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Home > News > IAMGOLD releases 2024...

IAMGOLD releases 2024 Results, Highlights Côté Ramp-Up and Nelligan Growth

Feb 21, 2025


IAMGOLD Corporation has announced its financial and operating results for the fourth quarter and full year ended December 31, 2024. These figures build on preliminary numbers issued in January. Overall, IAMGOLD increased annual gold production by 43%—largely driven by the Côté Gold ramp-up and strong output from Essakane and Westwood.

"Last year was a monumental year for IAMGOLD, as the Company achieved key milestones to position the Company as a dynamic, modern multi-asset mid-tier gold producer that is poised for potential free cash flow expansion while retaining significant growth opportunities," said Renaud Adams, President and Chief Executive Officer. "IAMGOLD finished 2024 with total attributable gold production of 667,000 gold ounces, a 43% increase from the prior year and in line with our previously raised guidance estimates. This strong performance was driven by the start of production at Côté Gold and the outperformance of Essakane and Westwood."

"The Côté Gold team had a very strong year, achieving among the quickest ramp-ups to commercial production for a large-scale open pit gold mine in Canada," said Adams. "We are prioritizing stability and operating consistency, while refining maintenance schedules for wear and tear. Longer term, we will look to incorporate the full resource base of Côté and Gosselin—hosting over 16.5 million ounces of measured and indicated, and 4.2 million ounces of inferred—to potentially make Côté one of Canada’s largest gold operations."

IAMGOLD’s 2024 Highlights:

  • Attributable production: 667,000 ounces (177,000 in Q4)

  • Côté Gold: 124,000 attributable ounces in nine months (62,000 in Q4)

  • Essakane: 409,000 attributable ounces, near top of guidance

  • Westwood: 134,000 ounces, surpassing guidance of 115–130k

  • Revenues: $1.63B from 699,000 oz sold at $2,330/oz

  • Cash Cost (excluding Côté): $1,176/oz, near low end of $1,175–$1,275 range

  • AISC (excluding Côté): $1,725/oz, near lower end of $1,700–$1,825 guidance

  • Net Earnings: Adjusted net earnings per share of $0.55 for 2024

  • Cash & Liquidity: $347.5M cash on hand; total liquidity $767.0M

2025 Outlook The company forecasts 735,000–820,000 oz of attributable production next year, with cash cost guidance at $1,200–$1,350/oz and AISC at $1,625–$1,800/oz. Côté is expected to achieve nameplate capacity later in 2025.

Mineral Reserves and Resources Proven and Probable Reserves total 10.7M oz (down 3%), with M&I Resources up 3% to 26.7M oz and Inferred up 27% to 12.8M oz. Nelligan’s Indicated resources rose 56% to 3.1M oz, while Inferred climbed 33% to 5.2M oz, both at ~0.95–0.96 g/t.

Corporate Developments

  • Côté Ownership Restored: The company restored its 70% stake effective Nov. 30, 2024.

  • Credit Facility Expanded: Extended to four years, increased from $425M to $650M.

  • Karita Sale: Sold for $35.5M.

  • Prepay Deliveries: 75,000 oz delivered in H2 2024; 12,500 oz in Jan 2025, leaving 62,500 oz outstanding.

  • Upgraded Credit Ratings: S&P upgraded from B- to B; Moody’s from B3 to B2.

  • Brossard Office Closure: Corporate functions consolidated.

  • Executive Changes: Appointed Annie Torkia Lagacé as Chief Legal and Strategy Officer, parted with two long-tenured SVPs.

**By Kevin Vincent, Senior Contributing Editor to Mining Life Online and Mining Life & Exploration News.**



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