IAMGOLD (IAG) Q4 2024 earnings summary

Executive summary

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

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

• Ended 2024 with $767 million in liquidity, including $347.5 million in cash, and strengthened balance sheet.

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

• Adjusted EBITDA doubled year-over-year to $780.6 million; adjusted net earnings were $296.0 million ($0.55/share).

• Net earnings were $819.6 million, including a $455.5 million impairment reversal at Westwood.

• Cash and cash equivalents at year-end were $347.5 million; net debt was $859.3 million.

• Cash costs averaged $1,152/oz and AISC averaged $1,716/oz for 2024.

Outlook and guidance

• 2025 attributable gold production guidance is 735,000–820,000 ounces, with Côté Gold ramping up to nameplate capacity in Q4 2025.

• 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.

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