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IAMGOLD reports net loss in 2022, says 2023 will be a 'pivotal year' for the company

Kitco News

(Kitco News) - IAMGOLD (NYSE: IAG) (TSX: IMG) yesterday reported that the company produced 713,000 attributable gold ounces in 2022 in total, above the top end of revised production guidance of 650,000 to 705,000 ounces and higher than 601,000 ounces produced in 2021.

The company’s attributable gold production from continuing operations (excluding Rosebel which was sold to Zijin Mining on January 31, 2023) for the full year 2022 was 499,000 ounces, up 12% from the prior year period, due to higher production at Westwood and Essakane.

The company added that revenues from continuing operations were $958.8 million for the year from sales of 555,000 ounces (506,000 ounces on an attributable basis) at an average realized gold price of $1,721 per ounce.

IAMGOLD reported net loss and adjusted net loss per share attributable to equity holders of $0.12 and $0.07 for the year ended December 31, 2022, respectively. EBITDA from continuing operations was $292.3 million for the year.

The company’s attributable gold production for 2023, excluding Rosebel, is expected to be in the range of 410,000 to 470,000 ounces. Cash costs are expected to be between $1,125 and $1,175 per ounce sold, and AISC is expected to be in the range of $1,625 to $1,700 per ounce sold.

IAMGOLD also announced its updated mineral reserves and mineral resources statement as of December 31, 2022. Attributable proven and probable gold mineral reserves totaled 11.6 million ounces, a decrease of 6% relative to the prior year.

Attributable measured and indicated resources totaled 24.1 million ounces, an increase of 9% relative to the prior year; and attributable inferred mineral resources totaled 9.4 million ounces, a decrease of 15% relative to the prior year.

Chair and Interim President and CEO Maryse Bélanger commented, "Operationally, the company finished the year with a strong quarter, driving production above the top end of our revised guidance estimates. Our construction teams at Côté Gold continued to advance the project. Financially, the company ended the year in a much stronger position with the announcement of key strategic transactions, including the amended agreement with our partner Sumitomo Metal Mining."

"As we look forward, 2023 will be a pivotal year for the company, with a strong focus on continuing to execute at Côté. We remain on track to commence production at Côté early next year and are eager to showcase what will be Canada's third largest gold mine by production."

IAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa. The company is building the large-scale, long life Côté Gold project in Canada in partnership with Sumitomo Metals & Mining of Japan, which is expected to commence production in early 2024.

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