IAMGOLD Corp (IAG) 2022 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD 2022 Fourth Quarter and Year-end Operating and Financial Results Conference Call and Webcast. (Operator Instructions) and the conference is being recorded. (Operator Instructions) At this time, I'd like to turn the conference over to Graeme Jennings, Vice President, Investor Relations and Corporate Communications for IAMGOLD. Please go ahead, Mr. Jennings.

謝謝你的支持。這是會議接線員。歡迎參加 IAMGOLD 2022 年第四季度和年終運營和財務業績電話會議和網絡直播。 （操作員說明）並且正在錄製會議。 （操作員說明）此時，我想將會議轉交給 IAMGOLD 的投資者關係和企業傳播副總裁 Graeme Jennings。請繼續，詹寧斯先生。

Thank you, operator, and welcome, everyone, to our conference call today. Joining me on the call are Maryse Belanger, Chair of the Board and Interim President and Chief Executive Officer; Maarten Theunissen, Interim Chief Financial Officer; Bruno Lemelin, Senior Vice President of Operations and Projects; and Tim Bradburn, Senior Vice President, General Counsel and Corporate Secretary.

謝謝接線員，歡迎大家參加我們今天的電話會議。與我一起參加電話會議的還有董事會主席兼臨時總裁兼首席執行官 Maryse Belanger；臨時首席財務官 Maarten Theunissen；運營和項目高級副總裁 Bruno Lemelin；高級副總裁、總法律顧問兼公司秘書蒂姆·布拉德伯恩 (Tim Bradburn)。

Our remarks on this call will include forward-looking statements. Please refer to the cautionary statement included in the presentation under the heading Cautionary Statement regarding forward-looking information and be advised that the same cautionary language applies to our remarks during the call. Non-GAAP measures will also be referenced on the call, and we direct you to review the cautionary statement included in the presentation and the reconciliations of these measures included in our most recent MD&A, each under the heading non-GAAP financial measures.

我們對此次電話會議的評論將包括前瞻性陳述。請參閱演示文稿中有關前瞻性信息的警告聲明標題下的警告聲明，並請注意，相同的警告語言適用於我們在電話會議期間的言論。非 GAAP 措施也將在電話會議上提及，我們將指導您查看演示文稿中包含的警告聲明以及我們最近的 MD＆A 中包含的這些措施的對賬，每一項都在非 GAAP 財務措施的標題下。

With respect to the technical information to be discussed, please refer to the information in the presentation under the heading qualified person and technical information. Slides referenced on this call can be viewed on our website. I will now turn the call over to our Chair and Interim President and CEO, Maryse Belanger.

關於要討論的技術信息，請參閱演示文稿中合格人員和技術信息標題下的信息。可以在我們的網站上查看此次通話中引用的幻燈片。我現在將把電話轉給我們的主席兼臨時總裁兼首席執行官 Maryse Belanger。

Thank you, Graeme. Good morning, everyone, and thank you for joining us. The last 12 months have been a transformative period for IAMGOLD. The company took significant steps towards this goal of becoming a leading high-margin gold producer with the advancement of -- and funding of Cote as we prioritize our capital allocation on key jurisdictions and value-accretive assets, all for the benefit of our stakeholders and partners.

謝謝你，格雷姆。大家早上好，感謝您加入我們。過去 12 個月是 IAMGOLD 的轉型期。該公司朝著成為領先的高利潤黃金生產商這一目標邁出了重要的一步——隨著 Cote 的發展和融資，我們優先將資本分配在關鍵司法管轄區和增值資產上，這一切都是為了我們的利益相關者和夥伴。

Operationally, the company exceeded its targets, producing 713,000 ounces for the year, coming in above our revised guidance of 650,000 to 705,000 ounces. Decent performance was fueled by the record production at Essakane. Essakane is the backbone of our current production, and the team there has done an incredible job demonstrating great initiative and resiliency. At Cote Gold, the project saw a remarkable progress in 2022. It is now over 70% complete and recently celebrated a major milestone with the deployment of the first autonomous haul trucks, which began mining activities in January. The site celebrated 8.3 million hours without a lost on injury, which is a testament to the skill and dedication of the Cote team.

在運營方面，該公司超出了其目標，全年生產了 713,000 盎司，高於我們修訂後的 650,000 至 705,000 盎司指導。 Essakane 的唱片製作推動了良好的表現。 Essakane 是我們目前製作的骨幹，那裡的團隊表現出色，表現出極大的主動性和應變能力。在 Cote Gold，該項目在 2022 年取得了顯著進展。目前已完成 70% 以上，最近慶祝了一個重要的里程碑，部署了第一輛自動運輸卡車，該卡車於 1 月開始採礦活動。該網站慶祝了 830 萬小時無傷病損失，這證明了 Cote 團隊的技能和奉獻精神。

On behalf of the Board and the executive team, we applaud the tireless efforts of the IAMGOLD team for these achievements and the continued commitment to operating safely and responsibly. Our commitment to safety is not just a priority for us, but a value that is at the heart of everything we do. Financially, the company achieved its stated goal of funding the construction of Cote prior to the end of the calendar year.

我們代表董事會和執行團隊，對 IAMGOLD 團隊為取得這些成就所做的不懈努力以及對安全和負責任運營的持續承諾表示讚賞。我們對安全的承諾不僅是我們的首要任務，而且是我們所做一切工作的核心價值觀。在財務上，該公司實現了其既定目標，即在日曆年年底之前為 Cote 的建設提供資金。

The strategic transaction for the sale of Rosebel and exploration projects in the West Africa as well and the funding agreement with our trusted partners, Sumitomo, together combined for over $900 million of liquidity and was arranged without sacrificing any long-term economics on our primary assets.

出售 Rosebel 和西非勘探項目的戰略交易以及與我們值得信賴的合作夥伴 Sumitomo 的融資協議加在一起帶來了超過 9 億美元的流動資金，並且是在不犧牲我們主要資產的任何長期經濟效益的情況下安排的.

This was a major achievement for the company and has positioned us for success this year. Turning to sustainability. IAMGOLD continues to place responsible mining at the forefront, and we strive to achieve the highest standards in safety, environmental, social and governance practices. IAMGOLD's commitment to Zero Harm is at the core of the company's values and essential for value creation for all our stakeholders and to operate and excel as a mining company.

這是公司的一項重大成就，並為我們今年的成功奠定了基礎。轉向可持續性。 IAMGOLD 繼續將負責任的採礦放在首位，我們努力在安全、環境、社會和治理實踐方面達到最高標準。 IAMGOLD 對零危害的承諾是公司價值觀的核心，對於為我們所有利益相關者創造價值以及作為一家礦業公司運營和取得卓越成就至關重要。

Our efforts continue to be recognized as we were ranked fifth out of 52 sector peers by Moody's ESG solutions and continue to hold the AA rating by MSCI Ratings assessment, actually placing IAMGOLD among the top 15% of precious metals companies. We have and we will continue to enhance our reporting under widely recognized frameworks, including the Global Reporting Initiative and the Sustainability Accounting Standards Board. And this year, we will be issuing our inaugural task force on climate-related financial disclosure report, which will outline medium-term targets and a road map towards our goal of achieving net positive biodiversity at all our operations and negative greenhouse gas emissions by 2050.

我們的努力繼續得到認可，我們在穆迪 ESG 解決方案的 52 個行業同行中排名第五，並繼續保持 MSCI 評級評估的 AA 評級，實際上使 IAMGOLD 躋身貴金屬公司前 15% 之列。我們已經並將繼續在廣泛認可的框架下加強我們的報告，包括全球報告倡議和可持續發展會計準則委員會。今年，我們將發布與氣候相關的財務披露報告的首個工作組，其中將概述中期目標和路線圖，以實現我們到 2050 年在所有業務中實現淨正生物多樣性和負溫室氣體排放的目標.

Now turning to operations. Last year, IAMGOLD produced 713,000 ounces of attributable gold from all operations, exceeding our guidance targets which were raised in the second half of the year. Our performance was driven by record production at Essakane, a strong fourth quarter from Rosebel and continued improvement at Westwood. The strong production results and sales volumes translated to cash cost of $1,109 per ounce sold and all-in sustaining cost of $1,581 per ounce sold, comparing well with our guidance estimates of $1,110 to $1,130 per ounce for cash costs and slightly below our all-in sustaining cost guidance range of $1,600 to $1,650 per ounce.

現在轉向運營。去年，IAMGOLD 從所有業務中生產了 713,000 盎司的權益黃金，超過了我們在下半年提出的指導目標。我們的業績得益於 Essakane 創紀錄的產量、Rosebel 第四季度的強勁表現以及 Westwood 的持續改進。強勁的生產業績和銷量轉化為每售出 1,109 美元的現金成本和每售出 1,581 美元的總維持成本，與我們指導估計的每盎司 1,110 美元至 1,130 美元的現金成本相比，略低於我們的總投入維持成本指導範圍為每盎司 1,600 美元至 1,650 美元。

We saw operating cost increase in the second half of the year from continued cost pressures from inflation and supply chain constraints as well as the higher proportion of stripping expenditure at Essakane, relative to production in Q4. Looking forward to 2023, we are forecasting production to be in the range of 410,000 to 470,000 ounces from Essakane and Westwood. We will walk through our operations and their respective production outlook in more detail in the following slides.

由於通貨膨脹和供應鏈限制帶來的持續成本壓力，以及 Essakane 剝離支出相對於第四季度產量的比例較高，我們看到下半年的運營成本有所增加。展望 2023 年，我們預測 Essakane 和 Westwood 的產量將在 410,000 至 470,000 盎司之間。我們將在以下幻燈片中更詳細地介紹我們的運營及其各自的生產前景。

Cash costs this year are expected to be between $1,125 and $1,175 per ounce sold. The increase in cash costs compared to that from continuing operations in 2022 is due to an expected return to a grade -- closer to reserve grades at Essakane as well as the continuation of the elevated pricing level for some consumables as experienced during the second half of 2022. While pricing for the main consumables, including cyanide, lime and grinding media, are expected to remain in line with the levels of second half of 2022. Some consumable pricing such as activated carbon, explosives and fuel products are expected to remain under pressure in 2023, reflecting continued imbalances in global supply and demand.

今年的現金成本預計在每盎司售出 1,125 美元至 1,175 美元之間。與 2022 年持續經營業務相比，現金成本的增加是由於預期恢復到一個等級——更接近 Essakane 的儲備等級，以及一些消耗品的定價水平繼續上漲，如 2022 年下半年所經歷的那樣2022年，氰化物、石灰、研磨介質等主要易耗品價格預計與2022年下半年持平，活性炭、炸藥、燃料產品等部分易耗品價格預計將繼續承壓2023 年，反映全球供需持續失衡。

All-in sustaining cost is expected to be in the range of $1,625 to $1,700 per ounce sold and the increase in all-in sustaining costs in 2023 again, as compared to that from continuing operation in 2022 is due to the same reasons as cash cost per ounce sold as well as the impact of an increased ratio of stripping capital to -- sorry, increased ratio of stripping capital to ounces produced at Essakane particularly in the first half of the year, where we may see costs come in above 2023 guidance only to step down in the second half of the year.

總維持成本預計在每售出 1,625 美元至 1,700 美元之間，與 2022 年持續運營相比，2023 年總維持成本再次增加，原因與現金成本相同每售出一盎司以及剝離資本比率增加的影響 - 抱歉，剝離資本與 Essakane 生產的盎司比率增加，特別是在今年上半年，我們可能會看到成本僅高於 2023 年的指導將於下半年卸任。

In addition, our all-in sustaining cost outlook contains a higher per ounce contribution of corporate costs as a result of the sale of the company's interest in the Rosebel gold mine.

此外，由於出售了公司在 Rosebel 金礦的權益，我們的總體維持成本展望包含更高的每盎司公司成本貢獻。

Now turning to operations. Essakane reported its best year ever of production since starting operations 13 years ago. The mine produced 480,000 ounces of gold in 2022, of 432,000 ounces on an attributable basis, benefiting from positive reconciliation, excuse me, of the head grade versus our block model and improved recoveries at the mill. On a quarterly basis, the fourth quarter saw attributable production of 98,000 ounces, in line with the prior year period.

現在轉向運營。 Essakane 報告了自 13 年前開始運營以來最好的生產年度。該礦在 2022 年生產了 480,000 盎司黃金，其中 432,000 盎司基於可歸屬基礎，這得益於原礦品位與我們的塊狀模型的積極協調以及工廠回收率的提高。按季度計算，第四季度的權益產量為 98,000 盎司，與去年同期持平。

All mining declined in the fourth quarter as operations prioritized stripping activities to secure access for the next phases of mining later this year, while also managing impacts from supply chain constraints related to the security environment in the country. On that, we note that the security situation in Burkina Faso continued to deteriorate in 2022 with governmental instability and terrorist-related incidents occurring in the country and region. The company continues to take proactive measures to ensure the safety and security of in-country personnel and is constantly adjusting its protocols and activity levels at the site according to the security situation.

第四季度所有採礦業均有所下降，因為運營部門優先考慮剝離活動以確保今年晚些時候下一階段採礦的准入，同時還管理與該國安全環境相關的供應鏈限制的影響。對此，我們注意到2022年布基納法索安全形勢繼續惡化，該國和地區政局不穩，涉恐事件頻發。公司繼續採取積極措施確保國內人員的安全和保障，並根據安全情況不斷調整其在現場的協議和活動水平。

The company continues to make investments in security and infrastructure in the region and at the mine site, while regularly engaging with relevant authorities and government partners in Burkina Faso. Cash costs and all-in sustaining costs in the fourth quarter came in at $1,043 per ounce and $1,456 per ounce, respectively. Increasing actually in the second half of the year due to inflation impacts as well as lower production and increased waste stripping relative to the production in that quarter. Looking ahead, Essakane attributable gold production is expected to be in the range of 340,000 to 380,000 ounces as grades are expected to return closer to reserve grades and as also operations move into the next phases of the pit.

該公司繼續對該地區和礦區的安全和基礎設施進行投資，同時定期與布基納法索的相關當局和政府合作夥伴進行接觸。第四季度的現金成本和總維持成本分別為每盎司 1,043 美元和每盎司 1,456 美元。由於通貨膨脹的影響以及相對於該季度的產量較低的產量和增加的廢料剝離，下半年實際上有所增加。展望未來，Essakane 的可歸屬黃金產量預計將在 340,000 至 380,000 盎司之間，因為品位預計將恢復到更接近儲備品位，並且運營將進入下一階段的礦坑。

Unlike last year, where we saw relatively flat production quarter-over-quarter, this year we expect lower production in the first half of the year as mining activities prioritized stripping in order to provide access to 2 new ore phases for mining in the second half and into 2024. Cash costs and all-in sustaining costs are expected to continue to remain high, particularly in the first half of the year, reflecting lower production levels as head grade return closer to reserve grade.

與去年相比，我們看到產量環比相對持平，今年我們預計上半年產量會下降，因為採礦活動優先考慮剝離，以便在下半年提供 2 個新礦石階段的開採機會到 2024 年。現金成本和總維持成本預計將繼續居高不下，尤其是在今年上半年，這反映出隨著原礦品位接近儲備品位而導致產量水平下降。

Additionally, in the quarter, IAMGOLD completed a study to assess alternative to a heap leach scenario at the end of the mine life. And we did that by campaigning low-grade stockpile through the processing plant. This study returned positive results, suggesting that approximately 10 million tons of the stockpile can be processed through the CIL circuit economically. Accordingly, the company will not be pursuing the heap leach project and will be providing the results in an updated technical report later this year.

此外，在本季度，IAMGOLD 完成了一項研究，以評估在礦山壽命結束時堆浸方案的替代方案。我們通過加工廠處理低品位庫存來做到這一點。這項研究得出了積極的結果，表明通過 CIL 迴路可以經濟地處理大約 1000 萬噸的庫存。因此，該公司將不會繼續進行堆浸項目，並將在今年晚些時候在更新的技術報告中提供結果。

Now Westwood. Gold production was 18,000 ounces in the quarter as a result of higher volumes in ore grades from underground as well as higher grades mined from the Grand Duc open pit. Underground development in the fourth quarter achieved the highest development rate of the year with 1,297 meters of lateral development completed, triple that of the same prior year period, resulting in full year lateral development of 4,303 meters.

現在的韋斯特伍德。本季度黃金產量為 18,000 盎司，這是由於地下礦石品位增加以及 Grand Duc 露天礦開采的礦石品位增加所致。第四季度地下開發完成年度最高開發速度，完成橫向開發1,297米，是去年同期的三倍，全年橫向開發4,303米。

This successful ramp-up in development activity has secured multiple ore faces at different levels in the mine providing increased operational flexibility to exploit multiple stope sequences to support the 2023 production plan. This year, Westwood is expected to produce between 70,000 to 90,000 ounces with an increasing proportion of ore sourced from the underground mine. Production levels are expected to progressively increase over the course of the year, benefiting from the continued advancement of underground development providing access to higher grade zones in the second half of the year.

開發活動的成功增加確保了礦山不同層面的多個礦面，提供了更高的運營靈活性，以利用多個採場序列來支持 2023 年的生產計劃。今年，Westwood 預計將生產 70,000 至 90,000 盎司，其中越來越多的礦石來自地下礦山。受益於地下開發的持續推進，下半年可以進入更高等級的區域，預計產量水平將在今年逐步提高。

Mill feed will continue to be supplemented from available surface deposits, and we should note that our guidance includes supplemental mill feed from satellite deposits, including from the Fayolle property in the second half of the year. Cash costs and all-in sustaining costs continue to remain high at the Westwood complex with a very high sensitivity to underground output. As production volumes increase, we expect to see costs to go down.

磨機進料將繼續從可用的地表礦床中補充，我們應該注意，我們的指導包括來自衛星礦床的補充磨機進料，包括今年下半年來自 Fayolle 的礦床。 Westwood 綜合體的現金成本和全部維持成本繼續居高不下，對地下產量非常敏感。隨著產量的增加，我們預計成本會下降。

Now turning to Cote Gold. It has been very exciting seeing the progress of the project over the fourth quarter and into this year. Project advancement rates are currently at peak levels, in line with the updated project plan. The site is operating at its current capacity with approximately 1,500 workers at site. I was up at site a couple of weeks ago with our partner Sumitomo, and it is remarkable the transformation we are seeing at Cote. At the end of the year, the project was approximately 73% complete, achieving nearly 9% progress in the fourth quarter.

現在轉向Cote Gold。看到該項目在第四季度和今年的進展非常令人興奮。項目推進率目前處於最高水平，與更新後的項目計劃一致。該站點以其目前的產能運營，現場約有 1,500 名工人。幾週前我和我們的合作夥伴 Sumitomo 在現場，我們在 Cote 看到的轉變非常引人注目。截至年底，該項目已完成約 73%，第四季度取得近 9% 的進展。

To start the winter, our construction teams were focused on critical project activities to allow for mechanical installation and mobilization inside the plant during the winter season as well as earthworks activities in preparation for the spring. Structural steel work in the HPGR and secondary crushing area has made significant progress with the main structure and overhead crane to be installed in the first month of this year. And as you saw in the previous slide, installation of the leach tanks is nearly complete and construction of the electrical substation at site is progressing well, and we anticipate connecting to the provincial Hydro grid on track with our schedule.

冬天開始時，我們的施工團隊專注於關鍵項目活動，以便在冬季期間在工廠內進行機械安裝和動員，並進行土方工程活動，為春季做準備。高壓輥堆和二碎區鋼結構工程取得重大進展，主體結構和橋式起重機將於今年1月完成安裝。正如您在上一張幻燈片中看到的那樣，浸出罐的安裝已接近完成，現場變電站的建設進展順利，我們預計將按計劃與省級水電網連接。

This site celebrated a major milestone last month with the initial deployment of the autonomous haulage and drilling systems, with the first round of Caterpillar 793 haul trucks currently operating in autonomous mode, supported by the [EHF] operators in the newly commissioned mine control room. This early deployment has allowed us to support our earthworks contractor, while better positioning our mining team for handoff mid-year and for the commencement of production next year.

上個月，該站點慶祝了一個重要的里程碑，首次部署了自主運輸和鑽井系統，第一輪卡特彼勒 793 運輸卡車目前以自主模式運行，得到新委託礦山控制室 [EHF] 操作員的支持。這種早期部署使我們能夠支持我們的土方工程承包商，同時更好地定位我們的採礦團隊，以便在年中交接和明年開始生產。

It is really a sight to see these trucks running with their blue light and operating with a level of precision that can only be achieved by this technology. Now looking at the project spending. In Q4, the company incurred $185.6 million in project expenditures. As of December 31, 2022, the estimated attributable cost to complete construction and IAMGOLD's funding requirement is $800 million to $875 million. It is expected that Sumitomo will fund approximately $340 million of the 2023 expenditure as per the amended joint venture agreement. And Maarten will provide details of it in a moment. Therefore, translating to a IAMGOLD funding requirement this year of $460 million to $535 million during 2023.

看到這些卡車發出藍光並以只有這項技術才能達到的精確度運行，真是一種景象。現在看項目支出。第四季度，公司發生了 1.856 億美元的項目支出。截至 2022 年 12 月 31 日，完成建設的估計歸屬成本和 IAMGOLD 的資金需求為 8 億至 8.75 億美元。根據修訂後的合資協議，預計住友商事將為 2023 年的支出提供約 3.4 億美元的資金。 Maarten 稍後會提供詳細信息。因此，轉化為 IAMGOLD 今年的資金需求在 2023 年為 4.6 億美元至 5.35 億美元。

In terms of time line, Cote Gold continues to track well with the updated project schedule towards initial production in early 2024. IAMGOLD and our partner, Sumitomo, are aligned and focused on building Cote safely on time and to the current budget and scope. At this time, the critical path for the project continues to be through the processing plant, and teams are focused with installation, ongoing of the pipe racks and grinding and refining structures.

就時間線而言，Cote Gold 繼續與更新後的項目時間表保持良好的同步，以實現 2024 年初的初始生產。IAMGOLD 和我們的合作夥伴住友商事一致並專注於在當前預算和範圍內按時安全地建造 Cote。目前，該項目的關鍵路徑仍然是通過加工廠，團隊專注於安裝、管架的運行以及研磨和精煉結構。

The project is advancing at about 2% to 4% per month. And as we look ahead to this year, we can start to see the light at the end of the tunnel. 2023 is going to be an exciting year for this project, and we are eager to showcase to the world that what will be Canada's third largest gold mine by production. Turning briefly to Gosselin. Last year, we conducted a 17,000 meter diamond drill campaign with assay results reported earlier this month, which intersected mineralization to the south of and below the current resource boundary of the deposit.

該項目以每月約 2% 至 4% 的速度推進。展望今年，我們可以開始看到隧道盡頭的曙光。 2023 年對這個項目來說將是激動人心的一年，我們渴望向世界展示這將是加拿大產量第三大的金礦。簡短地轉向 Gosselin。去年，我們進行了一次 17,000 米的金剛石鑽探活動，並於本月早些時候報告了化驗結果，該活動與礦床當前資源邊界以南和以下的礦化相交。

Gosselin with its maiden resource of 3.4 million indicated ounces and 1.7 million ounces inferred continues to be in the early stages of discovery. The deposit has only been drilled with a fraction of the meters compared to Cote and to half the depth. It remains open along strike and at depth. When one looks at the Cote life of mine plan, there is a step down in production in the year 2030 to 2033 which would be a logical fit to bring Gosselin into the mine plan.

Gosselin 的初始資源為 340 萬盎司，推斷為 170 萬盎司，仍處於發現的早期階段。與 Cote 相比，該礦床只鑽了一小部分米，深度只有一半。它沿走向和深度保持開放。當查看 Cote 礦山壽命計劃時，會發現 2030 年至 2033 年的產量下降，將 Gosselin 納入礦山計劃是合乎邏輯的。

There is a lot of work to do in order to realize that. And this year, we will be advancing technical studies to review alternatives or potential inclusion of Cote into future -- sorry for potential inclusion of Gosselin into a future Cote life of mine plan. Then looking beyond Gosselin, we firmly believe that Cote Gold is not just a project but the start of a district and there is significant upside to be uncovered as there has been minimal historical exploration targeting those Cote, Gosselin style intrusion-hosted deposits within our 596 square kilometer land package. I will now turn it over to Maarten to walk us through the financial review.

要實現這一點，還有很多工作要做。今年，我們將推進技術研究，以審查替代方案或將 Cote 納入未來的可能性——對於 Gosselin 可能納入未來 Cote 礦山壽命計劃的可能性感到抱歉。然後放眼 Gosselin 之外，我們堅信 Cote Gold 不僅僅是一個項目，而是一個地區的開始，並且有顯著的上行空間有待發現，因為我們 596平方公里土地包。我現在將把它交給 Maarten 來引導我們完成財務審查。

Thank you, Maryse. And good morning. As you would have seen, Rosebel has been classified as a discontinued operation due to its sale and are not included in our continuing operating results. Revenue from continuing operations totaled $958.8 million last year from sales of 555,000 ounces or 506,000 ounces on an attributable basis at an average realized price of $1,721 per ounce. The price was below spot due to the impact of physically delivering 150,000 ounces into the Prepay Arrangement that has a $1,500 per ounce collar. IAMGOLD received $30 million in cash this year in relation to the collar completing the 2019 Prepay Arrangement.

謝謝你，瑪麗絲。早上好。如您所見，Rosebel 因其出售而被歸類為停產業務，不包括在我們的持續經營業績中。去年來自持續經營業務的收入總計 9.588 億美元，銷售額為 555,000 盎司或 506,000 盎司，平均實現價格為每盎司 1,721 美元。由於將 150,000 盎司實物交付到每盎司 1,500 美元的預付款安排中的影響，價格低於現貨。 IAMGOLD 今年因完成 2019 年預付款安排而收到了 3000 萬美元的現金。

Earnings before interest, income taxes, depreciation and amortization from continuing operations was $292.3 million for the year or $313.4 million on an adjusted basis. Mine-site free cash flow from continuing operations. Calculated as cash flow from mine site operating activities less mine site-related capital expenditures was $167.2 million for the year. Looking at cash flow. Net cash flow from operating activities, including working capital, was $408.7 million, with $257.6 million coming from continuing operations and $151.1 million from discontinued operations.

全年來自持續經營業務的利息、所得稅、折舊和攤銷前利潤為 2.923 億美元，調整後為 3.134 億美元。來自持續經營的礦場自由現金流。按礦場經營活動產生的現金流減去與礦場相關的資本支出計算，全年為 1.672 億美元。看現金流。來自經營活動的淨現金流量（包括營運資金）為 4.087 億美元，其中 2.576 億美元來自持續經營業務，1.511 億美元來自終止經營業務。

Net cash used in investing activities totaled $891.9 million, of which $761.2 million was used by continuing operations, a major component of which was the ongoing construction at Cote and in discontinued operations of $130.7 million. Finally, net cash in financing activities totaled $404 million, primarily due to the drawdown of the credit facility. In terms of our financial position, we ended the quarter with approximately $408 million in cash and cash equivalents and $27 million available under our credit facility.

用於投資活動的淨現金總額為 8.919 億美元，其中 7.612 億美元用於持續經營，其中主要部分是 Cote 的持續建設和 1.307 億美元的已終止經營。最後，融資活動的淨現金總額為 4.04 億美元，主要是由於信貸額度的提取。就我們的財務狀況而言，本季度末我們擁有約 4.08 億美元的現金和現金等價物，以及 2700 萬美元的可用信貸額度。

After drawing down $455 million in 2022 and accounting for letters of credit in the amount of $18.4 million issued under the credit facility as collateral for certain surety bonds issued as environmental indemnities. It is worth noting that the cash funding excludes $40.8 million in assets held for sale that is included $38.5 million of cash at Rosebel. Additionally, approximately $236 million of our cash and cash equivalents are currently held by Cote and Essakane.

在 2022 年提取 4.55 億美元並核算根據信貸安排發行的 1840 萬美元信用證作為某些作為環境賠償發行的擔保債券的抵押品後。值得注意的是，現金融資不包括 4080 萬美元的持有待售資產，其中包括 Rosebel 的 3850 萬美元現金。此外，我們的現金和現金等價物中約有 2.36 億美元目前由 Cote 和 Essakane 持有。

As Maryse noted, IAMGOLD completed a series of strategic transactions at the end of the year, totaling over $900 million in after-tax funding. The results of which mean that IAMGOLD is able to meet the estimated remaining funding requirements of $800 million to $875 million for the completion of construction of Cote Gold based on the current schedule and estimate.

正如 Maryse 指出的那樣，IAMGOLD 在年底完成了一系列戰略交易，稅後資金總額超過 9 億美元。其結果意味著 IAMGOLD 能夠滿足根據目前的時間表和估計完成 Cote Gold 建設所需的 8 億至 8.75 億美元的估計剩餘資金需求。

As announced on October 18, IAMGOLD announced sale of interest in the Rosebel Gold mine to Zijin Mining for cash consideration of $360 million. This transaction closed on January 31, during which time the company received net proceeds of $371.5 million, consisting of sales proceeds of $360 million plus $15 million of the cash held by Rosebel on January 31, less a preliminary working capital adjustment of $3.5 million. The company is due to receive approximately $24.8 million by March 31, 2023, consisting of the remaining cash balance held by Rosebel at that time, net of final working capital adjustments.

正如 10 月 18 日宣布的那樣，IAMGOLD 宣布以 3.6 億美元的現金對價將羅斯貝爾金礦的權益出售給紫金礦業。該交易於 1 月 31 日結束，在此期間公司收到淨收益 3.715 億美元，其中包括 3.6 億美元的銷售收益加上 Rosebel 在 1 月 31 日持有的 1500 萬美元現金，減去 350 萬美元的初步營運資金調整。到 2023 年 3 月 31 日，公司將收到約 2480 萬美元，其中包括 Rosebel 當時持有的剩餘現金餘額，扣除最終營運資金調整。

On December 20, the company announced that it's entered into definitive agreements with Managem to sell the company's interest in its exploration and development projects in Senegal, Mali and Guinea including Boto, Karita and Diakha for aggregate pretax consideration of approximately $282 million or approximately $240 million to $250 million on an after tax base that's estimated. We continue to expect these transactions to close over the course of the second and third quarter.

12 月 20 日，公司宣布已與 Managem 達成最終協議，出售公司在塞內加爾、馬里和幾內亞（包括博托、卡里塔和迪亞卡）的勘探和開發項目的權益，總稅前對價約為 2.82 億美元或約 2.4 億美元在估計的稅後基礎上增加到 2.5 億美元。我們繼續預計這些交易將在第二和第三季度完成。

Finally, on December 19, the company announced a funding agreement with Sumitomo. With Sumitomo will contribute certain of IAMGOLD's funding amounts to the Cote Gold project which, in aggregate, are expected to total approximately $340 million over the course of this year in exchange for an approximate 10% interest in Cote. With the right to repurchase this 10% interest, at 1 of 7 future dates up to November 2026. We believe the Sumitomo transaction demonstrates to all our stakeholders, strong validation of the Cote Gold project from our project partner, and you want to reinforce that is ours, Sumitomo's intention for IAMGOLD to return to the 70-30 JV ratio in the future.

最後，在 12 月 19 日，該公司宣布與住友商事達成融資協議。 Sumitomo 將向 Cote Gold 項目提供 IAMGOLD 的部分資金，預計今年總計約 3.4 億美元，以換取 Cote 約 10% 的權益。有權在 2026 年 11 月之前的 7 個未來日期中的 1 個回購這 10% 的權益。我們相信，住友商事的交易向我們所有的利益相關者展示了我們的項目合作夥伴對 Cote Gold 項目的有力驗證，您希望加強這一點是我們的，住友有意讓IAMGOLD在未來回到70-30的JV比例。

Thank you, Maarten, and congratulations to you and your team for incredible job last year. With that, I would like to pass the call back to the operator for Q&A.

謝謝你，Maarten，並祝賀你和你的團隊去年所做的出色工作。有了這個，我想把電話轉回給接線員進行問答。

(Operator Instructions)

（操作員說明）

Thank you very much, operator. There doesn't seem to be any questions. So I would like to thank everyone for joining us. Oh! Sorry, I think we have. Okay questions coming in.

非常感謝你，接線員。似乎沒有任何問題。所以我要感謝大家加入我們。哦！對不起，我想我們有。好的問題進來了。

Yes. The first question is from Mohamed Sidibe of CIBC.

是的。第一個問題來自 CIBC 的 Mohamed Sidibe。

Sorry about the mishap over there. So my question is mainly -- I'm here on behalf of Anita Soni from CIBC. Question is really related to Essakane and the heap leach expansion. So first of all, I just wanted to understand whether or not the heap leach material is currently included in either the reserves or resources. Yes, that's my first question.

對那邊的事故感到抱歉。所以我的問題主要是——我代表 CIBC 的 Anita Soni 來這裡。問題確實與 Essakane 和堆浸擴展有關。所以首先，我只想了解堆浸材料目前是否包含在儲量或資源中。是的，這是我的第一個問題。

Thanks for your question. And if I understood well, you wanted to know in that potential -- the 10 million tonnes we mentioned that was supposed to be heap leach if it's included into resource or in the reserves, it is not. And if I misunderstood the question, maybe you would repeat, please.

謝謝你的問題。如果我理解得很好，你想知道那個潛力——我們提到的 1000 萬噸應該是堆浸，如果它被包含在資源或儲量中，它不是。如果我誤解了這個問題，請你再重複一遍。

Yes. No, for sure. That was the question. It was related to the 9.8 million tonnes that you mentioned on the call. And if not, because going back to the technical report, I recall that heap leach expansion was about 43 million tonnes at about 0.37 grams per tonne. Would you be able to maybe give us a little bit more color on what we could expect from that on a more economical material? And when we expect to see that in resource or reserves?

是的。不，當然。這就是問題所在。這與您在電話中提到的 980 萬噸有關。如果不是，因為回到技術報告，我記得堆浸膨脹約為 4300 萬噸，每噸約 0.37 克。你能不能給我們更多關於我們對更經濟的材料的期望的顏色？當我們期望在資源或儲備中看到它時？

So did not provide much clarity in terms of the material that was considered in the heap leach scenario in the past. But all I'm going to say is that by midyear, we should have a new technical report where we will have studied all of the potential options for processing and different processing pathways. So we'll keep the market informed as the work is completed.

因此，對於過去在堆浸場景中考慮的材料，並沒有提供太多的清晰度。但我要說的是，到年中，我們應該有一份新的技術報告，我們將在其中研究所有潛在的處理選項和不同的處理途徑。因此，我們將在工作完成後隨時通知市場。

Okay. Sounds good. And then finally, I guess, given this -- given the fact that you're not going ahead with this heap leach expansion anymore, should we just expect the mine life to and around that 2026, 2027 mark as per the technical report?

好的。聽起來不錯。最後，我想，鑑於此 - 鑑於您不再繼續進行堆浸擴建這一事實，我們是否應該根據技術報告預計礦山壽命將達到 2026 年和 2027 年左右？

At this point, we think with this possibility to extend the mine life. But as you know, we would need to collect more drilling data and update all of our resource models. So work is progressing. And as I said, we will provide more clarity by midyear.

在這一點上，我們認為可以通過這種方式來延長礦山的使用壽命。但如您所知，我們需要收集更多的鑽井數據並更新我們所有的資源模型。所以工作正在取得進展。正如我所說，我們將在年中提供更多的清晰度。

Next question is from Sean Wondrack with Deutsche Bank.

下一個問題來自德意志銀行的 Sean Wondrack。

And nice job on liquidity this quarter. Just as we take a look at your cash position today, is it fair to say that pro forma cash, assuming the receipt of the funds from Boto and from South America is roughly $1 billion as we stand today.

本季度在流動性方面做得很好。就像我們今天查看您的現金狀況一樣，假設從博托和南美洲收到的資金大約為我們今天的 10 億美元，可以說備考現金是否公平。

Yes. If we -- if you take our cash position that we had at the end of the year of $407 million and we add in the additional cash proceeds on the close of Rosebel that was included in our assets held for sale. That gets us to the $450 million. And then if you add in the net proceeds from the others, the other 2 transactions, it would get us to approximately $1 billion.

是的。如果我們——如果你持有我們在年底擁有的 4.07 億美元的現金頭寸，並且我們在 Rosebel 結束時增加了額外的現金收益，這些收益包括在我們持有的待售資產中。這使我們達到了 4.5 億美元。然後，如果你加上其他 2 筆交易的淨收益，我們將達到大約 10 億美元。

Okay. Great. And then just surrounding Burkina Faso, there's been a few headlines out there. There was a headline with Endeavor yesterday. Can you just tell us a little bit more about maybe what's going on, on the ground there? There's been rumors about the French potentially leaving. Is that true? And how do you control your own destiny there? I know you've operated in the country for a long time. There's always been some kind of turmoil. So I'm just curious to get your opinion on, has anything changed there? Is it sort of -- it's always been a difficult environment and we're coping with it.

好的。偉大的。然後就在布基納法索周圍，出現了一些頭條新聞。昨天有一篇關於奮進的頭條新聞。你能告訴我們更多關於當地正在發生的事情嗎？有傳言說法國人可能會離開。真的嗎？你在那裡如何控制自己的命運？我知道你在國內經營了很長時間。總是有某種混亂。所以我很想听聽你的意見，那裡有什麼變化嗎？是不是有點——這一直是一個困難的環境，我們正在應對它。

Okay. I'll take this. Well, first, let's -- I'll try to address to the best of my knowledge the headline news we heard about early this week with cool sale. So we are aware of media reports relating to the Burkina Faso government buying gold. And the government actually issued a statement clarifying that they arranged an agreement with Endeavor for that sale. And by the way, in the mining code, Article 16 does allow for this transaction. And in our case, we sell a small amount frequently directly to the West African Central Bank.

好的。我要這個。好吧，首先，讓我們——我將盡我所知，就我們本週早些時候聽到的頭條新聞進行大減價。所以我們知道有關布基納法索政府購買黃金的媒體報導。政府實際上發表了一份聲明，澄清他們與 Endeavor 就此次出售達成了協議。順便說一句，在採礦法中，第 16 條確實允許進行此交易。在我們的案例中，我們經常直接向西非中央銀行出售少量資金。

But we have not received such a request from the Burkina Faso government. And I would not comment further on this. In terms of the security and a bit more color, as we noted the situation is complex in Burkina, it deteriorated in 2022. And for us, it's always relative to our convoys of supplies going to the mine. It's a logistical challenge. And the company continues to take proactive measures to ensure the safety of our people. And we are constantly adjusting our protocols and activity levels, and we are monitoring closely security environment.

但是我們還沒有收到布基納法索政府的這樣的要求。我不會對此發表進一步評論。在安全和更多色彩方面，正如我們注意到的那樣，布基納法索局勢在 2022 年惡化。對我們來說，這始終與我們前往礦山的補給車隊有關。這是後勤方面的挑戰。公司將繼續採取積極措施，以確保我們員工的安全。我們不斷調整我們的協議和活動水平，我們正在密切監控安全環境。

And also, we are -- we continue to make some investments in supply chain infrastructure and also in storage capacity at the mine site, and we do have the support of the government. So 2 components to this, our situation at Essakane (inaudible) which we have not received that type of request and -- for Essakane. I hope that's helpful.

而且，我們 - 我們繼續對供應鏈基礎設施以及礦場的存儲容量進行一些投資，我們確實得到了政府的支持。因此，有 2 個組成部分，我們在 Essakane 的情況（聽不清），我們沒有收到那種類型的請求，以及 - 對於 Essakane。我希望這會有所幫助。

Yes, that's very helpful.

是的，這很有幫助。

We have a follow-up question from Mohamed Sidibe.

我們有來自 Mohamed Sidibe 的後續問題。

Just a follow-up question on the current low-grade material at Essakane. I was just looking through the reserve and resource table. I was wondering if you could give me maybe just the tonnage and grade that you currently have there in the low-grade material if that's available.

只是關於 Essakane 當前低等級材料的後續問題。我只是在瀏覽儲備和資源表。我想知道如果可以的話，你是否可以只給我你目前在低等級材料中的噸位和等級。

For low-grade material, I do not have that. If you don't mind Mohamed, we could take that off slowly.

對於低檔材料，我沒有。如果你不介意穆罕默德，我們可以慢慢取消。

For sure. No problem.

一定。沒問題。

This concludes the question-and-answer session. I would now like to hand the call back over to Maryse Belanger for closing remarks.

問答環節到此結束。我現在想將電話轉回給 Maryse Belanger 以作結束語。

Thank you very much, operator, and thanks to everyone for joining us this morning and -- for your continued engagement with IAMGOLD. As always, we are available should we -- should you have any additional questions, please do not hesitate to reach out to Graeme Jennings or myself if you would like to set up a meeting. Thank you all and have a great day.

非常感謝您，操作員，並感謝大家今天早上加入我們，並感謝您繼續與 IAMGOLD 互動。一如既往，我們隨時待命——如果您有任何其他問題，如果您想安排會面，請隨時聯繫格雷姆·詹寧斯或我本人。謝謝大家，祝你有美好的一天。

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。