IAMGOLD Corp T.IMG

EXCLUSIVE REPORT - IAMGOLD

[Luke555]

 PERTINENT INFORMATION FOR VOTERS AT AGM RE: IAMGOLD

The purpose of this message is three-fold: 1) to inform the shareholders regarding the incompetency, lack of leadership and major short-comings of the current President and CEO.  2) to recommend – new President and CEO and, 3) to ask for your vote to remove the current President and CEO at the AGM.

Background information.
I’m retired and a long-term shareholder. I spent my entire working career in the mining business, working for some of the finest mining executives in the industry. Regrettably, there are some executives that don’t always measure up to expectations and requirements of the position.  
 
MAJOR SHORT-COMINGS - CURRENT PRESIDENT and CEO:

• In my professional opinion, Mr. P. Gordon Stothart continues to play the role of a Banker rather than a President and CEO of gold Mining Company.

• Financial and Operating policies have proven to be a total failure.
• Autocratic style of management is not effective in our business environment.
• Greed and Audacity equals his proposed Compensation Program 2020.
• Making millions on the back of the shareholders, while the long-term shareholders of the company languish in pain!
• Driving force of blatant historic low share price of the company.
• Mining the pockets of the shareholders since 2007.
• Lacks the professional leadership qualities and he’s been unable to comprehend or fulfill the scope, duties and responsibilities of the position.  
• Over the years, his non exemplary behavior has severely damaged the reputation of the company. His decision-making has been incomprehensible.
•  
• CONCLUSION:  At this stage of his career, Mr. Dolittle has been consistent with his self-preservation and indicates no desire or fortitude to act; he’s left with one option, “LEAVE”. It would be a dreadful outcome if the shareholders turned a blind eye at his pathetic performance record and didn’t vote against him.

ADDITIONAL INFORMATION FOR YOUR CONSIDERATION
I find it absolutely scandalous the way they reward themselves with various incentives and massive Share Allotments for poor job performance and showing a total disregard for shareholders. The proposed Compensation Program – 2020 is literally highway robbery.  In my opinion, that is the very worst side of capitalism. Shareholders, when you receive the Management Information Circular in connection with the AMG to be held on May 4th 2021, you better brace yourselves, when you see this sly fellow’s total compensation package for 2020. Don’t be shocked, because I was totally expecting his total remuneration package to far exceed $2M dollars. According to the Summary Compensation Table for 2019, P. Gordon Stothart, President and CEO’s total compensation package was $1,816,460 dollars including his base salary of $500,000?  For 2020, total compensation package $2,737,947 dollars including a base salary of $719,231? That’s abominable! Where on earth does one get a 50.7% increase in his annual remuneration package?  In my opinion, it’s a clear indicator that he’s setting himself up for his long awaited departure.  Incredibly, he’s been on the payroll since 2007, with only his academic skills and experience, smooth dialog and has shown a total lack of concern for the shareholders; it should be obvious to everyone that the current President and CEO does not possess the leadership qualities inherent in a qualified leader that would lead us in a new direction and prosperity.  Costs are totally out of control and there’s no plan to curtail them. In my humble opinion, I’m predicting that the upcoming   First Quarter 2021 Results on May 3^rd will be a rehearsal of the last quarter report with plenty of window dressing to cover their ongoing ineptitudes.  There will be no earth shattering news or significant change in the earnings per share.  The same pattern will repeat itself in the Annual Report. All the financial policies (gimmicks) such as hedging the gold, oil, currencies, 1Bn dollars sitting idle in bank, Westwood Gold Mine – an ongoing dollar disaster… allows them to play with house money.  These financial tactics do not help the shareholders or improve the earning per share (bottom line) in fact, all it does it prolong the inevitable and keeps the boat afloat! Unbelievably, everything he does in plain daylight is to protect his self-serving interests.  The last thing we need are fancy and impressive ANNUAL REPORTS –VERY COSTLY) with tremendous window dressing.

Recommendation – New President and CEO

We may have the ideal candidate Ms. Daniella Dimitrov on the BOD (newly appointed CFO) that can step in and assume the role of the President and CEO. Based on her Bio, Ms. Dimitrov is recognized to be a highly accomplished and respected executive with extensive leadership experience in both capital markets and mining industry. Her experience and qualifications would certainly help the company in dealing with the challenges facing IMG.
CAVEAT:
Key Word, “INDEPENDENCE”.
For her to succeed, as President and CEO, she would need to distance herself and become totally independent from the previous administration. In my professional opinion, I strongly believe and have faith that Ms. Dimitrov would be our best candidate to turn the company around and optimize the vast potential that IMG possesses in its strategic assets.

Asking for your vote to remove the current President and CEO at the AGM.

 Shareholders your vote really counts!  In my opinion, the risks and stakes are incredibly high, and we can ill-afford to stand neutral on letting the President and CEO to continue to serve his self-interest at the expense of the shareholder.
 I think he now realizes that his days are numbered and he’s setting himself up to sail into the sunset at our expense. The proposed Compensation Program 2020 tells the story. The sentiments of the retail investors are running high for a change at the top but we will require additional help from some deep pocket investors to join the movement and vote Mr. Dolittle out at the AGM on May 4^th 2021. I hope I’m not asking for too much, after all it’s your money were talking about!! Whatever you decide, do not sell your shares at these low prices to the Hedge Funds, Bullion Banks and other Shorters. In my opinion, I believe that if we are successful in removing the President and CEO, this could be one of the catalysts that could result in a significant rise in the share price. To reiterate, “Your vote really counts and it could decide the future direction of the company”.