i-80 Gold Corp. press release

lAMGOLD Announces Significant Increase in Nelligan Ounces & Update of Global Mineral Reserves and Resources

2025-02-20

TSX - Toronto Stock Exchange · Gold · Silver · United States · Resource Estimate

_All amounts are in US dollars, unless otherwise indicated. _Measured and indicated resources are quoted inclusive of proven and probable reserves for all sites and projects.

Toronto, Ontario--(Newsfile Corp. - February 20, 2025) - IAMGOLD Corporation(NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") announces its updated Mineral Reserves and Mineral Resources statement as of December 31, 2024 prepared in accordance with National Instrument 43-101 - _Standards of Disclosure for Mineral Projects_("NI 43-101"). A summary table of the Company's Mineral Resources and Mineral Reserves, including attributable ounces accounting for ownership interest, can be found at the end of this news release.

Highlights

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Updated Mineral Resources for the 100%-owned Nelligan Project of 3.1 million Indicated gold ounces in 102.8 million tonnes ("Mt") at 0.95 grams per tonne gold ("g/t Au"), and 5.2 million Inferred ounces (166.4 Mt at 0.96 g/t Au). This represents a 56% increase in Indicated ounces, or 1.1 million ounces, with an accompanying 13% increase in grade; as well as a 33% increase in Inferred ounces, or 1.3 million ounces, with a similar 14% increase in grade. Nelligan mineralization remains open along strike and at depth.

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Proven and Probable ("P&P") Mineral Reserves (100% basis) total 10.7 million ounces of gold in 296 Mt at 1.12 g/t Au (8.2 million ounces attributable). P&P Mineral Reserves decreased 3%, or 367,000 ounces, from the year prior. P&P Mineral Reserves at Essakane increased 5% net of depletion, offset by a 4% decrease at Côté due to depletion as drilling is ongoing.

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Measured and Indicated ("M&I") Mineral Resources (100% basis) increased 3% to 26.7 million ounces of gold in 846 Mt at 0.98 g/t Au (21.2 million ounces attributable). Inferred Mineral Resources (100% basis) increased 27% to a total of 12.8 million ounces (11.4 million ounces attributable).

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Gold price assumptions for Mineral Reserves were updated for Essakane and Westwood to $1,500 per ounce, Côté remained unchanged at $1,400 per ounce; the gold price assumption for Mineral Resources for Essakane and Westwood were increased to $1,800 per ounce, Côté remained unchanged at $1,700 per ounce.

"It was another productive year for IAMGOLD's exploration and operations drilling teams, as the Company was able to increase its global Mineral Measured and Indicated Resources on a 100% basis to a total of 26.7 million ounces," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "At Essakane, the teams were able to increase the Mineral Reserves after accounting for depletion, suggesting another year of mine life for the strong cash-flowing asset. At Westwood, the mine continues to maintain a reserve base of approximately one million ounces, in line with the updated mine plan announced in December. At Côté Gold, the block models were not updated for the new gold price assumption as the drilling program is ongoing alongside a whittle pit re-analysis to better capture the plan to bulk mine the deposit. The plan for Côté remains unchanged as we look to bring forward the substantial mineral wealth within both Côté and Gosselin. This year we are planning to conduct a 45,000 m drill program, building on top of the 40,000 m drill program last year, with a focus on resource conversion of Inferred Mineral Resources to Indicated in the Gosselin zone, the testing of the southern and northeastern extensions, as well as testing the breccias at depth. These programs will inform an updated Mineral Reserves and Resources estimate alongside an updated mine plan incorporating Gosselin later in 2026."

"The Nelligan Mineral Resources update today demonstrates the incredible potential of the asset, demonstrating rapid growth in ounces and an improvement in grades from a relatively conservative drill program totalling 23,400 m over the last two years. Nelligan now contains an estimated 3.1 million ounces in the Indicated category averaging 0.95 g/t, in addition to 5.2 million ounces in Inferred at similar grades. This positions Nelligan among the largest gold projects in Canada with the potential for further growth. This year, we are increasing the scope of our Chibougamau drill program with a plan for 30,000 m of diamond drilling, testing the extension of mineralization at Nelligan, as well as targeting high-grade structures on the neighbouring high-grade underground Monster Lake asset."

"Over the last few years, the Company has seen a rapid growth of Mineral Resources within Canada, where now today approximately 80% of our Measured and Indicated ounces and 90% of global Inferred ounces are located in Canada in well established mining jurisdictions. This transformation further positions IAMGOLD today as a modern Canadian, multi-asset mid-tier gold producer with significant growth potential."

Mineral Reserves

TABLE 1: MINERAL RESERVES (@100%)SUMMARY

| | 20232 | | | 20243,4 | | | %▲ | | | | | | | | | | | | | | | | | | | | | Tonnes | | Grade | | | Ounces | | | Tonnes | | | Grade | | | Ounces | | | Tonnes | | | Grade | | | Ounces | | | | (000s) | | (g/t) | | | (000s) | | | (000s) | | | (g/t) | | | (000s) | | | (000s) | | | (g/t) | | | (000s) | | | Essakane3 | | | | | | | | | | | | | | | | | | | | | | | | | | | Proven (stockpile) | 20,047 | | 0.65 | | | 417 | | | 18,876 | | | 0.65 | | | 396 | | | -6% | | | 1% | | | -5% | | | Probable (open pit) | 42,123 | | 1.32 | | | 1,787 | | | 44,017 | | | 1.36 | | | 1,920 | | | 4% | | | 3% | | | 7% | | | Total | 62,169 | | 1.10 | | | 2,204 | | | 62,893 | | | 1.15 | | | 2,316 | | | 1% | | | 4% | | | 5% | | | Westwood4 | | | | | | | | | | | | | | | | | | | | | | | | | | | Proven (underground) | 382 | | 10.40 | | | 128 | | | 717 | | | 12.61 | | | 291 | | | 88% | | | 21% | | | 128% | | | Probable (underground) | 2,982 | | 10.65 | | | 1,021 | | | 1,886 | | | 10.98 | | | 666 | | | -37% | | | 3% | | | -35% | | | Subtotal | 3,364 | | 10.62 | | | 1,149 | | | 2,603 | | | 11.44 | | | 957 | | | -23% | | | 8% | | | -17% | | | Proven (Grand Duc) | 465 | | 0.69 | | | 10 | | | 363 | | | 0.80 | | | 9 | | | -22% | | | 16% | | | -13% | | | Probable (Grand Duc) | 1,460 | | 1.17 | | | 55 | | | 1,090 | | | 1.08 | | | 38 | | | -25% | | | -8% | | | -31% | | | Subtotal | 1,925 | | 1.05 | | | 65 | | | 1,453 | | | 1.01 | | | 47 | | | -25% | | | -5% | | | -28% | | | Total | 5,290 | | 7.14 | | | 1,214 | | | 4,056 | | | 7.70 | | | 1,004 | | | -23% | | | 8% | | | -17% | | | Côté Gold3 | | | | | | | | | | | | | | | | | | | | | | | | | | | Proven | 132,202 | | 1.09 | | | 4,620 | | | 127,747 | | | 1.07 | | | 4,376 | | | -3% | | | -2% | | | -5% | | | Probable | 102,442 | | 0.91 | | | 2,990 | | | 101,427 | | | 0.91 | | | 2,965 | | | -1% | | | 0% | | | -1% | | | Total | 234,644 | | 1.01 | | | 7,610 | | | 229,175 | | | 1.00 | | | 7,341 | | | -2% | | | -1% | | | -4% | | | Total P&P Reserves1 | 302,103 | | 1.14 | | | 11,028 | | | 296,124 | | | 1.12 | | | 10,661 | | | -2% | | | -1% | | | -3% | |

1. Figures may not add due to rounding. 2. 2023 Mineral Reserves estimated as of December 31, 2023, using a gold price of $1,400 per ounce for Essakane and Cote Gold; $1,300 for Westwood; and $1,600 per ounce for the Grand Duc satellite pit at Westwood 3. 2024 Mineral Reserves estimated as of December 31, 2024, using a gold price of $1,500 per ounce for Essakane and $1,400 per ounce for Cote Gold. 4. Westwood (underground) Mineral Reserves have been estimated as of December 31, 2024 using a $1,500/oz gold price and a 6.82g/t Au cut-off grade. The Grand Duc Mineral Reserves estimate is included in the Westwood Reserves estimate and has been estimated as of December 31, 2024 using a gold price of $1,800/oz.

Proven and Probable Mineral Reserves, on a 100% basis for current assets, were estimated at 10.7 million ounces of gold (8.2 million ounces attributable) as of December 31, 2024, which was a 3% decrease or 367,000 ounces, from the year prior. Mineral Reserves at Essakane increased 112,000 ounces more than offsetting reserve depletion from mining activities of 515,000 ounces (12.1 Mt at 1.33 g/t Au) last year on a 100% basis. Westwood Mineral Reserves decreased 210,000 ounces from the prior year primarily due to depletion yet were relatively flat from the updated Mine Plan and Mineral Resources and Reserves estimate announced on December 5, 2024. Côté Gold Mineral Reserves decreased 269,000 ounces also on depletion. The Côté block model was not updated with the revised gold price assumption as a result of the ongoing whittle pit analysis and drill program which is being conducted to support an updated mine plan and Mineral Reserves and Resources estimate incorporating Gosselin next year.

A $1,500 per ounce gold price assumption was used in the 2024 Mineral Reserves estimate as of December 31, 2024 for Essakane and Westwood underground, an increase from the prior year assumption of $1,400 per ounce for Essakane and $1,300 per ounce for Westwood (which was subsequently increased to $1,400 per ounce in the updated mine plan and Mineral Resources and Reserves estimates announced in December). As noted above, Côté Gold Mineral Reserves remain based on $1,400 per ounce. The Grand Duc satellite open pit at Westwood used a Mineral Reserves gold price assumption of $1,800 per ounce, an increase from $1,600 per ounce the year prior.

Mineral Resources

Measured and Indicated ("M&I") Mineral Resources, inclusive of Mineral Reserves and on a 100% basis, for IAMGOLD's assets increased 3% or 0.8 million ounces, to a total of 26.7 million ounces as of December 31, 2024 (21.2 million ounces attributable). Global Inferred Mineral Resources (on a 100% basis) increased 27%, or 2.7 million ounces, to a total of 12.8 million ounces as of December 31, 2024 (11.4 million ounces attributable). Note that Inferred Mineral Resources have a great amount of uncertainty as to their grade and quantity because they are based on limited geological evidence. It cannot be assumed that all or part of the Inferred Mineral Resources will ever be upgraded to a higher category or converted to Mineral Reserves.

The Company assumed a gold price of $1,800 per ounce for estimating Mineral Resources as of December 31, 2024 at Essakane, Westwood, and Nelligan/Monster Lake. This was an increase from the year prior in which all operations assumed a gold price of $1,700 per ounce in the Mineral Resources estimate, aside from Westwood which assumed a $1,600 per ounce gold price. The gold price assumptions for Côté Gold and Gosselin are unchanged at $1,700 per ounce.

Essakane

Essakane M&I Mineral Resources, inclusive of Mineral Reserves and on a 100% basis, increased 17% to an estimated 4.0 million ounces (3.6 million ounces attributable) as of December 31, 2024, with grades relatively flat year over year to 1.24 g/t Au, demonstrating the potential for Essakane to extend its mine life within the fence. Inferred Mineral Resources increased 82% from the year prior to an estimated 713,000 ounces with grades increasing 20% to 1.76 g/t Au.

Westwood

Westwood M&I Mineral Resources, inclusive of Mineral Reserves, decreased 711,000 ounces to 1.7 million ounces as of December 31, 2024. Inferred Mineral Resources increased 142%, or 1.1 million ounces to 1.8 million ounces with an average grade of 12.83 g/t Au. On December 5, 2024, IAMGOLD announced an updated Mineral Resources and Reserves estimate for Westwood that was prepared in accordance with the disclosure requirements of NI 43-101 and had an effective date of September 30, 2024. Relative to this date, Westwood M&I Mineral Resources were essentially flat effectively replacing depletion in the fourth quarter, while Inferred Mineral Resources were estimated to be unchanged.

Côté & Gosselin

Côté Gold Mineral Resources were relatively unchanged after accounting for depletion as the block model was not updated due to the ongoing analysis and drill programs. M&I Mineral Resources, inclusive of Mineral Reserves and on a 100% basis, decreased a nominal 2% or 283,000 ounces, to 11.8 million ounces (8.2 million ounces attributable), as a result of depletion in the first year of operations. Inferred Mineral Resources were relatively unchanged. Likewise, Gosselin Mineral Resources are unchanged from the year prior. Last year, IAMGOLD completed a diamond drill program totalling 40,400 metres on Gosselin. Interim assay results announced in October 2024, demonstrated the extensions of mineralization of the Gosselin Zone outside of the December 31, 2023 resource pit shell. Key extensions have been intersected south and west of the Gosselin West Breccia, and at depth between the Côté and Gosselin West Breccia. Numerous short intersections of gold-bearing hydrothermal breccia between the Gosselin East and West Breccias may indicate a more continuous breccia system with breccia textures being obliterated by intense hydrothermal alteration. Resource models for Côté and Gosselin are to be updated following the 2025 drill program.

TABLE 2: MINERAL RESOURCES (@100%)SUMMARY1

| | 20232 | | | 20243 | | | %▲ | | | | | | | | | | | | | | | | | | | | | Tonnes | | Grade | | | Ounces | | | Tonnes | | | Grade | | | Ounces | | | Tonnes | | | Grade | | | Ounces | | | | (000s) | | (g/t) | | | (000s) | | | (000s) | | | (g/t) | | | (000s) | | | (000s) | | | (g/t) | | | (000s) | | | OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | Essakane | | | | | | | | | | | | | | | | | | | | | | | | | | | Measured | 21,379 | | 0.64 | | | 439 | | | 21,157 | | | 0.64 | | | 433 | | | -1% | | | 0% | | | -1% | | | Indicated | 65,702 | | 1.40 | | | 2,951 | | | 78,722 | | | 1.40 | | | 3,534 | | | 20% | | | 0% | | | 20% | | | Total M&I | 87,081 | | 1.21 | | | 3,390 | | | 99,879 | | | 1.24 | | | 3,967 | | | 15% | | | 2% | | | 17% | | | Inferred | 8,344 | | 1.46 | | | 392 | | | 12,623 | | | 1.76 | | | 713 | | | 51% | | | 20% | | | 82% | | | Westwood5 | | | | | | | | | | | | | | | | | | | | | | | | | | | Measured | 1,158 | | 7.85 | | | 292 | | | 1,061 | | | 9.17 | | | 313 | | | -8% | | | 17% | | | 7% | | | Indicated | 7,257 | | 9.14 | | | 2,133 | | | 5,627 | | | 7.75 | | | 1,402 | | | -22% | | | -15% | | | -34% | | | Total M&I | 8,415 | | 8.97 | | | 2,426 | | | 6,688 | | | 7.98 | | | 1,715 | | | -21% | | | -11% | | | -29% | | | Inferred | 1,465 | | 15.78 | | | 743 | | | 4,369 | | | 12.83 | | | 1,802 | | | 198% | | | -19% | | | 142% | | | Côté Gold4 | | | | | | | | | | | | | | | | | | | | | | | | | | | Measured | 167,040 | | 0.96 | | | 5,160 | | | 162,140 | | | 0.94 | | | 4,907 | | | -3% | | | -2% | | | -5% | | | Indicated | 277,733 | | 0.77 | | | 6,907 | | | 276,404 | | | 0.77 | | | 6,878 | | | 0% | | | 0% | | | 0% | | | Total M&I | 444,773 | | 0.84 | | | 12,067 | | | 438,544 | | | 0.84 | | | 11,785 | | | -1% | | | -1% | | | -2% | | | Inferred | 60,591 | | 0.61 | | | 1,184 | | | 60,362 | | | 0.61 | | | 1,177 | | | 0% | | | 0% | | | -1% | | | DEVELOPMENT & EXP | | | | | | | | | | | | | | | | | | | | | | | | | | | Gosselin4 | | | | | | | | | | | | | | | | | | | | | | | | | | | Indicated | 161,300 | | 0.85 | | | 4,420 | | | 161,300 | | | 0.85 | | | 4,420 | | | 0% | | | 0% | | | 0% | | | Inferred | 123,900 | | 0.75 | | | 2,980 | | | 123,900 | | | 0.75 | | | 2,980 | | | 4% | | | 0% | | | 4% | | | Nelligan | | | | | | | | | | | | | | | | | | | | | | | | | | | Indicated | 74,500 | | 0.84 | | | 2,006 | | | 102,845 | | | 0.95 | | | 3,125 | | | 38% | | | 13% | | | 56% | | | Inferred | 142,600 | | 0.85 | | | 3,889 | | | 166,395 | | | 0.96 | | | 5,161 | | | 17% | | | 14% | | | 33% | | | Monster Lake | | | | | | | | | | | | | | | | | | | | | | | | | | | Indicated | - | | - | | | - | | | 239 | | | 10.96 | | | 84 | | | - | | | - | | | - | | | Inferred | 1,110 | | 12.14 | | | 433 | | | 1,053 | | | 14.43 | | | 489 | | | -5% | | | 19% | | | 13% | | | Gossey | | | | | | | | | | | | | | | | | | | | | | | | | | | Indicated | 7,690 | | 0.91 | | | 224 | | | 8,383 | | | 0.87 | | | 235 | | | 9% | | | -4% | | | 5% | | | Inferred | 1,520 | | 1.04 | | | 51 | | | 1,611 | | | 1.00 | | | 52 | | | 6% | | | -4% | | | 2% | | | Diakha-Siribaya6 | | | | | | | | | | | | | | | | | | | | | | | | | | | Indicated | 27,937 | | 1.48 | | | 1,325 | | | 27,937 | | | 1.48 | | | 1,325 | | | 0% | | | 0% | | | 0% | | | Inferred | 8,468 | | 1.53 | | | 417 | | | 8,468 | | | 1.53 | | | 417 | | | 0% | | | 0% | | | 0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total M&I Resources1 | 811,696 | | 0.99 | | | 25,858 | | | 845,816 | | | 0.98 | | | 26,656 | | | 4% | | | -1% | | | 3% | | | Total Inferred Resources1 | 347,997 | | 0.90 | | | 10,090 | | | 378,781 | | | 1.05 | | | 12,791 | | | 9% | | | 16% | | | 27% | |

1. Figures may not add due to rounding. 2. Mineral Resources estimated as of December 31, 2023, using a gold price of $1,700 per ounce for the Essakane, Grand Duc satellite pit, Côté Gold, Gosselin, Nelligan, Monster Lake and Gossey. A gold price of $1,500 per ounce for Diakha-Siribaya Gold Project and $1,600 for Westwood. 3. 2024 Mineral Resources estimated as of December 31, 2024, using a gold price of $1,800 per ounce for Essakane, Nelligan, Monster Lake and Gossey; and have been estimated in accordance with NI 43-101. 4. 2024 Mineral Resources for Côté Gold and Gosselin are using a gold price of $1,700 per ounce, unchanged from the prior year. The block models were not updated as drill programs and whittle pit analysis are ongoing. 5. Westwood Mineral Resources have been estimated as of December 31, 2024 using a 5.68 g/t Au cut-off grade over a minimum width of 2.4 metres, using a $1,800 per ounce gold price and have been estimated in accordance with NI 43-101. The Grand Duc Mineral Resources and Reserves estimate is included in the Westwood Mineral Resources and Reserves estimates. The Grand Duc Mineral Resources have been estimated as of December 31, 2024 using a gold price of $1,800 per ounce and have been estimated in accordance with NI 43-101 6. Diakha-Siribaya Mineral Resources have been estimated as of December 31, 2024 using a $1,500 per ounce gold price and have been estimated in accordance with NI 43-101. The definitive agreement to sell the Diakha-Siribaya Gold Project in Mali to Managem S.A. expired on December 31, 2024, and was not extended. The Company is pursuing alternative options for the sale of this asset.

Nelligan

The Nelligan Project, located in the Chibougamau region in central Quebec, reported a significant increase in Indicated and Inferred Mineral Resources. Indicated Resources increased 1.1 million ounces to a total of 3.1 million ounces, with an increase in Indicated average grade to 0.95 g/t Au, up from 0.84 g/t Au previously. Inferred ounces increased 1.3 million ounces to a total of 5.2 million ounces, up from 3.9 million ounces previously, with a similar increase in average estimated grades to 0.96 g/t Au, up from 0.85 g/t Au previously.

[](https://images.newsfilecorp.com/files/6077/241642_5cf8eafb24177891_002full.jpg)

Figure 1 - Nelligan 2024 Pit Shell - Looking Northeast

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/6077/241642_5cf8eafb24177891_002full.jpg

The increase in Indicated and Inferred Mineral Resources was a result of the 2023 and 2024 drill campaign, totalling approximately 23,400 metres allowing for resource expansion and improvements to the geological model. The drill program successfully extended the Nelligan deposit in its shallow plunging extension to the East (below 500 metres vertical depth) and confirmed the increasing width of the Footwall Zone forming the north part of the deposit mineralized sequence. Infill drilling consolidated the geological and structural modeling of the vast alteration and mineralized system.

[](https://images.newsfilecorp.com/files/6077/241642_5cf8eafb24177891_003full.jpg)

Figure 2 - Nelligan Vertical Longitudinal Section - Footwall Zone

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/6077/241642_5cf8eafb24177891_003full.jpg