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Iamgold Q1 2025 Earnings Report
IAMGOLD reported a significant increase in revenues and gross profit, driven by the commencement of gold sales from the Côté Gold mine and higher realized gold prices, despite a decrease in gold sales volumes from other operations.
Key Takeaways
IAMGOLD reported revenues of $477.1 million and net earnings of $39.7 million for Q1 2025. The Côté Gold mine, which commenced production in March 2024, significantly contributed to gold production and sales, leading to a substantial increase in overall revenues compared to the prior year. The company's average realized gold price also saw a notable increase.
Attributable gold production was 161,000 ounces in the first quarter, with Côté Gold contributing 51,000 attributable ounces.
Revenues increased by 41% to $477.1 million, primarily due to Côté Gold's new gold sales and a higher average realized gold price of $2,731 per ounce.
Net earnings attributable to equity holders were $39.7 million, with adjusted net earnings at $55.2 million.
The company maintained strong liquidity with $745.8 million available, including cash and cash equivalents of $316.6 million and an available credit facility of $428.5 million.
Iamgold
Iamgold
Iamgold Revenue by Segment
Revenue by Segment
Côté Gold Revenue
CapyFin.comWestwood Revenue
CapyFin.comEssakane Revenue
CapyFin.com Forward Guidance
IAMGOLD expects total attributable gold production for 2025 to be between 735,000 and 820,000 ounces. Production is anticipated to increase quarter-over-quarter as Côté Gold ramps up to full design capacity and Essakane's grade improves in the second half of the year. Cash costs are projected to be between $1,200 and $1,350 per ounce sold, and AISC between $1,625 and $1,800 per ounce sold.
Positive Outlook
- Total attributable production is expected to be higher quarter over quarter through 2025.
- Côté Gold is expected to ramp up to design capacity by the end of 2025.
- Grade at Essakane is expected to increase during the second half of the year.
- Underground throughput and grade at Westwood are expected to increase.
- Unit costs are expected to decrease corresponding with higher production volumes throughout the year.
Challenges Ahead
- Cash tax payments are not expected to occur evenly by quarter.
- Depreciation expense is expected to be higher in the second half of the year due to units of production basis.
- Security situation in Burkina Faso continues to apply pressures to supply chains.
- Unforeseen geopolitical and global economic events could materially affect business and financial condition.
- Potential for additional tariffs or retaliatory measures could impose further constraints on procuring goods and services.
Revenue & Expenses
Visualization of income flow from segment revenue to net income