saying that we see a potentially decreasing number, remember as well back in 2023, as we entered, entered phase five, so we also have some, some negative.

Speaker Change: Yeah. If you look at thanks, Anita for your questions.

Speaker Change: If you look at the other 43, one on which reflects that while the first year 2024 of their clients. So we are originally estimated the granting of about one point and one of course in our Q1 week, we massively aided Vietnam other phase five.

Speaker Change: The reason why we're saying, we see a potentially degrees and remember as well back in 2023 as we answered entered the phase five. So we also have like some some mega.

Renaud Adams: Reconciliation at the start; eventually, we'll act partly now. So the same behavior as phase four. So we will be entering phases six and seven as we advance in the year. So there was no reason at the time, this time, to believe that we would not return to the moor, but we will obviously benefit from the Q1 ahead. And as we said so far in Q2, we've seen the same behavior from phase five, but eventually, we'll have to transition.

Speaker Change: Reconciliation of to start eventually WOMAC pardon now so same behavior aerospace for so we will be entering a phase six and seven as we advance it in a year.

Speaker Change: There was no reason at the time this time to believe that we will return to a more but we will obviously benefit the Q1, the apps and as we said.

Speaker Change: So far in Q2, we've seen the same behavior.

Speaker Change: Baseline, but eventually will have to transition to six and seven.

Anita Soni: And then also a good turnaround at Westwood after some challenges over the last decade. Moving to Kote, I was wondering what your mill utilization rate is, like what it is right now, and obviously you're trying to get to 60% throughput for commercial production in Q3. But I just wanted to get an idea of how many days on, days off, or is the plant operating daily, consistently, and then it's just a matter of small starts and stops, or are there big shutdowns still at this stage?

Speaker Change: And then also good turnaround at the desk here.

Speaker Change: There are some challenges over the last decade, and moving to co pay and can I ask I was wondering what is your mill utilization rate and what are they right now and obviously, we're trying to get to 60% and I'm curious what for the commercial connection in Q3, but I just wanted to get an idea.

Speaker Change: Thank you.

Speaker Change: How many days on days to operate the plant operating like daily and consistently and then it's just a matter of smoke guard stopped or shut down.

Speaker Change: Okay.

Renaud Adams: Yeah, thanks for thanks for your questions. And, you know, we're not discussing on a week by week basis, but we definitely will remain. But as we said, it's not about the throughput. I think we are already extremely well positioned. We just came out of five days, a five-day shutdown where we had the opportunity to improve some aspects that we've seen. We know that DR is abrasive, so we needed some adjustment around the chutes and elbows and lining and stuff. So this is what it looks like.

Speaker Change: Yeah the.

Speaker Change: Thanks for thanks for your questions and will now were not discussing on a week by week basis.

Speaker Change: That's something that's late Reman Bucks as we said, it's not about it's not about the throughput I think we already extremely well position. We just came out of our five days.

A five day shutdown, where we had the opportunity to improve some aspect that we've seen with no that'd be our is appraise. It so we'd needed some adjustment around shoes, so no elbows lining and stuff. So this is done so we feel now that our firm, let's call, where we are now too.

Renaud Adams: So we feel now that from, let's call where we are now, to Q3, we'll move this up over the 60% average throughput. So it's tough to say where we are now because we've been systematic and disciplined to correct as we go. So we remove and we go, so we don't really judge what we're very comfortable that from now on, as we execute to enter Q3, that will be achieved.

Speaker Change: To the Q3, we'll move this up over the 6% to 8%.

Speaker Change: Average that so so so it's it's tough to say, where we are now because we've been systematic and disciplined enough to correct as we go so when we see some.

Speaker Change: Bottleneck, so we removed and we go so we don't really judge what we're very comfortable that our.

Speaker Change: Some now too as we exit Q2 after Q3 that will be we'll be achieving that objective.

Anita Soni: Okay, and both 100% of the flotation tanks are working now, right? I remember like, I think it was about six, nine months ago, there were?

Speaker Change: Okay, and both I think are 100% of the flotation tanks are working now I remember like I think it's nine months correct.

Renaud Adams: Correct. Yeah. All right. But the first goal was achieved with the first half of the circuit, and post for the first goal, we started the second. Okay, all right.

Speaker Change: Okay Alright.

Speaker Change: This is the first of all was achieved with the first half of the circuit and pulse Paul first of all we are weak.

Speaker Change: We started the second half.

Anita Soni: And then these questions are for Martin. The CapEx number I'm a little confused on. I think the, you know, if you look in the financial statements, it says around $153 million. And you just mentioned that Cote alone was about $151 million. So is this still the sumo-tomo financing coming through? Or is it like, what's the

Speaker Change: Okay, Alright, and then as these questions are for Martin.

Speaker Change: And the Capex number I am a little confused on I think the you know what do you like in the financial statements. It is around $115 million to $53 million and you just mentioned that kotte alone with about $151 million. So is this still the chemo telmo financing coming through or like what's the differential there.

Anita Soni: Anita, we really like our partnership deal with Sumitomo, but it does make the accounting a little bit complicated. So four by three.

Speaker Change: Okay.

Speaker Change: Anita This we of course really like our partnership deal with Sumitomo, but it does make the accounting a little bit complicated.

Speaker Change: Full of a ice arrays.

Marthinus Wilhelmus Theunissen: For IFRS, we have to recognize everything on our balance sheet at 70%. So that means the additions that you see in the financial statement are stated at 70% as well. So what we've tried to do to help with that is, if you look at our segmented notes, we then provide a breakdown of the capital in there that excludes the right-of-use assets as well as the borrowing costs. And then we show up a total for the company of 188 million and then in our non-gap reconciliation at the back of the MD&A.

Speaker Change: For <unk>, we asked here lies.

Speaker Change: Everything on our balance sheet at savings per se.

Speaker Change: So that means the additions that you see in the financial statements as stated at 70% as well.

Speaker Change: So what we try to do to help with that is if you look at our power segment did note.

Speaker Change: The gain provide a breakdown of the capital in there that excludes the right of use assets.

Speaker Change: As well as the borrowing cost and the debt service.

Speaker Change: So we show up the total for the company of 188 million and gain in our non-GAAP reconciliation at the back of the MD&A.

Marthinus Wilhelmus Theunissen: We take that $188 million and convert it to 60% for Cota and show the Cota number there. So hopefully that's helpful, but we are, of course, more than happy to jump on a call with you to go through the details. I will take you up on that.

Can you take that 188 million converted to 60% will go to show the coach a number there.

Speaker Change: Hopefully that that's helpful. But we are of course are more than happy to Jonathan a call with you to go through the details.

Anita Soni: I will take you up on that. You might need an hour, and then secondly, that's also on all the callers, and I was going to take more than this call to answer the question, but I guess I was looking at it, like, like where does some of it come through in the interest and non-financial, like the interest in derivative instruments, and some of it comes out of the revenue line, is that how it works?

Speaker Change: Okay, we'll take you up on that you might need to clear an hour and then secondly, that's the.

So on that all that tolerance and.

Speaker Change: The hedges or the prepay and how that's working and so I think I can take more than this call to answer the question but.

Speaker Change: Yes, it was.

Speaker Change: Looking at it all of it coming through in <unk>.

Speaker Change: Like where does that come through in the interests and non financial.

Speaker Change: Kristin derivative instruments and some of that come through in the.

Speaker Change: And the revenue line is that how it works.

Speaker Change: So.

Marthinus Wilhelmus Theunissen: for Revenue on the Gold Prepays, we still have to deliver 75,000 ounces. [inaudible] And then for the answers this year that we have to deliver on the Sixth Right, which would be about 12,500 ounces, that would be recognized at a price of $1,750. Then for next year, in Q1... We deliver another 75,000 ounces over Q1 and Q2. There are 31,000 ounces that we will get a revenue of $2,135. That's for the fixed portion in Q1.

Speaker Change: Revenue on the Gulf <unk> patents.

Speaker Change: We still have to deliver 75000 ounces.

Speaker Change: This year in.

Speaker Change: Into the color structure dose ounces, the revenue will basically be way kick malls at 'twenty 100, as the gold price remains above two and you want a good because we hit the top of that color.

And then for the.

Speaker Change: The ounces this year that we have to deliver on the.

Speaker Change:

Speaker Change: If the fixed right, which would be about 12000 ounces.

Speaker Change: It could be recognized at a price of 1000 and save an oven 53.

Speaker Change: Then for next year in Q1.

Speaker Change: We deliver.

Speaker Change: The other 75000 ounces over Q1 and Q2.

Marthinus Wilhelmus Theunissen: And then in Q2, for the same 31,000 ounces, we will participate between 2,100 and 2,925. If the gold price is in between those ranges, we will effectively recognize revenue at spot. So, you know, maybe this is also another one for us to go through in detail, but it comes down to for the ones on the collars, revenue is recognized at the spot, and for the fixed term or the fourth ones, we would be recognizing revenue at the fourth right. Okay, thanks. And I definitely would

Speaker Change: 1000 ounces that we will gate.

<unk> 2135, that's where the fixed portion Q1.

Speaker Change: And then in Q2 the site 31000 ounces, we will participate between 'twenty 129, 25, if the gold prices in between those ranges, we will effectively recognize revenue at spot.

Speaker Change: So maybe this is also another one for us to go through in details, but it comes down to the to what's on the callers revenues recognized at spot.

Speaker Change: And for the fixed with afford ones.

Speaker Change: We would be recognizing revenue at the forward rates.

Anita Soni: Okay, thanks. And I definitely would want to talk to you offline about that. Thanks. That's it for my questions.

Speaker Change: Thanks, and I definitely want to talk to you offline on that.

Speaker Change: That's it for my questions.

Speaker Change: Thanks Darryl.

Speaker Change: Okay.

Operator: The next question comes from Mike Parkin with National Bank. Please go ahead.

Speaker Change: The next question comes from Mike Parkin with National Bank. Please go ahead.

Michael Parkin: Hi guys, congrats on a strong quarter. Nice to hear everything at Kofi is going well. Just following up on your earlier comments around getting money out of Burkina Faso, can you give us a sense of the cash reported, how much of that is in the country versus in your accounts in, I assume, Canada?

Michael Parkin: Alright, guys. Congrats on the strong quarter nice to hear everything that coffee is doing well.

Michael Parkin: Following up on your earlier comments around getting money.

Michael Parkin: Routine as fast or can you give us.

Michael Parkin: The sense of the cash reported how much of that is.

Michael Parkin: In country versus in your accounts.

Michael Parkin: I assume in Canada.

Michael Parkin: Thanks. And first of all, Mike, nice to have you back. So Martin, can you, can you answer? Also, in our disclosure...

Michael Parkin: Thanks.

Speaker Change: And first of all Mike a nice to have you back so Martin can you.

Marthinus Wilhelmus Theunissen: In our disclosures, if we break up our cash balance between Ithacan, Cota, and Corporate, the cash balance for Ithacan, which was 99 million, or around 100 million for Q1, that is all in Burkina Faso.

Speaker Change: Okay.

Martin: So in our disclosures if we if you break our cash balance between its a cat coach at corporate cash balance voice of cat, which was $99 million.

Martin: Around 100 million for Q1 that is all in Burkina Faso.

Martin: Okay.

Michael Parkin: And thanks, Renaud. It's good to be back. That's it for me.

Speaker Change: And thanks for now it's good to be back Thats. It for me.

Martin: Thanks.

Martin: Yeah.

Operator: Once again, if you have a question, please press star, then 1. The next question comes from Tanya Jakusconek with Scotiabank. Please go ahead.

Martin: Once again, if you have a question. Please press Star then one the next question comes from Finance to cross connect with Scotiabank. Please go ahead.

Tanya M. Jakusconek: Good morning, everyone. And thank you so much for taking my questions and congratulations on a good operating quarter and that Cote is on track. A couple of questions I have. I'm going to start with just understanding, I mean, that realized gold price, Martin, was amazing, given the fact that it includes the prepaid in there. Looks like you realized 2091 without the prepaid was just, I mean, I have to believe it was just like, you know, 20 bucks an ounce higher than the quarterly average because of the way you sold your gold through the quarter. Was there anything else I should be aware of?

Finance: Good morning, everyone and thank you so much.

Scotiabank: Congrats on a good operating quarter in that car T is on track.

Finance: Couple of questions I have I'm going to start with.

Finance: Just understanding I mean, that's realized oil price Martin was amazing.

Finance: And the fact that even clearer.

Finance: Pavan math looks like you realized 2091 without the prepay.

Finance: I mean I have to believe it was just like you know 20 Bucks an ounce higher than our quarterly average day.

The way he's soldiering through the corner or was there anything else I should be aware of.

Tanya M. Jakusconek: There's nothing else that you need to be aware of. We try to sell our gold equally over the month, every month. It doesn't get delivered and shipped equally, but we've got some sales strategies just to try to hit the peaks, but no instruments or anything, just trying to meet the market. And sometimes we're lucky, and we hit the peaks, but that's all that it was.

Speaker Change: Theres nothing else.

Speaker Change: That you need to be aware of we try to to sell our goals equally over the.

Speaker Change: Month every month, it doesn't get delivered and ship equally but we've got some sales strategy substitute dropped to hit the peaks.

Speaker Change: But no doubt instruments or anything just trying to.

Speaker Change: Sowell meet the market and sometimes reluctant.

Speaker Change: Yeah right.

Marthinus Wilhelmus Theunissen: It's just the first company I saw that I cover that had such a delta to the gold price, given you're prepaid. The second question I have is just following up on Anita's questions on the profile for this year. So just wanted to confirm that it looks like Westwood is evenly distributed during the year and Estacan would be stronger in Q1, Q2 and then lower with the grades in Q3, Q4. Would that be a safe assumption to model?

Speaker Change: It's just the first company I saw that I cover that hotspot sorry about that.

Speaker Change: Typical pipe different prepaid.

Speaker Change: Second question I have is just following up on <unk>.

Speaker Change: Some questions on the profile.

Speaker Change: Profile for both yes, so wanted to confirm that looks like Westwood is evenly distributed during the year.

Speaker Change: Okay. Let me Q1, Q2 stronger I'm nowhere with the grade in Q3 Q4.

Speaker Change: That's a safe assumption to model.

Renaud Adams: Definitely for Westwood and because phase five has been, I would also agree with your assessment. Originally, of course, it was more some sort of a flat type of the same H1, H2, but we're very pleased with the positive reconciliation. So you could assume a higher, stronger H1 over H2, as you said.

Speaker Change: Definitely for the Westwood and because we phase five has been.

Speaker Change: Behaving the way it is and it's kind of continuing to do I would also agree with your assessment. Originally of course it was more some sort of a flat type of same H one H two sarcoma, but we're very pleased with the positive reconciliation. So you could assume a higher stronger H Mart.

Speaker Change: Average to as you said.

Speaker Change: Okay. That's very helpful. Thank you and then if I can move over time.

Renaud Adams: and just to finish off some of Anita's questions on that, just, you know, can you give us an idea how April and May have gone, like in some of the stats, like you, you know, so much more in the processing side, you mentioned that the recovery is 81%. We have the gravity circuit coming in in Q2. So that should, you know, move your recoveries up. So can you just walk me through how April and May are and sort of where you see this recovery moving at once we get the gravity circuit?

Speaker Change: And just to finish off and there's a need or questions on that.

Speaker Change: You know can you give us an idea of how April and May have gone like and some of it that you know there are so much more on the telecom side. You mentioned that you know recoveries will be 1%, we have the gravity circuit coming on in Q2.

Speaker Change: So that's shaking a movie or a cavalry that so can you just walk me through how April millwork and so that's why you see this pathway moving act once we got the gravity circuit.

Renaud Adams: I guess what I can say and that I really like the approach of the team is to kind of understand the next milestones ahead of time. So when we entered the pre-commissioning phase, we obviously were positioning ourselves, you know, to be able to do this relatively quickly. All the prep work behind.

Speaker Change: I guess.

Speaker Change: What I can say on that I really like the approach of 15. This just kind of understanding. The next milestones ahead of time, so when we entered the.

Speaker Change: Pre commissioning.

Speaker Change: We obviously are positioning ourselves to be able to do this like in a relatively short so all dip credit behind so about the same thing in a in.

Renaud Adams: So, about the same thing in April and May. So, yes, it was about stabilization, but it was also to understand that at the very early stage, if the capacity wasn't, you know, installed, it was there. And so I think April and May were really about understanding a few bottlenecks, which we've done a lot of corrections in the last shutdown, but it was really at the very early stage to understand that the next milestones of the 90% nameplate were achievable.

Speaker Change: In April and May so yeah.

Speaker Change: Yes, there was about stabilization, but he was also to understand that the very early stage. If the capacity wasn't you know installed was there and so I think April may was really about understanding a few bottlenecks, which.

Speaker Change: We've done a lot of corrections in the last shut down but he was really at the very early stage to understands that the next milestones up to 90% of nameplate was achievable so weak there.

Renaud Adams: So that was largely the focus of April and May. Now we know that it's about now to ramp up the availability and stability until we reach commercial. But that's what I could say has been the focus in April and May, at the same time as ramping up and improving the mining operation, which is now basically very close to the plan, you know, of sustaining a full capacity mill.

Speaker Change: That was largely the focus off April and May. So now we know that it's about now to ramp up the availability and and stability.

Speaker Change: Until we reach the commercial but that that's what I could say has been the focus and the prevalent at the same time off by ramping up and improving the of the mining operation.

Speaker Change: Which is now basically very close to the.

To the to the plants, you know us sustaining a full capacity mill.

Tanya M. Jakusconek: Okay, and so the mining is now, you know, ramping up with the melt for sustainability there. What about this recovery once we get this circuit in the gravity?

Speaker Change: Okay, and so so that mining is now ramping up with the amount that you're paying have already back what about halfway once we got that to them the gravity.

Tanya M. Jakusconek: 81% is, I think, what you have right now. Oh, great. Yeah.

Speaker Change: It would be 1% plus you have right now.

Renaud Adams: Yeah, Renaud. Yes. Hello, Tanya.

Speaker Change: Yeah, Bruno yes, Hello, Daniela so so far we're seeing like a very good results in terms of recovery. Despite the DWP circuit is not fully commissioned yet.

Bruno: So right away.

Bruno: Target if not above.

Bruno: But again be careful because we're sort of ramping up soda hesitant steinsson or think is greater than when we're going to be processing or towards the whole thing, but so far we're pretty pleased with what we're seeing.

Renaud Adams: So so far, we're seeing very good results in terms of recovery, despite the fact that the cavity circuit is not fully commissioned yet. That's right away at target, if not above. But again, be careful because we're still ramping up. So the residence times in our tank are greater than when we're going to be processing at full capacity. But so far, we're pretty pleased with what we're seeing.

Tanya M. Jakusconek: Okay, so what should I be thinking about when you go commercial with this recovery? I'm still at planning one.

Daniela: Okay. So what should I be thinking about when you go commercial desperate cavalry.

Renaud Adams: Still that funny one.

Daniela: So that planning one.

Speaker Change: Sorry about 81.

Speaker Change: 91.

Tanya M. Jakusconek: Oh, 91. Sorry. Thank you. And then maybe over to Martin again, my final question is just a reminder when I look at the prices for All Today and I look at your ability, let's assume everything goes positively. And in terms of buying back your option back from Sumitomo, would it be fair to assume, looking at current spot prices, assuming everything goes well, that that would be achievable in the first half of 25? Is that what you have in your model?

Speaker Change: Oh 91 site.

Speaker Change: Okay.

Speaker Change: Thank you and then maybe I'll, let him my opinion.

Speaker Change: Anil question Sir.

Speaker Change: When I looked at.

Speaker Change: Pricing or.

Speaker Change: Oh, it's about when I look at Europe already.

Speaker Change: So positive currently.

Speaker Change: And that in terms of buying back your option.

Speaker Change: From Sumitomo, whether it be Patrick Sam that I'm looking at current spot prices, assuming everything goes well that that would be achievable in the first half of 'twenty five is that what you have in your model.

Marthinus Wilhelmus Theunissen: So Tanya, there are a lot of different factors that, of course, come to that to say that we can generate enough free cash flow to buy it back in the first half of 2025. Going through all the inputs, outputs, and risk, it's hard to say with 100% confidence. But for us, we continue to see that the value of what we're paying and the underlying asset make sense for us to buy it back. And we continue to look at all the options that are available to us to do that.

Speaker Change: So there's a there's a lot of that.

Speaker Change: Different factors that of course.

Speaker Change: Coming to that to decide that we can generate.

Speaker Change: Our free cash flow to buy back in the first half of 2025.

Speaker Change: Going through all the inputs in office and risk is it's hard to say with 100% confidence but for us we.

Speaker Change: We continue to see that the value of what we are buying them for the underlying assay to make sense for us to buy it back in and we continue to look at all the options.

Speaker Change: That's available to us to realize that value.

Tanya M. Jakusconek: Oh, okay, well. All right. I mean, you know, I assume you have a model that would show some if you assume, you know, everything goes well, there's a timeline, and I understand things, you know, come and go and this Burkina Faso money and country, but assuming you can't access it, would it be fair to have it in the first half? Or should I be thinking later in the process?

Speaker Change: Oh, okay well.

Speaker Change: Alright.

Speaker Change: I assume you have a model that would show some.

Speaker Change: If you assume you know everything goes well there is a timeline and I understanding.

Speaker Change: Come and go in the Kina Faso money in country.

Speaker Change: Hamlin.

Speaker Change: Would it be fair to have it in first half or should I be thinking later in the year.

Marthinus Wilhelmus Theunissen: you're talking about later in the year 2025 2025. Yeah, I mean, there are two ways to look at it. Of course. I mean, it depends on the gold price you're using and so forth. We will see how we go. Yeah, yeah, I mean, yeah. I guess if you assume that, yes, you know, at some point in time, the cash of the company will be sufficient, of course, to pay prepaid. It's just a matter of timeline and timing.

Speaker Change: You're talking about later in the year 2025.

Tanya M. Jakusconek: Okay, thank you.

Speaker Change: Tell me if I'm if I, yeah, I mean, there's there's two ways to look at it of course, I mean, it depends on gold price, you're using and so apart.

Speaker Change: Well see.

Speaker Change: How we go.

Yeah, Yeah yeah.

Speaker Change: Yeah.

Speaker Change: I guess, if you assume if you assume that yes seven.

Some point in time to cash of the company will be sufficient and of course to prepaid. Its it's just a matter of timeline army.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay. Thank you.

Speaker Change: Thanks.

Speaker Change: Yeah.

Operator: This concludes the question and answer session. I would like to turn the conference back over to Graeme Jennings for any closing remarks. Please, please go ahead.

Speaker Change: This concludes the question and answer session I would like to turn the conference back over to Graeme Jennings for any closing remarks.

Graeme Douglas Jennings: Please go ahead.

Graeme Douglas Jennings: Thank you very much, operator. Thank you everyone for joining us this morning. As always, if you have any further questions, please reach out to Bruno or myself. Thank you all. Be safe and have a great day.

Graeme Douglas Jennings: Thank you very much operator, and thank you everyone for joining us this morning as always.

Graeme Douglas Jennings: You have any further questions. Please reach out for no or myself. Thank you all be safe and have a great day.

Operator: This concludes today's conference call. You may disconnect your line. Thank you for participating and have a pleasant day.

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

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Graeme Douglas Jennings: Mhm.

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