IAMGOLD(IAG)
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IAMGOLD(IAG) - 2023 Q2 - Earnings Call Presentation
2023-08-11 18:00
Financial Performance & Liquidity - IAMGOLD's Q2 2023 revenues were $238.8 million compared to $232.1 million in Q2 2022[129] - The company had cash and cash equivalents of $747.7 million as of June 30, 2023, and total liquidity of $1.2 billion[52, 129] - A $400 million second lien secured term loan was announced to improve financial flexibility and liquidity[52] - Mine-site free cash flow was $14.6 million in Q2 2023, compared to $36.4 million in Q2 2022[4, 129] Operations - Attributable gold production in Q2 2023 was 107,000 ounces[39, 52] - Essakane produced 88,000 ounces in Q2 2023[67, 73] - Westwood produced 19,000 ounces in Q2 2023[2, 85] - Cash costs for continuing operations were $1,372 per ounce sold in Q2 2023[40] - All-in sustaining costs (AISC) for continuing operations were $1,912 per ounce sold in Q2 2023[38, 69] Côté Gold Project - The Côté Gold project was approximately 86% complete and on track for production early next year[38] - The estimated cost to complete Côté Gold (at 100% basis) is $665 to $735 million, in line with the planned total expenditure of $2.965 billion[52] - IAMGOLD's estimated remaining funding requirement for Côté Gold is $425 to $475 million (adjusted for 60.3% interest, leases, and working capital adjustments)[52, 118] - Incurred project expenditures of $270.1 million (at 100%) or $189.1 million (at 70%) in Q2 2023[137]
IAMGOLD(IAG) - 2023 Q2 - Earnings Call Transcript
2023-08-11 18:00
Financial Data and Key Metrics Changes - The company reported attributable gold production of 107,000 ounces in Q2, contributing to a year-to-date total of 220,000 ounces, aligning with the production guidance target of 410,000 to 470,000 ounces for the year [16][31] - Cash costs increased to $1,372 per ounce sold, with all-in sustaining costs at $1,912 per ounce, primarily due to higher supply costs and increased rehabilitation costs at Westwood [17] - Revenue from continuing operations totaled $238.8 million from sales of 111,000 ounces at an average realized price of $1,973 per ounce [53] Business Line Data and Key Metrics Changes - At Essakane, Q2 attributable gold production was 88,000 ounces, with year-to-date production at 180,000 ounces. Mining activities totaled 13.5 million tonnes, a significant increase quarter-over-quarter [18] - Westwood produced 19,000 ounces in the quarter and 40,000 ounces year-to-date, with expectations to meet guidance of 78,000 to 90,000 ounces for the year [2][5] - Mill throughput at Essakane was 3.1 million tonnes with an average head grade of 1.11 grams per tonne, a 42% increase from Q1 [19] Market Data and Key Metrics Changes - The company is experiencing inflationary pressures affecting costs, particularly in fuel and consumables, which have impacted overall operating costs [20][76] - The security situation in Burkina Faso remains a concern, but the company has successfully managed to repatriate funds, receiving a dividend of $120 million from Essakane [42][124] Company Strategy and Development Direction - The company aims to become a high-margin intermediate gold producer with a strong operating base in Canada, focusing on ramping up Côté Gold and improving margins at Essakane and Westwood [12][14] - A life of mine update for Essakane is planned for Q4 2023, which will assess the stockpile material and outline future capital plans [1] - The company is increasing sustaining capital expenditure guidance for Westwood by $35 million to support ongoing underground development [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational improvements at Westwood and the potential for increased production and lower costs in the second half of the year [5][12] - The company is focused on achieving a steady ramp-up of operations at Côté Gold, with expectations for first gold pours in early 2024 [12][114] - Management acknowledged the challenges posed by inflation and security issues but emphasized the resilience of the operations and the strategic focus on safety and efficiency [31][92] Other Important Information - The Côté Gold project is approximately 86% complete, with significant progress made in construction and operational readiness [10][24] - The company has secured a $400 million term loan to support capital requirements for Côté Gold, improving financial flexibility [43] Q&A Session Summary Question: What is the long-term vision for IAMGOLD, particularly regarding geographic focus? - Management indicated a focus on building a strong Canadian platform while continuing to operate safely in Burkina Faso [91] Question: Will the life of mine for Essakane be reduced due to changes in mining plans? - Management stated that there is no expectation of a reduction in the life of mine, emphasizing the team's efforts to replace mined ounces [82] Question: What is the expected production range for Westwood in the near future? - Management expressed confidence that Westwood could produce between 125,000 to 150,000 ounces at improved margins, focusing on quality over quantity [84] Question: When will the technical study for Gosselin be released? - Management noted that drilling at Gosselin is ongoing, with results expected in early Q4, and emphasized the importance of expanding the mineralized envelope [49] Question: What measures are being taken to mitigate security risks in Burkina Faso? - The company is increasing inventory levels on-site and has successfully managed to repatriate funds, ensuring operational continuity [124]
IAMGOLD(IAG) - 2023 Q1 - Earnings Call Transcript
2023-05-12 18:35
IAMGOLD Corporation (NYSE:IAG) Q1 2023 Results Conference Call May 12, 2023 9:30 AM ET Company Participants Graeme Jennings - Vice President, of Investor Relations and Corporate Communications Renaud Adams - President and CEO Jerzy Orzechowski - Executive Project Director Maarten Theunissen - Interim Chief Financial Officer Conference Call Participants Mike Parkin - National Bank Anita Soni - CIBC World Markets Farooq Hamed - Raymond James Jackie Przybylowski - BMO Capital Markets Tanya Jakusconek - Scotiab ...
IAMGOLD(IAG) - 2023 Q1 - Quarterly Report
2023-04-11 22:58
TSX: IMG NYSE: IAG NEWS RELEASE About IAMGOLD IAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa. The Company is building the large-scale, long life Côté Gold project in Canada in partnership with Sumitomo Metals & Mining of Japan, which is expected to commence production in early 2024. In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts in the A ...
IAMGOLD(IAG) - 2022 Q4 - Annual Report
2023-03-28 01:31
[Regulatory Filings Announcement](index=1&type=section&id=Regulatory%20Filings%20Announcement) IAMGOLD filed its Form 40-F report with U.S. and Canadian authorities, making documents accessible online and via hard copies [Filing Details and Availability](index=1&type=section&id=Filing%20Details%20and%20Availability) IAMGOLD filed its Form 40-F, including 2022 financial statements and AIF, with U.S. and Canadian regulators, making documents available online and as hard copies upon request - **IAMGOLD** filed its **Form 40-F** report, comprising **2022** annual audited financial statements, MD&A, and AIF, with the U.S. SEC (EDGAR) and Canadian securities regulatory authorities (SEDAR) on **March 27, 2023**[1](index=1&type=chunk)[2](index=2&type=chunk) - Filings are also available on the company's website (**www.iamgold.com**), and hard copies of financial statements are available to shareholders **free of charge** upon written request[3](index=3&type=chunk) [Company Overview](index=1&type=section&id=Company%20Overview) IAMGOLD is a Canadian intermediate gold producer operating globally, developing key projects, committed to ESG, and listed on major stock exchanges [Business Description and Operations](index=1&type=section&id=Business%20Description%20and%20Operations) IAMGOLD is a Canada-based intermediate gold producer and developer with active mining operations in North America and West Africa, employing approximately 3,300 people - **IAMGOLD** is an **intermediate gold producer** and developer based in **Canada**[4](index=4&type=chunk) - The company operates mines in **North America** and **West Africa**[4](index=4&type=chunk) - **IAMGOLD** employs approximately **3,300 people**[4](index=4&type=chunk) [Key Projects and Development](index=1&type=section&id=Key%20Projects%20and%20Development) The company is currently constructing the large-scale Côté Gold project in Canada, a joint venture with Sumitomo Metals & Mining of Japan, anticipated to begin production in early 2024, while maintaining a portfolio of early-stage and advanced exploration projects across high-potential mining districts in the Americas - **IAMGOLD** is building the large-scale, long-life **Côté Gold project** in **Canada** in partnership with **Sumitomo Metals & Mining of Japan**[4](index=4&type=chunk) - The **Côté Gold project** is expected to commence production in **early 2024**[4](index=4&type=chunk) - The company has an established portfolio of early-stage and advanced **exploration projects** within high potential mining districts in the **Americas**[4](index=4&type=chunk) [ESG and Corporate Responsibility](index=1&type=section&id=ESG%20and%20Corporate%20Responsibility) IAMGOLD is committed to maintaining a culture of accountable mining through high standards of Environmental, Social, and Governance (ESG) practices, including its Zero Harm® commitment, and is part of the Jantzi Social Index - **IAMGOLD** is committed to maintaining its culture of **accountable mining** through high standards of **Environmental, Social and Governance ("ESG") practices**[4](index=4&type=chunk) - The company's commitment includes **Zero Harm®** in every aspect of its business[4](index=4&type=chunk) - **IAMGOLD** is one of the companies on the **Jantzi Social Index ("JSI")**, which includes companies passing broadly based environmental, social, and governance rating criteria[4](index=4&type=chunk) [Stock Exchange Listings](index=1&type=section&id=Stock%20Exchange%20Listings) IAMGOLD Corporation is publicly traded on both the New York Stock Exchange (NYSE) under the ticker IAG and the Toronto Stock Exchange (TSX) under the ticker IMG - **IAMGOLD** is listed on the **New York Stock Exchange (NYSE:IAG)**[4](index=4&type=chunk) - **IAMGOLD** is listed on the **Toronto Stock Exchange (TSX:IMG)**[4](index=4&type=chunk) [Investor Relations Contact](index=1&type=section&id=Investor%20Relations%20Contact) Graeme Jennings serves as IAMGOLD's VP of Investor Relations, with contact details provided for inquiries [Contact Information](index=1&type=section&id=Contact%20Information) Graeme Jennings serves as the Vice President of Investor Relations for IAMGOLD, providing contact details including phone numbers and email for investor inquiries - **Graeme Jennings** is the **Vice President, Investor Relations**[5](index=5&type=chunk) - Contact information includes Tel: **416 360 4743**, Mobile: **416 388 6883**, Toll-free: **1 888 464 9999**, and email: **info@iamgold.com**[5](index=5&type=chunk)
IAMGOLD(IAG) - 2022 Q4 - Earnings Call Presentation
2023-02-17 16:52
Financial Performance - Gold revenues reached $958.8 million, including $207.2 million in Q4 2022, stemming from sales of 555,000 ounces[9] - Adjusted EBITDA was $313.4 million, with $38.9 million in Q4 2022[9] - The company faced an adjusted net loss of $35.6 million, or $0.07 per share[9] - Mine site free cash flow amounted to $167.2 million, with a deficit of $21.9 million in Q4 2022[9] Liquidity and Funding - Total liquidity as of December 31, 2022, stood at $434.4 million, encompassing $407.8 million in cash and equivalents[14] - The company completed the sale of Rosebel/Saramacca to Zijin Mining on January 31, 2023, receiving $371.5 million[14] - An agreement was reached to sell Bambouk assets for $282 million pre-tax in cash to Managem, expected to close in Q2/Q3 2023[14] - A funding agreement with Sumitomo Metal Mining (SMM) provides up to $340 million, potentially revising JV interests to approximately 60% IAMGOLD and 40% SMM[19] Côté Gold Project - The Côté Gold project is approximately 73% complete[50] - Estimated remaining funding to complete the project for IAMGOLD as of December 31, 2022, was $460 - $535 million, accounting for the SMM funding agreement[50] - $185.6 million was incurred in Q4 2022 for the project[45] Mineral Reserves and Resources - Total gold mineral reserves as of December 31, 2022, were 14981 thousand ounces[26] - Total Measured and Indicated gold Mineral Resources were 30764 thousand ounces[32] - Total Inferred gold Mineral Resources were 12330 thousand ounces[32]
IAMGOLD(IAG) - 2022 Q4 - Earnings Call Transcript
2023-02-17 16:51
Financial Data and Key Metrics Changes - The company achieved revenue from continuing operations of $958.8 million, with sales of 555,000 ounces at an average realized price of $1,721 per ounce [21] - Net cash used in investing activities totaled $891.9 million, with $761.2 million attributed to continuing operations [22] - The company ended the quarter with approximately $408 million in cash and cash equivalents [48] Business Line Data and Key Metrics Changes - IAMGOLD produced 713,000 ounces of attributable gold in 2022, exceeding guidance of 650,000 to 700,000 ounces, driven by record production at Essakane [5][12] - Essakane produced 480,000 ounces of gold in 2022, marking its best year since operations began [6] - Westwood's gold production was 18,000 ounces in the fourth quarter, with expectations to produce between 70,000 to 90,000 ounces in 2023 [16] Market Data and Key Metrics Changes - Cash costs for 2023 are expected to be between $1,125 and $1,175 per ounce sold, reflecting a return to reserve grades at Essakane and elevated pricing for consumables [39] - All-in sustaining costs are projected to be in the range of $1,625 to $1,700 per ounce sold [14] Company Strategy and Development Direction - The company is focused on funding the construction of the Côté Gold project, which is over 70% complete and expected to reach initial production in early 2024 [12][44] - IAMGOLD is prioritizing capital allocation on key jurisdictions and value-accretive assets to enhance stakeholder value [37] - The company will not pursue the heap leach expansion and will instead focus on processing low-grade stockpiles through the CIL circuit [41] Management Comments on Operating Environment and Future Outlook - The security situation in Burkina Faso has deteriorated, impacting logistics and operations, but the company is taking proactive measures to ensure safety [40] - Management expressed optimism about the Côté Gold project, highlighting significant progress and the potential for it to become Canada's third-largest gold mine by production [44][45] Other Important Information - IAMGOLD completed strategic transactions that provided over $900 million in liquidity, enabling the company to meet funding requirements for Côté Gold [23] - The company has been recognized for its sustainability efforts, ranking fifth among sector peers by Moody's ESG solutions [13] Q&A Session Summary Question: Is the heap leach material currently included in reserves and resources? - Management clarified that the heap leach material is not included in reserves or resources and will provide more clarity in a new technical report by midyear [26][29] Question: What is the expected mine life given the halt on heap leach expansion? - Management indicated that the mine life could stand around 2026-2027, pending further drilling data and resource model updates [30] Question: What is the current cash position? - Management confirmed that pro forma cash, assuming receipt of funds from Boto and South America, is roughly $1 billion [31][54] Question: What is the situation in Burkina Faso regarding security and operations? - Management acknowledged the deteriorating security situation but emphasized ongoing investments in safety and infrastructure [40][63]
IAMGOLD(IAG) - 2022 Q3 - Earnings Call Transcript
2022-11-09 15:54
Financial Data and Key Metrics Changes - IAMGOLD reported gold revenues of $343 million for Q3 2022, with a year-to-date total exceeding $1 billion [19] - Adjusted EBITDA for the quarter was $103 million, while the year-to-date adjusted EBITDA reached $350.6 million [20] - The company reported a net loss of $129.1 million for Q3, with an adjusted net loss of $13.7 million or $0.03 per share [21] - Cash costs were $1,126 per ounce sold, and all-in sustaining costs were $1,559 per ounce sold [14] Business Line Data and Key Metrics Changes - Essakane achieved its highest quarterly production ever, reporting 115,000 ounces, with increased mining activity and mill throughput [27][28] - Rosebel produced 50,000 ounces in Q3, marking the fifth consecutive quarter of increased production, with a roadmap to return to over 300,000 ounces by 2025 [32][34] - Westwood's production was 19,000 ounces, with improvements expected in Q4 [36][38] - Côté Gold project is 64.2% complete, with an estimated remaining spend of $1 billion to $1.1 billion [40][41] Market Data and Key Metrics Changes - The average realized sales price for gold in Q3 was $1,690 per ounce, influenced by a prepay arrangement [19] - The company has an 80% hedge ratio on WTI and a 71% ratio on Brent contracts, insulating against rising costs [17] Company Strategy and Development Direction - IAMGOLD aims to be a leading high-margin gold producer, focusing on operational improvements and safety [11][12] - The company is actively pursuing various alternatives to increase liquidity and capital resources, including the sale of exploration assets [26] - A strategic review of development and exploration assets in West Africa is ongoing [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in addressing near-term challenges and maintaining the updated schedule for Côté Gold's initial production in early 2024 [11] - Inflationary pressures have stabilized, with no further increases in costs observed in Q3 [51] - The company is cautious about the potential impacts of external factors such as COVID-19 and geopolitical events on project timelines [44] Other Important Information - The company ended Q3 with approximately $536 million in cash and cash equivalents, translating to about $637 million in total liquidity [23][24] - The sale of the Rosebel Mine Complex to Zijin Mining for $360 million is expected to close in Q1 2023 [34] Q&A Session Summary Question: Are inflationary pressures easing? - Management noted that costs have plateaued but remain elevated, particularly in diesel and consumables [51][52] Question: What is happening with the reserves at Essakane? - Positive reconciliation at Essakane is linked to higher-grade mineralization, with no changes expected to the grade [57] Question: Will the company achieve full funding by year-end? - Management confirmed that they expect to communicate funding solutions to the market before year-end [64] Question: What is the status of the Rosebel sale? - There are no concerns regarding the closing of the Rosebel sale, with only standard regulatory approvals pending [97] Question: What is the timeline for the CEO search? - The search for a permanent CEO is active, with an announcement expected before the end of the year [82]
IAMGOLD(IAG) - 2022 Q3 - Earnings Call Presentation
2022-11-09 13:07
THIRD QUARTER 2022 RESULTS AMCH ORPORA Q3 2022 Financial & Operating Results TSX: IMG l NYSE: IAG www.iamgold.com TSX: IMG l NYSE: IAG l www.iamgold.com November 9, 2022 | Conference Call THIRD QUARTER 2022 RESULTS Cautionary Statement CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Statements included in this presentation, including any with respect to the Company's future financial or operating performance and other statements that express management's expectations or estimates of future perfor ...
IAMGOLD(IAG) - 2022 Q3 - Quarterly Report
2022-09-30 21:05
Board of Directors - Deborah Starkman resigned from the Board of Directors effective September 30, 2022[1] Operations - IAMGOLD operates three mines: Essakane (Burkina Faso), Rosebel (Suriname), and Westwood (Canada)[3] - The Côté Gold project in Canada is expected to commence production in early 2024[3] Employment and ESG Commitment - IAMGOLD employs approximately 5,000 people and is committed to high standards of Environmental, Social and Governance (ESG) practices[4] - IAMGOLD is listed on both the NYSE and TSX and is part of the Jantzi Social Index[4]