IAMGOLD (IAG) Q1 2026 earnings summary

Executive summary

• Attributable gold production reached 183,600 ounces in Q1 2026, up from 161,000 ounces year-over-year, supporting full-year guidance of 720,000–820,000 ounces.

• Revenues exceeded $1 billion, with adjusted EBITDA of $666 million and mine-site free cash flow of $525 million, reflecting leverage to higher gold prices.

• Significant capital returned to shareholders ($260 million in buybacks in Q1, $350 million since December 2025) and $100 million in debt repaid.

• All three operating mines—Côté Gold, Westwood, and Essakane—delivered year-over-year production improvements.

• Entering a catalyst-rich period with upcoming technical reports and expansion studies across all major assets.

Financial highlights

• Q1 2026 revenues were $1,030.1 million, up 116% year-over-year, driven by higher gold prices and sales volume.

• Net earnings attributable to equity holders were $379.7 million ($0.65/share), with adjusted net earnings of $391.1 million ($0.67/share).

• Adjusted EBITDA for Q1 was $666.3 million; trailing 12-month EBITDA reached $2 billion.

• Mine-site free cash flow totaled $524.6 million; operating cash flow before working capital was $629.5 million.

• Cash and cash equivalents at quarter-end were $550.2 million, with total liquidity of approximately $1.1 billion.

Outlook and guidance

• Full-year 2026 attributable gold production guidance is 720,000–820,000 ounces, with production expected to increase as Côté Gold ramps up.

• Consolidated cash costs (excluding royalties) are forecast at $1,100–$1,250/oz; AISC at $2,000–$2,150/oz.

• Côté Gold production guidance maintained at 390,000–440,000 ounces; throughput guidance refined to 12–13 million tons for the year.

• Production expected to be stronger in H2 2026, especially at Côté, with stable output at Essakane and Westwood.

• Key catalysts include Côté resource update (Q2 2026), Côté expansion technical report (Q4 2026), Essakane mine life extension study (H1 2027), Nelligan PEA (H1 2027), and Westwood expansion study (H2 2027).