IAMGOLD Corporation (IAG) Q4 2022 Earnings Call Transcript

IAMGOLD Corporation (NYSE:IAG) Q4 2022 Earnings Conference Call February 17, 2023 8:30 AM ET

Company Participants

Graeme Jennings - Vice President, Investor Relations and Corporate Communications

Maryse Bélanger - Chairman and Interim President and Chief Executive Officer

Maarten Theunissen - Interim Chief Financial Officer

Bruno Lemelin - Senior Vice President, Operations and Projects

Tim Bradburn - Senior Vice President, General Counsel and Corporate Secretary

Conference Call Participants

Sean Wondrack - Deutsche Bank

Operator

Thank you for opinionated by. This is nan convention operator. Welcome to nan IAMGOLD 2022 Fourth Quarter and Year End Operating and Financial Results Conference Call and Webcast. [Operator Instructions] At this time, I’d for illustration to move nan convention complete to Graeme Jennings, Vice President, Investor Relations and Corporate Communications for IAMGOLD. Please spell ahead, Mr. Jennings.

Graeme Jennings

Thank you, usability and invited everyone to our convention telephone today. Joining maine connected nan telephone are Maryse Bélanger, Chair of nan Board and Interim President and Chief Executive Officer; Maarten Theunissen, Interim Chief Financial Officer; Bruno Lemelin, Senior Vice President, Operations and Projects; and Tim Bradburn, Senior Vice President, General Counsel and Corporate Secretary.

Our remarks connected this telephone will see forward-looking statements. Please mention to nan cautionary connection included successful nan position nether nan heading Cautionary Statement regarding forward-looking accusation and beryllium advised that nan aforesaid cautionary connection applies to our remarks during nan call. Non-GAAP measures will besides beryllium referenced connected nan telephone and we nonstop you to reappraisal nan cautionary connection included successful nan position and nan reconciliations of these measures included successful our astir caller MD&A, each nether nan heading non-GAAP financial measures. With respect to nan method accusation to beryllium discussed, please mention to nan accusation successful nan position nether nan heading qualified persons and method information. Slides referenced connected this telephone tin beryllium viewed connected our website.

I will now move nan telephone complete to our Chair and Interim President and CEO, Maryse Bélanger.

Maryse Bélanger

Thank you, Graeme. Good morning, everyone and convey you for joining us. The past 12 months person been a transformative play for IAMGOLD. The institution took important steps towards this extremity of becoming a starring high-margin golden shaper pinch nan advancement of backing of Côté arsenic we prioritize our superior allocation connected cardinal jurisdictions and value-accretive assets, each for nan use of our stakeholders and partners.

Operationally, nan institution exceeded its targets, producing 713,000 ounces for nan year, coming successful supra our revised guidance of 650,000 to 700,000 ounces. This capacity was fueled by nan grounds accumulation astatine Essakane. Essakane is nan backbone of our existent accumulation and nan squad location has done an unthinkable occupation demonstrating awesome initiatives and resiliency. At Côté Gold, nan task saw singular advancement successful 2022. It is now complete 70% complete and precocious celebrated a awesome milestone pinch nan deployment of nan first autonomous haul trucks, which began mining activities successful January. The tract celebrated 8.3 cardinal hours without a mislaid clip injury, which is simply a testament to nan accomplishment and dedication of nan Côté team.

On behalf of nan Board and nan executive team, we applaud nan tireless efforts of nan IAMGOLD squad for these achievements and nan continued committedness to operating safely and responsibly. Our committedness to information is not conscionable a privilege for us, but a worth that is astatine nan bosom of everything we do. Financially, nan institution achieved its stated extremity of backing nan building of Côté anterior to nan extremity of nan almanac year. The strategical transaction for nan waste of Rosebel and exploration projects successful nan West Africa arsenic good and nan backing statement pinch our trusted partners, Sumitomo, together mixed for complete $900 cardinal of liquidity and was arranged without sacrificing immoderate semipermanent economics connected our superior assets. This was a awesome accomplishment for nan institution and has positioned america for occurrence this year.

Turning to sustainability. IAMGOLD continues to spot responsible mining astatine nan forefront and we strive to execute nan highest standards successful safety, environmental, societal and governance practices. IAMGOLD’s committedness to zero harm is astatine nan halfway of nan company’s values and basal for worth creation for each our stakeholders and to run and excel arsenic a mining company. Our efforts proceed to beryllium recognized arsenic we were classed 5th retired of 52 assemblage peers by Moody’s ESG solutions and proceed to clasp nan AA standing by MSCI Ratings assessment, really placing IAMGOLD among nan apical 15% of precious metals companies. We person and we will proceed to heighten our reporting nether wide recognized frameworks, including nan Global Reporting Initiative and nan Sustainability Accounting Standards Board. And this year, we will beryllium issuing our inaugural task unit connected climate-related financial disclosure report, which will outline medium-term targets and a roadmap towards our extremity of achieving nett affirmative biodiversity astatine each our operations and antagonistic greenhouse state emissions by 2050.

Now turning to operations, past year, IAMGOLD produced 713,000 ounces of attributable golden from each operations, exceeding our guidance targets which were raised successful nan 2nd half of nan year. This outperformance was driven by grounds accumulation astatine Essakane, a beardown 4th fourth from Rosebel and continued betterment astatine Westwood. The beardown accumulation results and income volumes translated to rate costs of $1,109 per ounce sold and all-in sustaining costs of $1,581 per ounce sold, comparing good pinch our guidance estimates of $1,100 to $1,130 per ounce for rate costs and somewhat beneath our all-in sustaining costs guidance scope of $1,600 to $1,650 per ounce. We saw operating costs summation successful nan 2nd half of nan twelvemonth from continued costs pressures from ostentation and proviso concatenation constraints arsenic good arsenic nan higher proportionality of stripping expenditure that is again comparative to accumulation successful Q4. Looking guardant to 2023, we are forecasting accumulation to beryllium successful nan scope of 410,000 to 470,000 ounces from Essakane and Westwood. We will locomotion done our operations and their respective accumulation outlook successful much item successful nan pursuing slides.

Cash costs this twelvemonth are expected to beryllium betwixt $1,125 and $1,175 per ounce sold. The summation successful rate costs compared to that from continuing operations successful 2022 is owed to an expected return to a people – person to reserve grades astatine Essakane arsenic good arsenic nan continuation of nan elevated pricing level for immoderate consumables arsenic knowledgeable during nan 2nd half of 2022. While pricing for nan main consumables, including cyanide, lime and grinding media, are expected to stay successful statement pinch nan levels of 2nd half of 2022. Some consumable pricing specified arsenic activated carbon, explosives and substance products are expected to stay nether unit successful 2023, reflecting continued imbalances successful world proviso and demand.

All-in sustaining costs is expected to beryllium successful nan scope of $1,625 to $1,700 per ounce sold and nan summation successful all-in sustaining costs successful 2023 again arsenic compared to that from continuing cognition successful 2022 is owed to nan aforesaid reasons arsenic rate costs per ounce sold arsenic good arsenic nan effect of an accrued ratio of stripping superior to – sorry, accrued ratio of stripping superior to ounces produced astatine Essakane, peculiarly successful nan first half of nan year, wherever we whitethorn spot costs travel successful supra 2023 guidance only to measurement down successful nan 2nd half of nan year. In addition, our all-in sustaining costs outlook contains a higher per ounce publication of firm costs arsenic a consequence of nan awesome of nan company’s liking successful nan Rosebel golden mine.

Now, turning to operations. Essakane reported its champion twelvemonth ever of accumulation since starting operations 13 years ago, nan excavation produced 480,000 ounces of golden successful 2022 aliases 432,000 ounces connected an attributable basis, benefiting from affirmative reconciliation – excuse maine of caput people versus our artifact exemplary and improved recoveries astatine nan mill. On a quarterly basis, nan 4th fourth saw attributable accumulation of 98,000 ounces successful statement pinch nan anterior twelvemonth period.

Ore mining declined successful nan 4th fourth arsenic operations prioritized stripping activities to unafraid entree for nan adjacent phases of mining later this year, while besides managing impacts from proviso concatenation constraints related to nan information situation successful nan country. On that, we statement that nan information business successful Burkina Faso continued to deteriorate successful 2022 pinch governmental instability and terrorist-related incidents occurring successful nan state and nan region. The institution continues to return proactive measures to guarantee nan information and information of in-country unit and is perpetually adjusting its protocols and activity levels and determine according to nan information situation. The institution continues to make investments successful information and infrastructure successful nan region and astatine nan excavation tract while regularly engaging pinch applicable authorities and authorities partners successful Burkina Faso.

Cash costs and all-in sustaining costs successful nan 4th fourth came successful astatine $1,043 per ounce and $1,456 per ounce respectively. Increasing really successful nan 2nd half of nan twelvemonth owed to ostentation impacts arsenic good arsenic little accumulation and accrued discarded stripping comparative to nan accumulation successful that quarter. Looking ahead, Essakane attributable golden accumulation is expected to beryllium successful nan scope of 340,000 to 380,000 ounces arsenic grades are expected to return person to reserve grades and arsenic besides operations move into nan adjacent phases of nan pit.

Unlike past year, wherever we saw comparatively level accumulation quarter-over-quarter, this year, we expect little accumulation successful nan first half of nan twelvemonth arsenic mining activities prioritized stripping successful bid to supply entree to 2 caller each phases for mining successful nan 2nd half and into 2024. Cash costs and all-in sustaining costs are expected to proceed to stay hot, peculiarly successful nan first half of nan year, reflecting little accumulation levels arsenic had people return person to reserve grade.

Additionally, successful nan quarter, IAMGOLD completed a study to measure replacement to a heap leach script astatine nan extremity of nan excavation life. And we did that by run successful low-grade stockpile done nan processing plant. This study returned affirmative results, suggesting that astir 10 cardinal tons of nan stockpile tin beryllium processed done nan CIL circuit economically. Accordingly, nan institution will not beryllium pursuing nan heap leach task and we will beryllium providing nan results successful an updated method study later this year.

Now Westwood, golden accumulation was 18,000 ounces successful nan 4th arsenic a consequence of higher volumes successful ore grades from underground arsenic good arsenic higher grades mined from nan Grand Duc pit. Underground improvement successful nan 4th fourth achieved nan highest improvement complaint of nan twelvemonth pinch 1,297 meters of lateral improvement completed, triple that of nan aforesaid anterior twelvemonth period, resulting successful afloat twelvemonth lateral improvement of 4,303 meters. This successful ramp-up successful improvement activity has secured aggregate of paces astatine different levels successful nan excavation providing accrued operational elasticity to utilization aggregate stope sequences to support nan 2023 accumulation plan. This year, Westwood is expected to nutrient betwixt 70,000 to 90,000 ounces pinch an expanding proportionality of ore originated from nan underground mine. Production levels are expected to progressively summation complete nan people of nan year, benefiting from nan continued advancement of underground improvement providing entree to higher people zones successful nan 2nd half of nan year. Mill provender will proceed to beryllium supplemented from disposable aboveground deposit and we should statement that our guidance includes supplemental mill provender from outer deposits, including from nan last spot successful nan 2nd half of nan year. Cash costs and all-in sustaining costs proceed to stay precocious astatine nan West pinch analyzable pinch a very precocious sensitivity to underground output. As accumulation volumes increase, we expect to spot costs to spell down.

Now turning to Côté Gold. It has been very breathtaking seeing nan advancement of nan task complete nan 4th fourth and into this year. Project advancement rates are presently astatine highest levels successful statement pinch nan updated task plan. The tract is operating astatine its existent capacity pinch astir 1,500 workers astatine site. I was up astatine tract a mates of weeks agone pinch our partner Sumitomo, and it is singular nan translator we are seeing astatine Côté. At nan extremity of nan year, nan task was astir 73% complete, achieving astir 9% advancement successful nan 4th quarter.

To commencement nan winter, our building teams were focused connected captious task activities to let for mechanical installation and mobilization wrong nan works during nan wintertime play arsenic good arsenic world useful activities successful mentation for nan spray. Structural alloy activity successful nan HPGR and secondary crushing area has made important advancement pinch nan main building and overhead crane to beryllium installed successful nan first period of this year. And arsenic you saw successful nan erstwhile slide, installation of nan leach tanks is astir complete and building of nan electrical substation astatine tract is progressing well, and we expect connecting to nan to nan provincial hydro grid connected way pinch our schedule.

This tract celebrated a awesome milestone past period pinch nan first deployment of nan autonomous [indiscernible] drilling systems, pinch nan first information of Caterpillar 793 haul trucks presently operating successful autonomous mode, supported by nan AHF operators successful nan recently commissioned excavation power rule. This early deployment has allowed america to support our earthworks contractor, while amended positioning our mining squad for handoff mid-year and for nan commencement of accumulation adjacent year. It is really a tract to spot these trucks moving pinch their bluish ray and operating pinch a level of precision that tin only beryllium achieved by this technology.

Now looking astatine nan task spending. In Q4, nan institution incurred $185.6 cardinal successful task expenditures. As of December 31, 2022, nan estimated attributable costs to complete building and IAMGOLD’s backing request is $800 cardinal to $875 million. It is expected that Sumitomo will money astir $340 cardinal of nan 2023 expenditure arsenic per nan amended associated task agreement. And Maarten will supply specifications of it successful a moment. Therefore, translating to a IAMGOLD backing request this twelvemonth of $460 cardinal to $535 cardinal during 2023.

In position of clip line, Côté Gold continues to way good pinch nan updated task schedule towards first accumulation successful early 2024 IAMGOLD and our partner, Sumitomo alloyed and focused connected building Côté safely connected done and to nan existent fund and scope. At this time, nan captious way for nan task continues to beryllium done nan processing plant, and teams are focused pinch installation, ongoing of nan tube racks and grinding and refining structures. The task is advancing astatine astir 2% to 4% per month. And arsenic we look up to this year, we tin commencement to spot nan ray astatine nan extremity of nan tunnel. 2023 is going to beryllium an breathtaking twelvemonth for this project, and we are eager to showcase to nan world that what will beryllium Canada’s 3rd largest golden excavation by production.

Turning concisely to Gosselin. Last year, we conducted a 17,000 metre gem drill run pinch nan results reported earlier this month, which intersected mineralization to nan sold disconnected and beneath nan existent assets bound of nan deposit. Gosselin pinch its maiden results of 3.4 cardinal indicated ounces and 1.7 cardinal ounces inferred continues to beryllium successful nan early stages of discovery. The deposit has only been drilled pinch a fraction of nan meters compared to Côté and to inquire nan depth. It remains unfastened on onslaught and I doubt. When 1 looks astatine nan Côté life of excavation plan, location is simply a measurement down successful accumulation successful nan twelvemonth 2030 to 2033 which would beryllium a logical fresh to bring Gosselin into nan excavation plan.

There is simply a batch of activity to do successful bid to recognize that. And this year, we will beryllium advancing method studies to reappraisal alternatives aliases imaginable inclusion of Côté into nan early – sorry for imaginable inclusion of Gosselin into a early Côté life of excavation plan. Then looking beyond Gosselin, we firmly judge that Côté Gold is not conscionable a task but nan commencement of a territory and location is important upside to beryllium uncovered arsenic past pinch minimal humanities exploration targeting those Côté, Gosselin intrusion-hosted deposits wrong our 596 quadrate kilometer onshore package.

I will now move it complete to Maarten to locomotion america done nan financial review.

Maarten Theunissen

Thank you, Maryse and bully morning. As you would person seen, Rosebel has been classified arsenic a discontinued cognition owed to its waste and are not included successful our continuing operating results. Revenue from continuing operations totaled $958.8 cardinal past twelvemonth from income of 555,000 ounces aliases 506,000 ounces connected an attributable ground astatine an mean realized value of $1,721 per ounce. The value was beneath spot owed to nan effect of physically delivering 150,000 ounces into nan prepay statement that has a $1,500 per ounce color. IAMGOLD received $30 cardinal successful rate this twelvemonth successful narration to nan dollar completing nan 2019 prepay arrangement.

Earnings earlier interest, income taxes, depreciation and amortization from continuing operations, was $292.3 cardinal for nan twelvemonth aliases $313.4 cardinal connected an adjusted basis. Mine tract free rate travel from continuing operations. Calculated arsenic rate travel from excavation tract operating activities, little excavation site-related superior expenditures was $167.2 cardinal for nan year. Looking astatine rate flow, nett rate travel from operating activities, including moving capital, was $408.7 million, pinch $277.6 cardinal coming from continuing operations and $151.1 cardinal from discontinued operations.

Net rate utilized successful investing activities totaled $891.9 million, of which $761.2 cardinal was utilized by continuing operations, a awesome constituent of which was nan ongoing building astatine Côté and successful discontinued operations of $130.7 million. Finally, nett rate successful financing activities totaled $404 million, chiefly owed to nan drawdown of nan in installments facility.

In position of our financial position, we ended nan 4th pinch astir $408 cardinal successful rate and rate equivalents and $27 cardinal disposable nether our in installments facility. After drafting down $455 cardinal successful 2022 and accounting for letters of in installments successful nan magnitude of $18.4 cardinal issued nether nan in installments installation arsenic collateral for definite surety bonds issued arsenic biology indemnities. It is worthy noting that nan rate backing excludes $40.8 cardinal successful assets held for waste that is included $38.5 cardinal of rate and draws amount. Additionally, astir $236 cardinal of our rate and rate equivalents are presently held by Côté and Essakane.

As Maryse noted, IAMGOLD completed a bid of strategical transactions astatine nan extremity of nan year, taking complete $900 cardinal successful after-tax funding. The results of which mean that IAMGOLD is capable to meet nan estimated remaining backing requirements of $800 cardinal to $875 cardinal for nan completion of building of Côté Gold based connected nan existent schedule and estimate. As announced connected October 18th, IAMGOLD announced nan waste of liking successful nan Rosebel Gulf excavation to Zijin Mining for rate information of $360 million. This transaction closed connected January 31st, during which clip nan institution received nett proceeds of $371.5 million, consisting of income proceeds of $360 cardinal positive $15 cardinal of nan rate retired by Rosebel connected January 31st, little a preliminary moving superior accommodation of $3.5 million. The institution is owed to person astir $24.8 cardinal by March 31, 2023, consisting of nan remaining rate equilibrium retired by Rosebel astatine that time, nett of last moving superior adjustments.

On December 20th, nan institution announced that its entered into definitive agreements pinch Manager to waste nan company’s liking successful a separation improvement process successful Senegal, Mali and Guinea including Boto, Karita, and Diakha for aggregate pretax information of astir $282 cardinal aliases astir $240 cardinal to $250 cardinal connected an aft taxation guidelines that’s estimated. We proceed to expect these transactions to adjacent complete nan people of nan 2nd 4th and 3rd quarter. Finally, connected December 19th, nan institution announced a backing statement pinch Sumitomo. With Sumitomo will lend definite of IAMGOLD’s backing amounts to nan Côté Gold project, which successful aggregate, are expected to return astir $340 cardinal complete nan people of this twelvemonth successful speech for an approximate 10% liking successful Côté, pinch nan correct to repurchase this 10% interest, astatine 1 of 7 early dates up to November 2026. We judge nan Sumitomo transaction demonstrates to each our stakeholders, beardown validation of nan Côté Gold task from our task partner, and you want to reenforce that is ours Sumitomo’s attraction for IAMGOLD to return to nan 70-30 JV ratio successful nan future.

Maryse Bélanger

Thank you, Maarten, and congratulations to you and your squad for an unthinkable occupation past year. With that, I would for illustration to walk nan telephone backmost to nan usability for Q&A.

Question-and-Answer Session

Operator

[Operator Instructions]

Maryse Bélanger

Thank you very much, operator. There doesn’t look to beryllium immoderate questions. So, I would for illustration to convey everyone for joining us. Sorry, I deliberation we have. Okay, questions coming in.

Operator

Yes. The first mobility is from Mohamed Soubra [ph] of CIBC. Please spell ahead.

Unidentified Analyst

Hi. Thanks for taking my question. Sorry astir nan mishap complete there. So, my mobility is chiefly – I americium present connected behalf of Anita Soni from CIBC. Question is really related to Essakane and nan heap leach description . So, first of all, I conscionable wanted to understand whether aliases not nan heap leach worldly is presently included successful either nan reserves and resources? Yes, that’s my first question.

Maryse Bélanger

Thanks for your question. And if I understood well, you wanted to cognize successful that imaginable – nan 10 cardinal tons we mentioned that was expected to beryllium heap leach if it’s included successful nan assets aliases successful nan reserves and it’s not. And if I misunderstood nan question, possibly you would repeat, please.

Unidentified Analyst

Yes. No, for sure. That was nan question. It was related to nan 9.8 cardinal tons that you mentioned successful nan call. And if not those, going backmost to nan method report, I callback that heap leach description was astir 43 cardinal tons astatine astir 0.37 grams per ton, would you beryllium capable to possibly springiness america a small spot much colour connected what we could expect from that a much economical worldly and erstwhile we expect to spot that successful assets aliases reserves?

Maryse Bélanger

So, didn’t supply overmuch clarity successful position of nan worldly that was considered successful nan heap leach script successful nan past. But each I americium going to spot is that by midyear, we should person a caller method study wherever we will person studied each of nan imaginable options for processing and different processing pathways. So, we will support nan marketplace informed arsenic nan activity is completed.

Unidentified Analyst

Okay. Sounds good. Thank you for that. And past finally, I conjecture fixed nan truth that you are not going up pinch nan heap leach description anymore, should we conscionable expect nan excavation life to guidelines astir 2026, 2027 people arsenic per nan method report?

Maryse Bélanger

At this point, we deliberation pinch this anticipation to widen nan excavation life. But arsenic you know, we would request to cod much drilling information and update each of our assets models. So, activity is progressing. And arsenic I person said, we will supply much clarity by midyear.

Unidentified Analyst

Okay. Sounds good. Thank you.

Operator

Your adjacent mobility is from Sean Wondrack pinch Deutsche Bank. Please spell ahead.

Sean Wondrack

Hi. Good greeting and bully occupation connected liquidity this quarter. Just arsenic we return a look astatine your rate position today, is it adjacent to opportunity that pro forma cash, assuming nan receipt of nan costs from Boto and from South America is astir $1 cardinal arsenic we guidelines today?

Maarten Theunissen

Yes. If we – if you return our rate position that we had astatine nan extremity of nan twelvemonth of $407 cardinal and we adhd successful nan further rate proceeds connected nan adjacent of Rosebel that was included successful our assets held for sale. That gets america to nan $450 million. And past if you adhd successful nan nett proceeds from nan others, nan different 2 transactions, it would get america to astir $1 billion.

Sean Wondrack

Okay. Great. Thank you. And past conscionable surrounding Burkina Faso, location has been a fewer headlines retired there. There was a header pinch Endeavor yesterday. Can you conscionable show america a small spot much astir possibly what’s going on, connected nan crushed there? There has been rumors astir nan French perchance leaving, is that true? And really do you power your ain destiny there? I cognize you person operated successful nan state for a agelong time. There has ever been immoderate benignant of turmoil. So, I americium conscionable funny to get your sentiment on, has thing changed there? Is it benignant of it’s ever been a difficult situation and we are coping pinch it.

Maryse Bélanger

Okay. I will return this. Well, first let’s – I will effort to reside my knowledge, nan header news we heard astir early this week pinch cool sale. So, we are alert of media reports relating to nan Burkina Faso authorities buying gold. And nan authorities really issued a connection clarifying that they arranged an statement pinch Endeavor for that sale. And by nan way, successful nan mining code, Article 16 does let for this transaction. And successful our case, we waste a mini magnitude often straight to nan West African Central Bank. But we person not received specified a petition from nan Burkina Faso government. And I would not remark further connected this. In position of nan information and a spot much color, arsenic we noted nan business is analyzable successful Burkina is deteriorated successful 2022. And for us, it’s ever comparative to our convoys of supplies going to nan mine. It’s a logistical challenge. And nan institution continues to return proactive measures to guarantee nan information of our people. And we are perpetually adjusting our protocols and activity levels, and we are monitoring intimately information environment. And also, we are – we proceed to make immoderate investments successful proviso concatenation infrastructure and besides successful retention capacity connected nan excavation broadside and we do person nan support of nan government. So, 2 components to this, our business astatine Essakane and past Rosebel sale, which we person not received that type of petition and for Essakane. I dream that’s helpful.

Sean Wondrack

Yes, that’s very helpful. Thank you very much.

Operator

Thank you. We person a follow-up mobility from Mohamed Soubra. Please spell ahead.

Unidentified Analyst

Thanks. Thanks for taking my mobility there. Just a follow-up mobility connected nan existent low-grade worldly astatine Essakane, I was conscionable looking done nan reserve and assets table. I was wondering if you could springiness maine possibly conscionable nan tonnage and people that you presently person location successful nan low-grade worldly if that’s available? Thank you.

Maryse Bélanger

For low-grade material, I do not person that. If you don’t mind Mohamed, we could return that slowly.

Unidentified Analyst

Yes, for sure. Thank you truthful much.

Maryse Bélanger

Thanks.

Operator

This concludes nan question-and-answer session. I would now for illustration to manus nan telephone backmost complete to Maryse Bélanger for closing remarks.

Maryse Bélanger

Thank you very much, usability and acknowledgment to everyone for joining america this greeting and for your continued engagement pinch IAMGOLD. As always, we are disposable should we – should you person immoderate further questions, please do not hesitate to scope retired to Graeme Jennings aliases myself if would for illustration to group up a meeting. Thank you all, and person a awesome day.

Operator

This concludes today’s convention call. You whitethorn disconnect your lines. Thank you for participating, and person a pleasant day.