IAMGOLD(IAG)2025-02-21 23:02Financial 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 819.6 million, including a reversal of prior impairment on Westwood [7][21] - Revenues from operations totaled 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 96,000 ounces produced in Q4, a 41% increase from the prior quarter [26][36] - Westwood produced 134,000 ounces in 2024, exceeding its revised production target, with Q4 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 Q4 production of 80,000 ounces [48][50] Market Data and Key Metrics Changes - The company ended the year with total liquidity of approximately 1,176 for the year, while all-in sustaining costs averaged $1,725 per ounce [13][50] 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 Q4 2025, while maximizing measured and indicated resources [10][39] - The company is focused on deleveraging its balance sheet and refining its capital structure to become a leading modern Canadian gold producer [11][23] - The exploration program at Nelligan is set to increase, targeting resource conversion in support of a technical report in 2026 [42][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets despite challenges, with expectations for increased cash flows and improved balance sheet strength in 2025 [21][23] - The company noted that the current gold price environment is favorable for generating record cash flow from its operations [11][37] Other Important Information - IAMGOLD completed the repurchase of a 9.7% interest in Côté Gold, returning to a full 70% interest [17] - The company announced an updated mineral resource estimate for Nelligan, showing a 56% increase in indicated resources [54] Q&A Session Summary Question: Challenges in January with HPGR and other crushers - Management confirmed that guidance issued accounted for known repairs and that Q1 production would be lower but confident in overall guidance [59][61] Question: Expected production rates and downtime throughout the year - Management indicated Q1 would be the weakest, with improvements expected in Q2 and Q3, and Q4 anticipated to be the strongest [70][78] Question: Variability in Essakane and Westwood production profiles - Management acknowledged potential for lower Q1 production at Essakane but expected a pickup for the rest of the year [84][88] Question: Strategic considerations regarding Essakane's future within the company - Management emphasized confidence in Essakane's cash flow potential and its role in strengthening the balance sheet in 2025 and 2026 [92][95]