IAMGOLD (IAG) Q3 2025 earnings summary

Executive summary

• Attributable gold production reached 190,000 ounces in Q3 2025 and 524,000 ounces year-to-date, with the company on track to meet full-year guidance of 735,000–820,000 ounces.

• Côté Gold Mine delivered a record 106,000 ounces in Q3, maintaining over 30,000 ounces per month for two consecutive quarters and achieving nameplate throughput.

• Revenues for Q3 were $706.7 million, up 61% year-over-year, driven by higher realized gold prices and increased sales volume, especially from Côté Gold.

• Net earnings attributable to equity holders were $139.4 million in Q3, with adjusted net earnings at $170.9 million.

• A share buyback program for up to 10% of outstanding shares was announced, reflecting confidence in future performance and capital discipline.

Financial highlights

• Q3 revenues were $706.7 million, with an average realized gold price of $3,492/oz; EBITDA was $338.4 million, and adjusted EBITDA reached $359.5 million.

• Mine-site free cash flow reached a record $292.3 million in Q3, including $135.6 million from Côté and $150.5 million from Essakane.

• Net cash from operating activities was $280.8 million in Q3, and available liquidity stood at $707.2 million at quarter-end.

• Net debt reduced to $813.2 million from $1,014.9 million sequentially, with $270 million of second lien notes repaid year-to-date.

• Q3 adjusted EPS was $0.30; net earnings per share $0.24.

Outlook and guidance

• Full-year attributable gold production guidance is 735,000–820,000 ounces, with Q4 production expected to be strong at Côté and higher at Essakane and Westwood.

• Cash costs and AISC per ounce sold are expected at the top end of guidance due to higher royalties and lower Westwood production.

• 2025 capital expenditures are forecast at $335 million, with $310 million sustaining and $25 million expansion.

• Exploration spending for 2025 is expected to be $38 million, focused on Côté Gold and the Chibougamau region.

• Depreciation for 2025 is expected at or below $450 million; cash taxes paid are forecast at $165–$175 million.