IAMGOLD (IAG) Q2 2024 earnings summary

Executive summary

• Attributable gold production reached 166,000 ounces in Q2 2024 and 317,000 ounces year-to-date, driven by strong performance at Essakane and Westwood, and the first full quarter of operations at Côté Gold.

• Côté Gold achieved commercial production on August 2, 2024, ramping up to 90% throughput by year-end.

• Liquidity stood at $915.7 million as of June 30, 2024, including $511.4 million in cash and equivalents, bolstered by a $300.2 million equity financing.

• Production guidance for Essakane and Westwood was raised to 495,000–540,000 ounces for 2024, reflecting operational outperformance.

• Essakane surpassed 5 million hours without a recordable safety incident.

Financial highlights

• Q2 2024 revenues were $385.3 million from sales of 167,000 ounces at an average realized gold price of $2,294/oz.

• Adjusted EBITDA reached $191.1 million in Q2 2024, with adjusted net earnings of $84.8 million ($0.16 per share).

• Mine site free cash flow from Westwood and Essakane totaled $140 million in Q2.

• Net cash from operating activities was $160.1 million in Q2 2024.

• Q2 2024 AISC per ounce sold (all operations): $1,617; cash costs: $1,071/oz.

Outlook and guidance

• 2024 attributable gold production guidance increased to 495,000–540,000 ounces.

• Essakane guidance raised to 380,000–410,000 ounces; Westwood to 115,000–130,000 ounces.

• Côté Gold guidance maintained at 130,000–175,000 ounces (IAMGOLD share), with 2024 (100%) production expected at the lower end of 220,000–290,000 ounces.

• Cost guidance for Essakane and Westwood combined lowered to $1,175–1,275 cash cost/oz and $1,700–1,825 AISC/oz.

• Côté Gold cash costs expected at $700–$800/oz and AISC at $1,100–$1,200/oz as throughput reaches 90% by year-end.