IAMGOLD (IAG) Q2 2025 earnings summary

Executive summary

• Attributable gold production reached 173,000 ounces in Q2 2025 and 334,000 ounces year-to-date, positioning the company on track to meet annual guidance of 735,000–820,000 ounces, with Côté Gold achieving nameplate capacity and contributing significantly to quarterly output.

• Côté Gold achieved 100% nameplate throughput of 36,000 tpd in June, with further improvements expected from a secondary crusher installation in Q4, supporting future expansion plans.

• Revenues for Q2 were $580.9 million, driven by higher realized gold prices and increased sales volume, particularly from Côté Gold.

• The company completed all gold prepay obligations, delivering 150,000 ounces, freeing future production for full market exposure and improved cash flow.

• Liquidity at quarter-end was $616.5 million, including $223.8 million in cash, supporting ongoing capital allocation and debt reduction.

Financial highlights

• Q2 revenues from continuing operations were $580.9 million from sales of 182,000 ounces at a record average realized price of $3,182/oz.

• Adjusted EBITDA for Q2 was $276.4 million, up from $191.1 million in Q2 2024; adjusted net earnings were $77.3 million or $0.13 per share.

• Mine-site free cash flow in Q2 was $140.5 million, with Côté contributing $93.9 million and Westwood $36.6 million.

• Cash and cash equivalents stood at $223.8 million, net debt at $1,014.9 million, and total liquidity at $616.5 million at quarter end.

• Essakane declared a record $855 million dividend, with $680 million attributable to the company.

Outlook and guidance

• Full-year attributable gold production guidance is 735,000–820,000 ounces, with a stronger second half expected due to Côté ramp-up and higher grades at Essakane and Westwood.

• Consolidated cash cost guidance revised to $1,375–$1,475/oz and AISC to $1,830–$1,930/oz, reflecting higher royalties, operating costs, and currency impacts.

• Côté Gold's attributable production guidance is 250,000–280,000 ounces; Westwood 125,000–140,000 ounces; Essakane 360,000–400,000 ounces (attributable, adjusting for ownership change).

• Cost reductions at Côté are expected after Q4 installation of a second cone crusher.

• Capital expenditures for 2025 expected at $335 million, with $310 million sustaining and $25 million expansion.