lAMGOLD Announces Significant Increase in Nelligan Ounces & Update of Global Mineral Reserves and Resources
Press Release
Feb 20, 2025
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–(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
- 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.
- 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.
- 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).
- 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.”
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