IAMGOLD Reports First Quarter 2025 Results
NEWS RELEASE
TSX: IMG NYSE: IAG
IAMGOLD REPORTS FIRST QUARTER 2025 RESULTS
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, May 6, 2025 – IAMGOLD Corporation (NYSE:IAG, TSX:IMG) (“IAMGOLD” or the “Company”) today reported its financial and operating results for the first quarter 2025.
"In the first quarter of 2025, IAMGOLD achieved important milestones which position the company well for the future," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "During the quarter, attributable production totaled 161,000 ounces from our three mines. The first quarter was expected to be the lightest quarter of production this year, due to the ramp-up and associated maintenance activities at Côté limiting throughput early in the quarter, and the expectations of an increasing grade profile at Essakane. At Westwood, production decreased from the prior quarter but is expected to resume its recent track record of strong performance as stope development continues to improve flexibility in the mine. Looking ahead, we remain confident in our production guidance estimates for the year of 735,000 to 820,000 ounces. Côté achieved a record throughput in March totaling nearly one million tonnes, which represents a monthly average throughput rate of 90%. Further, this performance continued into this quarter with the plant averaging 34,500 tpd or 96% of nameplate over the last 30 days. These achievements represent a significant improvement in stability and availability of the Côté plant, and we expect further improvement with the installation of the second cone crusher later in the year. This additional secondary crusher is expected to improve the reliability of our comminution circuit in support of the target to achieve nameplate throughput of 36,000 tpd prior to the end of the year and debottleneck the dry side of the plant offering the potential for further optimizations and improvements in the near future."
“Today, we also released our 18th annual Sustainability Report which highlights our successes, challenges and actions we are taking to uphold our commitment to responsible mining practices. Sustainability is one of the core principles in our business — guiding our efforts to operate responsibly, support host communities, mitigate our impact on the environment, and act with integrity. On behalf of the Board and leadership team, I extend our sincere gratitude to our employees, communities and all stakeholders for their vital role in advancing our sustainability journey.”
HIGHLIGHTS:
Operating and Financial
- Attributable gold production was 161,000 ounces in the first quarter.
- Côté produced 51,000 attributable ounces (73,000 ounces on a 100% basis) in the first quarter. During March, Côté achieved an average mill throughput rate of 90% of nameplate design capacity and produced 26,500 attributable ounces (37,900 ounces on a 100% basis). Subsequent to quarter end, the plant continued to demonstrate good availability and utilization with throughput averaging 96% of nameplate over the last 30 days.
- Production is expected to be higher quarter over quarter through 2025 as Côté ramps up to design capacity by the end of 2025 and the grade at Essakane increases during the second half of the year based on mining sequence. At Westwood, underground throughput and grade is expected to increase compared to the first quarter.
- Revenues were $477.1 million from sales of 174,000 ounces at an average realized gold price1 of $2,731 per ounce for the quarter.
- Cost of sales per ounce sold was $1,465, cash cost1 per ounce sold was $1,459 and all-in-sustaining cost1 ("AISC")1 per ounce sold was $1,908.
- Net earnings and adjusted net earnings per share attributable to equity holders1 for the first quarter of $0.07 and $0.10, respectively.
- Net cash from operating activities was $74.3 million for the first quarter, net of the impact of delivering 37,500 ounces into gold prepay obligations. Net cash from operating activities, before movements in working capital and non-current ore stockpiles1, was $104.9 million for the first quarter, net of the impact of delivering 37,500 ounces into gold prepay obligations.
- Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)1 was $195.2 million for the first quarter and adjusted EBITDA1 was $204.5 million.
- Mine-site free cash flow1 was $139.6 million during the first quarter.
- The Company has available liquidity1 of $745.8 million, mainly comprised of cash and cash equivalents of $316.6 million and the available balance of the revolving credit facility (“Credit Facility”) of $428.5 million as at March 31, 2025.
- In health and safety, the Company reported a TRIFR (total recordable injuries frequency rate) of 0.67, tracking slightly above the prior year performance.
Corporate
- During the first quarter of 2025, the Company delivered 37,500 ounces into the 2024 gold prepay arrangements and a further 12,500 ounces during April 2025, reducing the outstanding balance of remaining prepay arrangements to 25,000 ounces as at April 30, 2025. Deliveries into the gold prepayment arrangement will be complete by the end of the second quarter 2025.
- On March 21, 2025, the Company received an updated credit rating from Fitch which upgraded the corporate credit rating from B- to B+ with a stable outlook.
- On February 3, 2025, Annie Torkia Lagacé joined IAMGOLD as Chief Legal and Strategy Officer, and as part of this strategic realignment, Tim Bradburn, SVP, General Counsel and Corporate Secretary and Stephen Eddy, SVP, Business Development departed IAMGOLD.
- On February 20, 2025, Dorena Quinn was appointed as Chief People Officer, having joined the Company in 2018 and most recently serving as Senior Vice President, People.
- On May 6, 2025, the Company released its 2024 Sustainability Report. The report draws upon various ESG frameworks and standards and internationally recognized methodologies such as the Global Reporting Initiative (“GRI”) and Sustainability Accounting Standards Board (“SASB”).
Page | 2 of 34
QUARTERLY REVIEW
For more details and the Company's overall outlook for 2025, see “Outlook”, and for individual mines performance, see “Operations”. The following table summarizes certain operating and financial results for the three months ended March 31, 2025 (Q1 2025) and March 31, 2024 (Q1 2024) and certain measures of the Company's financial position as at December 31, 2024.
| Q1 2025 | Q1 2024 | |
|---|---|---|
| Key Operating Statistics ($ millions) Gold production – attributable (000s oz) | 151 | |
| 161 | ||
| - Côté Gold1 | 51 | 1 32 118 |
| - Westwood | 24 | |
| - Essakane | 86 | |
| Gold sales – attributable (000s oz) | 165 | 150 |
| - Côté Gold1 | 52 | — 33 117 |
| - Westwood | 27 | |
| - Essakane | 86 | |
| Cost of sales2 ($/oz sold) – attributable | $ 1,465 | $ 1,056 |
| - Côté Gold1 | $ 1,264 | $ — |
| - Westwood | $ 1,547 | $ 1,243 |
| - Essakane | $ 1,560 | $ 1,004 |
| Cash costs3 ($/oz sold) – attributable | $ 1,459 | $ 1,053 |
| - Côté Gold1 | $ 1,260 | — |
| - Westwood | $ 1,527 | $ 1,236 |
| - Essakane | $ 1,557 | $ 1,002 |
| AISC3 ($/oz sold) – attributable | $ 1,908 | $ 1,493 |
| - Côté Gold1 | $ 1,643 | $ — |
| - Westwood | $ 2,124 | $ 1,836 |
| - Essakane | $ 1,846 | $ 1,312 |
| Average realized gold price3,4 ($/oz) | $ 2,731 | $ 2,077 |
1. Attributable portion for Côté Gold is based on IAMGOLD’s ownership of 70%; prior to November 30, 2024, IAMGOLD’s ownership was 60.3% (refer to Côté Gold section below for more details).
2. Throughout this news release, cost of sales, excluding depreciation, is disclosed in the segment note in the consolidated interim financial statements.
3. Refer to the “Non-GAAP Financial Measures” disclosure at the end of this news release for a description and calculation of these measures.
4. The average realized gold price in the first quarter 2025, excluding the impact of the 2024 Prepay Arrangement (as defined below), was $2,909 per ounce.
| Q1 2025 | Q1 2024 | |
|---|---|---|
| Financial Results ($ millions) Revenues Gross profit EBITDA1 Adjusted EBITDA1 | ||
| $ 477.1 | $ 338.9 | |
| $ 141.2 | $ 105.7 | |
| $ 195.2 | $ 154.1 | |
| $ 204.5 | $ 152.5 | |
| Net earnings (loss) attributable to equity holders | $ 39.7 | $ 54.8 |
| Adjusted net earnings (loss) attributable to equity holders1 | $ 55.2 | $ 53.0 |
| Net earnings (loss) per share attributable to equity holders Adjusted net earnings (loss) per share attributable to equity holders1 Net cash from operating activities before changes in working capital1 Net cash from operating activities Mine-site free cash flow1 Capital expenditures1,2 – sustaining Capital expenditures1,2 – expansion | $ 0.07 | $ 0.11 |
| $ 0.10 | $ 0.11 | |
| $ 104.9 | $ 142.8 | |
| $ 74.3 | $ 77.1 | |
| $ 139.6 | $ 46.2 | |
| $ 61.7 | $ 55.1 | |
| $ 5.3 | $ 115.2 |
Page | 3 of 34
| March 31 | December 31 | ||
|---|---|---|---|
| 2025 | 2024 | ||
| Financial Position ($ millions) Cash and cash equivalents Long-term debt | |||
| $ 316.6 | $ 347.5 | ||
| $ 1,022.3 | $ 1,028.9 | ||
| Net cash (debt)1 | $ (882.3) | $ (859.3) | |
| Available Credit Facility | $ 428.5 | $ 418.5 | |
| 1. Refer to the “Non-GAAP Financial Measures” disclosure at the end of this news release for a description and calculation of these measures. | |||
| 2. Sustaining and expansion capital expenditures represent incurred expenditures for property, plant and equipment and exploration and evaluation assets, an | |||
| exclude right-of-use assets and working capital impacts. |
OUTLOOK
Production (000 oz)
| Actual Q1 2025 | Full Year Guidance 2025 | |
|---|---|---|
| Côté Gold – (70%) Westwood – (100%) Essakane – (90%) | 51 | 250 – 280 |
| 24 | 125 – 140 | |
| 86 | 360 – 400 | |
| Total attributable production (000s oz) | 161 | 735 – 820 |
Total attributable production for IAMGOLD in 2025 is expected to be in the range of 735,000 to 820,000 ounces. Production is expected to be higher quarter over quarter through 2025 as Côté ramps up to design capacity by the end of 2025 and the grade at Essakane increases during the second half of the year based on the mining sequence. At Westwood, underground throughput and grade is expected to increase from the first quarter through underground process improvements. For further details, refer to the operations section of each mine below.
Costs
| Actual Q1 2025 | Full Year Guidance 2025 | |
|---|---|---|
| Côté Gold | ||
| Cash costs ($/oz sold) AISC ($/oz sold) | $1,260 | $950 – $1,100 |
| $1,643 | $1,350 – $1,500 | |
| Westwood | ||
| Cash costs ($/oz sold) AISC ($/oz sold) | $1,527 | $1,175 – $1,325 |
| $2,124 | $1,675 – $1,825 | |
| Essakane | ||
| Cash costs ($/oz sold) AISC ($/oz sold) | $1,557 | $1,400 – $1,550 |
| $1,846 | $1,675 – $1,825 | |
| Consolidated | ||
| Cost of sales1 ($/oz sold) Cash costs1,2 ($/oz sold) AISC1,2 ($/oz sold) | $1,465 | $1,200 – $1,350 |
| $1,459 | $1,200 – $1,350 | |
| $1,908 | $1,625 – $1,800 |
1. Consists of Côté Gold, Westwood and Essakane on an attributable basis of 70%, 100% and 90%, respectively.
2. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
Cash costs on a consolidated basis are expected to be in the range of $1,200 to $1,350 per ounce sold, a slight increase from last year primarily as a result of an increase in expected cash costs at Essakane. AISC for the Company is expected to be in the range of $1,625 and $1,800 per ounce sold, in line with 2024 as a result of the ramp-up of Côté Gold and reduced capitalized waste stripping at Essakane. In line with production levels, unit costs are expected to decrease corresponding with higher production volumes throughout the year.
The full year guidance is based on the following 2025 full year assumptions, before the impact of hedging: average realized gold price of $2,500 per ounce, USDCAD exchange rate of 1.35, EURUSD exchange rate of 1.11, average
Page | 4 of 34
Brent oil price of $75 per barrel and WTI price of $70 per barrel. For expected impacts from fluctuation in these assumptions, refer to the Sensitivity Impact table included in the Financial Condition section.
Capital Expenditures
| ($ millions) | Actual Q1 20251 | Full Year Guidance 20252 | ||||
|---|---|---|---|---|---|---|
| Sustaining | Expansion | Total | Sustaining | Expansion | Total | |
| Côté Gold (IMG share) Westwood Essakane | $ 18.2 | $ 3.1 | $ 21.3 | $ 110 | $ 15 | $ 125 |
| $ 15.1 | $ — | $ 15.1 | $ 70 | $ — | $ 70 | |
| 27.9 | 2.2 | 30.1 | 110 | 5 | 115 | |
| Corporate | $ 61.2 | $ 5.3 | $ 66.5 | $ 290 | $ 20 | $ 310 |
| 0.5 | — | 0.5 | — | — | — | |
| Total3 | $ 61.7 | $ 5.3 | $ 67.0 | $ 290 | $ 20 | $ 310 |
1. 100% basis, for Westwood and Essakane, and reflects IAMGOLD’s 70% interest in Côté Gold UJV on an incurred basis.
2. Capital expenditures guidance (±5%).
3. Includes $11 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.
Capital expenditures in 2025 are expected to total $310 million, of which $290 million is categorized as sustaining capital. Capital expenditures are lower than 2024, as a result of the completion of expansion capital outlays as Côté Gold construction and commissioning was completed earlier in the year. Sustaining capital estimates are expected to decline going forward, as Côté completes the construction of the full tailings dam footprint and related earthworks projects and as capitalized waste stripping declines at Essakane based on the current mine plan.
Exploration Outlook
| Exploration expenditures for 2025 are expected to be approximately $38 million, the majority of which will be | ||||
|---|---|---|---|---|
| expensed. The largest exploration spend will be at Côté Gold of approximately $13 million attributable to IAMGOLD | ||||
| including the Gosselin resource delineation drilling program, Essakane at approximately $7 million, followed by | ||||
| Nelligan/Monster Lake at approximately $6 million. | ||||
| ($ millions) | Actual Q1 2025 | Full Year Guidance 2025 | ||
| Capitalized | Expensed | Total | Capitalized Expensed Total | |
| Exploration projects – greenfield Exploration projects – brownfield | $ 0.2 | $ 5.5 | $ 5.7 | $ — $ 25 $ 25 11 2 13 |
| 1.9 | 0.6 | 2.5 | ||
| $ 2.1 | $ 6.1 | $ 8.2 | $ 11 $ 27 $ 38 |
Income Taxes Paid and Depreciation Outlook
The Company expects to pay cash taxes in the range of $120 to $130 million during 2025. Cash tax payments do not occur evenly by quarter, as amounts paid in a quarter can include payments of the final balance of the prior year taxes and payments of instalments for the current year, both required to be made at times as prescribed by different countries. There are no significant cash taxes expected in respect of the new global minimum top-up taxes ("GloBE"). The income taxes paid guidance does not include cash tax obligations arising from asset sales.
Depreciation expense for 2025 is expected to be $450 million (±5%) with increased depreciation expense due to the increase in the value of depreciable property, plant and equipment following the completion of construction and commencement of commercial operations at Côté Gold and the 2024 impairment reversal at the Westwood cash generating unit ("CGU"). In line with production levels, depreciation expense is expected to be higher in the second half of the year due to the large proportion of depreciable assets that are depreciated on a units of production basis.
| ($ millions) | Full Year Guidance 2025 | |
|---|---|---|
| Actual Q1 2025 | ||
| Depreciation expense Income taxes paid | $79.7 | $450 (±5%) |
| $15.2 | $120 – $130 |
Page | 5 of 34
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
The Company released its 2024 Sustainability Report on May 6, 2025. The report draws upon various ESG frameworks and standards and internationally recognized methodologies such as the Global Reporting Initiative (“GRI”) and Sustainability Accounting Standards Board (“SASB”).
Health and Safety
The TRIFR was 0.67 as at March 31, 2025, (compared to 0.61 as at March 31, 2024), and tracking above the Company's tolerance of 0.57. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents. This includes the integration of contractors in the critical risk management program.
The Company continues to track a range of leading indicators around critical risk management, contractor management, and incident investigation quality, reported annually.
Environmental
There were zero significant environmental incidents reported for the quarter.
Indigenous Relations
As a Canadian business committed to responding to the Truth and Reconciliation Commission of Canada’s Calls to Action, IAMGOLD launched a company-wide initiative in the first quarter 2025, that will help the Company articulate how it works with Indigenous peoples beyond reconciliation, towards a future that builds upon the Company’s experiences and reflects its values. This work will lead to the creation of a coherent vision for reconciliation and a roadmap to help guide the Company’s actions as an organization.
Social Performance
During the first quarter 2025, IAMGOLD renewed its partnership with Laurentian University, creating the IAMGOLD President’s Fund for Innovation at Canada’s Mining University. This five-year, C$2.5 million fund will allow the university to support initiatives that will drive innovation in education and research at the university, fostering greater engagement with the university and providing solutions to the mining industry.
Page | 6 of 34
Côté Gold Mine (IAMGOLD interest – 70% for Q1 2025, 60.3% for Q1 2024) | Ontario, Canada
| Q1 2025 | Q1 2024 | |
|---|---|---|
| Key Operating Statistics (100% basis, unless otherwise stated) Ore mined (000s t) Grade mined (g/t) Operating waste mined (000s t) Capital waste mined (000s t) Material mined (000s t) – total Strip ratio1 Ore milled (000s t) Head grade (g/t) Recovery (%) Gold production (000s oz) – 100% Gold production (000s oz) – attributable Gold sales (000s oz) – 100% Gold sales (000s oz) – attributable Average realized gold price2,3 ($/oz) | ||
| 3,115 | 1,944 | |
| 0.78 | 0.72 | |
| 5,667 | 3,208 | |
| 1,973 | 2,445 | |
| 10,755 | 7,597 | |
| 2.5 | 2.9 | |
| 2,097 | 48 | |
| 1.17 | 0.81 | |
| 93 | 80 | |
| 73 | 1 | |
| 51 | 1 | |
| 74 | — | |
| 52 | — | |
| $ 2,925 | $ — | |
| Financial Results ($ millions – attributable interest) Revenues4 Cost of sales4 Production costs (Increase)/decrease in finished goods Royalties5 Cash costs2 Sustaining capital expenditures2,6 Expansion capital expenditures2,6 Total sustaining and expansion capital expenditures2,6 Earnings from operations Mine site free cash flow2 | ||
| $ 151.2 | $ — | |
| 65.2 | — | |
| 56.4 | 0.8 | |
| (0.8) | (0.8) | |
| 9.6 | — | |
| 65.1 | — | |
| 18.2 | — | |
| 3.1 | 118.8 | |
| 21.3 | 118.8 | |
| 49.7 | — | |
| 57.6 | — | |
| Unit costs per tonne2 Mine costs per operating tonne mined Mill costs per tonne milled2 G&A costs per tonne milled2 | ||
| $ 3.49 | $ 3.33 | |
| $ 20.18 | $ — | |
| $ 8.89 | $ — | |
| Operating costs per ounce7 Cost of sales excluding depreciation ($/oz sold) Cash costs2 ($/oz sold) | ||
| $ 1,264 | $ — | |
| $ 1,260 | $ — | |
| AISC2,7 ($/oz sold) | $ 1,643 | $ — |
1. Strip ratio is calculated as waste mined divided by ore mined.
2. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
3. Average gold price realized on the attributable portion of sales excludes the impact of gold delivered into prepayment arrangements.
4. As per note 25 of the consolidated interim financial statements for revenues and cost of sales. Cost of sales is net of depreciation expense.
5. Includes 7.5% net profit interest payment.
6. All-in sustaining cost and sustaining capital expenditure for 2024 are $nil as commercial production was achieved starting August 1, 2024. Expansion capital expenditures include Project Expenditures.
7. Cost of sales, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.
Page | 7 of 34
Attributable gold production was 51,000 ounces (73,000 ounces on a 100% basis) in the first quarter 2025 as the mine continues to ramp-up following the start of production on March 31, 2024. Production was impacted by maintenance and repair activities in the quarter; however, the operation achieved a record monthly throughput of 1.0 million tonnes in March, representing an average monthly processing rate of 90% of design capacity. Subsequent to quarter end, the plant continued to demonstrate good availability and utilization with throughput averaging 34,500 tpd or 96% over the last 30 days.
Mining activity totaled 10.8 million tonnes in the first quarter 2025, an increase over the prior year period, with ore tonnes mined increasing to 3.1 million tonnes and an associated strip ratio of 2.5:1 waste to ore. The average grade of mined ore was 0.78 g/t in the first quarter 2025, in line with the updated mining schedule, as mining activities expand the pit and increase the volume of blasted ore in the pit to provide greater flexibility in supporting the planned mill feed with reduced rehandling.
Mill throughput in the first quarter 2025 totaled 2.1 million tonnes. In March 2025, the plant processed approximately 1.0 million tonnes. Total quarterly throughput was lower in January and February due to maintenance and repair activities described below. Head grades of 1.17 g/t were in line with guidance, with feed material comprised of a combination of direct-feed ore and stockpiles. Recoveries in the plant averaged 93% in the quarter. The gravity circuit is now operational. The reconciliation between the reserve models, grade control models and mill feed continues in line with expected tolerances.
During the quarter, the HPGR rollers demonstrated accelerated wear necessitating a changeover ahead of schedule and limiting the secondary crushing capacity in January. The changeover of the HPGR rolls was completed in February 2025 with operating and maintenance procedures adjusted to maximize lifespan and optimize future changeover windows. Inside the plant, the grinding circuit was also impacted early in the quarter, due to repairs required on one of the Vertimills following a faulty start-up post-maintenance. Prevention and mitigation procedures have been put in place. Plant throughput was lower in the first two months of the quarter as a result of the impact of the timing of these maintenance issues, with record monthly throughput achieved in March following these repairs.
The target is to achieve the steady-state nameplate throughput rate of 36,000 tonnes per day ("tpd") by the end of 2025.
Financial Performance (attributable basis)
Revenue and cost of sales were recognized in accordance with IAMGOLD's ownership level of 70% for the first quarter 2025, following the November 30, 2024, repurchase of the 9.7% transferred interest from SMM.
Production costs of $56.4 million were incurred during the three months ended March 31, 2025.
- Mining cost was $3.49 per tonne mined during the three months ended March 31, 2025. Costs are expected to decrease over the course of the year as mining operations continue to ramp-up and rehandling is reduced. The price of explosives and diesel were higher than planned in the quarter, partially offset by lower overall consumption.
- Milling cost was $20.18 per tonne milled during the three months ended March 31, 2025. Unit costs were higher in the first quarter due to lower throughput during the first two months of the quarter, higher parts and contractor costs from the increased maintenance activities and frequency, and costs associated with the refeed circuit to support the mill feed during the periods of sustained maintenance. Unit costs are expected to decrease over the course of the year as throughput increases towards nameplate capacity, and as operations and maintenance processes stabilize. Mill availability is expected to increase with the installation of the additional secondary crusher that should reduce the use of the refeed circuit and related costs.
- G&A cost was $8.89 per tonne milled during the three months ended March 31, 2025. Unit costs remained higher than expected as the average throughput during the quarter was below plan due to the maintenance activities. Unit costs are expected to further decrease as throughput increases over the course of the year.
Page | 8 of 34
Cost of sales, excluding depreciation, during the three months ended March 31, 2025, totaled $65.2 million. Cost of sales includes $9.6 million of royalties and net profit interests for the three months ended March 31, 2025. Cost of sales per ounce sold, excluding depreciation, was $1,264 for the three months ended March 31, 2025.
Cash costs during the three months ended March 31, 2025, totaled $65.1 million and cash cost per ounce sold was $1,260. AISC per ounce sold was $1,643 for the quarter.
Capital expenditures, on a 100% and incurred basis, totaled $30.2 million in the first quarter 2025. Sustaining capital expenditures totaled $25.8 million ($18.2 million on a 70% basis), including $11.7 million of capital projects related to operational improvements and ramp-up, $7.2 million of capitalized stripping, $3.5 million of tailings expansion and related earthworks, $3.3 million of mobile equipment and critical spares and $0.1 million of other capital projects. Expansion capital of $4.4 million ($3.1 million on a 70% basis) was primarily associated with the progress on the additional secondary crusher being installed later in the year and completion of the truck shop expansion.
2025 Outlook
Production at Côté Gold is expected to be in the range of 360,000 to 400,000 ounces on a 100% basis (250,000 to 280,000 ounces on an attributable basis). The primary focus continues to be the ramp-up of the processing plant towards the goal of achieving nameplate mill design capacity of 36,000 tpd by the end of the year.
Mining activities are expected to increase throughout the year, averaging approximately 12 million tonnes in the fourth quarter, with a declining strip ratio throughout the year as ore mined increases. Plant throughput is expected to total approximately 11 to 12 million tonnes in 2025 with processing rates expected to increase quarter over quarter, particularly in the second quarter, following the winter season and first quarter maintenance, and in the fourth quarter with the installation of the additional secondary crusher. The additional secondary crusher will provide further capacity and redundancy in the dry side of the plant in support of the operation and potential future expansions. The installation of the crusher will require a multi-day shutdown in the fourth quarter, which is accounted for in current guidance estimates. Plant head grades are expected to average approximately 1.1 to 1.2 g/t Au, as mining and stockpiling activities shift towards a more efficient mine plan to reduce rehandling of stockpiled ore and optimized for potential future expansions. Gold production is expected to be lowest in the first quarter of the year and increase sequentially as plant throughput increases throughout the year.
Cash costs are expected to be in the range of $950 to $1,100 per ounce sold and AISC to be in the range of $1,350 to $1,500 per ounce sold. The cash cost guidance reflects the cost levels experienced in the first year of operations, including higher levels of maintenance, contractor support and continuous improvement consultants. Costs are expected to be lower in the second half of the year as targeted improvements are deployed and as production increases.
Sustaining capital expenditures guidance (±5%) attributable to IAMGOLD is approximately $110 million ($157 million on a 100% basis) and continues to be higher than the life-of-mine average as the mine progresses the completion of construction of the full tailings dam footprint and related earthworks projects and incurs higher capital waste spending of approximately $20 million ($28 million on a 100% basis) to complete the final year of the initial pit pushback. Expansion capital of $15 million ($21 million on a 100% basis) is primarily associated with the planned installation of the additional secondary crusher in the fourth quarter of this year.
Exploration - Gosselin
The Gosselin zone is located immediately to the northeast of the Côté zone. Following the expansion and delineation diamond drilling program completed in 2024, the 2025 drilling plan entails the continuation of the ongoing diamond drilling program to increase the confidence of the existing resource and convert a large part of the Inferred Resource category to the Indicated category. A total of 45,000 metres is planned and approximately 12,000 metres were completed in the first quarter. In addition, 6,500 metres is planned this year to test high potential targets along the favourable structural corridor towards the Jack Rabbit area to the north-east of the Gosselin zone and develop models and targets within the larger Côté District at Swayze West - Jerome area.
Page | 9 of 34
Technical studies are progressing to advance metallurgical testing, conduct mining and infrastructure studies to review options for potential inclusion of the Gosselin deposit into a future Côté Gold LOM plan.
Exploration – Côté Zone Drilling
An infill drilling program of 20,000 metres is also planned on the Côté zone and will start early in the second quarter of 2025.This infill drilling program is planned to improve resource confidence within the northeastern extension of the Côté deposit and convert other areas of Inferred Resources into the Indicated Resources category.
Funding Agreement with Sumitomo
On December 19, 2022, the Company announced it had entered into the JV Funding and Amending Agreement with SMM (“JV Funding Agreement”), whereby SMM contributed the Company's funding obligations to the Côté Gold UJV and as a result, the Company transferred 9.7% of its interest in Côté Gold to SMM with a right to repurchase these transferred interests to return to its full 70% interest in the Côté Gold Mine.
On November 30, 2024, the Company exercised its right to repurchase the 9.7% interest in Côté Gold returning IAMGOLD to its full 70% interest in Côté Gold.
Page | 10 of 34
Westwood Complex (IAMGOLD interest – 100%) | Quebec, Canada
| Q1 2025 | Q1 2024 | |
|---|---|---|
| Key Operating Statistics Underground lateral development (metres) Ore mined (000s t) – underground Ore mined (000s t) – open pit Ore mined (000s t) – total Grade mined (g/t) – underground Grade mined (g/t) – open pit Grade mined (g/t) – total Ore milled (000s t) Head grade (g/t) – underground Head grade (g/t) – open pit Head grade (g/t) – total Recovery (%) Gold production (000s oz) Gold sales (000s oz) Average realized gold price1,2 ($/oz) | 1,307 83 | |
| 1,147 | ||
| 89 | ||
| 192 | 120 | |
| 281 | 203 | |
| 6.29 | 8.90 | |
| 1.31 | 2.28 | |
| 2.89 | 5.00 | |
| 282 | 249 | |
| 6.28 | 8.78 | |
| 1.37 | 2.21 | |
| 2.89 | 4.27 | |
| 91 | 94 | |
| 24 | 32 | |
| 27 | 33 | |
| $ 2,914 | $ 2,088 | |
| Financial Results ($ millions) Revenues3 Cost of sales3 Production costs (Increase)/decrease in finished goods Royalties Cash costs1 Sustaining capital expenditures1 Earnings/(loss) from operations Mine site free cash flow1 | ||
| $ 79.8 | $ 68.9 | |
| 42.1 | 40.9 | |
| 41.0 | 38.6 2.0 | |
| 1.1 | ||
| — | 0.3 | |
| 41.6 | 40.7 | |
| 15.1 | 19.0 16.1 | |
| 21.1 | ||
| 16.6 | 10.5 | |
| Unit costs per tonne1 Underground mining cost per tonne mined Open pit mining cost per operating tonne mined Milling cost per tonne milled G&A cost per tonne milled | ||
| $ 274.75 | $ 247.22 | |
| $ 7.24 | $ 13.29 | |
| $ 23.26 | $ 24.65 | |
| $ 22.70 | $ 20.56 | |
| Operating costs per ounce4 Cost of sales excluding depreciation($/oz sold) Cash costs1 ($/oz sold) AISC1 ($/oz sold) | ||
| $ 1,547 | $ 1,243 $ 1,236 $ 1,836 | |
| $ 1,527 | ||
| $ 2,124 |
1. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".
2. Average realized gold price excludes the impact of gold delivered into prepayment arrangements.
3. As per note 25 of the consolidated interim financial statements for revenues and cost of sales. Cost of sales is net of depreciation expense.
4. Cost of sales, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.
Operations
Production in the first quarter 2025 was 24,000 ounces, lower by 8,000 ounces or 25% compared with the same prior year period, primarily due to lower grades from both the underground and open pit mines.
Page | 11 of 34
Mining activity in the first quarter 2025 of 281,000 tonnes of ore was higher by 78,000 tonnes or 38% from the same prior year period. The underground mine averaged 987 tpd as production from the underground operation continued to increase compared to the prior year, with eight active mining zones in the quarter. Grade mined from the underground mine was lower than the prior year period due to temporary equipment challenges impacting blasting efficiency that required stope re- sequencing, combined with increased dilution in certain stopes. The amount of stopes that are drilled and loaded have doubled over the last year.
Lateral underground development of 1,147 metres in the first quarter 2025 was lower by 160 metres or 12% compared to the same prior year period, as the mine has successfully developed multiple mining zones in the prior periods.
Mill throughput in the first quarter 2025 was 282,000 tonnes, at an average head grade of 2.89 g/t, 13% higher and 32% lower than the same prior year period, respectively.
The mill achieved recoveries of 91% in the first quarter 2025, slightly lower than the same prior year period. Plant availability in the quarter of 94% was higher than the same prior year period of 85%.
Financial Performance – Q1 2025 Compared to Q1 2024
Production costs of $41.0 million were higher by $2.4 million or 6% than the same prior year period primarily due to increased labour costs, increased explosives and tire costs at the mine, as well as increased rental cost of a mobile ore crusher supporting higher mill throughput. Administration costs increased due to consulting support for decarbonization initiatives, and increased insurance costs resulting from a higher insurable baseline revenue expectation for Westwood.
Cost of sales, excluding depreciation, of $42.1 million was slightly higher than the same prior year period due to higher production costs. Cost of sales per ounce sold, excluding depreciation, of $1,547, was higher by $304 or 24% primarily due to lower production and sales volumes.
Cash costs of $41.6 million were $0.9 million or 2% higher than the prior year period. Cash costs per ounce sold of $1,527 were higher by $291 or 24%, primarily due to lower production and sales volumes.
AISC per ounce sold of $2,124 was higher by $288 or 16%, primarily due to higher cash costs per ounce sold and lower production and sales volumes, partially offset by lower sustaining capital.
Sustaining capital expenditures of $15.1 million included underground development and rehabilitation of $8.9 million, mill and mobile equipment of $3.0 million, and other sustaining capital projects of $3.2 million.
2025 Outlook
Westwood production is expected to be in the range of 125,000 to 140,000 ounces in 2025, as underground mining rates target 1,000 tpd from multiple active mining zones. Underground throughput and grade is expected to increase from the first quarter through underground process improvements. Open pit activities from Grand Duc are currently planned to be completed by the fourth quarter of 2025, though Grand Duc stockpiled material will contribute to the mill feed into 2027. The Company is investigating the potential for an expansion and extension of the pit, with a decision to be made later in the year.
Cash costs at Westwood are expected to be in the range of $1,175 to $1,325 per ounce sold and AISC in the range of $1,675 to $1,825 per ounce sold. Unit costs are expected to decrease from 2024 levels, in line with increased production levels.
Capital expenditures guidance is $70 million (±5%), primarily consisting of underground development and rehabilitation in support of the 2025 mine plan, the continued renewal of the mobile fleet and equipment overhauls, and certain asset integrity projects at the Westwood mill.
Page | 12 of 34