IAG 2024 Attributable Gold Output Up 43%, Poised for Record Revenues
IAMGOLD IAG reported attributable gold production of 667,000 ounces in 2024, a 43% increase year over year. This growth was driven by the contribution from the Côté Gold mine, which started production during the year, along with improved performances at Essakane and Westwood. IAG successfully delivered on its guidance of 625,000- 715,000 ounces.Through 2024, IAMGOLD sold 654,000 ounces of gold on an attributable basis at an average realized gold price of $2,326 per ounce. This is likely to lead to record revenues of around $1.52 billion for the year. The company had reported revenues of $987 million in 2023. IAMGOLD will release its fourth-quarter and full-year 2024 results on Feb. 20, 2025, after market close.Digging Deeper Into IAG’s Q4 & FY2024 PerformancesQ4 Production and Sales Up: IAG’s attributable gold production in the fourth quarter was 177,000 ounces, higher than 173,000 ounces in the third quarter of 2024. The company reported 136,000 ounces in the fourth quarter of 2023, which included production from Essakane and Westwood.IAG’s fourth-quarter gold sales were 177,000 ounces on an attributable basis, at an average realized gold price of approximately $2,509 per ounce. This approximates to revenues of $444 million. IAG’s fourth-quarter 2023 revenues were $298 million. Côté Gold Mine Ramp-Up Continues: In the fourth quarter of 2024, Côté Gold produced 62,000 attributable ounces (or 96,000 ounces on a 100% basis). The mine achieved several milestones in 2024, which included the first gold pour on March 31 and the commencement of commercial production on Aug. 1. The company also increased its stake in the mine to 70%. IAMGOLD had expected to exit the year at 90% throughput. However, the company fell short of the target due to ramp-up-related challenges, which required downtime to implement solutions. Ramp-up progress continues and IAG expects to achieve this by 2025-end.Attributable gold production for Côté Gold in 2024 was 124,000 ounces (199,000 ounces on a 100% basis). Westwood’s 2024 Production Surges: The mine produced 35,000 ounces of gold in the fourth quarter of 2024 compared with 28,000 ounces in the fourth quarter of 2023. The mine continues to benefit from higher head grades due to an increase in the grade and an increased proportion of the ore feed from underground. Westwood’s total production in 2024 was 134,000 ounces, up 44% year over year. Total production was higher than the expected range of 115,000-130,000 ounces.Essakane’s 2024 Production Up Despite a Weak Q4: The mine’s attributable production was 80,000 ounces in the fourth quarter of 2024, lower than 108,000 ounces in the year-ago quarter. Average head grades decreased, in line with the mine plan and guidance. In December, Essakane completed an annual shutdown of the plant for maintenance and replacement of liners.Annual attributable gold production for Essakane was 409,000 ounces (454,000 ounces on a 100% basis), which was near the top end of the updated guidance range of 380,000- 410,000 ounces. The production figure was higher than 372,000 ounces in 2023, reflecting a strong first half of production in 2024.IAMGOLD’s Outlook for 2025IAMGOLD expects attributable gold production to be in the range of 735,000-820,000 ounces in 2025. This will be driven by the ramp-up of Côté Gold to nameplate production later in the year and continued strong production levels from Essakane and Westwood.Côté Gold’s attributable production in 2025 is expected to be in the range of 250,000-280,000 ounces (or 360,000-400,000 ounces at 100%). Production at Westwood is expected to be between 125,000 and 140,000 ounces in 2025. Essakane’s attributable production is expected to be in the range of 360,000-400,000 ounces. Cash cost guidance is $1,200-$1,350 per ounce sold and all-in sustaining costs guidance is $1,625-$1,800 per ounce sold. Costs are expected to be lower in the second half of the year as Côté progresses toward nameplate throughput.IAG Stock’s Price PerformanceIAMGOLD shares surged 120.6% in a year compared with the industry's 30.5% growth.Image Source: Zacks Investment ResearchIAG Stock’s Zacks Rank & Stocks to ConsiderIAMGOLD currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, International Paper Company IP and Fortuna Mining Corp. FSM. CRS and IP sport a Zacks Rank #1 (Strong Buy) at present and FSM carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Carpenter Technology has an average trailing four-quarter earnings surprise of 14.1%. The Zacks Consensus Estimate for CRS’ fiscal 2025 earnings is pegged at $6.77 per share, indicating 42.8% year-over-year growth. Its shares have skyrocketed 214% in a year.International Paper has an average trailing four-quarter earnings surprise of 28.8%. The Zacks Consensus Estimate for IP’s 2025 earnings is pegged at $3.02 per share, which indicates a 156% year-over-year upsurge. IP’s shares have gained 52% in a year.Fortuna Mining has an average trailing four-quarter earnings surprise of 53.6%. The Zacks Consensus Estimate for FSM’s 2025 earnings is pegged at 56 cents per share, indicating a 17.7% year-over-year rise. FSM’s shares have gained 22% in the past year.Just Released: Zacks Top 10 Stocks for 2025Hurry – you can still get in early on our 10 top tickers for 2025. Handpicked by Zacks Director of Research Sheraz Mian, this portfolio has been stunningly and consistently successful. 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