IAMGOLD Reports Fourth Quarter and Year - End 2024 Results
NEWS RELEASE
TSX: IMG NYSE: IAG
IAMGOLD REPORTS FOURTH QUARTER AND YEAR-END 2024 RESULTS
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario, February 20, 2025 – IAMGOLD Corporation (NYSE:IAG, TSX:IMG) (“IAMGOLD” or the “Company”) today reported its financial and operating results for the fourth quarter and year ended December 31, 2024. Preliminary operating results for the fourth quarter and year ended 2024, alongside operating guidance estimates for 2025, were previously disclosed on January 14, 2025.
"Last year was a monumental year for IAMGOLD, as the Company achieved key milestones to position the Company as a dynamic, modern multi-asset mid-tier gold producer that is poised for potential free cash flow expansion while retaining significant growth opportunities," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "IAMGOLD finished 2024 with total attributable gold production of 667,000 gold ounces, a 43% increase from the prior year and in line with our previously raised guidance estimates. This strong performance was driven by the start of production at Côté Gold and the outperformance of Essakane and Westwood. "
"The Côté Gold team had a very strong year, as the mine achieved among the quickest ramp-ups to commercial production for a large-scale open pit gold mine in Canada. Our efforts continue to be focused on the ramp up of the processing plant towards achieving the nameplate throughput rate of 36,000 tpd at a steady, sustainable rate. We are prioritizing stability and operating consistency, while refining and balancing our maintenance schedules for wear and tear. The plant has demonstrated its ability to operate above nameplate over multi-day periods, and with an additional secondary crusher scheduled to be installed in November, we look forward to determining the potential of the plant to sustainably achieve over nameplate with minimal capital spending in the near term. Longer term, we will continue to pursue improvements in mining and processing activities and investigate the potential options to bring into the mine plan the full resource base estimate of the Côté and Gosselin zones - which combine for over 16.5 million ounces of measured and indicated and 4.2 million ounces of inferred resources - to define Côté Gold among Canada's largest gold mines in operation."
"At Essakane, the mine achieved the top end of guidance with strong, stable operations through the year. While the cost of operations in country have risen over the last two years, Essakane is positioned to generate strong cash flows as waste stripping is scheduled to decline year over year. The exploration team has done an amazing job with the updated Mineral Reserves estimate announced today in which we saw Essakane more than replace reserve depletion, thereby implying the potential for further mine life extension within the secured perimeter of our operations."
"Finally, the transformation of Westwood has been among the top mining success stories in 2024, as the last few years of redevelopment and rehabilitation resulted in the successful turnaround of the mine where it finished the year generating $94.4 million in mine site free cash flow. Further, this achievement was during a transitional year as our teams completed the safe rehabilitation of the mine and began standard underground development and mining operations."
HIGHLIGHTS:
Operating and Financial
- Attributable gold production for the year was 667,000 ounces, the mid-point of the Company’s increased production guidance of 625,000 to 715,000 ounces. Fourth quarter attributable production was 177,000 ounces.
- Côté produced 124,000 attributable ounces (199,000 ounces on a 100% basis) during its initial nine months of operation and 62,000 attributable ounces (96,000 ounces on a 100% basis) in the fourth quarter as it continued to ramp up to nameplate capacity, close to the bottom end of the attributable production guidance range of 130,000 to 175,000 ounces (220,000 to 290,000 ounces at 100%).
- Westwood produced 134,000 ounces for the full year and 35,000 ounces in the fourth quarter, exceeding the top end of the production guidance range of 115,000 to 130,000 ounces.
- Essakane produced 409,000 attributable ounces for the full year and 80,000 attributable ounces in the fourth quarter, achieving the top end of the attributable production guidance range of 380,000 to 410,000 ounces.
- Revenues for the year were a record of $1,633.0 million from sales of 699,000 ounces at an average realized gold price1 of $2,330 per ounce and $469.9 million from sales of 185,000 ounces at an average realized gold price of $2,525 per ounce for the quarter.
- Cost of sales per ounce sold, excluding Côté1, was $1,181 for the year, at the low end of cost guidance of $1,175 to $1,275 and $1,397 for the fourth quarter. Including Côté, cost of sales per ounce sold was $1,156 for the year and $1,298 for the fourth quarter.
- Cash cost1 per ounce sold, excluding Côté, was $1,176 for the year, at the low end of guidance range of $1,175 to $1,275 and $1,393 for the fourth quarter. Including Côté, cash cost1 per ounce sold was $1,152 for the year and $1,294 for the fourth quarter.
- AISC1 per ounce sold, excluding Côté, was $1,725 for the year, trending toward the low end of guidance range of $1,700 to $1,825 and $2,071 for the fourth quarter. Including Côté, AISC1 per ounce sold was $1,716 for the year and $1,949 for the fourth quarter.
- Net earnings and adjusted net earnings per share attributable to equity holders1 of $1.52 and $0.55 for the year, respectively; for the fourth quarter, net earnings and adjusted net earnings per share attributable to equity holders1 of $0.15 and $0.10, respectively. The 2024 net earnings were adjusted for a $455.5 million gain on the reversal of the previously recorded impairment at Westwood.
- Net cash from operating activities was $486.0 million for the year and $102.6 million for the fourth quarter. Net cash from operating activities, before movements in working capital and non-current ore stockpiles1, was $600.4 million for the year and $127.2 million for the fourth quarter.
- Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)1 was $1,323.0 million for the year ($259.5 million for the fourth quarter) and adjusted EBITDA1 was $780.6 million for the year ($215.4 million for the fourth quarter). The 2024 EBITDA was adjusted for a $455.5 million gain on the reversal of the previously recorded impairment at Westwood.
- Mine-site free cash flow1, excluding Côté Gold, was $344.9 million for the year and $61.3 million for the fourth quarter. The mine-site free cash flow from Côté Gold was $40.2 million for the initial five months of commercial operations and $16.9 million during the fourth quarter.
- The Company has available liquidity1 of $767.0 million, mainly comprised of cash and cash equivalents of $347.5 million and the available balance of the revolving credit facility (“Credit Facility”) of $418.5 million as at December 31, 2024.
- In health and safety, for the year ended December 31, 2024, the Company reported a TRIFR (total recordable injuries frequency rate) of 0.63, an improved trend since last year and third successive year of improvement.
Outlook for 2025
- Attributable gold production of 735,000 to 820,000 ounces, driven by the ramp-up of Côté to nameplate production later in the year and continued strong production levels from Essakane and Westwood.
- Production at Côté in its first full year, on a 100% basis, is expected to be between 360,000 to 400,000 ounces for the year (250,000 to 280,000 ounces on an attributable basis).
- Cash cost1 guidance of $1,200 to $1,350 per ounce sold and AISC1 guidance of $1,625 to $1,800 per ounce sold. Costs are expected to be lower in the second half of the year as Côté progresses towards nameplate production.
Page | 2 of 47
Mineral Reserves and Resources
- Proven and Probable (“P&P”) Mineral Reserves (100% basis) total 10.7 million ounces of gold in 296 million tonnes (“Mt”) at 1.12 grams per tonne gold (“g/t Au”) (8.2 million ounces attributable). P&P Mineral Reserves decreased 3%, or 367,000 ounces, from the year prior. P&P Mineral Reserves at Essakane increased 5% net of depletion, offset by a 4% decrease at Côté due to depletion.
- Measured and Indicated (“M&I”) Mineral Resources (100% basis) increased 3% to 26.7 million ounces of gold in 846 Mt at 0.98 g/t Au (21.2 million ounces attributable). Inferred Mineral Resources (100% basis) increased 27% to a total of 12.8 million ounces (11.4 million ounces attributable).
- Updated Mineral Resources for the 100%-owned Nelligan Project of 3.1 million Indicated gold ounces in 102.8 million tonnes (“Mt”) at 0.95 grams per tonne gold (“g/t Au”), and 5.2 million Inferred ounces (166.4 Mt at 0.96 g/t Au). This represents a 56% increase in Indicated ounces, or 1.1 million ounces, with an accompanying 13% increase in grade; as well as a 33% increase in Inferred ounces, or 1.3 million ounces, with a similar 14% increase in grade. Nelligan mineralization remains open along strike and at depth.
Corporate
- On December 2, 2024, the Company announced the return of its ownership in Côté to a 70% interest effective November 30, 2024, following the repurchase of the 9.7% interest of the Côté Gold Mine for $377.7 million. The interest that was transferred to Sumitomo Metal Mining Co. Ltd. (“Sumitomo” or “SMM”) as part of the JV funding and amending agreement entered into on December 19, 2022.
- On December 23, 2024, the Company announced that it executed an amendment to its secured revolving credit facility ("Credit Facility"). Under the amendment, the term has been extended to four years with a new maturity date of December 20, 2028, and the Credit Facility size has been increased from $425 million to $650 million. The Credit Facility will be available for general working capital purposes and provides flexibility as the Company looks to lower the cost of its debt and improve its capital structure in 2025.
- On December 23, 2024, the Company announced that it closed the sale of its 100% interest in the Karita Gold Project ("Karita") and associated exploration assets in Guinea (together, the "Guinea Assets") for gross cash proceeds of $35.5 million. The sale of the Guinea Assets is part of the previously announced transactions with Managem (see news release dated December 20, 2022).
- During the second half of 2024, the Company delivered 75,000 ounces into the 2022 gold prepay arrangements (37,500 ounces in the fourth quarter), and a further 12,500 ounces during January 2025, reducing the outstanding balance of all prepay arrangements to 62,500 ounces as at January 31, 2025.
- On November 26, 2024, the Company received an updated credit rating from Standard and Poor’s which upgraded the corporate credit rating from B- to B with a stable outlook. On January 13, 2025, the Company received an updated credit rating from Moody's which upgraded the corporate credit rating from B3 to B2 with a stable outlook.
- On November 20, 2024, the Company consolidated corporate functions to better align with current asset base and initiated the closure of the Brossard office in Quebec.
- On February 3, 2025, Annie Torkia Lagacé joined as the Chief Legal and Strategy Officer to lead the Legal, Business Development, and External Affairs teams. As part of this strategic realignment, two long-tenured executives, Tim Bradburn, SVP, General Counsel and Corporate Secretary and Stephen Eddy, SVP, Business Development departed IAMGOLD.
Page | 3 of 47
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 December 31, 2024 (Q4 2024) and December 31, 2023 (Q4 2023) and the years ended December 31 for 2024, 2023 and 2022 and certain measures of the Company's financial ("discontinued operations") position as at December 31, 2023, and December 31, 2022. Financial results of Rosebel include the one-month period ended January 31, 2023, and twelve month period ended December 31, 2022, prior to the closing of the sale to Zijin.
| Q4 2024 | Q4 2023 | 2024 | 2023 2022 | ||
| Key Operating Statistics ($ millions from continuing operations) Gold production – attributable (000s oz) | |||||
| 177 | 136 | 667 | 465 499 | ||
| - Côté Gold1 | 62 | — 28 108 | 124 | — — 93 67 372 432 | |
| - Westwood | 35 | 134 | |||
| - Essakane | 80 | 409 | |||
| Gold sales – attributable (000s oz) | 177 | 136 | 654 | 462 506 | |
| - Côté Gold1 | 56 | — 29 107 | 111 | — — 90 66 372 440 | |
| - Westwood | 37 | 134 | |||
| - Essakane | 84 | 409 | |||
| Cost of sales2 ($/oz sold) – attributable | $ 1,298 | $ 1,201 | $ 1,156 | $ 1,291 | $ 1,041 |
| - Côté Gold1 | $ 1,083 | $ — | $ 1,035 | $ — | $ — |
| - Westwood | $ 1,155 | $ 1,446 | $ 1,177 | $ 1,600 | $ 2,093 |
| - Essakane | $ 1,504 | $ 1,134 | $ 1,182 | $ 1,216 | $ 882 |
| Cash costs3 ($/oz sold) – attributable | $ 1,294 | $ 1,197 | $ 1,152 | $ 1,261 | $ 1,052 |
| - Côté Gold1 | $ 1,080 | — | $ 1,032 | — $ 1,591 $ 1,181 | — |
| - Westwood | $ 1,148 | $ 1,434 | $ 1,167 | $ 2,068 | |
| - Essakane | $ 1,501 | $ 1,132 | $ 1,179 | $ 899 | |
| AISC3 ($/oz sold) – attributable | $ 1,949 | $ 1,735 | $ 1,716 | $ 1,783 | $ 1,508 |
| - Côté Gold1 | $ 1,685 | $ — | $ 1,658 | $ — $ 2,344 $ 1,521 | $ — |
| - Westwood | $ 1,688 | $ 2,049 | $ 1,702 | $ 2,568 | |
| - Essakane | $ 2,118 | $ 1,548 | $ 1,625 | $ 1,234 | |
| Average realized gold price3,4 ($/oz) | $ 2,525 | $ 2,005 | $ 2,330 | $ 1,955 | $ 1,721 |
| Key Operating Statistics ($ millions from Rosebel discontinued operation) Gold production – attributable (000s oz) Gold sales – attributable (000s oz) Cost of sales3 ($/oz sold) – attributable Cash costs3 ($/oz sold) – attributable AISC3 ($/oz sold) – attributable | 25 24 | ||||
| — | — — | — | 214 | ||
| — | — | 215 | |||
| $ — | $ — | $ — | $ 949 | $ 1,269 | |
| $ — | $ — | $ — | $ 949 | $ 1,243 | |
| $ — | $ — | $ — | $ 1,358 | $ 1,753 |
1. Attributable portion for Côté Gold is based on IAMGOLD’s ownership of 60.3% for the period of January to November 2024, increasing to 70% for December 2024. All-in sustaining cost for Côté Gold for 2024 represents the five-month period following achievement of commercial production.
2. Throughout this news release, cost of sales, excluding depreciation, is disclosed in the segment note in the consolidated 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 fourth quarter 2024, excluding the impact of the 2022 Prepay Arrangement (as defined below), was $2,664 per ounce and $2,414 per ounce for the year ended 2024.
Page | 4 of 47
| Q4 2024 | Q4 2023 | 2024 | 2023 2022 | ||
| Financial Results ($ millions from continuing operations) Revenues Gross profit EBITDA1 | |||||
| $ 469.9 | $ 297.6 | $ 1,633.0 | $ 987.1 | $ 958.8 | |
| $ 130.9 | $ 49.8 | $ 549.9 | $ 124.1 | $ 147.9 | |
| $ 259.5 | $ 70.2 | $ 1,323.0 | $ 381.0 | $ 300.4 | |
| - Continuing operations | $ 259.5 | $ 70.2 | $ 1,323.0 | $ 366.6 | $ 292.3 |
| - Discontinued operations | $ — | $ — | $ — | $ 14.4 | $ 8.1 |
| Adjusted EBITDA1 | $ 215.4 | $ 110.6 | $ 780.6 | $ 338.5 | $ 434.0 |
| - Continuing operations | $ 215.4 | $ 110.6 | $ 780.6 | $ 315.1 | $ 313.4 |
| - Discontinued operations | $ — | $ — | $ — | $ 23.4 | $ 120.6 |
| Net earnings (loss) attributable to equity holders | $ 86.2 | $ (9.4) | $ 819.6 | $ 94.3 | $ (70.1) |
| - Continuing operations | $ 86.2 | $ (9.4) | $ 819.6 | $ 88.7 | $ (55.5) |
| - Discontinued operations | $ — | $ — | $ — | $ 5.6 | $ (14.6) |
| Adjusted net earnings (loss) attributable to | |||||
| $ 57.2 | $ 26.8 | $ 296.0 | $ 59.3 | $ 22.7 | |
| equity holders1 | |||||
| - Continuing operations | $ 57.2 | $ 26.8 | $ 296.0 | $ 44.7 | $ (35.6) |
| - Discontinued operations | $ — | $ — | $ — | $ 14.6 | $ 58.3 |
| Net earnings (loss) per share attributable to equity holders – continuing operations Adjusted net earnings (loss) per share attributable to equity holders1 – continuing operations Net cash from operating activities before changes in working capital1 – continuing operations Net cash from operating activities | |||||
| $ 0.15 | $ (0.02) | $ 1.52 | $ 0.18 | $ (0.12) | |
| $ 0.10 | $ 0.06 | $ 0.55 | $ 0.09 | $ (0.07) | |
| $ 127.2 | $ 52.1 | $ 600.4 | $ 158.9 | $ 298.2 | |
| $ 102.6 | $ 69.9 | $ 486.0 | $ 159.4 | $ 408.7 | |
| - Continuing operations | $ 102.6 | $ 69.9 | $ 486.0 | $ 144.0 | $ 257.6 |
| - Discontinued operations | $ — | $ — | $ — | $ 15.4 | $ 151.1 |
| Mine-site free cash flow1 | $ 78.2 | $ 28.9 | $ 385.1 | $ 54.1 | $ 187.6 |
| - Continuing operations | $ 78.2 | $ 28.9 | $ 385.1 | $ 48.2 | $ 167.2 |
| - Discontinued operations | $ — | — | $ — | $ 5.9 | $ 20.4 |
| Capital expenditures1,2 – sustaining Capital expenditures1,2 – expansion | $ 93.6 | $ 68.6 | $ 290.8 | $ 200.3 | $ 190.4 |
| $ 7.4 | $ 166.1 | $ 196.1 | $ 656.8 | $ 540.3 | |
| December 31 | December 31 | December 31 | December 31 December 31 2023 2022 | ||
| 2024 | 2023 | 2024 | |||
| Financial Position ($ millions) Cash and cash equivalents Long-term debt | $ 367.1 $ 407.8 | ||||
| $ 347.5 | $ 367.1 | $ 347.5 | $ 407.8 | ||
| $ 1,028.9 | $ 830.8 | $ 1,028.9 | $ 830.8 | $ 918.7 | |
| Net cash (debt)1 | $ (859.3) | $ (649.5) | $ (859.3) | $ (649.5) | $ (605.6) |
| Available Credit Facility | $ 418.5 | $ 387.0 | $ 418.5 | $ 387.0 | $ 26.6 |
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, and exclude right-of-use assets and working capital impacts. Sustaining capital expenditures for Côté Gold for 2024 represent the five-month period following achievement of commercial production.
Page | 5 of 47
OUTLOOK
Production
| Full Year Guidance 2025 | ||
|---|---|---|
| Actual 2024 | ||
| Côté Gold (000s oz) Westwood (000s oz) Essakane (000s oz) | 124 | 250 – 280 |
| 134 | 125 – 140 | |
| 409 | 360 – 400 | |
| Total attributable production1 (000s oz) | 667 | 735 – 820 |
1. Attributable ounces account for IAMGOLD ownership interests of: Côté Gold – weighted average to account for the repurchase of the 9.7% interest effective November 30, 2024, returning IAMGOLD’s interest to 70%; Westwood – 100%; Essakane – 90%.
Total attributable production for IAMGOLD in 2025 is expected to be in the range of 735,000 to 820,000 ounces, an increase from 2024 production, driven by the ramp-up of Côté Gold to nameplate production later during 2025 and continued strong production levels from Essakane and Westwood. Production at Côté Gold in its first full year, on a 100% basis, is expected to be between 360,000 to 400,000 ounces for the year (250,000 to 280,000 ounces on an attributable basis). For further details, refer to the operations section of each mine below.
Costs
| Actual 2024 | Full Year Guidance 2025 | |
|---|---|---|
| Côté Gold | ||
| Cash costs ($/oz sold) AISC ($/oz sold) | $1,032 | $950 – $1,100 |
| $1,658 | $1,350 – $1,500 | |
| Westwood | ||
| Cash costs ($/oz sold) AISC ($/oz sold) | $1,167 | $1,175 – $1,325 |
| $1,702 | $1,675 – $1,825 | |
| Essakane | ||
| Cash costs ($/oz sold) AISC ($/oz sold) | $1,179 | $1,400 – $1,550 |
| $1,625 | $1,675 – $1,825 | |
| Consolidated | ||
| Cost of sales1 ($/oz sold) Cash costs1,2 ($/oz sold) AISC1,2 ($/oz sold) | $1,156 | $1,200 – $1,350 |
| $1,152 | $1,200 – $1,350 | |
| $1,716 | $1,625 – $1,800 |
1. Consists of Westwood and Essakane on an attributable basis of 100% and 90%, respectively. For Côté Gold, the attributable basis in 2024 is based on IAMGOLD’s ownership of 60.3% up to November 2024, thereafter, increasing to 70% for December 2024. 2024 all-in sustaining cost for Côté Gold represents the five-month period following achievement of commercial production. For 2025, the attributable basis for Côté Gold is 70% for all periods.
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 IAMGOLD are expected to be in the range of $1,625 and $1,800 per ounce sold, in line with last year as a result of the ramp up of Côté Gold and reduced capitalized waste stripping at Essakane.
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 Brent oil price of $75 per barrel and WTI price of $70 per barrel.
Page | 6 of 47
Capital Expenditures
| ($ millions) | Actual 20241 | Full Year Guidance 20252 | ||||
|---|---|---|---|---|---|---|
| Sustaining | Expansion | Total | Sustaining | Expansion | Total | |
| Côté Gold (IMG share) Westwood Essakane | $ 42.7 | $ 191.0 | $ 233.7 | $ 110 | $ 15 | $ 125 |
| $ 66.1 | $ — | $ 66.1 | $ 70 | $ — | $ 70 | |
| 180.4 | 5.1 | 185.5 | 110 | 5 | 115 | |
| Corporate | $ 289.2 | $ 196.1 | $ 485.3 | $ 290 | $ 20 | $ 310 |
| 1.6 | — | 1.6 | — | — | — | |
| Total3 | $ 290.8 | $ 196.1 | $ 486.9 | $ 290 | $ 20 | $ 310 |
1. 100% basis, for Westwood and Essakane, and reflects IAMGOLD’s proportionate 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 for IAMGOLD in 2025 are expected to total $310 million, of which $290 million is categorized as sustaining capital. Capital expenditures are down from the prior year, 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 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 2024 | Full Year Guidance 2025 | ||
|---|---|---|---|---|
| Capitalized | Expensed | Total | Capitalized Expensed Total | |
| Exploration projects – greenfield Exploration projects – brownfield | $ — $ 25 $ 25 11 2 13 | |||
| $ 1.0 | $ 16.5 | $ 17.5 | ||
| 6.5 | 2.4 | 8.9 | ||
| $ 7.5 | $ 18.9 | $ 26.4 | $ 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 as part of the Bambouk sales process. See "Bambouk Assets" for additional details.
Depreciation expense for 2025 is expected to be $450 million (±5%) with increased depreciation expense due to the increase in the value of depreciable property, plant and equipment following the completion of construction and commencement of commercial operations at Côté Gold and the impairment reversal at the Westwood cash generating unit ("CGU").
| ($ millions) | Full Year Guidance 2025 | |
|---|---|---|
| Actual 2024 | ||
| Depreciation expense Income taxes paid | $273.8 | $450 (±5%) |
| $55.4 | $120 – $130 |
Page | 7 of 47
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
The Company is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance practices, including its commitment to strive for the goal of Zero Harm®, in every aspect of its business.
Health and Safety
Health and safety is core to the Company’s pursuit of its Zero Harm® vision. Through various prevention programs, the Company continually promotes a wellness program and a safe work environment at its sites. The TRIFR (total recordable injuries frequency rate) was 0.63 as at December 31, 2024 (compared to 0.69 as at December 31, 2023), tracking below the Company's target of 0.66.
In the fourth quarter of 2024, teams from each operation participated in workshops to review and identify the Company’s health and safety leading and lagging indicators for 2025 with a continued focus on Critical Risk Management and Visible Felt Leadership.
Environmental
In 2024, the key environmental focus areas for the Company were water and biodiversity. In the fourth quarter 2024, the Company reached the final stages of the development of a water stewardship framework that takes a catchmentbased planning approach, to enhance its management capacities in this area and allow the Company to evaluate its impacts and contributions to regional watersheds. Part of this water stewardship framework included the development of a Water Management Standard and updating of the Water Policy. In 2024, the Company also expanded on the initial biodiversity assessment performed in 2022 to develop a more comprehensive roadmap to understand its dependencies and impacts on nature and evaluate the appropriateness of the Company reporting against the Taskforce on Nature-related Financial Disclosures. The Company also initiated decarbonization and energy management assessments of its sites, in support of the Company’s decarbonization aspirations.
At Essakane, the Falagountou Closure Plan was filed at the end of May 2024. The Closure Plan for the Essakane pit that was submitted in 2019 is currently being updated and the target timeline for the submission is the first quarter 2025. Essakane conducted a management review of its environmental management system. The site continued to run an environmental 'stop incident' campaign to educate and empower employees to recognize and respond to environmental risks. External audits were also performed on Tailings, Water and Health & Safety management systems at Essakane, in support of, but separate from the TSM audit.
At Westwood, external audits were performed on Tailings, Water and Health & Safety management systems. The 2021 Westwood Closure Plan was approved on June 11, 2024, and the Doyon Closure Plan was approved on July 3, 2024, by the Quebec Ministry of Natural Resources and Forestry. Westwood continues to pilot water recycling projects to reduce water withdrawal from the Bousquet River.
Côté Gold submitted its Phase 1 Environmental Effects Monitoring Report to Environment and Climate Change Canada. Côté Gold submitted its greenhouse gas emissions report for 2023 to Ontario’s Emissions Performance Standard Program, which required reasonable assurance under ISO 14064 in September 2024.
As of December 31, 2024, there were zero environmental significant incidents.
Social Performance
In 2024, the Company reviewed its approach to community investment and initiated the development of a Community Investment Strategy. In the fourth quarter 2024, the Company began the implementation of a new Community Investment Standard that provides guidance on investments that aligns with the Company's community investment focus areas. Each operation continues to engage with their communities of interest and support community investment initiatives. At Essakane, key engagements and activities included discussions on economic, social, security, and resettlement topics, engagements with stakeholders as part of the Essakane Closure Plan and monitoring of artisanal miners. The Company continues to address legacy issues from the original Relocation Action
Page | 8 of 47
Plan ("RAP 1") with the rebuilding of select houses. The Company is expected to complete all rebuilding efforts associated with RAP 1 within a three-year time period.
During the fourth quarter 2024, IAMGOLD entered into a partnership agreement with Project CURE to deliver two 40foot cargo containers of medical supplies to seven health centres in the Dori and Gorom-Gorom medical districts in 2025.
Throughout the fourth quarter 2024, Côté Gold hosted: Mattagami First Nation, academic institutions and the Federal Economic Development Agency for Northern Ontario (“FedNor”) for tours of the site to share information about the mine and IAMGOLD’s approach to responsible mining. IAMGOLD and Côté Gold representatives participated in the Organization for Economic Co-operation and Development (“OECD”) Mining Regions and Cities Conference in Sudbury.
At Westwood, the team continued to meet with Abitibiwinni First Nation related to the development of an Impact Benefit Agreement.
Indigenous Relations
As a Canadian business committed to responding to the Truth and Reconciliation Commission of Canada’s Calls to Action, the Company continues to take meaningful action towards reconciliation by respecting and upholding Indigenous rights, founded upon relationships that foster trust, transparency and mutual respect. In support of this commitment, during the fourth quarter we hosted an educational workshop in our Toronto office focused on the historical and current context of Indigenous relations in Canada.
Page | 9 of 47
Côté Gold Mine (IAMGOLD interest – 60.3% from January to November, 70% for December) | Ontario, Canada
| Q4 2024 | 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% Average realized gold price2,3 ($/oz) | |||
| 3,637 | 10,849 | ||
| 1.07 | 0.97 | ||
| 4,765 | 16,666 | ||
| 2,445 | 11,821 | ||
| 10,847 | 39,336 | ||
| 2.0 | 2.6 | ||
| 2,433 | 4,948 | ||
| 1.34 | 1.37 | ||
| 91 | 92 | ||
| 96 | 199 | ||
| 62 | 124 | ||
| 87 | 179 | ||
| $ 2,644 | $ 2,555 | ||
| 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 | |||
| $ 147.9 | $ 284.3 | ||
| 60.6 | 115.0 | ||
| 52.8 | 107.2 | ||
| (2.1) | (9.6) | ||
| 9.9 | 17.4 | ||
| 60.4 | 114.7 | ||
| 25.6 | 42.7 | ||
| 5.4 | 191.0 | ||
| 31.0 | 233.7 | ||
| 44.2 | 105.6 | ||
| 16.9 | 40.2 | ||
| Unit costs per tonne2 Mine costs per operating tonne mined Mill costs per tonne milled2 G&A costs per tonne milled2 | |||
| $ 4.19 | $ 3.90 | ||
| $ 17.59 | $ 17.32 | ||
| $ 7.35 | $ 8.49 | ||
| Operating costs per ounce7 Cost of sales excluding depreciation ($/oz sold) Cash costs2 ($/oz sold) | |||
| $ 1,083 | $ 1,035 | ||
| $ 1,080 | $ 1,032 | ||
| AISC2,7 ($/oz sold) | $ 1,685 | $ 1,658 | |
| 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 realized gold price excludes the impact of gold delivered into prepayment arrangements. 4. As per note 35 of the consolidated financial statements for revenues and cost of sales. Cost of sales is net of depreciation expense. 5. Includes 7.5% net profit interest payment. | |||
| 4. As per note 35 of the consolidated 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 represents the five-month period following achievement of commercial production on Augus | |||
| 1, 2024, and excludes working capital adjustments. 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 | 10 of 47
Attributable gold production was 124,000 ounces (199,000 ounces on a 100% basis) in the first nine months of operations as the plant poured first gold on March 31, 2024, achieved commercial production on August 1, 2024, and completed a comprehensive mill shutdown in September to deploy key improvements to stabilize the crushing circuit and attend to areas of high wear in the plant. Attributable production in the fourth quarter 2024 was 62,000 ounces (96,000 ounces on a 100% basis), higher by 21,000 than the third quarter 2024. In November and December, Côté produced 37,000 ounces (100% basis) each month.
Mining activity totaled 10.8 million tonnes in the fourth quarter 2024, an increase over the prior quarter and ore tonnes mined increased to 3.6 million tonnes during the period with an associated decrease in the strip ratio to 2.0:1 waste to ore. During the fourth quarter, three additional CAT 793 autonomous haul trucks were commissioned, for a total of 21 in the haulage fleet. During December, mining activities demonstrated the ability to mine at sustainable rates of 150,000 tpd over a weekly period. The average grade of mined ore was 1.07 g/t in the fourth quarter 2024, in line with the mine plan. The reconciliation between the grade control and reserve models continues in line with expected tolerances.
Mill throughput in the fourth quarter 2024 totaled 2.4 million tonnes, approximately 49% higher than the throughput of the prior quarter. Head grades of 1.34 g/t were in line with the mine plan, which requires feed material from a combination of higher grade direct-feed ore and higher-grade stockpiles. Recoveries in the plant averaged 91% in the quarter.
The target is to achieve the steady-state nameplate throughput rate of 36,000 tpd in the fourth quarter of 2025. In December, the plant operated at an average of 87% of the designed throughput level over a two-week period, prior to an unscheduled shutdown due to a split in a conveyor belt associated with ramp-up wear and tear. Repairs were made to the belts and replacement with a modified design was completed in January 2025. When online in December, the plant averaged 1,593 tph, or effectively 106% of nameplate, with a record daily throughput of 42,635 tonnes per day.
Subsequent to quarter end, 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 is expected to be lower in the first quarter as a result of the impact of the timing of these maintenance issues, while operating guidance has been maintained (as discussed below).
Financial Performance (attributable basis)
For accounting purposes, revenue and cost of sales were recognized at 60.3% from the commencement of the first sale in April 2024 up to the repurchase of the 9.7% Transferred Interest from Sumitomo on November 30, 2024. Revenue and cost of sales were recognized in accordance with IAMGOLD's increased ownership level of 70% during December.
Production costs of $52.8 million were incurred during the three months ended December 31, 2024, and $107.2 million incurred for the full year. Production cost for the full year is net of $33.9 million of operating expenditures incurred in the period preceding the achievement of commercial production on August 1, which relates to milling and surface operating costs that have been capitalized during commissioning and ramp-up efforts in advance of achieving commercial production.
- Mining cost was $4.19 and $3.90 per tonne mined during the three and twelve months ended December 31, 2024, respectively. Costs are higher than planned due to higher than planned rehandling of ore to achieve the required segregation of high grade material, higher maintenance costs on the drill rigs to improve availability and higher one-time contractor costs to support the ramp-up of the mine.
- Mill cost was $17.59 and $17.32 per tonne milled during the three and nine months ended December 31, 2024, respectively. Unit costs remain high as the average throughput during the quarter was below nameplate capacity
Page | 11 of 47
while the mill is in the process of ramping up and due to the shutdown in the third quarter. Costs were also higher due to the deployment of key optimizations to improve the operating availability of the plant. Unit costs are expected to decrease as throughput increases and costs stabilize.
- G&A cost was $7.35 and $8.49 per tonne milled during the three and nine months ended December 31, 2024, respectively. Unit costs decreased during the quarter but remain higher than expected as the average throughput during the quarter was below nameplate capacity as the mill is in the process of ramping up as described above. Unit costs are expected to further decrease as throughput increases.
Cost of sales, excluding depreciation, during the three and nine months ended December 31, 2024, totaled $60.6 million and $115.0 million, respectively, and is net of $2.1 million and $9.6 million, respectively, of the production cost related to the in-circuit inventory that was built up during the period and is recorded in inventory as finished goods. Cost of sales includes $9.9 million and $17.4 million of royalties for the three and nine months ended December 31, 2024, respectively.
Cost of sales per ounce sold, excluding depreciation, was $1,083 and $1,035 for the three and nine months ended December 31, 2024, respectively.
Cash costs during the three and nine months ended December 31, 2024, totaled $60.4 million and $114.7 million, respectively. Cash cost per ounce sold during the three and nine months ended December 31, 2024, was $1,080 and $1,032, respectively. Cash costs exclude production costs that have been capitalized during commissioning and rampup efforts in advance of achieving commercial production.
AISC per ounce sold was $1,685 and $1,658 for the quarter and five months following the achievement of commercial production, respectively, with the sustaining capital expenditures totaling $33.3 million and $47.0 million that includes capitalized waste stripping and projects which are sustaining in nature in line with World Gold Council guidance. Included in sustaining capital and AISC is approximately $6.5 million for the quarter ($116 per ounce sold) and $13.0 million for the five months in the period ($154 per ounce sold), respectively, in support of the construction of the full tailings dam footprint to support the life of mine; excluding this non-recurrent capital item, AISC per ounce sold was $1,569 for the quarter and $1,504 for the five months in the period following the achievement of commercial production.
Project and capital expenditures, on an 100% and incurred basis, of $48.0 million in the fourth quarter 2024 ($382.1 million for 2024), includes:
- Capital expenditures related to operations for the fourth quarter 2024 were $48.0 million ($139.8 million for 2024), including $8.3 million of capitalized stripping ($44.8 million for 2024), $12.1 million of tailings and earthworks ($49.8 million for 2024), $1.9 million of mobile equipment ($4.1 million for 2024) and $25.7 million of capital projects related to operation improvements and ramp-up ($41.1 million for 2024).
- There were no project expenditures incurred in the fourth quarter. For the year, project expenditures totaled $186.1 million, including $151.7 million prior to the first gold pour on March 31, 2024, and $34.4 million following first gold to support the completion of commissioning and certain scopes of non-critical path earthwork and infrastructure.
- In addition to the project expenditures, approximately $56.3 million of operating expenditures related to milling and surface costs in support of the commissioning and ramp-up efforts were capitalized during the period preceding the achievement of commercial production on August 1, 2024.
- Total capital expenditures paid during the quarter, on an attributable basis, were $41.1 million ($258.5 million for 2024), which includes, on an attributable basis, the $31.0 million of sustaining and expansion capital expenditures incurred in the fourth quarter 2024 ($233.7 million for 2024) and working capital adjustments and long-term advances of $10.1 million ($24.8 million for 2024) (see “Non-GAAP Financial Measures – Sustaining and Expansion Capital Expenditures”).
Page | 12 of 47