IAMGOLD (IAG) Q4 2024 earnings summary

Executive summary

• Achieved attributable gold production of 667,000 ounces in 2024, a 43% increase year-over-year, driven by Côté Gold ramp-up and strong performance at Essakane and Westwood.

• Returned to 70% interest in Côté Gold after repurchasing a 9.7% stake for $377.7 million.

• Ended 2024 with $347.5 million in cash and total liquidity of $767 million.

• Updated mineral resources and reserves, with significant increases at Nelligan and Essakane.

• Focused on operational improvements, safety (TRIFR 0.63), and community engagement.

Financial highlights

• Revenues reached $1,633.0 million from sales of 699,000 ounces at a record average gold price of $2,330/oz.

• Adjusted EBITDA was $780.6 million, double the prior year; adjusted net earnings were $296 million ($0.55/share).

• Net earnings were $819.6 million, including a $455.5 million gain from reversal of Westwood impairment.

• Cash cost per ounce sold (excluding Côté) was $1,176–$1,181; AISC was $1,716–$1,725/oz.

• Liquidity at year-end was $767 million; net debt was $859.3 million.

Outlook and guidance

• 2025 attributable production guidance: 735,000–820,000 ounces, with Côté Gold ramping up and Essakane and Westwood contributing strongly.

• Côté Gold 2025 guidance: 250,000–280,000 oz (70% basis), cash costs $950–$1,100/oz, AISC $1,350–$1,500/oz.

• Westwood 2025 guidance: 125,000–140,000 oz, cash costs $1,175–$1,325/oz, AISC $1,675–$1,825/oz.

• Essakane 2025 guidance: 360,000–400,000 oz, cash costs $1,400–$1,550/oz, AISC $1,675–$1,825/oz.

• 2025 capital expenditures expected at $310 million, down from $486.9 million in 2024.