IAMGOLD(US:IAG)2025-02-21 17:09Financial Data and Key Metrics Changes - IAMGOLD Corporation achieved total attributable gold production of 667,000 ounces in 2024, a 43% increase from the prior year, aligning with raised guidance estimates [6][12] - Total adjusted EBITDA for the year was approximately $781 million, doubling the 2023 value, while net earnings were $819.6 million, including a reversal of prior impairment on Westwood [7][21] - Revenues from operations totaled $1.6 billion for the year from sales of 699,000 ounces at a record average gold price of $2,330 per ounce [20] Business Line Data and Key Metrics Changes - Côté Gold produced 199,000 ounces on a 100% basis in its first year of operation, with fourth-quarter production of 96,000 ounces, a 41% increase from the prior quarter [26][36] - Westwood produced 134,000 ounces in 2024, exceeding its revised production target, with fourth-quarter production of 35,000 ounces, a 25% increase compared to the same period last year [43][45] - Essakane achieved total annual production of 409,000 ounces, at the top end of its guidance range, with fourth-quarter production of 80,000 ounces [48][50] Market Data and Key Metrics Changes - Approximately 80% of IAMGOLD's measured and indicated ounces and 90% of global inferred ounces are located in Canada, highlighting the company's strong position in a top-tier mining jurisdiction [10] - The company anticipates increasing free cash flow in 2025, supported by strong gold prices and operational improvements [8][23] Company Strategy and Development Direction - IAMGOLD aims to ramp up Côté Gold to a steady state operating at a nameplate throughput level of 36,000 tons per day by the fourth quarter of 2025, while maximizing resources at Côté and Gosling [10][39] - The company is focused on deleveraging its balance sheet and refining its capital structure, with a goal of becoming a leading modern Canadian gold producer [11][23] - Exploration efforts are ramping up at Nelligan, with plans for 30,000 meters of diamond drilling to test mineralization extensions [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets despite challenges, emphasizing stability and operational improvements [61][83] - The company expects Q1 2025 to be weaker due to maintenance and changeovers, but anticipates a strong recovery in Q4 2025 [78][90] - Management highlighted the importance of cash flow generation from Essakane and its potential impact on the balance sheet in 2025 and 2026 [95] Other Important Information - IAMGOLD completed the repurchase of a 9.7% interest in Côté Gold, returning to a full 70% interest [17] - The company has made significant progress in reducing its gold prepayment obligations, with over half completed [19] - An updated mineral resource estimate for Nelligan showed a 56% increase in indicated resources, positioning it among Canada's largest gold projects [54][55] Q&A Session Summary Question: Challenges in January with HPGR and other crushers - Management confirmed that guidance issued accounted for known repairs and maintenance, maintaining confidence in production targets [60][61] Question: Production guidance and expected downtime - Management indicated that Q1 would be the weakest quarter, with improvements expected in Q2 and Q3, and Q4 anticipated to be the strongest [78][90] Question: Overall production profile for Essakane and Westwood - Management acknowledged potential variability in Q1 but expects a general upward trend in production throughout the year [87][90]