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Guidance

Total Company-wide attributable production guidance for 2021 has been reduced due to lower actual production in the first half of 2021 from the Westwood and Rosebel mines and their anticipated output for the remainder of 2021, partially offset by higher production at the Essakane mine in the first half of 2021. Total per-ounce costs guidance for 2021 has been increased mainly to reflect the lower total attributable production guidance. Site capital expenditure estimates are expected to be slightly lower than previously provided guidance (news release dated January 19, 2021), primarily due to an expected reduction in planned work at Rosebel.

 

2021 PRODUCTION AND COST OUTLOOK

       Q2 2021 YTD 2021 Updated Full Year Guidance 20211 Previous Full Year Guidance 20212
Essakane (000s oz)3 106 208 390-400 365 - 390
Rosebel (000s oz)3 25 72 140-160 220-245
Westwood (000s oz)3 8 15 35-45 45 - 65
Total attributable production (000s oz) 139 295 565-605 630 - 700
Cash costs4 ($/oz sold) $1,102 $1,064 $1,115 - $1,150 $930 - $980
AISC3,4 ($/oz) $1,422 $1,324 $1,395 - $1,435 $1,230 - $1,280

 

  1. The updated full year guidance is based on the following 2021 full year assumptions: average realized gold price of $1,745 per ounce, USD:CAD exchange rate of 1.22, EUR:USD exchange rate of 1.20 and average crude oil price of $65 per barrel.
  2. The previous full year guidance was based on the following 2021 full year assumptions: average realized gold price of $1,750 per ounce, USD:CAD exchange rate of 1.30, EUR:USD exchange rate of 1.19 and average crude oil price of $47 per barrel.
  3. Consists of Essakane and Rosebel on an attributable basis, and Westwood on a 100% basis.
  4. This is a non-GAAP performance measure. Refer to the Non-GAAP Performance Measures section at the end of this news release.

 

 

2021 CAPITAL EXPENDITURE OUTLOOK

($ millions)
Sustaining 1

Non-sustaining
(Development/
Expansion) 2


Total
Essakane $ 60
$ 90
$ 150
Rosebel
50

75

125
Westwood
10

10

20
Total Operating Mines $ 120
$ 175
$ 295
 

 

 

 
Côté Gold Project (70%)
-

355

355
Boto Gold Project
-

60

60
 

 

 

 
Total3,4,5 (±5%) $ 120
$ 590
$ 710

 

  1. Sustaining capital includes capitalized stripping of $10 million for Essakane.
  2. Non-sustaining capital includes capitalized stripping of $65 million for Essakane and $45 million for Rosebel.
  3. Includes $13 million of capitalized exploration and evaluation expenditures. See 2021 Exploration Plan table in the following section.
  4. Capitalized borrowing costs are not included.
  5. In addition to the above capital expenditures, $23 million in total principal lease payments are expected.

In 2021, we expect capital spending to be $710 million ± 5%. The increase in spending over 2020 reflects Côté construction spending primarily focused on major earthworks and infrastructure, expected higher capitalized stripping at both Essakane and Rosebel as a result of COVID-19 related impacts in 2020 on life-of-mine pit sequencing and Boto de-risking activities. Detailed development project updates are expected to be provided with fourth quarter 2020 operating and financial results on February 17th, 2021.

Non-Sustaining

Rosebel's non-sustaining capital of $75 million includes the completion of non-critical path items related to Saramacca construction, targeted for completion in the first half of 2021, and non-sustaining capitalized stripping of $45 million. Essakane's non-sustaining capital of $90 million primarily comprises $65 million in capitalized stripping for future production and the completion of the mill optimization project, targeted for completion early in the second quarter of 2021. Westwood's non-sustaining capital of $10 million is primarily for underground development.

Sustaining Capital

Sustaining capital guidance of $120 million and is expected to be higher than the amount expended in 2020. Total sustaining capitalized stripping of $10 million is included in sustaining capital and is also expected to be slightly higher than in 2020. Both increases reflect resequencing of activities from 2020.

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