IAMGOLD Corp Stock Price, News & Analysis

IAMGOLD (TSX: IMG) (NYSE: IAG) has provided an update on its operations in Burkina Faso following media reports about a radio interview with President Traoré. The President discussed various topics, including a reference to potentially withdrawing mining permits from companies violating Burkina Faso's laws. IAMGOLD is not aware of any potential challenge to its permits for the Essakane mine, which continues to operate in compliance with regulations.

The company reports a constructive and positive working relationship with the government, demonstrated by coordination on security and community service. IAMGOLD recently received its 2024 dividend, approved earlier by the government. The Essakane mine is expected to produce between 380,000 to 410,000 ounces of attributable gold in 2024, with cash costs ranging from $1,175 to $1,275 per ounce.

IAMGOLD (TSX: IMG) (NYSE: IAG) has announced its intention to repurchase a 9.7% interest in the Côté Gold Mine from Sumitomo Metal Mining Co., The company has provided Sumitomo with the required 60 days formal notice for this transaction, which is expected to close on November 30, 2024. This repurchase will restore IAMGOLD's ownership in Côté Gold to its original 70% interest. The 9.7% stake was previously transferred to Sumitomo as part of a JV funding and Amending Agreement dated December 19, 2022. This move signifies IAMGOLD's commitment to regaining full control of its initial stake in the Côté Gold project.

IAMGOLD (NYSE: IAG) reported strong Q2 2024 results, with attributable gold production hitting 166,000 ounces, driven by Essakane and Westwood, and the start of production at Côté Gold.

The company achieved revenues of $385.3 million from sales of 167,000 ounces at an average price of $2,294 per ounce. Net earnings were $84.5 million with adjusted net earnings of $0.16 per share. IAMGOLD's liquidity stood at $915.7 million with cash and cash equivalents of $511.4 million.

Key milestones included Côté Gold reaching commercial production and surpassing throughput rates of 36,000 tonnes per day. Production guidance for 2024 has been raised to 495,000-540,000 ounces, up from 430,000-490,000 ounces. Cost guidance was lowered, with cash costs expected at $1,175-$1,275 per ounce and AISC at $1,700-$1,825 per ounce.

The company completed a $300.2 million equity financing to repurchase a 10% interest in Côté. IAMGOLD also aims to reach 90% throughput at Côté by year's end, with cash costs of $700-$800 per ounce.

IAMGOLD (NYSE: IAG) announces that its Côté Gold Mine in Ontario, Canada, has achieved commercial production. The mine, operated as a joint venture with Sumitomo Metal Mining Co., , reached this milestone by operating at an average of 60% of its 36,000 tpd nameplate throughput for 30 consecutive days.

CEO Renaud Adams highlighted the achievement and the team's efforts in ramping up operations since the first gold pour on March 31, 2024. The company aims to improve plant availability and reach 90% of nameplate throughput by year-end. IAMGOLD plans to repurchase a 9.7% interest in Côté in November, increasing its ownership to 70%.

The company will report its Q2 2024 results on August 8, 2024, followed by a conference call on August 9, 2024.

IAMGOLD (NYSE: IAG) (TSX: IMG) has announced the release date for its second quarter 2024 operating and financial results. The company will publish the results after market hours on Thursday, August 8, 2024. A conference call with senior management to discuss the performance and results is scheduled for Friday, August 9, 2024, at 8:30 a.m. Eastern Time.

Investors and analysts can access the conference call via webcast from the company's website or through various dial-in options. Pre-registration is recommended for quick access. A replay of the call will be available online and via telephone for one month following the event.

IAMGOLD (NYSE: IAG) reported the results of its Annual and Special Meeting of Shareholders held on May 29, 2024.

All eight director nominees were elected with over 99% of votes in favor. KPMG LLP was appointed as the auditor with 91.09% approval, while the advisory vote on executive compensation saw 97.93% support.

Additionally, amendments to the share incentive plan were approved by 97.15% of shareholders.

IAMGOLD (TSX: IMG, NYSE: IAG) has completed a US$300.24 million bought deal financing by issuing 72,000,000 common shares at US$4.17 each. The proceeds will be used to repurchase a 9.7% interest in the Côté Gold Mine from Sumitomo Metal Mining Co., restoring IAMGOLD's 70% interest. The Offering, conducted by National Bank Financial Markets, BMO Capital Markets, and RBC Capital Markets, was announced on May 21, 2024, and closed on May 24, 2024. Funds will be deposited or used to repay credit facility amounts until the repurchase is finalized by year-end. A registration statement has been filed with the SEC.

IAMGOLD has released its 2023 Sustainability Report, highlighting its achievements in Environmental, Social, and Governance (ESG) practices. This marks the 17th consecutive year of sustainability reporting for the company. IAMGOLD also unveiled its first-ever Tailings Management Report, detailing its governance, strategy, risk management, and performance in handling tailings storage facilities. These reports underscore the company's commitment to sustainable practices, environmental protection, and high standards of health and safety. The reports are available for download on the IAMGOLD website.

The Mining Investment Event of the North, Canada’s premier Tier 1 Global Mining Investment Conference, will be held in Quebec City from June 4-6, 2024. Kinterra Capital Corp. will participate as the Battery and Critical Metals Sponsor. The event will feature over 100 mining companies, including high-profile participants like Agnico Eagle Mines and Glencore Canada. Key sponsors include Laurentian Bank Securities and National Bank Financial Markets. The conference aims to address sustainable and geopolitically secure supply chain solutions for critical minerals, highlighted by Kinterra's focus on 'mine to battery' solutions.