Cote and Gosselin

Summary:

Côté is poised to become one of Canada’s largest gold mines with an expected annual output of 493Koz and total cash costs of US$600/oz in the first five years of operation. Construction of the US$1.3 billion mine commenced in the fall of 2020 and is expected to ramp up to commercial production in the second half of 2023. Côté currently boasts a 7.2Moz reserve, a measured and indicated resource of 10.2Moz and an inferred resource of 3.8Moz making it one of the largest gold resources in Canada. 

The royalty covers a portion of the northern and north-eastern part of the Côté pit and all of the Gosselin gold project. Gosselin is centered ~1.5km to the northeast of the Côté deposit which IAMGOLD estimates to host a resource estimate of 5 Moz of gold. Gosselin was discovered in 2019 and is part of the Côté joint venture between IAMGOLD & Sumitomo. The Gosselin zones exhibit similar geology and metallurgical characteristics, indicating potential for similar gold recoveries to the Côté gold deposit. IAMGOLD expects to complete a 13,000 – 16,000 metre diamond drill program including 12,000 – 14,000 metres of delineation drilling in the Côté district.  According to IAMGOLD, Gosselin has the potential to support production levels of ~500koz per year at the Côté operation beyond the first 5 years where production at Côté is expected to drop towards the 367Koz per year average.

Notable intercepts from the recent Gosselin exploration program include 1.28 g/t gold over 412 metres, 0.98 g/t gold over 342.5 metres and 0.94 g/t gold over 264.5 metres. The Gosselin deposit remains open at depth to the northwest and along strike to the east and southwest.

Interest: 1.35% NSR Royalty

Location: Gogama, Ontario

Project Status: Construction

Counterparty: IAMGOLD (NYSE: IAG)(TSX: IMG) & Sumitomo Metal Mining (TYO: 5713)

IAMGOLD - Côté Gold Mine

Source: Technical report for the Cote Gold Project dated November 26, 2021, IAMGOLD news release dated Oct 18 2021 and IAMGOLD Q1 Results dated May 3 2022

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