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 to 90%+ of nameplate throughput and Essakane and Westwood contributing as expected.

• Côté and Gosselin zones now combine for over 20 million ounces of resources, positioning Côté as one of Canada’s largest gold mines.

• Nelligan and Monster Lake assets in Quebec have nearly 9 million ounces of resources, supporting robust organic growth.

• 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 earnings were $55.2 million ($0.10/share).

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

• Cash and cash equivalents at quarter-end were $316.6 million; net debt was $882.3 million; liquidity stood at $745.8 million.

• Q1 cash costs averaged $1,459/oz and all-in sustaining cost averaged $1,908/oz, both above annual guidance due to lower production and Côté ramp-up.

Outlook and guidance

• 2025 attributable production guidance remains 735,000–820,000 ounces, with a stronger second half expected as grades and throughput improve at all sites.

• Côté Gold is expected to achieve full nameplate capacity (36,000 tpd) by year-end, with production guidance of 360,000–400,000 ounces (100% basis).

• Westwood and Essakane are both on track to meet their respective production and cost guidance, with Westwood targeting 125,000–140,000 ounces and Essakane 360,000–400,000 ounces.

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

• Exploration spend is guided at $38 million, with major programs at Côté, Essakane, and Nelligan/Monster Lake.