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, with Côté Gold achieving nameplate capacity and contributing significantly to strong quarterly output.

• Revenues for Q2 2025 were $580.9 million, up 51% year-over-year, driven by higher realized gold prices and increased sales volume from Côté Gold.

• Net earnings attributable to equity holders were $78.7 million for Q2 2025, with adjusted net earnings of $77.3 million and adjusted EBITDA of $276.4 million.

• Mine-site free cash flow was $140.5 million in Q2, including a record $93.9 million from Côté; available liquidity stood at $616.5 million as of June 30, 2025.

• Completed all gold prepay obligations, freeing future production for market exposure and supporting improved cash flow.

Financial highlights

• Q2 2025 revenues were $580.9 million from sales of 182,000 ounces at an average realized price of $3,182/oz.

• Adjusted EBITDA for Q2 was $276.4 million; adjusted net earnings were $77.3 million or $0.13 per share.

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

• 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, to be paid over 12–18 months.

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, cost inflation, 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).

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

• Cash taxes for 2025 revised to $165–$175 million, mainly due to higher Essakane dividend withholding taxes.