Welcome to our dedicated page for IAMGold Corporation news (Ticker: IAG), a resource for investors and traders seeking the latest updates and insights on IAMGold Corporation stock.
IAMGOLD Corporation (NYSE: IAG, TSX: IMG) is a leading mid-tier gold producer with a diversified portfolio of mining operations across three continents. The company operates four gold mines, including joint ventures, and has a robust pipeline of development and exploration projects. IAMGOLD's growth strategy is concentrated in Canada, select countries in South America, and Africa.
IAMGOLD's flagship project, the Essakane Mine in Burkina Faso, is one of its most significant assets, contributing substantially to its gold production. In Canada, the Westwood Mine and the recently inaugurated Côté Gold Mine are pivotal to its operations. The Côté Gold project, a joint venture with Sumitomo Metal Mining Co., Ltd., commenced production in early 2024 and is set to become one of the largest gold mines in Canada.
The company is committed to sustainable mining practices, epitomized by its Zero Harm® initiative, which aims to achieve the highest standards in human health, safety, and environmental stewardship. IAMGOLD actively engages with local communities, ensuring its operations benefit host regions through various social, economic, and environmental programs.
Financially, IAMGOLD maintains a strong balance sheet, with significant liquidity to support its ongoing projects. The company has also announced several strategic initiatives, including a forward gold sale arrangement to bolster cash flow during the ramp-up phase of the Côté Gold Mine. IAMGOLD's financial health is further reinforced by its robust revenue streams, primarily from the Essakane and Westwood mines.
Recent developments include the completion of the first gold pour at the Côté Gold Mine and the ongoing exploration at the Gosselin deposit, which shows promising potential. The company is also focused on expanding its resource base through strategic acquisitions, such as the recent purchase of Vanstar Mining Resources to secure full ownership of the Nelligan Gold Project in Quebec.
IAMGOLD's stock is publicly traded on the New York Stock Exchange and the Toronto Stock Exchange. The company's presence on the Jantzi Social Index highlights its commitment to high standards in environmental, social, and governance (ESG) practices, making it a reputable and sustainable choice for investors.
IAMGOLD reported preliminary 2024 operating results and 2025 guidance, achieving attributable gold production of 667,000 ounces in 2024, meeting mid-point guidance. The company recorded annual gold sales of 654,000 ounces at an average realized price of $2,326 per ounce.
The Côté Gold Mine produced 199,000 ounces in its first nine months of operations, with strong performance in Q4 producing 96,000 ounces. The plant demonstrated capability to operate at 106% of nameplate capacity when online, though faced some ramp-up challenges.
For 2025, IAMGOLD projects attributable gold production of 735,000 to 820,000 ounces, with cash cost guidance of $1,200-$1,350 per ounce and AISC of $1,625-$1,800 per ounce. The company expects costs to decrease in the second half as Côté progresses towards nameplate throughput.
IAMGOLD (TSX: IMG) (NYSE: IAG) has announced the filing of a technical report for the Westwood Mine Complex in Quebec, Canada. The report, titled 'Technical Report on the Westwood Complex, Quebec, Canada' and dated September 30, 2024, was prepared by qualified persons from IAMGOLD, Norda Stelo Inc., and ASA Geotech Inc. in accordance with National Instrument 43-101 standards. The technical report is now available on IAMGOLD's website, SEDAR, and EDGAR platforms.
IAMGOLD (TSX: IMG) (NYSE: IAG) has announced the completion of its Guinea Assets sale, including the Karita Gold Project. This transaction is part of a larger deal announced in December 2022 with Managem to divest exploration and development projects across Senegal, Guinea, and Mali for approximately $282 million (pre-tax). Following the April 2023 closure of the Senegal assets sale, which included the 90% stake in Boto Gold Project, the only remaining transaction pending is the sale of the Diakha-Siribaya Gold Project in Mali.
IAMGOLD has announced significant amendments to its secured revolving credit facility. The facility has been upsized from $425 million to $650 million and extended to a four-year term, maturing on December 20, 2028. The expanded facility will support general working capital and provide flexibility for debt cost reduction in 2025.
The company expects to generate substantial cashflows after mid-2024 following the termination of gold prepayment arrangements, supported by strong mine-site free cashflow from Essakane, Westwood, and Côté Gold operations. Côté Gold is anticipated to reach nameplate production later in 2025.
The facility's interest rate margin varies based on the company's Net Debt to EBITDA ratio, with SOFR advances ranging from 2.75% to 3.75%. The facility is secured by company assets, subsidiary guarantees, and share pledges.
IAMGOLD has released an updated life of mine plan for its Westwood Complex in Quebec, extending operations from 2025 to 2032. The underground Mineral Reserves at Westwood contain 955,400 ounces at 11.45 g/t Au, with projected LOM production of 925,000 ounces. The first three years (2025-2027) are expected to average 146,000 oz Au annually.
Key operational metrics include 95% processing plant recoveries, average operating costs of $239.91/t, and total sustaining capital expenditures of $260.7 million. The Grand Duc open pit operations will conclude in 2025 with processing completed in 2027. Both Westwood and Grand Duc deposits remain open for potential expansion.
The mine has demonstrated improved seismic risk management through enhanced mining practices, with seismic activity rates reduced by half through changes in mining sequencing, extraction rates, and geo-seismic strategy implementation.
IAMGOLD has exercised its right to repurchase a 9.7% interest in the Côté Gold Mine from Sumitomo Metal Mining, restoring its ownership to 70%. The transaction, completed on November 30, 2024, had a final purchase price of approximately $377 million, including a $23.7 million repurchase option fee accrued during 2023. The Côté Gold project remains on schedule to exit the year at 90% of nameplate throughput, with full run rate expected next year.
IAMGOLD reported strong Q3 2024 results with attributable gold production of 173,000 ounces and YTD production of 490,000 ounces. The company reaffirmed its 2024 production guidance of 625,000-715,000 ounces. Côté Gold achieved commercial production on August 1, 2024, and remains on track to reach 90% throughput by year-end.
Financial highlights include revenues of $438.9 million, net earnings of $1.04 per share, and adjusted net earnings of $0.18 per share. The company reported available liquidity of $959.3 million, including cash and cash equivalents of $553.4 million. Cost guidance remains unchanged, with cash costs expected at the low end of $1,175-$1,275 per ounce sold and AISC at $1,700-$1,825 per ounce sold.
Gold prices are surging towards record highs, with Goldman Sachs projecting potential reaches of $3,000 by end-2025. Amid this backdrop, Yukon Metals Corp. announced results from ground-based Gravity and Time Domain Electromagnetic surveys at its Star River Project, identifying four prominent conductive zones. The surveys, completed by Aurora Geosciences, covered 20.6 kilometers with 100m line spacing and revealed targets coincident with gold and silver sampling up to 101 grams per tonne gold. The 715-hectare project, located 50km south of Ross River, Yukon, is accessible by all-season road and features multiple showings of polymetallic carbonate replacement mineralization.
IAMGOLD has announced positive assay results from its 2024 drilling program at the Nelligan Project in Quebec, Canada. The program confirmed extensions of mineralized zones across three areas: Zone 36, Renard Zone, and Footwall Zone, with significant gold intersections. Notable results include intersections of up to 48.8m at 1.48 g/t Au in Zone 36, 34.5m at 2.57 g/t Au in Renard Zone, and 54.5m at 0.95 g/t Au in Footwall Zone.
Additionally, IAMGOLD updated the Monster Lake Project's mineral resource estimate, reporting 84,200 ounces of indicated resources at 11.0 g/t Au and 488,500 ounces of inferred resources at 14.4 g/t Au, representing a 32% increase in inferred resources.
Metalla Royalty & Streaming (NYSE American: MTA) (TSXV: MTA) reports portfolio updates for several projects:
Gosselin (1.35% NSR): Drilling has extended mineralization outside the current resource pit shell, including potential connection between Côté and Gosselin deposits.
Endeavor (4.0% NSR): $20M funding secured for mine restart, with production expected in H1-2025. Recent drilling shows potential for increased ore extraction rates.
La Guitarra (2.0% NSR): Mining ramp-up continues, with commercial production expected before year-end. Current throughput averages 350 tonnes per day.
Joaquin (2.0% NSR): New operator plans comprehensive exploration program to boost resource estimate and publish maiden JORC (2012) MRE in H1-2025.
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