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Legends
Blue= Hard Coded

Black = Formula & cells linked to other tabs

Red = Assumptions
Green = Consensus Estimates
Key Performance Charts

Company-wide Key Focus Charts

Segment-wise Revenue Breakdown

120%

100%
13% 11%
19% 19% 21% 25% 26% 27% 28% 29
80%
28% 29%
28% 22% 22% 20% 20% 19% 19%
60% 18
16% 21%
40% 20% 16% 16% 15% 15% 14% 14% 14
20% 39% 35% 29% 31% 30% 30% 29% 29% 29% 29
0%
2013A 2015A 2017A 2019F 2021F 2023F 2025F 2027F 2029F 203

Bohai Rim Yangtze River Delta Southeast Coast and Others

Pearl River Delta Southwest Coast Overseas

Operating Margins

Operating Margins – Gross, EBITDA, EBIT, and Net Margins

140%

120%

100%

80%

60%

40%

20%

0%

11 11 1122 1 3 1 3 0 1 4 0 1 40 1 5 1165 17 16 18 1179 2 0 1 8 0 2 1 0 1 90 2 2 2230 24 21 25 2 22 6 2 72 3 28 024 029 32 05

20 20 2200 20 20 2 2 2 2200 20 20 20 2200 20 20 2 2 2 2200 20 20 20 2 02 0 2 02 0 20 2 2 20

Gross Margin EBIT Margin EBITDA Margin Net Margin

Fixed Capital Investments/Working Capital Investments/Other Metrics and Ratios

Fixed
Fixed
Capital
Capital
Commitments
Commitments
andand
WCWC
Changes–
Changes–
(in(in
BRL'000s
Million)
$R) Free
FreeCash
CashFlow
Flowfor
forthe
theFirm
Firm(in
(inBRL
'000s
Million)
$R)

50,000 1200% 140,000

18,101 120,000
- 11 10 15 15 16 16 1000%
44 50 56 62 68 74 114,951 114,951
100,000
(50,000) 800%
80,000

(100,000) 600%
-219,162 60,000

(150,000) 400% 40,000

20,000
(200,000) 200%

-
(250,000) 0% F F F F F F
18 2108 220 242 264 286
20 20 20 20 20 20

Fixed Capital Investments (Capex)

Working Capital Investment
Capex and working capital changes (as a % of OCF) Free Cash Flow for the Firm
Valuation

6.0x
EV/Revenue

5.0x

4.0x

3.0x

2.0x 2.0x
1.7x
1.3x
1.0x 1.1x
1 1 1 1

0.0x
F F F
18 20 22
20 20 20
GAEC Educacao SA Estacio Participacoes SA Ser Educacional SA
American Public Education Inc Capella Education Co Grand Canyon Education Inc
Strayer Education Inc Kroton Educacional SA

30.0x
EV/EBITDA

25.0x

20.0x

15.0x

10.0x

5.0x

16 17 18 19
20 20 20 20

GAEC Educacao SA Estacio Participacoes SA Ser Educacional SA

American Public Education Inc Capella Education Co Grand Canyon Education Inc
Strayer Education Inc Kroton Educacional SA

55.0x
P/E
50.0x

45.0x

40.0x

35.0x

30.0x

25.0x

20.0x

15.0x

10.0x

16 17 18 19
20 20 20 20

GAEC Educacao SA Estacio Participacoes SA Ser Educacional SA

American Public Education Inc Capella Education Co Grand Canyon Education Inc
Strayer Education Inc Kroton Educacional SA
27% 28% 29%

19% 19% 18%

14% 14% 14%

29% 29% 29%

2027F 2029F 2031F

2 72 3 28 024 029 32 05 31 26
2 02 0 20 2 2 20 20 20

rthe
theFirm
Firm(in
(inBRL
'000s
Million)
$R)

F F F F
242 264 286 3208
20 20 20 20

Flow for the Firm

 1.1x

F
22
20
Educacional SA
nd Canyon Education Inc

19
20

Educacional SA
nd Canyon Education Inc

19
20

r Educacional SA
and Canyon Education Inc
Income Statement
All figures in $ million (except per share numbers)

Essakane
Rosebel
WestWood
Total Owner-Operator Revenues
Royalty Revenues
By-Product Credits & Other Revenues
Revenues

Operating Expenses
Cost of Sales
Royalties
General & Administrative Expenses
Exploration Expenses
Other Expenses
Adjusted Operating Expenses

Adjusted EBITDA

Depreciation
Adjusted EBIT

Interest Expense
Interest (Income)
Other Non-Operating Expenses / (Income)
Share of (Profit) Loss from Associates & JVs

Adjusted Profit Before Tax

Income Tax
Tax Adjustments
Non-Controlling Interest

Adjusted Net Profit Attributable to Shareholders

Weighted Average Shares Outstanding

Adjusted EPS
Dividend Per Share

Margins
Royalty Revenue as % of Operator Revenues
By-Product Credits and other Revenues
Cost of Sales % of Revenues
Royalties % of Essakane & Rosebel Revenues
G & A % of Revenues
Exploration % of Revenues
Other Opearing % of Revenues
Other Non-Operating Expenses / (Income)
Non-Controlling Profit / Essakane & Rosebel Revenues
Dividends paid to Non-Controlling Interests
Dividend Pay-Out Ratio (Non-Controlling)
Effective Tax Rate
 Years ended Dec 31
2014 2015 2016 2017 2018 2019
457.7 487.2 528.3 527.8 513.9 513.9
438.3 350.1 369.2 394.7 447.4 394.7
102.9 77.4 84.8 150.0 150.0 262.5
999.0 914.6 982.3 1,072.5 1,111.3 1,171.1
8.6 0.4 0.4 0.4 0.4 0.5
2.5 1.8 3.9 3.0 3.1 3.3
1,007.9 917.0 987.1 1,075.9 1,114.8 1,174.9

643.1 672.0 580.2 656.6 678.7 757.4

44.8 38.7 43.4 42.8 45.2 42.3
40.6 32.6 34.6 39.8 41.2 43.5
42.7 30.7 31.7 38.7 40.1 42.3
6.4 4.9 3.5 5.4 5.6 5.9
777.6 778.9 693.4 783.4 810.9 891.3

230.3 138.1 293.7 292.6 304.0 283.6

209.2 264.2 263.5 252.3 255.3 258.1

21.1 (126.1) 30.2 40.3 48.6 25.6

26.5 38.3 25.2 30.8 26.0 22.5

(1.0) (2.4) (3.3) (4.3) (3.9) (3.7)
(14.5) (14.4) (33.8) (22.6) (23.4) (24.7)
26.2 (9.7) (6.1) (5.9) (8.4) (12.5)

(16.1) (137.9) 48.2 42.2 58.4 44.0

117.9 11.5 33.4 14.8 20.4 15.4

(126.0) 18.8 1.7 - - -
7.9 1.8 9.2 9.2 9.6 9.1

(15.9) (170.0) 3.9 18.2 28.3 19.5

376.800 389.900 420.800 461.550 477.050 492.550

($0.04) ($0.44) $0.01 $0.04 $0.06 $0.04

- - - - - -

0.86% 0.04% 0.04% 0.04% 0.04% 0.04%

0.25% 0.20% 0.40% 0.28% 0.28% 0.28%
64.4% 73.5% 59.1% 65.6% 65.60% 65.60%
5.0% 4.6% 4.8% 4.8% 4.8% 4.8%
4.0% 3.6% 3.5% 3.7% 3.7% 3.7%
 4.2% 3.3% 3.2% 3.6% 3.6% 3.6%
0.6% 0.5% 0.4% 0.5% 0.5% 0.5%
(1.4%) (1.6%) (3.4%) (2.1%) (2.1%) (2.1%)
0.9% 0.2% 1.0% 1.0% 1.0% 1.0%
4.1 3.2 1.5 1.8 1.9 1.8
51.9% 177.8% 16.3% 20.0% 20.0% 20.0%
NM NM 72.8% 35.0% 35.0% 35.0%
 2020 2021
541.7 541.7
421.1 315.8
262.5 275.0
1,225.2 1,132.5
0.5 0.5
3.4 3.2
1,229.1 1,136.1

777.6 675.8
44.8 39.0
45.5 42.0
44.2 40.9
6.1 5.7
918.3 803.4

310.9 332.7

261.1 259.0
49.8 73.6

19.0 15.5
(3.6) (3.9)
(25.8) (23.9)
(13.8) (15.0)

74.0 100.9

25.9 35.3
- -
9.6 8.6

38.5 57.0

508.050 523.550

$0.08 $0.11
- -

0.04% 0.04%
0.28% 0.28%
65.60% 65.60%
4.8% 4.8%
3.7% 3.7%
 3.6% 3.6%
0.5% 0.5%
(2.1%) (2.1%)
1.0% 1.0%
1.9 1.7
20.0% 20.0%
35.0% 35.0%
Balance Sheet
All figures in $ million (except per share numbers)

Current Assets
Cash, Cash Equivalents, Current Investments
Receivables
Inventories
Other Current Assets
Gold Bulion + Assets Held for Sale
* Total Current Assets

Property, Plant and Equipment

Exploration and Evaluation Assets
Investments in Associates & JV
Restricted Cash & Tax Receivables
Other Non-Current Assets

* TOTAL ASSETS

Current Liabilities
Credit Facility
Accounts Payables
Other Current Liabilities
Liabilities Held for Sale
Total Current Liabilities

Long-term Debt
Other Long-term Liabilities

* Total Liabilities

Shareholders' Equity
Non-Controlling Interests

* TOTAL LIABILITIES & EQUITY

Check
 Years ended Dec 31
2014 2015 2016 2017 2018

159 481 652 573 551

31 68 49 56 58
245 224 208 236 244
25 82 104 104 108
725 97 - - -
1,185 952 1,013 969 960

2,153 1,854 1,868 1,886 1,909

545 155 169 189 209
56 57 53 50 47
76 44 48 48 48
208 190 250 250 250

4,223 3,251 3,401 3,391 3,423

- 70 - - -
170 143 163 172 178
59 37 33 47 49
167 - - - -
395 250 196 220 228

642 628 485 396 346

522 435 449 449 449

1,559 1,314 1,129 1,065 1,022

2,619 1,896 2,222 2,270 2,336

45 42 49 57 64

4,223 3,251 3,401 3,391 3,423

- - - - -
c 31
2019 2020 2021 1 1 = ON
0 = OFF

516 515 604

61 64 59
272 279 243
114 119 110
- - -
963 977 1,016

1,929 1,952 1,936

229 249 269
47 47 47
48 48 48
250 250 250

3,466 3,522 3,566

- - -
197 203 176
52 54 50
- - -
249 257 226

296 246 196

449 449 449

994 952 871

2,400 2,491 2,608

72 79 86

3,466 3,522 3,566

- - -
Cash Flow Statement
All figures in $ million (except per share numbers)

* Cash Flow from Operations

Net Profit After Tax
Add: Depreciation
(Increase)/Decrease in Working Capital
Add: Interest Expense
Net Income to Non-Controlling Interests
Share of Profits from Associates & JV
Cash Flow from Operations

* Cash Flow from Investing Activities

Capital Expenditure PP&E
Capital Expenditure Exploration & Evaluation
Dividends from Associates & JVs
Change in Long-term Assets/Liabilities
Cash Flow from Investing Activities

* Cash Flow from Financing Activities

Interest Expense
Borrowings Taken / (Repaid)
Credit Facility Taken / (Repaid)
Proceeds from Share Issuances
Proceeds from Flow-Through Share Issuances
Amount of Shares Buyback
Dividends Paid (Shareholders)
Dividends Paid (Non-Controlling Interests)
Cash Flow from Financing Activities

Change in Cash & Current Investments

Balance at the beginning of the year
* Balance at the end of the year

# Shares Issued
# Flow-Through Shares Issued
Shares Bought Back
 Years ended Dec 31
2014 2015 2016 2017 2018

18 28
252 255
(11) (6)
31 26
9 10
(6) (8)
294 305

(270) (278)
(20) (20)
9 11
- -
(281) (287)

(31) (26)
(89) (50)
- -
- - 220 - -
43 44 30 38
- - - - -
- -
(2) (2)
(92) (40)

(79) (22)
652 573
573 551

0.300 0.700 45.300

- 15.800 15.100
- - -
c 31
2019 2020 2021

20 38 57
258 261 259
(16) (7) 20
22 19 15
9 10 9
(13) (14) (15)
281 307 345

(278) (284) (244)

(20) (20) (20)
13 14 15
- - -
(286) (290) (249)

(22) (19) (15)

(50) (50) (50)
- - -
- - -
45 53 60
- - -
- - -
(2) (2) (2)
(29) (18) (7)

(34) (2) 89
551 516 515
516 515 604
Fixed Assets Schedule
All figures in $ million (except per share numbers)

PP&E - Opening Balance

Capital Expenditure
Depreciation
Asset Write-down, Sale, etc.
PP&E - Closing Balance

Sustaining Capex
Non-Sustaining Capex
Total Mining Capex
PPE Capex / Mining Capex
Depreciation (% of Opening Balance + CapEx)

Exploration - Opening Balance

Capital Expenditure
Asset Write-down, Sale, etc.
Exploration Assets - Closing Balance

Beg
Explor

Closgin
 Years ended Dec 31
2014 2015 2016 2017 2018 2019

4,494 2,153 1,854 1,868 1,886 1,909

344 191 270 270 278 278
(209) (264) (264) (252) (255) (258)

2,153 1,854 1,868 1,886 1,909 1,929

130.1 160.6 191.8 170.0 176.7 176.9

127.3 65.6 78.5 55.0 55.0 55.0
257.4 226.2 270.3 225.0 232 232
133.5% 84.6% 99.7% 120.0% 120.0% 120.0%
4.3% 11.3% 12.4% 11.8% 11.8% 11.8%

533 545 155 169 189 209

11 9 14 20 20 20

545 155 169 189 209 229

544.8 155.1
10.3 14.1

155.1 169.2

202 284
2020 2021

1,929 1,952
284 244
(261) (259)

1,952 1,936

181.6 148.0
55.0 55.0
237 203
120.0% 120.0%
11.8% 11.8%

229 249
20 20

249 269
Working Capital Schedule
All figures in $ million (except per share numbers)

* Total Revenue
Total Operating Expenses
Of Which:
Cost of Sales
Royalties

Receivables
Inventories
Other Current Assets
Current Assets (excl Cash)

Accounts Payables
Other Current Liabilities
Current Liabilities (excl Debt)

* Working Capital
(Increase)/Decrease in Working Capital

Receivables Days Outstanding (Days)

Inventory Holding Period (Days)
Other Current Assets (% of Total Revenue)
Payables Days Outstanding (Days)
Other Current Liabilities (% of Total Revenue)
 Years ended Mar 31
2014 2015 2016 2017 2018

1,008 917 987 1,076 1,115

778 779 693 783 811

643 672 580 657 679

45 39 43 43 45

31 68 49 56 58
245 224 208 236 244
25 82 104 104 108
301 374 361 396 410

170 143 163 172 178

59 37 33 47 49
228 180 196 220 228

73 193 165 176 182

(121) 28 (11) (6)

11 27 18 19 19
139 122 131 131 131
2.4% 8.9% 10.5% 9.7% 9.7%
90 74 95 90 90
5.8% 4.0% 3.3% 4.4% 4.4%
ar 31
2019 2020 2021

1,175 1,229 1,136

891 918 803

757 778 676

42 45 39

61 64 59
272 279 243
114 119 110
447 462 412

197 203 176

52 54 50
249 257 226

198 205 186

(16) (7) 20

19 19 19
131 131 131
9.7% 9.7% 9.7%
90 90 90
4.4% 4.4% 4.4%
Equity Schedule
All figures in $ million (except per share numbers)

Shares outstanding - Opening Balance

New shares issued
Less: Shares bought back
Shares outstanding - Closing Balance
Weighted Average Shares Outstanding

Equity
Equity - Opening Balance
Net Profit After Tax
Proceeds from Share Issuances
Proceeds from Flow-Through Share Issuances
Amount of Shares Buyback
Dividends Paid
Equity - Closing Balance

Shares Issued
No. of Shares Issued
Issue Price
Proceeds from Share Issuances

Flow-Through Shares Issued

No. of Shares Issued
Issue Price
Proceeds from Share Issuances

Shares Buyback
No. of Shares Bought Back
Buyback Price
Amount of Shares Buyback

Dividend
Earnings per share
Dividend per share
Total Dividend Paid
Dividend Payout ratio
 Years ended Dec 31
2014 2015 2016 2017 2018

453.800 469.300
15.500 15.500
- -
453.800 469.300 484.800
461.550 477.050

2,222 2,270
18 28
- -
30 38
- -
- -
2,222 2,270 2,336

0.300 0.700 45.300 0.500 0.500

- - $4.86 - -
- - 220 - -

- 15.800 15.100 15.000 15.000

NA $2.72 $2.89 $2.00 $2.50
- 43 $43.60 30 38

- - - - -
NA NA NA - -
- - - - -

($0.04) ($0.44) $0.01 $0.04 $0.06

- - - - -
- -
0.0% 0.0% 0.0% 0.0% 0.0%
c 31
2019 2020 2021

484.800 500.300 515.800

15.500 15.500 15.500
- - -
500.300 515.800 531.300
492.550 508.050 523.550

2,336 2,400 2,491

20 38 57
- - -
45 53 60
- - -
- - -
2,400 2,491 2,608

0.500 0.500 0.500

- - -
- - -

15.000 15.000 15.000

$3.00 $3.50 $4.00
45 53 60

- - -
- - -
- - -

$0.04 $0.08 $0.11

- - -
- - -
0.0% 0.0% 0.0%
Debt Schedule
All figures in $ million (except per share numbers)

Opening Balance of Cash

Less: Minimum Cash Required 150

Add: Free Cash Flow to the Firm

Cash Flow from Operations
Cash Flow from Investing Activities
Interest Paid
Free Cash Flow to the Firm

Add: Equity-related Cash Flows

Add: Common Share Issuance
Add: Flow-Through Share Issuance
Less: Share Buyback
Less: Dividend Paid
Less: Non-Controlling Interest Dividends
Total Equity-related Cash Flows

Cash Available for Debt Service

Borrowings Taken / (Repaid)
Cash Available for Credit Facility
Credit Facility Taken / (Repaid)

Borrowings
Borrowings - Opening Balance
Borrowings Taken
Borrowings Repaid
Borrowings - Closing Balance

Credit Facility
Credit Facility - Opening Balance
Credit Facility Taken / (Repaid)
Credit Facility - Closing Balance

Interest Expense
Average Debt during the year
Effective Interest Rate

Opening Balance of Cash

Closing Balance of Cash
Average Cash Balance during the year
Interest Income
Interest Rate on Cash & Current Investments

Net Debt
Net Debt / EBITDA
 Years ended Dec 31
2014 2015 2016 2017 2018

652 573
(150) (150)

294 305
(281) (287)
(31) (26)
(18) (8)

- -
30 38
- -
- -
(2) (2)
28 36

512 451
(89) (50)
423 401
- -

485 396
400 -
(489) (50)
642 628 485 396 346

- -
- -
- 70 - - -

27 38 25 31 26
670 592 441 371
5.7% 4.3% 7.0% 7.0%

159 481 652 573

481 652 573 551
320 567 612 562
2 3 4 4
0.8% 0.6% 0.7% 0.7%

217 (167) (177) (205)

1.57 (0.57) (0.60) (0.67)
c 31
2019 2020 2021

551 516 515

(150) (150) (150)

281 307 345

(286) (290) (249)
(22) (19) (15)
(28) (2) 81

- - -
45 53 60
- - -
- - -
(2) (2) (2)
43 51 58

416 415 504

(50) (50) (50)
366 365 454
- - -

346 296 246

- - -
(50) (50) (50)
296 246 196

- - -
- - -
- - -

22 19 15
321 271 221
7.0% 7.0% 7.0%

551 516 515

516 515 604
533 516 559
4 4 4
0.7% 0.7% 0.7%

(220) (269) (408)

(0.78) (0.86) (1.23)
DCF Projections
All figures in $ million (except per share numbers)

Total Revenue

EBITDA
Depreciation
EBIT
Tax @ 35%
Tax-Adjusted Operating Profit

Add: Depreciation
Changes in Working Capital
CapEx

Free Cash Flow to the Firm

No. of Equity Shares 464.620

Present Value of Free Cash Flow (37)

EBITDA Exit Multiple 8.0x
Terminal Value 2,661
Present Value of Terminal Value 2,264
Enterprise Value 1,856
Debt + Pref + MI - Cash (203)
Equity Value 2,058
Intrinsic Value per Share $4.43
Upside / (Downside) from CMP 5.5%
 Years ended Dec 31
2014 2015 2016 2017 2018

917 987 1,076 1,115

138 294 293 304

(264) (264) (252) (255)
(126) 30 40 49
- (11) (14) (17)
(126) 20 26 32

264 264 252 255

(121) 28 (11) (6)
(201) (284) (290) (298)

(183) 27 (22) (17)

5.0x 6.0x
4.5%
5.0%
5.5%
WACC

6.0%
6.5%
7.0%
7.5%
8.0%
31
2019 2020 2021

1,175 1,229 1,136

284 311 333

(258) (261) (259)
26 50 74
(9) (17) (26)
17 32 48

258 261 259

(16) (7) 20
(298) (304) (264)

(40) (18) 63

7.0x 8.0x 9.0x 10.0x

 WACC Calculation
Risk-free rate 3.0%
Equity Risk Premium 7.0%
Beta 0.65
Cost of Equity 7.6%

Pre-tax Cost of Debt 7.0%

Tax Rate 35.0%
Post-tax Cost of Debt 4.6%

Share Price $4.20

Market Capitalization 1,951
Total Debt 400
Total Capitalization 2,351

WACC 7.1%
Suriname – Rosebel Mine (IAMGOLD interest – 95%)

Life (as of 2015) 6.6 years Select Production Case

Select Gold Price Case

2014
Reserves 000 oz
Opening Balance
(-) Production
Ending Balance

Operational Estimate
Total material mined 000s t 63,066
Strip ratio 3.6
Ore mined 000s t 13,851
Ore milled 000s t 13,050
Milled to Mined 94.2%
Ore grade g/t 0.86
Mill recovery % 95.0%
Au production 000 g 10,662
Au production 000 oz 342
Net Realization g to oz 0.0321

Management Estimate
Au production
Attributable Production 000 oz 95%

Production (Broker Estimate) 000 oz

Production (Selected Case) 000 oz 342

Attributable (Selected Case) 000 oz 95% 325

Au Sales 000 oz 349

% sold 102%

Gold Price (Flat)

Gold Price (Incremental)
Gold Price (Broker)
Gold Price $/oz 1,256
Exchange rate $/$ 1.0000
Gold Price (US$) $/oz 1,256

Cash Cost (excl Royalties) $/oz produced 732

Royalties $/oz 5.5% 72
Other Mining Cost
Stock Movement
By-Product Credit
Cost of Sales (excl Dep) $/oz sold 1.1x 789
Total Cash Cost $/oz produced 804

Sustaining CapEx mn. 58.9

Non-sustaining Capex mn. 20.7
Sustaining Capex/AISC 16.2%

Cost of Sales (excl Dep) $/oz sold 789

Royalties 72
Sustaining Capital Expenditures 169
By-Product Credit
General & Administrative
Sustaining Evaluation & Exploration Exp
Others
AISC $/oz sold 1,045

Revenues mn. 438.3

Cost of Sales (excl Royalties) mn. 275.5
Royalties mn. 25.1
Depreciation mn. 71.1
General & Admin mn. -
Exploration mn. 5.4
Impairments mn. -
Other mn. 3.4
Operating Profit mn. 57.8

AISC Cost mn. 364.7

Total Cash Cost mn. 275.0
Production Case 2 1. Ore Estimate
Gold Price Case 1 1. Flat Price

0 1 2 3
2015 2016 2017 2018 2019

2,351 2,039 1,723 1,407

302 312 316 316 316
2,351 2,039 1,723 1,407 1,092

63,512 64,129 63,569 63,569 63,569

3.5 3.4 3.5 3.5 3.5
14,080 14,735 14,126 14,126 14,126
12,291 12,604 12,714 12,714 12,714
87.3% 85.5% 90.0% 90.0% 90.0%
0.80 0.82 0.83 0.83 0.83
95.0% 94.0% 94.7% 94.7% 94.7%
9,341 9,715 9,993 9,993 9,993
302 312 322 322 322
0.0323 0.0321 0.0322 0.0322 0.0322

316 358 316

300 340 300

320 320 320

302 312 316 358 316

287 296 300 340 300

301 298 316 358 316

100% 96% 100% 100% 100%

1,250 1,250 1,250

1,250 1,300 1,350
1,300 1,350 1,400
1,163 1,239 1,250 1,250 1,250
1.0000 1.0000 1.0000 1.0000 1.0000
1,163 1,239 1,250 1,250 1,250

785 661 661 581 661

64 68 69 69 69

860 768 734 645 734

 849 729 730 650 730

82.6 64.9 65.0 66.4 58.5

4.8 13.4 5.0 5.0 5.0
23.6% 22.0% 19.1% 20.6% 20.6%

860 768 734 645 734

64 68 69 69 69
274 218 206 185 185

1,165 988 1,080 900 900

350.1 369.2 394.7 447.4 394.7

239.6 208.6 210.1 206.3 210.1
19.3 20.3 21.7 24.6 21.7
86.5 95.8
- -
4.0 6.9
5.0 -
5.8 3.9
(10.1) 33.8

350.7 294.4
256.4 227.4
 2. Mgmt Estimate 3. Broker Estimate
2. Incremental Price 3. Broker Estimate

4 5 6
2020 2021 2022

1,092 776 460

316 316 316
776 460 144

63,569 63,569 63,569

3.5 3.5 3.5
14,126 14,126 14,126
12,714 12,714 12,714
90.0% 90.0% 90.0%
0.83 0.83 0.83
94.7% 94.7% 94.7%
9,993 9,993 9,993
322 322 322
0.0322 0.0322 0.0322

337 253 168

320 240 160

320 320 320

337 253 168

320 240 160

337 253 168

100% 100% 100%

1,250 1,250 1,250

1,400 1,450 1,500
1,450 1,500 1,550
1,250 1,250 1,250
1.0000 1.0000 1.0000
1,250 1,250 1,250

681 581 511

69 69 69

756 645 567

 750 650 580

62.5 36.4 20.8

5.0 5.0 5.0
20.6% 20.6% 20.6%

756 645 567

69 69 69
185 144 124

900 700 600

421.1 315.8 210.5

231.6 145.6 84.0
23.2 17.4 11.6
1
2
3
Burkina Faso – Essakane Mine (IAMGOLD Interest – 90%)

Life (as of 2015) 8.2 years Select Production Case

Select Gold Price Case

2014
Reserves 000 oz
Opening Balance
(-) Production 369
Ending Balance

Operational Estimate
Total material mined 000s t 46,698
Strip ratio 2.7
Ore mined 000s t 12,580
Ore milled 000s t 11,897
Milled to Mined 94.6%
Ore grade g/t 1.08
Mill recovery % 91.0%
Au production 000 g 11,692
Au production 000 oz 369
Net Realization g to oz 0.0316

Management Estimate
Au production
Attributable Production 000 oz 90%

Production (Broker Estimate) 000 oz

Production (Selected Case) 000 oz 369

Attributable (Selected Case) 000 oz 90% 332

Au Sales 000 oz 363

% sold 98%

Gold Price (Flat)

Gold Price (Incremental)
Gold Price (Broker)
Gold Price $/oz 1,261
Exchange rate $/$ 1.0000
Gold Price $/oz 1,261

Cash Cost (excl Royalties) $/oz produced 799

Royalties $/oz 4.0% 53
Other Mining Cost
Stock Movement
By-Product Credit
Cost of Sales (excl Dep) $/oz sold 1.1x 844
Total Cash Cost $/oz produced 852

Sustaining CapEx mn. 54.6

Non-sustaining Capex mn. 32.7
Sustaining Capex/AISC 14.2%

Cost of Sales (excl Dep) $/oz sold 844

Royalties 53
Sustaining Capital Expenditures 150
By-Product Credit
General & Administrative
Sustaining Evaluation & Exploration Exp
Others
AISC $/oz sold 1,060

Revenues mn. 457.7

Cost of Sales (excl Royalties) mn. 306.3
Royalties mn. 19.2
Depreciation mn. 100.6
General & Admin mn. -
Exploration mn. -
Impairments mn. -
Other mn. 5.3
Operating Profit mn. 26.3

AISC Cost mn. 384.8

Total Cash Cost mn. 314.4
t Production Case 2 1. Ore Estimate
t Gold Price Case 1 1. Flat Price

0 1 2 3
2015 2016 2017 2018 2019

3,414 2,995 2,573 2,162

426 419 422 411 411
3,414 2,995 2,573 2,162 1,751

48,887 46,904 46,904 46,904 46,904

3.2 3.3 3.0 3.0 3.0
11,519 10,921 11,726 11,726 11,726
11,716 12,006 11,961 11,961 11,961
101.7% 109.9% 102.0% 102.0% 102.0%
1.24 1.22 1.18 1.18 1.18
92.0% 89.0% 90.7% 90.7% 90.7%
13,366 13,036 12,801 12,801 12,801
426 419 408 408 408
0.0319 0.0321 0.0319 0.0319 0.0319

422 411 411

380 370 370

400 380 380

426 419 422 411 411

383 377 380 370 370

424 424 422 411 411

100% 101% 100% 100% 100%

1,250 1,250 1,250

1,288 1,300 1,300
1,288 1,300 1,300
1,149 1,246 1,250 1,250 1,250
1.0000 1.0000 1.0000 1.0000 1.0000
1,149 1,246 1,250 1,250 1,250

762 615 650 740 830

46 53 50 50 50

836 716 683 777 872

 808 668 700 790 880

60.4 105.5 85.0 86.3 80.6

6.3 0.7 5.0 5.0 5.0
14.1% 25.5% 20.1% 20.0% 20.0%

836 716 683 777 872

46 53 50 50 50
142 249 201 210 196

1,010 977 1,000 1,050 980

487.2 528.3 527.8 513.9 513.9

335.0 281.1 288.2 319.4 358.3
19.5 22.5 21.1 20.6 20.6
117.5 108.5
- -
- -
0.8 -
0.9 -
13.5 116.2

428.2 414.2
344.2 279.9
 2. Mgmt Estimate 3. Broker Estimate
2. Incremental Price 3. Broker Estimate

4 5 6 7
2020 2021 2022 2023

1,751 1,317 884 451

433 433 433 306
1,317 884 451 145

46,904 46,904 46,904 46,904

3.0 3.0 3.0 3.0
11,726 11,726 11,726 11,726
11,961 11,961 11,961 11,961
102.0% 102.0% 102.0% 102.0%
1.18 1.18 1.18 1.18
90.7% 90.7% 90.7% 90.7%
12,801 12,801 12,801 12,801
408 408 408 408
0.0319 0.0319 0.0319 0.0319

433 433 433 306

390 390 390 275

400 400 400 290

433 433 433 306

390 390 390 275

433 433 433 306

100% 100% 100% 100%

1,250 1,250 1,250 1,250

1,300 1,300 1,300 1,300
1,300 1,300 1,300 1,300
1,250 1,250 1,250 1,250
1.0000 1.0000 1.0000 1.0000
1,250 1,250 1,250 1,250

750 730 750 740

50 50 50 50

788 767 788 777

 800 780 800 790

78.0 71.9 70.2 48.9

5.0 5.0 5.0 5.0
20.0% 20.0% 20.0% 20.0%

788 767 788 777

50 50 50 50
180 166 162 160

900 830 810 800

541.7 541.7 541.7 381.9

341.3 332.2 341.3 237.4
21.7 21.7 21.7 15.3
1
2
3
Canada – Westwood Mine (IAMGOLD interest – 100%)

Life (as of 2015) 20 years Select Production Case

Select Gold Price Case

2014
Reserves 000 oz
Opening Balance
(-) Production 70
Ending Balance

Operational Estimate
Total material mined 000s t
Strip ratio
Ore mined 000s t 327
Ore milled 000s t 328
Milled to Mined 100.3%
Ore grade g/t 7.98
Mill recovery % 95.0%
Au production 000 g 2,487
Au production 000 oz 70
Net Realization g to oz 0.0282

Management Estimate
Au production
Attributable Production 000 oz 100%

Production (Broker Estimate) 000 oz

Production (Selected Case) 000 oz 70

Attributable (Selected Case) 000 oz 100% 70

Au Sales 000 oz 76
% sold 109%

Gold Price (Flat)

Gold Price (Incremental)
Gold Price (Broker)
Gold Price $/oz 1,237
Exchange rate $/$ 1.0000
Gold Price $/oz 1,237

Cash Cost (excl Royalties) $/oz produced 822

Royalties $/oz 0.0% -
Other Mining Cost
Stock Movement
By-Product Credit
Cost of Sales (excl Dep) $/oz sold 1.5x 787
Total Cash Cost $/oz produced 822

Sustaining CapEx mn. 16.6

Non-sustaining Capex mn. 73.9
Sustaining Capex/AISC 21.2%

Cost of Sales (excl Dep) $/oz sold 787

Royalties -
Sustaining Capital Expenditures 218
By-Product Credit
General & Administrative
Sustaining Evaluation & Exploration Exp
Others
AISC $/oz sold 1,031

Revenues mn. 102.9

Cost of Sales (excl Royalties) mn. 59.8
Royalties mn. -
Depreciation mn. 27.5
General & Admin mn. (0.4)
Exploration mn. -
Impairments mn. -
Other mn. 49.0
Operating Profit (33.0)

AISC Cost 78.4

Total Cash Cost mn. 57.5
ect Production Case 2 1. Ore Estimate
ect Gold Price Case 1 1. Flat Price

0 1 2 3 4
2015 2016 2017 2018 2019 2020

3,310 3,245 3,125 3,005 2,795

60 65 120 120 210 210
3,310 3,245 3,125 3,005 2,795 2,585

295 285 285 285 285 285

375 347 331 331 331 331
127.1% 121.8% 116.0% 116.0% 116.0% 116.0%
5.26 6.14 6.46 6.46 6.46 6.46
95.0% 94.0% 94.7% 94.7% 94.7% 94.7%
1,874 2,003 2,022 2,022 2,022 2,022
60 65 62 62 62 62
0.0320 0.0325 0.0309 0.0309 0.0309 0.0309

120 120 210 210

120 120 210 210

130 130 220 220

60 65 120 120 210 210

60 65 120 120 210 210

65 68 120 120 210 210

108% 105% 100% 100% 100% 100%

1,250 1,250 1,250 1,250

1,288 1,300 1,300 1,300
1,288 1,300 1,300 1,300
1,190 1,247 1,250 1,250 1,250 1,250
1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
1,190 1,247 1,250 1,250 1,250 1,250

1,001 894 880 850 600 650

- - - - - -

1,462 1,329 1,320 1,275 900 975

 1001 894 880 850 600 650

17.6 21.4 20.0 24.0 37.8 41.2

54.5 64.4 45.0 45.0 45.0 45.0
21.0% 26.6% 16.7% 20.0% 20.0% 20.0%

1,462 1,329 1,320 1,275 900 975

- - - - - -
271 315 167 200 180 196

1,292 1,182 1,000 1,000 900 980

77.4 84.8 150.0 150.0 262.5 262.5

95.0 90.4 158.4 153.0 189.0 204.8
- - - - - -
52.9 52.4
- -
- -
215.5 -
3.4 (8.5)
(289.4) (49.5)

84.0 80.4
60.1 58.1
2. Mgmt Estimate 3. Broker Estimate
2. Incremental Price 3. Broker Estimate

5 6 7 8 9
2021 2022 2023 2024 2025

2,585 2,365 2,145 1,925 1,705

220 220 220 220 220
2,365 2,145 1,925 1,705 1,485

285 285 285 285 285

331 331 331 331 331
116.0% 116.0% 116.0% 116.0% 116.0%
6.46 6.46 6.46 6.46 6.46
94.7% 94.7% 94.7% 94.7% 94.7%
2,022 2,022 2,022 2,022 2,022
62 62 62 62 62
0.0309 0.0309 0.0309 0.0309 0.0309

220 220 220 220 220

220 220 220 220 220

230 230 230 230 230

220 220 220 220 220

220 220 220 220 220

220 220 220 220 220

100% 100% 100% 100% 100%

1,250 1,250 1,250 1,250 1,250

1,300 1,300 1,300 1,300 1,300
1,300 1,300 1,300 1,300 1,300
1,250 1,250 1,250 1,250 1,250
1.0000 1.0000 1.0000 1.0000 1.0000
1,250 1,250 1,250 1,250 1,250

600 600 600 600 600

- - - - -

900 900 900 900 900

 600 600 600 600 600

39.6 39.6 39.6 39.6 39.6

45.0 45.0 45.0 45.0 45.0
20.0% 20.0% 20.0% 20.0% 20.0%

900 900 900 900 900

- - - - -
180 180 180 180 180

900 900 900 900 900

275.0 275.0 275.0 275.0 275.0

198.0 198.0 198.0 198.0 198.0
- - - - -
 10 11 12 13 14
2026 2027 2028 2029 2030

1,485 1,265 1,055 850 670

220 210 205 180 180
1,265 1,055 850 670 490

285 285 285 285 285

331 331 331 331 331
116.0% 116.0% 116.0% 116.0% 116.0%
6.46 6.46 6.46 6.46 6.46
94.7% 94.7% 94.7% 94.7% 94.7%
2,022 2,022 2,022 2,022 2,022
62 62 62 62 62
0.0309 0.0309 0.0309 0.0309 0.0309

220 210 205 180 180

220 210 205 180 180

230 220 230 190 190

220 210 205 180 180

220 210 205 180 180

220 210 205 180 180

100% 100% 100% 100% 100%

1,250 1,250 1,250 1,250 1,250

1,300 1,300 1,300 1,300 1,300
1,300 1,300 1,300 1,300 1,300
1,250 1,250 1,250 1,250 1,250
1.0000 1.0000 1.0000 1.0000 1.0000
1,250 1,250 1,250 1,250 1,250

600 680 700 800 800

- - - - -

900 1,020 1,050 1,200 1,200

 600 680 700 800 800

42.7 41.2 40.6 36.0 32.4

45.0 45.0 45.0 45.0 45.0
20.0% 20.0% 20.0% 20.0% 20.0%

900 1,020 1,050 1,200 1,200

- - - - -
194 196 198 200 180

970 980 990 1,000 900

275.0 262.5 256.3 225.0 225.0

198.0 214.2 215.3 216.0 216.0
- - - - -
 1
2
3

15 16 17 18 19
2031 2032 2033 2034 2035

490 310 130 - -

180 180 130 - -
310 130 - - -

285 285 285 - -

331 331 331 - -
116.0% 116.0% 116.0% 116.0% 116.0%
6.46 6.46 6.46 6.46 6.46
94.7% 94.7% 94.7% 94.7% 94.7%
2,022 2,022 2,022 - -
62 62 62 - -
0.0309 0.0309 0.0309 0.0309 0.0309

180 180 130 - -

180 180 130 - -

190 190 140 - -

180 180 130 - -

180 180 130 - -

180 180 130 - -

100% 100% 100% 100% 100%

1,250 1,250 1,250 1,250 1,250

1,300 1,300 1,300 1,300 1,300
1,300 1,300 1,300 1,300 1,300
1,250 1,250 1,250 1,250 1,250
1.0000 1.0000 1.0000 1.0000 1.0000
1,250 1,250 1,250 1,250 1,250

800 600 700

- - -

1,200 900 1,050

 800 600 700

28.8 21.6 18.2

45.0 45.0 45.0
20.0% 20.0% 20.0%

1,200 900 1,050

- - -
160 120 140

800 600 700

225.0 225.0 162.5

216.0 162.0 136.5
- - -
Mali – Sadiola Mine (IAMGOLD interest – 41%)

Life (as of 2015) 10 years Select Production Case

Select Gold Price Case

2014
Reserves 000 oz
Opening Balance
(-) Production 205
Ending Balance

Operational Estimate
Total material mined 000s t 12,302
Strip ratio
Ore mined 000s t
Ore milled 000s t 5,027
Milled to Total Mined 40.9%
Ore grade g/t 1.32
Mill recovery % 93.0%
Au production 000 g 6,171
Au production 000 oz 205
Net Realization g to oz 0.0332

Management Estimate
Au production
Attributable Production 000 oz 41%

Production (Broker Estimate) 000 oz

Production (Selected Case) 000 oz 205

Attributable (Selected Case) 000 oz 41% 84

Au Sales 000 oz 96
% sold 114%

Gold Price (Flat)

Gold Price (Incremental)
Gold Price (Broker)
Gold Price $/oz 1,263
Exchange rate $/$ 1.0000
Gold Price $/oz 1,263

Cash Cost (excl Royalties) $/oz produced 985

Royalties $/oz 0.0% -
Other Mining Cost
Stock Movement
By-Product Credit
Cost of Sales (excl Dep) $/oz sold 1.1x 1,221
Total Cash Cost $/oz produced 985

Sustaining CapEx mn. 4.1

Non-sustaining Capex mn. 6.8
Sustaining Capex/AISC 3.9%

Cost of Sales (excl Dep) $/oz sold 1,221

Royalties -
Sustaining Capital Expenditures 43
By-Product Credit
General & Administrative
Sustaining Evaluation & Exploration Exp
Others
AISC $/oz sold 1,083

Revenues mn. 121.2

Cost of Sales (excl Royalties) mn. 117.2
Royalties mn. -
Depreciation mn. 28.9
General & Admin mn. -
Exploration mn. 0.6
Impairments mn. -
Other mn. -
Operating Profit (25.5)

AISC Cost 103.9

Total Cash Cost mn. 82.7

Net Profit (Attributable) -9.4

(7.8%)
Dividends -
0.0%

Profit Associates (3.1)

Net Profit from Associates and JV (12.5)

ect Production Case 2 1. Ore Estimate 2. Mgmt Estimate
ect Gold Price Case 1 1. Flat Price 2. Incremental Price

0 1 2 3 4 5
2015 2016 2017 2018 2019 2020 2021

4,357 4,186 4,016 3,843 3,671 3,499

168 171 171 172 172 172 172
4,357 4,186 4,016 3,843 3,671 3,499 3,327

15,583 12,776 12,776 12,776 12,776 12,776 12,776

5,061 4,907 4,753 4,753 4,753 4,753 4,753

32.5% 38.4% 37.2% 37.2% 37.2% 37.2% 37.2%
1.10 1.15 1.19 1.19 1.19 1.19 1.19
94.0% 94.0% 93.7% 93.7% 93.7% 93.7% 93.7%
5,233 5,305 5,299 5,299 5,299 5,299 5,299
168 171 172 172 172 172 172
0.0322 0.0322 0.0325 0.0325 0.0325 0.0325 0.0325

171 220 244 268 293

70 90 100 110 120

180 230 250 275 300

168 171 171 220 244 268 293

69 70 70 90 100 110 120

76 75 70 90 100 110 120

110% 107% 100% 100% 100% 100% 100%

1,250 1,250 1,250 1,250 1,250

1,288 1,300 1,300 1,300 1,300
1,288 1,300 1,300 1,300 1,300
1,165 1,244 1,250 1,250 1,250 1,250 1,250
1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
1,165 1,244 1,250 1,250 1,250 1,250 1,250

769 970 900 900 900 900 900

- - - - - - -

792 1,019 990 990 990 990 990

 769 970 900 900 900 900 900

4.8 3.1 5.0 5.4 6.0 6.6 7.2

4.3 2.5 10.0 10.0 10.0 10.0 10.0
7.5% 4.0% 7.1% 6.0% 6.0% 6.0% 6.0%

792 1,019 990 990 990 990 990

- - - - - - -
63 41 71 60 60 60 60

839 1,042 1,000 1,000 1,000 1,000 1,000

88.4 93.4 87.5 112.5 125.0 137.5 150.0

60.1 76.5 69.3 89.1 99.0 108.9 118.8
- - - - - - -
11.1 3.7
- -
0.3 0.6
- -
(0.8) 2.6
17.7 10.0

63.7 78.2
53.1 67.9

11.9 9.0 8.8 11.3 12.5 13.8 15.0

13.5% 9.6% 10.0% 10.0% 10.0% 10.0% 10.0%
12.3 11.3 8.8 11.3 12.5 13.8 15.0
103.4% 125.6% 100.0% 100.0% 100.0% 100.0% 100.0%

(3.3) (1.1) (2.9) (2.9) - - -

8.6 7.9 5.9 8.4 12.5 13.8 15.0

Mgmt Estimate 3. Broker Estimate
ncremental Price 3. Broker Estimate

6 7 8 9
2022 2023 2024 2025

3,327 3,154 2,982 2,810

172 172 172 172
3,154 2,982 2,810 2,638

12,776 12,776 12,776 12,776

4,753 4,753 4,753 4,753

37.2% 37.2% 37.2% 37.2%
1.19 1.19 1.19 1.19
93.7% 93.7% 93.7% 93.7%
5,299 5,299 5,299 5,299
172 172 172 172
0.0325 0.0325 0.0325 0.0325

317 341 366 390

130 140 150 160

330 350 375 400

317 341 366 390

130 140 150 160

130 140 150 160

100% 100% 100% 100%

1,250 1,250 1,250 1,250

1,300 1,300 1,300 1,300
1,300 1,300 1,300 1,300
1,250 1,250 1,250 1,250
1.0000 1.0000 1.0000 1.0000
1,250 1,250 1,250 1,250

900 900 900 900

- - - -

990 990 990 990

 900 900 900 900

7.8 8.4 9.0 9.6

10.0 10.0 10.0 10.0
6.0% 6.0% 6.0% 6.0%

990 990 990 990

- - - -
60 60 60 60

1,000 1,000 1,000 1,000

162.5 175.0 187.5 200.0

128.7 138.6 148.5 158.4
- - - -

16.3 17.5 18.8 20.0

10.0% 10.0% 10.0% 10.0%
16.3 17.5 18.8 20.0
100.0% 100.0% 100.0% 100.0%

- - - -

16.3 17.5 18.8 20.0

1
2
3