IAMGOLD (IAG) Q1 2025 earnings summary

Executive summary

• Attributable gold production for Q1 2025 was 161,000 ounces, up 7% year-over-year, with Côté Gold ramping up and Essakane and Westwood contributing solidly.

• Côté Gold achieved 90%+ of nameplate throughput in March and April, reaching 96% over 30 days up to May 4, with a ramp-up to 36,000 tpd expected by year-end.

• Revenues rose to $477.1 million, up 41% year-over-year, driven by higher realized gold prices and Côté Gold's commencement.

• Available liquidity stood at $745.8 million, including $316.6 million in cash and equivalents as of March 31, 2025.

• Fitch upgraded the corporate credit rating from B- to B+ with a stable outlook.

Financial highlights

• Q1 2025 revenue was $477.1 million from sales of 174,000 ounces at an average realized price of $2,731/oz (or $2,909/oz excluding gold prepay impact).

• Adjusted EBITDA reached $204.5 million, up from $152.5 million in Q1 2024.

• Adjusted net earnings were $55.2 million ($0.10/share); net earnings attributable to equity holders were $39.7 million ($0.07/share).

• Mine-site free cash flow totaled $139.6 million, with Côté, Westwood, and Essakane all contributing.

• Cash cost averaged $1,459/oz and all-in sustaining cost averaged $1,908/oz in Q1; both expected to decline as production ramps up.

Outlook and guidance

• Full-year attributable production guidance reaffirmed at 735,000–820,000 ounces, with sequential quarterly increases expected as Côté ramps up and Essakane grades improve.

• Côté and Essakane each targeting 360,000–400,000 ounces (100% basis), Westwood targeting 125,000–140,000 ounces.

• Consolidated cash costs are forecast at $1,200–$1,350/oz; AISC at $1,625–$1,800/oz.

• Capital expenditures for 2025 are expected at $310 million, with $290 million sustaining and $20 million expansion.

• Second half of 2025 expected to be significantly stronger for all three mines.