IAMGOLD(US:IAG)2022-11-09 15:54Financial 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]