Each one in plain English, with the numbers worked through for a shareholder.
17 Oct 2017resource reserve update● Neutral
IAMGOLD filed the independent NI 43-101 technical report by SRK Consulting for Saramacca (effective Sept 5, 2017, dated Oct 16, 2017), documenting the maiden resource announced Sept 5. The visible text describes the project (4,986 ha concession, Rosebel holding 70% under the planned joint venture with Suriname's government, 307 holes used) but does not show new resource figures. This is the supporting report promised within 45 days of the Sept 5 release.
IAMGOLD announced it filed the NI 43-101 technical report supporting the Rosebel reserve and resource update first reported in its July 26, 2017 release. The release contains no new figures; it only says where the report can be found.
IAMGOLD filed the full NI 43-101 technical report on the Rosebel gold mine in Suriname (effective June 30, 2017, dated Sept 5, 2017). Only the cover and table of contents are visible, so no figures can be read; it is the report behind the Rosebel resource and reserve update announced July 26, 2017.
IAMGOLD announced the first NI 43-101 resource for Saramacca in Suriname, about 25 km from Rosebel: 14.4M tonnes indicated at 2.20 g/t for 1,022,000 oz, plus 13.6M tonnes inferred at 1.18 g/t for 518,000 oz (effective Aug 28, 2017, at a US$1,500/oz gold price). This delivers the maiden resource that was targeted for Q3 2017, and the company calls it above its expectations; the deposit remains open along strike and at depth. A follow-up program of about 20,000 m of drilling is planned for the rest of 2017, with a preliminary reserve estimate and permitting targeted for the first half of 2018 and initial production in 2019 (all company intentions, not decisions).
IAMGOLD bought 27,777,777 new TomaGold shares (about 19.98% of TomaGold) at $0.09 each for $2,500,000; it held no TomaGold shares before. TomaGold is IAMGOLD's 50% partner in the Monster Lake joint venture, and IAMGOLD says it did not buy to take control. The release restates the option to earn a further 25% (75% total) by additional spending, now stated as by January 1, 2022.
IAMGOLD reported the final assays from its winter 2017 drilling at the Monster Lake project in Quebec (14 holes, about 5,400 m, of 25 holes and 10,657 m total), with best results of 5.0 m at 80.28 g/t (including 1.8 m at 208.41 g/t) and 3.5 m at 67.42 g/t gold. A 1,600 m summer program is planned and an initial resource estimate may be completed by year-end; IAMGOLD holds 50% with an option to reach 75% by spending a further C$10.0M. This continues the 2017 resource target noted earlier.
IAMGOLD reported the last assays from its 2017 Saramacca infill program in Suriname (all 113 holes, 19,689 m, with 35 holes and 5,523 m reported here), with best results of 41.0 m at 5.56 g/t and 34.5 m at 2.23 g/t gold. This completes the results flow from the March and May updates; the geology and deposit models are now being updated and the first NI 43-101 resource is still expected by Q3 2017. No resource exists yet; the 0.5-1.4Moz figure remains a conceptual exploration target.
IAMGOLD filed the full NI 43-101 technical report (effective May 26, 2017, dated June 8, 2017, by Amec Foster Wheeler and Roscoe Postle Associates) behind the Côté Gold pre-feasibility study announced June 5. The visible text is only the cover pages and table of contents, so no new figures can be read; the results are those already announced.
IAMGOLD released a pre-feasibility study for Côté Gold in Ontario: 5.9Moz of probable reserves (project basis), a 17-year mine averaging 320,000 oz/yr, initial capital of $1,047M, total cash cost of $605/oz, and a 14% after-tax return (NPV $703M at 5%) at $1,250/oz gold. It also announced that Sumitomo Metal Mining will acquire a 30% participating interest in the project, with terms not visible in the text. This delivers the PFS due by end of Q2 2017; the feasibility study is now expected in the second half of 2018, and there is no construction decision.
A filing that attaches only a Certificate and Articles of Amalgamation; no text is visible beyond the title, so no details are given. The Merrex acquisition completed in February 2017 may be the reason (inference), but the filing does not say so.
IAMGOLD reported the last Malikoundi drilling results at its 100%-owned Boto project in Senegal (22 holes, 2,842 m), with the best being 77 m at 4.35 g/t gold in a deepened hole. This completes the drilling that resumed in Q4 2016 and feeds an updated resource model; the resource cited is unchanged (1.56Moz indicated, 125,000 oz inferred), and drilling now targets possible expansions at Boto 5 and Boto 6. No development decision is stated.
IAMGOLD said the 2017 Saramacca infill program is finished (113 diamond holes, about 19,600 m) and reported assays from 49 more holes, including 76.6 m at 7.74 g/t and 43.5 m at 12.26 g/t gold. Results for the remaining holes are expected in June, preliminary engineering and permitting studies have started, and the first NI 43-101 resource is still expected by Q3 2017. This continues the March results; it is still not a resource.
IAMGOLD reported first results from its 2017 infill drilling at Saramacca in Suriname (29 diamond holes, 6,008 m), including 60.5 m at 40.91 g/t gold (with 19.5 m at 75.91 g/t) and 52.6 m at 5.33 g/t. This continues the Feb 2017 drilling update; the company says soft rock extends to about 100 m depth, three rigs are running, 15,000-17,000 m of drilling is planned (up from the ~15,000 m and 2 rigs previously noted), and a first NI 43-101 resource is still targeted for Q3 2017. No resource exists yet; the 0.5-1.4Moz figure remains a conceptual exploration target.
IAMGOLD launched an offering of $500M of senior notes due 2025, intending to use the proceeds plus cash on hand to redeem all of its outstanding 6.75% senior notes due 2020. The redemption notice will be conditional on the new offering completing. Pricing and the interest rate are not given, so the savings are unknown. This follows the 2016 partial buyback of the 2020 notes, and a successful deal would replace the remaining 2020 debt with longer-dated debt.
IAMGOLD completed its acquisition of the Merrex Gold shares it did not already own, so Merrex is now a wholly-owned subsidiary. It issued about 6.9M IAMGOLD shares (1.5% of shares outstanding), at 0.0433 of a share per Merrex share and 0.0043 per warrant. IAMGOLD now owns 100% of the Siribaya-Diakha project in Mali, plus Merrex's Karita permit in Guinea and Nova Scotia zinc-lead property. This resolves the Merrex deal announced Dec 22, 2016 and slightly dilutes existing shareholders.
IAMGOLD reported year-end 2016 attributable reserves of 7.8M oz (up 1% from 7.7M oz, a net addition of 108,000 oz after 2016 production of 813,000 oz) and measured and indicated resources of 23.3M oz (down 0.6%, or 150,000 oz). Westwood reserves rose by a net 448,000 oz from resource conversion, supporting the ramp-up story, and Essakane gained 331,000 oz of reserves from mine design and economic changes. Inferred resources are 6.1M oz. Côté Gold, Boto, Siribaya and Pitangui resources are unchanged, Rosebel resources fell 278,000 oz with a new estimate due in 2017, and the CEO says a Saramacca maiden resource is on track for 2017.
IAMGOLD filed the full NI 43-101 technical report for the Westwood mine in Quebec, dated Feb 16, 2017 with data as of Dec 31, 2016. The visible text is only the cover notice and table of contents, so no figures can be read here. The reserve and resource numbers behind it appear in the separate year-end statement.
IAMGOLD reported final 2016 drilling results at Saramacca in Suriname (about 14,600 m in 67 diamond holes plus 4,500 m in 37 reverse circulation holes), with best intercepts of 101.0 m at 4.31 g/t and 78.0 m at 3.98 g/t gold. It says mineralization lies in a corridor about 2 km long and 600 m wide and remains open; 2017 drilling of about 15,000 m is under way, with a first NI 43-101 resource estimate expected by Q3 2017. This continues the Aug 2016 Saramacca deal, which the release says was ratified Sep 30, 2016, with $10M paid in cash and 3.125M shares to be issued to the Government of Suriname in three annual instalments. The earlier exploration target of 0.5-1.4Moz is still conceptual, not a resource.
A short notice that IAMGOLD filed the Côté Gold preliminary economic assessment report on Feb 10, 2017, as promised in the Jan 26 release. It adds no new figures, and repeats that a pre-feasibility study is expected by end of Q2 2017.
IAMGOLD filed the full technical report (dated Feb 6, 2017, by Amec Foster Wheeler) behind the Côté Gold preliminary economic assessment announced on Jan 26. The visible text is only the cover notice and table of contents, so no new figures can be read; it is the supporting document for the already-announced results.
IAMGOLD's revolving credit facility commitments now total $250M after $80M of new commitments, and Royal Bank of Canada, Toronto-Dominion Bank and Export Development Canada joined the lender group. This fully uses the facility's earlier option to grow to $250M (it stood at $138M after Ressources Québec joined in April 2016). The CFO says the company ended 2016 with about $750M in cash, equivalents and restricted cash, above the $489M of bonds due October 2020; no drawing is mentioned.
IAMGOLD released a preliminary economic assessment (an early, conceptual study) for Côté Gold in Ontario: a 21-year mine averaging 302,000 oz/yr, with initial capital of $1,031M, total cash costs of $564/oz, and a 12.9% after-tax return (NPV $543M at 6%) at $1,200/oz gold. Ontario also approved the provincial environmental assessment on Jan 25, 2017, following the federal approval of April 2016. The study includes inferred resources (15.3% of the mine plan tonnes) and is not a reserve; a pre-feasibility study is due by end of Q2 2017, and the earlier feasibility study on the initial development scenario now waits for it. Resources cited are 8.35Moz indicated and 1.17Moz inferred (100% basis; IAMGOLD owns 92.5%).
IAMGOLD signed a deal to buy all the shares of Merrex Gold that it does not already own (it holds about 45.8M of 199.2M shares, 23%), paying in IAMGOLD shares. It expects to issue 6.9M shares (under 1.5% of its shares) and close in Q1 2017, subject to shareholder, court and regulatory approvals. Merrex is IAMGOLD's 50:50 partner in the Siribaya project in Mali, so this would give IAMGOLD full ownership of that project (resource figures cited are unchanged from the earlier record) plus Merrex's Karita permit in Guinea and a Nova Scotia zinc-lead property.
IAMGOLD reported results from 23 diamond holes (2,217 m) at Malikoundi on its 100%-owned Boto project in Senegal, including 22 m at 4.04 g/t and 12 m at 6.39 g/t, plus deepened holes such as 42 m at 3.60 g/t and 32 m at 5.19 g/t in the footwall. It says shallow mineralization extends 500 m along strike north of the deposit and footwall high grades are confirmed; the results will go into an updated resource model, and drilling resumes in Q4 after the rains. This continues the July deep-drilling results; the resource cited is unchanged (1.56M oz indicated, 125,000 oz inferred) and no development decision is stated.
IAMGOLD's Rosebel mine signed an agreement with the Government of Suriname to acquire an interest in the Saramacca property (Anomaly M), about 30 km from the Rosebel mill and next to the Sarafina property IAMGOLD has an option on, aiming to define a resource within 24 months. It pays $200,000 now; if due diligence is satisfactory, it pays a further $10M plus 3.125M IAMGOLD shares held in escrow and released over three roughly 12-month steps after ratification, with price adjustments tied to drilling success and capped at $10M. The company's exploration target is 0.5 to 1.4M ounces (8-40Mt at 1.0-1.8 g/t), which it stresses is conceptual and not a resource, so this is an early-stage bet on extending Rosebel's life.
By the Aug 19 early deadline, holders had tendered $145,702,000 of the 6.75% notes due 2020 (about 23.0% of the $635M outstanding), and IAMGOLD intends to accept all of them, paying $970 per $1,000 around Aug 22. This is just under the $150M cap, so no pro-rating is needed on these; later tenders until the Sep 2 expiry would get $940, and the company may raise the cap but is not obliged to. This continues the debt-reduction step funded by the August equity raise.
16 Aug 2016capital raising announcement● NeutralMajor
IAMGOLD closed the bought-deal offering at $5.15 a share, with the underwriters taking the over-allotment option in full: 44,677,500 new shares sold for gross proceeds of $230M. This completes the equity offering announced on Aug 8, so the dilution is now fixed and the condition on the notes tender is met; the filing does not give an updated share count.
9 Aug 2016capital raising announcement● NeutralMajor
IAMGOLD agreed a bought-deal sale of 38,850,000 new shares at $5.15 each for about $200M (up to about $230M if the underwriters use a 5,827,500-share over-allotment option). Up to about $150M is earmarked for the 6.75% notes tender launched the day before, and the rest for growth projects (including the Sadiola mine expansion, subject to its joint venture partner's timely approval), debt reduction and general purposes. This is the equity offering the tender was conditional on, and it dilutes existing shareholders; the offering itself is not conditional on the tender.
IAMGOLD launched a cash tender offer to buy back up to $150M of its 6.75% Senior Notes due 2020, of which $635M is outstanding, paying $940 per $1,000 of notes, or $970 for those tendered by August 19, 2016. The offer expires September 2, 2016, and is conditional on completion of a previously announced equity offering (details not in this filing). This would cut the notes below the $650M issued in 2012; the $635M outstanding suggests some were already repurchased (inference). If completed, the equity offering would dilute shareholders.
IAMGOLD reported results from four deep holes (2,341 m) at the Malikoundi deposit at its 100%-owned Boto project in Senegal, including 84 m at 4.12 g/t gold (with 22 m at 11.25 g/t). The company says this extends mineralization below the current resource model and confirms high grades below the current resource pit shell; drilling pauses for the rainy season and is expected to resume in Q4. The release cites Boto resources of 1.56M oz indicated (27.7Mt at 1.8 g/t) and 125,000 oz inferred, which differ from the Feb 2015 figures in the record (these appear to be the Feb 17, 2016 figures). No development decision is stated.
