Thank you for standing by. This is the conference operator. Welcome to IAMGOLD Third Quarter 2020 Operating and Financial Results Conference Call and Webcast. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there'll be an opportunity to ask questions. [Operator Instructions] At this time, I would like to turn the conference over to Indi Gopinathan, Vice President Investor Relations and Corporate Communications for IAMGOLD. Please go ahead, Miss Gopinathan.

Thank you very much and welcome, everyone, to the IAMGOLD Third Quarter 2020 Conference Call. Joining me today on the call are Gord Stothart, President And Chief Executive Officer; Carol Banduccim Executive Vice President and Chief Financial Officer; Bruno Lemelin, Senior Vice President Operations and Projects; Craig MacDougall, Senior Vice President Exploration; and Tim Bradburn, Vice President, Legal and Corporate Secretary. Our remarks on this call will include forward-looking statements. Please refer to the cautionary language regarding forward looking information in our disclosure documents and be advised that the same cautionary language applies to our remarks during the call. With respect to the technical information to be discussed, please refer to the technical information in qualified persons slide. The slides referenced on this call can be viewed on our website. I will now turn the call over to our President and CEO Gord Stothart.

Well, thank you, Indi. Good morning, everyone, and thank you for joining us. Last night, we issued our third quarter 2020 operating results reflecting how we've adapted to our new normal with COVID-19, solid operating cash flows of $105 million on increased margins, and solid mine site free cash flows of $80 million underpinned by production of 159,000 ounces of gold despite the challenges of the quarter. Our strong balance sheet supplemented by the enhanced flexibility from our debt refinancing, wherein we issued new bonds and retire the old bonds extending the maturity date by three years to 2028 and lowering our annual interest rate cost and the transformational growth we anticipate that the Côté gold project following the formal construction announcement in July. As reported on Monday, we had a seismic event at Westwood with all employees safely brought above ground. I would like to recognize our Westwood team for their safe and successful response to this event. The Westwood mill restarted yesterday evening on stockpiles and open pit ore from Grand Duke while the underground operation remain suspended as we assess our business continuity plan. We are now in our eighth month of adapting to a new normal with COVID like most of the world. The rapid crisis response at the end of the first quarter through extended rotations at Essakane, shut down and restart at Westwood, suspension and restart at Rosebel, we've come full circle with embedded protocols, operations at full capacity are close to normal, zero COVID cases and ongoing vigilance. At Essakane, we completed the expansion of the sleeping quarters adding 200 beds. Operations are substantially back to normal capacity. At Westwood, the following Quebec government's COVID-19 care and maintenance directive, we were back online as of mid-April. At Rosebel, we continue to expand our…

Thank you, Gord, and good morning, everyone. We are pleased to say that the company continued to trend up robust gold margins in the third quarter, demonstrating both strong operating cash flows and strong mine site free cash flows. We completed a bond refinancing for $450 million, lowering the interest rate to 5.75% from 7% and importantly, extending the maturity of the senior notes to 2028. Following this credit agencies S&P and Moody's reaffirmed IAMGOLD stable outlook. We continue our well-established approach of prudently managing our balance sheet with cash, cash equivalents and short term investments of $897 million, excluding restricted cash of $30.8 million at the end of the quarter and our largely undrawn credit facility of $500 million. We implemented a gold hedging strategy to mitigate gold price exposure and to further de-risk the balance sheet during the Côté gold project construction period. The company intends under appropriate conditions to hedge 15% to 20% of the total production between 2021 and mid-2023 to a combination of options and/or collars. During the quarter, we executed gold bullion collar option contracts with a minimum floor price of $1,800 dollars per ounce and a ceiling of $3,000 per ounce on 114,000 ounces for 2021 and 18,000 ounces for 2022. Subsequent to the end of the third quarter, we added to our gold hedge position for 2021 using a zero-cost collar of $1,600 to $2,505 per ounce on 28,000 ounces, as well as a collar of $1,700 to $2,800 per ounce on 50,040 ounces. In the third quarter we also executed hedges for the Côté gold projects, including Canadian dollar forward for approximately 6% of our exposure at a blended exchange rate of 1.3604 and zero cost fuel collars for 90% of our exposure with force starting at $33.80 cents per barrel…

Thank you, Carol. I am encouraged for the health and safety of our employees and we are pleased to say that our statistics from the quarter continue to reflect this commitment. In the third quarter of 2020 we again achieved better than target rates. For both DARTS which stands for days away, restricted or transfer duty, TRI which stands for total recordable injuries, recording at 0.36 and 0.48 respectively towards 200,000 hours' worth. At the end of last week, we were tested on our connectivity toward as needed and when needed to ensure the safety of our colleagues, applied our colleagues at Westwood for their success and ensuring the safety of our workforce. Our goal every day is to meet or exceed our safety targets, implementing and refreshing a number of initiatives to ensure a safer work environment including a comprehensive safety program. For the quarter, we are reporting total consolidated attributable production of 159,000 ounces, cost of sales of $1,098 [ph] per ounce sold, total cash cost of $1,006 per ounce produced, and all-in sustaining costs of $1,206 per ounce sold. I will now review each operation in turn. At this I can attribute the Boto production for the third quarter 2020 was 94,000 ounces, compared to 83,000 ounces in the second quarter, reflecting a material increase in third quarter production. Higher rates in the quarter relative to the second quarter were offset by the impact of ore recovery in line with expectation and by the impact of maintenance on throughput. We did have a slightly higher capitalized stripping in the third quarter compared to the second quarter with total cash costs impacted by higher royalties, while all-in sustaining costs were impacted by maintenance, higher input costs and royalties. All-in sustaining costs were $1,045 for the quarter, compared to…

Thanks, Bruno, and good morning, everyone. As usual, please note that the results I talked about today have been previously disclosed in accordance with securities regulations and signed off by the qualified persons within the company reporting. In 2020, our planned exploration spend has been reduced to $41 million from $52 million excluding project development activities and studies. The main drivers of these adjustments were the various regional restrictions caused by COVID-19 during key program activity windows, followed by the usual work reductions from seasonal impacts such as the rainy season in West Africa. I have included here a few updates from the quarter. In Quebec drilling activities resumed at the Nelligan project with 2,600 meters of diamond drilling completed from both infill and step out hole. Recall that resources on 100% basis for the project total 3.2 million ounces in an inferred category at a grade of 1.02 grams per tonne gold. We also reported as the results from the winter drilling program, with highlights of 39.1 meters at 2.14 grams per tonne gold and 34.5 meters at 1.85 grams per tonne gold. At the Monster Lake project located 15 kilometers north of the Nelligan project, we reported drilling results from the anti [ph] shear zone targets including 3.8 meters at 16.9 grams per tonne gold, 2.8 meters at 5.63 grams per tonne gold and 12.3 meters at 2.09 grams per tonne gold. Also during the quarter, our joint venture partner at Monster Lake TomaGold announced that both companies had signed an asset purchase agreement under which IAMGOLD would acquire the remaining 25% interest in the project held by TomaGold. Upon closing, this will increase IAMGOLD's ownership to an undivided 100% interest in the project. The completion of the sale is subject to usual shareholder and regulatory approvals for…

Well, thanks, Greg. So IAMGOLD's transformational strategy centers on delivering the top tier Côté Gold project, de risking the Boto Gold project, optimizing our current operations and continuing to invest in our pipeline of Brownfield and Greenfield exploration. Together with our financial strategy of maintaining a strong balance sheet, opportunistically securing favorable hedges on cost inputs and protective hedges on a portion of gold production during Côté construction, we believe IAMGOLD is positioned to deliver on its goal of superior returns to shareholders. In this context, we look forward to updating you on our ongoing progress in our operations and at Côté. I would like to close by acknowledging the hard work and dedication of our teams across the globe in these particularly challenging and unusual times. And thanks to everyone for joining our call today. And I'll now pass the call back over to the operator.

[Operator Instructions] Our first question is from Fahad Tariq from Credit Suisse. Please go ahead.

Hi, good morning. Thanks for taking my two questions. First on Westwood. Look, I think, you know, there has been a history of seismic events at the mine and you revise the mine plan already and try to accommodate or deal with it a little bit. What more can be done that is in the company's control? And is there an increased focus now on Brownfield exploration near Westwood, perhaps recognizing that, the seismic events at the underground mine might be just a reality going forward? So maybe there are other deposits that need to be brought forward? Thanks.

Yes, I'll take that one Fahad. Look, obviously, we're still investigating what happened with this specific incident. It was in an area distinct from earlier incidents, and it's also in an area in a different rock unit than then the prior incidence. But it was an area that was developed before the last round of engineering that was done. And the work we're looking at going forward is focusing on a different type of development sequencing. So we will continue to look at it, we are aggressively looking at the hub and spoke model and what the regional opportunities are. And some of that is in hand. And, and or just in the process of permitting or developing it, including Grand Duc sale. Obviously, the opportunity at that role [ph] and gold continues to improve for us, the more we drill it out. And as we complete our business recovery plan at Westwood underground, we'll assess what that opportunity is. At the end of the day our goal is to have a safe, profitable operation. And that'll be first and foremost in our minds, if we're not able to achieve that safety we'll have to adapt the plan going forward to get us there.

Okay, great. And my only other question on the cost guidance that's higher now, how much of that is Westwood related? Meaning lower production? And how much of it is something else? Because I'm trying to bridge that was? I think in another slide, you said that the COVID incremental COVID costs are not being included in the unit cost. So it sounds like the higher cost guidance is not necessarily COVID related, maybe just some color on, you know, the components of the higher cost guidance. That'd be helpful. Thanks.

Yes, I don't have a detailed breakdown of the components of the cost. But the adaptation in the cost is related to the incident that Westwood and us taking a conservative view of what the rest of the fourth quarter is going to look like at Westwood, and what the impacts then we're on our consolidated costs. You know, we looked at it fairly closely. There are some impacts with lower production in Q3 for Rosebel, although that certainly is ramping up nicely and seeing some nice costs. Sorry, it's a nice production as again, as well. You know, in the absence of the event at Westwood, I don't believe we would have adjusted all of the cost parameters, we may have adjusted one of them, just to adapt to the actual from Q3, but it certainly was a significant driver for the decision to modestly change our cost guides

And Gord I could add to that. And what we are also seeing is higher royalties as a result of the higher gold price. And we had to push off some of our sustaining capital during, you know, COVID occurrences up at the mine site. So you'll see more of that coming into the fourth quarter.

Okay, that's clear. That's it for me. Thank you very much.

The next question is from Jackie Przybylowski from BMO Capital Markets. Please go ahead.

Thanks very much. I guess my first question I just want to follow up with Fahad's first question on Westwood, the guidance revision you gave for 2020 specifically the production guidance at Westwood. Do you assume in that production guidance that Westwood restarts in Q4 2020 or is the guidance reflecting processing of lower grade stockpiled ore through the entire quarter?

So, Jackie, yes, we took a very conservative view. We've obviously started our investigation but we don't want to be pressuring the operation to restart until we're ready to restart. The guidance is based as you sort of stated on the production, up until the actual incident. So basically through the end of November, and sort of the end of October, and then two months of processing from the open pit and from stockpile so that's what that guidance analysis is based on.

I guess that's helpful because we can't read into your guidance that you're expecting 2021 to be back up and running at full run rate or anything like that. It's still open ended in terms of when the restart will happen and what it would look like.

As we said, I think starting with the Q1 and Q2 results, we have been reviewing the 2021 guidance and not obviously just for Westwood but also the larger picture. At this point in time, we're withdrawing that guidance, and we'll be working really diligently over the next couple of months to firm up what the picture looks like going forward. As of right now, pending the outcome from this investigation we're not comfortable saying anything about Westwood until we understand it. We will be updating in early 2021 with the 2021 guidance for the larger picture as well.

Okay, that's, that's helpful. Thank you. My second question would be I'm on the hedge program that you've reported for 2021 I guess, specifically. So you've said that you're aiming for about 15% to 20% of total production. I'm assuming that's attributable production to IAMGOLD? Based on that, and based on the information that you gave, it looks like you're kind of there for 2021 already with the hedges that you've disclosed. Is that fair or do you expect that you'll be adding additional hedges for 2021? Or do you think that you're sort of at your target already for next year?

Hi, Jackie, it's Carol. Yes, you're spot on. So we have -- we don't expect to add anything further for 2021. We're there. If you take a look at the weighted average on the floor, we were looking at $1,747 and on the ceiling is a weighted average of close to $2,900. So now we're pretty comfortable with where we're sitting with 2021.

Perfect, I was actually going to be my last little tiny question. So thanks very much for that, Carol. And that's it for me. Thanks, everybody.

The next question is from Anita Soni with CIBC World Markets. Please go ahead.

Hi, good morning, everyone. I'm just a little further on Westwood. Gord, you mentioned it was in a different zone that were separate from where their previous issues have occurred. Can you just remind me which zone that was?

I'm just trying to think of what information is out there.

I think you labeled them one through six.

I'm just trying to remember by sequencing. What it is it's dissolving, it's on the hanging wall side of Corridor 2, whereas the prior incidents had been on the footwall side of Zone 2.

Okay, but how close is it to the main infrastructure?

It's a lot which is quite distant from the main infrastructure. This was a set of workings to recover a zone that was a little bit further to the west. We actually have about 90%, 95% of that panel completely removed so far.

Okay. Relative to the average grade of the asset there, what was the average grade in that zone?

You've got me there -- I don't have it, my understanding was that it was a reasonable grade. It was probably close to average grade. It wasn't the best material. But it certainly wasn't low grade.

All right, and then just moving to 2021. I think within Q1 or Q2, you had already started to talk about 2021 guidance not yet revoked, but definitely being under review. And with all this prioritizing that was happening with last year, more COVID-related impact. So, outside of the Westwood impacts, can you talk about some of the other moving parts that might be impacting 2021 guidance, anything? Like one thing that I would be thinking about would be the slower ramp up at Rosebel, this quarter post-COVID-related shutdowns and how that winds and sways [ph] into 2021.

Yes, it was quite well, Anita, that is part of it, obviously, with the impacts of COVID we have resequenced some of our zones. And, probably more at that at Rosebel, but at all the operations, there has been some resequencing. So, part of the guidance adjustment is to do with -- we'll be or once we have it in hand, we'll be really looking at those timing impacts and how that sequencing now falls in 2021. And, just regular ongoing geologic assessments as to how the different deposits are performing. It's part of the regular operation, and we continue to look at it. The timing sequences due to COVID, I think, is probably the bigger impact and obviously now, understanding Westwood is also a significant impact.

Okay, and then my last question is back to Rosebel again, just on the back of VM. I was just looking at the operations, it looks like Saramacca has delivered some good grade and pretty good tonnage. But I guess the Rosebel proper was delivering a little bit more stockpile than I had anticipated. So can you just give us an idea of what the rest is, like outside of Saramacca, what the split was in terms of stockpile and/or source from the Rosebel pipe?

I'm going to have to turn that one over to Bruno. I mean, the impact really has to do with the drought, the ramp up of the workforce following the suspension and our work on the camp. So I know we got Saramacca back up and running relatively quickly. On the main Rosebel section, we were mining, we certainly were mining some priority pits. But given the reduction in the number of people that could stay in camp while we expand the camp, we were focusing on -- or weren't focusing, but we were actually exploiting some of the on-site stockpiles to lower grade on-site stockpiles to keep the mill full. But I'll just let Bruno expand on that.

Yes, so we put into three, we were able to ramp up our details, close to 1000 ton today, after the resumption of our activities. Actually, we have close to 600,000 tons of stockpile at Saramacca. So we'll continue to ramp up for Q4. That's what is done.

Bruno, the question was for the Rosebel proper contribution. Do we understand the tonnage split between stockpiles and direct pit feed in Q3?

I would like to come back to the number.

Yes, I just want to get an idea of what the actual run rate is relative to full throttle production at the Rosebel?

Yes. Understood. Okay.

Thank you. That's it for my question. Thanks.

The next question is from Josh Wilson with RBC. Please go ahead.

Thanks. Another question on Westwood. Is there any context you could provide as to what the damage is right now, or maybe how you would compare it to the prior incidents on the 104 level.

Sorry, can you can you repeat the question, please?

Is there any ability to characterize or quantify the level of damage as it would have compared to prior seismic events? I guess, the closest one would be the 104 level incident a number of years ago.

Well, as we mentioned, we need to assess what causes the [indiscernible]; and, like what you're saying is the impact on the production schedule right now in that zone. We were about to finish completely the mining of the zone. I would say that we will be giving you more details after the investigation, and looking after what is the consequence of event on future production. We'll provide an update on these in the course.

Okay, and is there any ability to maybe quantify the reserve volume that would be in that area?

I mentioned that so far, we were almost done with the zone. So at this moment, we're looking at the impact on the mine plan, but in terms of valuation or reserve that's nothing for the -- what we at this stage are evaluating more on the mining plan side. The impact is less sensitive, it is on the far west of the mine, to be exact.

Okay. And then for Saramacca. You mentioned the stockpile that was in place. If I recall, looking at the old tech report mine plan, there's about a two-ish year ramp up, including I guess, 2021, which would have been in there, where the mine or Saramacca's contribution would be below its steady state. So when you say the guidance for full throughput is expected at a year-end, is that rate expected to be in line with what the old mine plan was? Or should that be close to that 6700, 6800 tons per day processing?

Yes, actually, we see stronger and pop in Q4 differently with great impact at the mill. So the contribution for Saramacca for Q4 is expected to be positive [ph]. As we speak right now, we are finalizing the loan for 2021; so we will be able to guide on this with regard to what Saramacca is expected to give versus the original plan.

Okay, and then last question, just in terms of gold price assumptions for year-end reserves and resources. Any thoughts on that?

We're not planning on moving our gold price assumptions on reserves or resources this year. As part of the overall strategy, and we've said it a bunch of times, we really are focused on generating cash flow out of the existing operations, at least through the construction period for Côté, and at this point in time, we're not looking to modify, cut off grades and move away from that plan. In the medium term, if higher gold prices per system -- I hope and pray they do on a daily basis. At some point in the future, we will start to consider it, looking at it and specifically, most importantly, I think, in reference to do so, which has the shorter mine life and understanding what the impacts are. That being said, the long term planning group is evaluating on a regular basis what those impacts might be. But for corporate disclosure, we're not going to be moving our numbers.

Great. That's all my questions. Thank you very much.

The next question is from Don MacLean with Paradigm Capital. Please go ahead.

Good morning, most of my questions on Westwood were answered. I guess it's unfortunate that a relatively small contributor to the production and cash flow is occupying so much intellectual horsepower at the company. Gord, I guess the underlying question here is, at what point do you throw in the towel on this thing? Do you get to that point? Is it sufficiently profitable if you look at it from a macro perspective, to be worth all this effort?

It's a great question, Don, and certainly the conversation we've been having internally. I think, for us right now, we're going to wait for the analysis of the incident and what the business recovery plan is. I think our assessment will be like any assessment around any asset. Where are we best providing returns for shareholders through our allocation of capital? That'll be the question that our efforts at Westwood will have to answer in comparison to our other opportunities. It's too early to talk to that now. As I think I said, and Bruno said as well, the incident really hasn't impacted our reserve ounces in a big way, in any way, shape, or form. However, as we look at -- if we ask ourselves the question, do we need to modify anything else with respect to how we're mining this deposit to maximize hazard abatement? Does that require a different capital profile than we had laid out through our prior plan? We haven't gotten to that point but it's a matter -- it's a question of capital allocation. Obviously, following our ability to mine safely.

It's a tough one if we just stand back and look at it from a market perspective when you're being held or judged operationally on something that is really totally out of your control. The Essakane and Rosebel are challenging in their own right but it's something you can manage. But Westwood is just, you get these situations that are totally outside of all your best efforts that really throw your whole sort of operational perception on the market, off-kilter. So it's most unfortunate, it'd be nice if you could somehow isolate it in some ways that people can judge Essakane and Rosebel the real backbone of the company on a fair basis without it being colored by Westwood.

Those are the questions we are asking ourselves now.

Can Grand Duke and [indiscernible] and possibly Rouyn, could they actually sustain the mill as a profitable entity?

Yes, again, that's a question. None of them were intended to be 100% producers so we'll have to look at it. Maybe there are other opportunities as well. It really is a holistic picture. The hub and spoke concept that Bruno described very well really, the underlying assumption there was that Westwood was profitable in and of itself and providing a baseload fill of the mill. If that sequencing is different, then we need to evaluate sort of the overall picture. As you pointed out earlier, on most models, the proportion of value that's assigned to Westwood within our portfolio is relatively small. The whole hub and spoke concept that Bruno and the team at site and the team at long have been driving towards was to provide a longer term valuation superior to sort of the Westwood base case and we'll need to understand that all sort of in a holistic way.

Then just you may not be able to answer this but have you ever had expressions of interest from potential buyers for Westwood?

I'd like to say, Don, that's something we really don't typically answer publicly until things get a little further along if that were to ever happen.

Okay. Just thought I'd ask that question. And then lastly, Gord, any kind of color on 2021 compared to what we've seen in Q3 if we cross out Westwood, how Rosebel and Essakane will look in a broad sense, will they look better or pretty much the same?

At a high level, my expectation is Essakane will -- Essakane is a fairly steady producer along the lines. Yes, we had some COVID impacts this year. If you removed those COVID impacts, I think you'll see Westwood next year something comparable to the steady-state without those impacts. Obviously, assuming that there's no further future impacts. Rosebel as Saramacca starts to deliver a big component -- a bigger component of production on a sustained basis for a full year. We do start to see some improvement with Rosebel. We're just in the process of dimensioning exactly how much that improvement is and as I spoke to a question earlier. At the same time, we're trying to understand what has the COVID impacts done to our sequencing plan at Rosebel proper and how does that impact 2021? So we're right in the midst of putting all that together.

Okay.

This concludes the question and answer session. I'll now turn the call back over to Indi Gopinathan for closing remarks.

Thank you very much. And thanks to everyone for joining us this morning and for your continued interest in IAMGOLD. We look forward to having you join us again for a fourth quarter and full year 2020 conference call in February. Goodbye.

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.