Benzinga | Feb 17, 2021 04:42PM EST

IAMGOLD Reports 2020 Mineral Reserve and Resource Statement

* Total attributable Proven and Probable gold Reserves decreased by 2.8 million ounces or 17% in 2020 to 13.9 million ounces from the prior year;

* The decrease was primarily due to the sale of Sadiola (see news release dated December 30, 2020), mine depletion at all operations reflecting the Company's attributable gold production of 653,000 ounces in 2020 (see news release dated January 19, 2021), and the previously announced reclassification of a portion of reserves at Westwood (see news release dated August 5, 2020);

* Excluding the sale of Sadiola, a discontinued operation, total attributable Proven and Probable Reserves decreased by 1.2 million ounces or 7%;

* The decrease in the overall Reserve grade at Westwood is primarily attributable to the addition of lower grade Grand Duc open pit ore, with underground Reserves adjusted for mine depletion only;

* There was no change in the $1,200 per ounce gold price assumption for estimating Mineral Reserves at the Company's owned and operated mines and development projects, except at the Grand Duc satellite pit at Westwood, which used a $1,350 per ounce gold price assumption;

* Table 2 below provides a detailed year-over-year reconciliation of IAMGOLD's Mineral Reserves.

MINERAL RESOURCES - HIGHLIGHTS

* Total attributable Measured and Indicated gold Resources (including Reserves) decreased by 3.3 million ounces or 12% to 23.9 million ounces from the prior year; The decrease was primarily due to the sale of Sadiola and the Eastern Borosi Project mentioned above, and mine depletion at all operations;

* Total attributable Inferred gold Resources decreased by 697,000 ounces or 6% to 11.3 million ounces from the prior year; The decrease was primarily due to the sale of Sadiola and the Eastern Borosi Project;

* There was no change in the gold price assumption for estimating Mineral Resources at Essakane, Rosebel and the exploration projects ($1,500 per ounce) or at Westwood ($1,200 per ounce).