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IAMGOLD reports net loss in Q3, revises FY2022 production guidance upwards

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(Kitco News) - IAMGOLD (NYSE: IAG) (TSX: IMG) yesterday announced that its attributable gold production for the third quarter was 184,000 ounces, up 8% from the prior quarter, primarily due to higher production at Essakane and Westwood.

The company expects that its FY 2022 production will exceed the top end of the previous guidance range of 570,000 to 640,000 ounces and is revising guidance upwards to 650,000 to 705,000 ounces.

The company expects all-in sustaining costs to be below the bottom end of guidance range of $1,650 to $1,690 and revised guidance downwards to between $1,600 and $1,650 per ounce sold.

The company added that mine-site free cash flow for the third quarter 2022 was $59.2 million, up $16.4 million, from the prior quarter, primarily due to higher free cash flow at Essakane and Westwood due to higher sales volume, partially offset by lower free cash flow at Rosebel primarily due to changes in working capital and lower average realized gold price.

For the third quarter ended September 30, 2022, the company reported net loss and adjusted net loss per share attributable to equity holders of ($0.23) and ($0.03), respectively, while EBITDA was ($41.3) million and adjusted EBITDA was $103.1 million.

"IAMGOLD has continued to build upon its recent successes, reporting attributable gold production of 184,000 ounces, which represents the highest quarterly production for the company in over 2.5 years, driven by record production from Essakane," stated Maryse Bélanger, Chair and Interim President and CEO of IAMGOLD. "On behalf of the Board and the executive team, we applaud the tireless efforts of the IAMGOLD team for this achievement and their continued commitment to operating safely and responsibly."

The company also reported that the Côté gold project is approximately 64% complete and advancing well following the schedule and cost update released in the summer.

"With approximately 1,500 workers on site, the project is nearing peak capacity and has seen significant progress in the third quarter towards the target of production in early 2024," it added.

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