IAMGOLD says Côté central to company's future while reporting 56% increase in Nelligan resources

IAMGOLD has released its updated Mineral Reserves and Mineral Resources statement as of December 31, 2024, prepared in accordance with National Instrument 43-101 ("NI 43-101"). A summary of the company’s Reserves and Resources, along with attributable ounces, is available at the end of the news release.

Nelligan Expansion The 100%-owned Nelligan Project has updated Indicated Resources of 3.1 million ounces of gold (102.8 million tonnes grading 0.95 g/t Au) and an Inferred Resource of 5.2 million ounces (166.4 million tonnes at 0.96 g/t Au). This represents a 56% jump in Indicated ounces (1.1 million ounces) with a 13% increase in grade, and a 33% jump in Inferred ounces (1.3 million ounces) with a 14% increase in grade. IAMGOLD notes that Nelligan’s mineralization remains open along strike and at depth.

Mineral Reserves Overview Proven and Probable (P&P) Mineral Reserves on a 100% basis now total 10.7 million ounces of gold (296 million tonnes at 1.12 g/t Au), or 8.2 million ounces attributable to IAMGOLD, marking a 3% decline from the prior year. The Essakane Mine offset depletion by boosting its P&P Reserves by 5%, while Côté Gold saw a 4% dip due to depletion. IAMGOLD has maintained different price assumptions for various sites: $1,500 per ounce for Essakane and Westwood, and $1,400 per ounce for Côté.

Mineral Resources Overview Measured and Indicated (M&I) Mineral Resources rose by 3% to 26.7 million ounces of gold on a 100% basis (21.2 million ounces attributable), while Inferred Mineral Resources climbed 27% to 12.8 million ounces on a 100% basis (11.4 million ounces attributable). Note that Inferred Mineral Resources carry higher uncertainty.

Key Price Assumptions IAMGOLD used the following price assumptions for estimating Reserves and Resources:

• $1,500 per ounce for Mineral Reserves at Essakane and Westwood (previously $1,400 and $1,300, respectively, though Westwood was raised to $1,400 in December)

• $1,400 per ounce for Côté Gold’s Mineral Reserves

• $1,800 per ounce for Westwood’s Grand Duc satellite open pit (previously $1,600)

• $1,700 per ounce for Côté Gold, Gosselin, and other Resource estimates (unchanged from 2023)

"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 CEO. "Essakane managed to offset depletion, reflecting another potential year of mine life for a strong cash-flowing asset. Côté Gold remains on track, with an ongoing drilling program and whittle pit re-analysis to incorporate the Gosselin deposit next year."

Adams also noted: "Nelligan’s rapid resource expansion in both ounces and grade underscores its potential to become one of Canada’s largest gold projects. Our 2025 plan includes a 30,000-meter diamond drilling program in the Chibougamau area, focusing on both Nelligan and high-grade underground structures at Monster Lake."

Looking Ahead Approximately 80% of the company’s M&I ounces and 90% of its global Inferred ounces are now in Canada, aligning IAMGOLD with stable jurisdictions. IAMGOLD continues to progress exploration at Essakane and Westwood, while refining development plans for Côté. Next year’s drilling at Gosselin aims to convert Inferred Resources and potentially expand mineralization to the southern and northeastern extensions.

IAMGOLD sees Côté as a centerpiece for future growth, with an updated Mineral Reserve and Resource estimate plus a new mine plan integrating Gosselin expected in 2026. Meanwhile, Essakane and Westwood remain crucial contributors to the company’s overall production profile.

By Kevin Vincent, Senior Contributing Editor to Mining Life Online and Mining Life & Exploration News.

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