Coté Gold Mine has record throughput in Q1 of 2025
IAMGOLD has reported a solid first quarter, producing 161,000 attributable ounces of gold across its three operations.
"In the first quarter of 2025, IAMGOLD achieved important milestones which position the company well for the future," said President and CEO Renaud Adams. "The discovery of a new zone shows the potential for hanging wall and footwall mineralized structures hosting significant gold mineralization similar to our discoveries last year."
Production was led by the Côté Gold Mine, which delivered 51,000 attributable ounces (73,000 ounces on a 100% basis). In March alone, Côté achieved a 90% throughput rate of its nameplate design capacity, producing 26,500 attributable ounces. This performance has continued into Q2, with the mill operating at 96% capacity over the past 30 days. IAMGOLD expects further improvements later in the year with the installation of a second cone crusher.
Essakane and Westwood mines contributed to the total, though Westwood saw a production dip, expected to recover as stope development advances. The company remains confident in meeting its full-year production guidance of 735,000 to 820,000 ounces.
IAMGOLD posted revenues of $477.1 million from sales of 174,000 ounces at an average gold price of $2,731 per ounce. The cost of sales was $1,465 per ounce, cash costs were $1,459 per ounce, and AISC was $1,908 per ounce. Net earnings per share came in at $0.07, with adjusted net earnings at $0.10. EBITDA totaled $195.2 million, and adjusted EBITDA reached $204.5 million.
Mine-site free cash flow was $139.6 million. IAMGOLD ended the quarter with $745.8 million in available liquidity, including $316.6 million in cash and $428.5 million in its revolving credit facility.
IAMGOLD also announced the completion of 37,500 ounces in gold prepay deliveries for Q1 and a further 12,500 ounces in April, reducing the outstanding balance to 25,000 ounces, which will be cleared by the end of Q2.
A credit rating upgrade from Fitch in March raised IAMGOLD’s rating from B- to B+ with a stable outlook. Key leadership changes included Annie Torkia Lagacé’s appointment as Chief Legal and Strategy Officer and Dorena Quinn’s promotion to Chief People Officer.
The company reported a TRIFR of 0.67, slightly above the previous year’s rate, reflecting ongoing safety initiatives.
In May, IAMGOLD released its 2024 Sustainability Report, marking the 18th year of detailed environmental, social, and governance disclosures aligned with GRI and SASB standards.
By Kevin Vincent, Senior Contributing Editor to Mining Life Online and Mining Life & Exploration News.
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