IAMGOLD Corporation (TSX:IMG)

Investor Day 2018

← View all transcripts

Jun 26, 2018

First of all, we'd like to thank everyone for coming and joining us today for IAMGOLD's 2018 Investor Day. I'm Ken Chernan, Vice President of Investor Relations at IAMGOLD. Please note that we are webcasting this live. With us today from the executive team are Stephen Letwin, President and CEO of IAMGOLD Carol Banducci, Executive Vice President and CFO Gordon Stothart, Executive Vice President and Chief Operating Officer Ben Little, SVP, Corporate Affairs, HSS and People and Craig McDougall, SVP, Exploration. Joining us from our operations team, we have Umar Togiani, who is Regional Vice President, West Africa Suresh Kalatil, who is General Manager at Rosebel and Marcel Tremblay, General Manager, Westwood. We also have Philip Gauthier, who is Director of Development Projects. From our Board of Directors today, we have Don Charter, who is our Chairman of the Boards and Mahindra Naik. As per usual, I'll just have you look at our cautionary statement. Please note that our remarks during today's presentation 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. Now today's event is largely broken down into 4 segments: the executive overview, the Americas, West Africa and closing. In the interest of staying on schedule, we will take questions at the end of each segment. We will also have a brief break period of 10 minutes, which will take place after Philippe Gauthier discusses the Cote gold project. Finally, in the event of an emergency evacuation, please note that there are 2 exit signs behind me. Of course, there are corresponding doors with the signs and an elevator I'm sorry, an exit located by the elevators. I'll now turn the podium over to our President and CEO, Steve Flatwin. Well, good afternoon, everybody. And as Ken said, thank you so much for coming today. I know it is tough out there. I've talked to a number of you about where the gold price sits and where more importantly it has fallen to of late. And also the sentiment, we're competing with a lot of different things in the marketplace right now. The cannabis deals obviously have taken a lot of the limelight, ETF flows. It's been hard and I talked to one individual on the sales decks. I think it was about 1 in the afternoon and he hadn't had one call on Gold Equities that morning. So we know that it is very tough and we are even more appreciative of the fact that you've taken the time to come and listen to our story today. But I also want to say that there are a few of you in my vintage, not a lot of you, a lot younger. But I also know that we are in a cycle where this is a business that has been through many cycles. And I do believe quite sincerely that we will see an uptick in gold prices. I'm not predicting a Pierre Lassonde kind of rebound in prices to $5,000 an ounce. But I do think that gold has a good potential to move up versus down. And I do believe that the space for gold where the demand has remained very, very strong with buying in Russia, China, India, etcetera, that this environment will prove to be a good one for companies like IAMGOLD and other gold equities going forward. So I know and I absolutely understand the frustration that's out there with respect to the gold business, been through it before in other commodities. But I just wanted to tell you that quite sincerely, I feel very confident that we're going to see this commodity perform. And I do believe the sentiment will come back. I believe the U. S. Dollar will start behaving a little bit more friendlier to our commodity. And we will see the sentiment turn in our favor. So on that note, I want to talk a little bit about, I guess this, there we go. What's happened at Iron Gold? And if I can do anything this morning or this afternoon, I should say, is to maybe leave you with a few key messages. And you're going to hear this afternoon from some of our top performers about what we believe is going to be very exciting for the company going forward. And on that note, if you take a look at where the company has gone over the last 3 to 5 years, there's been some dramatic changes. And I'll start a little bit with the geographic diversification. And when I joined the company, we were very heavily focused, as you can see, in Africa and South America. And I don't want to leave the impression that we're allergic to Africa or we're biased negatively about having Africa and South America. We are very proactive and very pro in favor of investing in Africa. That's where we started. But I think our view, and I brought this perhaps from my oil and gas experience, was that some geographic diversification from a risk standpoint was probably worthwhile pursuing. And we did that. And you can see that from 2011 to 2017, the look of IAMGOLD has changed dramatically. And we put much more weight on North America. And as we develop Cote, as we develop Rosebel, as we further develop Westwood, as we further develop Monster Lake, Nelligan, as we further develop Boto, that high distribution will probably get to a third, a third, a third in its concentration. And I particularly like that because as you know, sentiments change. When I joined the business industry, Europe was in love with Africa. Europe isn't so much in love with Africa now. And North America has had its challenges and will continue to have its challenges because it's getting tougher and tougher to find deposits. A lot of the gold rich deposits as we know are in Africa, are in South America. So just to tell you that there has been a meaningful transition to what I believe is a more diversified portfolio. The other comment I'd make is that, and the analysts in the room will say this and I know going back in time, this is where a lot of the challenges and criticisms were for IAMGOLD. We had 2 major issues we had to deal with, cost structure and reserve life. And listen, we knew and we know today that our costs have to come down. We were trending like a lot of people that were ounce driven towards $1300 $1400 ASIC And when gold started to fall back towards $1,000 that obviously was totally and completely unacceptable. So the other thing that's changed is the management team in this room is 40% lighter than it was 5 years ago. The Board of Directors is 40% lighter than it was 5 years ago. And we have cut our costs dramatically. And as we've changed our geographic diversification, as we've changed our strategy around moving towards what I call in the oil and gas business, where I came from, a short cycle approach for reserves discovery and cost reduction, this company has transformed itself. Our costs now are lingering around $1,000 an ounce AISC and we're forecasting it to drop another 20% to 25% over the next 4 to 5 years, our production moving up. So one message for you today, count on us continuing the trend of reducing ASIC, growing reserves, growing our production and minimizing risk of discovery because a lot of this is in our backyard. That is a very strong message. I hope you take away with you today. The other message belongs to very artful management by our CFO, Carol Banducci, around a strong balance sheet. So while Gord Stoddart, who very carefully and successfully managed the operations side and reducing costs And Craig McDougall continued to discover more and more ounces. Carroll maintained and built a very strong balance sheet. Here's the other message. If gold does continue to fall, this company is not the same company it was 3 to 5 years ago. It is very resilient. We have a lot of cash, dollars 830,000,000 in cash. We have a very strong position with our creditors in terms of the banks. Our debt is not due till 2025. This company is in much better shape financially than it was 3, 5 years ago. So operationally, much improved exploration wise, much more successful with a far smaller budget and financially in really good shape to withstand any kind of major trauma in gold prices. And coupled with that is the fact that if gold prices happen to move up, please God, we are highly levered to gold prices. And our stock, as you can tell, is reacting that way. So a lot of great success addressing one of those major challenges. You've seen a big increase in our reserves and you're going to continue to see with announcements that are going to be coming, added reserves. Our goal is to get basically to a 16 year reserve life with 1,000,000 ounces a year. A far cry from where we were 3 years ago, less than 8 years and falling. Credit to Craig McDougall and his team from going from $150,000,000 budget to a $30,000,000 budget and being more successful, a great achievement and that will be reflected in a lot of what you're going to see today. This particular graph drives the title of our presentation. And our annual report and our presentation is called Execute and Communicate. And those two key words drive everything we're doing today. All of our metrics at the sites, all of our metrics at corporate are driven around execution of a strategy that is very well documented and very well understood by every employee of IAMGOLD. This is extremely critical to us because if we are successful in delivering on our strategy, we will build our production from where it is today at 875,000 ounces, rounding numbers to 1,300,000 ounces over the next 4 years. And at $1300 gold and a continued reduction in our costs from around $1,000,000 $10.50 towards $800,000 $8.50 our cash flow more than doubles just by executing what we have in front of us. It's not boring. There are a lot of catalysts that we have to deliver on to make this happen. But every morning, and I'm not exaggerating, we check boxes about where we are. And these GMs will tell you, whether it's a phone call from me or Gord or Carol, we're asking, how are you doing on Saramacca, Suresh. How are you doing on the heap leach? Mark, Bruno? Marcel, how is the Westwood ramp up going? Phil Gauthier, how is Cote moving along? Steve Volz, how is Cote moving along? Boto, where is that city? And in these numbers, we don't have Sadiola. And where's Umar? There he is. Umar, who's been a huge contributor to our company and was named Extraordinary Leader of the Year last year by his employee peers and management, has been working hard on Sadiola. But Sadiola is not in these numbers. And we'll talk about why later in the presentation. But Boto will come later and the success of Essakane with Umar and Bruno has been absolutely outstanding. So we don't have any M and A in these numbers. And our top five shareholders give me this message. Please do not do something stupid. I get that a lot and maybe I look stupid, but they say to us, you have got a great portfolio of opportunities in front of you. We hold your stock because of the future. Look it has without taking risk around major acquisitions. That is a critical message that should be put out as well, coming from our major shareholders. And our major shareholders have been major shareholders for the last 3 years. Last month, we had 5 new shareholders. And these new shareholders are, for the most part, from family offices, whether they are in Indonesia, Hong Kong, Norway, Finland, these are some of the countries that are buying our stock. And they're buying our stock because they're worried about the Dow. They think the U. S. Dollar has been overbought and they like the look of this graph. And they like the risk because it's manageable. And On, there's On, our internal audit, an enterprise risk guy, keeps us on a leash with risks. Don't you, Anh? So those are the messages, ladies and gentlemen. I've been at this almost 8 years. Yes, I'm still here. And we don't like some of the train wrecks that have happened in the industry. And our hearts go out to a lot of the gold companies that have gone through it. We've gone through it. And the other message is, let's not forget where we came from. And let's not drink too much of our own whiskey. Let's make sure we execute and communicate to you and ourselves about this particular strategy, which I think is enviable, but let's not take it for granted. Let's make sure we deliver what we're saying we're going to deliver. And I think you've seen that in our performance. So this sums up contributions from Rosebel, Essakane, Westwood and Cote. We were just at Cote on the weekend. We were at Essakane with a number of you the week before, you saw it for yourselves. And then beyond this, beyond the $1,300,000 we have some great future growth opportunities that you're going to hear about today. We have a good look. Let's not take it for granted. Let's execute on it and let's deliver these deliverables that we say we're going to do and make sure you can check the box as we go forward towards adding value for our shareholders. So on that note, I'll turn it over to Carol Banducci. Well, good afternoon, everyone. As we look at our financial position for the company, there's really 3 key messages I want to leave with you today. 1, as Steve alluded to, we are managing to an investment grade balance sheet. Number 2 is it wasn't that long ago that we saw gold prices down at 10.60, 2015. So we have implemented a lot of financial discipline within this organization, and that continues to today. So we manage with a significant amount of financial discipline when it comes to our operating costs and when it comes to our capital deployment. And the third message is we do not hedge our commodity gold, but we won't hesitate hedging some of our input costs. And you've seen us do that as it relates to our currency exposure, and you've seen it as it relates to our fuel exposure. But on top of that, we've also implemented some pretty innovative opportunities where we've put a solar plant both at Rosebel and at Essakane. So we'll continue to look for those innovative opportunities to manage our input costs. So as I said, we're going to manage to an investment grade balance sheet. So as you can see today, we have an industry leading balance sheet. We've got $830,000,000 of cash on the balance sheet, and our net cash position our net debt position is just over 400,000,000 dollars And I should point out that later on this year, we expect to receive another $95,000,000 from the sale of 30% interest in Cote to Simitomo. So we're very well capitalized with a lot of liquidity. We have $400,000,000 of long term debt that's not due till 2025. We've got $800,000,000 of cash on the balance sheet, and we have almost $250,000,000 of unutilized credit facility, so over $1,100,000,000 of liquidity. If you take a look at our credit metrics, you can see that our net debt obviously is 0 with the cash position, and our gross debt is just around 1x. Interest coverage at 14x, and you can see on the right side here what our covenants are relative to our credit facility. And our total debt to total capitalization is below 15%. So again, investment grade. This summarizes, and you have seen this in our disclosure, the hedging programs that we've put in place with respect to the Canadian dollar, the euro as well as the Brent and WTI. So you can see that we're mostly hedged on the currency side for 2018. And as we've seen, Canadian dollar weakened and the euro weakened, we're looking for opportunities to layer on top of that coverage. And on the commodity side, as it pertains to fuel, you can see that over the next 5 years, we're hedged somewhere between 50% 75%. So before I turn it over to Ben, one other important message I want to leave with you. And Steve showed what happens to our reserves over the next few years in terms of just the shifting, where they were and where they are today. But as you look at our business and as we look at ramping up Westwood and we're looking at developing Cote, We're going to move from today with most of our income being generated from Essakane and Rosebel to a significant amount of income being generated in Canada. And it's going to be upwards on a very rounded basis, around 50% by 2022. And we're going to achieve a financial benefit from that. So not only are we going to grow the business, and as Steve said, our production is growing, our all in sustaining costs are coming down, so our margins are improving. But because we've got large tax pools in Canada, we'll be paying mining duties on Westwood and on Cote, so in Quebec and Ontario. But we don't expect to be paying income taxes for a significant number of years in Canada. So we'll get an added benefit from being able to shelter the income with our pools. So just a great position to be in, and our goal is to continue to maintain a very, very outstanding financial position. So with that, I'm going to turn it over to Ben. There we go. It's on. Good. So I'm going to switch gears a little bit and talk about how we manage country risk, which is an important part of the business. I think we've all seen recently in the industry the consequences of not getting this part of the business right. The focus of our efforts in this area is in Suriname and in Burkina Faso, obviously, where the bulk of our production comes from. And managing country risk includes a pretty wide variety of different items from local stakeholder engagement, material negotiations and issue resolution involving governments, permitting approvals, power agreements, efficacy on laws or on actions that affect in a positive way or in a negative way our interests, managing disruptive events like coups or security threats and building up this is an important part, building up political capital through corporate social responsibility initiatives and community engagement increasingly critical in this industry. So what are some of the things that we do to manage these risks and protect our interests? We do a whole bunch of things, but I'll just touch briefly on 8 of them. The first thing is reputation matters, and we do everything that we can to protect our reputation in the sector. We've received numerous awards in the corporate social responsibility realm. We had a slide that lists them all. I won't go through them all right now. But the point is that being a responsible investor is obviously the right thing to do, but it also makes good business sense. And importantly, it's a very effective form of risk mitigation. You lose the support of your host governments, you lose the support of the communities around your mine and you put at risk the mine, can very easily get shut down. And particularly in the West African context, Burkina Faso, Mali, community engagement and security go hand in hand. They fit very closely together. 2nd is essential to have a strong advocacy group team in place at the corporate level and also in country critically. Understanding where power resides in governments is essential and what the key influencers are on decision makers within governments. Without insight into this, you're flying blind in this industry. And also the advocacy needs to be not just a one off or a yearly exercise, it needs to be continuous. You need to make clear the benefits that you're bringing to the host country to the local communities in the form of employment, in the form of tax revenues, in the form of local community development initiatives, etcetera. There's mentions the solar initiative at Essakane, another example. So we do a lot of that. We do major projects kind of on the ground and then we communicate about the benefits of them. 3rd, on the negotiation side, again, we've seen examples recently in the industry of this. Don't overplay your hand. I've seen companies negotiate very imbalanced agreements, particularly on the fiscal side. Those agreements don't tend to be sustainable in the long term. Elections happen, governments change, new governments revisit old agreements. And I think the key to managing that aspect of country risk is to negotiate balanced agreements in the 1st place that are communicated, broadly understood and if needs be, are easily defendable afterwards. 4th, understand the importance of the election cycle. This is true everywhere, from Canada to the United States, West Africa, South America, everywhere. The closer an election is, the less likely it is that you're going to get traction on resolving any issue, whether it's illegal mining, VAT tax arrears or even security. More generally, it's about timing. Timing is everything in this business in terms of issue resolution. So when you have to recognize and it's part of, I guess, the skill of this part of the business is in recognizing when a window has opened and the timing is right for the resolution of an issue. And when that window opens, go through that window and solve the issue, because the window can close as quickly as it opened. A related point is that when the window is closed, when you read the politics, you see that window is closed for various reasons, you need to calibrate your advocacy accordingly. If you try to force a resolution at a time when it's politically impossible for whatever reason to resolve it in the way that you're advocating for, all you're going to do is strain the relationship and perhaps set yourself back rather than advance your interest. 5th, and we do a lot of this, leverage your relationships with the government of Canada. This is foreign affairs, these are the ambassadors, these are the embassies, this is Canadian representation of the IMF at the World Bank, at the Inter American Development Bank. Being Canadian can be a real competitive advantage in this industry. In the West African context, we don't have the history of French colonial legacy to manage. We're also generally perceived more favorably than Americans in that part of the world. So it's important for us to play the Canada card to leverage Canadian resources and it is a competitive advantage on the global stage right now. 6th, intelligence gathering is crucial. You really need to understand the thinking and the decisions of decision makers. This is best done through structured stakeholder engagement programs, which we do a lot of. You want to identify the earliest possible opportunity, risk and opportunity. 7th of 8, profile the local flavor of your business. Hire locally, use local suppliers wherever possible, invest in community programming. And then importantly, on the communication side, communicate what you've done in these respects. You don't want to just be another multinational extracting gold. Over 90% of our employees in our host jurisdictions are nationals, and we're very proud of that. It's something we're seeking to get ever higher. And it's always the case that these are some of your best ambassadors in the communities, nationally, at every level, regionally. It's also important wherever possible to promote our national employees to higher levels of the organization. And I think if you look around at some of the presentations that you'll see over the course of the afternoon, I think you'll see that that's been a real priority for the company. We've had good success in doing that, being good for the shareholders as well. 8th and lastly, sometimes discussion and engagement doesn't get the job done and you have to use sharper tools in the toolkit. Understand the legal tools at your disposal when a dispute can't be solved amicably and know how to use those remedies because sometimes they can be misused. Where are these tools? They're included in mining conventions, mineral agreements, sometimes in local law and sometimes in bilateral investment treaties, which contain provisions typically for international arbitration. Bilateral investment treaties in Canada, they're called FEAPAs, are positive tools for Canadian businesses operating internationally. Iongold and other mining companies here advocate with our government and with host governments to enter into these treaties. The key part is investor state dispute settlement. And the key aspect of that is it gets you out of local courts and it gets you into what might be a more balanced international arbitration venue. It can also have a tactical role. If you've got an issue that's deadlocked and you're not seeing any ready resolution of the issue, beginning the process of international arbitration, if you believe you have a strong substantive case, can trigger at least the conversation with the backdrop of an arbitration proceeding, get the other side to the table and possibly unblock an issue. We've seen examples of that in the past. That said, international arbitration is risky and you have to play that very carefully because it is generally in the mining business, it's kind of the nuclear option in terms of issue resolution. There are a few reasons why you want to look at that as last option. 1 is it takes forever. 2 is it costs a lot of money. 3 is it's sometimes difficult to enforce judgments afterwards and unenforceable judgment isn't worth very much. And then lastly and perhaps most importantly, it's viewed as very provocative by host governments to bring them to international arbitration can be perceived as embarrassing. It can be perceived as very sharp. It focuses the spotlight on that jurisdiction and on the behavior that led to the arbitration proceeding. And we all know governments can kind of kill you through 1,000 cuts if they want to. They're the hosts, we're the investors. And so you have to have a real strong substantive case and you have to be very careful with this and you have to approach international arbitration truly as a last option. So to sum up, we have a number of tools at our disposal in safeguarding our investments abroad, strike fair deals, negotiate hard, strike fair deals with our governments that include fiscal stability protection specifically critical for certainty, Localize your operations, localize your workforce, integrate yourself into the community, be transparent, build trust with the community, with the government critically, publicize your efforts in this communicate, publicize your efforts in this respect, practice principled engagement with the government and try to avoid resorting to the legal remedies unless it's truly as a last resort. But if all else fails, assess how litigation may be appropriate. And with that, I'll turn it over to Chief Operating Officer, Gorda Soddard. Anyways, welcome everybody and thanks for coming. I'm going to be fairly quick through this session. It's fairly high level stuff. I know everybody's eager to sort of see the details around the operations. I brought we've brought a number of the operating individuals with us. Ken introduced earlier and Steve mentioned them as well. This is the operations organization, 2 RVPs, Regional Vice Presidents, 1 for the Americas, 1 for West Africa. Umar is here. The new RVP of the Americas is Bruno Lemelin, who is a former GM at Essakane. He's taking a well earned week with his sons in a fishing boat in Quebec today. So I wish him all the best. The operations, individual operations sit underneath the RVPs. And out of our Montreal office in Langue on South Shore, we run our project development team with Phil Gauthier and our technical services team with Dan Valliere, who's not here, as well as our supply chain team. And we're just in the process of putting a new leader on that team. The major projects report through Phil, with the RVPs being the client of those projects, depending on obviously which region the project is in. Saramacca is being managed as a local project under the umbrella of the Roosevelt organization, given the nature of the project and the size of the project. That's typically how we organize ourselves. We spend a lot of time in cross communications. We much prefer to break down walls between different parts of the organization than build them up. We had a great session last week. I was just talking to Phil about it this morning, where we had a number of operating maintenance and technical staff in from our operations to review peer review the Cote gold project and the Boto gold project. So really understanding what we do at the sites and how that information and knowledge can be brought to bear for these projects as they go towards development. I kind of like to spin this chart upside down. I look at myself as in support of the operations, not them depending to me, but me in support of them. Just revisit our production and cost guidance. So we're looking to produce 850,000 to 900,000 ounces this year. We had a great Q1, but we are maintaining our guidance. On the all in sustaining cost side, we're looking to come in between $9.90 $10.70 And again, despite a wonderful Q1, we do know that we had some challenges set out for us in Q2. We're working through those. We're on plan to achieve what we said we're going to achieve. Total cash costs in the $7.50 to $800 rank. On the capital side, we're looking to spend about $365,000,000 in total this year, dollars 140,000,000 of that being sustaining capital. And sustaining capital for us, the big ticket items are capital spare parts as part of the maintenance programs, capitalized stripping at the open pit operations and capitalized development, I. E, in the operating areas in and around in the producing blocks in our underground mine. Non sustaining for this year is a bit of a pickup from what it was last year. We're talking $225,000,000 And the real main drivers for that at Essakane is the startup. The first expenditures on the heap leach operation, as well as an expansion of the tailings dam at Essakane. At Rosebel, the big ticket item there is Saramacca, Saramacca being a more advanced project than anything else right now and driving towards production in the second half of next year. And at Westwood, it's development in blocks that are not yet in production, so our deeper blocks. And you'll understand that a little better after Marcel goes through his presentation. Steve spoke to our reserve picture. So at year end, 14,500,000 ounces in reserves, proven and probable reserves, which was a very significant pickup from the prior year end of year numbers. M and I resources inclusive of reserves stand at 24,700,000 ounces and our inferred resources stand at 8,800,000 ounces, both of those seeing increases from the prior year. I'd also point out that these numbers are for year end 2017 don't include So we'll talk about those numbers a little bit later. So we'll talk about those numbers a little bit later. Just speaking strategically, before we get down into the operations, it's always fun and usually a bit busy out doing marketing. Our organization has got a lot of stuff going on, a lot of important strategic work going on at each of the operations in the projects. And from a strategic level, just like to point out for you where we sit. So at Rosebel, we continue to drive towards reduced costs. And that was part of the key elements that delivered a huge reserve expansion, resource expansion to us last year. We continue to drive those costs down. In parallel, we're working on exploiting the Saramacca deposit. Suresh will talk to it a little bit later and expanding around Saramacca, excuse me, on the Saramacca trend and looking at additional projects we can bring into the fold and Craig will speak to that later. By 2019, as I said, second half, we expect Ceramacca to be in production 2020 to 2028. And I say 2028 was the end of life of mine when we announced this reserve expansion. It does not include anything yet from Saramacca and ongoing reserve and resource expansion work at Rosebel. So stay tuned that we continue to be able to drive that number outwards. At Essakane, for this year, still to come is the Gossey resource estimate. As I said 3 weeks ago, we came out with a reserve and resource update on the back of the Essakane pre feasibility the heap leach pre feasibility study. That in itself delivered a 39% reserve increase, so 1,300,000 ounces. Considering our company wide depletion this year is in the order of 1,000,000 ounces. We've already outpaced our depletion for this year just with the Essakane announcement. Gossi on the way, solar plant commission, we are talking to the solar plant suppliers about a Phase 2 and those talks are really interesting for us. And production this year commenced at the satellite deposit we call Falagunto East, about 9 kilometers to the east of the Essakane plant. Next year, we'll look to complete the heap leach feasibility study and move into construction with the heap leach production start in 2020. Obviously, we'll continue to look at the satellite resources and what those can deliver. And currently, mine life per the announcement is out to 2026. We see line of sight to getting it to 2,030 and beyond with satellite resources and we're looking very aggressively to find a way to do that. At Westwood, we continue to ramp up production. It's been it's a long ramp up. It's a high grade, narrow vein underground mine, fairly deep. So it requires a significant ramp up time. What we love about this asset is the life that comes with it, the long term stability and the attractive all in sustaining costs it will deliver. Currently looking at 2,030 3, 2,035 with our existing resources, but a lot of upside and you'll see a slide later speaking to what the longer term benefits that we or the longer term opportunities we see at Westwood, full production towards the end of 2020 and moving out from there for several years. Cote, obviously our most advanced greenfield project. We announced the pre feasibility at the start of last year. And at midyear, we announced the pre feasibility study, slight improvement over the numbers that came out from the PEA earlier in the year. We also obviously announced the JV agreement with Sumitomo Metal Mining in June of last year. That project continues to go well. Towards the end of last year, we moved into full feasibility study that's ongoing now. We're working through that. It's progressing very well. And moving towards the end of this year, we'll look to wrap that up and some associated decisions that have to be made around permitting and power agreements and things of that nature. Very early in the New Year, we expect to be making an investment decision and starting construction at Cote with a 2 plus year construction period targeting production in sometime hopefully in the first half of 2021 or towards the middle of 2021. And with the exploration work that we carried out as part of the feasibility study, we're already anticipating that we should see some extensions to the LOM as we've laid it out. And we're sitting on a very nice regional package, which I think Craig will talk about a little bit later. Do you have any slides on that? I don't think you do. It sits on 540 square kilometers of exploration on the main Swayze break there. So very quickly touch what's covered by the Americas. So obviously our Westwood Mine and the Cote Advanced Project. We have the Monster Lake and Nelligan exploration assets in Eastern Quebec near Chibougamau. Moving down, we have exploration assets in Nicaragua, in Ecuador through our partnership of INV Metals, in Brazil and in Suriname where we do active exploration, and obviously the Rosebel mine. As I said, Bruno Lemelin, he's just currently taking on the role of RVP Americas and very much eagerly looking forward to that work. And earlier this year, we named Marcel Tremblay as General Manager at Westwood effective January 1, 2018. Marcel spent several years working for us at the Essakane operation. He had left us and was acting as it was the GM at another underground operation in Quebec for a couple of years and agreed to come back to the fold. So with that, I'm going to sort of pass it on to Marcel and let him give you a little bit of a story around what things looked like at Westwood. You want that? Do you want to use that one or you want to use this one? Okay. Is it working? Okay. So as you can see yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes. Old guy. So Westwood is located 40 kilometer from Buenorada. We've got almost 2,000 hectare property, consisted of 120 title. Westwood is one of the major employer near Roanoranda. We max we are around 1,000 of employee, employee of IAMGOLD and contractor. Our geology is very complex, sorry, but with high potential of increasing our resources. And you will see in the slide that I will present, that's one of the things that you need to recall because it's for I think for Iango, Westwood is an item gem for the future. So what you will see is our Q1 results. In term of I could say it's it was good result. Don't look at the real number and safety, I will talk a little bit later. But what you'll see in term of production, in term of lateral development, in term of throughput, grade, gold production, cash costs, it's what we our intent is to produce month by month, year by year for the rest of the LOM. Sure, we got a lot of work to do with our cost structure, a lot of work to do with our productivity. But all those things with the people who is working with me at Westwood, it will be fun to do. In term of health and safety, as you could see on the slide before, the number were red. We were over our target mostly. And when you're looking at when you're looking at the tendency since 2016, seems that we are beginning having problem. But in reality, what we are seeing in 2018, it's some the result of the youngest of our workforce. You know that 42% of our workforce have 35 years and less? So in 2017, when we had to close a lot of the adding, we lost a lot of older miner. So our workforce is younger. They are talented, but need to be trained and continue and will be and we will put a lot of work and effort to train them to work safely. So it's a bad tendency. But with the team, with the people, we are in a process to change the culture, the health and safety culture at Westwood. So our priority for this year, we got 4 silo, we have labor, sustainability, resources, operation. Like I said a bit earlier, we need to change our health and safety culture. Our young people need to understand that they will do a lot of money by working safe and not and by if they don't work safe, they will be hurt and they will affected themselves and their families. So we need to change. Our plan is to in 3 years to change the culture that the job or each people will be able, who will understand that safety will be first and the money will come after and the money will come more and more after. The other part of our label strategy is our acquisition and retention plans. In ABTB now, there's a lot of competition between all the mines to still worker on all level from a mine to another one. So we need to build a plan that will give opportunity to the people that we'll hire to stay and develop and be developed in our mine. Also, sorry. Also, we got in Q3, Q4, we are trying to complete our bargaining negotiation with our union. Sustainability, the complex Duayon Westwood is big. You saw the surface. So we have need to build a strategic plan to close the Ouyon pit. We got the technical validation, reclamation concept that we're working with the university. A lot of search group are working with us to help us to put the right technique to reclaim our operation. We are working on engineering plan for the restoration of the TSF-one. Resource, we still have a lot of work and we are very progressive in our resource condition. We are around 1 We had very talented people who's working in geology and the result is very interesting. We need to work on updating some block of mining. And also with time, our knowledge of our geology have been evolved, and we are now working to update our geologic block model. That will help us to improve our design, improve our recovery of our resource reserve and then be a bit more profitable. In terms of operation, safety will always be the first thing that we'll do at Westwood. We won't produce with arming people. So we have buy BOTEC. BOTEC it's equipment that you do your ground support with it. And the people the operator is in a cage well protected, you could have some projection and the rough projection won't hurt in. We're working also same thing for the jumbo. We had I purchased jumbo cans. It's like a window with like bulletproof. So if they're projection, because we are in a seismic area, they will be protected. And part of our improvement to bring on a profitable steady pace Westwood will be based on a continuous improvement. At Westwood, we have a lot of we have a notion of opportunity to improve. We'll work on the productivity, we're going to improve the recovery, we'll work on our cost structure. But in no time, we'll say it again. We'll do that against the people, bring pulling people in a situation that they could hurt themselves. Rapidly, Okay, I'm sure okay. That's our production plan for 2018. As you can see, Block 1, Block 2 is where we'll produce mostly all of our ore. Our OpEx and CapEx development will be in this area. Our expansion development will be in that area, mostly preparing part of this and part of that production for next year. We are working on the ramp down on the 80 level. And on 133, we are adjusting a drift to do some exploration. Okay. Development priority for the rest of Q2, provide the ramp the connection between the ramp on the 60 level and 84 level. That will help us to improve our flexibility and also we'll be able to reactivate that area. As you should know, Block 1 is one of the area in Westwood where we got a lot of possibility of finding higher grade zone. So very interesting to do a mix. The other thing here, we're developing preparing that area for next year 2019. And also here, we are preparing the ramp. It's a critical that part is critical for next year. But up to date, we are doing well. Okay. So that's a very interesting slide. That's why I was telling Westwood is a hidden gem of IAM Global. You got Uyong that mine for more than 20 years. If you're looking at that direction over there, you got the complex of La Ronde, the Bousquet, everything. So what you see, it's what are the potential of increasing our resources. And there's a lot. The ore body of Doyon didn't stop there. The information that we have doesn't stop there. The geology, like I said, is very complex. But almost we got a lot of field to improve our resources and then convert them to reserve. So our success of this year, like I said, we are ahead in our production. We are on track on our development, long term and short term. We achieved our cost target, although that we know that we have a lot of work to do to improve it and control it and reduce it. Success in resource conversion, we have improved our geomechanic. We have a geotechnical risk management plan that help us to be proactive and not be reactive from an event. Actually, we're understanding a little bit more our seismicity. And a lot of area, we know a bit more the potential of seismic activity or not. So we are making better planning, better design with our knowledge that we have increased since the start up of Westwood. All work, all adding that were stopped last year, September last year, that have been stopped have been restarted. Continuous improvement will be a must to develop. Actually, we had give 2, 3 sessions. We have something like 16 green bell. We got 3, 4 black bell on-site. So the whole thinking is to look at our mind and improve what are the everything. Like I said, it's an ocean of opportunity. New management. Since the beginning of the year, a lot of people left a lot of managers left. We are proceeding to replace them. The new team will be as experienced that the old team. We got very bright people are working with us, very intelligent, very energetic people. And that group of leader will lead Westwood to the best that we could do. So last one, that's our strategic horizon. As you could see, by 2020, we'll be we'll have completed our full ramp up and also we'll produce for the rest of the reserve that we'll have around 175 1,000 tonnes per year at the best cost with no accident. But as you could see, the slide with the blue sky, we got a lot of potential of extension the life of Westwood. Now Suresh, your turn. Good afternoon. Yes, good afternoon. Let me take you through the operations and performance update of Rosebel. I'm really excited because in 2015, this was a mine which was supposed to be closed in 2018. And now we are speaking of a mine life of 2028, excluding Saramacca. I have been through this entire transition process. I've been through the entire transformation process. I can visualize the change. I can see the energy, I can see the activity, and I can see the will or the effort of the people in making it happen. Fundamentally, Rosebel is built on 5 fundamental pillars of performance. 1 is 0 harm, productivity, cost, life of mine and cash flow. These are the fundamental business drivers. And if you see, Rosebel, it's built on principally these drivers. It is very well structured. It's very well designed. And if you see the presentations now on, you can relate that to the 5 fundamental pillars of performance and how it has transitioned Roosevelt to the way it is now. The mine is located around 100 kilometers from the capital city of Paramaribo. We've got an exploitation concession of 17,000 hectares with 74,000 hectares of exploration. We've got a hydroelectric dam, which is on 18 kilometers from the site. Rosebel is one of the largest foreign investments in Suriname, and we are the 1st commercial gold mine in Suriname. And next year, we are going to have the 15 years of Rosebel operations. So basically a mine which started with 8 years, going up to 15 years and going up to 2028. So that perfectly fixed both your short term objectives plus your long term vision. This was exactly the mine at some point told, come on, this is it. The vision is to be the lowest cost and best in class gold producing mine in the world, basically to achieve short term plan and long term vision by continuously identifying short and long term opportunities. It's not only identifying those opportunities, but after identifying those opportunities, you have to sustain those opportunities. And if you see in the presentation, I have taken a period between 2015 2017 on a longer term basis to show how consistently Rosebel has performed. It's again a very disciplined approach, focus on economic returns. Return on investment is the principal driver in making any investment decisions. Cost containment. When I talk of cost containment, it's more cost optimization. You spend where you need to spend and you don't spend where you don't need to spend. It's being a very rational in your spend. Innovation. Technology and innovation plays a very important role in decision making. Because every day, every decision you make is worth sometimes 1,000,000 of dollars. So it's important to be very innovative, keep ahead of time and again, positioning for the future by developing a pipeline of exploration and development projects. Again, in low gold price environment, a business has to be resilient enough to take shortloads of price, and that's exactly what drives Rosebel. Key value drivers. Again, if you have to optimize your cost, you have to understand what are the key value drivers of those cost process. Your spend, your operation cost and your sustaining CapEx your expansion and your sustaining capital, those are expenses. And you have to have projects which really focuses in delivering that value. So you've got a list of things like mill operations, drilling and blasting, load and haul, parts, supply chain, CapEx, dilution, these are fundamental drivers. And your operation should be able to have projects which works on these drivers so that you reduce your unit cost of operation. If you control your unit cost, the volumes will get controlled by itself. So you have to work at the bottom line. For those this is a location map of Rosebel. We operate on 5 to 6 pits at any point of time. You've got the mill here. And Rosebel pit is we actually build from good to great and year of capacity building. So every year, every budget, we had different themes. Like starting off with 2014, it was mostly a year of capacity building, it's to build capacities in the system. Accomplishments 2013, 2017. In 2014, we were around $1500 an ounce. We are now less than $950 dollars Create a foundation for long term success. So that's exactly what's happening. These are some of the areas we have worked on: productivity improvements, capital management. We increased reserves by 80% and extended loan by 20 until 2028, and Saramacca is going to be one of the principal drivers. 2017 highlights. We had the lowest dollar per tonne mined in 5 years, lowest G and A in the last 5 years, lowest sustaining capital in 2010. So basically, if you see this, we produced 20% more production with 20% less work force. And that's a driver which we will continue in for this year. This is a good slide where it tells in 2013, when we made the budget, in 2017, we were to make only 8,000,000 tonnes without all the optimizations which we have done. Now if you see in 2017, actually, we treated 12,800,000 tonnes. So that's basically a lot of work has gone on the FlexDrive, SAG mill, secondary crusher. We had liner changes, redesigning the liners. You can see on the unit cost, dollar per tonne mined. You can see a continuous decrease and the same thing with dollar per tonne milled. So basically, is it due to good fortune? Or is it due to real productivity gains? I'll show that in the next slide. If you see here, your red line shows your percentage hard rock. And if you if that optimizations which we have done wasn't done, our costs would have gone up from $2.2 in 2017 axles to 0.31 more, dollars 0.31 more to around $2.33 And $0.35 of that has come only by productivity increases. This is the manpower productivity. You can see an increasing trend starting 2015, 2016, 2017. The same is the case with milling costs. Again, you can see those productivity gains. If not for despite having higher hard rock, we were able to reduce almost by only productivity improvements and throughput. Again, on mill, you can see an increase in labor productivity because labor productivity plays a very important role in the performance. Key initiatives for 2018, we did supply chain contract negotiations. We are doing something on behavior based safety and strategic workforce planning. This has to do with Steve was honored the grand order of the yellow star by the President of Suriname for the great work, which she have done in Rosebelle and for IAMGOLD. And this is the first time a foreign national was presented or awarded that. So great work. We had a Surinamese Day in Suriname. So basically, we had the entire Suriname team here and some of the ministers. So it's basically to do with how do we engage with people, how do we engage and that connection exactly like what Ben told is to give that local content. This is the economic value for Suriname. We have contributed almost $3,300,000,000 dollars 2,300,000,000 comes from Suriname suppliers, labor cost and CSR and $1,000,000,000 from income tax, royalties and payroll taxes. Cost optimization. Again, like what I was talking when I was talking about the key value drivers, we're almost $0.23 to $23 all in sustaining cost was reduced by contract negotiations. This is for the life of mine and for one off savings of around $26 per ounce. This is an increasing trend. Some of the productivity numbers I've put in starting from January 2015 to March 2018. This again shows that whatever we put in place is sustainable and it's still delivering. Carling unit productivity, you can see an increase. Tire life, we saw compared to 2015, we saw a decrease, but it's coming up in 2018. You can see the numbers going up. Again, to improve productivity, we have started we have put weaver tails and sideboards on trucks. We are improving the tonnages almost by 18% for 777s. That will give us around 4,500,000 tonnes and 16% for 785 that will give around 2,300,000 tonnes. It's again going to the fundamentals of business. How do you improve productivity? So the productivity improvement will not cost you much, but will give you tremendous value. We are planning 67,000,000 tonnes for 2018 without any increase in production cost sorry, without any increase in labor or equipment. Some of the mill initiatives, We've completed the secondary crusher. We almost 100% increased the aggregate plant. The liner design is going on. It's a revision C, which is in place now. And pulverize and leach is another sampling mechanism we have put. And with that, we are able to reduce our per sample cost from $4.5 for fire assay to $1.5 by PAL. So basically, again, innovation again here. Carbon in columns. So this is going to we have to a structural project on this, We're likely to be completed by end of Q4. We will increase by $1,000 sorry, 1,000 ounces a year. De bottlenecking of the carbon handling, it will give us around 4,500 ounces a year. Communition, again, liner design, it's going to give us another 1500 ounces a year. And advanced process control looking at 3,000 ounces a year. So that's on Rosebel. And now I will take you through Saramacca. This is the location map of Saramacca. Saramacca from the Rosebel Mill, Saramacca is around 25 kilometers. There's a mining district coming up here. Craig will talk more about it. So the operating philosophy and the project introduction. Saramica is going to be a brownfield project of Rosebel. So basically, it will be run as a joint operation. And we are looking at around 50,000 ounces a year at between 2,300,000 tonnes an annum. Life of mine going to be around 10 to 12 years. The good thing here is that we are looking at around 4 to 5 years of saprolite feed. And then it goes into transition and hard rock. But with district coming up and Brokalunko coming up, we should have a continued sustained feel of soft rock for quite a long period of time. The operating philosophy is like what I told, we will synergize energies with Rosebel and Saramacca together. We will do a very optimum recruitment, plus we will try to leverage the equipments which we have got in Roosevelt to Saramacca. We'll diligent use of capital. That's going to be one of the critical things. Concept of operation is we will mine in Saramacca, and we will transport the ore through our haul struts to Rosebel Mill. So basically, what we are doing here is we've got a $1,000,000,000 asset in Rosebel. So we will leverage that from Saramacca. So it's going to Saramacca is going to be a satellite pit. Geology, 2017 September Resources, we're looking at 1,000,000 ounces and 14.4 1,000,000 tonnes at 2.2 grams inferred resource of 500,000 ounces around 13,600,000 tonnes at 1.1 gram. So we have completed the infill drilling in January April. The new block model is being has been planned for Q3 2018 and resources update by Q3 2018. The current status, we have actually we are the finishing stage of completion of the ESIA, which will be submitted to the government in July. We have finished the metallurgical test work. The geotech is completed. Detailed site investigations are going on. We have completed our long haul truck selection. So basically, everything which is planned is on time. This is how the Saramacca pit is going to look like. We've got an open pit. We're going to have 2 waste dumps, the infrastructure pad and the runoff mine pad. So basically, if you see on the infrastructure part, a lot is not being planned there because we have got Rosebel on the other side, which can cater a lot on some of the infrastructure needs. This is a cross section of the pit. If you see the ore body, very high grade. It's extending down below, so future potential for underground mining. So that's another area we can really look into. On infrastructure, the production road, field detailed engineering and investigation have been completed. Camp expansion, we should be adding another 140 people, but the camp is going to be based in Roosevelt, again, leveraging the synergies. Santa Monica infrastructure, basic engineering has started construction plan in 2019. And this is a road update. This is the hall road we are looking at. Initially, we thought of running it from here to here, but that's going to be expensive. So we again optimized, reduced the distances by around 9 kilometers. So because we are using long haul trucks, So this should actually work in our favor, especially in managing capital. And this is a project time line. Q2 2018, we are on time, and the rest of the activities are planned to start mining H2 in 2019. That's it. Thank you. I'll ask Philip to take us through Cote. So I was going to take the word from Steve when he started off, execute. Execute is something IAMGOLD has a lot of reputation on. We started back when right from the construction of Rosebel back in 2002. We've done many executions on it since as well. Essakane, the construction first and second phases. And even IBEK, when we were doing projects there, we also added a lot of value in doing those projects. So we've always been able to execute these projects either ahead of time and below budget, and that's not going to stop with Cote. So this is our next flagship, Cote Gold. For me, this project here is such a you couldn't place an ore body better in the middle of 2 big mining camps. Sorry, oops. There we go. Yes, it's even better when you see it on the screen. So in the middle of 2 great mining camps, Timmins and Sudbury, I mean the labor pool that's in both of those areas are fantastic, and we've seen that time in, time out. We go up there every time, and we see the assets, the people, the energy for Cote Gold is very high. Again, one other element that's really beneficial for Cote Gold going forward is our EA. Our EA has been approved both provincially and federally on a design. There's a small differences to this one here. But again, with the work that we're doing, we're going to get it to improve. This is one of the things that we talk about the accomplishments. There's many accomplishments that we did. The recent pre feasibility study bringing in 5,900,000 ounces into the reserve side. I mean, that's an excellent accomplishment as well as Sumitomo and bringing them on. But as well, something you don't see on that slide is when we did bring in Sanatana, that really changed the land package for us to build a work on Cote to bring it much tighter, bringing the TMF, which you see in yellow, much closer to the infrastructure, making it much more attractive. Bringing in Sumitomo was more than just bringing in the funds that go with it and the 30% venture, but we also have a lot of Sumitomo's expertise and knowledge. One of the things that we were able to benefit quite quickly from Sumitomo is working with a lot of the companies that they've been involved with. We've been able to go to Sierra Gorda. We've been able to go and see Morenci. We've been able to leverage from a lot of their operations and a lot of their know how. So that's gone very well for us. So I won't go through the details of the life of mine for Cote. You have it on the screen. A good long project, 300,000 plus ounces capacity year over year with, again, a low all in sustaining capital cost. And now the feasibility study. That's the right button. That's it. Maybe just before I get into the feasibility study, one thing we do every quarter, and I have to say I have the best ELT because they always come in with a lot of enthusiasm as we review our projects. So every quarter, we have them in and review it, and there's a lot of rigor and a lot of questions and a lot of checking that goes on. And I think that's one of the things that added a lot of value to this project and a lot of the projects that we do at IAMGOLD. So one of the things that's changed from the prefeasibility study is the 10% increase in throughput. So we're up to 36,000 tonnes per day. That's about 13,200,000 tonnes per year. So we spent a lot of time making sure that we're trying to add the most value, and our hurdle rates are fairly high to make sure that we brought that. So that 36,000 tonnes per day wasn't just another thought. It was made to improve the value. The other element that we did in terms of making Cote Gold add a lot of value or increases NPV is bringing an automation. And it's really the right time and the right time to do this. One of the things that we've done is we have benchmarked with a lot of companies using automation. We've seen Fortescue in Australia. We've seen Gavi Mines down in Chile. Again, we're going to see Fort McMurray. We've done a lot of benchmarking on Cote Gold to make sure that the technologies we're putting in are going to work and that they're going to unlock the value that we're looking for. We also did a lot of small modifications related to the infrastructure. 0 based analysis with wood. And this zero based analysis is really looking at what is elements that meet the norms, best practice and then what we call gold plated. So we try to stay away from the gold plated side. And what we were able to do with this 0 basis on, we were able to reduce the footprint of the PFS by about 24 percent. So it's a significant impact on the project from a capital point of view and also from an execution. There's also a lot of other various savings that we're looking at for Cote Gold, which is introducing LNG, again, the automation in this case and using technologies that are available for us to improve on that side. We've also done a lot of more metallurgical work to help improve the project. So the study engineer is the same. It's wood. It's a continuation from the last study. And again, most of the key members are still in play. So you can see on this, so a lot of green dots and a lot of red, and I guess that would be magenta. I'm not the best with colors, but these are the holes that we've added since this last campaign. So what was the objectives of what we're trying to do? We're trying to make sure that we can ensure great continuity. We wanted to make sure that gold was there, which we're saying is going to be there. And that's one of the objectives of that. So about 47 kilometers of drilling was done from late 2017 to earlier this year. Most of the results are all in now, and we have the geological model being produced. Condemnation drilling was completed as well. So good news or bad news, I don't know, but nothing is there that's impeding us to continue with the project. All the infrastructure is in the correct places. Other elements that we wanted to do, again, was the infill drilling. So we actually had some spacings down to 12.5 meters by 12.5 meters on this. So very tight spacings to build to show and ensure ourselves that when we're going to get into the mining side of things that we'll be able to produce what we say we're going to produce. Technology is one of the key elements that we really want to try to unlock in Cote. Again, we want to apply proven technologies. We don't want to be a laboratory or place to learn things. We want to take from what others have done and really and apply it. So we're going to be developing the core competencies around Cote Gol, around this technology. And that includes people, which is probably one of the most important elements, again, in the systems and the processes. And again, we have lots of good processes from our mines, going to be integrating those processes and making sure that they work with the technology. Committed towards autonomous haulage and autonomous drilling. So both of these technologies, as we mentioned, will be key to making sure that we can drive the price down and keeping our cap size to the smallest size we can. And again, our strongest side on this is having the cap with universities and colleges that are available to us, bringing on the labor and the manpower that's going to be required to maintain and operate these technologies. I'll give you a sneak peek of what Cote could look like in the future. So from a plant, again, I talked about the increase in production to 36,000 tonnes per day. So the flow sheet has changed just slightly from the previous pre feasibility study. We've gone with the same flow, but added tertiary grinding into the back, which is some tower mills that help take some load off of the ball mill. So that's the only change that's really gone from that side. The rest of the elements, the crusher, the secondary crushers, the HPGR and the ball mill all remain the same. On the back end, again, very much a similar CIL, CIP structure. And again, that will go well with the past pre feasibility study. With the power side, Hydro 1, again, it's working out very well. We've been engaging them very rigorously to make sure that our T2R line, which is key to getting the power to the site, a total of 72 megawatts has been applied for with IESO. All those studies are progressing well and should be no should not inhibit us to getting the project done. Right now, the latest estimate from Hone should be in July of this year for the project for that capital line to go in place. From the infrastructure side, nothing really outstanding to different, but all the elements are there, garage infrastructure, lube base, explosive facilities. And from a construction side, we've done a lot of effort into making sure our construction execution plan is being tried and tested. We actually involved this for one of the first times on one of our projects, which is early contractor involvements, where we've actually engaged contractors on 3 separate packages, one which is MPEI, mechanical piping electrical instrumentation, and having them right into the estimation process rather than letting engineers estimate, which sometimes we know what the results can come of that. So we're really using contractors to help sharpen our pencils on the price and making sure that the price is right. Same thing with civil, structural and concrete. And finally as well for the power line, the same thing that because we have a power line that's connecting the two lines, the Shining Tree to Cote Gold as well that is an early contractor involvement. One of the things maybe as well we did in this last campaign is we did a lot of geotech work, which really showed us where we could put our infrastructure and we were able to put the plant in the right position to benefit from the contact of the rock. So very little excavation, very little engineering fill what we're trying to do with the plant. So really taking care of the topography that's there and making sure that we use it to our advantage. And that's right now, it's integrated into that plant design. A lot of bright faces from Sudbury area. So this is the Cote team, as you can see. So in front of the EEA side, so again, the EA was awarded the federal decision on April 13, 2016, with 90 conditions that were involved with that. And then later on, the provincial EA was on December 22, 16. So the EA process is, again, well engaged for Cote Gol. We are now going through an EER process, an environmental effects and review process within the provincial system and federal system, and we actually have started the permitting process for Cote Gold. The next slide shows a bit more of the technical side of the project. So again, when we took on Cote Gold, when we bought the project back in 2012, we did 1 and 2 resource updates and then a third in 2015, which is the one that was used to publish sorry, the one that was used to publish was in 2016 for the PEA. And then the last one on Q2 of last year. So we'll have been doing another one in 2019 when the feasibility gets completed. Right now, as you can see to the side, feasibility study has started back in about Q3 of 2017. We spent a lot of time making sure that we understood what was the best configuration for Cote Gold. We want to get it right the first time, so we did a lot of trade offs. We've involved this in the power negotiations and the construction period, as you can see, would be as of Q1 end Q1 2019 into 2021 for the start of production. I guess at this point, I'm not going to be introducing anyone, but I'll be getting you to take a break because you probably need a break at this point. So 10 minutes, I think, right? Is that right? Cozy and cold, put the horse before the car. Yeah. We are on earth together. It's you and I. God has made us fall in love. It's true. I've really found someone like you. That may not be here forever to see me through. You and I. You and I. You and I. You and Excuse me. On the interest of keeping the time line, we'd like to start the next session. If everyone could take their seat, that'd be greatly appreciated. And also just as a reminder, we will be doing a Q and A after each session. So this session will end after Craig discusses the Americas exploration, at which time we'll have a 10 minute Q and A. Thanks very much. Go a little bit over our strategy and what we've accomplished as a general program, and then we'll specifically delve into a few of the projects that we're working on here in the Americas. This is not intended to be exhaustive. It's kind of some selected highlights. It's always a bad strategy when you're behind time to hand it over to the geologists. So I'm going to try and bring us back a little bit. Okay, I'm going to the middle by command. Exploration strategy, I guess overall in a quick summary, our strategy is working. Steve talked about how when times were tough, we really had to rationalize the program. We took a lot of money out of the spend. When you do something of that kind scale, by definition, you're going to reduce the size of your team. We did take that opportunity to strengthen our management. And we realigned the entire exploration portfolio. And to make it accountable, it's really important not just to spend money and have nothing to show for it. Everybody wants to know, are you finding any ounces? So every program had to be conscious of that. We don't do geology just because we love the science, although some people will. But at the end of the day, this is what people are after. We've had a lot of successes with this exploration program, a number of our own discoveries that are listed there. We've done a lot of maiden resource estimates, if you will. We've added a lot to the resource inventory. And I think one of the things that I really want to point out is that we've really established an organic pipeline of growth projects that we've developed ourselves. So we don't need to go out and buy a bunch of things. We're not in a panic. We have some very great exploration projects that we can move ahead. And that puts us in an enviable position going forward. And I guess in terms of the strategy, what else are we going to do there? My flippant comment on this is we're going to do more of the same. That's what we're delivering. This is just a chart I put together that looks at our resource and reserves over time since 2012. So let's call it post Cote gold, okay, right here when that came in. What we've been able to do, reserves are shown in red, you were seeing some declining reserve balances through the years than the big uptick last year. It's also important to note that over those years, we did change some of the gold price assumptions lower. That does have an impact on what you're going to be reporting. We did a lot of work moving inferred ounces into indicated, having those studies that go around that with Phil and his group to ultimately bring those into the reserve category. So, although we had a big year last year, it's a multiyear effort to get this kind of an outcome, and that's important to know. I've done a little bit of totaling on what has happened over the last 5 years. We've replaced every ounce that we've mined in the last 5 years, okay? So over 5,000,000 ounces of mined ounces have been replaced. We added 9,200,000 ounces in total resources above that. We subsequently sold some of them off to Sumitomo as part of the Cote deal, which was really de risking that project. And if you just do some very rough math, our discovery costs based on our exploration budgets and total ounces found is about $18 an ounce. So I would challenge anybody to do better than that. And our resource replacement ratio, how many ounces have we added relative to what we've mined, we're running just under 300%. So that's a pretty good effort in this day and age when most companies are going the opposite way. Just not to focus on one over the other, I'll now look at this one. Here's our strategy, okay. So we have a corporate strategy on what the exploration program is to deliver. And several years ago, we had set that we wanted to increase our reserves to 14,000,000 ounces, have a minimum 12 year reserve base and have resources at twice that reserve base. As of last and at the time we set that, that looked pretty difficult. As of December of last year, we had achieved that. So it looks like we're there. But the interesting thing about a mining company is that we continue to mine ounces. And when we get to 2022 and we're at a production rate of somewhere around 1,300,000 ounces, we will need to have a reserve base of over of 15,000,000 ounces and we will have mined 5,000,000 of those ounces already out of that number we have right now. So this isn't something that you achieve in 2017 and then park your car. We actually got to keep driving this forward. This is just some information on where the budget is going in 2018. There's always constant tension on how much brownfield, how much near mine, that kind of stuff. This just gives you a little bit of color on how we're divvying it up. About 70% of our budget is going to the mine sites, the ground surrounding the mine sites and our current resource stage projects. And of that, 24% of this budget is currently allocated to Saramacca in the Broklancro trend. So we're taking a big bet this year on that project to move that along and advance the discovery potential of that emerging trend. We're also still putting some money into the early part of this portfolio. And I think that's also a differentiator for us. We've never ever abandoned the pure greenfields. We and some of our recent discovery successes have come because we did commit to that type of work. That can always be difficult to do when times are tough. But anyway, those are the numbers and you guys can digest them and ask questions later as you see fit. Let's talk about a few of the highlights and put a little color around it. So this is Saramacca. These are results that we put out back early in the year. This was the end of our 'twenty seven drilling campaign where we had done another phase of infill drilling. And just some of the takeaways on that, you can read the numbers that are up there. We continued to hit very high grades over wide intersections. There was no bad news in that next phase of drilling. And all of that is being incorporated into the current resource models. And just to put a little color around where were some of those holes, okay? So here's a couple of longitudinal sections. We have a couple of parallel zones at Saramacca. And you can see, we are drilling underneath some of the pit shells and still getting some very nice gold grades, expanding the resources with those existing pit shells. So you're looking at 2 parallel sections here, some very nice intersections that came out of that. We also were targeting some of the hanging wall zones here. If you recall, we had a lot of mineralization in the hanging wall that was kind of short strike length discontinuous. As we infilled the drilling, some of these started to develop. This is one that we call Kolopu. Finally, they gave something a name I can pronounce. It's not always easy down there in Suriname. You can see where the pit was on this. We had some not very impressive hits close to surface. And then as we drilled underneath that pit, we started seeing some very nice grades. So you can see a 31 meter intersection of just under 4 grams below the pit. So that's going to drive that pit down deeper. We have no doubt about that. So it's just an example of some of the results that are being incorporated into the current model. Steve's challenge to me is to find more and increase the grades, and this is the kind of work we hope will do that. Just very quickly on Broklokono, this was kind of the this is the new shiny toy in the store right now. It sits a long strike from Saramacca here. So we've now consolidated a 15 kilometer strike length of the Saramacca trend, if you will. And I just want to show you a little bit about Procolonco from the historic compilation. Here's what it looks like if you go out there. This was mined extensively by small scale miners in the '70s '80s. There's still mining going on there to this day. Initially, coarse nuggets were found in the latter rate. If you scrape back the first couple of feet and went out there with a metal detector, you'd be picking up nuggets. Seemed like a pretty good business for these guys. And then eventually, they broke through the ladder and started mining right into saprolite. And there's some pretty big excavations there. So there is an in situ source of gold on this property, there's no doubt about that. And we're looking forward to getting some drill holes into it. If you compile some of the data, this is soil geochemistry and depogger geochemistry. There's some very large anomalous areas that have been outlined from the historical work. Now we've already been in, we've been mapping on this property, we've done our own sampling to confirm those results, and we're basically duplicating all of those. You can see some of the anomalies are quite large in terms of both their aerial distribution and the kind of grades that we're getting out of it. I will caution, however, that this is a highly disturbed area. So there's going to be some work to do to chase that down to the source of it. But we're pretty excited that there's probably another discovery here to be made. To contrast this with Saramacca, there's only 4 holes on that entire property, okay? So it's very underexplored from the point of view of modern exploration. Let's switch gears. We'll come back up to Canada and I'll talk a little bit about Monster Lake and Nelligan. Monster Lake, we put out a maiden resource earlier this year. It still is small, but very nice grades. Recently, we put out some additional drill results that came out from the drilling we were doing this winter. As you can see, we get some very nice grades over some interesting thicknesses there. This is a nice project for us. But one of the things I think that you're going to see developing is that 15 kilometers to the south, we have another project called Nelligan, where we've made a grassroots discovery. It's a totally different thing. It's a bulk tonnage, low grade deposit, and we've been drilling that through the winter, and we'll be drilling that through the summer as well. And our objective is to bring that to a first resource by year end. Now we're initially targeting somewhere between 1,000,000 to 2,000,000 ounces out of that. I think the potential is much larger, but that's realistically what we can probably get done this year. And I think this is going to be a developing area play for us between the 2 of them. So that's some projects of the future for us. I have a few slides just to put some color. So this is a longitudinal section of Monster Lake that shows the main ore shoot, what we call the Meghan 3 25 zone right here, some very high grade hits in that. But there is, if you look at that, there's a challenge to this. This is a very short strike length but long plunge style of deposit. And it sits within a structure that we can see for over 4 kilometers. So when you're trying to find something only 100 meters long, that's a lot of tight drilling. So that's our challenge. How do we find the next 325 zone along that prospective structure? And on this compilation, you'll see that there are indications of very high grade gold mineralization from some of the previous work. So there's no doubt that the structure is prospective. It's just a question of can we find another lens. And if we're successful with And again, just on Nelligan, this is something that we've drilled out on very wide space drilling somewhere between 150 to 200 meter space holes. It's about 2.5 kilometers long. We've drilled it down to 3 50 meters vertical, getting very wide intersections in the solidified meta sedimentary package. Those are the kind of gold ranges that we're seeing out of it and that's our target. So this is a watch us news at 11, as Steve would say, by year end, we're hoping to have the first resource out on this. So that's an exciting new discovery for us that we'll have it resource status by the end of the year. And just to kind of wrap up with a couple of other projects that are works in progress for us, our Petangui project in Brazil. It's an iron formation hosted deposit in the Iron Quadrangle. Our deposit currently is fairly modest at 820,000 ounces, but these deposits tend to be very large. They go to great depth down plunge. Anglo Gold are mining these things at Cuba. They're very large, and that's why they're compelling targets for us. We have a very large land package associated with that particular project, and we continue to probe at greater depths to see if we can extend the mineralization deeper. We also put out a maiden resource on Eastern Barossi project in Nicaragua this quarter. We're sitting with around 800,000 gold equivalent ounces. It's a gold, silver epithermal vein system. That's our first resource from the work we've done to date. Both of these projects are work in progress. Those are not where we need them to go. We're obviously targeting larger resources than that. And it's just to give you a flavor of some of the projects that we're working on. And as a geologist, I have to show you a little bit of core. This is from the Petangi project showing the sulfide iron formation and a nice intersection there. And you can see when we're into that sulfide iron formation, the grades can be quite handsome in that. So it's a very nice target to be looking for. And when you have sulfides of that kind of extent, it does allow us to apply some direct detection geophysics with these things looking for conductive targets. So that's it for a bit of America's update. I think we're going to have a Q and A session that hopefully somebody else is going to lead. And then we'll get on to the next session. So I'll try and field or redirect questions if you'd like to go and we'll talk on the Americas, please. Yes. Yes, I was just rewording that. Tanya nicely sort of pointed it out to me, and I apologize. As I look through it, the range is probably better described as okay. The question was on one of the pages, the Saramacca Page 63, did you say? It says 50,000 ounces a year from Saramacca. And correctly, that one seems certainly at the very low end of the ranges that I was looking at. We're talking 2000000 to 3000000 ounces a year. If you sort of pick a midpoint there, a diluted grade of 1.4000000 to 1.6000000 something in that nature, you're getting on a 100% basis after recoveries probably around 100,000 ounces a year. And our attributable share of that would be 70,000 ounces, but then we pay only attributable costs on it as well. We're looking it's a strong moving target for us right now because it's in study. And the other challenge with Cermak as we look at it, and you could sort of see it from the long sections that Craig put up, it is much more variable in grade on average than our Rosebel deposits. So we do get into some absolute wonderful grades. So you will see variability on a year by year basis. But I think a better number instead of 50,000 should have been sort of in the 60,000 to 80,000 ounces attributable. So I guess that leads on to the diluted grade component. So indicators 2.2, you're saying with mining dilution that goes down quite a lot? The planning we've done so far is actually a combined grade of indicated and inferred. And we're now 2 models beyond what has been released. So grades have been slowly moving up. I'm giving you a conservative end of the number. I do expect the average grades will be higher than I'm stating right now and certainly the highest grade sections. As I said, when I'm looking at the Saramacca plans right now, I see several years that are very, very spiky. We're trying to manage that. While we're on the subject of Saramacca, could you tell us what the strip ratio is for that deposit? So the strip ratio that we had in the original resource estimate was a little over 7:one. As we're currently digging a little bit deeper now, the strip ratio on the last set of pits I was looking at is sort of 8 or 9:one. For the purposes of the feasibility and the work we're doing right now, we're assuming all open pit mining. However, we in our next stage of analysis starting next year, we do want to look at underground options for the deeper hard rock. With the very solid wide intersections we see of high grade hard rock on those high grade ore chutes, the pit just wants to continue to dig. Every time we add another couple of blocks, it just pushes lower and lower and lower. The profitability of those blocks is high, but obviously, that's driving some pretty high stripping rates. As I said, right now, in order to get the project moving forward and understanding we're going to be mining in this for 12 to 15 years, We want to get the project out the door and understand what it is from a high level. Optimizations are yet to come. And optimizations will be coming not only on mining method, but also on recovery method, on metallurgy. If you looked at the recoveries we put in the resource estimate, they were very conservative. They're much lower than Rosebel for both hard rock and transition. We've continued to do metallurgical tests, as Suresh talked about it earlier. We see those sort of numbers continuing in the later test work similar to what we had early on. However, that's all based right now on assuming we do absolutely nothing to the Rosebel Mill. There are some strong optimization opportunities for transition in hard rock, and we don't see any transition or hard rock till 2024, 2025 in our current mine plans, which gives us a little bit of time to understand what's there and obviously gives us a lot of time for the exploration teams to prove up additional ore. And Gord, just continuing on Saramacca. I asked you why the mine plan changed from 4,000,000 tonnes down to 2 different areas. I thought about what you said. And so we had said we would treat 9,000,000 with about 30% additional from Saramacca, which is about 2.7%. So that still sort of falls into that. And the original test the original mine plans we were running were sort of right in that 2.5%, 2.6% range. And the rail option that's cheaper than the haulage? Yes. As we there's a couple of reasons we swapped on the rail option. As we did our trade off study as part of the scoping work in December, January, the capital number for the rail option continued to creep up on us. The other thing that happened in exactly the same time frame, if you remember, is we announced that we picked up we recognized that we might not have the center of gravity for this remote operation. Do you really want to put a fixed infrastructure high cost item when you might be at the far end of the deposit rather than at the middle of the deposit? As we looked at it, the difference in haulage, we had looked at 125, 150 for rail haulage. Our truck haulage numbers are coming in sort of in the 325 to 350 range on an operating cost, significantly lower capital than the rail option, also a resalable piece of equipment that if at the end of the day, the overall deposit is larger and differential and significantly different in terms of a center of gravity, we could go to the higher capital option at a later date and walk away with a capital plan that was just a little more rational. Thanks, Martin. Gord, Steve Butler, GMP. So on Slide 45, you guys showed the, of course, 12,800,000 tonnes that Suresh presented for 2017 mill throughput. And obviously, the plan goes down, Gord, to about 10,000,000 tonnes a year. Is that That's Roosevelt only. That's Roosevelt only, I get that. But that's because the hard rock component goes Yes. If you look at the full reserve statement we came out with last year for Rosebelle, it's 85% hard rock. So as we head to those numbers, yes, you get down to sort of 8,500,000, 9000000 tonnes a year through the plant. To which you would supplement this, at least initially saprolite 2,500,000 to 3,000,000 tonnes supplemental? Supplemental incremental is how I would describe it. Incremental. Yes. Okay. Then, Philippe, on Slide 75, you talked about the 4 benchmarking visits within successful AHS operations, automated haulage systems. Can you maybe elaborate on your findings there, which mines you visited and what you found in terms of mining costs, automated versus non automated? Thanks. Yes. So the sites that we actually visited were Fortescue down in Australia. So that's in the Pilbara area. Gabi Mine, which is just near Santiago, north, what's the town again? Sierra Gorda, near Centinela. It's all in that same there's big ore bodies in that area, that's for sure. So there's lots of mining in that area. So those are the 2 that we visited. There's as well Redamir Atomic was another one that was automated that we visited. The last one, the 4th one, I don't think we visited yet is Fort McMurray Suncor. That's on our target. On the slide there, it says we visited, but we're it was supposed to be in April. It's actually been postponed until early it should be early July sometime when we're going to be going out. So those are the 4 sites. In terms of costs, I mean, we didn't get much in terms of costs. But in terms of productivities, they saw net increases. I mean, automated trucks don't stop for lunch. They don't have brakes. They don't have and even the refueling time on them are optimized. So what we're seeing from Fortescue is where you have a ratio of about 4.5 operators per truck on a year by year basis. They're at about 1.1 operators per truck automated. So you can do the math pretty quickly. You're saving about 3.4 operators per truck when you're dealing with about 25 trucks just in labor and camp savings, that's a significant that's aside from the productivity side, which they were seeing there was more productivity just from the fact that they're getting more hours. They actually also cut their fleet size because there's more hours of operations, they were able to cut the number of fleet equipment that they're running both at Fortescue and Gabbi Mine. Fortescue is Caterpillar. They were running 793F Series at Gabbi 830E Komatsu. So both companies providing a very similar product and a very robust product as well, Caterpillar and Komatsu. Yes, tire life fuel and maintenance. I mean, there's lots of articles that you'll see from Fortescue, where they see a 25% to 30% savings in terms of costs and that's public literature. All right. Okay. Sorry, Don. Yes, maybe this is between you and Craig, I guess. When you're looking at Monster, now you've got 2 quite different types of deposits. What's this one going to take to be worthy of development? What kind of timeframe might we be looking at? I mean, in my opinion, as I look at the Monster and Elegant pair, you're right, you're talking about very, very different types of deposits. We've run evaluations on Monster as a standalone. Obviously, the size of it, it makes it very hard to build a processing facility. I think you'd need to look at a custom milling facility either locally or given the high grade, perhaps you could haul it down to the Abitibi if you really wanted to do so. It starts to be a little more expensive. Understanding what that looks like and there probably is a standalone mining opportunity for Monster. I doubt at this time it would be something that Iron Gold would be interested in. It would be a smaller thing unless we can build it up or double or triple the size of it. The target we're talking about for Nelligan is something more along the lines of a larger bulk tonnage operation. You sort of saw targets that Craig talked about, and I think he mentioned, we're sort of 1,000,000 to 1.5 gram per tonne, 1,000,000 to 2 1000000 ounces. The 1,000,000 to 2,000,000 ounces is his starter target for this year. We have had significant step outs there and continue to see good results. The ending target would be something significantly larger. I don't want to presume it's really getting ahead of my skis to talk too much about the size of the operation. But if you were to double or a little bit better on that, you could certainly see a line of sight where you might have 2 to 5 years of high grade sweetener coming in from the underground operation 15 kilometers away and really kicking off the 1st couple of years without a lot of work. That chute comes pretty close to surface. You might be able to pick a little bit of it in a pit. But even on an underground operation, it's a fairly tight operation. It's not a lot of development. The widths are actually pretty good. It's just a it's a decline down around it and pick it up. Feeding that into a low grade mill would have a really, really nice sweetening effect. You're talking 15 times the grade. You don't need a lot of 15 times material to really sweeten everything up. Okay. Gord, I think you might and I'm just sensing in the audience on Saramacca and talking to Suresh and you earlier, I think we need to make sure that the analysts are aware that this is a work in progress. Yes. We're going to be releasing a new reserve update in the fall, which I think as Craig indicated looks quite good. And I really think we want to make sure we leave the right impression on Saramacca that we are being very conservative in the initial assessment, but this discovery in future looks quite robust for us. And that's I think I hear a little bit of that. Yes. I mean, the marginal or the incremental economics for Cermak in all the studies we've shown significantly improves the valuation of Rosebel, even at relatively modest tonnage assumptions. Obviously, as we expand the size of the resource, the opportunity changes, gets larger. We are going at it very aggressively. And because it's a work in progress with a very tight timeline, we've chosen not to stop it every 2 months to wrap everything up and bring it to public. I know that may not be completely satisfying to everybody. However, if we're going to meet the deadlines that we've set for ourselves, we need to push it through. We have said in Q3, we'll come out with the feasibility study results and the new resource estimate, reserve estimate. And at that time, we'll be able to much better explain what the combined operation between Rosebel and Saramacca looks like. We can give you ongoing resource estimates, but I think until we characterize it and actually describe what it means to Rosebel, it's of limited value for us to continue to come out with incremental increases to the size of the resource. Okay? All right. I think we're going to move on now to West Africa. And I think Umar is going to talk a little bit about West Africa and then about Essakane. I know some of you guys were at Essakane a couple of weeks ago. So, Umar is going to give you a bit of a flavor for it. If you want more detail, I'd certainly invite you to look at the materials that came out as part of that. And then I'll be back to talk about Saramacca. Hello? Okay. Thank you very much, Gaurav. I'm going to talk about West Africa. As Steve pointed out earlier during the presentation, this is an area that we've been present since early '90s. It's almost 30 years that we have been in that part of the world. It accounts for a large part of our assets today. Why West Africa? As you all know, it's certainly where it's gold. Gold has been known there for centuries, and we have been among the few companies that restarted the modern gold drive in West Africa with the discovery of Sadiola. Sadiola has been a world class deposit with millions and millions of ounces that we mine, and we still have quite a bit of ounces on the ground. It is an area still underdeveloped. And as you follow-up more regularly some discoveries in most of these countries, it has its own challenges, political security. But if you know how to operate in this part of the world, or in many others, You can make a lot of profit, you can operate very well. Ben mentioned how we mitigate political risk. This is starting from the beginning. And we have proven for the years that we understand we know how to operate in West Africa. That is how we manage today to have a world class operation with EsaCann. Some of you guys were there a couple of weeks ago, you have seen how Esa Khan is. Due to full operation, well run, we have a work we managed to attract a world class team to operate that mine. We also have borrowed gold that is progressing well and feasibility stage. Hopefully, we'll have some news later this year. Siribaya advanced project that also Craig is going to mention to talk about Siribaya down the road. And Sadiola, Sadiola's team mentioned where we are and still hope to get some agreement with the government in order to progress this operation. So pretty solid in West Africa. And more recently, we with the move of Bruno to North America as RVP for the Americas, We welcome Mark Hayward, who is an experienced mining operation guide of over 30 years. He has operated previously in West Africa and Ghana, Guinea, has experience in all parts of the world, and has joined the team. And he's now the GM of EsaKen starting June 1. Move to Esa Can operation. This is a beautiful picture of a pit that you have seen last week eventually if you were there. It is located in the Sayre region about 3.30 kilometers from the capital city of Burkina Faso. Mining permit about 100 kilometers square kilometers, But we have an extensive exploration number of exploration concession that give us really a high potential. We have the permit is valid until 2028, and we can renew perpetually in 5 years terms. I'll show you a picture of a mill of a hydrothermal plant, 57 megawatts thermal and 15 solar. And today, we are the largest private employer in Burkina Faso. Talking about world class operation, if you can see our health and safety stats, how we progressed from 2012 to where we are today in 2018 and we're trending 2019, very consistent and decrease on different rates, the DAF and Tier 3. And you see today where we stand, this is world class. We compare ourselves to peers. We're doing well. We're proud of what we are doing. And we're continuously looking to improve our health and safety through our people. Employees are first resource. What we want to be, we want to be a product of choice. And that we're doing that successfully, not only in Burkina, but we're also attracting the best among the best among even the expert to come to Burkina Faso to work for us at EsaCal. We have about 2,200 employees, 96% nationals that we have been developing progressively, and we're reducing the rate of the number of expats. We have about 100 expats. Over the years, we're managing to reduce the numbers. And that is sustained by the very strong training program, training, technical training, but also leadership. We're developing our people, our nationals, to raise to a type of standard, type of expertise we need because Burkina, up to recently, was not a mining jurisdiction. But this is progressing, and we're pretty happy about our people. Solar plant, as I mentioned, beautiful. This is amazing. So those who were on-site, 15 Megawatt solar plant combined with 57, that is reducing green CO2 emission, we're also saving in energy. And that is leveraging us against the increase in oil price. We have a robust lump. The lump to currently up to before we announced the IP issue, we're going to 2024, in the middle of 2024. With our growth project, since Shilebe Iplish, we managed to extend the life of our loan to 2026, 2027. And with extensive properties that we have around concession, we're pretty confident we'll go beyond 2,030. At the certain stage from 20 on board, we'll get almost close to 500,000 ounces per year, total coal production not attributable by total. We owe 90% of that to government and Burkina has 10% coal ownership. How do we do that? The key drivers, we have 6 principal key drivers, operational excellence. That is based on the project that we programmed that we call 400,000 ounces at 850,000 ounces. I have a slide later to show you how it's organized, how it's built. And land management plan. If you want to maintain your social license to operate, you want to strive, you have to have a solid land management plan from exploration stage to closure. That also includes our community outreach. That includes our stakeholder relationship. That allows us today, EsaCann, to be able to operate without any major hiccups. The country went through some political crisis. Esakan were not impacted compared to other companies in country because of what we do. The National Development Plan, that's the National Succession Plan, as I just mentioned. Security, we have a very strong security plan to protect our people and our assets. That's building on our own internal setup and also strong collaboration with the governments in order to protect our assets. Leveraging geological potential, Craig is going to talk more about that. And capture growth opportunities, like Iplich and Falagutu and others. These are key drivers that we're working on, and this is delivering results. Our key focus is to optimize our net asset values. Through regional exploration, the 400,000 ounces at plus $8.50 per ounce on in sustaining costs and the growth initiative, at least few of them were IPRISH, of course the Falagunto East and West that we brought into production. The last one was last year, EsaCann Phase 6 and 7. That's eventually pushed back to a 6 and 7 in-depth to access resources at depth. Esakan North and Staff, I'll show you some pictures. Esakan Deep and eventually underground. We'll see we have seen so far through the drilling for Ips, the potential that is there eventually to go underground. And GOCI, that we'll talk about later this year. With 400,000 ounces at $850 an ounce, this has been a game changer in Essakane culture. It's really culture changing as we start implementing in 2016. It's based on continuous improvement, but training. If you go over virtual circle, the first, it's based on Lean 6 Sigma training. And what we have done so far, we train large number of our people. It's changing the culture inside the operation towards excellence. People are questioning what they do. You can see that. And another, 2 weeks ago, when we were saying goodbye to Bruno during his farewell party. The union leaders in their speech to Bruno, they mentioned this as a game changer for them because it allows them to better understand how they can improve a business. For me, that is striking. That tells me it's working. So we're training people. We train a lot of 34% of our workforce has been trained to date. With governance, we have quarterly steering committee meetings to review how we're doing and to improvement. Project execution, you can see here, we have green belt projects. Black Belt 4, black belt projects have been 1 completed, 1 in progress and 2 in progress to be closed and 2 in progress. We have a number of kaizens delivered by the workers. We celebrate our successes regularly, and then we communicate. And it's going continuously. For me, that is a change in culture. It's bringing excellence, improving, always thinking how we can do better our business. And that goes from top to bottom and bottom to top. The impact is you can see the continuous decrease, the trend in our all in sustaining costs. That's combined with a gold solved, but you can see the trend here. We're going we came from over $1,000 or even higher. We had very high, but today, the trend is going towards $900 This is the impact on what we do. That's part of the program that I just spoke about. And pretty confident in the next few years, you will see a low early sustaining cost. Operational excellence combined with a number of projects that we do to optimize our operation. One of them, oxygen plant. It has the potential it has increased has the potential to increase the recovery by 0.5% and also drop our cyanide consumption. These are the type of projects that we are looking to we're implementing. It should be commissioning this year, later this year. We also have grinding circuit optimization. In order to improve throughput, we have to optimize our grinding circuit. And that has been a lot of work, a lot of work with our people but also with consultants. And today, we have managed to increase by per line the throughput to 6 50 tonnes per hour. As you have seen, you'll see we have increasing hard rock. Esa Kano is not lucky to have a lot of saprolite like other mines. We're a hard rock country. We do have to improve our grinding circuit. This is what we can do. Carbon fine recovery and treatment. Few years ago, we started recovering carbon fine. Mostly in Burkina Faso, most mines today do not recover carbon fine because the law does not or the government does not allow export of carbon fine. But we pulled the carbon fine recovery screens, and we had about 13,000 ounces accumulated on-site. We worked with the government to be able to export some of these in order to build our own carbon processing plant, find incinerator on-site, which is now in operation. So we exported about 12,000 and remaining we're processing. Now what we produce locally, we produce are going to be treated by our incinerator. Another major project that we did was intensive leach reactor. This is also a significant project because it improved the recovery from gravity from 70% to 80% to 97%, 98% total global recovery. That has an impact on the mid recovery by 0.5%, which is significant in our case. It also, in terms of health and safety, very important because it reduces arsenic level in our gold roof and also improve the gold bars that we send it. The mill productivity, I was talking about increase on hard rock. As you can see, from 2014, hard rock has been increasing significant. That also led to as you know, we commissioned the Line B in 2014. And since then, Hardrock increased almost to 90%. But in parallel, through all the improvement we have been doing, the mill availability has increased from 70% to 80% to 93%, and our meal cost has been decreasing. This is linked to all the different initiatives that has been ongoing at the site. I just show you a couple of those, but there are a number of other initiatives that the site team are conducting. Palagunto East and West, located about 11 kilometers east of a mine with about 500,000 ounces, high grade for us, 1.46 grams per tonne compared to 1.1, 1.2 at Esakam. And a lot of saprolite and transition material that help with the throughput at the plant and it has extended our mine life. Project was done in house, delivered on time and on schedule on time and under budget. And we work a lot with the local communities in order to do some of the contract work around the pit that also help with our community relationship and also developing expertise in the community at Falagunto. I have a couple of pictures. This is the final pit at Esakan at 1200 dollars per ounce for the reserve. It will give us about 3,900,000, almost 4,000,000 ounces. You see this is currently the main zone but extension towards on both end. And the term of our reserve waterfall, this is where we were at end of 2016. We have 3,300,000 ounces. Beside despite the depletion, we managed to replace what we managed to replace the reserve, and we ended the year in 2017 at 3,400,000 ounces. And with a heap lift in the drilling we have done, you can see we have increased CIL available reserve by almost 600,000 ounces and the remaining with the heap leach. So today, 4 point 3,000,000 ounces, 1,300,000 additional ounces that was added to our reserve. Then I will leave I'll give Asgore to talk about the IPHISH. All right. Keep moving here. As we said a couple of weeks ago, there was a tour at the site. So certainly talk quite a bit about Heath Leach at that point in time. Just to sort of hit the highlights from those presentations. On the back of a very successful infill drilling program, we were able to increase reserves at Essakane by 39 percent to 4,700,000 ounces. That's an increase of 1,300,000 ounces. That is a combination and Umar just showed you on the waterfall a bit of a breakdown there. That 1,300,000 ounces, some of it versus our year end reserve estimate, some of it is attributable directly to CIL. Because of the success we had in the drilling campaign, targeting inferred ounces to convert them to indicated ounces and getting a grade pickup as that was unanticipated, as well as the fact that with all of the improvements, again, that Umar spoke about just a few minutes ago, we've been able to drive the CIL cutoff grade down. For instance, on hard rock a couple or a year ago, we were using 0.62 gram per ton as the cutoff grade for hard rock at EMZ. We're now using 0.56 on the back of the improvements in both throughput and productivity that we've seen. So that cannibalized the material that we had originally modeled as being heap leachore. So you get 5 30 ounce pickup on CIL by itself. When you add the heap leach project, a couple of things happen. 1, you start to create some ounces out of material that was previously categorized as waste within the existing design. But then you also get a synergistic effect that allows you an additional pushback of the whole pit to generate that other 630,000 ounces we described. So the benefit is not you can't quantify the heap leach in isolation. You need to quantify it with respect to the whole operation. So average annual production under that scenario increases by 16%. That's from where we are now. If you look at what the actual increase is in 2 years' time and look at the time period from 2020 to the end of life in 2026, the increase is a little more than that. It extends the mine life versus our prior releases by 3 years to 2026. I talked earlier about 2,030 and that comes from additional resources available to us. Peak production over 500,000 ounces, Umar mentioned that earlier And consolidated conservative ASIC costs going forward of $9.46 an ounce, that's over from today. When you look at from 2020 to 2026, I think the number is around $9.23 something like that. And the again, conservative CapEx booked in at $155,000,000 It says excluding fleet because the fleet numbers are included in the ASIC sustaining cost numbers. Don't want to double count. We are currently moving to a feasibility study, that feasibility study due to be completed in Q1 of 2019. So as we look at the drilling coke campaign, so when we ran last year and into early this year, as I said, we had some pickup in ounces. We had targeted inferred areas within a theoretical pushback that was done during the scoping study work when we were looking at heap leach. We expanded those zones and upgraded those zones. We've continued that program because we do see continuation of ore to depth, resources versus what I just talked about. Resources being M and I at 5,100,000 ounces and 600,000 ounces of inferred. Of that 600,000 ounces of inferred, 350,000 of that sits within the reserve pit. 250,000 additional recoverable ounces between CIL and heap leach is within the existing pit. So obviously, conversion of that material changes the economics on everything I just talked about a few seconds ago quite nicely, changes stripping ratios, changes total life and changes the valuation, most importantly of all. We continue to build on that model and we continue to collect geometallurgical samples, so we truly know what's going on here. Pit optimization, you can see sort of the success of pits and these are the designs that feed into the waterfall chart that Umar showed you a few seconds ago. Gold price at $1200, CIL recovery at $92 on fresh rock, heap leach recovery at 55%. I'll speak to heap leach recovery at 55%. Again, of all of the samples we ran during the scoping and the pre feasibility study, 55 would be at the bottom end of column recovery. As part of the heap leach, we are looking at agglomeration. We had originally not looked at agglomeration because we felt it was going to create a significant increase in operating costs because of the cost of cement to agglomerate. As we've come to the end of the pre feasibility study, we've realized there is in the existing operating cost model, significant amount of lime that is being blended into the heap leach or in order to keep it basic and not go acid. Lime is quite expensive in this part of the world. When we look at the agglomeration, we can substitute cement for lime. So the actual incremental operating costs to go to agglomeration is quite small. The incremental capital cost to go to agglomeration is quite small. Agglomeration is not a complicated procedure. It's a washing machine, if you will. You just run all the ground or the crushed rock through it. And our preliminary tests are showing 10 percent to 15% improvement in recovery so far in the agglomerated test. So as we go to feasibility, that's obviously something we'll be looking very, very hard at. You can see the processing costs, we've less there and mining costs for fresh rock. It's an attractive project and it will get better as we look at feasibility. Project schedule tied to what I just said going into feasibility study now, feasibility ready in the 1st part of next year. Perhaps some early long lead items will be looked at towards the end of this year with completion early in 20 and production from heap leach starting in 2020. We are, as part of the feasibility study, also looking at the CIL circuit itself. We are going to examine an option which would look at just a low capital investment in the CIL circuit with no heap leach to provide us an alternative case with which to judge the overall economics of the project and we'll pick the project that makes the most economic sense for us. Just going to hit the home stretch here and Craig is standing between you and beer. So if you want to encourage him to work fast, go ahead. Okay. It's not just me standing between you and the beer and the wine, Phil's behind me as well. So it's a shared burden. So exploration take 2 will stay in Burkina for a little bit. Here's just a location that obviously showing the Essakane operation, which I'm going to go into a couple of things that we're working on there. But I did want to point out some of our efforts on the early part of the pipeline. So we have a project called Tian, which is off to the southwest. There's not a lot of details on this. What I do want to tell you though is we have 1600 square kilometers of concessions that we've applied for an option. There's artisanal workings on the site. There's gold there. So this is a project of the future. You're not going to hear anything about this for the next couple of years, but this is the kind of thing that we're looking at in the future to build up that pipeline. And this will allow us to lever off our operational teams, our in country expertise, both with our government relations and with our geologic expertise to take what we know at Essakane and apply it down there. We already have teams on the ground there now working. So let's get into Essakane itself. As you know, we have a large land position, 1200 square kilometers around the mine. Our first satellite success was the drill out at Falangunto, which is now in operation, and then more recently, the Falangunto East, which is being prepared for mining right now. But we have a number of other prospects in the land holdings that we are targeting for eventual resources. And this year, we're working on Gossey, which is 14 kilometers to the northwest. You can see just above the Essakane main pit. And we have a number of other ones that we'll be working on. So I'm going to give you just a very brief flavor on what some of these look like. Here's Glassy, the drill out that we've been doing. We've had some successive drill campaigns the last couple of years, tightening up the drilling from 50x50s. By the end of this year, we'll be at 50x25, and that will support the formal resource estimate that we're doing there. Our geological target, there it is, that's what we're hoping to see, somewhere between 400,000 to 600,000 ounces between 0.8 to 1 gram. One of the interesting things we're seeing at Gossi is a deeper than expected oxide profile, deeper than what we've seen at Essakane itself. So that might be a nice benefit for us, obviously, if we can confirm a good thickness of oxide. And this is just a schematic kind of showing one of our early inventory models, if you will, with the drilling that we've done since. And I know this isn't a great slide, but what you'll see is that we did hit some nice grades in areas that the blocks were interpolating at lower grades. So obviously, we're hoping that as we progress with this, that we're going to get nice confirmation of better grades. And you can also see the depth. This isn't a particularly great section for that. This line marks the depth of saprolite and then the depth to transition. So there is some pretty good softer rock, if you will. And I all the millers that we have in the company are always crying for softer rock. I don't know what it is. So we just try and get that for them. So let's move on to another prospect we call Tin Teradat. This is located 20 kilometers to the north northwest again of Essakane main zone. It's a new prospect. There's a lot of artisanal workings shown on this map outlined in red. These are areas of disturbance where the locals are mining. And it's basically another anticlinal hinge, if you will, very similar structural position to Essakane. So that's what we like about it. And in the hinge area, right in the nose, we're getting some gold mineralization over good thicknesses. So it's a very early prospect at this point in time. But given the structural characteristics we're seeing, the potential could be quite large for us. This is another one of our prospects that we're working. It's very close to Essakane. We've done some phases of drilling here. And what we're seeing is a possible target of exploration is somewhere between 150,000 to 200,000 ounces above a gram. It does have a reasonable oxide profile with it as well. And once we're done with glossy, this would be something that we'd be looking to bring on. So I guess the message we're trying to impart here is that we do have a number of satellite prospects that we will be moving through with our exploration, bringing them the formal resources and trying to get them into the mine plan. And if we can emulate the success we had at Falun Guntu, where we started with 200,000 kind of loose inventory ounces and built it up to 1,000,000 by the time we were done with resources. Those are some strong successes for Essakane. So on top of all the good work that they're doing with heap leach and looking at their final pushbacks on the pits, this is the other stuff that will come in behind that. One slide on Boto, because I know Phil is going to update you on Boto coming up. And there is a typo, yes, there's not 2 Boto West, one of those should say Boto East, yes, that's the actual Boto project. But what I want to talk about here is that as we're advancing the feasibility study at Bodo, we've also been out consolidating our land position. So very much like what we've done at Saramacca, we've now picked up some adjacent concessions. We control just under 800 square kilometers of concessions in the area. And the one I would point to would be this one in yellow, what we call the Delfin Block. There's some early stage drilling that's gone on there with a prospect that's only 10 kilometers from our main deposit at Malacunde with some very nice grades, high grade gold in quartz, formerly in vein systems that have only been tested down around 50 meters depth. So we're already working on this and hope to be drilling that by before the end of the year as a first pass. And it's quite a large land position. So it's just to show you the strategic thinking we're putting in around Bodo as we bring that through to a viable project to make sure we consolidate all the regional prospects that could also impact that project. Dayakah Surabaya, this is a project that's virtually an extension of Bodo. It's 10 kilometers to the south. It has an inconvenient truth that it's in another country, unfortunately. So the geology, we have a good handle on, but we didn't make the borders. I just want to point out what we've been doing here. Back in 2014, we or 2015, we announced a maiden resource on a new discovery called Diakka. The original resource pit at that time had a little over 800 and 60,000 ounces in it, a pretty good grade, 1.8 grams. Since that time, we've consolidated the land position there and done some step out drilling, and we've now doubled the footprint with the drilling. And this is just a schematic kind of showing we've drilled off to the north and we've drilled to the south. We continue to hit mineralization. Earlier this year, we put out some of the numbers, and I have another slide coming that will show that. And we're we will be updating this resource as part of our year end resource work. And again, target potential is to bring this main prospect somewhere between 1,000,000 to 2,000,000 ounces at similar grade. So that's what we're targeting. The potential for that, we feel, is pretty strong given the step out drilling we've done. And this is a rather busy map. I apologize for it. When geologists put together maps, this is what you get. But just a few things I want to point out. We were trying to target some high grade structures within the original resource pit, and I've circled some of the results there, and we were able to duplicate those and follow those structures. So you're seeing some wide intervals of plus 5 grams in the pit, which is going to help boost the grade. And you're also seeing some of the drilling that we've done along straight to the north, okay, that's the north arrow, some very nice intersections either wide. I think this one says 50 meters at 2 grams. We had another one we released that was 18 meters at just under 8. All of that is new material that will be coming into the resource pit. And as well, we've extended mineralization some 400 meters to the south. So this will be brought into a resource by the end of the year. That's what we're targeting. So we're completing a 50 by 50 meter drill out on those areas. And just finally to leave you with just part of our strategy, I did indicate that we are putting part of our exploration budget and have always done so into our greenfields project. And this is just a current pipeline. So you've heard a lot about these projects up here. These are all the ones with the resources, all the ones that are subject of current studies that we're advancing through to our next development opportunities. But we're also focused on the lower part, and we've done a lot of work to rebuild the lower part of this pipeline so we have projects of the future. So a lot of these names aren't going to be something you're going to be hearing about in the next couple of quarters. Well, maybe Brokalonco, you will. But they are our long lead projects that we will be working on to advance them up to the next opportunities for the company. A little bit of a breakdown on how the budget looks, if you slice and dice the numbers a little bit. I will say that we continue to be underweighted North America. We would like to have more projects in Canada, obviously, but it's a very competitive environment. You're all aware of that. The cost of entry on good quality projects is not cheap. And Canada, quite frankly, is fairly well explored. So finding that opportunity where we think we have a good chance for the next discovery can prove challenging. But that's essentially how the budget is breaking down. And I think with that, I'm going to be calling Philip up to talk about Boto, near and dear to my heart. All right. So Gord uses this as his expression with us, he says some great mines are discovered and some are made. Bodo is a combination of both, but a lot of it is made. We've been working hard on Boto for at least the last 2, 3 years, right from PEA, and we've made it grown every time we've looked at it and touched it. And that's going to continue through the feasibility. So in February of this year, we published the 40three-1 101 on Boto. This was a pre feasibility study, which you all saw. The initial CapEx was $249,000,000 to build it, and the IRR of this project was 13.3 percent rate of return and about $8.29 per ounce all in sustaining capital. Not too long after we published that, we started our feasibility study, and we actually I didn't mention earlier for Cote Gold, but for Bodo, prior to starting the feasibility study, we hired on a strong project manager, Martel Anto, who has lots of mining experience. And each one of our projects, when we bring them to executing it. So this is one of the major advantages of getting these projects lined up in this way. But quickly after we started, we did some quick math, and we were able to demonstrate that we would improve the rate of return of this project should we push it to 2,500,000 tonnes per annum. And that's what we did. And that's the premise of the feasibility going forward. Maybe just also to note, this is just, I think, 7 kilometers south of Fekola. Fekola B2Gold, a very, very impressive ore body. And it's just, as Craig mentioned, north of Dayakka. So again, this is in good mining area. And this is why Bodo has another motivation bringing it to 2.5. You don't want to build the mill too small if there's potential around that area. So the key changes that came from the pre feasibility study to the feasibility study is we talked about the 25% increase in throughput. So that 25% increase in throughput and as Umar and Gord always challenge us, has the same capital cost. So we're driving to get towards that same capital cost that we did in the pre feasibility study. So not just increasing the capacity, but also getting it at that same capital cost. We're not there yet, but we're getting close to that number, and that's the objective. Another thing I'll show you in the next slide is we've optimized our TSF. Our TSF was in 2 paddocks originally. I'll show you in a bit. We've tried to optimize that in this feasibility study to improve it to 1 paddock only. Benchmarking. As you saw in Cote Gold, we like to learn from others before we actually leap. Best way of doing things, learn from others and take what they do best. So we went to school with Mako, Mako which is just next door to us in the Kaduga region. We also went with Taranga and went and looked at the geology and the geotech around that pit because we know that we're going to be in a similar strike as that. So we wanted to learn as much as we could from Fekola and Taranga. So Fekola, Taranga, Mako, those are the principal areas that we went and looked at. So again, a lot of learnings in school. And in fact, the sizing of this plant and the engineering done on this plant is by the same company, Lycopodium. So Lycopodium has both done the engineering on Mako, Fekola and ourselves. So going to school is pretty easy when you're working with the same engineering firm. We did continue the metallurgical testing, and we're pretty encouraged that we're going to do better than what we did in the pre feasibility study as well as many capital savings and deferments that we're looking at. And so this is anything ranging from power plants using a build, own, operate sort of scenario to avoid our capital spend on the project and try to push it into some of the sustaining elements, but again, improving the project in terms of an execution side. And as well, we're going to be incorporating the 2017 drilling, which hadn't been done. And again, this is areas north of Malacundi, Malacundi North, trying to bring this into the project. So one of the major focuses was the inferred amounts. I mean, we saw about 540,000 ounces of inferred material. The idea is to try to transfer that to indicated to bring it into the feasibility study. As you see, most of the same engineering group that we did in the pre feasibility study continued. So LICO, AGP and KP are still working with us on that and moving forward. Just to get a look at the lay of the land on this, on the plant, again, 2,500,000 tonnes per annum is now the design. We also are going to be looking to see how we can optimize that with soft rock. We know that when we bring soft rock in our operations at Rosebel and Essakane, we get a bump up in throughput because it doesn't take much to grind when it's already saprolite. So you do get that saving. We're going to be looking at trying to blend that in and try to improve the production profile. We want to work into the capacity of staging that soft rock, as I mentioned, and integrating the metallurgical test work for the plant on that side. Here, if you see, this is the one pad up now that we're aiming for the TSF, the tailings storage facility, just north of the plant. So again, not having to spend capital later on. If we have the fortune of finding more ore, we still have the northern part that we can use as in the pre feasibility study. So upside capacity can be contained within that same TSF. The plant layout hasn't changed much from the original pre feasibility study. We have optimized certain elements of it to reduce capital and to reduce the footprint. We are presently developing and it's almost complete at this point, a project execution plan, which is using EPCM approach. So that is all being developed at this point, same with logistics plan and contractors in country to do the construction. In terms of time line, we always like to give challenges to where it seemed to make sure that we're pushing projects as fast as we can, giving them a good problem to work with. So the pre feasibility study report was complete and submitted on February of last year. Right now, we're looking at finishing our feasibility for November. November 2 is the application for the exploitation permit, and we should have our EA just prior to that. And with elements of negotiating the exploitation permit, we could be as early as showing this to the Board in March of next year, with a potential earliest start of construction in April of 2019. I guess on that, I'll send it to Steve. Well, thanks, everybody. And a lot of material. And I guess that always the challenge is certainly in the business we're in is everything is a work in progress. And what we're particularly excited about are the catalysts that we have in front of us. And there are many. As you know, we had a very strong first quarter, not only operationally, but we had a lot of critical announcements, everything from the district consolidation that we saw at Saramacca to Falangutu, the solar plant, which I was out there for that Umar talked about. We've also had the tour at Essakane that a number of you attended, thank you very much, and the heap leach. And what we're looking at in the Q3 is some pretty robust news around Saramacca, Sarabaya and Boto. I would also tell you that in terms of sequencing, we're never going to get ourselves in a position where we're diluting our management team or our capabilities. We put Cote first in terms of execution. And I would tell you that that by far is our most important project. It's a large project for us and with Sumitomo, we believe we've got the track record to execute on that and we will make sure that we prioritize it. The good news is we have some great projects also following that, which includes Boto. Saramacca will be, I guess, the test run for us in many respects. It's not a straightforward project, but certainly a much smaller project that's well on its way now. I think people are going to be very pleased with what they see in the fall. We are having another tour in November, I believe, Ken, November 12 of Saramacca. And we'll also have probably a somewhat of an update on our district consolidation. I think at the end of the day, what I'm most excited about is that the company has taken what I would call a unitization approach to the gold mining industry. And what do I mean by that? Well, we have really focused around our current infrastructure and we've done a lot of good work, I believe, not only around our current mines, but around the land packages that surround it. And when I talk about short cycle capacity and optimizing that, I'm not just talking about near mine exploration or brownfield exploration. That obviously is extremely important. But the work that's been done at Roosevelt by Suresh and his team around optimizing the mine, the work that's been done by Bruno at Essakane and Umar around optimizing Essakane, the work that's been done at Westwood by Marciel and his team and the work that will continue at Cote once it's built is absolutely critical. When I was up at Cote and I looked at our update, we were there on Friday Saturday and we were there with the First Nations group and with our Sumitomo partners. One of our directors, Tim Snyder, who ran Phelps Dodge said to me, as we went through our update on the exploration package, we have over 500 square kilometers of land in Cote, and we take a look at some of the drill results that we're seeing and the updates around that package, he said something quite interesting. He said, Steve, what we're finding today is that more and more mines are made versus discovered. And when I look at mines like Rosebel, Essakane, Cote, Westwood, and I take a look at what's being done to optimize the mines around the infrastructure we have, that is what is generating the kind of returns I think this industry needs to be successful. Rosebel is literally a brand new mine. And what's great about it is that the infrastructure on a replacement basis, which would be over $1,000,000,000 has already been paid for. Essakane, identical. And you saw the updates from Craig about what's going on at Essakane with the satellite deposits. At Cote, I am completely convinced based on what we're seeing today that the resource updates at Cote are going to be very robust because surrounding Cote are many small satellite deposits that on their own are not economically feasible, but when you have infrastructure in place and can lever off of that, they become very economically attractive. Westwood, very similar as we extend our reach at Westwood. And you look at a mine life of over 20 years, we're going to add significant value. So the company, when you look at Rosebel, 2019 was kind of the near term death of Rosebel. Now I believe 2,035 when you add Saramacca. When you look at Essakane, which was 2022, now 2028, and I believe with these Gossey and other discoveries post-two thousand and thirty, you would take Westwood and add 20 years, Cote 20 years, Boto, you've got a company that has a very long reserve mine life and a cost structure that is getting into an area that one can call competitive, which is what we weren't 3 to 5 years ago. So lots of great catalysts in front of us, some very challenging execution, which I believe we can handle. And we don't have to do anything in the area of M and A to achieve this. And here's the other thing that is very important. Permitting is not an issue. Our permitting at Rosebel and at Saramacca in that Gold District is at an accelerated pace. Our permitting at Essakane is at an accelerated pace. Our permitting at Cote is well in hand with the environmental permits we have, our First Nations relationship, which is critical. Westwood has already been permitted and moving ahead. Boto, similar. So we're well on our way. I want to thank everybody for coming today. It's very important that we stay current with you. And here's the other thing I would suggest. If you have a question, please call us. Don't write your report and then call us. Please call us and then you can write your reports. Because one of the frustrations that I have is, and I'm pointing back at me here, I'm not criticizing anybody here, is that maybe sometimes our information flow isn't the greatest. If you have a question, I know a number of you do, give us a call. If you don't hear from us quickly, call me directly and I'll fix it. And because it isn't simple, there are a lot of complexities to this. A lot of you have been around a long time, so very respected. But if you do have any questions, please don't hesitate to call us and we'll get the information to you. Are there any questions for me? Yes. Probably it's obvious from all of us, we've watched poor execution in this industry. You have 4 overlapping projects 2019. What do you need to do or do you need to do anything in terms of your management horsepower and your ability to execute and your thoughts on executing 4 projects in a row? Well, and not going to look back in my past and say and sound too much like a braggart, okay? But when I was at Enbridge and projects to me, capital projects are very similar. So I managed a $6,000,000,000 expansion of the Enbridge system, managed a $2,000,000,000 expansion of our Colombian system. And I learned through the school of hard knocks about project management. Certainly had challenges in my years, but learned a lot. Gord, similar. Gord, maybe you should come up here as well, has had some great project experience, Phil Gauthier, who is up here. I've looked at the project structure that we have for our projects, and I would tell you that it's extremely comprehensive and it's led by some of the best people that we have in the industry. And as Phil said, we measure where we are in these projects. At a minimum, every quarter, we have a very thorough review of our projects in Longueuil by the entire team and every quarter by our Board of Directors. We're very cognizant of what missteps mean in the industry. It's unforgiving and rightfully so. So we can't afford to have a misstep. I think you will see it reflected in our conservatism. You saw it a bit with Saramacca. And as we get more information and as we are able to speak more confidently, we will. We don't want to get out in front of our skis. But I have every confidence in the world based on the team that we have in place that we'll be able to meet those objectives. And that's really all I can say. Gord, do you have anything to add? Sure. And you're not asking a question that our own Board isn't asking of us, Don. So we set up the structure in Longuey under Phil as a PMO, project management office. So they take several of the consolidation and integration functions managed within that group. However, each project based on its own complexities is managed. We've got direct control. We've got direct project managers. Right now, as we look at Boto and Cote, most importantly, they're being characterized or they're being set up to be run as an EPCM under control of the project management and ultimately above that a steering committee for each of those. And understanding the size and the greenfield's nature of those two projects, we felt that was appropriate. We will staff as required, and obviously, each of the RVPs is accountable to put together an operating team to take those as they move forward. We showed up some optimistic dates and Phil referred to them for Boto. As we're looking at it, Cote is the 1st project and we will execute that. We'll find the appropriate time to move Boto forward without challenging ourselves too much on the execution side and obviously also looking very strongly at our balance sheet. My partner in crime in the CFO's office wants to make sure that our balance sheet continues to be protected. When I look at both Saramacca and Eskana heap leach, those are somewhat different projects. Saramacca, if you think about it, is much smaller in scope. To us, it's not significantly different than us opening up the Rosebel Pit. Rosebel Pit was opened up 13 kilometers away from the existing operation. There's no additional camp. There's one small outbuilding there. Saramacca is a little bigger than that. It's a little bit of an expansion of the fleet. The road is really the only significant piece of that contract and the road is a pretty discrete contract in and of itself. So it's not going to draw on the corporation very much in order to execute that project. And Essakane, as we're looking at it right now, would be a self build project. It's relatively similar to other projects we've done in the past. The design, if you're And then building heap leach pads, which is a lot and then building heap leach pads, which is a lot like lining the tailings pond, which we have a whole crew out there doing as we speak. So it's we don't want to paint it all with one brush and we do spend a lot of time thinking about execution. And our board keeps questioning us about execution. So we're comfortable and we won't do something if we aren't very comfortable that it can be completed as designed. There was one other question I think I saw or maybe not. No? Okay. Well, there's a bar here. So please, as they say in Texas, fill your boots. And really, really do appreciate the support and the attendance. So please, thank you very much, and we look forward to seeing you at site if you're coming to Rosebel or Saramacca and certainly at Cote coming up. So thank you.

• Slides