Toronto, Ontario--(Newsfile Corp. - May 11, 2023) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") announces the voting results from the Company's Annual Meeting of Shareholders (the "Meeting") held Thursday, May 11, 2023. A summary of the results are as follows:
Election of Directors
Each of the directors listed as nominees in IAMGOLD's Management Information Circular ("MIC") dated April 10, 2023, was elected as a director, in accordance with the table below.
Nominee Votes For % For Votes Against % Against
Renaud Adams 289,059,227 99.39% 1,765,123 0.61%
Ian Ashby 288,870,065 99.33% 1,954,285 0.67%
Maryse Bélanger 282,765,379 97.23% 8,058,971 2.77%
Christiane Bergevin 289,124,439 99.42% 1,699,912 0.58%
Ann K. Masse 288,436,303 99.18% 2,388,048 0.82%
Peter O'Hagan 282,832,173 97.25% 7,992,177 2.75%
Kevin O'Kane 288,082,112 99.06% 2,742,238 0.94%
David Smith 286,386,262 98.47% 4,438,087 1.53%
Appointment of Auditors
KPMG LLP was re-appointed as the Company's auditor and the directors were authorized to fix the auditor's remuneration for the ensuing year.
Votes For % For Votes Withheld % Withheld
KPMG LLP 304,823,865 92.79% 23,676,436 7.21%
Advisory Vote on Executive Compensation
The non-binding advisory resolution approving the Company's approach to Executive Compensation as outlined in the MIC dated April 10, 2023, was passed.
Votes For % For Votes Against % Against
Executive Compensation 238,801,915 82.11% 52,022,434 17.89%
IAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa. The Company is building the large-scale, long life Côté Gold project in Canada in partnership with Sumitomo Metal Mining Co. Ltd., which is expected to commence production in early 2024. In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts in the Americas. IAMGOLD employs approximately 3,200 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance ("ESG") practices, including its commitment to Zero Harm®, in every aspect of its business. IAMGOLD is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG) and is one of the companies on the Jantzi Social Index ("JSI"), a socially screened market capitalization-weighted consisting of companies which pass a set of broadly based environmental, social and governance rating criteria.
IAMGOLD Contact Information
IAMGOLD Reports First Quarter 2023 Results.
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario--(Newsfile Corp. - May 11, 2023) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results for the first quarter ended March 31, 2023.
Attributable gold production from continuing operations was 113,000 ounces.
Revenues from continuing operations were $226.2 million from sales of 119,000 ounces (109,000 ounces on an attributable basis) at an average realized gold price of $1,893 per ounce.
Cost of sales per ounce sold from continuing operations was $1,176, cash cost1 per ounce sold from continuing operations was $1,094 and all-in-sustaining-cost1 ("AISC") per ounce sold from continuing operations was $1,525.
Net earnings attributable to equity holders1 of $6.3 million or $0.01 per share and adjusted net earnings attributable to equity holders1 of $24.9 million or $0.05 per share.
Net cash from operating activities was $13.4 million. Net cash from operating activities, before movements in non-cash working capital and non-current ore stockpiles1, was $55.7 million.
Earnings before interest, income taxes, depreciation and amortization ("EBITDA")1 from continuing operations was $68.4 million and adjusted EBITDA1 was $83.0 million.
Mine-site free cash flow1 from continuing operations was $2.7 million.
Cash and cash equivalents of $532.1 million as at March 31, 2023. The Company repaid $255.0 million of the secured revolving credit facility ("Credit Facility") during the first quarter 2023 and the available balance is $257.3 million as at March 31, 2023.
As of March 31, 2023, the Côté Gold project was estimated to be 79.8% complete.
The Company incurred attributable construction costs at Côté of $158.6 million in the first quarter 2023, and approximately $1.37 billion since the commencement of construction, on a 70% basis.
Sumitomo Metal Mining Co., Ltd. and SMM Gold Cote Inc. ("Sumitomo" or "SMM") funded $189.0 million of the Company's funding obligation and an incremental $7.1 million based on its increased ownership during the first quarter 2023 as per the Côté Gold Joint Venture Funding and Amending Agreement ("JV Funding and Amending Agreement"), reducing the Company's interest in the unincorporated joint venture to 62.5%.
Sumitomo funded a total of $61.0 million of the Company's contributions during April and May, further decreasing the Company's interest to 60.3% and concluding the funding arrangement. It is estimated that SMM will contribute an additional $82.8 million during the remainder of 2023 based on its increased ownership.
The estimated attributable cost to complete the construction is $625 to $700 million, on a 70% and incurred basis. IAMGOLD is expected to fund $460 to $535 million during the remainder of 2023 based on its 60.3% ownership in the Côté Gold unincorporated joint venture. See "Côté Gold Project".
On January 31, 2023, the Company completed the sale of its interests in the Rosebel mine to Zijin Mining Group Co. Ltd. ("Zijin") that was announced on October 18, 2022. The Company received cash proceeds of $386.4 million in the first quarter 2023, consisting of sales proceeds of $360.0 million, plus $29.8 million of cash held by Rosebel on January 31, 2023, less preliminary working capital adjustments of $3.4 million. The Company is due to receive approximately $9.8 million by June 30, 2023, consisting of the remaining cash balance held by Rosebel on January 31, 2023 of $9.6 million plus $0.2 million of final working capital adjustments.
On April 25, 2023, the Company completed the sale of its 90% interest in the Boto Gold Project in Senegal and its 100% interest in the early stage exploration properties of Boto West, Senala West, Daorala and the vested interest in the Senala Option Earn-in Joint Venture, also in Senegal for aggregate gross cash proceeds of $197.6 million (pre-tax). The gross proceeds include deferred payments of $32.0 million which are anticipated to be received during the third quarter 2023. See "Bambouk Assets".
The Company has available liquidity of $789.4 million comprised of cash and cash equivalents of $532.1 million and the available balance of the Credit Facility of $257.3 million as at March 31, 2023. Following the closing of the remaining strategic asset sales described above, the Company believes that it has sufficient liquidity to fund the remaining $460 to $535 million required for the completion of construction of the Côté Gold Project based on the current schedule and estimate. The Company continues to advance additional financing initiatives to strengthen its balance sheet and improve its liquidity in order to place the Company in a strong position to return to a 70% interest in the Côté Gold Project. See ""Liquidity Outlook".
"Looking at the first quarter, IAMGOLD reported impressive production results from both Essakane and Westwood, while cost pressures remained in line with our estimates and what is appearing to be a new normal for our industry," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "The Essakane mine reported 92,000 ounces of attributable production, with our Burkinabe teams demonstrating remarkable resilience and flexibility, as higher than modeled grades helped to offset lower than expected mining tonnes due to the ongoing challenges managing the in-country supply chain and security. At Westwood, we saw the continued ramp up of production, with 21,000 ounces produced in the quarter as the operation begins to reap the benefits of the past 18 months of rehabilitation work which is ongoing and expected to position the operation well for exiting the year."
"At Côté Gold, the project continues to advance rapidly towards initial production early next year. The project was approximately 80% complete at the end of March, and is now ramping up to peak activity levels now that the spring thaw is nearing completion with a clear roadmap in front of us to achieve success. The impact of Côté Gold on this company will be substantial, with the long life, low cost asset shifting our production base to Canada. Further, we continue to examine opportunities to increase the strength and flexibility of IAMGOLD's balance sheet in order to better position the company for an ultimate return to the 70% interest at Côté in the future. IAMGOLD is a company that is undergoing a significant transition, and as we move forward we are eager to shift our focus from fixing operations and building - to optimizing and realizing the growth potential of our projects - which in turn will accelerate and unlock our value drivers for the benefit of all stakeholders," added Mr. Adams.
The following tables summarize certain operating and financial results for the three months ended March 31, 2023 (Q1 2023) and March 31, 2022 (Q1 2022) and certain measures of the Company's financial position as at March 31, 2023, December 31, 2022, and March 31, 2022. Financial results of Rosebel include the one month period ended January 31, 2023, prior to the closing of the sale to Zijin.
Q1 2023 Q1 2022
Key Operating Statistics see & read more on