Key Highlights
Strong performance resulted in solid quarterly gold production and costs – Payable gold production in Q3 2022 was 817koz at production costs/oz of $804, total cash costs/oz of $779 and AISC/oz of $1,106.
Operating results include record gold production at Amaruq and sustained productivity improvements at Macassa - Positive grade reconciliation and overall strong operating performance resulted in a record quarter at Amaruq and sustained operational improvements at Macassa resulted in better-than-forecast production.
Gold production, cost and capital expenditure guidance reiterated for 2022.
Pressures related to cost inflation, workforce availability and COVID-19 remained manageable through Q3 2022 – Cost pressures continue to be largely offset by strong operational performance, cost-saving initiatives, and positive foreign exchange impacts.
Focus remains on disciplined capital allocation and strong financial flexibility – Debt repayments of $100M completed with cash in July. NCIB continued with $42.6M of shares repurchased in Q3 2022.
A quarterly dividend of $0.40 per share has been declared.


Key Value Drivers:
Amaruq Underground – The project was completed on schedule and on budget with commercial production achieved on August 1, 2022.
Odyssey Project – Construction and development activities remain on budget. Shaft sinking activities expected to commence in early January 2023, with initial production from the Odyssey South ramp expected in March 2023.
Detour Lake Mine – Projects to increase mill throughput to 28 million tonnes per year ("Mtpa") continue to advance as planned. Installation of the screen before the secondary crusher on line two was completed in August 2022 and resulted in daily average throughput of 3,515 tonnes per hour (equivalent to 28 Mtpa) for the month of September.


Exploration Results:
Odyssey Project – Expanded drill program focused on infill drilling at Odyssey South, on drill testing the Odyssey Internal zones. A recent intercept at Odyssey South yielded 5.7 g/t gold over 21.8m at 367m depth. Step-out drilling to the west of East Gouldie continues to fill the gap between East Gouldie and the Norrie Zone, with a recent intercept of 4.2 g/t gold over 12.8m at 1,331m depth in an area ~670 metres west of the current East Gouldie mineral resources.
Detour Lake Mine – Drilling program in the West Pit extension continues to intersect wide zones of mineralization immediately adjacent to the current open pit, with recent results including 1.9 g/t gold over 118.8m at 419m depth, and higher-grade intervals along the westerly plunge, with a recent highlight including 6.1 g/t gold over 12.2m at 918m depth and ~1,935m west of the pit.
Macassa Mine – The extension of the ramp from Macassa to the Amalgamated Kirkland deposit is now completed. Two underground drills are focused on drilling higher grade areas near the proposed bulk sample. Recent results include a highlight intercept of 30.7 g/t gold over 3.6m at 64m depth.
Fosterville Mine – Step-out drilling returned high-grade results west of the Lower Phoenix Zone and identified a new mineralized structure (Cardinal Zone) in the hanging wall of Lower Phoenix. Highlight intercepts include 168.6 g/t gold over 2.9m at 1,682m depth.
Hope Bay Project – Drilling continues to ramp-up with 8 rigs now in operation and the addition of a second drill contractor. Good grades and thicknesses were encountered at Doris in the BCO and BCN Zones. Recent results west of the BTD Connector include 19.6 g/t gold over 4.5 metres at 520 metres depth.

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