MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT

9. MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT

Mineral
Properties -
Depletable

Mineral
Properties -
Non depletable

Construction in Progress

Property, Plant & Equipment

Total

COST

Balance as at December 31, 2022

866,999

712,269

154,647

704,781

2,438,696

Acquisition of Chesser

58,862

282

59,144

Additions

100,366

39,835

111,690

23,930

275,821

Changes in closure and reclamation provision

9,407

152

9,559

Disposals and write-offs

(142)

(5,883)

(6,872)

(12,897)

Transfers

534,991

(532,127)

(222,119)

219,255

Balance as at December 31, 2023

1,511,621

272,956

44,218

941,528

2,770,323

ACCUMULATED DEPLETION AND IMPAIRMENT

Balance as at December 31, 2022

506,268

364,807

871,075

Disposals and write-offs

(40)

(6,610)

(6,650)

Impairment

60,602

29,964

90,615

Depletion and depreciation

156,425

84,646

241,071

Balance as at December 31, 2023

723,255

472,807

1,196,111

Net Book Value as at December 31, 2023

788,366

272,956

44,169

468,721

1,574,212

Following the first gold pour on May 24, 2023, and the subsequent ramp-up of operations, the Séguéla project was evaluated to determine if it was ready for its intended use. Determining when a mine under construction is substantially complete and ready for its intended use involves significant judgement. Some of the criteria used to make the determination for the Séguéla mine included:

●

Completion of all major capital expenditures to prepare the mine for steady state operations.

●

The mine and plant achieving a predetermined percentage of design capacity.

●

Metallurgical recoveries aligning with expectations.

●

Ability to sustain ongoing metal production.

●

Availability and utilization of key infrastructure aligned with the intended design.

No single factor was more important than any other factor. Management considered these factors collectively and determined that commercial production was achieved, and assets were ready for their intended use on July 1, 2023, for the open pit mine and August 1, 2023, for the processing plant and supporting infrastructure. Upon reaching commercial production, the related assets started depreciating, and the Company stopped capitalizing interest expenses associated with the project on July 1, 2023.

During the year ended December 31, 2023, the Company capitalized $6.5 million of interest related to the construction of the Séguéla mine (year ended December 31, 2022 - $3.3 million).

As at December 31, 2023, non-depletable mineral properties include $88.5 million of exploration and evaluation assets (December 31, 2022 - $26.4 million).

During the year ended December 31, 2023, mining equipment arrived at site and was placed into use at the Séguéla mine as part of a mining services contract. As a result, the Company recognized right-of-use assets with a cost of $35.8 million.

As at December 31, 2023, property, plant and equipment includes right-of-use assets with a net book value of $56.1 million (December 31, 2022 - $21.5 million). Related depletion and depreciation for the year ended December 31, 2023, was $16.2 million (year ended December 31, 2022 - $9.5 million).


		Mineral Properties - Depletable		Mineral Properties - Non depletable		Construction in Progress		Property, Plant & Equipment		Total
COST
Balance as at December 31, 2021	$	758,112	$	719,663	$	57,759	$	675,486	$	2,211,020
Additions		74,301		35,468		117,860		14,255		241,884
Changes in closure and reclamation provision		(10,024)		5,238		-		(235)		(5,021)
Disposals and write-offs		(372)		(5,502)		-		(3,313)		(9,187)
Transfers		44,982		(42,598)		(20,972)		18,588		-
Balance as at December 31, 2022	$	866,999	$	712,269	$	154,647	$	704,781	$	2,438,696
ACCUMULATED DEPLETION AND IMPAIRMENT
Balance as at December 31, 2021	$	275,460	$	-	$	-	$	223,206	$	498,666
Disposals and write-offs		-		-		-		(1,970)		(1,970)
Impairment		117,237		-		-		65,605		182,842
Depletion and depreciation		113,571		-		-		77,966		191,537
Balance as at December 31, 2022	$	506,268	$	-	$	-	$	364,807	$	871,075
Net Book Value as at December 31, 2022	$	360,731	$	712,269	$	154,647	$	339,975	$	1,567,622