All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
For more information, refer to the Management Discussion and Analysis (MD&A) and Unaudited Consolidated
Interim Financial Statements for the six months ended June 30, 2018.
Toronto, Ontario, August 8, 2018 - IAMGOLD Corporation (“IAMGOLD” or the “Company”) reported its consolidated financial and operating results for the quarter ended June 30, 2018.
“Coming off an exceptional start to the year, we had a solid second quarter,” said Steve Letwin, President and CEO of IAMGOLD. "Operating performance to date reaffirms our 2018 production and cost guidance established at the beginning of the year. The second quarter saw the completion of Essakane’s pre-feasibility study for heap leaching, which demonstrated an economically viable project, including a significant increase in reserves. The incremental ounces more than replace this year's expected annual depletion for the entire company, and Saramacca's reserves are yet to come. Supported by more than a billion dollars in liquidity, the steady execution of our growth strategy continues, with our core projects on track and at the stage where we are finding opportunities to enhance expected returns.”
Second Quarter 2018 Highlights
Operating Performance
• Attributable gold production of 214,000 oz, down 9,000 oz from Q2/17.
• Attributable gold sales of 215,000 oz, down 4,000 oz from Q2/17.
• Cost of sales1 of $826/oz sold, up $59/oz from Q2/17.
• All-in sustaining costs2 of $1,077/oz sold, up $102/oz from Q2/17.
• Total cash costs2 of $812/oz produced, up $77/oz from Q2/17.
• Gold margin2 of $487/oz, down $29/oz from Q2/17.
• Production and cost guidance maintained for 2018.
• Capital expenditure guidance reduced by $40 million to $325 million (±5%) for 2018; updated guidance primarily relates to the refinement of estimates for the expansion projects and deferred timing of certain expenditures to early 2019, with no impact expected on overall project timelines.
Financial Results
• Revenues of $277.4 million, up $2.9 million from Q2/17.
• Gross profit of $29.6 million, down $6.3 million from Q2/17.
• Net loss attributable to equity holders of $26.2 million, or $0.06 per share; compared with net earnings of $506.5 million, or $1.09 per share in Q2/17, which included impairment charge reversals relating to the Côté Gold Project and the Rosebel mine ($524.1 million).
• Adjusted net earnings attributable to equity holders2 of $13.1 million, or $0.03 per share2; up $8.8 million, or $0.02 per share2 from Q2/17.
• Net cash from operating activities of $50.6 million, down $35.6 million from Q2/17.
• Net cash from operating activities before changes in working capital2 of $73.4 million, up $5.5 million from Q2/17.
• Cash, cash equivalents, short-term investments in money market instruments, and restricted cash of $803.9 million at June 30, 2018.
2
Strategic Developments
• On June 5, 2018, we reported a 39% increase in reserves, before depletion, at Essakane based on positive results from the Heap Leach Project pre-feasibility study and higher grade intercepts encountered during the drilling campaign. The results of the pre-feasibility study outlined an economically viable project that increases average annual production by 16% to 480,000 ounces versus the previously disclosed mine plan, once heap leaching begins.
• On June 14, 2018, we announced further high-grade intersections from infill drilling at the Monster Lake Project. Highlights included: 3.8 metres grading 23.96 g/t Au, 3.8 metres grading 39.24 g/t Au, 2.6 metres grading 72.17 g/t Au, and 5.3 metres grading 40.94 g/t Au.
Upcoming Growth Catalysts
• Mineral reserve estimate expected for Saramacca H2/18; production start expected H2/19.
• Completion of Boto Gold Project feasibility study expected H2/18.
• Commissioning of oxygen plant to improve recoveries at Essakane expected Q4/18.
• Targeting initial resource estimate for Gossey satellite prospect at Essakane in Q4/18.
• Expect to receive a $95 million cash payment from Sumitomo Metal Mining Co., Ltd. by end of 2018 in conjunction with the sale of a 30% interest in the Côté Gold Project in June 2017.
• Completion of Essakane's Heap Leach Project feasibility study expected Q1/19; production start expected 2020.
• Completion of feasibility study at Côté Gold expected H1/19; expected production start 2021.
• Westwood ramp-up to full production expected by 2020.
• Advancing exploration at Brokolonko to confirm the presence of mineralization and evaluate the resource potential.

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