IAMGOLD (IAG) Q2 2026 earnings summary

Executive summary

• Attributable gold production reached 188,100 oz in Q2 2026 and 371,700 oz YTD, on track for full-year guidance of 720,000–820,000 oz.

• Generated nearly $900 million in mine-site free cash flow YTD, with Q2 mine-site free cash flow up 163% YoY to $368.9M.

• Ended Q2 in a net cash position with $1.35 billion in liquidity and no amounts drawn on the revolving facility.

• Significant share buyback program: $510.4M repurchased since December 2025, including $147.9M in Q2.

• Major operational improvements at Côté Gold, including conveyor replacement and crusher commissioning, are expected to boost H2 production and lower costs.

Financial highlights

• Q2 2026 revenue was $856.9 million on sales of 195,100 oz at an average realized gold price of $4,384/oz.

• Adjusted EBITDA for Q2 was $507.3 million; adjusted net earnings attributable to equity holders were $241.6 million ($0.42/share), up from $77.3 million ($0.13/share) YoY.

• Net cash from operating activities was $445.1 million in Q2; mine-site free cash flow for Q2 was $368.9 million, up 169% YoY.

• Cost of sales per ounce sold was $1,651; AISC per ounce sold was $2,271 in Q2.

• Share buybacks totaled 8.6 million shares for $147.9 million in Q2; $407.9 million YTD.

Outlook and guidance

• Full-year gold production guidance reaffirmed at 720,000–820,000 oz.

• Cash costs and AISC are tracking toward the upper end of guidance, with improvement expected in H2 as Côté production increases.

• Sustaining capital expenditures for 2026 guided at $380 million; expansion capital at $120 million.

• Updated technical reports for Côté (Q4 2026), Essakane (H1 2027), Westwood (H2 2027), and Nelligan (mid-2027) planned.

• Exploration spend for 2026 expected at $54 million, focused on Nelligan Mining Complex.