NioCorp Developments Ltd. press release

IAMGOLD Reports First Quarter 2025 Results

2025-05-06

NASDAQ - Nasdaq Stock Market · Niobium · Scandium · Titanium · Rare Earth Elements · United States · Corporate Finance

All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.

Toronto, Ontario--(Newsfile Corp. - May 6, 2025) - IAMGOLD Corporation(NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results for the first quarter 2025.

"In the first quarter of 2025, IAMGOLD achieved important milestones which position the company well for the future," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "During the quarter, attributable production totaled 161,000 ounces from our three mines. The first quarter was expected to be the lightest quarter of production this year, due to the ramp-up and associated maintenance activities at Côté limiting throughput early in the quarter, and the expectations of an increasing grade profile at Essakane. At Westwood, production decreased from the prior quarter but is expected to resume its recent track record of strong performance as stope development continues to improve flexibility in the mine. Looking ahead, we remain confident in our production guidance estimates for the year of 735,000 to 820,000 ounces. Côté achieved a record throughput in March totaling nearly one million tonnes, which represents a monthly average throughput rate of 90%. Further, this performance continued into this quarter with the plant averaging 34,500 tpd or 96% of nameplate over the last 30 days. These achievements represent a significant improvement in stability and availability of the Côté plant, and we expect further improvement with the installation of the second cone crusher later in the year. This additional secondary crusher is expected to improve the reliability of our comminution circuit in support of the target to achieve nameplate throughput of 36,000 tpd prior to the end of the year and debottleneck the dry side of the plant offering the potential for further optimizations and improvements in the near future."

"Today, we also released our 18th annual Sustainability Report which highlights our successes, challenges and actions we are taking to uphold our commitment to responsible mining practices. Sustainability is one of the core principles in our business - guiding our efforts to operate responsibly, support host communities, mitigate our impact on the environment, and act with integrity. On behalf of the Board and leadership team, I extend our sincere gratitude to our employees, communities and all stakeholders for their vital role in advancing our sustainability journey."

HIGHLIGHTS:

Operating and Financial

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Attributable gold productionwas 161,000 ounces in the first quarter.

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Côté produced 51,000 attributable ounces (73,000 ounces on a 100% basis) in the first quarter. During March, Côté achieved an average mill throughput rate of 90% of nameplate design capacity and produced 26,500 attributable ounces (37,900 ounces on a 100% basis). Subsequent to quarter end, the plant continued to demonstrate good availability and utilization with throughput averaging 96% of nameplate over the last 30 days.

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Production is expected to be higher quarter over quarter through 2025 as Côté ramps up to design capacity by the end of 2025 and the grade at Essakane increases during the second half of the year based on mining sequence. At Westwood, underground throughput and grade is expected to increase compared to the first quarter.

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Revenueswere $477.1 million from sales of 174,000 ounces at an average realized gold price1of $2,731 per ounce for the quarter.

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Cost of salesper ounce sold was $1,465, cash cost1per ounce sold was $1,459 and all-in-sustaining cost1("AISC")1per ounce sold was $1,908.

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Net earnings and adjusted net earnings per shareattributable to equity holders1for the first quarter of $0.07 and $0.10, respectively.

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Net cash from operating activitieswas $74.3 million for the first quarter, net of the impact of delivering 37,500 ounces into gold prepay obligations. Net cash from operating activities, before movements in working capital and non-current ore stockpiles1, was $104.9 million for the first quarter, net of the impact of delivering 37,500 ounces into gold prepay obligations.

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Earnings before interest, income taxes, depreciation and amortization("EBITDA")1was $195.2 million for the first quarter and adjusted EBITDA1was $204.5 million.

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Mine-site free cash flow1was $139.6 million during the first quarter.

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The Company has available liquidity1of $745.8 million, mainly comprised of cash and cash equivalents of $316.6 million and the available balance of the revolving credit facility ("Credit Facility") of $428.5 million as at March 31, 2025.

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In health and safety, the Company reported a TRIFR (total recordable injuries frequency rate) of 0.67, tracking slightly above the prior year performance.

Corporate

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During the first quarter of 2025, the Company delivered 37,500 ounces into the 2024 gold prepay arrangements and a further 12,500 ounces during April 2025, reducing the outstanding balance of remaining prepay arrangements to 25,000 ounces as at April 30, 2025. Deliveries into the gold prepayment arrangement will be complete by the end of the second quarter 2025.

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On March 21, 2025, the Company received an updated credit rating from Fitch which upgraded the corporate credit rating from B- to B+ with a stable outlook.

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On February 3, 2025, Annie Torkia Lagacé joined IAMGOLD as Chief Legal and Strategy Officer, and as part of this strategic realignment, Tim Bradburn, SVP, General Counsel and Corporate Secretary and Stephen Eddy, SVP, Business Development departed IAMGOLD.

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On February 20, 2025, Dorena Quinn was appointed as Chief People Officer, having joined the Company in 2018 and most recently serving as Senior Vice President, People.

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On May 6, 2025, the Company released its 2024 Sustainability Report. The report draws upon various ESG frameworks and standards and internationally recognized methodologies such as the Global Reporting Initiative ("GRI") and Sustainability Accounting Standards Board ("SASB").

QUARTERLY REVIEW

For more details and the Company's overall outlook for 2025, see "Outlook", and for individual mines performance, see "Operations". The following table summarizes certain operating and financial results for the three months ended March 31, 2025 (Q1 2025) and March 31, 2024 (Q1 2024) and certain measures of the Company's financial position as at December 31, 2024.

| | | Q1 2025 | | | Q1 2024 | | | Key Operating Statistics ($ millions) | | | | | | | | Gold production - attributable (000s oz) | | 161 | | | 151 | | | - Côté Gold1 | | 51 | | | 1 | | | - Westwood | | 24 | | | 32 | | | - Essakane | | 86 | | | 118 | | | Gold sales - attributable (000s oz) | | 165 | | | 150 | | | - Côté Gold1 | | 52 | | | - | | | - Westwood | | 27 | | | 33 | | | - Essakane | | 86 | | | 117 | | | Cost of sales2($/oz sold) - attributable | $ | 1,465 | | $ | 1,056 | | | - Côté Gold1 | $ | 1,264 | | $ | - | | | - Westwood | $ | 1,547 | | $ | 1,243 | | | - Essakane | $ | 1,560 | | $ | 1,004 | | | Cash costs3($/oz sold) - attributable | $ | 1,459 | | $ | 1,053 | | | - Côté Gold1 | $ | 1,260 | | | - | | | - Westwood | $ | 1,527 | | $ | 1,236 | | | - Essakane | $ | 1,557 | | $ | 1,002 | | | AISC3($/oz sold) - attributable | $ | 1,908 | | $ | 1,493 | | | - Côté Gold1 | $ | 1,643 | | $ | - | | | - Westwood | $ | 2,124 | | $ | 1,836 | | | - Essakane | $ | 1,846 | | $ | 1,312 | | | Average realized gold price3,4 ($/oz) | $ | 2,731 | | $ | 2,077 | |

1. Attributable portion for Côté Gold is based on IAMGOLD's ownership of 70%; prior to November 30, 2024, IAMGOLD's ownership was 60.3% (refer to Côté Gold section below for more details). 2. Throughout this news release, cost of sales, excluding depreciation, is disclosed in the segment note in the consolidated interim financial statements. 3. Refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures. 4. The average realized gold price in the first quarter 2025, excluding the impact of the 2024 Prepay Arrangement (as defined below), was $2,909 per ounce.

| | | Q1 2025 | | | Q1 2024 | | | Financial Results ($ millions) | | | | | | | | Revenues | $ | 477.1 | | $ | 338.9 | | | Gross profit | $ | 141.2 | | $ | 105.7 | | | EBITDA1 | $ | 195.2 | | $ | 154.1 | | | Adjusted EBITDA1 | $ | 204.5 | | $ | 152.5 | | | Net earnings (loss) attributable to equity holders | $ | 39.7 | | $ | 54.8 | | | Adjusted net earnings (loss) attributable to equity holders1 | $ | 55.2 | | $ | 53.0 | | | Net earnings (loss) per share attributable to equity holders | $ | 0.07 | | $ | 0.11 | | | Adjusted net earnings (loss) per share attributable to equity holders1 | $ | 0.10 | | $ | 0.11 | | | Net cash from operating activities before changes in working capital1 | $ | 104.9 | | $ | 142.8 | | | Net cash from operating activities | $ | 74.3 | | $ | 77.1 | | | Mine-site free cash flow1 | $ | 139.6 | | $ | 46.2 | | | Capital expenditures1,2- sustaining | $ | 61.7 | | $ | 55.1 | | | Capital expenditures1,2- expansion | $ | 5.3 | | $ | 115.2 | |

| | | March 31 | | | December 31 | | | | | 2025 | | | 2024 | | | Financial Position ($ millions) | | | | | | | | Cash and cash equivalents | $ | 316.6 | | $ | 347.5 | | | Long-term debt | $ | 1,022.3 | | $ | 1,028.9 | | | Net cash (debt)1 | $ | (882.3 | ) | $ | (859.3 | ) | | Available Credit Facility | $ | 428.5 | | $ | 418.5 | |

1. Refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures. 2. Sustaining and expansion capital expenditures represent incurred expenditures for property, plant and equipment and exploration and evaluation assets, and exclude right-of-use assets and working capital impacts.

OUTLOOK

Production (000 oz)

| | Actual Q1 2025 | Full Year Guidance 2025 | | Côté Gold - (70%) | 51 | 250 - 280 | | Westwood - (100%) | 24 | 125 - 140 | | Essakane - (90%) | 86 | 360 - 400 | | Total attributable production (000s oz) | 161 | 735 - 820 |

Total attributable production for IAMGOLD in 2025 is expected to be in the range of 735,000 to 820,000 ounces. Production is expected to be higher quarter over quarter through 2025 as Côté ramps up to design capacity by the end of 2025 and the grade at Essakane increases during the second half of the year based on the mining sequence. At Westwood, underground throughput and grade is expected to increase from the first quarter through underground process improvements. For further details, refer to the operations section of each mine below.

Costs

| | Actual Q1 2025 | Full Year Guidance 2025 | | Côté Gold | | | | Cash costs ($/oz sold) | $1,260 | $950 - $1,100 | | AISC ($/oz sold) | $1,643 | $1,350 - $1,500 | | Westwood | | | | Cash costs ($/oz sold) | $1,527 | $1,175 - $1,325 | | AISC ($/oz sold) | $2,124 | $1,675 - $1,825 | | Essakane | | | | Cash costs ($/oz sold) | $1,557 | $1,400 - $1,550 | | AISC ($/oz sold) | $1,846 | $1,675 - $1,825 | | Consolidated | | | | Cost of sales1($/oz sold) | $1,465 | $1,200 - $1,350 | | Cash costs1,2($/oz sold) | $1,459 | $1,200 - $1,350 | | AISC1,2($/oz sold) | $1,908 | $1,625 - $1,800 |

1. Consists of Côté Gold, Westwood and Essakane on an attributable basis of 70%, 100% and 90%, respectively. 2. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".

Cash costs on a consolidated basis are expected to be in the range of $1,200 to $1,350 per ounce sold, a slight increase from last year primarily as a result of an increase in expected cash costs at Essakane. AISC for the Company is expected to be in the range of $1,625 and $1,800 per ounce sold, in line with 2024 as a result of the ramp-up of Côté Gold and reduced capitalized waste stripping at Essakane. In line with production levels, unit costs are expected to decrease corresponding with higher production volumes throughout the year.

The full year guidance is based on the following 2025 full year assumptions, before the impact of hedging: average realized gold price of $2,500 per ounce, USDCAD exchange rate of 1.35, EURUSD exchange rate of 1.11, average Brent oil price of $75 per barrel and WTI price of $70 per barrel. For expected impacts from fluctuation in these assumptions, refer to the Sensitivity Impact table included in the Financial Condition section.

Capital Expenditures

| | | Actual Q1 20251 | | | Full Year Guidance 20252 | | | | | | | | | | | | | | | ($ millions) | | Sustaining | | | Expansion | | | Total | | | Sustaining | | | Expansion | | | Total | | | Côté Gold (IMG share) | $ | 18.2 | | $ | 3.1 | | $ | 21.3 | | $ | 110 | | $ | 15 | | $ | 125 | | | Westwood | $ | 15.1 | | $ | - | | $ | 15.1 | | $ | 70 | | $ | - | | $ | 70 | | | Essakane | | 27.9 | | | 2.2 | | | 30.1 | | | 110 | | | 5 | | | 115 | | | | $ | 61.2 | | $ | 5.3 | | $ | 66.5 | | $ | 290 | | $ | 20 | | $ | 310 | | | Corporate | | 0.5 | | | - | | | 0.5 | | | - | | | - | | | - | | | Total3 | $ | 61.7 | | $ | 5.3 | | $ | 67.0 | | $ | 290 | | $ | 20 | | $ | 310 | |

1. 100% basis, for Westwood and Essakane, and reflects IAMGOLD's 70% interest in Côté Gold UJV on an incurred basis. 2. Capital expenditures guidance (±5%). 3. Includes $11 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.

Capital expenditures in 2025 are expected to total $310 million, of which $290 million is categorized as sustaining capital. Capital expenditures are lower than 2024, as a result of the completion of expansion capital outlays as Côté Gold construction and commissioning was completed earlier in the year. Sustaining capital estimates are expected to decline going forward, as Côté completes the construction of the full tailings dam footprint and related earthworks projects and as capitalized waste stripping declines at Essakane based on the current mine plan.

Exploration Outlook

Exploration expenditures for 2025 are expected to be approximately $38 million, the majority of which will be expensed. The largest exploration spend will be at Côté Gold of approximately $13 million attributable to IAMGOLD including the Gosselin resource delineation drilling program, Essakane at approximately $7 million, followed by Nelligan/Monster Lake at approximately $6 million.

| | | Actual Q1 2025 | | | Full Year Guidance 2025 | | | | | | | | | | | | | | | ($ millions) | | Capitalized | | | Expensed | | | Total | | | Capitalized | | | Expensed | | | Total | | | Exploration projects - greenfield | $ | 0.2 | | $ | 5.5 | | $ | 5.7 | | $ | - | | $ | 25 | | $ | 25 | | | Exploration projects - brownfield | | 1.9 | | | 0.6 | | | 2.5 | | | 11 | | | 2 | | | 13 | | | | $ | 2.1 | | $ | 6.1 | | $ | 8.2 | | $ | 11 | | $ | 27 | | $ | 38 | |

Income Taxes Paid and Depreciation Outlook

The Company expects to pay cash taxes in the range of $120 to $130 million during 2025. Cash tax payments do not occur evenly by quarter, as amounts paid in a quarter can include payments of the final balance of the prior year taxes and payments of instalments for the current year, both required to be made at times as prescribed by different countries. There are no significant cash taxes expected in respect of the new global minimum top-up taxes ("GloBE"). The income taxes paid guidance does not include cash tax obligations arising from asset sales.

Depreciation expense for 2025 is expected to be $450 million (±5%) with increased depreciation expense due to the increase in the value of depreciable property, plant and equipment following the completion of construction and commencement of commercial operations at Côté Gold and the 2024 impairment reversal at the Westwood cash generating unit ("CGU"). In line with production levels, depreciation expense is expected to be higher in the second half of the year due to the large proportion of depreciable assets that are depreciated on a units of production basis.

| ($ millions) | Actual Q1 2025 | Full Year Guidance 2025 | | Depreciation expense | $79.7 | $450 (±5%) | | Income taxes paid | $15.2 | $120 - $130 |

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

The Company released its 2024 Sustainability Report on May 6, 2025. The report draws upon various ESG frameworks and standards and internationally recognized methodologies such as the Global Reporting Initiative ("GRI") and Sustainability Accounting Standards Board ("SASB").

Health and Safety

The TRIFR was 0.67 as at March 31, 2025, (compared to 0.61 as at March 31, 2024), and tracking above the Company's tolerance of 0.57. IAMGOLD is continuing to advance its critical risk management and visible leadership to improve safety and reduce high-potential incidents. This includes the integration of contractors in the critical risk management program.

The Company continues to track a range of leading indicators around critical risk management, contractor management, and incident investigation quality, reported annually.

Environmental

There were zero significant environmental incidents reported for the quarter.

Indigenous Relations

As a Canadian business committed to responding to the Truth and Reconciliation Commission of Canada's Calls to Action, IAMGOLD launched a company-wide initiative in the first quarter 2025, that will help the Company articulate how it works with Indigenous peoples beyond reconciliation, towards a future that builds upon the Company's experiences and reflects its values. This work will lead to the creation of a coherent vision for reconciliation and a roadmap to help guide the Company's actions as an organization.

Social Performance

During the first quarter 2025, IAMGOLD renewed its partnership with Laurentian University, creating the IAMGOLD President's Fund for Innovation at Canada's Mining University. This five-year, C$2.5 million fund will allow the university to support initiatives that will drive innovation in education and research at the university, fostering greater engagement with the university and providing solutions to the mining industry.

OPERATIONS

Côté Gold Mine (IAMGOLD interest - 70% for Q1 2025, 60.3% for Q1 2024) | Ontario, Canada

| | | Q1 2025 | | | Q1 2024 | | | Key Operating Statistics(100% basis, unless otherwise stated) | | | | | | | | Ore mined (000s t) | | 3,115 | | | 1,944 | | | Grade mined (g/t) | | 0.78 | | | 0.72 | | | Operating waste mined (000s t) | | 5,667 | | | 3,208 | | | Capital waste mined (000s t) | | 1,973 | | | 2,445 | | | Material mined (000s t) - total | | 10,755 | | | 7,597 | | | Strip ratio1 | | 2.5 | | | 2.9 | | | Ore milled (000s t) | | 2,097 | | | 48 | | | Head grade (g/t) | | 1.17 | | | 0.81 | | | Recovery (%) | | 93 | | | 80 | | | Gold production (000s oz) - 100% | | 73 | | | 1 | | | Gold production (000s oz) - attributable | | 51 | | | 1 | | | Gold sales (000s oz) - 100% | | 74 | | | - | | | Gold sales (000s oz) - attributable | | 52 | | | - | | | Average realized gold price2,3($/oz) | $ | 2,925 | | $ | - | | | Financial Results ($ millions - attributable interest) | | | | | | | | Revenues4 | $ | 151.2 | | $ | - | | | Cost of sales4 | | 65.2 | | | - | | | Production costs | | 56.4 | | | 0.8 | | | (Increase)/decrease in finished goods | | (0.8 | ) | | (0.8 | ) | | Royalties5 | | 9.6 | | | - | | | Cash costs2 | | 65.1 | | | - | | | Sustaining capital expenditures2,6 | | 18.2 | | | - | | | Expansion capital expenditures2,6 | | 3.1 | | | 118.8 | | | Total sustaining and expansion capital expenditures2,6 | | 21.3 | | | 118.8 | | | Earnings from operations | | 49.7 | | | - | | | Mine site free cash flow2 | | 57.6 | | | - | | | Unit costs per tonne2 | | | | | | | | Mine costs per operating tonne mined | $ | 3.49 | | $ | 3.33 | | | Mill costs per tonne milled2 | $ | 20.18 | | $ | - | | | G&A costs per tonne milled2 | $ | 8.89 | | $ | - | | | Operating costs per ounce7 | | | | | | | | Cost of sales excluding depreciation ($/oz sold) | $ | 1,264 | | $ | - | | | Cash costs2($/oz sold) | $ | 1,260 | | $ | - | | | AISC2,7($/oz sold) | $ | 1,643 | | $ | - | |

1. Strip ratio is calculated as waste mined divided by ore mined. 2. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures". 3. Average gold price realized on the attributable portion of sales excludes the impact of gold delivered into prepayment arrangements. 4. As per note 25 of the consolidated interim financial statements for revenues and cost of sales. Cost of sales is net of depreciation expense. 5. Includes 7.5% net profit interest payment. 6. All-in sustaining cost and sustaining capital expenditure for 2024 are $nil as commercial production was achieved starting August 1, 2024. Expansion capital expenditures include Project Expenditures. 7. Cost of sales, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.