IAMGOLD (IAG) Raises $300M to Increase Stake in Cote Mine

Core Viewpoint - IAMGOLD Corporation successfully closed a bought deal equity financing, raising $300.24 million to repurchase a 9.7$4.17 per share [2]. - The company had previously held a 60.3% stake in the Côté Gold mine and had the option to repurchase the additional interest from Sumitomo [4]. Côté Gold Mine Operations - The Côté Gold mine is projected to be one of Canada's largest gold mines with an expected mine life exceeding 18 years, containing an estimated 16.5 million ounces of measured and indicated resources and 4.2 million ounces of inferred resources [3]. - The mine commenced production in Q1 2024, contributing 1,000 ounces to IAMGOLD's output [5]. Production and Financial Performance - In Q1 2024, IAMGOLD's total attributable production was 151,000 ounces, a 34% increase year-over-year, driven by contributions from the Côté Gold mine, Essakane, and Westwood mines [6]. - The Essakane mine produced 118,000 ounces, a 28% increase year-over-year, while Westwood's output was 32,000 ounces, up 50% year-over-year [6]. - For 2024, the Côté Gold mine is expected to produce between 220,000 and 290,000 ounces, while IAMGOLD anticipates total attributable production (excluding Côté Gold) to be between 430,000 and 490,000 ounces [7]. Earnings and Revenue Growth - IAMGOLD reported Q1 adjusted earnings per share of 11 cents, reflecting a 120% year-over-year increase, with revenues rising 50% to $339 million [8]. - Gold sales reached 150,000 ounces, a 38$2,077 [8]. Stock Performance - IAMGOLD shares have increased by 54.3% over the past year, significantly outperforming the industry average growth of 14.3% [9].