IAMGOLD Corp T.IMG

RE:Mgt.

[Luke555]

Unclebobby, FYI I have prepared a brief summary of why I think the share price has dropped down more than 60% in a year. In my opinion, their agenda is primarily aimed at self-preservation – their jobs and vested interest. Their interests are not aligned with the shareholders. Following are some of my thoughts and opinions regarding their poor job performance and slaughter of the share price. Be patient my friend!

LITANY OF POOR POLICIES AND DESICION-MAKING

As a long time shareholder, sometimes I find it difficult to reconcile my positive and optimistic outlook of the company with all the shenanigans going on at Head Office.  In my humble opinion, these executive have implemented policies that are detrimental to the welfare of the company.  Their executive management track record is a dismal failure and aberrations of duties and responsibilities. With their poor decision-making capabilities or lack thereof, these charlatans have inflicted irreparable damage to the reputation of the company. These aging mining executive are at the end of their careers and have made so many costly miscalculations at the expense of the shareholders and regrettably they have been allowed a free pass.
To cite some examples of their short comings:
(Most of the information is derived from 2021 Q2 Report)

• To hedge 25% of the future gold production in a rising gold market.
• To hedge oil prices and currency values in order to mitigate the risk of rising prices and volatility.
• To sell several valuable assets at discount values to increase funds.
• To allow the share price fall to historic lows in order for them to acquire their share allotments and options at the lowest possible price.
• To not align their financial decisions with the interests of the shareholders.
• To miss the opportunity to declare a dividend or to implement a share buy-back program to support the share price and deter the short traders.
• To ignore the implementation of a cost cutting program to control the escalating operational cost and Head Office overheads. Could set example, by freezing their salaries and bonuses.
• To not take decisive action with the Westwood Gold Mine. To continue cutting production guidance and to have no apparent solution on how to rectify the ongoing problems.
• To not set specific company objectives to increase production growth internally or through a merger/acquisition. They just pay lip service to this concept!
• To allow nearly 1B dollars to sit idle in the bank for the past several years. These funds are supposed to be use as working capital. Through negligence, they missed so many opportunities.
• To display a total lack the courage, stamina and fortitude to undertake any worthwhile executive actions for the betterment of the company. Profitability is not in their vocabulary!
• To exhibit a total lack of transparency by not sharing information on an ongoing basis and not promoting the company assets. The company has a solid base of strategic assets which are complemented by development and some of the most promising gold discoveries in the mining sector.
• To downplay the resulting assay results from the Nelligan gold discovery.  This ore body is much more significant than reported. And it’s located in one of the safest and most hospitable mining jurisdictions in the world. Historically, the Abitibi gold belt is one of the richest on the continent. Yet the company fails to acknowledge this potential major gold discovery, WHY?
• Many more short coming…

Basically, these mining executives who are at the end of their mining careers have abdicated their duties and responsibilities to the company and its shareholders in order to preserve their vested interests. For the past decade or so, these management executives have shown a total disregard for the shareholders’ interests and have inflicted immeasurable pain and suffering upon the shareholders.  They have reached an impasse in their careers, where they have nothing to offer and should seriously consider their retirement options for their health and welfare and for the future of the company.