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 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.
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 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 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 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 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.
IAMGOLD reported final assays from its 2016 winter drilling at Monster Lake in Quebec (21 holes, 8,105 m), with best intercepts such as 1.21 m at 20.16 g/t and 4.26 m at 3.07 g/t. It says results suggest a possible second zone along the main shear structure, 200 to 400 m north of the 325-Megane Zone, and that more drilling is needed; a summer 2016 program of mapping, surveys and later drilling has begun. IAMGOLD holds 50%, with the option to earn a further 25% for C$10.0M, as before. This is early-stage exploration with no resource declared.
IAMGOLD filed a full technical report (NI 43-101, dated and effective March 15, 2016) on the Sadiola Sulphide Project in Mali, prepared by IAMGOLD with G Mining Services and Snowden. The visible text is only the cover page and contents list, so no resource, reserve, cost or economic figures can be seen. The contents show it covers resources, reserves, capital and operating costs and an economic analysis, so it is the supporting document for the Sadiola sulphide project that the record says had its approval delayed; whether the project is approved is not stated here.
IAMGOLD filed the full NI 43-101 technical report (by RPA, dated Jan 25, 2016) supporting the Siribaya resource announced in February. It confirms the figures already given: total indicated 2.1Mt at 1.90 g/t (128,600 oz) and inferred 19.8Mt at 1.71 g/t (1,091,800 oz), including Diakha inferred 863,200 oz, at a $1,500/oz price. This is the supporting document for the earlier announcement, not new information as far as the visible text shows.
IAMGOLD reported the last assays from its 2015 fall drilling at Monster Lake in Quebec (9 holes, 3,925 m), with best intercepts of 2.76 m at 9.05 g/t (incl. 0.49 m at 48.9 g/t) and 3.93 m at 3.30 g/t; these are modest compared with the 2014 results. IAMGOLD now holds 50%; the TomaGold option was amended Oct 30, 2015, so it can earn a further 25% (75% total) by spending a further C$10.0M within seven years from Jan 1, 2015, and a 2016 winter program of 6,000-7,000 m has started. This revises the earlier US$17.6M earn-in terms in the record; it remains early-stage exploration with no resource declared.
IAMGOLD's 2015 year-end statement shows attributable gold reserves down 11% (918,000 oz) to 7.7M oz, mainly from depletion (2015 attributable production 806,000 oz) and a lower reserve gold price ($1,200 vs $1,300/oz, -294,000 oz), partly offset by Essakane (+337,000 oz), Westwood and Sadiola resource conversions. Measured and indicated resources rose 10% (2.1M oz) to 23.5M oz, with 6.7M oz inferred; this continues the reserve decline seen at end-2014 (8.6M oz) while resources reversed their 2014 fall. Exploration spend was $49M in 2015 (30% below 2014, versus the $56M planned), and the 2016 budget is $47M with more weight on studies such as Boto; the CEO says the reserve equals about 10 years of mine life at current rates.
IAMGOLD filed a full technical report (NI 43-101) on the Essakane mine in Burkina Faso, effective Dec 31, 2015. The visible text is only the cover pages and contents list; the truncated text shows no resource, reserve, cost or mine-plan numbers. The contents show it covers the main EMZ and Falagountou deposits, a five-year mine plan and economic analysis, so it is the supporting document for Essakane figures already published, not a new announcement as far as can be seen.
IAMGOLD reported a first resource estimate for the Siribaya project in Mali (50:50 JV with Merrex), mostly from the Diakha deposit discovered in 2014: indicated 129,000 oz (2.1Mt at 1.90 g/t) and inferred 1.1M oz (19.8Mt at 1.71 g/t), effective Dec 31, 2015 at a $1,500/oz gold price. This follows the earlier Siribaya earn-in thread, now with a resource; the company plans more drilling in 2016 and says Diakha is open in all directions. Most of the ounces are in the lower-confidence inferred category, and no development decision is stated.
IAMGOLD reported the last assays from its 2015 infill drilling at its wholly owned Boto project in Senegal: 26 holes (7,782 m) of the 12,416 m program, with Malikoundi intercepts such as 36 m at 3.59 g/t gold and 25 m at 4.26 g/t. This finishes the drilling that the April update said was complete; the company says results confirm continuity of mineralization and that the deposit appears open at depth. The resource is still the Feb 2015 figure (1.23M oz indicated, 635,000 oz inferred), with an updated estimate still expected in Q3 2015 and metallurgical test work in Q3; no development decision is stated.
IAMGOLD reported assays from 24 more holes (9,802 m) at its wholly-owned Pitangui project in Brazil, with intercepts such as 7.61 m at 9.78 g/t and 11.98 m at 6.84 g/t; 61 holes (22,406 m) have been drilled at São Sebastião in total. The infill program is largely complete, and a revised resource estimate is targeted by year-end; the current resource remains the January 2014 inferred 4.07Mt at 4.88 g/t (0.64M oz). Follow-up of electromagnetic conductor targets will continue.
IAMGOLD reported results from 21 holes (7,782 m) of its 2015 winter drilling at Monster Lake in Quebec, with best intercepts such as 1.46 m at 18.80 g/t and 10.72 m at 3.64 g/t; these are lower-grade than the 2014 results (e.g. 9.18 m at 46.33 g/t). It says it has met its first-year commitments under the TomaGold earn-in (50% for US$17.6M over five and a half years), with summer work and more drilling in early fall planned. This is still early-stage exploration with no resource declared.
IAMGOLD raised the indicated resource at its Essakane mine in Burkina Faso by 6% to 4.98M oz (129.5Mt at 1.20 g/t, 100% basis, effective April 1, 2015), mainly from a larger Falagountou deposit (indicated 0.61M oz, up 84%). Mining at Falagountou is expected to begin in the second half of 2015, and the COO says the extra resources could extend Essakane's peak production beyond the previously forecast four years. At Boto in Senegal, infill drilling is complete (12,416 m in 2015) with results from 28 holes (e.g. 61 m at 2.61 g/t, 11 m at 11.29 g/t); the company cites Boto resources of 1.23M oz indicated and 635,000 oz inferred (per Feb 18, 2015), and the next resource update is now expected in Q3 (earlier plan said July).
