Ownership
64.75% IAMGOLD; 27.75% Sumitomo Metal Mining; 7.5% Other
Location
The Côté Gold Project is located in the Chester and Yeo Townships, District of Sudbury, in northeastern Ontario. It is approximately 25 km southwest of Gogama, 125 km southwest of Timmins, and 175 km northwest of Sudbury. The project is accessible year round via Highway 144 which runs north-south 5 km to the east. The Côté Gold properties were assembled through staking and option agreements covering a total area of about 587 km2.
Côté Gold is located on Treaty 9 Territory, on the traditional lands of Mattagami First Nation and Flying Post First Nation, and within the traditional harvesting area of the Métis Nation of Ontario, Region 3.
Project Status
In construction; commercial production H2/2023
Project Highlights
2021 Technical Report: Project Economics and Key Parameters
|
|
Metric (on a 100% basis)
|
Units |
|
| Gold price |
$/ounce |
$1,600 |
| USD:CAD |
$ |
1.30 |
| Mine Life |
years |
18 |
| Mining Rate |
Mtpa |
70 |
| Strip Ratio |
waste:ore |
2.7:1 |
| Mill Throughput |
tpd |
36,000 |
| Average grade |
g/t gold |
0.96 |
| LOM average recovery rate |
% |
91.8 |
| Years 1 to 5 average gold production1 |
ounces |
489,000 |
| LOM average annual gold production |
ounces |
367,000 |
| LOM recovered gold |
million ounces |
6.60 |
| Cash Costs (LOM average) |
$/ounce sold |
$659 |
| AISC 2 (LOM average) |
$/ounce sold |
$802 |
| Total costs (w/out leases) |
$ millions |
$1,791 |
| Total costs (w/ leases) |
$ millions |
$1,666 |
| Sustaining capital3 |
$ million |
$866 |
| Expansion capital3 |
$ million |
$223 |
| NPV5% after tax |
$ millions |
$1,597 |
| IRR after tax |
% |
19.0 |
| Payback period |
years |
3.7 |
1 The metrics provided under the “2021 Technical Report” column are based on the Extended Case cited in the 2018 Technical Report, updated as discussed above. Years 1 to 5 average annual production commence on commercial production.
2 The 2021 Technical Report reflects higher cash costs and all-in sustaining costs (“AISC”), primarily due to an overall increase in estimated operating costs due to inflation, increased workforce costs, maintenance equipment costs and royalties (included in AISC) which vary with the gold price.
3 Sustaining and expansion capital variances between the 2018 Technical Report and the 2021 Technical Report primarily represent the reclassification of capitalized waste stripping from sustaining capital to expansion capital in accordance with World Gold Council guidelines and equipment leases relating to initial mining fleet.
Reserves and Resources
|
Category
|
|
Tonnes |
Grade |
Ounces |
|
(100% basis)
|
|
(Mt) |
(g/t) |
(Moz) |
|
Proven & Probable
|
Côté |
233 |
0.96 |
7.19 |
| |
Côté |
365.5 |
0.87 |
10.2 |
| M&I* |
Gosselin |
124.5 |
0.84 |
3.35 |
| |
Total |
490 |
0.86 |
13.55 |
| |
Côté |
189.6 |
0.63 |
3.82 |
| Inferred |
Gosselin |
72.9 |
0.73 |
1.71 |
| |
Total |
262.5 |
0.66 |
5.53 |
* Inclusive of Mineral Reserves
Please refer to the October 18, 2021 news release and the 2021 Technical Report for more detail.
History
IAMGOLD acquired Trelawney Mining and Exploration Inc. in 2012. Trelawney had carried out exploration activities at the Project site since 2009 prior to the acquisition.
Exploration activities have been ongoing in the area since the early 1900s by various companies and government agencies. More concentrated mineral exploration efforts were conducted in the early 1940s and from the early 1970s to about 1990.
Since its discovery in 2010, extensive diamond drilling activities have been undertaken to delineate the Côté Gold deposit.