•Record quarterly and annual gold production - Payable gold production in the fourth quarter of 2019 was 494,678 ounces (including pre-commercial production ounces of 3,137 (50% basis) at Canadian Malartic from the Barnat deposit) at production costs per ounce of $763, total cash costs per ounce of $745 and all-in sustaining costs per ounce ("AISC") of $1,039. Payable gold production for the full year 2019 was 1,782,147 ounces (including pre-commercial production ounces of 47,281 at Meliadine, 35,281 at Amaruq and 3,137 at Canadian Malartic from the Barnat deposit), at production costs per ounce of $735 and total cash costs per ounce of $673, compared to the most recent guidance of 1.77 to 1.78 million ounces of gold at total cash costs per ounce of $620 to $670. AISC for the full year 2019 were $938, compared to the most recent guidance of $875 to $925 per ounce.
•Gold production is forecast to increase by 18% from 2019 to 2022 - The gold production forecast for 2020 is now 1.875 million ounces, compared to the most recent guidance of 1.9 to 2.0 million ounces. The gold production guidance for 2020 was reduced largely due to revisions to the mine plans at the Nunavut operations and LaRonde. The mid-point of gold production guidance for 2021 is essentially unchanged at 2.05 million ounces and the mid-point of gold production guidance for 2022 is 2.10 million ounces.
•Unit costs expected to decline from 2020 to 2022 - In 2020, total cash costs per ounce are forecast to be between $725 and $775 and AISC are forecast to be between $975 and $1,025 per ounce. Costs in 2020 are forecast to increase over 2019 largely due to the ongoing ramp-up of the Nunavut operations and a more conservative mining plan at LaRonde. The Company expects production to increase and costs to be reduced after the first quarter of the year as plans are in place to resolve the key outstanding ramp-up issues in Nunavut and LaRonde infrastructure upgrades are completed. Total cash costs per ounce and AISC are expected to continue to decline from 2020 through 2022.
•2019 gold mineral reserves declined slightly while gold grades increased 5%; measured and indicated mineral resources increased by 4% and inferred mineral resources increased by 19% - The increase in inferred mineral resources was largely due to additions at East Gouldie and East Malartic. The average gold mineral reserve grade in 2019 increased from 2.7 grams per tonne ("g/t") to 2.83 g/t, which is the fourth consecutive year of improvement. Average mineral resource grades for 2019 year-end were essentially unchanged from the previous year.
•Dividend increased by 14% - A quarterly dividend of $0.20 per share has been declared. The previous quarterly dividend was $0.175 per share.
Comment by Sean Boyd, Chief Executive Officer
With two new mines coming into production in Nunavut, 2019 was a pivotal year for the Company. We set new records for both annual gold production and cash provided by operating activities. Despite setting these production and cash flow records, the production ramp-up in Nunavut has been slower than expected, which has resulted in higher than anticipated costs in the fourth quarter of 2019 and slight revisions to our 2020 production guidance. In 2020, we have put plans in place to improve productivity and optimize the operations as they continue to ramp-up and we expect quarterly production growth and lower costs as we move through the year. We remain confident in our business with 18% production growth forecast through 2022 and our confidence is demonstrated with a further 14% increase in our quarterly dividend.
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