Q2 2024 IAMGOLD Corp Earnings Call

Thank you for standing by. This is the conference operator. Welcome to the Iamgold second 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.

Operator: 2nd 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 1 on your telephone keypad. 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 Graeme Jennings, VP of Investor Relations and Corporate Communications for Iamgold. Please go ahead, Mr. Jennings.

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. Should you need assistance during the conference call, you may signal an operator by pressing star then 0.

Graeme Jennings: At this time, I'd like to turn the conference over to Graeme Jennings, VP Investor Relations and Corporate Communications for Iamgold. Please go ahead, Mr. Jennings.

Graeme Jennings: Thank you, Operator, and welcome everyone to the second 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, Renaud Lemelin, Chief Operating Officer, and Tim Bradburn, Senior Vice President, General Counsel, and Corporate Secretary. We are joining 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 Anishinabek, Chippewa, Haudenosaunee, and the Wendat. At Iamgold, we believe respecting and upholding Indigenous rights is founded upon relationships that foster trust, transparency, and mutual respect.

Graeme Jennings: Thank you, Operator, and welcome everyone to the second quarter 2024 Operating and Financial Results Conference Call.

Graeme Jennings: Joining me today on the call are Renaud Adams, President and Chief Executive Officer, Marthin Theunissen, Chief Financial Officer, Renaud Lemelin, Chief Operating Officer, and Tim Bradburn, Senior Vice President, General Counsel and Corporate Secretary.

Speaker Change: We are joining 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 Anishinabek, Chippewa, Haudenosaunee, and the Wendat peoples.

Speaker Change: At Iamgold, we believe respecting and upholding Indigenous rights is founded upon relationships that foster trust, transparency, and mutual respect.

Speaker Change: 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 on Disclosures on Non-IFRS Measures, including the presentation and the reconciliations of these measures in our most recent MD&A, each under the heading non-GAAP Financial Measures.

Speaker Change: 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 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 on Disclosures on Non-IFRS Measures, including the presentation and the reconciliations of these measures in our most recent MD&A, each under the heading Non-GAAP Financial Measures. With respect to the technical information to be discussed, please refer to the information in the presentation under the heading Qualified Person and Technical Information. This slide is referenced on this call and can be viewed on our website. I will now turn the call over to our President and CEO, Renaud Adams. Thank you, Graeme.

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

Renaud Adams: Thank you, Graeme, and good morning, everyone, and thank you for joining us. It was another exciting quarter for Iamgold with the first four quarters of operations at GO-TECH and another strong operating performance from Ms. Akane Westwood, putting us in a position to increase our overall guidance for the year. At a high level, I believe this water begins to paint a picture of what ultimately Iamgold would look like.

Speaker Change: I will 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.

Renaud Adams: It was another exciting quarter for Iamgold, with the first full quarters of operations at Gotay and another strong operating performance from Issaqaneh Westwood, putting us in a position to increase our overall guidance for the year.

Speaker Change: At a high level, I believe this water begins to paint a picture of what, ultimately, Iamgold would look like.

Renaud Adams: Col de Gaulle is now ramping up, providing for a higher production base, lower cost profiles, and shifting the density of her value to candidates. At a steady run rate, Kodigold will be among the largest gold mines in Canada and a model for mining for modern mining done right and for many decades to come. This is Dan Koppel with Strong and Predictable Productions in Cashflow from Mississaugani, Westwood.

Speaker Change: Col de Gaulle is now ramping up, providing for higher production base, lower cost profile, and shifting the density of our value to Canada.

Speaker Change: At steady run rate, Cote d'Ivoire will be among the largest gold mines in Canada and a model for modern mining done right and for many decades to come.

Speaker Change: This is Dan Koppel with Strong and Predictable Productions in Cashflow from Misakani, Wisconsin.

Renaud Adams: In addition, as a company, we are seeing our financial position growing stronger, quarter over quarter, with the potential for a significant step change in improvement next year when Cote is running at full steam and our prepaid commitments are behind us. This will position us with a clear roadmap for success with strong free cash flow generation, which will be essential to ultimately deliver the balance sheet and drive value accretions for our shareholders.

Speaker Change: In addition, as a company, we are seeing our financial position growing stronger, quarter over quarter, with the potential for significant step change and improvement next year when Cote is running at full steam and our prepaid commitments are behind us.

Speaker Change: This will position us with a clear roadmap for success with strong free cash flow generations where it will be essential to ultimately deliver a balance sheet and drive value accretions for our shareholders.

Renaud Adams: Next quarter, we continue to improve the business and get closer to our objective. With that, we will now dive into the operating and financial results and highlights for the quarter. Starting with health and safety, Iamgold has continued to demonstrate a non-wavering commitment to safety equity. At Iamgold, it is our priority to ensure everyone goes home safe.

Speaker Change: And next quarter, we continue to improve the business and get closer to our objective.

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, Iamgold has continued to demonstrate a nonwavering commitment to safety excellence.

Iamgold: Iamgold, it is our priority to ensure everyone goes home safely.

Renaud Adams: In the second quarter, our total recordable injury frequency rate was 0.6, an improvement from the prior quarter. I want to commend and congratulate the SFN team, which recently surpassed the record health and safety milestone of 5 million hours of work with our record of all safety. Reaching triple zero over such a period is a monumental achievement in our industry and a testament to the professionalism and commitment to a culture of safety of our people and their colleagues.

Speaker Change: In the second quarter, our total recordable injury frequency rate was 0.6, an improvement from the prior quarter. I want to commend and congratulate the SAPAN team.

Speaker Change: which recently surpassed the record health and safety milestone of 5 million hours work without recordable safety incidents.

Speaker Change: Reaching triple zero over such a period is a monumental achievement in our industry and a testament to the professionalism and commitment to a culture of safety of our people in Burkina Faso.

Renaud Adams: Looking at operation on an attributable basis, Iamgold produced 166,000 ounces of gold in the second quarter, bringing the year-to-date productions to 317,000. As we will get into a moment, the second quarter production was overdriven by Issa Khan being unable to operate without disruption, and benefiting from continued positive rate reconciliation. The continued ramp up of Westwood as the mine benefits from the rehabilitation of the underground and opening of new mining faces, and of course, the first quarter of production at Kootenay.

Speaker Change: Looking at operation, on an attributable basis, Iamgold produced 166,000 ounces of gold in the second quarter, bringing the year-to-date productions to 317,000 ounces of gold.

Speaker Change: As we will get into in a moment, the second quarter production results were driven by Issa Khan of being able to operate without disruption and benefiting from continued positive rate reconciliation.

Speaker Change: The continued ramp-up of Westwood as the mine benefits from the rehabilitation at the underground and opening of new mining phases, and of course, the first quarter of production at Coté.

Operator: 2nd quarter, 2024, Operating and Financial Results Conference Fall in Web F As a reminder, all participants are in with an only mode and the conference is being recorded. After the presentations, there will be an opportunity to ask questions. To join the question cues, you may press star than one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star than zero.

Renaud Adams: The strong productions in sales volume translated to cash costs and all in sustaining costs of $1,071 an ounce and $1,617 an ounce respectively. Further, capital expenditure continued to step down quarter over quarter totaling $119.7 million in the second quarter as Cote transitions into operations and setting the stage for Iamgold to see growing free cash flow moving forward. Looking at our guidance, the strong first half positioned the company to beat on our operating guidance for the year.

Speaker Change: The strong production and sales volume translated to cash costs and all-in sustaining costs of $1,071 an ounce and $1,617 an ounce, respectively.

Speaker Change: Further, capital expenditure continued to step down quarter over quarter, totaling $119.7 million in the second quarter, as CODI transitions into operations and setting the stage for Iamgold to see growing free cash flow moving forward.

Graeme Jennings: At this time, I'd like to turn the conference over to Graeme Jennings, EP Investor Relations, and corporate communications for Iamgold. Please go ahead, Mr. Jennings.

Graeme Jennings: Thank you, operator, and welcome everyone to the 2nd quarter, 2024, Operating and Financial Results Conference Call. Joining me today on the call are Renaud Adams, President and Chief Executive Officer, Martin Finussen, Chief Financial Officer, Renaud Lemelin, Chief Operating Officer, and Tim Bradburn, Senior Vice President, General Counsel and Corporate Secretary. We are joining today for Iamgold's Toronto Office, which is located on 2013 territory, on the traditional lands of many nations, including the Mississaugas of the Credit, Don Shnabek, Chippewa, Putin Shoney, and the Wendat peoples.

Speaker Change: Looking at our guidance, the strong first half positioned the company to beat on our operating guidance for the year. Accordingly, we have increased our production guidance and lowered our cost estimate for the year.

Renaud Adams: Accordingly, we have increased our production guidance and lowered our cost estimate for the year. On production, Iamgold has increased 2024 Tribunal Gold Production Guidance for a second in Westwood to 495,000 to 440,000 ounces, up from 430,000 to 490,000 ounces, as both of these minors have a strong first half of the year. At Cote, we are maintaining our guidance of 130,000 to 175,000 ounces on a 60% basis. But we now expect productions to come in the lower end of this range as improvements are made to mail availability. But we will get more into this in a moment as we walk through each aspect.

Speaker Change: On production, Iamgold has increased 2024 Tribunal Gold Production Guidance for a second in Westwood to 495,000 to 440,000 ounces of gold.

Speaker Change: up from 430,000 to 490,000 ounces previously.

Speaker Change: As both of these minors have a strong first half of the year.

Graeme Jennings: At Iamgold, we believe, respecting and upholding Indigenous rights is founded upon relationships that foster trust, transparency, and mutual respect. Please note that our remarks on this call will include forward-looking statements and refer to non-IFRS measures. We encourage you to refer to the cautionary statements on disclosures on non-IFRS measures, including the presentation and the reconciliation of these measures in our most recent MDNA, each under the heading non-GAAP financial measures. With respect to the technical information to be discussed, please refer to the information and the presentation under the heading Qualified Person and Technical Information. The final reference on this call can be viewed on our website.

Speaker Change: At COTE, we are maintaining our guidance of 130,000 to 175,000 ounces on a 60% basis.

Speaker Change: But we now expect productions to come in the lower end of this range as improvements are made to meal availability.

Speaker Change: But we will get more into this in a moment as we walk through each asset.

Renaud Adams: On operating costs, the 2024 cost guidance for Sacani Westwood combined is now expected to be in the range of $1,175 to $1,275 for cash costs per ounce sold and $1,700 to $1,825 for ASIC per ounce sold. This compares to the previous guidance estimate of cash costs per ouncil of $1,280 to $1,400 and ASEC per ouncil of $1,780 to $1,940. While we have brought our cost expectation down this year, the updated guidance ranges are above our year-to-date performance, as the increased guidance reflects the outperformance we saw in the first half.

Speaker Change: On operating costs, the 2024 cost guidance for Sacani Westwood combined is now expected to be in the range of $1,175 to $1,275 for cash costs per arm sold.

Renaud Adams: I will now turn the call over to a present and see you for no ads. Thank you, Graham, and a good morning everyone, and that thank you for joining us. It was another exciting quarter for Iamgold, with the first full quarters of operations at Gote, and now the strong operating performance from Mississaugane was put, putting us in a position to increase our overall guidance for the year. At a high level, I believe this water begins to paint a picture of what, ultimately, Iamgold would look like.

Speaker Change: And $1,700 to $1,825 for ASIC per ounce sold.

Speaker Change: This compared to the previous guidance estimate of cash costs per earn sales of $280 to $1,400 and ASEC per earn sales of $1,780 to $1,940.

Speaker Change: While we have brought our cost expectation lower this year, the updated guidance ranges

Speaker Change: are above our ear today's performance.

Renaud Adams: M grades are expected to come down at a slow pace as we enter a new mining phase, while inflationary pressures are easing. Pricing for certain consumables, including finite and grinding media, remains in line with the level of experience in 2023. With that, I will pass the call over to our CFO to walk us through our financial results and position. Martin.

Speaker Change: As the increased guidance reflects the outperformance we saw in the first half, M grades are expected to come down at a saccone as we enter new mining phases.

Renaud Adams: Gote Gold is now ramping up, providing for higher production base, lower cost profile, and shifting the density of her value to Canada. At City Run rate, Gote Gold will be among the largest gold mines in Canada, and a model for mining, for modern mining done, right, and for many decades to come. This is then coupled with strong and predictable productions in cash flow from Mississaugane was put. In addition, as a company, we are seeing our financial position growing stronger, water over quarter, with the potential for significant step change in improvement next year, when Cote is running at full steam and our pre-bake commitment are behind us.

Speaker Change: While inflationary pressures are easing,

Marthin Theunissen: Pricing for certain consumables, including finite and grinding media, remains in line with the level of experience in 2023. With that, I will pass the call over to our CFO to walk us through our financial results and position. Martin.

Marthinus Theunissen: Thank you, Renaud, and good morning, everyone. In terms of our financial position, Iamgold ended the quarter with cash and cash equivalents of $511.4 million and our credit facility remains undrawn, equating to total liquidity of approximately $915.7 million. We note that within cash and cash equivalents, $55.9 million was held by Cote d'Azur Gold and $188.2 million was held by Essacan, is a plan declared a dividend during the second quarter of 180 million for which the minority interest portion and withholding taxes were paid during the second quarter 2024.

Marthin Theunissen: Thank you, Renaud, and good morning, everyone.

Marthin Theunissen: In terms of our financial position, Iamgold ended the quarter with cash and cash equivalents of $511.4 million, and our credit facility remains undrawn, equating to total liquidity of approximately $915.7 million.

Renaud Adams: This will position us with a clear roadmap for success, which strong free cash flow generations will be essential to ultimately deliver the balance sheet and drive value accretions for our shareholders. In next water, we continue to improve the business and get closer to our objectives.

Speaker Change: We note that within cash and cash equivalents, $55.9 million was held by Cote d'Agolde and $188.2 million was held by Essacan.

Speaker Change: Asa Klein declared a dividend during the second quarter of $180 million for which the minority interest portion and withholding taxes were paid during the second quarter 2024.

Renaud Adams: With that, we will not dive into the operating and financial results in highlights for the quarter. Starting with health and safety, Iamgold has continued to demonstrate a number of rain commitment to safety accidents. At Iamgold, it is our priority to ensure everyone goes home safely. In the second quarter, a total recordable injury frequency rate was 0.6, an improvement from the prior quarter. I want to commend and congratulate the SFN team, which recently surpassed the record health and safety milestone of 5 million hours work with our regard of all safety incidents.

Marthinus Theunissen: The net portion due to the corporation of $151.9 million is expected to be paid by the end of this year. However, this is dependent on Issyk-Kan's estimated future cash flows from the corporation, to leave a sufficient working cash balance in country. Any unpaid amounts will be paid during 2025. We continue to see a risk on the ability to recoup all of the VAT receivable.

Speaker Change: The net portion due to the corporation of $151.9 million is expected to be paid by the end of this year. However, this is dependent on ISECAN's estimated future cash flows from operations to leave a sufficient working cash balance in country.

Speaker Change: Any unpaid amounts will be paid during 2025.

Speaker Change: We continue to see a risk on the ability to recoup all of the VAT receivables.

Marthinus Theunissen: Though the company was able to sell a small amount to a local bank in Burkina Faso during the second quarter. The company still has considerable obligations and factors which will influence our liquidity during the next 12 months. During May, the company completed a board deal, equity financing for aggregate gross proceeds of approximately $300.2 million. Over 287.5 million net of fees. The company intends to use the proceeds from the financing to partially finance the repurchase of the 9.7% interest in Kata Gold, from Semitomo on November 30, 2024 with the difference funded from available liquidity. Additionally, the company has to deliver 150 ounces under its gold prepay arrangements from July 2024 to June 30, 2025. The pre-pay arrangements were funded at the time of entering into the arrangement.

Speaker Change: The company was able to sell a small amount to a local bank in Burkina Faso during the second quarter.

Speaker Change: The company still has considerable obligations and factors which will influence our liquidity during the next 12 months.

Renaud Adams: Reaching triple zero over such a period is a monumental achievement in our industry and a testament to the professionalism and commitment to a culture of safety of our people and their confesses. Looking at operation on a net tributal basis, Iamgold produced 166,000 ounces of gold in the second quarter, bringing the year-to-date productions to 317,000 ounces of gold. As we will get into a moment, the second quarter production result was driven by a kind of being unable to operate without disruption and benefiting from continued positive rate of reconciliation.

Speaker Change: During May, the company completed a board deal equity financing for aggregate gross proceeds of approximately $300.2 million or $287.5 million net of fees.

Speaker Change: The company intends to use the proceeds from the financing to partially finance the repurchase of the 9.7% interest in Kota Gold from Sumitomo on November 30, 2024, with the difference funded from available liquidity.

Speaker Change: Additionally, the company has to deliver 150 ounces under its gold prepay arrangements from July 2024 to June 30, 2025.

Renaud Adams: The continued ramp up of Westwood as the mine benefits from the rehabilitation of the underground and opening of new mining faces, and of course, the first quarter of production of Gutei. The strong productions in sales volume translated to cash costs and all in sustaining costs of the $1,071 an ounce and $1,617 an ounce respectively. Further, capital expenditure continued to step down, quarter over quarter, totaling $119,7 million in the second quarter, as gold transitions into operations and setting the stage for Iamgold to see growing free cash flow moving forward.

Speaker Change: The pre-pay arrangements were funded at the time of entering into the arrangements.

Marthinus Theunissen: The company will receive some cash payments at the time of delivery into the Gold FIFA arrangements based on the amount that the market price of gold is at the time of delivery, as follows. For 50,000 ounces that will be delivered from July to December of this year, the company will receive the difference between the spot price and $1,700 per ounce, capped at $2,100 per ounce. For 31,250 ounces that will be delivered during the second quarter of 2025, the company will receive the difference between the spot price and $2,100 per ounce, capped at $2,925 per ounce.

Speaker Change: The company will receive some cash payments at the time of delivering into the gold prepay arrangements based on the amount that the market price of gold at the time of delivery as follows.

Speaker Change: For 50,000 ounces that will be delivered from July to December of this year, the company will receive the difference between a spot price and $1,700 per ounce, capped at $2,100 per ounce.

Speaker Change: For 31,250 ounces that will be delivered during the second quarter in 2025, the company will receive the difference between the spot price and $2,100 per ounce, capped at $2,925 per ounce.

Renaud Adams: Looking at our guidance, the strong first half position the company to beat on our operating guidance for a year. Accordingly, we have increased our production guidance and lowered our cost estimates for the year. On production, Iamgold has increased 2024 Tribunal Gold Production Guidance for a second in Westwood to $495,000 to $440,000 ounces ago, up from $430,000 to $490,000 ounces previously, as both of this mine has a strong first half of the year.

Marthinus Theunissen: Lastly, the company expects to receive $84.4 million in gross proceeds in 2024 in respect of the closing of the remaining transactions arising from the remaining bamboo asset sales. Please refer to the Liquidity Outlook section of the MD&A for further details. Looking at the acute financial results, high production resulted in lower unit costs, as our operating costs remained in line with costs incurred during Q4 2023 and Q1 2024. With costs remaining in line with prior periods, the higher realized gold prices resulted in higher margins and higher free cash flows.

Speaker Change: Lastly, the company expects to receive $84.4 million in gross proceeds in 2024 in respect of the closing of the remaining transactions arising from the remaining Bambook asset sales.

Speaker Change: Please refer to the Liquidity Outlook section of the MD&I for further details.

Renaud Adams: At Coatley, we are maintaining our guidance of $430,000 to $175,000 ounces on our 60% basis. But we now expect productions to come in the lower end of this range as improvements are made to mail availability. But we will get more into this in a moment as we walk through each asset. On a operating operating cost, the 2024 Coat Guidance for a second in Westwood combined, is now expected to be in the range of $1,175 to $1,200,000 for cash cost per ounce sold, and $1,700 to $1,825 for ASIC per ounce sold.

Speaker Change: Looking at our Q2 financial results.

Speaker Change: High production resulted in lower unit costs, as our operating costs remained in line with costs incurred during Q4 2023 and Q1 2024.

Speaker Change: With costs remaining in line with prior periods, the higher realized gold prices resulted in higher margins and higher free cash flow.

Marthinus Theunissen: Revenues from continuing operations start with $385.3 million from sales of 167,000 ounces on a 100% basis at a record average realized price of $2,294 per hour. The realized price includes the impact of the gold prepay arrangements delivered during the quarter that reduced the realized price by $60 per ounce. The strong second quarter operating results coupled with the high gold price resulted in an adjusted EBITDA amount of $191.1 million, compared to $152.5 million in the previous quarter of the year, which is $127 million higher than the 63.8 million adjusted EBITDA number in the second quarter of 2023.

Speaker Change: Revenues from continuing operations totaled $385.3 million, from sales of 167,000 ounces on a 100% basis, at a record average release price of $2,294 per ounce.

Speaker Change: The realized price includes the impact of the gold prepay arrangements delivered into during the quarter that reduced the realized price by $60 per ounce.

Renaud Adams: This compared to the previous guidance is to made of cash cost per arm-source of $280 to $4,500 and a sick per arm-source of $17,80 to $19,40. While we have brought our cost expectation lower this year, the updated guidance ranges are above our year-to-date performance as the increased guidance reflects the outperformance we saw in the first half, and grades are expected to come down at a sakane as we enter new mining phases. What inflationary pressures are easing, pricing for certain consumables, including fine-line and grinding media, remains in line with the level of experience in 2023.

Speaker Change: The strong second quarter operating results, coupled with the high gold price, resulted in an adjusted EBITDA amount of $191.1 million, compared to $152.5 million in the previous quarter of the year.

Speaker Change: which is $127 million higher than the $63.8 million adjusted EBITDA number in the second quarter of 2023.

Marthinus Theunissen: Adjusted earnings per share was $0.16 for the quarter compared to $0.11 in the previous quarter and a $0.01 loss in the second quarter of 2023. Looking at mine site free cash flow, which is calculated as cash flow from mine site operating activities, less capital expenditures from operating mine site. Westwood and Issacamp produced a recent high of $140 million, including Westwood, which returned its second quarter of positive mine site free cash flow since the restart in June 2020, bringing its year-to-date title for the mine to $32.3 million. At SACAN, we note Mineside Free Castro in the second quarter was $118.2 million, that is $81.8 million higher than the $36.4 million during the second quarter of 2023.

Speaker Change: Adjusted earnings per share was $0.16 for the quarter compared to $0.11 in the previous quarter and a $0.01 loss in the second quarter of 2023.

Speaker Change: Looking at mine site free cash flow, which is calculated as cash flow from mine site operating activities, less capital expenditures from operating mine sites, Westwood and Issacan produced a recent high of $140 million.

Martin Finussen: With that, I will pass the call over to our CFO to walk us through our financials, financial results and position, Marching.

Martin Finussen: Thank you Renaud, and good morning everyone. In terms of our financial position, I amgold ended the quarter of cash and cash equivalence of $511.4 million, and our credit facility remains undrawn, equating to total liquidity of approximately $915.7 million. We note that with the cash and cash equivalence, $55.9 million was held by cards a gold, and $188.2 million was held by SACAN. As a client, declared a dividend during the second quarter of $188 million, for which the minority introsportion and withholding tax is repaid during the second quarter of 2024.

Speaker Change: including Wastewood, which returned its second quarter of positive mine site free cash flow since the restart in June 2020, bringing its year-to-date title for the mine to $32.3 million.

Speaker Change: At SACAN, we note Mindsight Free Castro in the second quarter was $118.2 million, that is $81.8 million higher than the $36.4 million during the second quarter of 2023.

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

Renaud Adams: Thank you, Martin. We will walk through our operating performance at ESACAN in Westwood before we dive into COTE. At a second, the mine reported tributary gold production of 111,000 ounces in the second quarter, up 26% from the prior year period and bringing the year-to-date total to 229,000 ounces. This was not a very strong quarter of operation for Second and was made possible by our mining operation being able to perform to plan in a quarter compounded with continued higher than expected grades.

Speaker Change: And with that, I will pass the call back to Renaud. Thank you, Renaud.

Renaud Adams: Thank you, Martin. We will walk through our operating performance at ESACAN in Westwood before we dive into COTE.

Martin Finussen: The negative portion due to the corporation of $151.9 million is expected to be paid by the end of this year. However, this is dependent on SACAN's estimated future cash flows from operations to leave a sufficient working cash balance in country. Any unpaid amounts will be paid during 2025. We continue to see a risk on the ability to recoup all of the VIT receivables, though the company was able to sell a small amount to a local bank to begin a faster during the second quarter. The company still has considerable obligations and factors which will influence our liquidity during the next 12 months.

Speaker Change: At a second, the mine reported a tributary gold production of 111,000 ounces in the second quarter, up 26% from prior year period and bringing the year-to-date total to 229,000 ounces.

Speaker Change: This was not a very strong quarter of operation for a second and made possible by our mining operation being able to perform to plan in a quarter compound with continued higher than expected grades.

Renaud Adams: Mining activities total 11 million tons in a quarter with only 2.2 million tons of ore mined as mining work through a higher strip sequencing of the mine, coupled with limited mining in a part of phase six due to localizing stability which require enforcement, and has been addressed. Head grade remained high at 1.46 grams a ton due to the continued positive reconciliations of grade from the reserve model as we continue to mine deeper into phase five. This positive grade reconciliation in the deeper portions of Esakani was seen previously in phase five and is continuing in phase four and continuing in phase five.

Speaker Change: Mining activities totaled 11 million tons in a quarter, with only 2.2 million tons of ore mined.

Martin Finussen: During May, the company completed a board deal equity financing for aggregate gross proceeds of approximately $300.2 million, or $287.5 million net of fees. The company intends to use the proceeds from the financing to partially finance the repurchase of the $9.7 interest in Kotagol from Sumitomer on November 30, 2024, with the distance funded from available liquidity. Additionally, the company has to deliver 150 ounces under its gold people arrangements from July 2024 to June 30, 2025.

Speaker Change: as mining work through a higher strip sequencing of the mine coupled with limited mining in a part of phase 6 due to localizing stability which requires enforcement and has been addressed since then.

Speaker Change: That grade remained high at 1.46 grams a ton due to the continued positive reconciliations of grade from the reserve model as we continue to mine deeper into a phase 5.

Speaker Change: This positive brain reconciliation

Speaker Change: and the deeper portions of Esakani was seen previously in Phase 4 and is continuing in Phase 5. However, we are seeing head grades decline in line with the Life of Mind Plan.

Renaud Adams: However, we are seeing head grades decline in line with the life of mine plan as volumes from phases six and seven increase and from an increased portion proportion of stockpile are included in mill C. On a cost basis, it's a county reported second quarter cash costs of $1,081 per ounce and all in sustaining costs of $1,481. Slight increase from the prior quarter, but way below our previous guidance due to the strong production in gold sales.

Martin Finussen: The paper arrangements were funded at the time of entering into their arrangements. The company will receive some cash payments at the time of delivering into the gold paper arrangements based on the amount that the market price of gold at the time of delivery as follows. For 50,000 ounces that will be delivered from July to December of this year, the company will receive the difference between a spot price and $1,900 per ounce, cap at $2,100 per For 31,250 ounces that will be delivered during the second quarter in 2025, the company will receive the difference between the spot price and 2100 per ounce, capped at 29 or 2925 per ounce. Lastly, the company expects to receive 84.4 million growth proceeds in 2024 in respect of the closing of the remaining transactions arising from the remaining bankbook asset sales.

Speaker Change: as volumes from phases 6 and 7 increase and from increase proportion of stock 5R included in the MLC.

Speaker Change: On a cost basis, it's a county-reported second quarter cash costs of $1,081 per ounce and all in sustaining costs of $1,481.

Speaker Change: A slight increase from the prior quarter, way below our previous guidance to the strong productions in gold sales.

Renaud Adams: With a strong first half of operations in 24 2024, a second production guidance has been revised upwards, with tribunal production expected to be in the range of 380,000 to 410,000. This compares to the prior guidance of 330,000 to 370,000.

Speaker Change: With a strong first half of operations in 2024, a secondary production guidance has been revised upwards with attributable production expected to be in the range of 380,000 to 410,000 ounces.

Speaker Change: This compares to the prior guidance.

Renaud Adams: The mill is expected to continue operating at nameplate capacity, though at average head grade slightly lower than in the first half of the year as per the mine plan. The cost guidance for SACAN has also been revised onward and is expected to be in the range of $1,175 to $1,275 for cash costs per ounce sold, and $1,575 to $1,675 for ASICs per ounce sold, approximately $100 to $125 per ounce improvement on both metrics due to the outperformance in the first half of the year.

Speaker Change: 330,000 to 370,000 ounces.

Speaker Change: The mill is expected to continue operating at nameplate capacity, though at average head grade slightly lower than in the first half of the year as per the mine plan.

Martin Finussen: Please refer to the liquidity-outlic section of the MD and I for further details.

Speaker Change: The cost guidance for SACAN has also been revised onward and is expected to be in the range of $1,175 to $1,275 for cash costs per ounce sold.

Martin Finussen: Looking at our Q2 financial results, our production result is in lower unit costs, as our operating costs remain in line with costs incurred during Q4, 2023 and Q1, 2024. With cost remaining in line with prior periods, the high and realized gold price resulted in higher margins and higher free cash flow. Revenues from continuing operations start with 385.3 million, from sales of 167,000 ounces on a hundred percent basis at a record average realized price of $2,294 per ounce.

Speaker Change: and $1,575 to $1,675 for ASIC per ounce salt. Approximately $100 to $125 per ounce improvement on both metrics due to the outperformance in the first half of the year.

Renaud Adams: Capital expenditure guidance has been increased to approximately $175 million, primarily due to an increase in the strip ratio, not total tons mined, resulting in more mining costs being included in capitalized waste and equipment replacement. Esa Kanu continues to be a significant cash flow contributor for Iamgold. With a current mine life through 2028, this operation has the capability to generate over a billion dollars of cash flow at current gold prices. We are continuing to examine the opportunities to extend the mind-life of SACAN at targeting options within defense to ensure the safety of our team.

Speaker Change: Capital expenditure guidance has been increased to approximately $175 million, primarily due to an increase in the strip ratio, not total tons mined, resulting in more mining costs being included in capitalized waste and equipment replacement.

Martin Finussen: The realized price includes the impact of the gold prepy arrangements delivered into the year in the quarter that reduced the realized price by $60 per ounce. The strong second quarter operating results, coupled with the high-goal price resulted in an adjusted EBITDA amount of $191.1 million. Compared to 152.5 million in the previous quarter of the year, which is 127 million higher, then in the 63.8 million adjusted EBITDA number in the second quarter of 2023. Adjusted earnings per share was 16 cents for the quarter, compared to 11 cents in the previous quarter, and a 1 cent loss in the second quarter of 2023.

Speaker Change: ESSA Canada continues to be a significant cash flow contributor for Iamgold. With a current mine life through 2028, this operation has the capability to generate over a billion dollars of cash flow at current gold prices.

Speaker Change: We are continuing to examine the opportunities to extend the mine life of SACAN at targeting options within defense to ensure the safety of our teams.

Renaud Adams: Turning to Westwood, I want to congratulate the team on another improvement in the quarter. As the mind continues to test new highs in quarterly volumes from underground. Graves, and production since the mine restarted in 2002. This improvement has meant that Westwood has generated, as Martin noted, positive mind-free cash flow of nearly $22 million in the second quarter, bringing the year-to-date total to just over $32 million. On operation, Westwood produced 35,000 ounces in a quarter, a significant 84% over prior year period and bringing the year to date total to 67,000 ounces a year. Ore mines from underground continue to step up and at higher at a higher grade with 89,000 tons in the second quarter contributing to an average head grade from underground ore of 9.2 grams a ton.

Speaker Change: [inaudible]

Speaker Change: Turning to Westwood, I want to congratulate the team on another improvement in the quarter. As the mine continues to test new highs in quarterly volumes from underground,

Speaker Change: Great. And production since the mine restarted in 2021.

Martin Finussen: Looking at man's side free cash flow, which is calculated as cash flow for man's side operating activities, they scan for the expenditures from operating man's sides. Westwood and SICAN produced a recent high of $140 million, including Westwood, which returned its second quarter of positive man's side free cash flow since the restart after the June, after in June 2020, bringing its year to die title for the mine to $32.3 million. At SICAN, we note man's side free cash flow in the second quarter was 118.2 million, that is 81.8 million higher in the 36.4 million dollars during the second quarter of 2023.

Speaker Change: This improvement has meant that Westwood has generated, as Martin noted, positive mind-free cash flow of nearly $22 million in the second quarter, bringing the year-to-date total to just over $32 million.

Speaker Change: On operation, SWIFT produced 35,000 ounces in a quarter, a significant 84% over prior year period, and bringing the year-to-date total to 67,000 ounces a year today.

Speaker Change: Ore mined from underground continued to step up at a higher grade, with 89,000 tons in the second quarter contributing to an average head grade from underground ore of 9.2 grams a ton.

Renaud Adams: Milled throughput also increased in a quarter to 302,000 tons at an average blend blended head grade of 3.92 grams a ton and 92% recovery. The increase in throughput was driven by improved availability of 89% due to the ongoing maintenance program. The cost profile for Westwood continues to decline as operations improve; cash cost averaged $1,131 an ounce and all in sustaining cash of a promising $1,663, second quarter, continuing the trend of quarter over quarter cost improvement.

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

Speaker Change: Mill throughput also increased in the quarter to 302,000 tons process at an average blend blended head grade of 3.92 grams a ton and 92% recovery.

Renaud Adams: We will walk through our operating performance at a SICAN in Westwood before we dive into Cotei. At a SICAN in the mine reported a tributal goal production of 111,000 ounces in the second quarter, up 26% from prior year period, and bringing the year to date total to 129,000 ounces. This was not a very strong quarter of operation for a SICAN and made possible by our mining operation being able to perform decline in the quarter, compound with continued higher than expected rates.

Speaker Change: The increase in throughput was driven by improved availability of 89% due to the ongoing maintenance program.

Speaker Change: The cost profile for Westwood continues to decline as operations improve.

Speaker Change: Cash costs averaged $1,131 an ounce, and all in sustaining cash averaged a promising $1,663 an ounce in the second quarter, continuing the trend of quarter-over-quarter cost improvements.

Renaud Adams: Mining activities total 11 million tons in a quarter, with only 2.2 million tons of ore mine, as mining worked through a higher strip sequencing of the mine, coupled with limited mining in a part of SICS due to localizing stability which require reinforcements, and has been addressed. That grade remind a high at 1.46 grams of tons due to the continued positive reconciliations of grade from the reserve model as we continue to mine deeper into the phase five.

Renaud Adams: Looking ahead, we have raised our guidance for this year with what we're now expected to produce between $115,000 and $130,000 and go at lower cash costs of $1,200 to $1,300 per ounce and ASIC of $1,775 to $1,900. In the fourth quarter, we will be issuing an updated technical report and mine plan for West, which will provide an updated mineral resource and reserve estimate and life of mine based on the last 2.5 years of mine optimization efforts at Westwood. Turning to Kodigo,

Speaker Change: Looking ahead, we have raised our guidance for this year with what we're now expected to produce between 115,000 to 130,000 ounces.

Speaker Change: will go at lower cash costs of $1,200 to $1,300 per ounce and ASIC of $1,775 to $1,900 per ounce.

Speaker Change: In the fourth quarter, we will be issuing an updated technical report and mine plan for Westwood.

Renaud Adams: This positive grade reconciliation in the deeper portions of the Sakana was in previously in phase five and is continuing in phase five as in phase four and continuing in phase five. However, we are seeing head grades decline in line with the life of mine plan as volumes from phase six and seven increase and from increased portion proportion of stock price or included in the meal fee. On a cost basis, it's a kind of reported second quarter cash cost of the thousand eighty one dollar per ounce and all in sustaining costs of the one thousand four hundred and eighty one dollars.

Speaker Change: which will provide an updated mineral resource and reserve estimate and life of mine based on the last 2.5 years of mine optimizations efforts at Westwood.

Renaud Adams: We couldn't be more impressed with the work of our teams on the ground, as they brought CODI to commercial production, only four months after the initial gold pour on March 31st, 24, which was achieved within 90 days of our first pre-commissioning activity. The ramp up of CAUTI has seen the project hit significant milestone in its first few steps as, We took the path of testing first the capacity of the main equipment that drive the ultimate nameplate object, and then build availability as we ramp up.

Speaker Change: Turning to Prodigal.

Speaker Change: We couldn't be more impressed with the work of our teams on the ground as they brought CODI to commercial productions.

Speaker Change: only four months after the initial gold pour on March 31st, 2024, which was achieved within 90 days of our first pre-commissioning activity.

Speaker Change: The ramp-up of Gordie has seen the project hit significant milestones in its first few steps as a mine.

Renaud Adams: The sliding freeze from the private water with the low our previous guidance through the strong productions and go sales with a strong first half of operations in 24 to 1024. It's a kind of production guidance has been revised. It operates with a tributal production expected to be in the range of three hundred eighty thousand to four hundred and ten thousand ounces. There's going to be a prior guidance of three hundred and thirty thousand to three hundred and seventy thousand ounces ago.

Speaker Change: We took the path of testing first the capacity of the main equipment that drive the ultimate nameplate objective, and then built availability as we ramp up.

Renaud Adams: From early on, the primary components of the processing circuits, primary and secondary crushing, HPGR, conveyors, ball mill, leaching, etc, all have proven their capability to operate on their design load when provided with stable conditions. During the same period, we also took the time to allow the team to stop and correct several deficiencies that it is usually the case that early days of ramping up a large scale facility. The first picture is about the whole first half, the second part. Forty-five days, go fast.

Speaker Change: From early on, the primary components of the processing circuits, primary and secondary crushing, HPGR, conveyors, ball mill, leaching, etc., all have proven their capability to operate under design load when provided with stable conditions.

Renaud Adams: The meal is expected to continue operating at named place capacity. The dough at average a grade slightly lower than in the first half of the year as per my plan. The cost guidance for a second has also been revised on and is expected to be in the range of the one thousand one hundred and seventy five to one one thousand two hundred and seventy five dollars per cash cost per ounce. So and one thousand five hundred seventy five to one thousand six hundred seventy five for a six per ounce.

Speaker Change: During the same period, we also took the time to allow the team to stop and correct several deficiencies that is usually the case at early days of ramping up a large-scale facility.

Speaker Change: The first picture is about the whole first half, the second quarter.

Renaud Adams: In the second half of the quarter, efforts were made to slowly but surely crank up the engine and test the stability and the overall availability of the processing facility, while identifying all potential limiting factors to our objective of exceeding the year at 90% name plate. In early July, the team pushed for commercial production but and reached our VEXIF 30 days later with a nameplate production of 36,000 tons of cheese, on August 1st as the last.

Speaker Change: Forty-five days go fast.

Speaker Change: In the second half of the quarter, efforts were made on slowly but surely cranking up the engine and testing the stability and the overall availability of the processing facility, while identifying all potential limiting factors to objectives of exiting the year at 90% name plate.

Renaud Adams: So approximately a hundred two hundred twenty five dollars per ounce improvement on both metrics due to the out performance in the first half of the year. Capital expanded sure guidance has been increased to approximately a hundred and seventy five million primary due to an increase in the strip ratio not total tons mine resulting in more mining costs being included in capitalized waste and equipment replacement. As I kind of continue to be in the significant cash low contributor for iron goal with a current mine life through two thousand twenty eight. This operation has the capability to generate over a billion dollars of cash low at current gold price.

Speaker Change: In early July , the team pushed the commercial production button and reached our objective 30 days later, with nameplate production of 36,000 tons of cheese on August 1st as the last day.

Renaud Adams: On the drive side, we can report that we are very pleased with the performance of our HPGR and believe that it will bring great value down the road. During the ramp-up phase, we have identified some improvements required on the dry side, in order to achieve design availability and performance. The first one has to do with mitigating the effect of abrasiveness on wear parts. The R.S.C.

Speaker Change: On the drive side, we can report that we are very pleased with the performance of our HPGR and believe that it will bring great value down the road.

Speaker Change: During the ramp-up phase, we have identified some improvements required on the dry side in order to achieve design availability and performance.

Renaud Adams: We are continuing to examine to examine the opportunities to extend the mine life of this I kind of targeting options within the fence to ensure the safety of our teams. Turning to Westwood I want to congratulate the team on a notary improvement in the quarter as the mine comes in is to test new highs and quarterly volumes from underground. The rate and production since the mine restarted in two thousand twenty one.

Speaker Change: The first one has to do with mitigating the effect of abrasiveness on wear parts. The RRQT is highly abrasive, which was always known, but with actual effect to be experienced.

Renaud Adams: is highly abrasive, which was always known, but with actual effect to be. Availability of the crushing and screening circuits in the second quarters was somewhat impacted by accelerating wear on liners, feeders, and chutes due to disabrasiveness. The new lining material has been identified and tested with good results in some critical areas. Second, the continued course training performance, was also limited during Ramp-Up and new panel designs are being proposed. Finally, dust management was challenging in the early days, and in particular in the screening building.

Speaker Change: Availability of the crushing and screening circuit in the second quarters was somewhat impacted by accelerating wear on the liners, feeders, and chutes due to disabrasiveness.

Speaker Change: The new lining material has been identified and tested with good results in some critical areas.

Renaud Adams: This improvement has meant that Westwood as generated has more than noted positive mine free cash low of nearly twenty two million dollars in the second quarter bringing the year today total to just over 32 million. On operation was produced 35,000 ounces in the quarter, a significant 84% over a prior year period and bringing the year-to-date total to 67,000 ounces a year-to-date. Our minds from underground continued to step up and at a higher grade, with 89,000 tons in the second quarter contributing to an average head grade from underground or of 9.2 grams a tonne.

Speaker Change: Second, the continued course training performance was also limited during RANDPOP and new panel designs are being proposed.

Speaker Change: Finally, gas management.

Renaud Adams: And while significant improvement has been made, more corrective action needs to be made. We have tested additions of suppressants, both water and surfactant system in critical area with great results. So all in all, everything is solvable.

Speaker Change: was challenging in the early days and in particular in the screening building. And while significant improvement has been made, more corrective action needs to be made. We have tested addition of suppressions both water and surfactant system in critical area with great results.

Renaud Adams: We have identified corrective actions, and we have initiated implementation. The company is planning a multi day shutdown in September, at which time we will deploy key optimization to address all bidding issues and improve the long term availability of the plan. We are very confident in the ability of GO-A to ramp up well this year once we address this issue. Further, the power requirement of the plant has been lowered and unsuspected, providing important available capacity for down the road.

Speaker Change: So, all in all, everything is solvable. We have identified corrective actions, and we have initiated implementation of them.

Speaker Change: The company is planning a multi-day shutdown in September , at which time we will deploy key optimizations to address all emitting issues and improve the long-term availability of the plant. We are very confident in the ability of GOE to ramp up well this year once we address these issues.

Renaud Adams: Mill throughput also increased in the quarter to 302,000 tonsne process, a deny-raged blend at head grade of 3.92 grams a tonne and 92% recoveries. The increase in throughput was driven by improved availability of 89% due to the ongoing maintenance program. The cost profiles for Westwood continue to decline as operations improve. Cash costs average, $1,131 an ounce, and all in sustaining cash are very to promising $1,600 in 63 dollars in the second quarter, continuing the trend of quarter over quarter cost improvement.

Speaker Change: Further, the power requirement of the plant has been lowered and unsuspected.

Renaud Adams: And the second quarter mining activities achieved a new high of 10.5 million tons of total material, furthermore, great minds are continuing to come largely in line with our great control block model in the current life of mine. Mining costs, in a quarter despite not yet running at full capacity, were comparable to Canadian open-pit piers at just under $4 a ton, an increase from the prior quarter due to temporary optimization activities on blasting patterns and production drilling, On processing, milled throughput in the second quarter was 834,000 tons at an average head grade of 1.4 grams per ton for a total of 34,000 ounces produced.

Speaker Change: providing important available capacity for down the road. And the second quarter mining activities achieve a new high of 10.5 million tons of total material mined.

Speaker Change: Further, great minds are continuing to come largely in line with our great control block model in the current life of mind.

Speaker Change: mining cost in a quarter despite not yet running at full run rate.

Renaud Adams: Looking ahead, we have raised our guidance for this year with Westwood now expected to reduce between 1150,000 to 130,000 ounces of gold at lower cash costs of $1,300 to $1,300 per ounce and a sake of $1,775 to $1,900 per ounce.

Speaker Change: were comparable to Canadian open-pit piers at just under the $4 a ton. An increase from the prior quarter due to temporary optimization activities on blasting patterns and production drilling, as well as some power fulfillments experienced in June due to unseasonal heat waves.

Renaud Adams: In the fourth quarter, we will be sharing an updated technical report and mind plan for Westwood, which will provide an updated mineral resource and reserve estimate in life of mine based on the last 2.5 years of mine optimizations efforts at Westwood.

Speaker Change: On processing, milk throughput in the second quarter was 834,000 tons at an average head rate of 1.4 grams a ton for a total of 34,000 ounces produced on a 100% basis.

Renaud Adams: Another 100. The revenue circuit was successfully commissioned toward the end of the quarter, and recovery has responded well to the ramp up of the operations, averaging 90%. In July, Cody Gold processed over 620,000 tons of ore with productions of nearly 26,000 ounces of gold. We have maintained our guidance at CODI for this year, though we have guided to the lower end of the range of 220 to 290,000 ounces on 100% base.

Speaker Change: The Revenue Circuit was successfully commissioned toward the end of the quarter, and recovery has responded well to the ramp-up of the operations, averaging 90 percent.

Renaud Adams: Turning to code-a-go, we couldn't be more impressed with the work of our teams on the ground as they brought code into commercial productions only four months after the initial gold pour on March 31, 24, which was achieved within 90 days or first pre-commissioning activities. The ramp up of code-a has seen the project hit significant milestone in its first few step as a mine. We took the path of testing further capacity of the main equipment that drive the ultimate nameplate objective and then built availability as we ramp up.

Speaker Change: In July , Cody Gold processed over 620,000 tons of ore with productions of nearly 26,000 ounces of gold.

Speaker Change: We have maintained our guidance at COTI for this year, though we have guided to the lower end of the range of 220 to 290,000 ounces on a 100% basis.

Renaud Adams: As improvements to mail availability are made during the ramp-up, appropriation is reduced and expected to be completed prior to completion. We believe that exiting the year at nearly nameplate will set Cote and Iamgold for huge success starting early 2021. I will now hand the call back to Martin for a brief update on projects ending this year. Thank you, Renaud.

Speaker Change: As improvements to mail availability are made during the ramp-up, preparation is reduced and expected done prior to completing the solution.

Speaker Change: We believe that exiting the year at nearly nameplate will set Cote and Iamgold for huge success starting early 2025.

Renaud Adams: From early on, the primary components of the processing circuits, primary and secondary crushing HBDR, conveyor's volume, leaching, et cetera, all have proven their capability to operate on their design load when provided with stable conditions. During the same period, we also took the time to follow the team to stop and correct several deficiencies that it is usually the case that early days are ramping up a large-scale facility. The first thing took about the whole first half, the second quarter, for 45 days go fast.

Speaker Change: I will now hand the call back to Martin for a brief update on projects ending this year.

Marthinus Theunissen: I want to note that as we discuss project expenditures, all costs are being quoted on a 100% basis. Project and capital expenditures were $92.6 million in the second quarter and $288.9 million year-to-date. The expenditures include project expenditures of $30.7 million to support the completion of commissioning and certain scopes of non-critical path earthwork and infrastructure. Prior to the first Gulf War on March 31, project expenditures were $151.7 million, totaling $182.4 million for the year.

Martin: Thank you, Renaud.

Martin: I want to note that as we discuss project expenditures, all costs are being quoted on a 100% basis.

Martin: Project and capital expenditures were $92.6 million in the second quarter and $288.9 million year-to-date.

Martin: The expenditures include project expenditures of $30.7 million to support the completion of commissioning and certain scopes of non-critical path earthwork and infrastructure.

Renaud Adams: In the second half, the quarter efforts were made on slowly but surely cranking out the engine and testing the stability and the overall availability of the processing facility. While it went fine, all potentially meeting factor to objective of exerting the year at 90%[inaudible] In early July, the team pushed the commercial production button and reached our objectives 30 days later, with name plate production of 36,000 tons of cheese on August 1st as the last day.

Martin: Prior to the first Gulf War on March 31, project expenditures were $151.7 million, totaling $182.4 million for the year.

Marthinus Theunissen: 24.5 million of operating expenditures related to milling and surface cost have been capitalized in the second quarter, and 51.5 million year to date, in support of the commissioning and ramp up efforts in advance of achieving commercial production. Capital expenditures related to operations for the second quarter were $37.4 million and $55 million year-to-date. Capitalized waste stripping and capitalized operating costs are expected to be higher when compared to guidance, which is offset by lower capital related to operations due to some of the equipment being purchased through our increased leasing facilities. The total of all of our capital expenditures of $454 million, as well as the timing of the expenditures, are in line with our forecast and guidance for the year. Back to you, Renaud.

Martin: $24.5 million of operating expenditures related to milling and surface costs have been capitalized in the second quarter and $51.5 million year-to-date in support of the commissioning and ramp-up efforts in advance of achieving commercial production.

Renaud Adams: On the drive side, we can report that we are very pleased with the performance of our HPGR and believe that it will bring great value down the road. During the ramp up phase, we have it then to apply some improvement required on the drive side in order to achieve design availability and performance. The first one has to do with mitigating the effect of abrasive method on the where parts. The RSCOTE is highly abrasive, which was always known but with actual effect to be experienced.

Martin: Capital expenditures related to operations for the second quarter were $37.4 million and $55 million year-to-date.

Martin: Capitalized waste stripping and capitalized operating costs are expected to be higher when compared to guidance, which is offset by lower capital related to operations due to some of the equipment being purchased through our increased leasing facility.

Martin: The total of all of our capital expenditures of $454 million, as well as the timing of the expenditures, are in line with our forecast and guidance for the year.

Renaud Adams: Availability of the crushing and screening circuit in the second quarter was somewhat impacted by accelerating wear on the liners, feeders and shoot due to the abrasiveness. The new lining material has been identified and tested with good results in some critical area. Second, the continued course-creening performing was also limited during ramp up and new panel design are being proposed. Finally, dust management was challenging in the early days, and in particular in the screening building, it was significant improvement has been made.

Renaud Adams: Thank you, Martin. So, that is that. Our goal this year is very clear. We need to ramp up plan availability and utilization to exit the year at a throughput rate of approximately 90% of nameplate and start 2025 on a very strong footing. This brings us to the slide we always like to finish on.

Renaud Adams: Back to you, Renaud.

Renaud Adams: Thank you, Martin.

Renaud Adams: So that is that. Our goal this year is very clear. We need to ramp up the plan availability and utilization to exit the year at a throughput rate of approximately 90% of nameplate and start 2025 on a very strong footing.

Renaud Adams: And this is what the future is for code. We are continuing to advance in our understanding of the impact of Gosselin and potential of the program. At year-end 2023, we updated the Gosling 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 drill program targeting the central zone between the pit shells, where we see indication of continuation of mineralization, and it put hydrothermal breccia, as well as some deeper holes to understand the continuity of the mineralizations below the current pitch.

Speaker Change: This brings us to the slide we always like to finish on, and this is what the future is for COTE.

Speaker Change: We are continuing to advance our understanding of the impact of Gosselin and potential of the project.

Renaud Adams: More corrective action needs to be made. We have tested additions of suppression to both water and surfactant system and critical area with great result. So all in all, everything is solvable. We have identified corrective actions and we have initiated implementation of that.

Speaker Change: At year-end 2023, we updated the Gosling Mineral Reserve and Resources Estimate with an additional 35,000 meters of drilling, which was drilled over the two years prior.

Speaker Change: This year itself, we are conducting a 35,000 meters drill program targeting the central zone between the pit shells, where we see indication of continuation of mineralization and for the butyral thermal breaches.

Renaud Adams: The company is planning a multi-day shutdown in September, at which time we will deploy key optimization to address all of the issues and improve the long-term availability of the plant. We are very confident in the ability of going to ramp up well this year once we address these issues. Further, the power requirement of the plant has been lowered and unsuspected, providing important available capacity for down the road. And the second quarter mining activities achieve a new high of 10.5 million tons of total material mine.

Speaker Change: as well as some deeper holes to understand the continuity of the mineralizations below the current pit shell.

Renaud Adams: When we look at the resource and reserve statement, the coded deposit has estimated mineral reserve on 100% basis, a 7.6 million ounce, These reserves form the basis of the current economics of the project. On a measure and indicator resource basis, the coded debt is currently estimated at a total of $12.1 million. The adjacent Gosling Pit has an additional 4.4 million ounces of measure and educated resources and nearly 3 million ounces of inferred, bringing the project to a total of 16.5 million ounces of measure and educated and an additional 4 million ounces of inferred. The size of Cody and Gossman together put the project in the mind of a very exclusive company amongst large-scale producing Canadians.

Speaker Change: When we look at the resource and reserve statement, the coded deposit has estimated mineral reserve on a 100% basis.

Speaker Change: are 7.6 million ounces.

Speaker Change: These reserves form the basis of the current economics of the project.

Speaker Change: On a measure and indicator resource basis, the coded debt is currently estimated at a total of 12.1 million ounces.

Renaud Adams: Further, great mine are continuing to come largely in line with our great control block model in the current life of mine. Mining costs in the quarter, despite not yet running at full run rate, were comparable to Canadian open-pit peers at just under the four dollars a ton. An increase from the prior quarter to significantly optimization activities on blasting patterns and production drilling, as well as some powers for tailman's experience in June due to unseasonal heatwave.

Speaker Change: The adjacent Gosling Pit has an additional 4.4 million ounces of measured and indicated resources and nearly 3 million ounces of inferred.

Speaker Change: bringing the project to a total of 16.5 million ounces of measured and dedicated and an additional 4 million ounces of inferred.

Speaker Change: The size of Cody and Gossman together put the project in the mind of a very exclusive company amongst large-scale producing Canadian assets.

Renaud Adams: We expect to have the results of this program later this year, which will greatly inform our understanding of how to incorporate Goflin in remaining majority-dicated, into a potential future mine plant. So thank you all. And I look forward to a very exciting year ahead. With that, I would like to pass the call back to the operator for the Q&A. Operator?

Renaud Adams: On processing, mill throughput into second quarter was 834,000 tons at the average head grade of 1.4 grams a ton for a total of 34,000 ounces produced, how the 100 percent pays it. Redness circuit was successfully commissioned toward the end of the quarter, and recovery has responded well to the ramp to the ramp up of the operations averaging 90 percent. In July, code a gold process over 620,000 tons of ore with productions of nearly 26,000 ounces of gold.

Speaker Change: We expect to have the results of this program later this year, which will greatly inform our understanding of how to incorporate GoFLIN in remaining Majority-Decaded.

Speaker Change: into a potential future mine plant.

Speaker Change: So thank you all.

Speaker Change: And I look forward to a very exciting year ahead. With that, I would like to pass the call back to the operator for the Q&A. Operator?

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. 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, press star then 2. The first question comes from Anita Soni with CFTC World Markets. Please go ahead.

Speaker Change: 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. You'll hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys.

Renaud Adams: We have maintained our guidance that quoted for this year, though we have guided to the lower end of the range of 290,000 ounces on a hundred percent basis. As improvement to male availability are majoring the rampage of embracing during the producing expect and done prior to completing those solutions.

Speaker Change: To withdraw your question, press star then 2.

Speaker Change: The first question comes from Anita Soni with CFTC World Markets. Please go ahead.

Anita Soni: Good morning, Renaud, and everyone. My first question is with respect to COTE. What factors are the main factors that drove the indication that you're going to be near the bottom end of the production guidance range at COTE? Is it throughput, grade, recovery rate? And then the second one, which probably relates to that, is how long will that shutdown last in September?

Renaud Adams: We believe that exceeding the year at nearly name plate will set Cote and Iamgold for huge success starting early 2025.

Anita Silvey: Good morning, Renaud, everyone. My first question is with respect to COTE.

Anita Silvey: What factors are, what are the main factors that drove the indication that you're going to be near the bottom end of the

Martin Finussen: I will now hand a call back to Marthin for a brief update on projects ending this year. Thank you Renaud. I want to note that as we discuss project expenditures, all costs are being quoted on a hundred percent basis. Project in capital expenditures were 92.6 million in the second quarter and 288.9 million year to date. The expenditures include project expenditures of 30.7 million to support the completion of commissioning and certain scopes of non-critical path earthwork and infrastructure.

Speaker Change: production guidance range at COTE. Is it throughput, grade, recovery rate? And then the second one probably relates to that is, how long will that shutdown last in September ?

Renaud Adams: Very, thanks for your questions and as you're also the one that asked me early in the year how we set the original guidance. I would say that it's mostly a matter of the total thumbnails.

Speaker Change: Thank you.

Speaker Change: Thanks for your questions and as you're also the one that asked me early in the year how we set the original guidance.

Renaud Adams: So, if you recall, we set the guidance early in the year under 220 to 290 specifying that we were confident in the high grade, which is happening, but also basically saying that at a perfect commissioning without any need, you know, for further downtime and so far with the 6.5 million ton process, or so we'll set the 200 As I explained in my comment, we really did take the time in Q2 to properly stop and correct things This has been our philosophy since day one, and I'm very pleased, and it's paying, maybe a little pain in the short term on the total announcements, but we're definitely going to shift the profile starting in 25.

Speaker Change: I would say that it's mostly a matter of the total fundamentals. So if you recall, we set the guidance early in the year, the 220 to 290, specifying that we were confident in the high grade, which is happening.

Martin Finussen: Prior to the $4.4 million for the year, 24.5 million of operating expenditures related to mulling and surface costs have been capitalized in the second quarter and 51.5 million year to date in support of the commissioning and ramp up efforts in advance of achieving commercial production. Capital expenditures related to operations for the second quarter were 37.4 million and 55 million year to date. Capitalized waste tripping and capitalized operating costs are expected to be higher when compared to guidance, which is offset by low capital related to operations due to some of the equipment being purchase through our increased leasing facility. The total of all of our capital expenditures of 454 million as well as the timing of the expenditures are in line with the forecasting guidance for the year. Back to you and us. Thank you, Martin.

Speaker Change: but also basically saying that at a perfect commissioning without any need you know for further downtime and so far with the 6.5 million ton process or so will set the 290.

Speaker Change: As I explained in my comments,

Speaker Change: We really did take the time in Q2 to properly stop and correct things as we move forward. This has been our philosophy since day one and I'm very pleased in its fame.

Speaker Change: Maybe a little pain in the short term on the total ounces, but we're definitely going to shift the profile starting in 2025.

Renaud Adams: So we did that in Q2 and as I mentioned, originally speaking, we were probably thinking of the five days in September, but we're prepared to go further so if it takes additional downtime another five, seven days for a total of 10 15, whatever it takes to correct all those issues. If it takes less, we may perform better than the lower end, but we just want to make sure that we're prepared to take the time. So let's call for a 10 to 15 max, and we'll see how it goes. So largely the term process, as we correct him as we move.

Speaker Change: So we did that in Q2 and as I mentioned so to your point is Originally speaking we were probably thinking of the five days in September

Speaker Change: But we're prepared to go further, so if it takes additional downtime, another 5-7 days, for a total of 10-15, whatever it takes to correct all those issues.

Speaker Change: If it takes less, we may perform better than the lower end, but we just want to make sure that we're prepared to take the time in September . So let's call for a 10 to 15 max, and we'll see how it goes for the remaining of, so largely the term process.

Renaud Adams: So that is that. Our goal this year is very clear. We need to ramp up the plan availability and utilization to exit the year at a throughput rate of approximately 90% of nameplate and start 2025 on a very strong footing.

Anita Soni: And then I noticed you provided mining costs per ton for Q2. Thank you for that. I know it, and I also know that, you know, relatively short period of time since you declared commercial production on August 7th. But can you give us an indication of how the processing costs are going at this stage?

Renaud Adams: This brings us to slide. We always like to finish on and this is what the future is for coating. We are continuing to advance in our understanding of the impact of gasoline and potential of the project. At year and 2023, we updated the gasoline mineral reserve and resources estimate with an additional 35,000 meters of draining, which was drilled over at a two years prior. This year itself, we are conducting a 35,000 meters drill program targeting the central zone between the pit shelf, where we see indication of continuation of mineralization and for the literal thermal branches, as well as some deeper halls to understand the continuity of the mineralizations below the When we look at the resource and resource statement, the coded deposit has a estimated mineral reserve on a hundred percent basis, a seven point six million ounces.

Speaker Change: As we correct angles, we will show it.

Speaker Change: Okay, thank you. And then I noticed you provided mining costs per ton for the Q2. Thank you for that.

Speaker Change: I know and I also know that you know relatively short period of time since you've declared commercial production on on August 7th But can you give us an indication how the processing costs are going at this stage?

Marthinus Theunissen: Markey? Markey, who else?

Marthinus Theunissen: Good morning, Anita. The processing cost on a total basis is actually well within our expectation and our plans. There is, of course, some additional costs being incurred as they are fixing or replacing certain things. But when we look at where we are, we expect the dollar per ton cost when we get to the end of the year to be in the ranges that we guided and disclosed previously. So, in line with the 43.101, with slight increases because of inflation, but also just we won't be at 100% yet. Our expectations on the cost of Thermal have not changed at this point.

Marthinus Theunissen: Mark it well.

Speaker Change: Good morning Anita. The processing cost on a total basis is actually well within our expectation and our plans.

Speaker Change: There is of course some additional costs being incurred as they are fixing or revising certain things.

Speaker Change: But when we look at where we are

Speaker Change: We expect that...

Speaker Change: the dollar per tonne cost when we get to the end of the year to be in the ranges that we guided and discussed previously.

Speaker Change: So in line with the 43-101 with slight increases because of inflation, but also just we won't be at 100% yet, but

Renaud Adams: This reserve formed a basis of the current economics of the project. On a measure and educated resource basis, the coded debt is currently estimated at a total of twelve point one million ounces. The adjacent Gaussian debt has an additional 4.4 million ounces of measure and educated resources and nearly three million ounces of infert, bringing the the project to a total of 16.5 million ounces of measure and the dedicated and additional four million ounces of infert.

Speaker Change: Our expectations on the cost of the mill have not changed at this point.

Renaud Adams: I think Marthinus started to say that, you know, the range of the 10 to 15 is just a matter of the tons meal price. So, we were still globally low, with 839,000 tons meal in the second quarter, but with only 1 month or 620. So, what we're expecting to get closer, you know, to the 10 objectives, 10 to 11 objectives as we exit the year, but it's really a matter of.

Speaker Change: I think I think Martin is fair to say that you know the range of the 10 to 15 is just a matter of the terms and the price.

Speaker Change: So we were still low, globally low, with 839,000 tons of mail in the second quarter, while with only one month of 620. So we're expecting to get closer to the 10 objectives, 10 to 11 objectives as we exit the year.

Renaud Adams: The size of Cody and Gosman together put the project in the mind in the very exclusive company amounts large scales producing Canadian assets. We expect to have the results of this program later this year, which will greatly inform our understanding of how to incorporate Gosman and remaining measuring and indicated into a potential future of my plan.

Renaud Adams: And that power, as you mentioned, that you're using less power, or is that factoring into that lower, I guess, benefit on cost?

Speaker Change: It's really a matter of time to know.

Speaker Change: And that power, as you mentioned, that you're using less power, is that factoring into that lower, I guess, benefit on cost?

Renaud Adams: Yeah, but also power, even though it's massive, it's a big operation, power cost per kilowatt would be extremely low on the coast, as we manage these. And we're expecting one of the lowest costs per kilowatt in our kilowatt, you know, pretty much in the industry. So, yes, this is, but the real benefit beyond potentially saving is the opportunity of using this extra power down the road. As we have well documented, there's some, you know, certain that, you know, like the 72 megawatts, so you use it how you want, right?

Speaker Change: Yeah, but also power, even though it's a massive, it's a big operation, power cost per kilo water would be extremely low at COTA.

Renaud Adams: So thank you all and I look forward to a very exciting year ahead.

Speaker Change: as we manage these...

Speaker Change: We're expecting one of the lowest costs, you know, per kilowatt, you know, pretty much in the industry. So yes, this is, but the real benefit beyond potentially saving is the opportunity of using this extra power down the road.

Operator: With that, I would like to pat the call back to the operator for the Q&A. Operators? Thank you.

Operator: We'll now begin the question and answer session. To join the question, Q, you may press star then one on your telephone keypad. You'll hear a tone acknowledging your request. If you're using a speaker phone, please pick up your handset before pressing any keys. To withdraw your question, press star then two.

Renaud Adams: And this is what we're most excited about, we feel that the main equipment and the web and the website may drive more tons down the road. That's the main point. It has to be proven on a daily basis, but what we've seen so far is that we're definitely using less power for the same throughput.

Speaker Change: As we well documented, there's some, you know, certain that, you know, like the 72 megawatts, so you use it how you want. Right. And, and this is what we're the most excited about is we feel that the main equipment and the web and the website.

Wayne Lam: The first question, certainly. We'll see you in the world market. Please go ahead. Good morning, we're not everyone. My first question is this, respect to co-tay. What factors are, what are the main factors that drove the indication that you're going to be near the bottom end of the production guidance range at co-tay? Is it throughput grade recovery rate? And then the second one probably realized that it's how long will that shutdown last in September?

Speaker Change: and may drive more tons down the road. That's the main point. It has to be proven on a daily basis, but...

Speaker Change: What we've seen so far is we're definitely using less power for the same throughput.

Anita Soni: And then just an idea of, in terms of the build out in the summertime, I noticed that mine rates on ore were similar to last quarter, so I'm just assuming you guys are a little bit more focused on building the tailings dam over the summer months. Is that correct? And when, how much, how much, how many tons do you have to deliver to the tailings dam in Q3?

Speaker Change: And then just an idea of, in terms of the build out in the summer time, I noticed that in the

Speaker Change: Mining rates on ore were similar to last quarter, so I'm just assuming you guys are a little bit more focused on building the tailings dam over the summer months. Is that correct? And how many tons do you have to deliver to the tailings dam in Q3?

Wayne Lam: Very thanks for your questions. And as you're also the one that asked me early in the year, how we set the original guidance. I would say that it's mostly a matter of the total fundamentals. So if you recall, we said the guidance early in the year 220 to 290. We're specifying that we were at compliments in the high grade, which is happening. But also basically saying that at a perfect commissioning without any need, you know, for further down time and so far with the 615 million in-term process or so will set the 2.290.

Renaud Adams: I don't have the details of the time, but as described as well in the 43-101, so we're basically executing the whole phase two, right? And this will combine with the fact, you know, of the throughput, the ramp-up will position it towards the 18 months of capacity, and then as we move forward this summer, we'll add. But yes, we're completing phase two that we initiated last year. We're completing it this year.

Speaker Change: I don't have the details of the tons but if you recall and as described as well in the 43-101 so we're basically

Speaker Change: executing the whole phase two, right? And this will, combined with the fact, you know, of the throughput, the ramp-up, will position towards the 18 months of capacity.

Speaker Change: And again, as we did most souls.

Speaker Change: This summary we'll add.

Renaud Adams: And then by fall, we should have minimum of 18 months ahead of us. And then we'll continue on a yearly basis to raise. And our objective is to be comfortably sitting at least under 24 months beyond.

Wayne Lam: As I explain in my comments, we really did take the time in Q2 to properly stop and correct things as we move forward. This has been our philosophy since day one. And I'm very pleased that it's been maybe a little pain in the short term on the total analysis, but we're definitely going to shift the profile starting in 25. So we did that in Q2. And as I mentioned, so to your point is our regionally speaking, we were probably thinking of the five days in September.

Speaker Change: But yes, we're completing the Phase 2 that we've initiated last year, we're completing it this year. And then by fall, we should have minimum of 18 months ahead of us, and then we'll continue on a yearly basis to raise.

Speaker Change: and our objective is to be comfortably sitting at least for the 24 months beyond.

Anita Soni: And my last question, just in terms of stockpile levels, can you tell us how many tons of ore you have stockpiled ahead of the mill right now and what the average grade is there?

Speaker Change: I had a lot.

Speaker Change: And my last question, just in terms of stockpile levels, can you tell us how many tons of ore you have stockpiled ahead of the mill right now and what the average grade is there?

Renaud Adams: Renaud, you got this? Yes. Good morning, Anita.

Anita Silvey: Renaud, you got this? Yes. Good morning, Anita. So, so far we have 8 million tons grading at 0.75. We have different category of stockpiles with

Wayne Lam: But we're prepared to go further. So if it takes, if it takes additional downtime and not a five, seven days for total of 10, 15, whatever, it takes to correct all those issues. If it takes less, we may perform better than the lower end. But we just want to make sure that we're prepared to take the time in September. So let's call for a 10 to 15 max and we'll see how it will go. So so largely the term process, and as we correct them, those are the most always. Okay, thank you.

Renaud Adams: So, so far, we have 8 million tons grading at 0.75. We have different categories of stockpiles. They're actually high-grade ore and high-grade ore and low-grade ore. So, so far, we're pretty satisfied with the level of the stockpiles and also with the reconciliation on the high-grade category.

Speaker Change: There are actually high-grade ore, high-grade ore, and low-grade ore. So, so far we are pretty satisfied with...

Speaker Change: The level of stockpile and also with the reconciliation on the high-grade category.

Anita Soni: And then you mentioned, I think, in the, that you're directing more higher grade from the, from the pit to the mill. What would that high grade be on average?

Speaker Change: And then you mentioned I think in the that you're directing more higher grade from the from the pit to the mill. What would that high grade be on average?

Renaud Adams: We define our grade whatever is above the 0.7, 0.8 gram per ton category. So right now we have a good fair amount of stockpile at 1.6 grand per tonne in front of us. And we have also some Renaud of our mine at 114.

Anita Soni: And then I noticed you provided mining costs per ton for the Q2. Thank you for that. I know, and I also know that, you know, relatively short period of time since you declared commercial production on August 7th. But can you give us an indication how the processing costs are going at this stage? Mark Good morning, Anita. The processing cost on a total basis is actually well within our expectation and our plans.

Speaker Change: We define our grade whatever is above the 0.7, 0.8 gram per ton category. So right now we have

Speaker Change: A good fair amount of stockpile at 1.6 grand per ton in front of us.

Speaker Change: and we have also some Renaud Mines at 114.

Anita Soni: We'll try to keep the mill towards the 1.5 till the end of the year. We did very well in July as well. There are no issues or reason to believe we won't deliver the grade. It's really about cranking up the tonnage throughput. The mine has been doing very well. Okay, thank you.

Speaker Change: So we'll try to keep the male towards, you know, the 1-5.

Speaker Change: Till the end of the year

Speaker Change: We did very well in July as well, so there is no issues or reason to believe that we won't deliver the grades. It's really about cranking up the tonnage. The mine has been doing very well so far.

Anita Soni: There is, of course, some additional costs being incurred as they are fixing or repising certain things. But when we look at where we are, we expect the dollar per ton cost when we get to the end of the year to be in the ranges that we guided and discussed previously. So in line with the 43101 with slight increases because of inflation, but also just we won't get 100 per cent yet. But our expectation on the cost of the mall have not reduced at this, or have not changed at this point.

Anita Soni: Okay, thank you. That's it for my questions, and congratulations on hitting commercial production.

Speaker Change: Okay, thank you. That's it for my questions and congratulations on hitting commercial production.

Operator: The next question is from Wayne Lam with RBC. Please go ahead.

Speaker Change: Thank you so much.

Speaker Change: The next question is from Wayne Lam with RBC. Please go ahead.

Wayne Lam: Yeah, thanks, guys. Morning, everyone. I'm just wondering, maybe at CAHOTE, if you might be able to speak to the performance of the autonomous operations to date on the haulage and drilling and just where the challenges have been and how you've mitigated those risks.

Wayne Lam: Yeah, thanks guys. Morning, everyone. I'm just wondering, maybe Akote, if you might be able to speak to the performance of the autonomous operations to date on the haulage and drilling and just where the challenges have been and how you've mitigated those risks.

Anita Soni: I think, I think, Marthin, it's better to say that, you know, the range of the 10 to 15 is just a matter of the times now. So we, we're still low globally now with 839,000 tons of mail in the second quarter. But with only one month or six 20, so what we're, we're expecting to get closer of, you know, to the 10 objectives, 10, 3, 11 objectives as we exit the year.

Renaud Adams: I wouldn't call that too many risks to be mitigated. I think more every quarter that goes by, we get more comfortable, with Autonomous College and it's been operating very well. And Renaud just mentioned the stockpile and everything that's been processed. So basically, every single ton that's been put on the stockpile, you know, has been with, with Autonomous Trucks, and has been performing extremely well as a Bear Hare, availability and so forth.

Akote: I wouldn't call too many risks to be mitigated. I think more every quarter that goes by we get more comfortable.

Anita Soni: But it's really a matter of time. And that power of the, as you mentioned that you're using less power is that factoring into that lower, I guess benefit on cost. Yeah, but, but also power, even though it's a massive, it's a big operation. Power cost per kilowatt would be extremely low at co-take as we manage fees. And we're expecting one of the lowest costs, you know, to the water, you know, pretty much in the industry.

Speaker Change: with with autonomous foliage and it's been operating very well and Renaud just mentioned the stockpile and everything that's been processed so basically every single ton that's been put on the stockpile you know has been whipped

Speaker Change: with autonomous trucks, and has been performing extremely well as a bearer.

Renaud Adams: So I honestly do not see any issues with them. And, and hopefully over time, we could be even better and with our drilling automation as well. So working hard on both. But Autonomous is absolutely working beautifully, and not to underestimate as well the health and safety aspect of not having operators behind the steering. It's not about cutting jobs, it's really about improving, modernizing our operations and make it safer. But so far so good. Excellent. I'll give a very high score to the implementation of Autonomous College. I will redo it anytime.

Speaker Change: availability and so forth. So, I honestly do not see any issues with them. And hopefully, over time, we could be even better and with our drilling automation as well. So, working hard on both.

Anita Soni: So yes, this is, but the real benefit beyond potentially saving is the opportunity of using this extra power down the road. As we well documented, there's some, you know, certain that, you know, like the 72 million watts, so you use it how you want, right? And, and this is what we're the most excited about is we feel that the main equipment and the web, and the website, and may drive more tons down the road, not the main plate. It has to be proven on a steady basis, but what we've seen so far is we're definitely using less power for the central book.

Speaker Change: But Autonomous is absolutely working beautifully.

Speaker Change: and not to underestimate as well the health and safety aspect of not having operators behind the steering. It's not about cutting job, it's really about improving modernizing our operations and make it safer.

Speaker Change: Favorite.

Speaker Change: But so far so good. Excellent. I'll give a very high score to the implementation of Autonomous College. I will redo it anytime.

Wayne Lam: Great. It sounds like things are going pretty well. Maybe moving to Westwood, just on the grades there, which seem pretty positive relative to the reserve. Do you see those grades continuing through the year? And then, with the upcoming technical report, do you see upside to the targeted run rate from the underground beyond the 900 tonnes per day? And given the strong performance of the mine now with the underground rehabilitated, do you envisage that asset as one to keep in the portfolio longer term, or could it potentially be classified more as non-core?

Speaker Change: Great, sounds like things are going pretty well. Maybe moving to Westwood, just on the grades there, which seem...

Anita Soni: And then just an idea of, in terms of the build out in the summertime, I noticed the mining rates on or were similar to last quarter. So I'm just assuming you guys are a little bit more focused on building the tailings dam over the summer months. Is that correct? And when, how much, how much, how many tons do you have to deliver to the tailings dam in Q3? I don't have the details of the, the tons, but if you recall, and as described as well in the 42101, so we're basically executing the whole face to, right?

Speaker Change: You know, pretty positive relative to the reserve.

Speaker Change: Do you see those grades continuing through the year? And then with the upcoming technical report, do you see upside to the targeted run rate from the underground beyond 900 tonnes per day?

Speaker Change: Given the strong performance of the mine now with the underground now rehabilitated, do you envision that asset as one to keep in the portfolio longer term or could it potentially be classified more as a non-core?

Renaud Adams: The I'll go another. My KPI is an average water.

Anita Soni: And this will combine with the fact you know of the throughput, the ramp up, we'll position, we'll position towards the 18 months of capacity, and then as we move forward this summer we'll have. But yes, we're completing the phase due that we've initiated last year, we're completing it this year. And then by fall we should have minimum of 18 months ahead of us, and then we'll continue on a yearly basis to raise an object service to be comfortably sitting at least on the 24 months beyond my head of life.

Speaker Change: The

Speaker Change: I'll go another. My KPI is, in every quarter, I've seen the asset ramping up with Morton from underground, the overall grade improving from underground.

Renaud Adams: I've seen the asset ramping up with Morton from underground, and the overall grade improving from underground. We're sitting on a reserve of roughly 10.4 grams a ton, and that's the ultimate objective. You need to position yourself at some point where you start mining at the reserve grade at Westwood, and this is where you're going to feel that you have reached a certain stability and sustainability. So pretty close to we could be basically one quarter away from reaching once you get that you want, like I said, you know, to continue to operate along this line.

Speaker Change: We're sitting on a reserve of roughly 10, 10.4 grams a ton reserve.

Speaker Change: And that's the ultimate objective. You need to position yourself at some point where you start mining at the reserve grade at Westwood, and this is where you're going to feel that you have reached a certain stability and sustainability.

Speaker Change: So, pretty close to. We could be basically one quarter away of reaching. Once you get that, you want, like I said, you know, to continue to operate along this line.

Anita Soni: And my last question just in terms of stockpile levels, can you tell us how many tons of ore you have stockpiled ahead of the mill right now and what the average grade is there? Bruno, you got this? Yes. Good morning Anita. So, so far we have 8 million tons grading at 0.75. We have different category of stockpiles with direct sheet, i-grade ore and i-grade ore and low grade ore. So far we're pretty set aside with the level of stockpile and also with the reconciliation on the i-grade category.

Renaud Adams: We're extremely, extremely pleased with how Westwood has performed and will continue to perform in the cash flow. So comfortable to say that at this stage, you know, we're very pleased with both Isakani and Westwood. And we definitely can see these two mines continue being a big, big success, collaborator, if you will, to our and contributor to our story. Having said that, I don't think we've seen the end of the optimization of Westwood.

Speaker Change: We're extremely, extremely pleased with how Westwood has performed.

Speaker Change: and continue to perform and the cash flow. So, comfortable to say that at this stage, we're very pleased with both Issacani and Westwood. And we definitely can see these two mines continue being a big

Speaker Change: collaborator, if you will, you know, to our and contributor to our story.

Anita Soni: And then you mentioned I think in the that you're directing more higher grade from the from the pit to the mill, what was that high grade B on average? We define i-grade whatever is that both the 0.7.8 gram per ton to the area. So right now we have a good fair amount of stockpile at 1.6 gram per ton in front of us. And we have also some run of ore mine at 114.

Renaud Adams: So, we're going to put the 42-101, we want to see what we could do, where we could get. And as I said, you know, strong production profile and improving and free cash flow. So we're very, very pleased. On the total tons we see, Renaud, getting wet a bit here, so what do you see down the road?

Speaker Change: Having said that, I don't think so we've seen the end of the optimization of Westwood, so we're going to put the 42-101. We want to see what we could do, where we could get

Speaker Change: And as I said, you know, strong production profiles and improving and free cash flow. So we're very, very pleased. On the total tons we see...

Bruno Lemelin: Renaud, getting wet a bit here, so what do you see down the road?

Anita Soni: So we'll try to keep the mill towards the 1.5 till the end of the year. We did very well in July as well. So there's no issues or reason to believe, you know, we want to deliver the grade. So it's it's really about cranking up the ton it should through. But the mine has been doing very well so far.

Renaud Adams: Thank you, Renaud. Actually, the performance from underground is getting better and better due to all the work we have done over the last two years and a half. It's proved to be very beneficial for us and our ability to reach our targets. 900 tons per day. Of course, we have a vision to increase this to the 1100. Those are the kind of targets we're looking at. Again, with the new 43-101, we'll be able to express with more clarity what those targets are going to be, and also the extent of the life of the mine, with the new block model, so at that time, we'll be able to give more insight related to that mining plan.

Bruno Lemelin: Thank you, Renaud. Actually, the performance from underground is getting better and better due to all the work we have done over the last two years and a half. It's proved to be very beneficial for us in our ability to reach our targets.

Anita Soni: Okay, thank you. That's my question.

Speaker Change: 900 tons per day. Of course we have a vision to increase this.

Anita Soni: Congratulations on handing out commercial production. Thank you so much.

Speaker Change: Closer to the 1100, those are the kind of targets we're looking at.

Wayne Lam: The next question is from Wayne Lamb with RBC. Please go ahead. Yeah, thanks guys. More than everyone.

Speaker Change: Again, with the new 43-101, we'll be able to express with more clarity what those targets are going to be, and also the extent of the life of mine.

Wayne Lam: I'm just wondering maybe a coat day if you might be able to speak to the performance of the autonomous operations date on the college and the drilling. Just where the challenges have been and how you mitigate those risks. I was I wouldn't call too many risks to be mitigated. I think more as a quarter that goes by, we get more comfortable with with autonomous college. And it's been operating very well and Renault just mentioned the stockpile and everything that's been processed.

Speaker Change: with the new block model so at that time we'll be able to give more insight related to that mining plan.

Wayne Lam: Okay, great. Thanks. And then maybe just last one, just on the bamboo gas sets. Can you provide a bit more clarity on the final payment and whether there's any credit risk associated with that? Just seems like it's been a bit delayed and wondering what the risk is that final payment coming in?

Speaker Change: Okay, great. Thanks. And then maybe just last one, just on the Bambuk assets. Can you provide a bit more clarity on the final payment and whether there's any credit risk associated with that? Just seems like it's been a bit delayed and wondering what the risk is to that final payment coming in. Okay.

Renaud Adams: Yeah, it's a fair comment that it's been a bit long. And I can assure you it's been a bit long for us as well, but I think we're making great progress honestly.

Wayne Lam: So basically every single ton that's been put on the stockpile, you know, has been with with autonomous trucks. And it's been performing extremely well as a barrier by availability and so forth. So I honestly do not see any issues with them. And hopefully over time we could be even better and with our drilling automation as well. So working hard on both. But Autonomous is absolutely working beautifully and not to underestimate as well the health and safety aspect of not having operators behind the steering. It's not about getting job, it's really about improving modernizing operations and making safer. But so far so good, excellent, I'll give a very high score to the implementation of Autonomous College. I will redo it anytime.

Speaker Change: Yeah, it's a fair comment that it's been a bit long.

Renaud Adams: So we're still comfortable with the closing of Guinea in the second half, and following that, we'll address the closing of Mali. Can we close both? You know, we're still saying that we're still saying that they're both. We're working towards closing both remaining talks about roughly 80 million gross per seat for both. So it's meaningful, it's important. It's important for our people as well, because, as you mentioned, we've got to move on here and allow everyone to move on. So we're very active and remain confident we're going to close both.

Speaker Change: and I can assure you it's been a bit long for us as well.

Speaker Change: But I think we're making great progress, honestly. So we're still comfortable of the closing of Guinea in the second half. And following that, we'll address the closing in Mali.

Speaker Change: Can we close both? You know, we're still saying that. We're still saying that they're both, we're working towards closing both, remaining, talking about roughly 80 million of gross per seat.

Speaker Change: and for both. So it's meaningful, it's important. It's important for our people as well, because as you mentioned, we got to move on here and allow everyone to move on. So we're very active and remain confident we're going to close both this year.

Wayne Lam: Okay, great. Thanks for taking my questions.

Speaker Change: Okay, great. Thanks for taking my questions.

Operator: The next question is from Mike Parkin with National Bank Financial. Please go ahead. Hi guys, congrats on the solo.

Speaker Change: Thank you.

Mike Parkin: Hi guys, congrats on a solid quarter. Most of my questions have been answered. Just a couple follow-ups. You gave us good color on expected shutdowns at Cote. Can you give us any guidance on shutdowns planned at Westwood or Essecamp?

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

Wayne Lam: Great sounds like things are going pretty well.

Mike Parkin: Hi guys, congrats on a solid quarter. Most of my questions have been answered. Just a couple follow ups. You gave us good color on expected shutdowns at Cote. Can you give us any guidance around shutdowns planned at Westwood or Essecant?

Renaud Adams: Maybe moving to Westwood, just on the grade there, which seemed pretty positive relative to the reserve. Do you see those grades continuing through the year? And then with the upcoming technical report, do you see upside to the targeted run rate from the underground beyond 900 tons per day? And given the strong performance of the mine now with the underground now rehabilitated, due to envision that asset is one to keep in the portfolio longer term, or could it potentially be classified more as non core?

Renaud Adams: Definitely nothing extraordinary beyond the regulars so you're looking at the average availability of Anisakane and Westwood. We achieved 89% so I think it's fair to think that we're going to try to maintain around that level to the end of the year and this is basically done through planned shutdown. A little bit of unplanned but we don't have anything extraordinary and I think the same comment goes for us, as well. There's always, of course, things to be addressed, but we're not planning beyond the regular availability. So both mine should be in the availability or better of what you've seen in Q2.

Marthinus Theunissen: and Marthinus Theunissen.

Speaker Change: Definitely nothing extraordinary beyond the regulars. So you're looking at the average availability of Anisakane and Westwood. We achieved 89%, so I think it's fair to think that we're going to try to maintain around that level to the end of the year.

Speaker Change: And this is basically done through planned shutdown, a little bit of unplanned, but we don't have anything extraordinary. And I think the same comment goes for.

Renaud Adams: I'll go in the other, my KPI is in that every quarter, I see the asset ramping up with Morton from underground, the overall grade improving from underground. We're sitting on the reserve roughly 10.4 grams a ton, the reserve. And that's the ultimate objective. You need to position yourself at some point where you start mining at the reserve grade at Westwood. And this is where you're going to feel that you have reached a certain stability and sustainable.

Speaker Change: For Asakane as well. There's always of course things to be addressed, but we're not planning beyond the regular Availability so so both mine should be in the availability or better of what you've seen in Q2

Mike Parkin: And then the target, I quote it to be at 90% of nameplate by year-end. Is that, like, obviously you put out a daily number just recently, and it's well on, you know, it's at nameplate. But what's the 90% based on? Is that like a trailing four-week average?

Speaker Change: Okay.

Speaker Change: And then the target, I quotate to be at 90% of nameplate by year-end, is that? Like obviously you put out a daily number just recently and it's well on it, you know, it's at nameplate. But what's the 90% based on? Is that like a trailing four-week average?

Renaud Adams: So pretty close to we could be basically one quarter away of reaching once you get that you want, like I said, you know to to continue to operate along this line. And we're extremely, extremely pleased to how Westwood has the form and continue to perform and the cash low. So comfortable to say that at this stage, you know, we're very pleased with both this accounting and Westwood. And we, we definitely can see this two minds continue in the big big collaborator if you will help you know to our and contributor to our story.

Renaud Adams: I'll be very, very happy by accumulating four weeks. Let's say if what we've done in commercial using 60% of nine plane, if we repeat that in December and we feel very strong, this is what we call exiting the year. So thanks for asking.

Speaker Change: I'll be very, very happy.

Speaker Change: by accumulating four weeks. Let's say if what we've done in commercial using 60% of nine plane, if we repeat that in December , and we feel very strong, this is what we call exiting the year.

Mike Parkin: But internally, this is how we would feel. It's not about a few days. We know we did it one day. We know it's capable of being done. But as you ramp up, you want to make sure that you're solidly on the saddle, you know, and comfortably sitting on the saddle by the end of December. So let's call it 30 days averaging 90% will be our key objective. Great, that's it for me

Speaker Change: So thanks for asking but internally this is how we would feel. It's not about a few days, we know we've done it one day.

Speaker Change: We know it's capable to be done, but as you ramp up, you want to make sure that you're solidly on the saddle, you know, and comfortably sitting on the saddle by the end of December . So let's call 30 days, averaging 90%, will be our key objective in December .

Renaud Adams: I've been said that I don't think so with seeing the end of the optimization of Westwood. So we're going to put the 42101 we want to see what we could do where we could get. And as I said, you know, strong production profiles and improving and free cash flow. So we're very, very pleased. On the total times we see a Bruno getting wet a bit here.

Operator: Great, that's it for me guys. The next question is from Carey MacRury with Canaccord Genuity.

Speaker Change: Great, that's it for me guys.

Carey MacRury: The next question is from Carey MacRury with Canaccord Genuity. Please go ahead. Hi, good morning. Just a follow-up on the mill throughput. Obviously, you've hit commercial production. Should we be assuming that the mill is coming?

Speaker Change: Thanks.

Speaker Change: The next question is from Carey MacRury with Canaccord Genuity. Please go ahead.

Renaud Adams: Yeah, no, definitely from the moment you hit 60%, I would exclude September because, like I said, September is a big month, you know, where we're at and where we're going to be making a lot. But yeah, so 60% has been reached, and it becomes the baseline now. So from that point on, we need to continue to improve August. September will be the time of fixing, but definitely some kind of steady ramp up with a little bit of a dip in September allowing for the shutdown, but 60% is and will remain the new baseline. Okay, and then maybe a question for Martin and me.

Carey MacRury: Hi, good morning. Just a follow-up on the mill throughput. Obviously, you've hit commercial production. Should we be assuming that the mill is going to run at around 60% through August up until the shutdown, or is the mill performing a bit better than that now?

Bruno Lemelin: So whether you see down the road. Thank you. Actually, the performance from underground is is getting better, better due to the other app work with done over the last two years in the past. It's good to be very beneficial, and our ability to reach our targets at 900 tons per day. Of course we have vision to increase this closer to the 1100. Those are the kind of targets we're looking at. Again, with the new 43101, we'll be able to express with more clarity what those targets are going to be. And also the extent of the life of mine with the new black mouth. So at that time, we'll be able to give more insight through that.

Bruno Lemelin: Okay, great. Thanks.

Speaker Change: Yeah no definitely from the moment you hit the 60% I would exclude September because like I said September is a big month you know where we're

Speaker Change: We're going to be making a lot, but yeah, so 60% has been reached and becomes the baseline now. So from that point on, we need to continue to improve August .

Speaker Change: September will be for the time of fixing but definitely some kind of a steady ramp up with with a little bit of a dip in September allowing for the shutdown.

Speaker Change: But but 60% he is and will remain

Speaker Change: The new baseline.

Speaker Change: Okay, and then just maybe a question for Martin on the Sumitomo buyback. I see the option there is, I think, $380 million. Given the ramp up, is that more or less where it's going to be, or do you expect that to move around, plus or minus?

Martin Finussen: And then maybe just last one, just on the bamboo cassettes. Can you provide a bit more clarity on the final payment, and whether there's any credit risk associated with that just seems like it's been a bit delayed. I didn't wonder what the risk is to that final payment coming in. Yeah, I it's a fair comment that has been a bit long. And I can assure you it's been a bit long for us as well.

Carey MacRury: Good morning, Carey. We don't expect that number to change significantly, but it is dependent on the August cost and the August sales because that still gets the July and August costs and sales because that still gets incorporated into that and the gold price has an impact but we don't expect it to change materially from the $380M expected previously as well. Great, that's it for me. The next question is from Stephen Green with

Speaker Change: Good morning, Carey. We don't expect that number to change significantly, but it is dependent on the August cost and the August sales because that still gets the July and August cost.

Martin Finussen: But but I think we're making great progress, honestly. So we're still comfortable of of the closing of Guinea in the second half. And following that, well, well addressed, you know, the closing and Molly. So can we close both, you know, we still think that we're still saying that they're both where we're working towards closing both remaining, talking about roughly 80 million of gross proceeds. And for both. So it's it's meaningful. It's important. It's important for people as well, because as you mentioned, we've got to move on here and allow everyone to move on. So, so we're very active and remain confident. We're going to close both.

Martin Finussen: Okay, great. Thanks. Thanks for taking my questions. Okay.

Speaker Change: and sales because that still gets incorporated into that and the gold price has an impact but but we don't expect it to to change materially from the 380 million expected previously as well.

Operator: The next question is from Stephen Green with TD Securities. Please go ahead. Good morning, everyone.

Speaker Change: Great, that's it for me, thanks.

Speaker Change: Theunissen, Graeme Jennings, Marthinus Theunissen, Marthinus Theunissen, Marthinus Theunissen, Marthinus

Speaker Change: The next question is from Stephen Green with TD Securities. Please go ahead.

Stephen Green: Good morning everyone. Just a quick accounting question for you. Up until now you've been capitalizing your interest on Cote. Can we expect that will all start being expensed after the August 2nd date?

Stephen Green: Yes, we will start depreciating the asset, and we will stop capitalizing our borrowing costs after achieving commercial production, which we think would be either beginning August or beginning September, but probably beginning August.

Speaker Change: Yes, we will stop depreciating the asset and we will stop capitalizing of our end costs after achieving commercial production.

Mike Parkin: The next question is from Mike Parkin with National Bank Financial. Please go ahead.

Speaker Change: which we

Mike Parkin: Hi guys, I'm Grant from the solid quarter. Most of my questions have been answered just a couple of follow ups. You give us good color on expected shutdowns at Kote. Can you give us any guidance around shutdowns planned at Westwood or us again? I'm definitely nothing extraordinary beyond the regulars. So you're looking at the average availability of NSI County and Westwood. We achieved 89% so I think it's fair to think that we're going to try to maintain around that level to the end of the year.

Marthinus Theunissen: Once again, if you have a question, please press star then one. The next question is from Tanya Jakusconek with Scotiabank. Please go ahead.

Speaker Change: Okay, great. That's all I had.

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

Operator: Great, good morning. Thank you very much for taking my questions and congrats on getting Kote Commercial. I just wanted to come back. I know a lot of questions have been asked and you did it quite a bit on, you know, starting off on Kote. Can I just go back to starting on the, just on the pitch, you said the grade meets the block model. Just remind me right now on the availability of your truck, what are they operating at availability-wise?

Toni Cousconic: Great, good morning. Thank you very much for taking my questions and congrats on getting Cota commercial

Speaker Change #101: I just wanted to come back. I know a lot of questions have been asked. I needed it quite a bit.

Speaker Change #102: Thank you so much for joining us today on starting off on COTE. Can I just go back to starting on the, just on the pitch, you said the grade meets the block model. Just remind me right now on the availability of your truck, what are they operating at availability-wise?

Mike Parkin: And this is basically done through plan shutdown, a little bit off on plan, but we don't have anything extraordinary. And I think the same comment goes for for a second as well. There's always of course things to be addressed, but we we're not planning beyond the regular availability. So so both mine should be in the availability or better of what you've seen in Q2.

Tanya Jakusconek: We're, uh, we're definitely on the, uh, in the, in the stack. So 85%. You know, just confirm 85% or so, so this is how you want to see a new safe behavior.

Speaker Change #103: We're definitely in the specs, so 85%.

Speaker Change #104: You know, just confirm 85% or so. So this is how you want to see a new state behavior

Renaud Adams: Okay, and then can I ask just looking at, so going back to the processing facility, oh, sorry, before the processing facility, just the stockpile you gave us and they the 8 million tons for the 0.75, can you just give me what the stockpile tonnage is for the 1.6 grams per ton because I know that's what you're going to be feeding in the short term to the processing facility, so what do we have in

Renaud Adams: Okay. And then the target at Kote to be at 90% of name plate by year end is that like obviously you put out a daily number just recently and it's well. It's at name plate, but what's the 90% based on is that like a trailing four week average. I'll be very, very happy by accumulating four weeks. Let's see if what we've done in commercial using 60% of nine plane if we repeat that in December and we feel very strong.

Speaker Change #104: Okay.

Speaker Change #105: And then can I ask, just looking at, so going back to the processing facility, oh sorry, before the processing facility, just the stockpile.

Speaker Change #106: You gave us the 8 million tons for the 0.75. Can you just give me what the stockpile tonnage is for the 1.6 grams per ton? Because I know that's what you're going to be feeding in the short term to the processing facility. So what do we have in 1.6 grams per ton?

Tanya Jakusconek: Hello Tanya, we're talking about half a million dollars right now, and we have packets in front of us directly in the pit.

Daniel: Hello Tanya, we're talking about half a million thumbs right now.

Renaud Adams: This is what we call exiting the year. So, thanks for asking, but internally this is how we would feel. It's not about a few days. We know we've done it one day, we know it's capable to be done, but as you ramp up, you want to make sure that you're solidly on the saddle, you know, uncomfortably sitting on the saddle by the end of December. So, let's call 30 days of raging 90% will be our key objective in the year. Thanks.

Renaud Adams: We used a bit of a stockpile, of course, during the ramp-up, and the mine was getting, you know, new spacing prepared and so forth, so we've entered now much like good grade and long and Continuous benching. So we're expecting pretty good grades.

Daniel: And we have packets in front of us, directly in the pit.

Carey MacRury: Next question is from Carey MacRury with Canacorn Genuity. Please go ahead.

Speaker Change #108: Yeah, we use a bit of stockpile of course during the ramp up and the mine was getting you know new Facing prepare and so forth. So we've entered we've entered now much like good grade and long and

Tanya Jakusconek: end of the year. Yes, that's and you mentioned the 1.4. We did 1.4 in Q2, but now that we're primed, if you will, we'll like to maintain more towards a 1.5 in the end. Okay, so you are going to take a bit more of that higher grade soft power through as well?

Speaker Change #108: continues benching so expecting pretty good grades till the end of the year.

Speaker Change #109: End of the year. Yes, that's when you mentioned the 1.4.

Speaker Change #109: Okay, perfect. Yeah, we did 1.4. Sorry Tanya, just to clarify. So we did 1.4 in Q2, but now that we're primed, if you will, so we'll like to maintain more towards a 1.5 in the end of the year.

Carey MacRury: Good morning. Just a follow-up on the the mill throughput, obviously hit commercial production. Should we be assuming that the mill is kind of going to run at around 60% through August up until the shutdown or is the mill performing a bit better than that now? Yeah, no, different at least from the moment, you hit the 60%. I would exclude September, because like I said, September is the big month, you know, where we're we're going to be making a lot, but yes, so 60% has been reached and and becomes the baseline now.

Carey MacRury: So, from that from that point on, we need to continue to improve, August, September will be for the time of fixing, but definitely it's some kind of a steady ramp up with with a little bit of a different September allowing for the shutdown, but, but 60% he is and will remain the new baseline.

Renaud Adams: No, we just, well, maybe, maybe, but also the vine will be producing more until the end of the year of that. I agree.

Speaker Change #110: Okay, so you are going to take a bit more of that higher grade stockpile through as well. No, we just, well, maybe, maybe, but also the mine will be producing more until the end of the year of that higher grade.

Tanya Jakusconek: Okay, that's helpful. And then as we get into the processing facility and we're down for that 10 to 15 days, just wanted to make sure you're, you're, you're attacking the liners, the screen. Do we have all of this inventory on site right now? Are we still having to purchase or have this come in?

Speaker Change #110: That's helpful and then as we get into the processing facility and we're down for that 10 to 15 days

Speaker Change #111: Just wanted to make sure, like, you know, you're, you're, you're tacking the liners, the screens. Do we have all of this inventory on site right now? Are we still having to purchase or have this come to site?

Renaud Adams: A lot of that already, Tanya. Some will come later in August. The latest will be kind of very early September. So we feel that we're going to be fully equipped to address all those issues. So we're not expecting any issues with that.

Speaker Change #112: A lot of that already, Tanya. Some will come later on in August . The latest will be kind of very early September .

Speaker Change #113: So, we feel that we're going to be fully equipped to address all those issues, so we're not expecting any issues on the trail.

Martin Finussen: Okay, and then just maybe a question from Martin and the Tomo buyback. I see the option there's I think 380 million given the ramp up. Is that more or less where it's going to be here? Is that do you expect that to move around plus or minus?

Tanya Jakusconek: Okay, and then just on the dust that you talked about, was that just, you know, a lot of dust that you're, you know, having to fight against the permit, or what was it about the dust in general that you needed to, you know, I understand you need to control dust, but I'm just wondering if it was a permit or if it was just a normal operating dust issue.

Speaker Change #114: Okay, and then just on the dust that you talked about, was that just, you know, a lot of dust that you're, you know, having to fight against the permit or what was it about the dust?

Martin Finussen: Good morning, Kiri. We don't expect that number to change significantly, but it is dependent on the August cost and the August sales, because that's so good that you just July and August cost and sales, because that still gets incorporated into that and the gold price has an impact, but but we don't expect it to to change materially from the 300 million expected previously as well.

Speaker Change #115: in general that you needed to, you know, I understand you need to control that, but I'm just wondering if it was a permit or if it was just a normal operating.

Renaud Adams: I would say more operating things. I mean like the objective is very clear, you visited a lot of assets, you know what it is, and in the screening building, in the crushing building, using a mask should be a second layer of protections and not the main layer.

Speaker Change #116: I would say more operating things. The objective is very clear, you visited a lot of assets, you know what it is, and the screening building and the crushing building.

Speaker Change #117: should be a second layer of protections and not the main layer.

Renaud Adams: So that's the bar. It's like our commitment to health and safety. Rules are very strict as well, of course, in Ontario as it should be.

Carey MacRury: Great, that's it for me. Thanks.

Stephen Green: And next question is from Stephen Green with TD Securities. Please go ahead. Yeah, good morning, everyone. Just a quick counting question for you up until now you've been capitalizing your your interest on Cote. Can we expect that will all start being expense after after the August second date? Yes, we will start off depreciating the asset and we will stop capitalizing of our end cost after achieving commercial production, which we it would be out there beginning August or beginning September, but probably beginning August.

Renaud Adams: So we're going to bring this to basically the zero, the zero dos, fugitive and dos and so forth. So So we were not there at the beginning, of course, a lot of adjustment, but as we advance in August, we have some sectors now that really look like. 0DOS.

Speaker Change #118: Our commitment to health and safety rules are very strict as well, of course, in Ontario, as it should be. So we're going to bring this to basically the zero DOS, fugitive and DOS and so forth.

Stephen Green: Okay, great.

Tanya Jakusconek: That's all I had.

Speaker Change #118: So, we were not there at the beginning, of course, a lot of adjustment, but as we advance in August , we have some sectors now that really look like.

Renaud Adams: So this is basically what it has to do. So most likely, we're just going to extend the suppression system to every single critical area. We're working with the manufacturer as well to make the DOS collecting system more efficient as well as some optimization. So the combination of both, we're very, very confident that we'll solve the problem once we're good in September. Okay.

Speaker Change #119: So this is basically what has to do. So most likely we're just going to extend to every single critical area the suppression system. We're working with a manufacturer as well to make the dust collecting system more efficient as well.

Speaker Change #119: More and some in optimization. So the combinations of both were very very Confident that will solve the problem once for good in August and September

Tanya Jakusconek: Okay, just on the processing costs that were quoted, the $10 to $15 a ton, I just want to make sure that's USD. And then thank you for that, all my questions on, and congrats on getting this up. It looks like it's coming along nicely. Can I just move to my final question, which is just on the guidance for the remaining portion of the year for the company as a whole. We do have lower grades coming in at ESSECAN. Is that coming in like IEQ 3 is lower than Q 2 and then a lower Q 4, or are we already in the low grade and it's sort of even between the two quarters?

Tanya Jakusconek: Once again, if you have a question, please press star then one. The next question is from Tanya Jakusconek with Scotiabank, please go ahead. Great good morning. Thank you very much for taking my questions and congrats on getting co-tape commercial. I just wanted to come back and know a lot of questions that have been asked. I needed it quite a bit on starting off on co-tape. Can I just go back to starting on the just on the pitch you said the grade meets the block model.

Speaker Change #120: Okay, and just on the processing costs that was quoted, the $10 to $15 a ton, I just want to make sure that's USD.

Speaker Change #120: Yeah.

Speaker Change #121: And then thank you for that, all my questions on and congrats on getting this up. It looks like it's coming along nicely.

Tanya Jakusconek: Just remind me right now on the availability of your track, what are they operating availability wise? We're definitely in the spec, so 85% just confirm 85% or so. This is how you want to see and you see behavior. Okay, and then can I ask just looking at, so going back to the processing facility, sorry, before the processing facility, just a stock pile, you gave us the 8 million tons for the 0.75.

Speaker Change #122: Can I just move to my final question which is just on the guidance for the remaining portion of the year for the company as a whole. We do have the lower grades coming in at ESSECAN. Is that coming in like

Speaker Change #123: you know slowly ie q3 is lower than q2 and then a lower q4 or are we already in the in the low grade and it's sort of even in the two quarters

Renaud Adams: Yeah, the first part, like July was somewhat like a transition and remained good. And I think, you know, from there, like, as we enter August, like slowly, we see this ramping down. But it has it wasn't like a dry cut at the end of Q2.

Speaker Change #124: Yeah, the first part, like July was somewhat like a transition and remained good.

Speaker Change #125: And I think, you know, from there, like, as we enter August , like, slowly, we see this ramping down, but it has, it wasn't like a dry cut at the end of Q2, so we had a good July , and we continue, and now we're transitioning slowly, so.

Renaud Adams: So, we had a good July. And we continue, and now we're transitioning slowly. So and, and on that, I know when you're looking at the guidance, as I mentioned, it looks like we're performing better the year to date. And how we look at it as well as we set the guidance, there is some sort of risk-adjusted effect as well there. So we all understand the situations, and it would take only a month of interruptions of supply or LFO being used for power.

Tanya Jakusconek: Can you just give me what the stock pile tonnages for the 1.6 grams per ton? Because I know that's what you're going to be feeding in the short term to the processing facility. So what do we have in 1.6 grams per ton? We're talking about customers right now, and we have packets and tonnages directly in the pit. Yeah, we use a bit of stock pile, of course, ring the ramp up and the mine was getting in on new facing prepare and so forth. So we've entered, we've entered now much like good grade and long and continuous benching, so expecting pretty good grade till the end of the year. And of the year, yes, and you mentioned the 1.4.

Speaker Change #125: And on that, I know when you're looking at the guidance, as I mentioned, you know, it looks like we're...

Speaker Change #125: performing better the year to date and and and how we look at Ithaca County as well as we set the guidance there is some sort of

Speaker Change #125: risk-adjusted effect as well there, so we all understand the situations and

Speaker Change #125: and it would take only a month of interruptions of supply or LFO being used for power. So there's a bit of a risk adjustment and just like happened in the first half.

Renaud Adams: So there's a bit of a risk adjustment. And just like happened in the first half, if the second half is very stable, you have no disruptions, and the mine operates according to its plan, there is no reason to believe that we will not perform extremely well under those new updated guidance.

Speaker Change #126: If the second half is very stable, you have no disruptions, and the mine operates according to his plan, there is no reason to believe that we will not perform extremely well under those new updated guidance.

Tanya Jakusconek: Okay, perfect. And then as we did 1.4, sorry, thank you, just to clarify, so we did 1.4 and Q2, but now that we're primed if we will, so we'll like to maintain more towards the 1.5 in the end of the year. Okay, so you are going to take a bit more of that higher grade stock pile through as well. No, maybe but also the mine will be producing until the end of the year of that higher grade.

Tanya Jakusconek: Okay, so it looks like Q3 a bit lower and then Q4 will be the lowest. And then for Westwood, with the revised numbers, are we still looking at quarter over quarter improvement in Q3 and then better improvement in Q4?

Speaker Change #127: Okay, so looks like Q3 a bit lower and then Q4 will be the lowest. And then for Westwood with the revised numbers, are we still looking at quarter over quarter improvement, Q3 and then better improvement in Q4?

Renaud Adams: Yeah, but yeah, but as I mentioned, you know, we're almost at the reserve grade now, right? So, there would be a point where you don't want to go over, you know, Myles, so you're going to be following.

Speaker Change #128: We are almost at the reserve grade right now so there will be a point where you don't want to overcharge.

Tanya Jakusconek: Okay, that's helpful. And then as we get into the processing facility and we're down for that 10 to 15 days, just wanted to make sure like, you know, you're attacking the liners, the screens. Do we have all of this inventory on site right now, or are we still having to purchase or have this come to site? A lot of that already, Kenya, the some will come later on in August, some the latest will be kind of very early September.

Tanya Jakusconek: So we're almost there. So if everything goes as well, well, Fayol is over. So there's about 10,000 ounces of the first half of the year that came from Fayol. So this one is so we had a very good, a very good grade in the Gramsic as well in kind of the second half of H1 so that's also so so all those elements will maybe not be there in a second so when you're looking at I think the underground will continue to improve but you may lose a bit of grade towards the Gramsic and you won't benefit the answers from from Fayol so could we repeat H1 and H2 a little more challenging but if the mind continues to ramp up well on the ground, We could be well positioned as well under this new guidance. Okay.

Speaker Change #128: so so you're going to be following so we're almost there so

Speaker Change #129: If everything goes as well, well, Fayol is over. So there's about 10,000 ounces of the first half of the year that came from Fayol. So this one is, so we had a very good...

Speaker Change #129: A very good grade in the Gramsic as well in kind of the second half of page one.

Tanya Jakusconek: So we know we feel that we're going to be fully equipped to address all those issues. So we're not expecting any issues on the trail. Okay, and then just on the dots that you talked about, was that just some, you know, a lot of dust that you're, you know, having to fight against the permits or what was it about the dust in general that you needed to, you know, I understand you need to control dust, but I'm just wondering if it was a permit or if it was just a normal operating dust issue.

Speaker Change #129: So that's also so so all those elements will maybe not be there in a second So when you're looking at I think the underground will continue to improve

Speaker Change #130: But you may lose a bit of grade towards the Grand Zouk and you won't benefit the ounces from FAO.

Speaker Change #131: Could we repeat H1 and H2? A little more challenging, but if the mine continues to ramp up well on the ground, we could be well positioned as well under this new guidance.

Tanya Jakusconek: Okay. It kind of looks like, you're almost there on grade, so mainly evenly distributed for the second half. Thank you so much for taking all my questions. I really appreciate it, and congratulations again.

Speaker Change #132: Okay, it kind of looks like, you know, you're almost there on grade, so mainly evenly distributed for the second half.

Tanya Jakusconek: I would say more operating things. I mean like the objective is very clear. You visited a lot of assets and know what it is. And in the screening building and the crushing building using a mask should be a second layer of protections and not the main layer. So that's, that's the bar. It's like our commitment to help and safety. Rules are very strict as well, of course, in Ontario, as it should be.

Speaker Change #133: Thank you so much for taking all my questions, I really appreciate it, and congrats again.

Graeme Jennings: This concludes the time allocated for questions on today's call. I'd now like to hand the call back over to Graeme Jennings for closing remarks.

Speaker Change #134: Thank you so much.

Speaker Change #134: This concludes the time allocated for questions on today's call. I'd now like to hand the call back over to Graeme Jennings for closing remarks.

Operator: Thank you very much, operator. Thanks to everyone for joining us this morning. As always, should you have any additional questions, please reach out to Renaud or myself. Thank you all. Be safe and have a great day.

Graeme Jennings: Thank you very much, operator. Thanks to everyone for joining us this morning. As always, should you have any additional questions, please reach out to Renaud or myself. Thank you all, be safe, and have a great day.

Tanya Jakusconek: So we're going to bring this to basically the zero, there's our dose of fugitive and dust and so forth. So so we were not there at the beginning, of course, a lot of adjustment, but, but has we events in August that we have some sectors now that really looks like zero. So so this is basically what has to do. So most likely, we're just going to extend to every single critical area, the suppression system. We're working with a manufacturer as well to make the doc collecting system and more efficient as well, more and some optimization.

Operator: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

Speaker Change #135: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

Operator: [music] Weigh in! [music]

Tanya Jakusconek: So the combinations of both we're very, very confident that we'll solve the problem once we're good enough in September. Okay, and just on on the processing costs that was quoted the 10 to $15 a ton. I just want to make sure that's USC. Yes.

Renaud Adams: And then, thank you for that. All my questions on and congrats on getting this office looks like it's coming along nicely. Can I just move to my final question, which is just on the guidance for the remaining portion of the year for the company as a whole. We do have the lower grades coming in at as the can. Is that coming in like, you know, slowly, iq3 is lower than q2 and then a lower q4.

Speaker Change #135: ?? ?? ?? ?? ??

Renaud Adams: Or are we already in the in the low grade and it's sort of even in the two quarters. Yeah, the first part like July was somewhat like a transitions and remain good. And I think, you know, from there, like, as we enter August, like slowly, we see this ramping down, but it has it wasn't like it right cuts at the end of q2 so so we had a good July. And we come to know what transitioning slowly so.

Renaud Adams: And and on that, I know when you're looking at the guidance, as I mentioned, you know, looks like we're performing better the year today. And and how we look at it as a county as well as we said the guidance, there is some sort of a risk adjusted effect as well there. So we all understand the situations and any would take only a month of interruptions of supply or LFO in use of power.

Speaker Change #135: www.globalonenessproject.org www.globalonenessproject.org

Renaud Adams: So there's a bit of a risk adjustment and just like happened in the first half. If the second half is very stable, you have no disruptions and the mine operates according to his plan. There's no reason to believe that we will not perform extremely well under those new updated.

Renaud Adams: Okay, so looks like Q3 a bit lower and then Q4 will be the lowest. And then for Westwood with the revised numbers are we still looking at quarter over quarter improvement, Q3 over and and then better improvement in Q4 on the great side. Yeah, but yeah, but as I mentioned, you know, we're almost no already at these are great, right? So so there would be a point where you don't want to over you know,[inaudible] be there in a second.

Renaud Adams: So when you're looking at, I think the underground will continue to improve, but you may lose a bit of grade towards the Gremzick and you won't benefit the answers from from fail. So could we repeat H1 and H2? A little more challenging, but if the mine continues to ramp up well on the ground, we could be a well position as well under this, the new guidance. Okay, it kind of looks like, you know, you're almost down. Great. So mainly evenly distributed for the second half.

Renaud Adams: Yeah.

Renaud Adams: Okay.

Tanya Jakusconek: Thank you so much for taking all my questions.

Tanya Jakusconek: I really appreciate it and congrats again.

Graeme Jennings: Thank you so much.

Graeme Jennings: This concludes the time allocated for questions on today's call. I'd now like to hand the call back over to Graham Jennings for closing remarks. Thank you very much operator. Thanks to everyone for joining us this morning. As always, should you have any additional questions, please reach out to Renault or myself.

Graeme Jennings: Thank you all.

Operator: Be safe and have a great day.

Operator: This brings to a close today's conference call.

Operator: You may disconnect your lines.

Operator: Thank you for participating and have a pleasant day.

Marthinus Theunissen: Iamgold, Marthinus Theunissen, Marthinus Iamgold, Marthinus Theunissen, Marthinus