IAMGOLD Corp Stock Price, News & Analysis

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.

IAMGOLD has provided an update on its Côté Gold Mine operations and exploration activities. Key highlights include:

- Q3 2024 gold production of 68,000 ounces (41,000 ounces attributable)
- Processing plant ramp-up on track to reach 90% of 36,000 tpd design capacity by year-end
- Mining activity totaled 10.4 million tonnes in Q3 with improved strip ratio of 2.3:1
- Mill throughput doubled to 1.6 million tonnes in Q3 compared to Q2
- Record daily throughput of 40,900 tpd achieved after September shutdown improvements
- Gosselin Zone exploration drilling outlined extensions outside the resource pit shell
- Significant drill intercepts include 368.8m at 0.96 g/t Au and 235.0m at 2.70 g/t Au

The company remains focused on ramping up Côté to 90% throughput by year-end and achieving nameplate capacity in 2025. Exploration results continue to demonstrate potential for Côté and Gosselin zones to connect and expand.