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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.
Revenue by Segment
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.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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