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Exhibit
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Description of Exhibit
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99.1
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Q1 2020 Management's Discussion and Analysis
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99.2
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Q1 2020 Financial Statements
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99.3
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Q1 2020 Form 52-109F2 CEO Certification of Interim Filings
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99.4
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Q1 2020 Form 52-109F2 CFO Certification of Interim Filings
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IAMGOLD CORPORATION
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Date: May 4, 2020
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By:
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/s/ Tim Bradburn
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Vice President, Legal and Corporate Secretary
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About IAMGOLD
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First Quarter 2020 Highlights
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First Quarter 2020 Summary
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Outlook
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Market Trends
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Quarterly Updates
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Operations
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Discontinued Operations
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Development Projects
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Exploration
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Quarterly Financial Review
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Financial Condition
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Liquidity and Capital Resources
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Cash Flow
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Market Risk
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Related Party Transactions
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Shareholders’ Equity
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Disclosure Controls and Procedures and Internal Control over Financial Reporting
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Critical Judgments, Estimates and Assumptions
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Adoption of New Accounting Standards
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Risks and Uncertainties
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Non-GAAP Performance Measures
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•
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Attributable gold production from continuing operations was 170,000 ounces, down 3,000 ounces from the same prior year period, and down 9,000 ounces from the fourth quarter 2019. Production at the end of the quarter was impacted by the Company's COVID-19 response, including the self-confinement of Essakane and Rosebel, and the placement of Westwood on care and maintenance following provincial directives.
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•
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Attributable gold sales from continuing operations were 159,000 ounces, down 19,000 ounces from the same prior year period, and down 25,000 ounces from the fourth quarter 2019. Gold sales were lower at Essakane, reflecting the postponement of sales at the quarter-end due to the global COVID-19 crisis, while Westwood was impacted by being placed on care and maintenance in response to provincial directives.
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•
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Cost of sales2 from continuing operations was $1,054 per ounce, up 10% from the same prior year period, and up 16% from the fourth quarter 2019.
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•
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All-in sustaining costs3 from continuing operations were $1,230 per ounce, up 12% from the same prior year period, and up 5% from the fourth quarter 2019.
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•
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Total cash costs3 from continuing operations were $993 per ounce, up 12% from the same prior year period, and up 5% from the fourth quarter 2019.
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1
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Jantzi Social Index (“JSI”). The JSI is a socially screened market capitalization-weighted common stock index modeled on the S&P/TSX 60. It consists of companies which pass a set of broadly based environmental, social and governance rating criteria.
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2
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Cost of sales, excluding depreciation, as disclosed in note 30 of the Company's consolidated interim financial statements is on an attributable ounce sold basis (excluding the non-controlling interests of 10% at Essakane and 5% at Rosebel).
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3
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This is a non-GAAP measure. Refer to the non-GAAP performance measures section of this MD&A. Consists of Essakane, Rosebel and Westwood on an attributable basis.
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•
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Gold margin1 from continuing operations was $610 per ounce, up $190 per ounce from the same prior year period, and up $74 per ounce from the fourth quarter 2019.
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Revenues were $274.5 million, up $23.5 million from the same prior year period, and down $18.9 million from the fourth quarter 2019, reflecting an average realized gold price of $1,603 per ounce sold.
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Gross profit was $31.9 million, up $32.8 million from the same prior year period, and down $9.2 million from the fourth quarter 2019.
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Net loss from continuing operations attributable to equity holders was $34.4 million, or $0.07 per share, compared to net loss from continuing operations of $40.7 million, or $0.09 per share in the same prior year period, and compared to net loss from continuing operations of $303.8 million, or $0.65 per share in the fourth quarter 2019. The net loss from continuing operations attributable to equity holders for the first quarter 2020 was primarily due to losses on the embedded derivatives related to the Rosebel power purchase agreement and the Senior Notes.
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Adjusted net loss from continuing operations attributable to equity holders1 was $4.9 million, or $0.01 per share1, compared to adjusted net loss from continuing operations1 of $6.9 million, or $0.01 per share1 in the same prior year period, and compared to adjusted net earnings from continuing operations1 of $3.8 million, or $0.01 per share1 in the fourth quarter 2019.
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Net cash from operating activities was $44.0 million, up $35.2 million from the same prior year period, and down $218.5 million from the fourth quarter 2019.
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Net cash from operating activities before changes in working capital1 was $72.8 million, up $39.0 million from the same prior year period, and down $153.4 million from the fourth quarter 2019.
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Cash, cash equivalents, short-term investments and restricted cash totaled $829.8 million at March 31, 2020. Cash and cash equivalents were $795.0 million, short-term investments were $7.2 million and restricted cash was $27.6 million. $499.6 million was available under the credit facility.
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•
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In response to the global COVID-19 crisis, the Company immediately activated appropriate committees at its various offices and operations world-wide to ensure a coordinated response encompassing operations, projects, exploration, and corporate offices. This enabled the timely assessment and implementation of protocols to mitigate risk to employees, contractors and local communities, including protocols aimed at complying with government-imposed restrictions and reducing the impact of supply chain disruptions. The impact of the crisis on the Company’s business was not significant in the first quarter of 2020. Although precautionary self-confinement measures were taken at Essakane and Rosebel in late March, production continued uninterrupted. Six days of care and maintenance at Westwood in the quarter had a limited impact on production. The continuing global COVID-19 crisis is expected to continue to affect the Company’s operations, including incremental costs and productivity impacts due to measures in place and new protocols implemented. While the precise impact continues to evolve, the impact could be significant in future periods, affecting the Company’s guidance for future years. For 2020, primarily due to the crisis, the Company has lowered its total attributable gold production and capital expenditure guidance and revised upwards its cost of sales per ounce sold, total cash costs1 per ounce produced, and all-in sustaining costs1 per ounce sold guidance. In response to the global COVID-19 crisis, the Company has taken extensive steps to protect the health and safety of employees, contractors and local communities. This included training on new procedures and sanitary measures, adjusted work schedules and transport, and physical distancing and protective equipment. In addition, the number of sleeping quarters and handwashing stations at the mine sites was increased, temperature checks are performed and equipment is cleaned frequently. The Company is working closely with both host communities and local governments to safeguard vulnerable communities against COVID-19 through food security, medical equipment donations and contributions to COVID-19 relief programs. The Company is reviewing various Federal and Provincial COVID-19 related support programs to determine eligibility and impact.
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P. Gordon Stothart was appointed President and Chief Executive Officer and joined the Board of Directors, effective March 1, 2020.
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Bruno Lemelin was appointed to the role of Senior Vice President, Operations & Projects, with oversight of all operational and project development activities across the Company.
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Oumar Toguyeni was appointed to the role of Senior Vice President, International Affairs & Sustainability, with the primary objective of managing the Company's relationships with governments and other stakeholders in West Africa and South America.
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The Company lowered its total attributable gold production guidance to the range of 685,000 to 740,000 ounces, lowered its capital expenditure guidance to $345 million (±5%), revised upwards its cost of sales per ounce sold guidance to the range of $955 to $995, revised upwards its total cash costs1 per ounce produced guidance to the range of $920 to $960, and revised upwards its all-in sustaining costs1 per ounce sold guidance to the range of $1,195 to $1,245 primarily due to the impact of the global COVID-19 crisis.
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On February 26, 2020, the Company further amended its $500 million credit facility with a maturity date of January 31, 2023. These amendments included, among other things, extending $447 million of credit available under the credit facility agreement to a maturity date of January 31, 2024.
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The Company acted on its financial risk mitigation strategies by executing currency hedges and fuel hedges due to favourable market conditions relative to internal planning rates.
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The Company announced an updated mineral resource estimate for the Pitangui Project in Brazil, comprising 3.33 million tonnes of indicated resources grading 4.39 g/t Au for 470,000 ounces and 3.56 million tonnes of inferred resources grading 3.78 g/t Au for 433,000 ounces.
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Mining activities continued at Saramacca with the construction of mine site facilities, water management infrastructure, site roads and the preparation of waste dumps. The delivery and commissioning of the hauling fleet and mining equipment also continued during the quarter. Construction of the haul road progressed with the road connection completed in the first quarter 2020 and ore from Saramacca was delivered to the Rosebel mill using the substantially completed haul road.
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The Company continued to de-risk the Côté Gold Project, approaching 60% completion of the detailed project engineering as at March 31, 2020.
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The Company announced that the Government of the Republic of Senegal approved the mining permit application for the Boto Gold Project for an initial 20-year period. The receipt of the mining permit positions the Project for a development decision and eventual production.
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The Company's Westwood Gold Mine in Canada was placed on care and maintenance on March 25, 2020, along with other mining companies province-wide, as directed by the Government of Quebec in response to the global COVID-19 crisis as mining was considered a non-essential business. Subsequently, on April 15, 2020, Westwood commenced the restart of operations from care and maintenance following the April 13, 2020 confirmation from the Government of Quebec that mining is an essential business.
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The Rosebel mine in Suriname and the Essakane mine in Burkina Faso were moved into self-confinement on March 22, 2020 and March 24, 2020, respectively, to better protect employees and communities, and to support the continuity of these operations. The Government of Burkina Faso subsequently imposed a curfew and limited movement in the country by placing a number of locations, including Ouagadougou and Essakane under administrative quarantine. Although the Essakane mine was placed under administrative quarantine on April 8, 2020, production has continued uninterrupted.
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On April 22, 2020, Rosebel Gold Mines N.V. ("Rosebel") signed an Unincorporated Joint Venture (“UJV”) agreement with Staatsolie Maatschappij Suriname N.V. (“Staatsolie”) relating to the concession areas within the UJV Area of Interest, which includes Saramacca. The UJV excludes the existing gross Rosebel mining concession, which is 95% owned by Rosebel and 5% owned by the Republic of Suriname. Rosebel holds a 70% participating interest and Staatsolie holds a 30% participating interest in the UJV on behalf of the Republic of Suriname. Staatsolie has paid Rosebel an initial amount of $34.0 million toward an aggregate owing of $54.9 million for all operating and capital expenses related to the Saramacca Project. The remaining amount will be paid out of Staatsolie’s gold entitlement.
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The Company continues the strategic review of its growth projects: Côté Gold and Boto Gold. The Company is well positioned for growth, with a strong reserve and resource base, robust balance sheet and skilled workforce.
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The Company expects to complete an updated life of mine plan for Westwood and accompanying National Instrument 43-101 Technical Report, by mid-year 2020. The report is expected to outline the details of a safe, profitable and long life mine plan.
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The Company continues to advance various ongoing and planned delineation and resource evaluation drilling programs at selected projects including the Nelligan Gold, Monster Lake and the Rouyn Gold Projects in Quebec, the Gosselin discovery on the Côté Gold property in Ontario, and the Karita Gold discovery in Guinea.
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Revenues from continuing operations for the first quarter 2020 were $274.5 million up $23.5 million or 9% from the same prior year period. The increase was primarily due to a higher realized gold price ($50.3 million) and higher sales volume at Westwood ($4.5 million), partially offset by lower sales volume at Essakane ($25.8 million) and Rosebel ($6.2 million).
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Cost of sales from continuing operations for the first quarter 2020 was $242.6 million, down $9.3 million or 4% from the same prior year period. The decrease was primarily due to lower operating costs and depreciation expense partially offset by higher royalty expense as a result of an increase in the gold price. Operating costs were lower primarily due to higher capitalized stripping due to pushbacks at Essakane and Rosebel, a build of finished goods at Essakane, reflecting the postponement of gold sales at the quarter-end due to the global COVID-19 crisis, partially offset by a drawdown of lower grade ore stockpiles to supplement ore feed at Rosebel.
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Depreciation expense from continuing operations for the first quarter 2020 was $63.4 million, down $5.2 million or 8% from the same prior year period. The decrease was primarily due to lower depreciation at Westwood resulting from the impairment charge recorded in the fourth quarter 2019.
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Income tax expense for the first quarter 2020 was $3.6 million, up $2.2 million from the same prior year period. Income tax expense for the first quarter 2020 comprised current income tax expense of $8.9 million (March 31, 2019 - $9.7 million) and deferred income tax recovery of $5.3 million (March 31, 2019 - recovery of $8.3 million). The increase in income tax expense was due to a lower deferred tax recovery primarily due to changes to deferred income tax assets and liabilities, differences in the impact of fluctuations in foreign exchange, and differences in the level of taxable income in the Company’s operating jurisdictions from one period to the next.
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Net loss from continuing operations attributable to equity holders for the first quarter 2020 was $34.4 million, or $0.07 per share, compared to net loss of $40.7 million, or $0.09 per share in the same prior year period. The decrease in net loss was primarily due to higher gross profit ($32.8 million) and lower other expenses ($19.1 million), partially offset by lower interest income, derivatives and other investment gains (losses) ($35.6 million) primarily due to losses on the embedded derivatives related to the Rosebel power purchase agreement and the Senior Notes.
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Adjusted net loss from continuing operations attributable to equity holders1 was $4.9 million, or $0.01 per share1, compared to adjusted net loss from continuing operations1 of $6.9 million, or $0.01 per share1 in the same prior year period.
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Net cash from operating activities for the first quarter 2020 was $44.0 million, up $35.2 million from the same prior year period. The increase was primarily due to higher earnings after non-cash adjustments ($35.3 million).
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Net cash from operating activities before changes in working capital1 for the first quarter 2020 was $72.8 million, up $39.0 million from the same prior year period.
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Cash, cash equivalents, short-term investments and restricted cash were $829.8 million at March 31, 2020, down $35.0 million from December 31, 2019. The decrease was due to spending on property, plant and equipment ($67.5 million), partially offset by cash generated from operating activities ($44.0 million).
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The DART rate2, representing the frequency of all types of serious injuries across all sites and functional areas for the first quarter 2020 was 0.65, above the Company's target of 0.57. The Company continues the implementation of several initiatives, including a behaviour-based safety program, to ensure a safer work environment.
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In response to the global COVID-19 crisis, the Company has taken extensive steps to protect the health and safety of employees and contractors. This included training on new procedures and sanitary measures, adjusted work schedules and transport, and physical distancing and protective equipment. In addition, the number of sleeping quarters and handwashing stations at the mine sites was increased, temperature checks are performed and equipment is cleaned frequently.
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•
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Attributable gold production from continuing operations was 170,000 ounces for the first quarter 2020, down 3,000 ounces from the same prior year period. The decrease was primarily due to lower grades at Essakane as a result of mine sequencing (6,000 ounces), lower throughput at Rosebel as ore feed was supplemented from lower grade ore stockpiles and higher grade mill pebbles as mining activity focused on achieving strategic pushbacks (4,000 ounces), partially offset by increased throughput at Westwood due to the ramp up of mining activity compared to the reduced activity resulting from increased seismicity in the fourth quarter 2018 (7,000 ounces).
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Attributable gold sales from continuing operations were 159,000 ounces for the first quarter 2020, down 19,000 ounces from the same prior year period. The decrease was due to lower sales at Essakane (18,000 ounces) and Rosebel (4,000 ounces) partially offset by higher sales at Westwood (3,000 ounces).
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Cost of sales3 per ounce from continuing operations for the first quarter 2020 was $1,054, up 10% from the same prior year period primarily due to lower sales volume and higher royalties as a result of an increase in the gold price.
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Total cash costs1 per ounce produced from continuing operations for the first quarter 2020 were $993, up 12% from the same prior year period primarily due to lower production volume and higher royalties as a result of an increase in the gold price.
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All-in sustaining costs1 per ounce sold from continuing operations for the first quarter 2020 were $1,230, up 12% from the same prior year period. The increase was primarily due to higher cost of sales per ounce, partially offset by lower sustaining capital expenditures.
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While there was no impact on total cash costs1 and all-in sustaining costs1 from continuing operations for the first quarter 2020, the first quarter 2019 included a reduction of $61 per ounce produced and $60 per ounce sold, respectively, for the normalization of costs due to abnormally low production at Westwood.
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Included in total cash costs1 and all-in sustaining costs1 from continuing operations for the first quarter 2020 were realized derivative losses from hedging programs of $9 per ounce produced and $12 per ounce sold, respectively (2019 - $2 gain and $2 gain).
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1
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This is a non-GAAP measure. Refer to the non-GAAP performance measures section of this MD&A.
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2
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The DART rate refers to the number of days away, restricted duty or job transfer incidents that occur per 100 employees.
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3
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Cost of sales, excluding depreciation, as disclosed in note 30 of the Company's consolidated interim financial statements is on an attributable ounce sold basis (excluding the non-controlling interests of 10% at Essakane and 5% at Rosebel).
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Financial Position ($ millions)
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March 31, 2020
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December 31, 2019
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Cash and cash equivalents
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$
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795.0
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$
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830.6
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Short-term investments
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$
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7.2
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$
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6.1
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Restricted cash
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$
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27.6
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$
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28.1
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Total assets
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$
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3,863.6
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$
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3,862.1
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Long-term debt
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$
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419.1
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$
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408.5
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Available credit facility
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$
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499.6
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$
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499.6
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Three months ended March 31,
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Financial Results ($ millions, except where noted)
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2020
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2019
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Continuing Operations
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Revenues
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$
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274.5
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$
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251.0
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Cost of sales
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$
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242.6
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$
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251.9
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Gross profit (loss)
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$
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31.9
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$
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(0.9
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)
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Net loss from continuing operations attributable to equity holders of IAMGOLD
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$
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(34.4
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)
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$
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(40.7
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)
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Net loss from continuing operations attributable to equity holders of IAMGOLD
($/share)
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$
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(0.07
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)
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$
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(0.09
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)
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Adjusted net loss from continuing operations attributable to equity holders of IAMGOLD1
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$
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(4.9
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)
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$
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(6.9
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)
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Adjusted net loss from continuing operations attributable to equity holders of IAMGOLD ($/share)1
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$
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(0.01
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)
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$
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(0.01
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)
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Net cash from operating activities
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$
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44.0
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$
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8.8
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Net cash from operating activities before changes in working capital1
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$
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72.8
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$
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33.8
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Key Operating Statistics
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Gold sales – attributable (000s oz)
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159
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178
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Gold production – attributable (000s oz)
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170
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173
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Average realized gold price1 ($/oz)
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$
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1,603
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$
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1,308
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Cost of sales2 ($/oz)
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$
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1,054
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$
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962
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Total cash costs1 ($/oz)
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$
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993
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$
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884
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All-in sustaining costs1 ($/oz)
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$
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1,230
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$
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1,103
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Gold margin1 ($/oz)
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$
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610
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$
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420
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1
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This is a non-GAAP measure. Refer to the non-GAAP performance measures section of this MD&A.
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2
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Cost of sales, excluding depreciation, as disclosed in note 30 of the Company's consolidated interim financial statements is on an attributable ounce sold basis (excluding the non-controlling interests of 10% at Essakane and 5% at Rosebel).
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IAMGOLD Full Year Attributable Guidance
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Revised1
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Previous2
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Essakane (000s oz)
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350 – 370
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365 – 385
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Rosebel (000s oz)
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250 – 270
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245 – 265
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Westwood (000s oz)
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85 – 100
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90 – 110
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Total attributable production (000s oz)
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685 - 740
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700 - 760
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Cost of sales3 ($/oz)
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$955 - $995
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$900 - $950
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Total cash costs4,5 ($/oz)
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$920 - $960
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$840 - $890
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All-in sustaining costs4,5 ($/oz)
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$1,195 - $1,245
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$1,100 - $1,150
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1.
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The revised outlook is based on 2020 full year assumptions with an average realized gold price of $1,500 per ounce, U.S.$ / Canadian $ exchange rate of 1.40, € / U.S.$ exchange rate of 1.12 and average crude oil price of $35 per barrel.
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2.
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The previous outlook was based on 2020 full year assumptions with an average realized gold price of $1,350 per ounce, U.S.$ / Canadian $ exchange rate of 1.30, € / U.S.$ exchange rate of 1.15 and average crude oil price of $62 per barrel.
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3.
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Cost of sales, excluding depreciation, is on an attributable ounce sold basis (excluding the non-controlling interest of 10% at Essakane and 5% at Rosebel).
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4.
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This is a non-GAAP measure. Refer to the non-GAAP performance measures section of this MD&A.
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5.
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Consists of Essakane, Rosebel, and Westwood on an attributable basis.
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Revised
|
Previous
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|||||||||||||
($ millions)
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Sustaining1
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Non-sustaining
(Development/
Expansion)2
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Total
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Sustaining1
|
Non-sustaining
(Development/
Expansion)2
|
Total
|
|||||||||
Essakane
|
$
|
40
|
|
$
|
80
|
|
$
|
120
|
|
40
|
|
100
|
|
140
|
|
Rosebel
|
60
|
|
55
|
|
115
|
|
55
|
|
60
|
|
115
|
|
|||
Westwood
|
25
|
|
15
|
|
40
|
|
25
|
|
25
|
|
50
|
|
|||
|
125
|
|
150
|
|
275
|
|
120
|
|
185
|
|
305
|
|
|||
Côté Gold (70%)
|
—
|
|
45
|
|
45
|
|
—
|
|
35
|
|
35
|
|
|||
Boto Gold
|
—
|
|
25
|
|
25
|
|
—
|
|
30
|
|
30
|
|
|||
Total3,4,5 (±5%)
|
$
|
125
|
|
$
|
220
|
|
$
|
345
|
|
120
|
|
250
|
|
370
|
|
1
|
Sustaining capital includes capitalized stripping of $15 million for Rosebel.
|
2
|
Non-sustaining capital includes capitalized stripping of $65 million for Essakane (previously $80 million) and $30 million for Rosebel (previously $35 million).
|
3
|
Includes $16 million of capitalized exploration and evaluation expenditures (previously $11 million). Refer to the Exploration section of this MD&A.
|
4
|
Capitalized borrowing costs are not included.
|
5
|
In addition to the above capital expenditures, $20 million in total principal lease payments are expected.
|
|
|
|
|
|
|
Three months ended March 31,
|
|||||
|
2020
|
2019
|
||||
Average market gold price ($/oz)
|
$
|
1,583
|
|
$
|
1,304
|
|
Average realized gold price1 ($/oz)
|
$
|
1,603
|
|
$
|
1,308
|
|
Closing market gold price ($/oz)
|
$
|
1,609
|
|
$
|
1,295
|
|
|
Three months ended March 31,
|
|||||
|
2020
|
2019
|
||||
Average rates
|
|
|
||||
U.S.$ / Canadian $
|
1.3444
|
|
1.3296
|
|
||
€ / U.S.$
|
1.1026
|
|
1.1357
|
|
||
Closing rates
|
|
|
||||
U.S.$ / Canadian $
|
1.4120
|
|
1.3359
|
|
||
€ / U.S.$
|
1.1021
|
|
1.1228
|
|
||
Average Brent price ($/barrel)
|
$
|
51
|
|
$
|
64
|
|
Closing Brent price ($/barrel)
|
$
|
23
|
|
$
|
68
|
|
Average WTI price ($/barrel)
|
$
|
46
|
|
$
|
55
|
|
Closing WTI price ($/barrel)
|
$
|
20
|
|
$
|
60
|
|
|
Change of
|
Annualized impact on Cost of Sales1 $/oz
|
Annualized impact on Total Cash Costs2 $/oz
|
Annualized impact on All-in Sustaining Costs2 $/oz
|
Gold price3
|
$100/oz
|
$5/oz
|
$5/oz
|
$5/oz
|
Oil price
|
$10/barrel
|
$12/oz
|
$12/oz
|
$14/oz
|
U.S.$ / Canadian $
|
$0.10
|
$12/oz
|
$12/oz
|
$18/oz
|
€ / U.S.$
|
$0.10
|
$14/oz
|
$14/oz
|
$16/oz
|
1
|
Cost of sales, excluding depreciation, on an attributable ounce sold basis (excluding the non-controlling interest of 10% at Essakane and 5% at Rosebel).
|
2
|
This is a non-GAAP measure. Refer to the non-GAAP performance measures section of this MD&A. Total cash costs and all-in sustaining costs consist of Essakane, Rosebel and Westwood on an attributable basis.
|
3
|
Gold price sensitivities relate to royalty cost arrangements, which are included in total cash costs and all-in sustaining costs.
|
|
|
|
|
|
|
Attributable Gold Sales1
(000s oz) |
Average Realized Gold Price2
($/oz) |
||||||||
|
Three months ended March 31,
|
Three months ended March 31,
|
||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||
Continuing operations
|
159
|
|
178
|
|
$
|
1,603
|
|
$
|
1,308
|
|
1
|
Includes Essakane and Rosebel at 90% and 95%, respectively.
|
2
|
This is a non-GAAP measure. Refer to the non-GAAP performance measures section of this MD&A.
|
|
Gold Production
(000s oz) |
Cost of Sales1
($ per ounce) |
Total Cash Costs2
($ per ounce produced) |
All-in Sustaining Costs2,3
($ per ounce sold) |
||||||||||||||||||
Three months ended March 31,
|
2020
|
2019
|
2020
|
2019
|
2020
|
2019
|
2020
|
2019
|
||||||||||||||
Continuing operations
|
|
|
|
|
|
|
|
|
||||||||||||||
Essakane (90%)
|
84
|
|
90
|
|
$
|
970
|
|
$
|
896
|
|
$
|
909
|
|
$
|
883
|
|
$
|
1,054
|
|
$
|
1,010
|
|
Rosebel (95%)
|
64
|
|
68
|
|
1,114
|
|
889
|
|
1,042
|
|
901
|
|
1,248
|
|
1,064
|
|
||||||
Westwood (100%)4,5
|
22
|
|
15
|
|
1,162
|
|
1,549
|
|
1,176
|
|
858
|
|
1,242
|
|
1,192
|
|
||||||
|
170
|
|
173
|
|
$
|
1,054
|
|
$
|
962
|
|
$
|
993
|
|
$
|
888
|
|
$
|
1,230
|
|
$
|
1,103
|
|
Cost of sales1 ($/oz)
|
|
|
$
|
1,054
|
|
$
|
962
|
|
|
|
|
|
||||||||||
Cash costs, excluding royalties
|
|
|
|
|
$
|
920
|
|
$
|
826
|
|
|
|
||||||||||
Royalties
|
|
|
|
|
73
|
|
62
|
|
|
|
||||||||||||
Total cash costs2
|
|
|
|
|
$
|
993
|
|
$
|
888
|
|
|
|
||||||||||
All-in sustaining costs2,3
|
|
|
|
|
|
|
$
|
1,230
|
|
$
|
1,103
|
|
1
|
Cost of sales, excluding depreciation, as disclosed in note 30 of the Company's consolidated interim financial statements is on an attributable ounce sold basis (excluding the non-controlling interests of 10% at Essakane and 5% at Rosebel).
|
2
|
This is a non-GAAP measure. Refer to the non-GAAP performance measures section of this MD&A.
|
3
|
All-in sustaining costs include corporate general and administrative costs. Refer to all-in sustaining costs reconciliation on page 29.
|
4
|
Cost of sales per ounce sold for Westwood does not include the impact of normalization of costs for the first quarter 2020 of $nil per ounce (2019 - $60 per ounce).
|
5
|
Total cash costs per ounce produced and all-in sustaining costs per ounce sold for Westwood include the impact of normalization of costs for the first quarter 2020 of $nil per ounce (2019 - $61 per ounce produced and $60 per ounce sold, respectively).
|
1
|
This is a non-GAAP measure. Refer to the non-GAAP performance measures section of this MD&A.
|
2
|
Cost of sales, excluding depreciation, as disclosed in note 30 of the Company's consolidated interim financial statements is on an attributable ounce sold basis (excluding the non-controlling interests of 10% at Essakane and 5% at Rosebel).
|
|
Three months ended March 31,
|
|||||
($ millions)
|
20201
|
20191
|
||||
Sustaining
|
|
|
||||
Essakane2
|
$
|
5.6
|
|
$
|
10.2
|
|
Rosebel2
|
6.8
|
|
11.1
|
|
||
Westwood
|
2.4
|
|
4.7
|
|
||
|
$
|
14.8
|
|
$
|
26.0
|
|
Non-sustaining (Development/Expansion)
|
|
|
||||
Essakane
|
$
|
26.3
|
|
$
|
20.2
|
|
Rosebel
|
13.7
|
|
9.2
|
|
||
Westwood
|
2.2
|
|
7.9
|
|
||
Total gold segments
|
42.2
|
|
37.3
|
|
||
Boto Gold Project
|
2.2
|
|
0.5
|
|
||
Côté Gold Project
|
8.3
|
|
6.4
|
|
||
|
$
|
52.7
|
|
$
|
44.2
|
|
Total
|
|
|
||||
Essakane
|
$
|
31.9
|
|
$
|
30.4
|
|
Rosebel
|
20.5
|
|
20.3
|
|
||
Westwood
|
4.6
|
|
12.6
|
|
||
Total gold segments
|
57.0
|
|
63.3
|
|
||
Boto Gold Project
|
2.2
|
|
0.5
|
|
||
Côté Gold Project
|
8.3
|
|
6.4
|
|
||
|
$
|
67.5
|
|
$
|
70.2
|
|
Capitalized Stripping (Included in Sustaining and Non-sustaining)
|
|
|
||||
Essakane3
|
$
|
19.0
|
|
$
|
10.4
|
|
Rosebel3
|
5.1
|
|
1.5
|
|
||
Total gold segments
|
$
|
24.1
|
|
$
|
11.9
|
|
1
|
Capital expenditures include cash expenditures for property, plant and equipment and exploration and evaluation assets.
|
2
|
On an attributable basis, Essakane (90%) and Rosebel (95%) sustaining capital expenditures for the first quarter 2020 were $5.0 million and $6.5 million, respectively (2019 - $9.2 million and $10.5 million).
|
3
|
Includes non-sustaining capitalized stripping for the first quarter 2020 of $19.0 million (2019 - $8.8 million) for Essakane and $5.1 million (2019 - $nil) for Rosebel.
|
|
Three months ended March 31,
|
|||||
|
2020
|
2019
|
||||
Mine operating statistics
|
|
|
||||
Ore mined (000s t)
|
3,953
|
|
3,247
|
|
||
Waste mined (000s t)
|
11,250
|
|
8,470
|
|
||
Total material mined (000s t)
|
15,203
|
|
11,717
|
|
||
Strip ratio1
|
2.8
|
|
2.6
|
|
||
Ore milled (000s t)
|
3,230
|
|
3,204
|
|
||
Head grade (g/t)
|
1.01
|
|
1.08
|
|
||
Recovery (%)
|
90
|
|
90
|
|
||
Gold production - (000s oz)
|
93
|
|
100
|
|
||
Attributable gold production - 90% (000s oz)
|
84
|
|
90
|
|
||
Gold sales - (000s oz)
|
83
|
|
102
|
|
||
|
|
|
|
|||
Performance measures
|
|
|
|
|
||
Average realized gold price2 ($/oz)
|
$
|
1,604
|
|
$
|
1,310
|
|
Cost of sales3 ($/oz)
|
$
|
970
|
|
$
|
896
|
|
Cash costs2 excluding royalties ($/oz)
|
$
|
833
|
|
$
|
823
|
|
Royalties ($/oz)
|
$
|
76
|
|
$
|
60
|
|
Total cash costs2 ($/oz)
|
$
|
909
|
|
$
|
883
|
|
All-in sustaining costs2 ($/oz)
|
$
|
1,054
|
|
$
|
1,010
|
|
1
|
Strip ratio is calculated as waste mined divided by ore mined.
|
2
|
This is a non-GAAP measure. Refer to the non-GAAP performance measures section of this MD&A.
|
3
|
Cost of sales, excluding depreciation, as disclosed in note 30 of the Company's consolidated interim financial statements is on an attributable ounce sold basis (excluding the 10% non-controlling interest).
|
|
Three months ended March 31,
|
|||||
|
2020
|
2019
|
||||
Mine operating statistics
|
|
|
||||
Ore mined (000s t)
|
2,234
|
|
4,058
|
|
||
Waste mined (000s t)
|
13,627
|
|
13,358
|
|
||
Total material mined (000s t)
|
15,861
|
|
17,416
|
|
||
Strip ratio1
|
6.1
|
|
3.3
|
|
||
Ore milled (000s t)
|
2,905
|
|
3,107
|
|
||
Head grade (g/t)
|
0.77
|
|
0.74
|
|
||
Recovery (%)
|
94
|
|
97
|
|
||
Gold production - (000s oz)
|
67
|
|
72
|
|
||
Attributable gold production - 95% (000s oz)
|
64
|
|
68
|
|
||
Gold sales - (000s oz)
|
66
|
|
71
|
|
||
|
|
|
||||
Performance measures
|
|
|
|
|||
Average realized gold price2 ($/oz)
|
$
|
1,605
|
|
$
|
1,306
|
|
Cost of sales3 ($/oz)
|
$
|
1,114
|
|
$
|
889
|
|
Cash costs2 excluding royalties ($/oz)
|
$
|
948
|
|
$
|
826
|
|
Royalties ($/oz)
|
$
|
94
|
|
$
|
75
|
|
Total cash costs2 ($/oz)
|
$
|
1,042
|
|
$
|
901
|
|
All-in sustaining costs2 ($/oz)
|
$
|
1,248
|
|
$
|
1,064
|
|
1
|
Strip ratio is calculated as waste mined divided by ore mined.
|
2
|
This is a non-GAAP measure. Refer to the non-GAAP performance measures section of this MD&A.
|
3
|
Cost of sales, excluding depreciation, as disclosed in note 30 of the Company's consolidated interim financial statements is on an attributable ounce sold basis (excluding the 5% non-controlling interest).
|
|
Three months ended March 31,
|
|||||
|
2020
|
2019
|
||||
Mine operating statistics
|
|
|
|
|||
Ore mined (000s t) - Underground
|
111
|
|
88
|
|
||
Ore mined (000s t) - Other Sources
|
109
|
|
—
|
|
||
Ore mined (000s t) - Total
|
220
|
|
88
|
|
||
Ore milled (000s t)
|
207
|
|
107
|
|
||
Head grade (g/t) - Underground
|
5.77
|
|
5.23
|
|
||
Head grade (g/t) - Other Sources
|
0.92
|
|
1.66
|
|
||
Head grade (g/t) - Total
|
3.47
|
|
4.57
|
|
||
Recovery (%)
|
94
|
|
93
|
|
||
Gold production - (000s oz)
|
22
|
|
15
|
|
||
Gold sales - (000s oz)
|
22
|
|
19
|
|
||
|
|
|
|
|||
Performance measures
|
|
|
|
|||
Average realized gold price1 ($/oz)
|
$
|
1,595
|
|
$
|
1,306
|
|
Cost of sales2,3 ($/oz)
|
$
|
1,162
|
|
$
|
1,549
|
|
Total cash costs1 ($/oz)
|
$
|
1,176
|
|
$
|
858
|
|
All-in sustaining costs1 ($/oz)
|
$
|
1,242
|
|
$
|
1,192
|
|
1
|
This is a non-GAAP measure. Refer to the non-GAAP performance measures section of this MD&A.
|
2
|
Cost of sales, excluding depreciation, as disclosed in note 30 of the Company's consolidated interim financial statements is on an ounce sold basis.
|
3
|
Cost of sales per ounce sold does not include the impact of normalization of costs for the first quarter 2020 of $nil (2019 - $610 per ounce).
|
|
Three months ended March 31,
|
|||||
($ millions)
|
2020
|
2019
|
||||
Exploration projects - greenfield
|
$
|
6.0
|
|
$
|
7.6
|
|
Exploration projects - brownfield1
|
4.9
|
|
5.0
|
|
||
|
10.9
|
|
12.6
|
|
||
Feasibility and other studies
|
—
|
|
0.6
|
|
||
|
$
|
10.9
|
|
$
|
13.2
|
|
1
|
Exploration projects - brownfield for the three months ended 2020 and 2019 included near-mine exploration and resource development of $2.5 million and $2.9 million, respectively.
|
($ millions)
|
Capitalized1
|
Expensed
|
Total
|
||||||
Exploration projects - greenfield
|
$
|
—
|
|
$
|
26
|
|
$
|
26
|
|
Exploration projects - brownfield2
|
16
|
|
10
|
|
26
|
|
|||
|
$
|
16
|
|
$
|
36
|
|
$
|
52
|
|
1
|
The 2020 planned spending for capitalized expenditures of $16 million is included in the Company's capital spending guidance of $345 million (±5%).
|
2
|
Exploration projects - brownfield include planned near-mine exploration and resource development of $16 million.
|
|
|
|
|
|
|
2020
|
2019
|
2018
|
|||||||||||||||||||||
($ millions, except where noted)
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q2
|
||||||||||||||||
Revenues
|
$
|
274.5
|
|
$
|
293.4
|
|
$
|
274.4
|
|
$
|
246.5
|
|
$
|
251.0
|
|
$
|
274.3
|
|
$
|
244.8
|
|
$
|
277.4
|
|
Net loss from continuing operations1
|
$
|
(32.9
|
)
|
$
|
(291.1
|
)
|
$
|
(8.4
|
)
|
$
|
(18.5
|
)
|
$
|
(40.7
|
)
|
$
|
(37.3
|
)
|
$
|
(12.7
|
)
|
$
|
(15.4
|
)
|
Net earnings (loss) from discontinued operations
|
$
|
—
|
|
$
|
(50.1
|
)
|
$
|
7.2
|
|
$
|
4.2
|
|
$
|
(0.6
|
)
|
$
|
4.7
|
|
$
|
3.7
|
|
$
|
(8.8
|
)
|
Net loss attributable to equity holders of IAMGOLD
|
$
|
(34.4
|
)
|
$
|
(353.9
|
)
|
$
|
(3.0
|
)
|
$
|
(14.4
|
)
|
$
|
(41.3
|
)
|
$
|
(34.8
|
)
|
$
|
(9.5
|
)
|
$
|
(26.2
|
)
|
Basic and diluted loss attributable to equity holders of IAMGOLD ($/share)
|
$
|
(0.07
|
)
|
$
|
(0.76
|
)
|
$
|
(0.01
|
)
|
$
|
(0.03
|
)
|
$
|
(0.09
|
)
|
$
|
(0.07
|
)
|
$
|
(0.02
|
)
|
$
|
(0.06
|
)
|
1
|
In the fourth quarter 2019, Net loss from continuing operations was higher primarily due to impairment charges, net of reversal.
|
|
|
|
|
|
Working Capital
|
|
March 31, 2020
|
December 31, 2019
|
||||
Working capital1 ($ millions)
|
|
$
|
942.5
|
|
$
|
997.0
|
|
Current working capital ratio2
|
|
4.1
|
|
4.7
|
|
1
|
Working capital is defined as current assets less current liabilities.
|
2
|
Current working capital ratio is defined as current assets divided by current liabilities.
|
|
Three months ended March 31,
|
|||||
($ millions)
|
2020
|
2019
|
||||
Net cash from (used in) per consolidated financial statements:
|
|
|
||||
Operating activities
|
$
|
44.0
|
|
$
|
8.8
|
|
Investing activities
|
(64.1
|
)
|
(32.9
|
)
|
||
Financing activities
|
(7.3
|
)
|
(2.2
|
)
|
||
Effects of exchange rate fluctuation on cash and cash equivalents
|
(8.2
|
)
|
0.4
|
|
||
Increase (decrease) in cash and cash equivalents
|
(35.6
|
)
|
(25.9
|
)
|
||
Cash and cash equivalents, beginning of the period
|
830.6
|
|
615.1
|
|
||
Cash and cash equivalents, end of the period
|
$
|
795.0
|
|
$
|
589.2
|
|
•
|
the spot price of the currency is within the strike price range of these executed collar contracts, the options would not be exercised and the Company would purchase the required amount of the currency at the prevailing market price;
|
•
|
the spot price of the currency is above the call strike price of the options purchased, the Company would exercise the call option contracts and purchase the required amount of the currency at prices more favourable than the prevailing market price;
|
•
|
the spot price of the currency is below the put strike price of the options sold, the Company would be obligated to settle the put option contracts and purchase the required amount of the currency at prices less favourable than the prevailing market price.
|
•
|
the average oil spot price for the month is within the strike price range of these executed collar contracts, the options would not be exercised;
|
•
|
the average oil spot price for the month is above the call strike price of the options purchased, the Company would exercise the call option contracts at prices more favourable than the prevailing market price;
|
•
|
the average oil spot price for the month is below the put strike price of the options sold, the Company would be obligated to settle the put option contracts at prices less favourable than the prevailing market price.
|
|
|
2020
|
2021
|
2022
|
2023
|
Foreign Currency1
|
|
|
|
|
|
Canadian dollar contracts (millions of C$)
|
|
191
|
252
|
210
|
120
|
Rate range2 ($/C$)
|
|
1.30 - 1.40
|
1.30 - 1.47
|
1.30 - 1.48
|
1.30 - 1.46
|
Hedge ratio
|
|
87%
|
81%
|
65%
|
36%
|
|
|
|
|
|
|
Commodities1,3
|
|
|
|
|
|
Brent oil contracts (barrels)4
|
|
432
|
588
|
520
|
170
|
Contract price range ($/barrel of crude oil)
|
|
50 - 65
|
54 - 65
|
50 - 65
|
50 - 65
|
Hedge ratio
|
|
77%
|
81%
|
75%
|
25%
|
|
|
|
|
|
|
WTI oil contracts (barrels)4
|
|
366
|
456
|
450
|
348
|
Contract price range ($/barrel of crude oil)
|
|
43 - 60
|
46 - 62
|
45 - 62
|
47 - 60
|
Hedge ratio
|
|
92%
|
72%
|
75%
|
51%
|
1
|
The Company acted on its financial risk mitigation strategies by executing currency hedges and fuel hedges due to favourable market conditions relative to internal planning rates.
|
2
|
The Company executed Canadian dollar collar options, which consist of Canadian dollar call and put options within the given range in 2020 through 2023. The Company will recognize a gain from the difference between a lower market price and the Canadian dollar call strike price. The Company will incur a loss from the difference between a higher market price and the Canadian dollar put strike price.
|
3
|
The Company executed Brent and WTI collar options, which consist of Brent and WTI put and call options with strike prices within the given range in 2020 through 2023. The Company will incur a loss from the difference between a lower market price and the put strike price. The Company will recognize a gain from the difference between a higher market price and the call strike price.
|
4
|
Quantities of barrels are in thousands.
|
|
Three months ended March 31,
|
|||||
|
2020
|
2019
|
||||
Sadiola Sulphide Project (LIBOR plus 2%)
|
|
|
||||
Balance, beginning of the period
|
$
|
—
|
|
$
|
14.0
|
|
Balance, end of the period
|
$
|
—
|
|
$
|
14.0
|
|
Number issued and outstanding (millions)
|
March 31, 2020
|
May 1, 2020
|
||
Common shares
|
470.9
|
|
470.9
|
|
Share options
|
5.8
|
|
5.8
|
|
|
|
|
|
|
•
|
pertain to the maintenance of records that accurately and fairly reflect the transactions of the Company;
|
•
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with IFRS as issued by the IASB;
|
•
|
ensure the Company’s receipts and expenditures are made only in accordance with authorization of management and the Company’s directors; and
|
•
|
provide reasonable assurance regarding prevention or timely detection of unauthorized transactions that could have a material effect on the consolidated financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|||||
($/oz of gold)
|
2020
|
2019
|
||||
Average realized gold price1
|
$
|
1,603
|
|
$
|
1,308
|
|
Total cash costs2,3
|
993
|
|
888
|
|
||
Gold margin
|
$
|
610
|
|
$
|
420
|
|
1
|
Refer to page 26 for calculation.
|
2
|
Refer to page 28 for calculation.
|
3
|
Consists of Essakane, Rosebel and Westwood on an attributable basis.
|
|
Three months ended March 31,
|
|||||
($ millions, except where noted)
|
2020
|
2019
|
||||
Net cash from operating activities
|
$
|
44.0
|
|
$
|
8.8
|
|
Adjusting items from non-cash working capital items and non-current ore stockpiles
|
|
|
||||
Receivables and other current assets
|
8.0
|
|
4.8
|
|
||
Inventories and non-current ore stockpiles
|
9.7
|
|
1.9
|
|
||
Accounts payable and accrued liabilities
|
11.1
|
|
18.3
|
|
||
Net cash from operating activities before changes in working capital
|
$
|
72.8
|
|
$
|
33.8
|
|
|
Three months ended March 31,
|
|||||
($ millions, except where noted)
|
2020
|
2019
|
||||
Continuing operations
|
|
|
||||
Revenues
|
$
|
274.5
|
|
$
|
251.0
|
|
By-product credit and other revenues
|
(1.1
|
)
|
(0.3
|
)
|
||
Revenues
|
$
|
273.4
|
|
$
|
250.7
|
|
Sales (000s oz)
|
171
|
|
192
|
|
||
Average realized gold price per ounce1,2 ($/oz)
|
$
|
1,603
|
|
$
|
1,308
|
|
1
|
Average realized gold price per ounce sold may not calculate based on amounts presented in this table due to rounding.
|
2
|
Average realized gold price per ounce sold, consists of Essakane, Rosebel and Westwood on an attributable basis.
|
|
Three months ended March 31,
|
|||||
($ millions, except where noted)
|
2020
|
2019
|
||||
Loss from continuing operations before income taxes and non-controlling interests
|
$
|
(29.3
|
)
|
$
|
(39.3
|
)
|
Adjusting items:
|
|
|
|
|||
Impairment charge
|
—
|
|
12.5
|
|
||
Adjustment to depreciation and write-down of assets
|
0.5
|
|
5.4
|
|
||
Restructuring costs
|
—
|
|
3.2
|
|
||
Changes in estimates of asset retirement obligations at closed sites
|
—
|
|
2.2
|
|
||
Unrealized (gain) loss on non-hedge derivatives and warrants
|
30.0
|
|
(5.7
|
)
|
||
Normalization of costs at Westwood, including depreciation
|
—
|
|
16.3
|
|
||
Foreign exchange loss and other
|
4.9
|
|
3.3
|
|
||
|
35.4
|
|
37.2
|
|
||
Adjusted earnings (loss) from continuing operations before income taxes and non-controlling interests
|
6.1
|
|
(2.1
|
)
|
||
Income taxes
|
(3.6
|
)
|
(1.4
|
)
|
||
Tax on foreign exchange translation of deferred income tax balances
|
0.2
|
|
0.7
|
|
||
Tax impact of adjusting items
|
(6.1
|
)
|
(4.1
|
)
|
||
Non-controlling interests
|
(1.5
|
)
|
—
|
|
||
Adjusted net loss from continuing operations attributable to equity holders of IAMGOLD
|
$
|
(4.9
|
)
|
$
|
(6.9
|
)
|
Adjusted net loss from continuing operations attributable to equity holders of IAMGOLD ($/share)
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
Including discontinued operations:
|
|
|
||||
Net loss from discontinued operations attributable to equity holders of IAMGOLD, net of tax
|
$
|
—
|
|
$
|
(0.6
|
)
|
Adjusted items:
|
|
|
||||
Loss on investment in Yatela
|
—
|
|
5.3
|
|
||
|
$
|
—
|
|
$
|
4.7
|
|
Adjusted net loss including discontinued operations attributable to equity holders of IAMGOLD
|
$
|
(4.9
|
)
|
$
|
(2.2
|
)
|
Adjusted net loss including discontinued operations attributable to equity holders of IAMGOLD ($/share)
|
$
|
(0.01
|
)
|
$
|
—
|
|
Basic weighted average number of common shares outstanding (millions)
|
470.1
|
|
467.6
|
|
|
Three months ended March 31,
|
|||||
($ millions, except where noted)
|
2020
|
2019
|
||||
Continuing operations
|
|
|
||||
Cost of sales1, excluding depreciation expense
|
$
|
179.2
|
|
$
|
183.3
|
|
Adjust for:
|
|
|
||||
By-product credit, excluded from cost of sales
|
(1.1
|
)
|
(0.3
|
)
|
||
Stock movement
|
7.7
|
|
(1.0
|
)
|
||
Normalization of costs
|
—
|
|
(11.3
|
)
|
||
Other mining costs
|
(5.1
|
)
|
(5.3
|
)
|
||
Cost attributed to non-controlling interests2
|
(12.0
|
)
|
(12.1
|
)
|
||
|
(10.5
|
)
|
(30.0
|
)
|
||
|
|
|
||||
Total cash costs4
|
$
|
168.7
|
|
$
|
153.3
|
|
Total attributable gold production (000s oz)
|
170
|
|
173
|
|
||
Total cash costs3,4 ($/oz)
|
$
|
993
|
|
$
|
888
|
|
1
|
As per note 30 of the Company’s consolidated interim financial statements.
|
2
|
Adjustments for the consolidation of Essakane (90%) and Rosebel (95%) to their attributable portion of cost of sales.
|
3
|
Total cash costs per ounce produced may not calculate based on amounts presented in this table due to rounding.
|
4
|
Consists of Essakane, Rosebel and Westwood on an attributable basis.
|
|
Three months ended March 31,
|
|||||
($ millions, attributable, except where noted)
|
2020
|
2019
|
||||
AISC
|
|
|
|
|||
Cost of sales1, excluding depreciation expense
|
$
|
167.5
|
|
$
|
171.0
|
|
Sustaining capital expenditures1
|
14.0
|
|
24.4
|
|
||
Sustaining lease principal payments
|
1.5
|
|
0.8
|
|
||
By-product credit, excluded from cost of sales
|
(1.1
|
)
|
(0.3
|
)
|
||
Corporate general and administrative costs2
|
11.6
|
|
9.4
|
|
||
Environmental rehabilitation accretion and depreciation
|
2.2
|
|
2.2
|
|
||
Normalization of costs
|
—
|
|
(11.3
|
)
|
||
|
$
|
195.7
|
|
$
|
196.2
|
|
|
|
|
|
|||
Attributable gold sales (000s oz)
|
159
|
|
178
|
|
||
AISC3,4 ($/oz)
|
$
|
1,230
|
|
$
|
1,103
|
|
AISC excluding by-product credit3,4 ($/oz)
|
$
|
1,237
|
|
$
|
1,105
|
|
1
|
Includes Essakane and Rosebel at their attributable amounts of 90% and 95% respectively. Refer to note 30 of the consolidated interim financial statements for cost of sales of total gold mines, on a 100% basis, and refer to the capital expenditures table of the MD&A on page 10 for 2020 sustaining capital expenditures, on a 100% basis.
|
2
|
Corporate general and administrative costs exclude depreciation expense.
|
3
|
Consists of Essakane, Rosebel and Westwood on an attributable basis.
|
4
|
AISC per ounce sold may not calculate based on amounts presented in this table due to rounding.
|
Consolidated balance sheets
|
31
|
|
|
|
|
Consolidated statements of earnings (loss)
|
32
|
|
|
|
|
Consolidated statements of comprehensive income (loss)
|
33
|
|
|
|
|
Consolidated statements of changes in equity
|
34
|
|
|
|
|
Consolidated statements of cash flows
|
35
|
|
|
|
|
Notes to condensed consolidated interim financial statements
|
36 to 55
|
|
(Unaudited)
(In millions of U.S. dollars) |
Notes
|
March 31,
2020 |
December 31, 2019
|
||||
Assets
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
4
|
$
|
795.0
|
|
$
|
830.6
|
|
Short-term investments
|
|
7.2
|
|
6.1
|
|
||
Receivables and other current assets
|
6
|
72.7
|
|
72.2
|
|
||
Inventories
|
7
|
327.8
|
|
308.5
|
|
||
Assets classified as held for sale
|
9
|
45.6
|
|
45.6
|
|
||
|
|
1,248.3
|
|
1,263.0
|
|
||
Non-current assets
|
|
|
|
||||
Investments in associates
|
8
|
7.5
|
|
10.0
|
|
||
Property, plant and equipment
|
10
|
2,269.7
|
|
2,239.6
|
|
||
Exploration and evaluation assets
|
11
|
42.2
|
|
42.2
|
|
||
Restricted cash
|
5
|
27.6
|
|
28.1
|
|
||
Inventories
|
7
|
219.1
|
|
223.2
|
|
||
Other assets
|
12
|
49.2
|
|
56.0
|
|
||
|
|
2,615.3
|
|
2,599.1
|
|
||
|
|
$
|
3,863.6
|
|
$
|
3,862.1
|
|
Liabilities and Equity
|
|
|
|
||||
Current liabilities
|
|
|
|
|
|||
Accounts payable and accrued liabilities
|
|
$
|
216.2
|
|
$
|
211.9
|
|
Income taxes payable
|
|
18.2
|
|
12.8
|
|
||
Current portion of provisions
|
13
|
8.3
|
|
4.8
|
|
||
Current portion of lease liabilities
|
|
14.9
|
|
13.4
|
|
||
Current portion of long-term debt
|
16
|
4.5
|
|
4.6
|
|
||
Current portion of derivative liabilities
|
14
|
25.2
|
|
—
|
|
||
Liabilities classified as held for sale
|
9
|
18.5
|
|
18.5
|
|
||
|
|
305.8
|
|
266.0
|
|
||
Non-current liabilities
|
|
|
|
||||
Deferred income tax liabilities
|
|
171.7
|
|
180.6
|
|
||
Provisions
|
13
|
375.5
|
|
374.6
|
|
||
Lease liabilities
|
|
49.2
|
|
45.4
|
|
||
Long-term debt
|
16
|
414.6
|
|
403.9
|
|
||
Deferred revenue
|
17
|
172.8
|
|
170.5
|
|
||
Derivative liabilities
|
14
|
46.6
|
|
2.3
|
|
||
|
|
1,230.4
|
|
1,177.3
|
|
||
|
|
1,536.2
|
|
1,443.3
|
|
||
Equity
|
|
|
|
||||
Equity attributable to IAMGOLD Corporation shareholders
|
|
|
|
||||
Common shares
|
20
|
2,694.0
|
|
2,686.8
|
|
||
Contributed surplus
|
|
49.2
|
|
54.0
|
|
||
Accumulated deficit
|
|
(384.6
|
)
|
(350.2
|
)
|
||
Accumulated other comprehensive loss
|
|
(105.4
|
)
|
(44.5
|
)
|
||
|
|
2,253.2
|
|
2,346.1
|
|
||
Non-controlling interests
|
|
74.2
|
|
72.7
|
|
||
|
|
2,327.4
|
|
2,418.8
|
|
||
Contingencies and commitments
|
13(b),28
|
|
|
||||
Subsequent events
|
24,31
|
|
|
||||
|
|
$
|
3,863.6
|
|
$
|
3,862.1
|
|
(Unaudited)
|
|
Three months ended March 31,
|
|||||
(In millions of U.S. dollars, except per share amounts)
|
Notes
|
2020
|
2019
|
||||
Revenues
|
|
$
|
274.5
|
|
$
|
251.0
|
|
Cost of sales
|
23
|
242.6
|
|
251.9
|
|
||
Gross profit (loss)
|
|
31.9
|
|
(0.9
|
)
|
||
General and administrative expenses
|
|
(11.9
|
)
|
(9.6
|
)
|
||
Exploration expenses
|
|
(8.4
|
)
|
(8.9
|
)
|
||
Other expenses
|
24
|
(2.9
|
)
|
(22.0
|
)
|
||
Earnings (loss) from operations
|
|
8.7
|
|
(41.4
|
)
|
||
Share of net loss from investments in associates, net of income taxes
|
8
|
(0.4
|
)
|
(0.5
|
)
|
||
Finance costs
|
25
|
(6.2
|
)
|
(3.7
|
)
|
||
Foreign exchange loss
|
|
(4.9
|
)
|
(2.8
|
)
|
||
Interest income, derivatives and other investment gains (losses)
|
26
|
(26.5
|
)
|
9.1
|
|
||
Loss before income taxes
|
|
(29.3
|
)
|
(39.3
|
)
|
||
Income taxes
|
15
|
(3.6
|
)
|
(1.4
|
)
|
||
Net loss from continuing operations
|
|
(32.9
|
)
|
(40.7
|
)
|
||
Net loss from discontinued operations
|
9
|
—
|
|
(0.6
|
)
|
||
Net loss
|
|
$
|
(32.9
|
)
|
$
|
(41.3
|
)
|
Net loss from continuing operations attributable to
|
|
|
|
||||
Equity holders of IAMGOLD Corporation
|
|
$
|
(34.4
|
)
|
$
|
(40.7
|
)
|
Non-controlling interests
|
|
1.5
|
|
—
|
|
||
Net loss from continuing operations
|
|
$
|
(32.9
|
)
|
$
|
(40.7
|
)
|
Net loss attributable to
|
|
|
|
||||
Equity holders of IAMGOLD Corporation
|
|
$
|
(34.4
|
)
|
$
|
(41.3
|
)
|
Non-controlling interests
|
|
1.5
|
|
—
|
|
||
Net loss
|
|
$
|
(32.9
|
)
|
$
|
(41.3
|
)
|
Attributable to equity holders of IAMGOLD Corporation
|
|
|
|
||||
|
|
|
|
||||
Weighted average number of common shares outstanding (in millions) - Basic and diluted
|
21
|
470.1
|
|
467.6
|
|
||
|
|
|
|
||||
Basic and diluted loss per share from continuing operations ($ per share)
|
21
|
$
|
(0.07
|
)
|
$
|
(0.09
|
)
|
|
|
|
|
||||
Basic and diluted loss per share from discontinued operations ($ per share)
|
21
|
$
|
—
|
|
$
|
—
|
|
|
|
|
|
||||
Basic and diluted loss per share ($ per share)
|
21
|
$
|
(0.07
|
)
|
$
|
(0.09
|
)
|
(Unaudited)
|
|
Three months ended March 31,
|
|||||
(In millions of U.S. dollars)
|
Notes
|
2020
|
2019
|
||||
Net loss
|
|
$
|
(32.9
|
)
|
$
|
(41.3
|
)
|
Other comprehensive income (loss), net of income taxes
|
|
|
|
||||
Items that will not be reclassified to the statements of earnings (loss)
|
|
|
|
||||
Movement in marketable securities fair value reserve
|
|
|
|
||||
Net unrealized change in fair value of marketable securities
|
|
(2.1
|
)
|
0.8
|
|
||
Net realized change in fair value of marketable securities
|
18(a)
|
(4.9
|
)
|
—
|
|
||
Tax impact
|
|
0.1
|
|
0.2
|
|
||
|
|
(6.9
|
)
|
1.0
|
|
||
Items that may be reclassified to the statements of earnings (loss)
|
|
|
|
||||
Movement in cash flow hedge fair value reserve
|
|
|
|
||||
Effective portion of changes in fair value of cash flow hedges
|
18(b)
|
(47.7
|
)
|
6.9
|
|
||
Time value of options contracts excluded from hedge relationship
|
18(b)
|
(9.6
|
)
|
15.6
|
|
||
Net change in fair value of cash flow hedges reclassified to the statements of earnings (loss)
|
18(b)
|
1.9
|
|
(0.4
|
)
|
||
Tax impact
|
|
3.4
|
|
(1.4
|
)
|
||
|
|
(52.0
|
)
|
20.7
|
|
||
Currency translation adjustment
|
8
|
(2.1
|
)
|
1.3
|
|
||
|
|
(54.1
|
)
|
22.0
|
|
||
Total other comprehensive income (loss)
|
|
(61.0
|
)
|
23.0
|
|
||
Comprehensive income (loss)
|
|
$
|
(93.9
|
)
|
$
|
(18.3
|
)
|
|
|
|
|
|
|
||
Comprehensive income (loss) attributable to:
|
|
|
|
|
|
||
Equity holders of IAMGOLD Corporation
|
|
$
|
(95.4
|
)
|
$
|
(18.3
|
)
|
Non-controlling interests
|
|
1.5
|
|
—
|
|
||
Comprehensive income (loss)
|
|
$
|
(93.9
|
)
|
$
|
(18.3
|
)
|
Comprehensive income (loss) arises from:
|
|
|
|
|
|
||
Continuing operations
|
|
$
|
(93.9
|
)
|
$
|
(17.7
|
)
|
Discontinued operations
|
|
—
|
|
(0.6
|
)
|
||
Comprehensive income (loss)
|
|
$
|
(93.9
|
)
|
$
|
(18.3
|
)
|
(Unaudited)
|
|
Three months ended March 31,
|
|||||
(In millions of U.S. dollars)
|
Notes
|
2020
|
2019
|
||||
|
|
|
|
||||
Common shares
|
|
|
|
||||
Balance, beginning of the period
|
|
$
|
2,686.8
|
|
$
|
2,680.1
|
|
Issuance of common shares for share-based compensation
|
20
|
7.2
|
|
2.7
|
|
||
Balance, end of the period
|
|
2,694.0
|
|
2,682.8
|
|
||
|
|
|
|
||||
Contributed surplus
|
|
|
|
||||
Balance, beginning of the period
|
|
54.0
|
|
48.2
|
|
||
Issuance of common shares for share-based compensation
|
|
(7.2
|
)
|
(2.7
|
)
|
||
Share-based compensation
|
|
1.9
|
|
2.1
|
|
||
Other
|
|
0.5
|
|
(0.7
|
)
|
||
Balance, end of the period
|
|
49.2
|
|
46.9
|
|
||
|
|
|
|
|
|||
Retained earnings (Accumulated deficit)
|
|
|
|
|
|||
Balance, beginning of the period
|
|
(350.2
|
)
|
63.1
|
|
||
IFRS 16 transition adjustment
|
|
—
|
|
(0.5
|
)
|
||
Adjusted balance, beginning of the period
|
|
(350.2
|
)
|
62.6
|
|
||
Net loss attributable to equity holders of IAMGOLD Corporation
|
|
(34.4
|
)
|
(41.3
|
)
|
||
Balance, end of the period
|
|
(384.6
|
)
|
21.3
|
|
||
|
|
|
|
|
|||
Accumulated other comprehensive loss
|
|
|
|
|
|||
Marketable securities fair value reserve
|
|
|
|
|
|||
Balance, beginning of the period
|
|
(31.9
|
)
|
(32.0
|
)
|
||
Net change in fair value of marketable securities, net of income taxes
|
|
(6.9
|
)
|
1.0
|
|
||
Balance, end of the period
|
|
(38.8
|
)
|
(31.0
|
)
|
||
Cash flow hedge fair value reserve
|
|
|
|
|
|
||
Balance, beginning of the period
|
|
(9.5
|
)
|
(22.3
|
)
|
||
Net change in fair value of cash flow hedges recognized in property, plant and equipment
|
18(b)
|
0.1
|
|
—
|
|
||
Net change in fair value of cash flow hedges recognized in other comprehensive income, net of income taxes
|
|
(52.0
|
)
|
20.7
|
|
||
Balance, end of the period
|
|
(61.4
|
)
|
(1.6
|
)
|
||
Currency translation adjustment
|
|
|
|
|
|
||
Balance, beginning of the period
|
|
(3.1
|
)
|
(4.5
|
)
|
||
Change for the period
|
8
|
(2.1
|
)
|
1.3
|
|
||
Balance, end of the period
|
|
(5.2
|
)
|
(3.2
|
)
|
||
Total accumulated other comprehensive loss
|
|
(105.4
|
)
|
(35.8
|
)
|
||
Equity attributable to equity holders of IAMGOLD Corporation
|
|
2,253.2
|
|
2,715.2
|
|
||
|
|
|
|
|
|
||
Non-controlling interests
|
|
|
|
|
|
||
Balance, beginning of the period
|
|
72.7
|
|
60.0
|
|
||
Net earnings attributable to non-controlling interests
|
|
1.5
|
|
—
|
|
||
Balance, end of the period
|
|
74.2
|
|
60.0
|
|
||
|
|
$
|
2,327.4
|
|
$
|
2,775.2
|
|
(Unaudited)
|
|
Three months ended March 31,
|
|||||
(In millions of U.S. dollars)
|
Notes
|
2020
|
2019
|
||||
Operating activities
|
|
|
|
||||
Net loss
|
|
$
|
(32.9
|
)
|
$
|
(41.3
|
)
|
Net loss from closed mines
|
|
0.3
|
|
7.6
|
|
||
Net loss related to open mines
|
|
(32.6
|
)
|
(33.7
|
)
|
||
Adjustments for:
|
|
|
|
||||
Finance costs
|
25
|
6.0
|
|
3.5
|
|
||
Depreciation expense
|
|
63.8
|
|
68.9
|
|
||
Impairment charge
|
24
|
—
|
|
12.5
|
|
||
Derivative (gain) loss
|
18
|
31.9
|
|
(6.1
|
)
|
||
Income taxes
|
15
|
3.6
|
|
1.4
|
|
||
Interest income
|
26
|
(3.9
|
)
|
(3.1
|
)
|
||
Share of net loss (earnings) from investments in associates and incorporated joint ventures, net of income taxes
|
8
|
0.4
|
|
(4.1
|
)
|
||
Effects of exchange rate fluctuation on cash and cash equivalents
|
|
8.2
|
|
(0.4
|
)
|
||
Other non-cash items
|
27(a)
|
3.5
|
|
6.7
|
|
||
Adjustments for cash items:
|
|
|
|
||||
Settlement of derivatives
|
18(b)
|
(1.9
|
)
|
0.4
|
|
||
Disbursements related to asset retirement obligations
|
|
(0.1
|
)
|
(0.1
|
)
|
||
Movements in non-cash working capital items and non-current ore stockpiles
|
27(b)
|
(28.7
|
)
|
(24.7
|
)
|
||
Cash from operating activities, before income taxes paid
|
|
50.2
|
|
21.2
|
|
||
Income taxes paid
|
|
(5.4
|
)
|
(11.8
|
)
|
||
Net cash from operating activities related to open mines
|
|
44.8
|
|
9.4
|
|
||
Net cash used in operating activities related to closed mines
|
27(c)
|
(0.8
|
)
|
(0.6
|
)
|
||
Net cash from operating activities
|
|
44.0
|
|
8.8
|
|
||
Investing activities
|
|
|
|
||||
Capital expenditures for property, plant and equipment
|
|
(67.5
|
)
|
(69.7
|
)
|
||
Capitalized borrowing costs
|
25
|
(0.3
|
)
|
—
|
|
||
Disposal of short-term investments (net)
|
|
—
|
|
34.3
|
|
||
Capital expenditures for exploration and evaluation assets
|
|
—
|
|
(0.5
|
)
|
||
Interest received
|
|
3.5
|
|
4.0
|
|
||
Purchase of additional common shares of associate
|
8
|
—
|
|
(0.8
|
)
|
||
Other investing activities
|
27(d)
|
0.2
|
|
(0.2
|
)
|
||
Net cash used in investing activities related to open mines
|
|
(64.1
|
)
|
(32.9
|
)
|
||
Net cash used in investing activities related to closed mines
|
|
—
|
|
—
|
|
||
Net cash used in investing activities
|
|
(64.1
|
)
|
(32.9
|
)
|
||
Financing activities
|
|
|
|
||||
Interest paid
|
25
|
(0.8
|
)
|
(0.3
|
)
|
||
Payment of lease obligations
|
|
(3.4
|
)
|
(1.0
|
)
|
||
Repayment of Equipment Loan
|
27(e)
|
(1.1
|
)
|
—
|
|
||
Other financing activities
|
|
(1.7
|
)
|
(0.9
|
)
|
||
Net cash used in financing activities related to open mines
|
|
(7.0
|
)
|
(2.2
|
)
|
||
Net cash used in financing activities related to closed mines
|
|
(0.3
|
)
|
—
|
|
||
Net cash used in financing activities
|
|
(7.3
|
)
|
(2.2
|
)
|
||
Effects of exchange rate fluctuation on cash and cash equivalents
|
|
(8.2
|
)
|
0.4
|
|
||
Decrease in cash and cash equivalents
|
|
(35.6
|
)
|
(25.9
|
)
|
||
Cash and cash equivalents, beginning of the period
|
|
830.6
|
|
615.1
|
|
||
Cash and cash equivalents, end of the period
|
|
$
|
795.0
|
|
$
|
589.2
|
|
1.
|
CORPORATE INFORMATION
|
2.
|
BASIS OF PREPARATION
|
(b)
|
Basis of measurement
|
Name
|
Property
– Location
|
March 31,
2020 |
December 31,
2019 |
Type of
Arrangement
|
Accounting
Method
|
Essakane S.A.
|
Essakane mine (Burkina Faso)
|
90%
|
90%
|
Subsidiary
|
Consolidation
|
Rosebel Gold Mines N.V.1
|
Rosebel mine (Suriname)
|
95%
|
95%
|
Subsidiary
|
Consolidation
|
Doyon division including the Westwood mine
|
Doyon division (Canada)
|
100%
|
100%
|
Division
|
Consolidation
|
Côté Gold division2
|
Côté Gold Project
(Canada) |
70%
|
70%
|
Division
|
Proportionate share
|
IAMGOLD Boto S.A.
|
Boto Gold Project (Senegal)
|
100%
|
—
|
Subsidiary
|
Consolidation
|
Euro Ressources S.A.
|
France
|
90%
|
90%
|
Subsidiary
|
Consolidation
|
Société d'Exploitation des Mines d'Or de Sadiola S.A.3
|
Sadiola mine
(Mali) |
41%
|
41%
|
Incorporated joint venture
|
Equity accounting
|
Merrex Gold Inc.
|
Diakha-Siribaya Gold Project (Mali)
|
100%
|
100%
|
Subsidiary
|
Consolidation
|
1
|
On April 22, 2020, Rosebel Gold Mines N.V. ("Rosebel") signed an Unincorporated Joint Venture (“UJV”) agreement with Staatsolie Maatschappij Suriname N.V. (“Staatsolie”) relating to the concession areas within the UJV Area of Interest, which includes Saramacca. The UJV excludes the existing gross Rosebel mining concession, which is 95% owned by Rosebel and 5% owned by the Republic of Suriname. Rosebel holds a 70% participating interest and Staatsolie holds a 30% participating interest in the UJV on behalf of the Republic of Suriname.
|
2
|
The Company holds an undivided interest in the assets, liabilities, revenues and expenses of the Côté Gold division through an unincorporated joint venture.
|
3
|
As at December 31, 2019, equity accounting for the investment in Sadiola ceased as it met the criteria to be classified as held for sale and discontinued operations.
|
4.
|
CASH AND CASH EQUIVALENTS
|
|
March 31,
2020 |
December 31,
2019 |
||||
Cash
|
$
|
720.1
|
|
$
|
755.8
|
|
Short-term deposits with initial maturities of three months or less
|
74.9
|
|
74.8
|
|
||
|
$
|
795.0
|
|
$
|
830.6
|
|
6.
|
RECEIVABLES AND OTHER CURRENT ASSETS
|
|
Notes
|
March 31,
2020 |
December 31,
2019 |
||||
Income taxes receivable
|
|
$
|
7.3
|
|
$
|
5.5
|
|
Receivables from governments1
|
|
50.5
|
|
39.1
|
|
||
Gold receivables
|
|
—
|
|
3.2
|
|
||
Other receivables
|
|
3.8
|
|
3.6
|
|
||
Total receivables
|
|
61.6
|
|
51.4
|
|
||
Prepayment for other assets
|
|
0.2
|
|
0.2
|
|
||
Marketable securities and warrants
|
19(a)
|
—
|
|
4.5
|
|
||
Prepaid expenses
|
|
10.7
|
|
11.0
|
|
||
Derivatives
|
19(a)
|
0.2
|
|
5.1
|
|
||
|
|
$
|
72.7
|
|
$
|
72.2
|
|
1
|
Receivables from governments relate primarily to value added tax.
|
7.
|
INVENTORIES
|
|
March 31,
2020 |
December 31,
2019 |
||||
Finished goods
|
$
|
78.8
|
|
$
|
68.2
|
|
Ore stockpiles
|
78.1
|
|
68.9
|
|
||
Mine supplies
|
170.9
|
|
171.4
|
|
||
|
327.8
|
|
308.5
|
|
||
Non-current ore stockpiles
|
219.1
|
|
223.2
|
|
||
|
$
|
546.9
|
|
$
|
531.7
|
|
8.
|
INVESTMENTS IN ASSOCIATES
|
|
INV Metals1
|
Sadiola2
|
Yatela2
|
Total
|
||||||||
Balance, January 1, 2019
|
$
|
5.0
|
|
$
|
71.8
|
|
$
|
—
|
|
$
|
76.8
|
|
Purchase of additional common shares of associate3
|
5.0
|
|
—
|
|
—
|
|
5.0
|
|
||||
Currency translation adjustment
|
1.4
|
|
—
|
|
—
|
|
1.4
|
|
||||
Share of net earnings (loss), net of income taxes
|
(1.4
|
)
|
(24.7
|
)
|
0.1
|
|
(26.0
|
)
|
||||
Share of net earnings recorded as a reduction of the provision
|
—
|
|
—
|
|
(0.1
|
)
|
(0.1
|
)
|
||||
Share of dividends received
|
—
|
|
(2.1
|
)
|
—
|
|
(2.1
|
)
|
||||
Reclassification to assets and liabilities held for sale
|
—
|
|
(45.0
|
)
|
—
|
|
(45.0
|
)
|
||||
Balance, December 31, 2019
|
10.0
|
|
—
|
|
—
|
|
10.0
|
|
||||
Currency translation adjustment
|
(2.1
|
)
|
—
|
|
—
|
|
(2.1
|
)
|
||||
Share of net loss, net of income taxes
|
(0.4
|
)
|
—
|
|
—
|
|
(0.4
|
)
|
||||
Balance, March 31, 2020
|
$
|
7.5
|
|
$
|
—
|
|
$
|
—
|
|
$
|
7.5
|
|
1
|
IAMGOLD includes results based on the latest publicly available information.
|
2
|
The Company's incorporated joint ventures are not publicly listed.
|
3
|
Associate relates to INV Metals Inc. ("INV Metals"), a publicly traded company incorporated in Canada. The Company's ownership interest in INV Metals as at March 31, 2020 was 35.6% (December 31, 2019 - 35.6%). On March 19, 2019, the Company participated in INV Metals' common shares public equity offering and acquired an additional 1.6 million common shares of INV Metals at a price of C$0.65 per share for an aggregate amount of $0.8 million (C$1.1 million). This acquisition allowed the Company to maintain a 35.6% ownership in INV Metals. On October 28, 2019, the Company participated in INV Metals' private placement of common shares and acquired an additional 13.9 million common shares of INV Metals at a price of C$0.40 per share for an aggregate amount of $4.2 million (C$5.6 million). This acquisition allowed the Company to maintain a 35.6% ownership in INV Metals.
|
9.
|
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS
|
•
|
$50 million upon the fulfillment or waiver of all conditions precedent and closing of the transaction ("Closing");
|
•
|
Up to a further $5 million, payable 8 days after Closing, to the extent that the cash balance of Sadiola at Closing is greater than an agreed amount;
|
•
|
$25 million upon the production of the first 250,000 ounces from the Sadiola Sulphides Project ("SSP"); and
|
•
|
$25 million upon the production of a further 250,000 ounces from the SSP.
|
|
Notes
|
Assets held for sale - Sadiola
|
Liabilities held for sale - Yatela
|
||||
Balance, December 31, 2018
|
|
$
|
—
|
|
$
|
—
|
|
Reclassification from Investments in associates and incorporated joint ventures
|
8
|
45.0
|
|
—
|
|
||
Reclassification from Other non-current assets
|
|
10.0
|
|
—
|
|
||
Reclassification from Provisions
|
|
—
|
|
(13.2
|
)
|
||
Loss from discontinued operations
|
|
(9.4
|
)
|
(5.3
|
)
|
||
Balance, December 31, 2019
|
|
$
|
45.6
|
|
$
|
(18.5
|
)
|
Balance, March 31, 2020
|
|
$
|
45.6
|
|
$
|
(18.5
|
)
|
|
Three months ended March 31,
|
|||||
|
2020
|
2019
|
||||
Share of net earnings, net of income taxes
|
$
|
—
|
|
$
|
4.7
|
|
Loss on investment in Yatela
|
—
|
|
(5.3
|
)
|
||
|
$
|
—
|
|
$
|
(0.6
|
)
|
|
Construction
in progress
|
Mining
properties
|
Plant and
equipment
|
ROU Assets: Plant and equipment
|
Total
|
||||||||||
Cost
|
|
|
|
|
|
||||||||||
Balance, January 1, 2019
|
$
|
515.1
|
|
$
|
2,719.3
|
|
$
|
1,920.2
|
|
$
|
—
|
|
$
|
5,154.6
|
|
Adoption of IFRS 16
|
—
|
|
—
|
|
—
|
|
8.5
|
|
8.5
|
|
|||||
Additions1
|
137.4
|
|
100.1
|
|
105.7
|
|
19.7
|
|
362.9
|
|
|||||
Changes in asset retirement obligations
|
—
|
|
21.5
|
|
—
|
|
—
|
|
21.5
|
|
|||||
Disposals
|
—
|
|
—
|
|
(59.3
|
)
|
(0.1
|
)
|
(59.4
|
)
|
|||||
Transfers within Property, plant and equipment
|
(157.5
|
)
|
120.1
|
|
(2.6
|
)
|
40.0
|
|
—
|
|
|||||
Transfers from Exploration and evaluation assets2
|
9.2
|
|
—
|
|
—
|
|
—
|
|
9.2
|
|
|||||
Balance, December 31, 2019
|
504.2
|
|
2,961.0
|
|
1,964.0
|
|
68.1
|
|
5,497.3
|
|
|||||
Additions1
|
28.4
|
|
38.7
|
|
24.2
|
|
9.6
|
|
100.9
|
|
|||||
Changes in asset retirement obligations
|
—
|
|
4.5
|
|
—
|
|
—
|
|
4.5
|
|
|||||
Disposals
|
—
|
|
—
|
|
(25.4
|
)
|
(0.3
|
)
|
(25.7
|
)
|
|||||
Transfers within Property, plant and equipment
|
(9.3
|
)
|
9.3
|
|
(0.1
|
)
|
0.1
|
|
—
|
|
|||||
Balance, March 31, 2020
|
$
|
523.3
|
|
$
|
3,013.5
|
|
$
|
1,962.7
|
|
$
|
77.5
|
|
$
|
5,577.0
|
|
|
Construction
in progress
|
Mining
properties
|
Plant and
equipment
|
ROU Assets: Plant and equipment
|
Total
|
||||||||||
Accumulated Depreciation and Impairment
|
|
|
|
|
|
||||||||||
Balance, January 1, 2019
|
$
|
—
|
|
$
|
1,609.6
|
|
$
|
1,108.9
|
|
$
|
—
|
|
$
|
2,718.5
|
|
Depreciation expense3
|
—
|
|
167.9
|
|
132.8
|
|
5.8
|
|
306.5
|
|
|||||
Disposals
|
—
|
|
—
|
|
(52.8
|
)
|
—
|
|
(52.8
|
)
|
|||||
Impairment
|
—
|
|
209.9
|
|
73.6
|
|
2.0
|
|
285.5
|
|
|||||
Transfers within Property, plant and equipment
|
—
|
|
—
|
|
(0.7
|
)
|
0.7
|
|
—
|
|
|||||
Balance, December 31, 2019
|
—
|
|
1,987.4
|
|
1,261.8
|
|
8.5
|
|
3,257.7
|
|
|||||
Depreciation expense3
|
—
|
|
39.0
|
|
33.3
|
|
2.3
|
|
74.6
|
|
|||||
Disposals
|
—
|
|
—
|
|
(24.7
|
)
|
(0.3
|
)
|
(25.0
|
)
|
|||||
Balance, March 31, 2020
|
$
|
—
|
|
$
|
2,026.4
|
|
$
|
1,270.4
|
|
$
|
10.5
|
|
$
|
3,307.3
|
|
Carrying amount, December 31, 2019
|
$
|
504.2
|
|
$
|
973.6
|
|
$
|
702.2
|
|
$
|
59.6
|
|
$
|
2,239.6
|
|
Carrying amount, March 31, 2020
|
$
|
523.3
|
|
$
|
987.1
|
|
$
|
692.3
|
|
$
|
67.0
|
|
$
|
2,269.7
|
|
1
|
For the three months ended March 31, 2020, borrowing costs attributable to qualifying assets associated with the Essakane, Rosebel and Westwood mines and the Côté Gold, Boto Gold and Saramacca Projects totaling $5.6 million (three months ended March 31, 2019 - $5.1 million) were capitalized.
|
2
|
Refer to note 11.
|
3
|
Excludes depreciation expense related to Corporate assets, which is included in General and administrative expenses.
|
|
Diakha-Siribaya Gold Project
|
Other
|
Total
|
||||||
Balance, January 1, 2019
|
$
|
36.6
|
|
$
|
10.7
|
|
$
|
47.3
|
|
Exploration and evaluation expenditures1,2
|
—
|
|
6.4
|
|
6.4
|
|
|||
Transfers to Property, plant and equipment3
|
—
|
|
(9.2
|
)
|
(9.2
|
)
|
|||
Impairment charge
|
—
|
|
(2.3
|
)
|
(2.3
|
)
|
|||
Balance, December 31, 2019
|
$
|
36.6
|
|
$
|
5.6
|
|
$
|
42.2
|
|
Balance, March 31, 2020
|
$
|
36.6
|
|
$
|
5.6
|
|
$
|
42.2
|
|
1
|
Other exploration and evaluation expenditures for the year ended December 31, 2019, included an option payment to Vanstar Mining Resources Inc. for the Nelligan exploration project of $1.8 million, in addition to $4.2 million in capitalized feasibility and other studies costs relating to the Boto Gold Project.
|
2
|
For the year ended December 31, 2019, borrowing costs attributable to Exploration and evaluation assets totaling $0.4 million were capitalized.
|
3
|
During the fourth quarter of 2019, capitalized costs related to the Boto Gold Project were transferred from Exploration and evaluation assets to Property, plant and equipment - Construction in progress (note 10).
|
12.
|
OTHER NON-CURRENT ASSETS
|
|
Notes
|
March 31,
2020 |
December 31,
2019 |
||||
Marketable securities and warrants
|
19(a)
|
$
|
6.3
|
|
$
|
13.4
|
|
Advances for the purchase of capital equipment
|
|
7.6
|
|
12.4
|
|
||
Income taxes receivable
|
|
16.3
|
|
16.6
|
|
||
Bond fund investments
|
|
2.1
|
|
—
|
|
||
Royalty interests
|
|
5.6
|
|
5.6
|
|
||
Long-term prepayment1
|
|
4.5
|
|
4.6
|
|
||
Derivatives
|
19(a)
|
2.0
|
|
—
|
|
||
Other
|
|
4.8
|
|
3.4
|
|
||
|
|
$
|
49.2
|
|
$
|
56.0
|
|
1
|
On March 6, 2017, the Company signed an agreement with a third-party for the construction of a solar power plant to deliver power to the Essakane mine for a period of 15 years upon commissioning for active use. The solar power plant was commissioned for active use on June 1, 2018. A prepayment of $4.9 million was made in 2017 towards the purchase of power in connection with the agreement, and for the three months ended March 31, 2020, $0.1 million (three months ended March 31, 2019 - $0.1 million) was utilized.
|
13.
|
PROVISIONS
|
|
March 31,
2020 |
December 31,
2019 |
||||
Asset retirement obligations
|
$
|
372.3
|
|
$
|
368.4
|
|
Other
|
11.5
|
|
11.0
|
|
||
|
$
|
383.8
|
|
$
|
379.4
|
|
Current portion of provisions
|
$
|
8.3
|
|
$
|
4.8
|
|
Non-current provisions
|
375.5
|
|
374.6
|
|
||
|
$
|
383.8
|
|
$
|
379.4
|
|
14.
|
DERIVATIVE LIABILITIES
|
|
Notes
|
March 31,
2020 |
December 31,
2019 |
||||
Embedded derivative - Rosebel power purchase agreement1
|
19(a),19(b)
|
$
|
17.1
|
|
$
|
—
|
|
Derivatives
|
19(a),19(b)
|
54.7
|
|
2.3
|
|
||
|
|
$
|
71.8
|
|
$
|
2.3
|
|
Current portion of derivative liabilities
|
|
$
|
25.2
|
|
$
|
—
|
|
Non-current portion of derivative liabilities
|
|
46.6
|
|
2.3
|
|
||
|
|
$
|
71.8
|
|
$
|
2.3
|
|
1
|
Rosebel has a power purchase agreement with the Government of Suriname. This agreement specifies both the quantity of power Rosebel is expected to purchase as well as the price per kilowatt hour. An embedded derivative exists in the Rosebel power purchase agreement as increases in electricity prices are linked to the price of gold. This embedded derivative is accounted for separately from the host contract at FVTPL as the economic characteristics and risks of the host contract and the embedded derivative are not closely related. The company recognized an embedded derivative liability of $17.1 million as at March 31, 2020 due primarily to the forward price of gold exceeding the minimum price threshold set in the agreement.
|
16.
|
LONG-TERM DEBT AND CREDIT FACILITY
|
|
Notes
|
March 31,
2020 |
December 31,
2019 |
||||
7% Senior Notes
|
(a)
|
$
|
400.2
|
|
$
|
388.1
|
|
Equipment Loan
|
(b)
|
18.9
|
|
20.4
|
|
||
|
|
$
|
419.1
|
|
$
|
408.5
|
|
Current portion of long-term debt
|
|
$
|
4.5
|
|
$
|
4.6
|
|
Non-current portion of long-term debt
|
|
414.6
|
|
403.9
|
|
||
|
|
$
|
419.1
|
|
$
|
408.5
|
|
|
Payments due by period
|
|||||||||||||||||
Notes balance as at
|
Carrying amount1
|
Contractual cash flows
|
<1 yr
|
1-2 yrs
|
3-4 yrs
|
>4 yrs
|
||||||||||||
March 31, 2020
|
$
|
400.0
|
|
$
|
554.0
|
|
$
|
28.0
|
|
$
|
56.0
|
|
$
|
56.0
|
|
$
|
414.0
|
|
December 31, 2019
|
$
|
400.0
|
|
$
|
554.0
|
|
$
|
28.0
|
|
$
|
56.0
|
|
$
|
56.0
|
|
$
|
414.0
|
|
1
|
The carrying amount of the long-term debt excludes unamortized deferred transaction costs of the Notes of $4.0 million as at March 31, 2020 (December 31, 2019 – $4.1 million). The carrying amount of the long-term debt also excludes the embedded derivative.
|
(b)
|
Equipment Loan
|
|
Payments due by period
|
|||||||||||||||||
Equipment Loan balance as at
|
Carrying amount1
|
Contractual cash flows
|
<1 yr
|
1-2 yrs
|
3-4 yrs
|
>4 yrs
|
||||||||||||
March 31, 2020
|
$
|
19.2
|
|
$
|
21.5
|
|
$
|
5.4
|
|
$
|
10.2
|
|
$
|
5.9
|
|
$
|
—
|
|
December 31, 2019
|
$
|
20.7
|
|
$
|
23.3
|
|
$
|
5.6
|
|
$
|
10.5
|
|
$
|
7.2
|
|
$
|
—
|
|
1
|
The carrying amount of the long-term debt excludes unamortized deferred transaction costs of the Equipment Loan of $0.3 million as at March 31, 2020 (December 31, 2019 – $0.3 million).
|
(c)
|
Credit facility
|
(d)
|
Uncollateralized surety bonds
|
17.
|
DEFERRED REVENUE
|
|
Notes
|
|
||
Balance, January 1, 2019
|
|
$
|
—
|
|
Prepayment from customers
|
|
169.8
|
|
|
Finance costs
|
|
0.7
|
|
|
Balance, December 31, 2019
|
|
$
|
170.5
|
|
Finance costs
|
25
|
2.3
|
|
|
Balance, March 31, 2020
|
|
$
|
172.8
|
|
18.
|
FINANCIAL INSTRUMENTS
|
|
Three months ended March 31,
|
|||||
|
2020
|
2019
|
||||
Proceeds from sale of marketable securities
|
$
|
10.4
|
|
$
|
—
|
|
Acquisition date fair value of marketable securities sold
|
(10.3
|
)
|
—
|
|
||
Gain (loss) on sale of marketable securities recorded in OCI
|
0.1
|
|
—
|
|
||
Reduction in value of marketable securities
|
(5.0
|
)
|
—
|
|
||
Net realized change in fair value of marketable securities
|
$
|
(4.9
|
)
|
$
|
—
|
|
(i)
|
Hedge gain/loss
|
|
Gain (loss) recognized in cash flow hedge reserve
|
(Gain) loss reclassified or adjusted from cash flow hedge reserve
|
||||||||||
|
Three months ended March 31, 2020
|
Three months ended March 31, 2019
|
Three months ended March 31, 2020
|
Three months ended March 31, 2019
|
||||||||
|
||||||||||||
Exchange rate risk
|
|
|
|
|
||||||||
Canadian dollar option contracts
|
$
|
(7.7
|
)
|
$
|
0.5
|
|
$
|
0.6
|
|
$
|
—
|
|
Canadian dollar forward contracts
|
(0.7
|
)
|
0.9
|
|
—
|
|
(0.1
|
)
|
||||
Euro option contracts
|
—
|
|
(0.4
|
)
|
—
|
|
0.1
|
|
||||
Crude oil option contracts
|
(39.3
|
)
|
5.9
|
|
1.4
|
|
(0.4
|
)
|
||||
|
(47.7
|
)
|
6.9
|
|
2.0
|
|
(0.4
|
)
|
||||
Time value of option contracts excluded from hedge relationship
|
(9.6
|
)
|
15.6
|
|
—
|
|
—
|
|
||||
|
$
|
(57.3
|
)
|
$
|
22.5
|
|
$
|
2.0
|
|
$
|
(0.4
|
)
|
|
(Gain) loss reclassified or adjusted from cash flow hedge reserve to:
|
|||||
|
Three months ended March 31, 2020
|
Three months ended March 31, 2019
|
||||
|
||||||
Consolidated balance sheets
|
|
|
||||
Property, plant and equipment
|
$
|
0.1
|
|
$
|
—
|
|
Consolidated statements of earnings (loss)
|
|
|
|
|||
Cost of sales
|
1.6
|
|
(0.4
|
)
|
||
General and administrative expenses
|
0.3
|
|
—
|
|
||
Total
|
$
|
2.0
|
|
$
|
(0.4
|
)
|
(ii)
|
Currency exchange rate risk
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
Total
|
|
Cash flow hedges
|
|
|
|
|
|
||||
Exchange rate risk
|
|
|
|
|
|
||||
Canadian dollar forward and option contracts (millions of C$)
|
191
|
|
252
|
|
210
|
|
120
|
773
|
|
Rate range ($/C$)1
|
1.30 - 1.40
|
|
1.30 - 1.47
|
|
1.30 - 1.48
|
|
1.30 - 1.46
|
|
|
1
|
The Company executed Canadian dollar collar options, which consist of Canadian dollar call and put options within the given range in 2020 through 2023. The Company will recognize a gain from the difference between a lower market price and the Canadian dollar call strike price. The Company will incur a loss from the difference between a higher market price and the Canadian dollar put strike price.
|
|
Carrying amount
|
|
Fair value changes used for calculating hedge ineffectiveness
|
||||||||||||
As at March 31, 2020
|
Assets
|
Liabilities
|
Accumulated cash flow hedge fair value reserve (before tax)
|
Hedging instruments
|
Hedged items
|
||||||||||
Canadian dollar option contracts
|
$
|
2.2
|
|
$
|
(11.3
|
)
|
$
|
(7.0
|
)
|
$
|
(7.0
|
)
|
$
|
7.0
|
|
Canadian dollar forward contracts
|
—
|
|
(0.7
|
)
|
(0.7
|
)
|
(0.7
|
)
|
0.7
|
|
|||||
|
$
|
2.2
|
|
$
|
(12.0
|
)
|
$
|
(7.7
|
)
|
$
|
(7.7
|
)
|
$
|
7.7
|
|
|
Carrying amount
|
|
Fair value changes used for calculating hedge ineffectiveness
|
||||||||||||
As at December 31, 2019
|
Assets
|
Liabilities
|
Accumulated cash flow hedge fair value reserve (before tax)
|
Hedging instruments
|
Hedged
items
|
||||||||||
Canadian dollar option contracts
|
$
|
1.4
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Canadian dollar forward contracts
|
—
|
|
—
|
|
0.1
|
|
0.1
|
|
(0.1
|
)
|
|||||
Euro option contracts
|
—
|
|
—
|
|
(1.1
|
)
|
(1.1
|
)
|
1.1
|
|
|||||
|
$
|
1.4
|
|
$
|
—
|
|
$
|
(1.0
|
)
|
$
|
(1.0
|
)
|
$
|
1.0
|
|
(iii)
|
Oil and fuel market price risk
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Total
|
|
Brent crude oil option contracts (barrels)1
|
432
|
|
588
|
|
520
|
|
170
|
|
1,710
|
|
Option contracts with strike prices at ($/barrel)2
|
50 - 65
|
|
54 - 65
|
|
50 - 65
|
|
50 - 65
|
|
|
|
WTI crude oil option contracts (barrels)1
|
366
|
|
456
|
|
450
|
|
348
|
|
1,620
|
|
Option contracts with strike prices at ($/barrel)2
|
43 - 60
|
|
46 - 62
|
|
45 - 62
|
|
47 - 60
|
|
|
1
|
Quantities of barrels are in thousands.
|
2
|
The Company executed Brent and WTI collar options, which consist of Brent and WTI put and call options with strike prices within the given range in 2020 through 2023. The Company will incur a loss from the difference between a lower market price and the put strike price. The Company will recognize a gain from the difference between a higher market price and the call strike price.
|
|
Carrying amount
|
|
Fair value changes used for calculating hedge ineffectiveness
|
||||||||||||
As at March 31, 2020
|
Assets
|
Liabilities
|
Accumulated cash flow hedge fair value reserve (before tax)
|
Hedging instruments
|
Hedged items
|
||||||||||
Brent crude oil option contracts
|
$
|
—
|
|
$
|
(24.7
|
)
|
$
|
(22.2
|
)
|
$
|
(22.2
|
)
|
$
|
22.2
|
|
WTI crude oil option contracts
|
—
|
|
(18.0
|
)
|
(13.9
|
)
|
(13.9
|
)
|
13.9
|
|
|||||
|
$
|
—
|
|
$
|
(42.7
|
)
|
$
|
(36.1
|
)
|
$
|
(36.1
|
)
|
$
|
36.1
|
|
|
Carrying amount
|
|
Fair value changes used for calculating hedge ineffectiveness
|
||||||||||||
As at December 31, 2019
|
Assets
|
Liabilities
|
Accumulated cash flow hedge fair value reserve (before tax)
|
Hedging instruments
|
Hedged items
|
||||||||||
Brent crude oil option contracts
|
$
|
1.8
|
|
$
|
(1.3
|
)
|
$
|
0.9
|
|
$
|
0.9
|
|
$
|
(0.9
|
)
|
WTI crude oil option contracts
|
1.9
|
|
(1.0
|
)
|
0.9
|
|
0.9
|
|
(0.9
|
)
|
|||||
|
$
|
3.7
|
|
$
|
(2.3
|
)
|
$
|
1.8
|
|
$
|
1.8
|
|
$
|
(1.8
|
)
|
|
|
Three months ended March 31,
|
|||||
|
Notes
|
2020
|
2019
|
||||
Embedded derivatives
|
14,16(a)
|
$
|
(29.1
|
)
|
$
|
4.3
|
|
Warrants
|
|
(0.9
|
)
|
1.4
|
|
||
|
26
|
$
|
(30.0
|
)
|
$
|
5.7
|
|
19.
|
FAIR VALUE MEASUREMENTS
|
▪
|
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities which the entity can access at the measurement date.
|
▪
|
Level 2 inputs are inputs other than quoted prices included within Level 1 which are observable for the asset or liability, either directly or indirectly such as those derived from prices.
|
▪
|
Level 3 inputs are unobservable inputs for the asset or liability.
|
(a)
|
Financial assets and liabilities measured at fair value on a recurring basis
|
|
March 31, 2020
|
||||||||||||||
|
Carrying Amount
|
Level 1
|
Level 2
|
Level 3
|
Total Fair Value
|
||||||||||
Assets
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
795.0
|
|
$
|
795.0
|
|
$
|
—
|
|
$
|
—
|
|
$
|
795.0
|
|
Short-term investments
|
7.2
|
|
7.2
|
|
—
|
|
—
|
|
7.2
|
|
|||||
Restricted cash
|
27.6
|
|
27.6
|
|
—
|
|
—
|
|
27.6
|
|
|||||
Marketable securities and warrants
|
6.3
|
|
5.3
|
|
—
|
|
1.0
|
|
6.3
|
|
|||||
Bond fund investments
|
2.1
|
|
2.1
|
|
—
|
|
—
|
|
2.1
|
|
|||||
Derivatives
|
|
|
|
|
|
||||||||||
Currency contracts
|
2.2
|
|
—
|
|
2.2
|
|
—
|
|
2.2
|
|
|||||
Embedded derivative - Prepayment option on notes
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
|
$
|
840.4
|
|
$
|
837.2
|
|
$
|
2.2
|
|
$
|
1.0
|
|
$
|
840.4
|
|
Liabilities
|
|
|
|
|
|
||||||||||
Derivatives
|
|
|
|
|
|
||||||||||
Currency contracts
|
$
|
(12.0
|
)
|
$
|
—
|
|
$
|
(12.0
|
)
|
$
|
—
|
|
$
|
(12.0
|
)
|
Crude oil contracts
|
(42.7
|
)
|
—
|
|
(42.7
|
)
|
—
|
|
(42.7
|
)
|
|||||
Embedded derivative - Rosebel power purchase agreement
|
(17.1
|
)
|
—
|
|
(17.1
|
)
|
—
|
|
(17.1
|
)
|
|||||
Long-term debt - 7% Senior Notes1
|
(400.0
|
)
|
(373.3
|
)
|
—
|
|
—
|
|
(373.3
|
)
|
|||||
Long-term debt - Equipment Loan2
|
(19.2
|
)
|
—
|
|
(21.5
|
)
|
—
|
|
(21.5
|
)
|
|||||
|
$
|
(491.0
|
)
|
$
|
(373.3
|
)
|
$
|
(93.3
|
)
|
$
|
—
|
|
$
|
(466.6
|
)
|
1
|
The carrying amount of the long-term debt excludes unamortized deferred transaction costs of the Notes of $4.0 million as at March 31, 2020. The carrying amount of the long-term debt also excludes the embedded derivative.
|
2
|
The carrying amount of the long-term debt excludes unamortized deferred transaction costs of the Equipment Loan of $0.3 million as at March 31, 2020.
|
|
December 31, 2019
|
||||||||||||||
|
Carrying Amount
|
Level 1
|
Level 2
|
Level 3
|
Total Fair Value
|
||||||||||
Assets
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
830.6
|
|
$
|
830.6
|
|
$
|
—
|
|
$
|
—
|
|
$
|
830.6
|
|
Short-term investments
|
6.1
|
|
6.1
|
|
—
|
|
—
|
|
6.1
|
|
|||||
Restricted cash
|
28.1
|
|
28.1
|
|
—
|
|
—
|
|
28.1
|
|
|||||
Marketable securities and warrants
|
17.9
|
|
7.4
|
|
4.5
|
|
6.0
|
|
17.9
|
|
|||||
Derivatives
|
|
|
|
|
|
||||||||||
Currency contracts
|
1.4
|
|
—
|
|
1.4
|
|
—
|
|
1.4
|
|
|||||
Crude oil contracts
|
3.7
|
|
—
|
|
3.7
|
|
—
|
|
3.7
|
|
|||||
Embedded derivative - Prepayment option on notes
|
12.0
|
|
—
|
|
12.0
|
|
—
|
|
12.0
|
|
|||||
|
$
|
899.8
|
|
$
|
872.2
|
|
$
|
21.6
|
|
$
|
6.0
|
|
$
|
899.8
|
|
Liabilities
|
|
|
|
|
|
||||||||||
Derivatives
|
|
|
|
|
|
||||||||||
Crude oil contracts
|
$
|
(2.3
|
)
|
$
|
—
|
|
$
|
(2.3
|
)
|
$
|
—
|
|
$
|
(2.3
|
)
|
Long-term debt - 7% Senior Notes1
|
(400.0
|
)
|
(416.8
|
)
|
—
|
|
—
|
|
(416.8
|
)
|
|||||
Long-term debt - Equipment Loan2
|
(20.7
|
)
|
—
|
|
(20.8
|
)
|
—
|
|
(20.8
|
)
|
|||||
|
$
|
(423.0
|
)
|
$
|
(416.8
|
)
|
$
|
(23.1
|
)
|
$
|
—
|
|
$
|
(439.9
|
)
|
1
|
The carrying amount of the long-term debt excludes unamortized deferred transaction costs of the Notes of $4.1 million as at December 31, 2019. The carrying amount of the long-term debt also excludes the embedded derivative.
|
2
|
The carrying amount of the long-term debt excludes unamortized deferred transaction costs of the Equipment Loan of $0.3 million as at December 31, 2019.
|
(b)
|
Valuation techniques
|
Marketable securities included in level 3
|
|
||
Balance, December 31, 2019
|
$
|
6.0
|
|
Reduction in value of marketable securities
|
(5.0
|
)
|
|
Balance, March 31, 2020
|
$
|
1.0
|
|
20.
|
SHARE CAPITAL
|
|
Three months ended March 31,
|
|||
Number of common shares (in millions)
|
2020
|
2019
|
||
Outstanding, beginning of the period
|
469.0
|
|
466.8
|
|
Issuance of shares for share-based compensation
|
1.9
|
|
1.1
|
|
Outstanding, end of the period
|
470.9
|
|
467.9
|
|
21.
|
LOSS PER SHARE
|
|
Three months ended March 31,
|
|||||
|
2020
|
2019
|
||||
Numerator
|
|
|
||||
Net loss from continuing operations attributable to equity holders of IAMGOLD
|
$
|
(34.4
|
)
|
$
|
(40.7
|
)
|
Net loss from discontinued operations attributable to equity holders of IAMGOLD
|
—
|
|
(0.6
|
)
|
||
Net loss attributable to equity holders of IAMGOLD
|
$
|
(34.4
|
)
|
$
|
(41.3
|
)
|
Denominator (in millions)
|
|
|
||||
Weighted average number of common shares (basic)
|
470.1
|
|
467.6
|
|
||
Basic and diluted loss from continuing operations attributable to equity holders of IAMGOLD per share ($/share)
|
$
|
(0.07
|
)
|
$
|
(0.09
|
)
|
Basic and diluted loss from discontinued operations attributable to equity holders of IAMGOLD per share ($/share)
|
—
|
|
—
|
|
||
Basic and diluted loss attributable to equity holders of IAMGOLD ($/share)
|
$
|
(0.07
|
)
|
$
|
(0.09
|
)
|
|
|
Three months ended March 31,
|
|||
(in millions)
|
Notes
|
2020
|
2019
|
||
Share options
|
22(a)
|
5.8
|
|
8.4
|
|
Full value awards
|
22(b)
|
6.9
|
|
5.7
|
|
Contingently issuable shares
|
|
—
|
|
1.0
|
|
|
|
12.7
|
|
15.1
|
|
Three months ended March 31, 2020
|
Share
options (in millions) |
|
Weighted
average exercise price (C$/share)1 |
|
|
Outstanding, beginning of the period
|
7.5
|
|
$
|
5.11
|
|
Exercised
|
(0.7
|
)
|
3.13
|
|
|
Expired
|
(1.0
|
)
|
7.74
|
|
|
Outstanding, end of the period
|
5.8
|
|
$
|
4.87
|
|
Exercisable, end of the period
|
3.3
|
|
$
|
4.61
|
|
1
|
Exercise prices are denominated in Canadian dollars. The exchange rate at March 31, 2020 between the U.S. dollar and Canadian dollar was
|
Three months ended March 31,
|
2020
|
||
Weighted average risk-free interest rate
|
0.6
|
%
|
|
Weighted average expected volatility1
|
64.0
|
%
|
|
Weighted average dividend yield
|
0.0
|
%
|
|
Weighted average expected life of deferred share units issued (years)
|
0.8
|
|
|
Weighted average grant-date fair value (C$ per share)
|
$
|
3.68
|
|
Weighted average share price at grant date (C$ per share)
|
$
|
3.68
|
|
1
|
Expected volatility is estimated by considering historic average share price volatility based on the average expected life of the units.
|
Three months ended March 31,
|
2020
|
||
Weighted average risk-free interest rate
|
0.5
|
%
|
|
Weighted average expected volatility1
|
54.0
|
%
|
|
Weighted average dividend yield
|
0.0
|
%
|
|
Weighted average expected life of restricted share units issued (years)
|
3.0
|
|
|
Weighted average grant-date fair value (C$ per share)
|
$
|
3.30
|
|
Weighted average share price at grant date (C$ per share)
|
$
|
3.30
|
|
1
|
Expected volatility is estimated by considering historic average share price volatility based on the average expected life of the restricted share units.
|
Three months ended March 31,
|
2020
|
||
Risk-free interest rate
|
0.5
|
%
|
|
Expected volatility1
|
53.8
|
%
|
|
Dividend yield
|
0.0
|
%
|
|
Expected life of restricted share units issued (years)
|
3.0
|
|
|
Grant-date fair value (C$ per share)
|
$
|
3.23
|
|
Share price at grant date (C$ per share)
|
$
|
3.30
|
|
1
|
Expected volatility is estimated by considering historic average share price volatility based on the average expected life of the restricted share units.
|
23.
|
COST OF SALES
|
|
Three months ended March 31,
|
|||||
|
2020
|
2019
|
||||
Operating costs1
|
$
|
165.8
|
|
$
|
171.9
|
|
Royalties
|
13.4
|
|
11.4
|
|
||
Depreciation expense2
|
63.4
|
|
68.6
|
|
||
|
$
|
242.6
|
|
$
|
251.9
|
|
1
|
Operating costs include mine production, transport and smelter costs, and site administrative expenses.
|
2
|
Depreciation expense excludes depreciation related to Corporate assets, which is included in General and administrative expenses.
|
24.
|
OTHER EXPENSES
|
|
Three months ended March 31,
|
|||||
|
2020
|
2019
|
||||
Impairment charge
|
$
|
—
|
|
$
|
12.5
|
|
Changes in asset retirement obligations at closed sites
|
—
|
|
2.2
|
|
||
Write-down of assets
|
0.5
|
|
1.2
|
|
||
Restructuring costs
|
—
|
|
3.2
|
|
||
Consulting costs
|
0.7
|
|
1.5
|
|
||
Care and maintenance costs1
|
1.3
|
|
—
|
|
||
Other
|
0.4
|
|
1.4
|
|
||
|
$
|
2.9
|
|
$
|
22.0
|
|
1
|
Westwood mine was placed on care and maintenance on March 25, 2020 as directed by the Government of Quebec in response to the global COVID-19 crisis as mining was considered a non-essential business. Subsequently, on April 15, 2020, Westwood commenced the restart of operations from care and maintenance following the April 13, 2020 confirmation from the Government of Quebec that mining is an essential business.
|
25.
|
FINANCE COSTS
|
|
|
Three months ended March 31,
|
|||||
|
Notes
|
2020
|
2019
|
||||
Interest expense
|
|
$
|
2.6
|
|
$
|
2.2
|
|
Credit facility fees
|
|
1.2
|
|
1.1
|
|
||
Accretion expense - Gold prepayment
|
17
|
2.3
|
|
—
|
|
||
Accretion expense - Other
|
|
0.1
|
|
0.4
|
|
||
|
|
$
|
6.2
|
|
$
|
3.7
|
|
26.
|
INTEREST INCOME, DERIVATIVES AND OTHER INVESTMENT GAINS (LOSSES)
|
|
|
Three months ended March 31,
|
|||||
|
Notes
|
2020
|
2019
|
||||
Interest income
|
|
$
|
3.9
|
|
$
|
3.1
|
|
Gain (loss) on non-hedge derivatives and warrants
|
18(c)
|
(30.0
|
)
|
5.7
|
|
||
Other gains (losses)
|
|
(0.4
|
)
|
0.3
|
|
||
|
|
$
|
(26.5
|
)
|
$
|
9.1
|
|
27.
|
CASH FLOW ITEMS
|
|
|
Three months ended March 31,
|
|||||
|
Notes
|
2020
|
2019
|
||||
Share-based compensation
|
|
$
|
1.9
|
|
$
|
2.1
|
|
Write-down of assets
|
24
|
0.5
|
|
1.2
|
|
||
Write-down of inventories
|
7
|
0.7
|
|
0.6
|
|
||
Effects of exchange rate fluctuation on short-term investments
|
|
—
|
|
1.7
|
|
||
Effects of exchange rate fluctuation on restricted cash
|
|
0.5
|
|
0.4
|
|
||
Other
|
|
(0.1
|
)
|
0.7
|
|
||
|
|
$
|
3.5
|
|
$
|
6.7
|
|
(b)
|
Movements in non-cash working capital items and non-current ore stockpiles
|
|
Three months ended March 31,
|
|||||
|
2020
|
2019
|
||||
Receivables and other current assets
|
$
|
(8.0
|
)
|
$
|
(4.6
|
)
|
Inventories and non-current ore stockpiles
|
(9.7
|
)
|
(1.9
|
)
|
||
Accounts payable and accrued liabilities
|
(11.0
|
)
|
(18.2
|
)
|
||
|
$
|
(28.7
|
)
|
$
|
(24.7
|
)
|
|
|
Three months ended March 31,
|
|||||
|
Notes
|
2020
|
2019
|
||||
Net loss from closed mines
|
|
$
|
(0.3
|
)
|
$
|
(7.6
|
)
|
Adjustments for:
|
|
|
|
||||
Share of net loss from investment in associate and incorporated joint ventures, net of income taxes
|
8
|
—
|
|
(0.1
|
)
|
||
Finance costs at closed mines
|
25
|
0.2
|
|
0.2
|
|
||
Changes in estimates of asset retirement obligations at closed sites
|
24
|
—
|
|
2.2
|
|
||
Loss on investment in Yatela
|
|
—
|
|
5.3
|
|
||
Movement in non-cash working capital at closed sites
|
|
(0.1
|
)
|
(0.3
|
)
|
||
Adjustments for cash items:
|
|
|
|
||||
Disbursements related to asset retirement obligations at closed sites
|
|
(0.6
|
)
|
(0.3
|
)
|
||
|
|
$
|
(0.8
|
)
|
$
|
(0.6
|
)
|
|
|
Three months ended March 31,
|
|||||
|
Notes
|
2020
|
2019
|
||||
Disposal (acquisition) of investments
|
|
$
|
0.5
|
|
$
|
(0.1
|
)
|
Repayments from related parties
|
29
|
0.1
|
|
0.1
|
|
||
Other
|
|
(0.4
|
)
|
(0.2
|
)
|
||
|
|
$
|
0.2
|
|
$
|
(0.2
|
)
|
|
Notes
|
Equipment Loan
|
7% Senior Notes
|
Total
|
||||||
Balance, January 1, 2019
|
|
$
|
—
|
|
$
|
398.5
|
|
$
|
398.5
|
|
Cash changes:
|
|
|
|
|
||||||
Proceeds from equipment loan
|
16(b)
|
23.3
|
|
—
|
|
23.3
|
|
|||
Deferred transaction costs
|
|
(0.3
|
)
|
—
|
|
(0.3
|
)
|
|||
Repayments
|
|
(2.3
|
)
|
—
|
|
(2.3
|
)
|
|||
Non-cash changes:
|
|
|
|
|
||||||
Amortization of deferred financing charges
|
|
—
|
|
0.9
|
|
0.9
|
|
|||
Foreign currency translation
|
|
(0.3
|
)
|
—
|
|
(0.3
|
)
|
|||
Change in fair value of embedded derivative
|
16(a)
|
—
|
|
(11.3
|
)
|
(11.3
|
)
|
|||
Balance, December 31, 2019
|
|
$
|
20.4
|
|
$
|
388.1
|
|
$
|
408.5
|
|
Cash changes:
|
|
|
|
|
||||||
Repayments
|
|
(1.1
|
)
|
—
|
|
(1.1
|
)
|
|||
Non-cash changes:
|
|
|
|
|
||||||
Amortization of deferred financing charges
|
|
—
|
|
0.1
|
|
0.1
|
|
|||
Foreign currency translation
|
|
(0.4
|
)
|
—
|
|
(0.4
|
)
|
|||
Change in fair value of embedded derivative
|
16(a)
|
—
|
|
12.0
|
|
12.0
|
|
|||
Balance, March 31, 2020
|
|
$
|
18.9
|
|
$
|
400.2
|
|
$
|
419.1
|
|
28.
|
COMMITMENTS
|
|
March 31, 2020
|
December 31, 2019
|
||||
Purchase obligations
|
$
|
121.3
|
|
$
|
124.4
|
|
Capital expenditure obligations
|
42.6
|
|
42.0
|
|
||
Lease obligations
|
70.6
|
|
65.2
|
|
||
|
$
|
234.5
|
|
$
|
231.6
|
|
As at March 31, 2020
|
Total
|
<1 yr1
|
1-2 yrs2
|
3-4 yrs3
|
>4 yrs4
|
||||||||||
Purchase obligations
|
$
|
121.3
|
|
$
|
116.1
|
|
$
|
2.9
|
|
$
|
1.1
|
|
$
|
1.2
|
|
Capital expenditure obligations
|
42.6
|
|
42.6
|
|
—
|
|
—
|
|
—
|
|
|||||
Lease obligations
|
70.6
|
|
13.5
|
|
31.3
|
|
23.2
|
|
2.6
|
|
|||||
|
$
|
234.5
|
|
$
|
172.2
|
|
$
|
34.2
|
|
$
|
24.3
|
|
$
|
3.8
|
|
29.
|
RELATED PARTY TRANSACTIONS
|
|
Three months ended March 31,
|
|||||
|
2020
|
2019
|
||||
Sadiola and Yatela (Non-interest bearing)
|
|
|
||||
Balance, beginning of the period
|
$
|
—
|
|
$
|
0.1
|
|
Repayments
|
(0.1
|
)
|
(0.1
|
)
|
||
Balance, end of the period
|
$
|
(0.1
|
)
|
$
|
—
|
|
Sadiola Sulphide Project (LIBOR plus 2%)1
|
|
|
|
|||
Balance, beginning of the period
|
$
|
—
|
|
$
|
14.0
|
|
Balance, end of the period
|
$
|
—
|
|
$
|
14.0
|
|
1
|
These advances were part of an extended loan agreement, reached in the fourth quarter of 2016, for the Sadiola Sulphide Project, and are to be repaid on the earlier of December 31, 2020 or, at such time as Sadiola has sufficient free cash flow.
|
30.
|
SEGMENTED INFORMATION
|
|
March 31, 2020
|
December 31, 2019
|
||||||||||||||||
|
Total non-
current assets |
Total
assets |
Total
liabilities |
Total non-
current assets |
Total
assets |
Total
liabilities |
||||||||||||
Gold mines
|
|
|
|
|
|
|
||||||||||||
Burkina Faso
|
$
|
954.5
|
|
$
|
1,242.0
|
|
$
|
278.6
|
|
$
|
958.1
|
|
$
|
1,255.6
|
|
$
|
254.2
|
|
Suriname
|
764.3
|
|
951.8
|
|
402.9
|
|
756.1
|
|
938.5
|
|
360.8
|
|
||||||
Canada
|
316.3
|
|
337.9
|
|
199.4
|
|
315.4
|
|
338.9
|
|
203.7
|
|
||||||
Total gold mines excluding incorporated joint ventures
|
2,035.1
|
|
2,531.7
|
|
880.9
|
|
2,029.6
|
|
2,533.0
|
|
818.7
|
|
||||||
Exploration and evaluation and development
|
526.5
|
|
620.8
|
|
17.6
|
|
510.7
|
|
605.5
|
|
13.6
|
|
||||||
Corporate1
|
53.7
|
|
711.1
|
|
637.7
|
|
58.8
|
|
723.6
|
|
611.0
|
|
||||||
Total per consolidated financial statements
|
$
|
2,615.3
|
|
$
|
3,863.6
|
|
$
|
1,536.2
|
|
$
|
2,599.1
|
|
$
|
3,862.1
|
|
$
|
1,443.3
|
|
Discontinued operations - Incorporated joint ventures (Mali)2
|
$
|
62.9
|
|
$
|
144.8
|
|
$
|
121.3
|
|
$
|
63.5
|
|
$
|
140.7
|
|
$
|
123.2
|
|
|
Consolidated statements of earnings (loss) information
|
Capital
expenditures4 |
||||||||||||||||||||||
|
Revenues
|
Cost of
sales1
|
Depreciation
expense2
|
General
and
administrative3
|
Exploration
|
Other
|
Earnings
(loss) from
operations
|
|||||||||||||||||
Gold mines
|
|
|
|
|
|
|
|
|
||||||||||||||||
Burkina Faso
|
$
|
132.5
|
|
$
|
80.1
|
|
$
|
35.1
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
17.3
|
|
$
|
31.9
|
|
Suriname
|
106.0
|
|
73.6
|
|
20.7
|
|
—
|
|
0.9
|
|
0.4
|
|
10.4
|
|
20.5
|
|
||||||||
Canada
|
36.0
|
|
25.5
|
|
6.8
|
|
—
|
|
—
|
|
2.0
|
|
1.7
|
|
4.6
|
|
||||||||
Total gold mines excluding incorporated joint ventures
|
274.5
|
|
179.2
|
|
62.6
|
|
—
|
|
0.9
|
|
2.4
|
|
29.4
|
|
57.0
|
|
||||||||
Exploration and evaluation and development5
|
—
|
|
—
|
|
—
|
|
—
|
|
7.5
|
|
—
|
|
(7.5
|
)
|
10.5
|
|
||||||||
Corporate6
|
—
|
|
—
|
|
0.8
|
|
11.9
|
|
—
|
|
0.5
|
|
(13.2
|
)
|
—
|
|
||||||||
Total per consolidated financial statements
|
274.5
|
|
179.2
|
|
63.4
|
|
11.9
|
|
8.4
|
|
2.9
|
|
8.7
|
|
67.5
|
|
||||||||
Discontinued operations - Incorporated joint ventures (Mali)7
|
19.6
|
|
11.8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7.8
|
|
—
|
|
||||||||
|
$
|
294.1
|
|
$
|
191.0
|
|
$
|
63.4
|
|
$
|
11.9
|
|
$
|
8.4
|
|
$
|
2.9
|
|
$
|
16.5
|
|
$
|
67.5
|
|
|
Consolidated statements of earnings (loss) information
|
Capital
expenditures4 |
||||||||||||||||||||||
|
Revenues
|
Cost of
sales1
|
Depreciation
expense2
|
General
and
administrative3
|
Exploration
|
Other
|
Earnings
(loss) from
operations
|
|||||||||||||||||
Gold mines
|
|
|
|
|
|
|
|
|
||||||||||||||||
Burkina Faso
|
$
|
134.1
|
|
$
|
91.6
|
|
$
|
33.3
|
|
$
|
—
|
|
$
|
—
|
|
$
|
12.5
|
|
$
|
(3.3
|
)
|
$
|
30.4
|
|
Suriname
|
92.5
|
|
62.9
|
|
17.5
|
|
—
|
|
0.4
|
|
0.8
|
|
10.9
|
|
20.3
|
|
||||||||
Canada
|
24.4
|
|
28.8
|
|
12.8
|
|
—
|
|
—
|
|
6.0
|
|
(23.2
|
)
|
12.6
|
|
||||||||
Total gold mines excluding incorporated joint ventures
|
251.0
|
|
183.3
|
|
63.6
|
|
—
|
|
0.4
|
|
19.3
|
|
(15.6
|
)
|
63.3
|
|
||||||||
Exploration and evaluation and development5
|
—
|
|
—
|
|
—
|
|
—
|
|
8.5
|
|
0.1
|
|
(8.6
|
)
|
6.4
|
|
||||||||
Corporate6
|
—
|
|
—
|
|
5.0
|
|
9.6
|
|
—
|
|
2.6
|
|
(17.2
|
)
|
0.5
|
|
||||||||
Total per consolidated financial statements
|
251.0
|
|
183.3
|
|
68.6
|
|
9.6
|
|
8.9
|
|
22.0
|
|
(41.4
|
)
|
70.2
|
|
||||||||
Discontinued operations - Incorporated joint ventures (Mali)7
|
16.2
|
|
10.3
|
|
0.4
|
|
—
|
|
—
|
|
—
|
|
5.5
|
|
—
|
|
||||||||
|
$
|
267.2
|
|
$
|
193.6
|
|
$
|
69.0
|
|
$
|
9.6
|
|
$
|
8.9
|
|
$
|
22.0
|
|
$
|
(35.9
|
)
|
$
|
70.2
|
|
1
|
Excludes depreciation expense.
|
2
|
Depreciation expense excludes depreciation related to Corporate assets, which is included in General and administrative expenses.
|
3
|
Includes depreciation expense relating to Corporate and Exploration and evaluation assets.
|
4
|
Includes cash expenditures for Property, plant and equipment, Exploration and evaluation assets and finance lease payments.
|
5
|
Closed site costs on Exploration and evaluation properties included in Other expenses.
|
6
|
Includes earnings from royalty interests.
|
7
|
Net earnings (loss) from incorporated joint ventures are included in a separate line in the Consolidated statements of earnings (loss). The breakdown of the financial information has been disclosed above as it is reviewed regularly by the Company’s CODM to assess its performance and to make resource allocation decisions.
|
31.
|
SUBSEQUENT EVENT
|
A.
|
designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
|
I.
|
material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
|
II.
|
information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
|
B.
|
designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
|
1.
|
Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of IAMGOLD Corporation (the "issuer") for the interim period ended March 31, 2020.
|
2.
|
No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
|
3.
|
Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
|
4.
|
Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
|
5.
|
Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings
|
(A)
|
designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
|
(I)
|
material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
|
(II)
|
information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
|
(B)
|
designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
|
5.1
|
Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control-Integrated Framework (2013 COSO Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission.
|
5.2
|
N/A
|
5.3
|
N/A
|