Business
IAMGOLD Reports First Quarter 2023 Results
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated. Toronto, Ontari...
About this update from Iamgold Corporation
[{"type":"text","content":"IAMGOLD Reports First Quarter 2023 ResultsAll monetary amounts are expressed in U.S. dollars, unless otherwise indicated.Toronto, Ontario--(Newsfile Corp. - May 11, 2023) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) (\"IAMGOLD\" or the \"Company\") today reported its financial and operating results for the first quarter ended March 31, 2023. HIGHLIGHTS:OperationsAttributable gold production from continuing operations was 113,000 ounces. Revenues from continuing operations were $226.2 million from sales of 119,000 ounces (109,000 ounces on an attributable basis) at an average realized gold price of $1,893 per ounce.Cost of sales per ounce sold from continuing operations was $1,176, cash cost1 per ounce sold from continuing operations was $1,094 and all-in-sustaining-cost1 (\"AISC\") per ounce sold from continuing operations was $1,525.FinancialNet earnings attributable to equity holders1 of $6.3 million or $0.01 per share and adjusted net earnings attributable to equity holders1 of $24.9 million or $0.05 per share.Net cash from operating activities was $13.4 million. Net cash from operating activities, before movements in non-cash working capital and non-current ore stockpiles1, was $55.7 million. Earnings before interest, income taxes, depreciation and amortization (\"EBITDA\")1 from continuing operations was $68.4 million and adjusted EBITDA1 was $83.0 million.Mine-site free cash flow1 from continuing operations was $2.7 million.Cash and cash equivalents of $532.1 million as at March 31, 2023. The Company repaid $255.0 million of the secured revolving credit facility (\"Credit Facility\") during the first quarter 2023 and the available balance is $257.3 million as at March 31, 2023.Côté GoldAs of March 31, 2023, the Côté Gold project was estimated to be 79.8% complete. The Company incurred attributable construction costs at Côté of $158.6 million in the first quarter 2023, and approximately $1.37 billion since the commencement of construction, on a 70% basis. Sumitomo Metal Mining Co., Ltd. and SMM Gold Cote Inc. (\"Sumitomo\" or \"SMM\") funded $189.0 million of the Company's funding obligation and an incremental $7.1 million based on its increased ownership during the first quarter 2023 as per the Côté Gold Joint Venture Funding and Amending Agreement (\"JV Funding and Amending Agreemen...