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- **Côté Gold Success**: Q2 production 96,000 oz, with 2025 guidance 360,000-400,000 oz. Cost revision to $1,830-$1,930/oz due to higher royalties and operational expenses.
- **Debt Reduction**: Repaid $40 million of 12% term loan, targeting debt deleveraging and future shareholder returns.
- **Essakane Efficiency**: New dividend structure improves cash flow, with $680 million received from Burkina Faso.
- **Operational Improvements**: Côté cone crusher installation in Q4 to reduce costs; Westwood underground rates improving to 1,100 tonnes/day.
- **Long-Term Growth**: Côté super pit study targeting 20+ years of mine life; Essakane potential extension to 2033 with higher gold prices.

**【CEO Summary Section】**
- **Côté Gold Performance**: Achieved 96,000 ounces in Q2, with production guidance of 360,000-400,000 ounces for the year. Revised all-in sustaining cost range to $1,830-$1,930/oz due to higher royalties and operational costs.
- **Essakane Dividend**: Received $680 million (85% share) from Burkina Faso, improving cash flow efficiency. Gold prepay arrangement concluded, with $200 million value delivered in 2025.
- **Debt Repayment**: Repaid $40 million of the 12% second lien term loan, targeting debt deleveraging and potential shareholder returns.

**【CFO Financial Commentary】**
- **Financial Position**: $223.8 million in cash, $1 billion net debt, and $616.5 million liquidity. Q2 revenue $580.9 million, adjusted EBITDA $276.4 million, up 44% YoY.
- **Cost Impact**: Higher royalties ($50-$60/oz) and Euro strength ($15/oz) drove cost revisions. Sustaining capital increased by $20 million for plant improvements.
- **Liquidity Management**: Essakane's dividend structure allows efficient cash repatriation, supporting debt repayment.

**【COO Operational Update】**
- **Côté Operations**: Q2 production 96,000 oz, with 11.8 million tonnes mined. Unit mining costs $3.88/tonne, expected to drop to $3.50/tonne in H2. Installation of secondary cone crusher in Q4 to reduce rehandling costs.
- **Essakane Challenges**: Q2 cash cost $1,855/oz, driven by higher royalties and Euro impact. Q3-Q4 expected improvement with higher grades in Phase 7.
- **Westwood Progress**: Q2 production 29,000 oz, with underground rates improving to 1,100 tonnes/day. H2 guidance 125,000-140,000 oz, targeting lower costs on higher grades.

**【Q&A Highlights】**
- **Côté Cost Trajectory**: Mining costs to stabilize at $3.50/tonne by H2, processing costs to decline post-cone crusher installation. Temporary contractor costs (~$150 million) expected to subside in 2026.
- **Essakane Mine Life**: Permit extension to 2033 possible, with $2,000/oz+ margins supporting life extension. Dividend framework allows efficient cash flow management.
- **HPGR Performance**: Despite tire wear, HPGR crushes >40,000 tonnes/day, with new tire tech to improve longevity.
- **Shareholder Returns**: Post-debt repayment, potential for buybacks or dividends as capital structure optimizes.

IAMGOLD Corporation (IAG) Q2 2025 Earnings Call Transcript

- **Cote Gold Breakthrough**: Q1 throughput hit 90% nameplate, with 1M tpd in March. 2025 production target: 360,000-400,000 oz, supported by 45,000m drill program for 2026 super-pit study.
- **Free Cash Flow Surge**: Q1 mine site FCF $139.6M (vs $46M YoY), driven by Cote's 90%+ margin production.
- **Debt Reduction Momentum**: 75% of Q1 gold prepay delivered, with $400M term loan repayments starting in May ($20M/month at 104% face value).
- **Westwood Recovery**: Q2+ underground grade expected to improve to 8-12g/t, with 2x stope drilling driving flexibility.
- **Essakane Grade Rebound**: H2 head grade to improve to 1.2+g/t, with positive reconciliation in deeper phases offsetting royalty impact ($203/oz in Q1).
- **Nelligan Expansion**: 9M oz resource base (3.1M indicated, 5.2M inferred) positions for long-term growth in Quebec.


**【CEO Opening Remarks】**
- Q1 2025 attributable production: 161,000 oz (7% YoY increase), driven by Cote Gold ramp-up.
- 2025 guidance reaffirmed: 735,000-820,000 oz, with stronger Q2+ production expected.
- Cote Gold achieved 90%+ nameplate throughput in Q1, targeting 36,000 tpd by year-end.
- Free cash flow: $140M (vs $46M YoY), supported by higher-margin Cote production.

**【CFO Financial Update】**
- Q1 revenue: $477.1M (including gold prepay impact), adjusted EBITDA: $204.5M (34% YoY increase).
- Mine site free cash flow: $139.6M ($57.6M at Cote, $65.4M at Essakane).
- Debt reduction progress: 75% of Q1 gold prepay delivered, $107M cash impact.
- 2025 priorities: repay $400M term loan ($20M/month at 104% face value), evaluate shareholder returns post-debt optimization.

**【COO Operational Highlights】**
- **Cote Gold**: 
  - Q1 production: 73,000 oz (100% basis), 1M tpd throughput in March (90% nameplate).
  - Unit costs: $20.18/tonne (elevated due to maintenance), improving to $15/tonne at 1M tpd scale.
  - 2025 guidance: 360,000-400,000 oz, with 45,000m drill program targeting 2026 super-pit study.
- **Westwood**: 
  - Q1 production: 24,000 oz (lower due to underground sequencing), 2025 guidance: 125,000-140,000 oz.
  - Unit costs: $1,527/oz (temporary), expected improvement with higher volumes.
- **Essakane**: 
  - Q1 production: 86,000 oz, 2025 guidance: 360,000-400,000 oz.
  - H2 grade reconciliation expected to improve, with royalty impact ($203/oz in Q1).

**【Q&A Key Takeaways】**
- **Cote Gold**: 
  - Stockpile utilization supports 1.1-1.2g/t mill feed despite 0.78g/t mined grade.
  - 2025 throughput target: linear ramp to 36,000 tpd, with cone crusher installation in Q4.
- **Westwood**: 
  - Underground grade expected to improve to 8-12g/t in Q2+, driven by 2x stope drilling.
  - Open-pit expansion potential at Grand Duc if gold price remains supportive.
- **Essakane**: 
  - H2 grade improvement (1.08g/t in Q1 → 1.2+g/t), with positive reconciliation in deeper phases.
  - Security situation stable, no operational impact despite political rhetoric.
- **Capital Allocation**: 
  - 2025 focus: debt reduction (net debt/EBITDA ~1.1x → target <1.0x), with shareholder returns on hold until 2026+.
  - Organic growth priority: Cote super-pit study (20M+ oz resource), Nelligan/Monster Lakes (9M oz resource).


IAMGOLD Corporation (IAG) Q1 2025 Earnings Conference Call Transcript

- **Production Record**: 667,000 oz (43% YoY) with Cote Gold contributing 199,000 oz in first year.
- **Financial Resilience**: $781M EBITDA, $767M liquidity, and $35.5M from asset sales.
- **Growth Catalysts**: Cote Gold targeting 36,000 tpd by Q4 2025, Westwood free cash flow of $94.4M in 2024.
- **Debt Reduction**: $400M term loan eligible for early repayment in 2025 as gold prepayments near completion.
- **Canadian Expansion**: Nelligan project expands to 3.1M indicated ounces, positioning as Canada's largest gold deposit.


**【CEO Summary Section】**
- **Record Production Growth**: 2024 attributable gold production reached 667,000 ounces (43% YoY increase), driven by Cote Gold startup and strong performance at Essakane and Westwood.
- **Financial Strength**: Generated $781M adjusted EBITDA, ended with $767M liquidity, and completed half of legacy gold prepayment obligations.
- **Resource Expansion**: Nelligan project now ranks among Canada's largest gold deposits with 3.1M indicated ounces and 5.2M inferred ounces. Essakane replaced 100% of depleted reserves.
- **2025 Outlook**: Cote Gold targets 360,000-400,000 oz production, Westwood expects 125,000-140,000 oz, and Essakane 360,000-400,000 oz. Free cash flow growth and balance sheet optimization are key priorities.

**【CFO Financial Commentary】**
- **Revenue & Profit**: $1.6B revenue (2024), $819.6M net earnings, $296M adjusted earnings. 2024 average realized gold price $2,330/oz.
- **Liquidity**: $767M liquidity at year-end, $35.5M from asset sales. Completed 70% stake repurchase at Cote Gold.
- **Debt Management**: $859.3M net debt, $400M term loan with potential for early repayment in 2025. Reduced prepayment obligations to 62,500 oz as of Jan 2025.

**【Project Highlights】**
- **Cote Gold**: 2024 production 199,000 oz (100% basis), Q4 throughput 2.4M tonnes. 2025 target: 36,000 tpd by Q4. Cash cost guidance $950-$1,100/oz.
- **Westwood**: 2024 production 134,000 oz, 2025 target 125,000-140,000 oz. Free cash flow $94.4M in 2024.
- **Essakane**: 2024 production 409,000 oz, 2025 target 360,000-400,000 oz. 2024 cash cost $1,179/oz (within guidance).

**【Q&A Key Takeaways】**
- **Cote Gold Challenges**: Q1 2025 production lower due to scheduled maintenance, but confident in 48M tonnes annual target. 2025 throughput ramp-up supported by new cone crusher installation.
- **Balance Sheet Strategy**: Post-prepayment, focus on reducing $400M term loan and improving debt metrics. Potential asset sales to enhance financial flexibility.
- **Canadian Focus**: 80% of M&I ounces and 90% of inferred ounces now in Canada. Nelligan project expansion plans include 30,000m drilling in 2025.


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