IAMGOLD Corporation (TSX: IMG) reported its fourth quarter and full-year 2024 results, headlined by a rise in annual net earnings to $847.8 million—an increase of $744 million compared to 2023.
Full-year revenue came in at $1.63 billion, a 65% increase from $987.1 million in 2023. In Q4, the firm earned $469.9 million in revenue compared to $297.6 million in Q4 2023. The company attributes the jump to a combination of higher average realized gold prices and a 43% year-over-year increase in attributable gold production.
For 2024, attributable gold produced was 667,000 ounces, a 43% leap from 465,000 ounces in 2023. Côté Gold contributed 124,000 attributable ounces in 2024 (199,000 ounces on a 100% basis) following commercial operations being declared in August. Essakane (which IAMGOLD owns 90%) delivered 409,000 ounces on an attributable basis, hitting the high end of its production guidance. The company also said Westwood exceeded expectations at 134,000 ounces—above the top end of its 2024 guidance.
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Meanwhile, gross profit for the year came in at $549.9 million, up from $124.1 million in 2023. In Q4, the figure landed at $130.9 million versus $49.8 million in Q4 2023. The improvement is said to have benefited from higher sales volume and improved cost efficiencies. Although cost of sales grew from $863.0 million in 2023 to $1.08 billion in 2024, revenue growth more than outpaced these cost increases.
Net earnings for the year came in at $847.8 million, a 717% leap from $103.8 million in 2023, benefitting from a one-time non-cash impairment reversal at Westwood of $455.5 million and profits from the sale of Bambouk assets. Quarterly, the firm posted net earnings of $86.2 million, compared to a net loss of $9.4 million in Q4 2023.
In Q4, the earnings translate to $0.15 per share, compared to a loss per share of $0.02 in Q4 2023.
Operating cash flow yielded $486.0 million for the year, triple the $159.4 million recorded in 2023. In Q4 alone, the firm generated $102.6 million in operating cash flow, up from $69.9 million in Q4 2023.
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However, the firm ended the year with $347.5 million in cash and cash equivalents balance compared to $367.1 million in 2023, reflecting outflows for continued capital investment. This puts the current assets balance at $668.3 million while current liabilities ended at $550.6 million.
Notably, net debt rose from $649.5 million in 2023 to $859.3 million, reflecting both ongoing capital commitments and strategic debt issuance.
The company maintains a positive 2025 production outlook of 735,000 to 820,000 ounces, supported by steady operations at Essakane, continued reliability at Westwood, and Côté Gold ramping up to full capacity. Cash costs are estimated at $1,200–$1,350 per ounce sold, slightly higher than 2024’s $1,152 per ounce mainly due to anticipated cost pressures at Essakane. AISC is guided at $1,625–$1,800 per ounce sold compared to 2024’s AISC of $1,716 per ounce.
The firm also released an updated mineral reserves and resources statement as of year-end 2024, showing proven and probable mineral reserves at 10.7 million ounces on a 100% basis (8.2 million ounces attributable to IAMGOLD), reflecting a 3% decrease—or 367,000 ounces—compared to year-end 2023.
Meanwhile, measured and indicated mineral resources increased to 26.7 million ounces (21.2 million ounces attributable), a 3% improvement from the prior year. Notably, inferred mineral resources surged by 27% to 12.8 million ounces (11.4 million ounces attributable), driven by additional drilling successes at Westwood and strong results at the Nelligan project.
IAMGOLD last traded at $8.96 on the TSX.
Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
