IAMGold Corporation Mining Forum Americas 2026
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Gold for a fireside chat. We're just going to jump right into it. Renaud, I guess my first question would be, did you have an original presentation before?
Yes. Yeah. Sorry about that.
He was on, and then it disappeared.
Appeared. Okay. Here we go.
Okay. Yeah. I'm good. We're good.
We're good? Yeah. Okay. Sorry, did you want to do the presentation first?
Yeah. No, no. Go ahead.
Okay. All right. I'm just going to use this mic.
Okay. All right. Sorry about that. Just to begin more broadly, gold prices remain supportive, but the industry is seeing a bit of inflation. Can you just talk about how labor, consumables, development capital are being impacted by those factors, as you think about all these technical reports that we're going to dive into a little bit later, but as you think about all these technical reports and how that factors into the assumptions that you use to underpin them?
Let's start on the capital side. To be very frank, I think this company is not about building anything new over the next three years. We have very great plans of extensions of life of mine. Simpletwise mostly mining scenarios and pushback and maybe a little bit of tailing. No, we do not see us very impacted. It's on the cost side we need to be very resilient. I like to say that if you're looking at our portfolio, you're looking at how Coté Gold is on the grid, the Westwood is on the grid, Nelligan will be on the grid. Those are not assets that would be down the road, very impacted with the power generations.
I'm pleased to say that we have a great scenario on the table for Essakane as we extend the life of mine to increase the solar generations as well, moving from 16 maybe to 25 megawatts. I think we're very well positioned to offset what could potentially, I'll talk about what I see potentially underground, potentially Essakane down the road to limit our exposure to fuel consumptions and power. I think we're very well established here too. We feel that like any other company, we need to be very careful in how we grow this company and manage our costs. But I think Côté being only in the second full years of operations and where it's going remains a lot of upsides of reducing costs that would offset, as I said, on the grid. And the Westwood is about the same thing too.
Our future is about incorporating the eastern corridor, which would triggers higher productions, lower costs. When it comes to Canada, I think we have great plans to offset what potentially could be. Given take Côté Gold every $10 of barrel impact by about just $7 an ounce and I think we have greater plans in offsetting. We continue to look at our business roughly at about $2,100 reserve. We believe in the gold price, Ben, in the long term, the $3,600, $3,700 we're currently using, better the $4,000, maintaining the margin. We don't see anything in particular that it's derailing at this stage as we're comfortable that we have great plans everywhere to offset. What we see at this stage is mostly around potentially fuel exposure at Essakane, and I think we're going to have great plans starting next year to offset.
And the labor cost, I think CPI has been pretty much the 3%, and we see this remaining. Not overly concerned about and well equipped to offset.
Okay. Just diving into Côté, which has been the focus for the company, I think for the last two or three years at this stage. But you've got a consolidated resource update for Côté and Gosselin coming out. Sorry, that's been showing that the resource is meaningfully larger than what it was previously. Could you just talk about the integrated study and what you're looking at there and some of the assumptions behind it?
Yeah. Of course, the decision to build Coté was based on about roughly 10 million ounces of resources. Ended up in a conversion roughly at about 70%-75% at 7.5 million reserve. By the time we commissioned Coté, we have pretty much doubled the resources. We just published a 20 million. We still see this asset capable to convert probably in the same ratios, towards a 70% of it, give and take the depletions of 2026. This is where we're going to focus here. You have to look at the next study as a kind of an updated of the 2022 scenario of a 36,000 moving to 40,000 tons a day, focusing on optimizations, focusing on bringing more throughputs and lower costs, and looking at a business about $2,100 reserve which should normally be towards a 70% conversions. That is a first pass.
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