Iamgold Reports First Quarter 2025 Results
TSX: IMG NYSE: IAG NEWS RELEASE
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 price 1 of $2,731 per
ounce for the quarter.
• Cost of sales per ounce sold was $1,465, cash cost 1 per ounce sold was $1,459 and all-in-sustaining cost 1
("AISC")1 per ounce sold was $1,908.
• Net earnings and adjusted net earnings per share attributable to equity holders 1 for the first quarter of $0.07
and $0.10, respectively.
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• 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 stockpiles 1, 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 liquidity 1 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 $428.5 million as at
March 31, 2025.
• In health and safety , the Company reported a TRIFR (total recordable injuries frequency rate) of 0.67, tracking
slightly above the prior year performance.
Corporate
• During the first quarter of 2025, the Company delivered 37,500 ounces into the 2024 gold prepay arrangements
and a further 12,500 ounces during April 2025, reducing the outstanding balance of remaining prepay
arrangements to 25,000 ounces as at April 30, 2025. Deliveries into the gold prepayment arrangement will be
complete by the end of the second quarter 2025.
• On March 21, 2025, the Company received an updated credit rating from Fitch which upgraded the corporate
credit rating from B- to B+ with a stable outlook.
• On February 3, 2025, Annie Torkia Lagacé joined IAMGOLD as Chief Legal and Strategy Officer, and as part of
this strategic realignment, Tim Bradburn, SVP, General Counsel and Corporate Secretary and Stephen Eddy,
SVP, Business Development departed IAMGOLD.
• On February 20, 2025, Dorena Quinn was appointed as Chief People Officer, having joined the Company in 2018
and most recently serving as Senior Vice President, People.
• On May 6, 2025, the Company released its 2024 Sustainability Report. The report draws upon various ESG
frameworks and standards and internationally recognized methodologies such as the Global Reporting Initiative
(“GRI”) and Sustainability Accounting Standards Board (“SASB”).
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QUARTERLY REVIEW
For more details and the Company's overall outlook for 2025, see “Outlook”, and for individual mines performance,
see “Operations”. The following table summarizes certain operating and financial results for the three months ended
March 31, 2025 (Q1 2025) and March 31, 2024 (Q1 2024) and certain measures of the Company's financial position
as at December 31, 2024.
Q1 2025 Q1 2024
Key Operating Statistics
($ millions)
Gold production – attributable (000s oz) 161 151
- Côté Gold1 51 1
- Westwood 24 32
- Essakane 86 118
Gold sales – attributable (000s oz) 165 150
- Côté Gold1 52 —
- Westwood 27 33
- Essakane 86 117
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 int erim 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 $ 477.1 $ 338.9
Gross profit $ 141.2 $ 105.7
EBITDA1 $ 195.2 $ 154.1
Adjusted EBITDA1 $ 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 $ 0.07 $ 0.11
Adjusted net earnings (loss) per share attributable to equity holders1 $ 0.10 $ 0.11
Net cash from operating activities before changes in working capital1 $ 104.9 $ 142.8
Net cash from operating activities $ 74.3 $ 77.1
Mine-site free cash flow1 $ 139.6 $ 46.2
Capital expenditures1,2 – sustaining $ 61.7 $ 55.1
Capital expenditures1,2 – expansion $ 5.3 $ 115.2
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March 31 December 31
2025 2024
Financial Position ($ millions)
Cash and cash equivalents $ 316.6 $ 347.5
Long-term debt $ 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 explorati on and evaluation assets, and
exclude right-of-use assets and working capital impacts.
OUTLOOK
Production (000 oz)
Actual Q1 2025 Full Year Guidance 2025
Côté Gold – (70%) 51 250 – 280
Westwood – (100%) 24 125 – 140
Essakane – (90%) 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) $1,260 $950 – $1,100
AISC ($/oz sold) $1,643 $1,350 – $1,500
Westwood
Cash costs ($/oz sold) $1,527 $1,175 – $1,325
AISC ($/oz sold) $2,124 $1,675 – $1,825
Essakane
Cash costs ($/oz sold) $1,557 $1,400 – $1,550
AISC ($/oz sold) $1,846 $1,675 – $1,825
Consolidated
Cost of sales1 ($/oz sold) $1,465 $1,200 – $1,350
Cash costs1,2 ($/oz sold) $1,459 $1,200 – $1,350
AISC1,2 ($/oz sold) $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
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Brent oil price of $75 per barrel and WTI price of $70 per barrel. For expected impacts from fluctuation in these
assumptions, refer to the Sensitivity Impact table included in the Financial Condition section.
Capital Expenditures
Actual Q1 20251 Full Year Guidance 20252
($ millions) Sustaining Expansion Total Sustaining Expansion Total
Côté Gold (IMG share) $ 18.2 $ 3.1 $ 21.3 $ 110 $ 15 $ 125
Westwood $ 15.1 $ — $ 15.1 $ 70 $ — $ 70
Essakane 27.9 2.2 30.1 110 5 115
$ 61.2 $ 5.3 $ 66.5 $ 290 $ 20 $ 310
Corporate 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 $6 million.
Actual Q1 2025 Full Year Guidance 2025
($ millions) Capitalized Expensed Total Capitalized Expensed Total
Exploration projects – greenfield $ 0.2 $ 5.5 $ 5.7 $ — $ 25 $ 25
Exploration projects – brownfield 1.9 0.6 2.5 11 2 13
$ 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) Actual Q1 2025 Full Year Guidance 2025
Depreciation expense $79.7 $450 (±5%)
Income taxes paid $15.2 $120 – $130
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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 C ompany 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$2.5 million fund will allow the
university to support initiatives that will drive innovation in education and research at the university, fostering greater
engagement with the university and providing solutions to the mining industry.
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OPERATIONS
Côté Gold Mine (IAMGOLD interest – 70% for Q1 2025, 60.3% for Q1 2024) | Ontario, Canada
Q1 2025 Q1 2024
Key Operating Statistics (100% basis, unless otherwise stated)
Ore mined (000s t) 3,115 1,944
Grade mined (g/t) 0.78 0.72
Operating waste mined (000s t) 5,667 3,208
Capital waste mined (000s t) 1,973 2,445
Material mined (000s t) – total 10,755 7,597
Strip ratio1 2.5 2.9
Ore milled (000s t) 2,097 48
Head grade (g/t) 1.17 0.81
Recovery (%) 93 80
Gold production (000s oz) – 100% 73 1
Gold production (000s oz) – attributable 51 1
Gold sales (000s oz) – 100% 74 —
Gold sales (000s oz) – attributable 52 —
Average realized gold price2,3 ($/oz) $ 2,925 $ —
Financial Results ($ millions – attributable interest)
Revenues4 $ 151.2 $ —
Cost of sales4 65.2 —
Production costs 56.4 0.8
(Increase)/decrease in finished goods (0.8) (0.8)
Royalties5 9.6 —
Cash costs2 65.1 —
Sustaining capital expenditures2,6 18.2 —
Expansion capital expenditures2,6 3.1 118.8
Total sustaining and expansion capital expenditures2,6 21.3 118.8
Earnings from operations 49.7 —
Mine site free cash flow2 57.6 —
Unit costs per tonne2
Mine costs per operating tonne mined $ 3.49 $ 3.33
Mill costs per tonne milled2 $ 20.18 $ —
G&A costs per tonne milled2 $ 8.89 $ —
Operating costs per ounce7
Cost of sales excluding depreciation ($/oz sold) $ 1,264 $ —
Cash costs2 ($/oz sold) $ 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 arrang ements.
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 round ing.
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Operations
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.