Ownership
60% IAMGOLD | 40% Sumitomo Metal Mining Co. Ltd. Joint Venture1
Location
Côté Gold 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 mine 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 596 km2.
Côté Gold is located on Treaty 9 territory, on the traditional lands of Mattagami First Nation and Flying Post First Nation as well as within the traditional harvesting area of the Abitibi Inland Historic Métis Community, Métis Nation of Ontario Region 3.
Status
The first gold pour was completed on March 31, 2024, with the crushing, HPGR and processing circuits performing within expectations, including power consumption. Construction is also substantially complete and the construction teams have been demobilized with a successful handover to the operations team. Operations are scheduled to continue to ramp-up in the second quarter 2024 and commercial production is expected to be achieved during the third quarter 2024. The Company expects the Côté Gold operation to exit the year at approximately 90% of nameplate throughput.
Project Highlights
2022 Technical Report: Project Economics and Key Parameters
|
|
Metric (on a 100% basis)3,4 |
Units |
|
| Gold price (2024/2025) |
$/ounce |
$1,700 |
| Gold price (long-term) | $/ounce | $1,600 |
| USDCAD |
$ |
1.25 |
| Mine Life |
years |
18 |
| Maximum Mining Rate |
Mtpa |
69 |
| Total Ore Mined | Mt | 236 |
| Strip Ratio |
waste:ore |
2.4:1 |
| Mill Throughput |
tpd |
37,200 |
| Average grade |
g/t gold |
0.96 |
| LOM average recovery rate |
% |
91.8 |
| Years 1 to 6 average gold production4 |
ounces |
495,000 |
| LOM average annual gold production |
ounces |
365,000 |
| LOM recovered gold |
million ounces |
6.58 |
| Cash Costs2 (LOM average) |
$/ounce sold |
$693 |
| AISC2 (LOM average) |
$/ounce sold |
$854 |
| Costs to complete1 |
$ millions |
$1,908 |
| Sustaining capital (ex-capitalized waste strip)2 |
$ millions |
$518 |
| Capitalized waste stripping |
$ million |
$462 |
| Closure costs |
$ million |
$83 |
| NPV5% after tax1 |
$ millions |
$1,109 |
| IRR after tax1 |
% |
13.5 |
| Payback period1 |
years |
5 |
1 Costs to complete, NPV5%, IRR and payback period are on a go forward basis and exclude
sunk costs up to May 1, 2022.
2 This is a non-GAAP financial measure. Please refer to “Non-GAAP Financial Measures” at the end of the news release dated August 3, 2022.
3 Project costs incurred until May 1, 2022 at 1.27 CADUSD and project costs from May 1, 2022 and operating costs at 1.25
CADUSD.
4 The updated metrics are based on what was previously known as the Base Case (203 Mt) plus the Extended Case (30 Mt). The Extended Case mine plan, supported by exploitation of the total Mineral Reserves estimate, includes 233 million tonnes compared to the Base Case of 203 million tonnes over the LOM and adds two additional years to the Base Case mine life without expanding the footprint of the Project. Years 1 to 6 average annual production commence on commercial production.
Reserves and Resources
|
Category
|
|
Tonnes |
Grade |
Ounces |
|
(100% basis)
|
|
(Mt) |
(g/t) |
(Moz) |
|
Proven & Probable
|
Côté |
233 |
0.96 |
7.17 |
| M&I* |
Côté |
365.5 |
0.87 |
10.2 |
|
Gosselin |
124.5 |
0.84 |
3.35 |
| |
Total |
490 |
0.86 |
13.55 |
| Inferred |
Côté |
189.6 |
0.63 |
3.82 |
|
Gosselin |
72.9 |
0.73 |
1.71 |
| |
Total |
262.5 |
0.66 |
5.53 |
* Inclusive of Mineral Reserves
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.
Footnote 1: Côté Gold is owned as a 60/40 JV between IMG and Sumitomo Metal Mining Co. Ltd. and carries a 7.5% NPI royalty. IMG holds the option to return to 70% ownership which it intends to execute before it expires in 2026. Refer to news release on December 19, 2022