IAMGOLD Corp. Q4 FY2024 earnings call

Management Statement and Operational Highlights

• Production: 2024 attributable gold production was 667,000 ounces, a 43% increase from 2023, driven by Côté Gold startup and strong operations at Essakane and Westwood.
• Financials: Total adjusted EBITDA for 2024 was approximately $781 million. Ended 2024 with total liquidity of approximately $767 million. Completed repurchase of 70% interest in Côté Gold and net delivery of half the legacy gold prepayment arrangement.
• Mineral Resources: Updated mineral resources at Nelligan showed a significant increase in ounces and grades, with Nelligan now among top largest gold deposits in Canada. Essakane saw increased mineral reserves after accounting for depletion.

Segment Performance

• Côté Gold: In 2024, attributable gold production was 199,000 ounces on a 100% basis in the first year of operation. Fourth quarter 2024 production was 96,000 ounces on a 100% basis. 2025 production guidance is 360,000-400,000 ounces on a 100% basis, with cash costs expected $950-$1,100 per ounce and all-in sustaining costs $1,350-$1,550 per ounce.
• Westwood: 2024 production was 134,000 ounces, above the target range. 2025 production guidance is 125,000-140,000 ounces. Cash costs guidance is $1,125-$1,325 per ounce and all-in sustaining costs $1,675-$1,820 per ounce.
• Essakane: 2024 production was 409,000 ounces, within guidance. 2025 production guidance is 360,000-400,000 ounces. Cash costs guidance is $1,400-$1,550 per ounce and all-in sustaining costs $1,675-$1,825 per ounce.
• Nelligan: Updated mineral resources estimate includes 3.1 million indicated gold ounces in 103 million tons grading 0.5 grams per ton and 5.2 million inferred ounces in 166 million tons grading 0.6 grams per ton, a 56% increase in indicated resources and 13% increase in inferred resources.

Guidance

• Côté Gold: 2025 production guidance 360,000-400,000 ounces 100% basis. Goal to ramp up to nameplate throughput of 36,000 tons per day in Q4 2025.
• Westwood: 2025 production guidance 125,000-140,000 ounces. Costs expected generally flat with cash costs $1,125-$1,325 per ounce and AISC $1,675-$1,820 per ounce.
• Essakane: 2025 production guidance 360,000-400,000 ounces. Cash costs $1,400-$1,550 per ounce and AISC $1,675-$1,825 per ounce.

Risks

• Equipment Issues: Challenges with equipment during ramp-up, such as HPGR roll changes and belt repairs, affecting production timing and costs.
• Supply Chain: Supply chain and transportation challenges in Burkina Faso impacting costs.
• Maintenance Needs: Unforeseen maintenance and repair requirements affecting mill throughput and mining rates.

Q: Anita Soni asked about January challenges with HPGR and crushers and timing of guidance.

A: Renaud Adams stated that guidance was based on known information, Q1 would be lower but pick up in Q2 and Q4, with confidence in guidance.

Q: Tanya Jakusconek inquired about quarter progression, HPGR changes, and Essakane's profile.

A: Bruno Lemelin explained Q1 would be weakest, Q4 strongest, with Q2 and Q3 improving. Renaud Adams discussed Essakane's transition into phases six and seven affecting production profile.