The following is a summary of the IAMGOLD (IAG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• IAMGOLD reported strong production of 151,000 ounces in Q1 2024.

• Revenue totaled $338.9 million from the sale of 163,000 ounces at an average price of $2,077 per ounce.

• The company reported an adjusted EBITDA of $152.5 million and adjusted earnings per share of $0.11 for Q1 2024.

• IAMGOLD reported Q1 2024 project and capital expenditures of $196.3 million, including $151.7 million at the Côté Gold project up until the first gold shipment. Operating expenditures were about $27 million.

Business Progress:

• Q1 2024 was highlighted by the first pour at Côté Gold, which is expected to establish IAMGOLD as a leading mid-tier gold producer.

• The primary goal is the safe and steady ramp-up of Côté, aiming to achieve commercial production in Q3 2024.

• Essakane and Westwood operations are performing strongly, propelling the company towards their yearly guidance targets.

• A 35,000-meter drill program aimed at the central zone may reveal mineralization beneath the current pit shelf.

• Côté Gold with its large reserves and additional resources, puts IAMGOLD among significant scale producing Canadian assets.

• There is a price realization strategy to deliver gold into the collar structure to support free cash flow generation.

• Plans are in place to handle obligations with Sumitomo and potentially buy back the underlying asset by H1 2025.

More details: Iamgold IR

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