IAMGOLD Corporation (TSX: IMG) reported on Wednesday its financial results for Q2 2022, highlighting revenue of US$334.0 million. This is a decrease from Q1 2022 revenue of US$356.6 million, but an increase from Q2 2021 revenue of US$265.6 million.
The quarterly gross profit slid down to 14.8% from 22.7% in the previous quarter, but rose from 10.5% in the comparable period last year. Further down, the quarter saw US$9.6 million in attributable net losses, down from the previous quarter’s net earnings of US$23.8 million previous year’s net loss of US$4.5 million. The bottomline figure translates to US$0.02 loss per share.
On an adjusted basis, the firm recorded net losses of US$6.3 million compared to US$26.1 million adjusted net earnings last quarter and US$3.6 million adjusted net loss last year. Adjusted EBITDA also came in lower this quarter at US$110.0 million from last quarter’s US$137.5 million but higher than last year’s US$84.8 million.
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For the quarter, IAMGOLD also reported that it has produced 170,000 ounces of gold from its sites on an attributable basis and has sold 170,000 ounces at an average realized gold price of US$1,799 per ounce and all-in sustaining costs of US$1,604 per ounce.
The company is affirming its 2022 production guidance of 570,000 – 640,000 gold ounces and AISC guidance of US$1,650 – US$1,690 per ounce. For the first half of the year, the mining firm has already produced 344,000 gold ounces with AISC averaging at US$1,545 per ounce.
The company ended the quarter with US$451.1 million in cash and cash equivalents, a decrease from last quarter’s US$519.5 million. This puts the firm’s current assets at US$923.2 million while current liabilities ended at US$522.4 million.
IAMGOLD Corporation last traded at $2.07 on the TSX.
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